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Retirement Preparedness in theSí SePuede:BuildingHispanic CommunityRetirement Security forLatinos and the USOctober 2017A brief synthesizing what we know about the problem and identifyingpolicy and market implications and research gapsby David S. MitchellOctober 2017Sí Se Puede: Building Retirement Security for Latinos and the US 1
INTRODUCTIONLatinos* today constitute 18 percent of the United Statespopulation 1 – up from roughly one percent in the1960s.2 Over the next 40 years, this demographic groupwill continue to grow and is projected to account fornearly 30 percent of the US population in 2060. 3 Thisprojected population surge has been the subject ofmuch attention, particularly in the world of politics.What is not as well understood is what this rapid risewill mean for the state of household financial security.The state of Latino financial security is complex.Hispanics are more likely to start businesses than otherethnic groups and do so at a rate two times the nationalaverage. 4 And Hispanic businesses are growingrevenue 15 times faster than average.5 In others areas,like home ownership, the Great Recession had aparticularly destructive impact, reversing decades ofprogress 6 – though recent evidence indicates that theHispanic homeownership rate is slowly starting tobounce back.7 In retirement preparedness – the subjectof this brief – Latinos trail many of their whitecounterparts,8 a fact that will become painfully clear asmore and more Hispanics, a community that currentlyskews young, begin to reach retirement age.Of course, the Latino community is not monolithic and,as this brief will show, many questions about the stateof financial security among Latinos are still underresearched and thus unknown. Generally, though, it isclear that Latinos are facing a number of barriers tosustained financial security. Reducing those barriers,particularly around workplace retirement plan access,would help unlock the Latino community’s fulleconomic potential and improve standards of living.And, Latinos would not be the only ones to benefit froma more inclusive retirement savings system. Roughlyhalf of all Americans lack access to a retirement plan atwork, 9 which helps explain the overall lack ofretirement preparedness across the country. 10 On theother hand, should the barriers to financial securityremain in place, not only will Latinos’ economicprospects dim, but given the growing importance ofThis brief, the product of acollaboration between the AspenInstitute Financial Security Programand the Aspen Institute Latinos andSociety Program and released inconjunction with an Aspen-hostedpanel and roundtable discussion[as.pn/SíSePuede], focuses onretirement insecurity in the Latinocommunity. It synthesizes what weknow about the problem and identifiespolicy and market implications andresearch gaps. Our hope is that theanalysis will catalyze the creativity andpolitical courage needed to addressshortcomings in the current system.Latino spending, entrepreneurship, and workforceparticipation on overall prosperity, the entire economywould surely suffer.For this reason, researchers, policymakers, andbusiness leaders should take notice. Solving theretirement insecurity of Latinos will require bothcreativity and political courage. This brief will attemptto catalyze both by synthesizing what we know aboutthe problem and identifying policy and marketimplications as well as research gaps. The first sectionwill explore the prevalence of retirement insecurity inthe Latino community, the second section willinvestigate the causes, and the third section will discussthe implications.*Consistent with the US Census Bureau’s definition, “Latino” and “Hispanic” will be used interchangeably in this brief andwill mean “a person of Cuban, Mexican, Puerto Rican, South or Central American, or other Spanish culture or originregardless of race.” See US Census Bureau, “Definition of Hispanic or spanic/2012.06.22 cspan hispanics 2.pdf.Sí Se Puede: Building Retirement Security for Latinos and the US 2
RETIREMENT INSECURITY AMONGLATINOSAmericans of all backgrounds are struggling toprepare for retirement. Over half of US householdsage 55 and older have no money saved in a retirementaccount like a 401(k) or Individual Retirement Account(IRA).11 Latinos, though, are even less well-prepared.And because Hispanics tend to live longer than othergroups, the need for retirement savings is evengreater.12SOCIAL SECURITYLatinos are less likely to benefit from Social Security,the bedrock of the country’s retirement system. Only 75percent of older Hispanics receive Social Security,compared to nearly 90 percent of older whites and 82percent of blacks. 13,14 This is largely a result of SocialSecurity rules that limit eligibility to those who haveworked “on the books” (i.e., making payroll taxcontributions under their own Social Security number)for at least 40 quarters.15 Immigrants who arrive later inlife, and thus are not in the workforce long enough toqualify, make up the bulk of these “neverbeneficiaries.”16 As a result, it is probably the case thatLatinos are more likely than other groups to pay intoSocial Security but then not collect (which actuallybolsters the Social Security trust fund) both becausethey are not refunded their contributions should theywork for fewer than 10 years and because they may beunauthorized workers paying in on a false SocialSecurity number.17Even when Latinos do receive benefits, the amount oftheir monthly check tends to be lower than that of otherbeneficiaries, a result of less full-time work and lowerwages during working years. The median annual SocialSecurity benefit for Hispanic seniors ages 65 and olderin 2014 was 11,459, compared with 14,400 for allsenior beneficiaries. 18 This is not to say that SocialSecurity is not delivering vital support. 19 Indeed, 29percent of older Hispanics are lifted out of poverty eachyear solely because of Social Security.20Additionally, Hispanics are less likely to have other,non-Social Security sources of retirement income: 73percent of Hispanic beneficiaries rely on Social Securityfor at least half of their retirement income, compared to61 percent of all other beneficiaries.21 And 31 percent ofolder Hispanics rely on Social Security for at least 90percent of their family’s total income. 22 That same rateof reliance is just 24 percent among whites. 23PERCENT OF OLDER AMERICANSRECIEVEING SOCIAL SECURITY BY RACE100%50%75%82%89%0%HISPANICSBLACKSWHITESSource: AARP Public PolicyInstituteWORKPLACE PLANSOne major reason why Latinos rely on Social Securityat such high rates is that many Latinos do notparticipate in workplace savings plans. Hispanics havebelow-average participation in both types of workplaceretirement plans, defined benefit (DB) and definedcontribution (DC), largely as a result of working in jobsthat do not offer either (see “Drivers of Vulnerability”section below).Only 12 percent of Latinos own a DB plan, which is anemployer-guaranteed pension that provides a monthlycheck – typically calculated based on the employee’slength of employment and salary history – fromretirement until death. Whites are twice as likely to beenrolled in a DB plan (24 percent).24Across the entire US population, DB enrollment is farbelow historic highs. Since the 1990s, DB plans havesignificantly eroded, with many institutions(governmental, public, and corporate) replacing thesetraditional retirement plans with DC plans. DC plans,such as 401(k)s and 403(b)s, do not guarantee anySí Se Puede: Building Retirement Security for Latinos and the US 3
benefit in retirement, but rather help workers, throughboth employee and employer contributions,accumulate funds during their working years that areearmarked for retirement.But Hispanics trail behind their white counterpartswhen it comes to DC enrollment as well. AmongHispanic families age 32-61 in 2013, 20 percentparticipated in a DC plan, compared with 49 percent forwhites and 32 percent for blacks. 25 In the same year,only 26 percent of working-age Hispanic families hadaccumulated any savings in a DC account or an IRA(the vehicle into which assets from DC plans at past jobsare often “rolled over”), compared with 65 percent ofwhite families and 41 percent of black families. 26Even those Hispanics who do have a DC plan havelower savings balances than whites and are more likelyto access the money before retirement, which normallycomes with hefty taxes or penalties. The medianbalance for Latino families with retirement accountsavings is 22,600, compared with 77,000 for whitefamilies.27 Notably, blacks – who make up 13 percent ofthe population28 – are also underperforming, with just 24,600 saved in a DC account. Furthermore, nearly sixin 10 pre-retirement Hispanics who left their job in 2010cashed out their DC account, compared to 39 percent ofwhites, 34 percent of Asian-Americans, and 63 percentof blacks.29 Hispanics are also more likely than whitesand Asian-Americans to take pre-retirementwithdrawals for “hardships” (employers often givetheir DC plan participants an option to access theirmoney before retirement in exigent circumstances) andto take out loans against their retirement balances. 30 Towhat extent these differences in loans, cash-outs, andother withdrawals are a function of greater financialneed in Latino and black communities, lack of access tosound financial advice or education, or differentcultural conceptions of family and retirement is an openquestion (see “Drivers of Vulnerability” section below).OTHER ASSETSOf course, saving in a retirement account is not the onlyway to be financially prepared for retirement. Otherassets – like stock holdings, home equity, inheritances,and small business ownership – can also provideincome during retirement. However, Hispanics lagbehind other groups in all four asset categories.According to the 2016 Survey of Consumer Finances(SCF), only 4.2 percent of Hispanics own stocks (notincluding mutual funds) outside of retirementaccounts,31 while 17 percent of whites do so. Forty-fivepercent of Hispanics own their homes, compared to 73percent of whites.32 The difference is smaller, but stillsubstantial, for older, US-born Hispanics: 75 percentowned a house in 2012, compared with 85 percent forolder whites.33 Inheritances are also very uncommon inthe Latino community: only six percent of 30-59 yearolds receive one, compared to blacks (11 percent) andwhites (23 percent). 34 And despite the progress inHispanic-owned businesses referenced in the“Introduction,” whites are twice as likely as people ofcolor, including Hispanics, to own business equity.35PERCENT PARTICIPATING IN ADEFINED CONTRIBUTION PLAN IN 201350%40%30%49%20%10%32%20%0%Age 32-61HISPANICSBLACKSWHITESSource: Economic PolicyInstitutePERCENT WHO CASHED OUT THEIRDEFINED CONTRIBUTION ACCOUNTUPON LEAVING THEIR JOB IN 201060%40%20%57%63%39%0%Pre-Retirement WorkersHISPANICSBLACKSWHITESSource: Ariel/Aon HewittSí Se Puede: Building Retirement Security for Latinos and the US 4
It is no wonder then that, in addition to being illprepared for retirement, the overall wealth gapbetween the average Latino family and the averagewhite family was an astounding 522,000 in 2010.36The overall wealth gap between theaverage Latino family and theaverage white family was anastounding 522,000 in 2010.It is important to note, though, that this wealth gapvaries widely depending on whether or not the Latinofamily was born in the US and which country the familyemigrated from. Foreign-born Latinos, which make upjust over one-third of all Hispanics and 48 percent of allHispanic adults (ages 25 and older),37 tend to have lesswealth than US-born Latinos. Americans whoimmigrated from Mexico and Puerto Rico make upapproximately three-quarters of the country’s Latinopopulation, and these workers tend to earn lowerincomes than Latinos who immigrated from countrieslike Argentina, Peru, and Venezuela.38 More research isneeded on how these differences map onto retirementpreparedness.RETIREMENT OUTCOMESThe lack of retirement preparedness in the generalLatino community results, unsurprisingly, in poorretirement outcomes. The poverty rate among Hispanicseniors is well above that of whites. In 2014, 18 percentof Hispanics aged 65 years and older lived in poverty,more than double the rate for whites (8 percent).39 Themedian annual income for Hispanics aged 65 and olderin 2014 was only 13,199, which is 43 percent lower thanthe median income of whites.40 This is well below whatexperts have determined retirees need to cover basiccosts of living. 41 Similarly, a 2015 study found thatsenior households with less than 15,000 in annualincome require housing that costs no more than 375per month. Yet, in 2015, the median gross rent amongHispanics in California, for example, was 1,172. 42Furthermore, a comparatively large proportion of olderHispanics are food insecure – 18 percent compared withseven percent of whites.43 These statistics help explainwhy Hispanics are about twice as likely to report beingunsatisfied with retirement (11 percent of US-bornHispanics and 14 percent of foreign-born Hispanicsversus six percent of whites).44Sí Se Puede: Building Retirement Security for Latinos and the US 5
DRIVERS OF VULNERABILITYThe causes of retirement insecurity among Latinos arevaried and not always clear cut. The biggest driver, asalready mentioned, is lack of access to workplaceretirement plans. But this cause is itself a result ofoccupational segregation and other labor marketdisparities. Additionally, there is some evidence thatcultural factors limit Latinos’ uptake and contributionamounts even when plans are offered. Immigrationstatus and discrimination may also play a role.OCCUPATIONAL SEGREGATIONIn 2014, only 38 percent of full-time employed Hispanicmen ages 25 to 64 worked for an employer thatprovided employees a retirement plan, compared to 61percent of whites. 45 For foreign-born Hispanics, offerrates were even lower: only 29 percent worked for anemployer that offered a retirement plan. 46This is largely a result of occupational segregation. Forexample, many Hispanics belong to the contingentworkforce, work for a small business, or are employedin industries or non-union occupations that offer fewretirement choices.47 In addition, Latino immigrants aremore likely than other foreign-born populations to beundocumented and to work off the books. 48Hispanic men are underrepresented in higher-payingfields such as business and finance, management,science, engineering, architecture, and the law. 49 Fulltime working Hispanic women are heavilyconcentratedin low-skilledandlow-payingoccupations such as office and administrative support,food preparation, personal care, and cleaning andmaintenance.50Even when employers sponsor retirement plans, someemployees choose not to sign up or don’t qualify forcoverage because, for example, they have not workedenough hours or have not been employed long enough.Enrollment rates among Hispanics are generally high:when given the opportunity, high rates of Latinos signup for workplace retirement plans.51 But those figuresare even higher for whites,52 potentially reflecting thehigher likelihood that Hispanics work part-time andare thus ineligible for the company’s DC plan. Moreresearch in this area is needed.Only 38 percent of full-time employedHispanic men ages 25 to 64 worked foran employer that provided employees aretirement plan, compared to 61 percentof whites.CONFOUNDING VARIABLESOccupational disparities are linked to many other gapsbetween Hispanics and non-Hispanics: earnings,53 jobtenure,54 educational attainment,55 and liquid savings,56among others. In all of these areas, Hispanics do worsethan whites, and poor indicators in these categories arehistorically associated with low retirement savings. 57As a result, it is hard to tease out exactly what is drivingpoor retirement outcomes. According to one study ofsix large DC plans by Cynthia Pagliaro and StephenUtkus, controlling for earnings and job tenure reducesthe Hispanic-white account balance gap by 71 percent.58And according to a more comprehensive analysis of theHispanic-white wealth gap, researchers found thatincome, education, inheritance, and age (Hispanicstend to be younger) explain nearly all of the wealthgap.59 However, that study is based on the SCF, whichdoes not account for DB pension or Social Securitywealth. Furthermore, as retirement expert David Johnhas pointed out, even older, high-income Hispanicshave account balances that are significantly lower thanthat of other households.60ATTITUDES AND BEHAVIORSThe SCF analysis also controls for attitudes towardsborrowing, savings, and investment. The researchersfind that Hispanics are more likely to be risk averse andhave a shorter time horizon for financial planning thanwhites, but were just as likely to think that borrowingto pay for vacations or other luxury items was a badidea. However, controlling for these attitudes did nothave much effect on the wealth gap.Sí Se Puede: Building Retirement Security for Latinos and the US 6
Nevertheless, it could be that retirement preparednessin the Latino community is, in part, a function of uniqueattitudes, strategies, and behaviors. For example,qualitative studies have found that Latinos are morelikely to distrust financial institutions and that financialeducation levels in the Latino community are low.61 Ina 2014 Prudential report, more than half of theHispanics surveyed indicated a “poor” or “very poor”understanding of U.S. workplace retirement plans. 62Thirty-two percent of Hispanics ages five and olderlack English language proficiency, creating additionalbarriers to navigating the country’s financial system. 63Moreover, a substantial number of Hispanics sendmoney back to family abroad, and there is evidencethat, as more remittances are sent, less is saved forretirement. 64 It may also be the case that Latinos aremore likely than other groups to provide financial helpto immediate or extended family in the US, whether itis helping with a first-home purchase or private schooltuition, which can reduce retirement preparedness.There is evidence, for example, that older Americanswho co-sign their children’s student loans or haveoutstanding student loan debt themselves have lesssaved for retirement. 65 Given the growing number ofLatinos enrolling in for-profit colleges and other highereducation institutions – which can be very aggressiveand even predatory with student loan marketing –Latinos’ retirement security may be especially underthreat by the rise of student loans. 66Latinos also may often have unique views aboutretirement itself. According to a set of recent focusgroups conducted in Los Angeles, many Latinoimmigrants intend to retire in their country of origin,where living costs are lower. 67 Hispanics consideringsuch a move might hesitate to participate in anemployer-sponsored retirement plan because they areunsure how much they need to save or how they willaccess the money when abroad. 68 There is also awidespread sense in the Latino community that “familytakes care of family,” which may reduce the urgencyworkers feel about saving for their own retirement.69It is unclear to what extent these cultural explanationsoutweigh other factors that may be driving retirementinsecurity in the Latino community. Pagliaro and Utkusfound that the Hispanic-white gap that remains aftercontrolling for pay and time on the job can be at leastpartially explained by lower contribution rates andhigher pre-retirement withdrawal rates amongHispanics. However, they also found that investmentbehavior – the potentially culturally-specific behaviorof allocating funds inside the account to asset classeswith varying risk profiles – differs very little amonggroups and so does not drive any of the variation inaccount balances. The most likely explanation for suboptimal retirement planning behavior among Latinos,then, is not “Latino culture,” but rather the sub-optimaleconomic circumstances many Hispanic families findthemselves in. Retirement is understandably far fromthe minds of the many Latinos who were not born intoor do not stand to inherit wealth; have little in the wayof emergency savings; are struggling to affordeducation, health care, and other critical human capitalinvestments; and are facing regular demands forfinancial help from friends and family.IMMIGRATION STATUSImmigration status may also be a factor. In 2015, 48percent of Latino immigrants who were eligible forcitizenship had not yet naturalized, though citizenshiprates have been increasing in recent decades.70 Lack ofcitizenship can reduce earnings potential, which has adeleterious effect on retirement security. Indeed,according to the National Endowment for FinancialEducation, being a citizen is correlated with a boost inthe average middle-income worker’s retirementsavings of 7,247. 71 Additionally, nearly nine millionHispanics in the US – or 16 percent of the overallHispanic population – are undocumented (neithercitizens, nor green card or other visa holders).72 TheseLatinos are ineligible for Social Security and can facechallenges finding work, opening bank accounts, andaccessing worker training.DISCRIMINATIONFinally, the fact that the retirement preparedness gap inthe Latino community might be explained by factorsother than race does not mean that racial discriminationdoes not play a role. 73 Labor market outcomes likewages and occupation could be caused in part bydiscriminatory hiring practices. 74 And educationaloutcomes could be linked to issues like teacherdiversity, 75 housing discrimination, 76 and studentdiscipline 77 that can have important racial and ethnicdimensions. More research is needed to disentanglethese various threads so that policymakers andfinancial institutions can combat the problem ofretirement insecurity in the Latino community mosteffectively.Sí Se Puede: Building Retirement Security for Latinos and the US 7
LOCAL AND NATIONALIMPLICATIONSMillions of Latinos will be retiring in the coming yearswithout the necessary private savings to sustain theirstandard of living. This will have far-reachingconsequences on communities, governments, and thenation overall:So, what should be done to combat financial insecurityin the Hispanic community? How shouldpolicymakers, employers, and researchers react to theharrowing statistics in this report? A number of areasdeserve further consideration: Universal Access to Workplace Plans: Access toretirement plans at work is clearly one of the keymissing ingredients for Latinos to achieveretirement security. A number of innovators, inboth the public and private sectors, are currentlyexperimenting with new approaches that promiseto expand access to workplace retirement savingsplans. New state-sponsored retirement programs,like Secure Choice in California, and , like Finhabits, are just a few examples.Rigorous evaluations of these interventions willhelp determine if they help Latinos save. Automatic Enrollment: Scores of academic studiesshow that making retirement enrollment opt-outinstead of opt-in – so that the default for inertiaprone individuals is to start saving now, ratherthan putting off the decision into the future – is ahighly effective and popular way to build financialsecurity. 80 Given Latinos’ lower participation andcontribution rates in workplace plans, expandingthe use of automatic enrollment mechanisms mayprove a powerful way to reduce the Hispanic-whiteretirement savings gap. Indeed, in their study ofDC plans, Pagliaro and Utkus found that automaticenrollment actually helps Hispanics and otherworkers of color more than it helps others sinceworkers of color sign up for plans, when notautomatically enrolled, at slightly lower rates thanwhites.81 Financial Capability: More granular insight intoHispanics’ views on retirement would be helpful asfinancial providers consider ways to customizefinancial advice and education. Though somecultural explanations for Latinos’ lack of retirementpreparedness border on victim-blaming, therelikely is some truth to the idea that Hispanics thinkLatino Communities: Retirement insecurity in theHispanic community is already driving millions ofolder Latinos into poverty. It is not uncommon forolder Hispanics to struggle to afford necessaryhousing, food, and medicine. Unless current trendsreverse, these problems will only grow worse –ultimately cascading into community-wideailments. Local economies will suffer as seniorsslow their consumer spending, kin networks willbe financially strained as they try to support theiraging parents and grandparents, and the nextgeneration of workers may find themselves withfewer advancement opportunities should nearretirees decide they must work longer in order toretire with dignity. Government Budgets: This influx of financiallyinsecure seniors will also stress the social safety netsystems provided by state and federalgovernments. Public programs like Medicaid, theSupplemental Nutrition Assistance Program, andSupplemental Security Income will likely see asurge in utilization, 78 exploding already tightpublic budgets, undermining states’ bond ratings,and potentially forcing tax increases or programcuts. National Economy: An aging Latino populationthat is not prepared for retirement can influencemacroeconomic indicators as well. As alreadymentioned, seniors with less in retirement savings,income, and wealth are likely to decreaseconsumption and spending, which may sloweconomic growth in the places they reside. Thiseffect could spillover regionally or nationally.Additionally, older workers whose skills aredeteriorating but nevertheless remain in jobs inorder to push off the costs of retirement could hurtfirms’ profitability, as well as nation-wide wagegrowth, as a result of reduced labor productivity. 79Sí Se Puede: Building Retirement Security for Latinos and the US 8
about money, investment, and family in distinctways and that current financial education modelsare not serving them well. 82 More research isneeded in order to build the models of the future.83 Financial Services: One possible model isembedding financial education and behavioralnudges into new types of financial products. Moretesting is necessary, but innovative savings toolsthat use prizes, gamification, and round-upmechanisms to build nest eggs may proveeffective. 84 Other promising ideas include hybridproducts, which combine different categories offinancial tools into one user-friendly package,85 andsidecar accounts, which would serve as a liquidsavings buffer that reduces pressure for preretirement withdrawals from a linked retirementaccount. 86 It remains to be seen whether thesenontraditional products, which could be offered bytraditional financial institutions or new technologyfocused startups, can build a following withLatinos.CONCLUSIONLatinos are now the nation’s largest ethnic group afterwhites, yet they trail much of the rest of the country ona number of financial security indicators, includingretirement preparedness. We still do not fullyunderstand how different segments within theHispanic community are coping with this insecurityand what exactly is driving it, but we do know that thecurrent Hispanic-white retirement savings gaps isuntenably large. While more research is needed todetermine the most effective ways to reverse thesetroubling trends, this brief identifies four promisingareas for exploration: universal workplace plan access,automatic enrollment, financial capability, andfinancial services. Meeting this national challenge willlikely require the harnessing of creative minds in boththe public and private sectors, and there is little time towaste.PHOTO BY GOLDENKBSí Se Puede: Building Retirement Security for Latinos and the US 9
ACKNOWLEDGEMENTSThe Aspen Institute Financial Security Program (FSP) and the Aspen Institute Latinos and Society Program would like tothank David Mitchell and Balkissa Jacobs for writing the brief; Sarah Alvarez for research assistance, reviewing drafts,and spurring dialogue on the complexity of issues addressed in the brief; Jeremy Smith, Ida Rademacher, and AbigailGolden-Vazquez for the time and wisdom they shared on the topic; Haili Lewis for copy-editing; and Katie Bryan fordesigning and laying out the brief.Aspen FSP gratefully acknowledges Prudential for its generous support. The Aspen Institute Latinos and Society Programgratefully acknowledges the generous support of the Ricardo Salinas Foundation, Target, Woody and Gayle Hunt FamilyFoundation, Comcast/NBCUniversal Telemundo, Bank of America Charitable Foundation, Carnival Corporation, EdisonInternational, and Toyota Motor Company North America.The findings, interpretations, and conclusions expressed in this report – as well as any errors – are ours alone.ABOUT THE FINANCIAL SECURITY PROGRAMThe Aspen Institute Financial Security Program (FSP) connects the world’s best minds to find breakthrough solutions forAmerica’s family financial security crisis. FSP advances a new generation of policies, products, and services that enablemore Americans to meet basic financial needs and withstand financial shocks, while saving for long-term goals likecollege, homeownership, and retirement. To learn more, follow @Aspen FSP on Twitter, or visit AspenFsp.org.ABOUT THE LATINOS AND SOCIETY PROGRAMThe Aspen Institute founded the Latinos and Society Program in 2015 to provide a place for Latinos and non-Latinos tolearn about their shared future and jointly explore solutions to the challenges of our time. Its vision is to foster a moreinformed citizenry and promote the engagement of all people in securing a prosperous and inclusive future for America.This policy program convenes diverse audiences and subject matter experts to advance three important policy areas, civicparticipation, economic adv
age 55 and older have no money saved in a retirement account like a 401(k) or 22Individual Retirement Account (IRA).11 Latinos, though, are even less well-prepared. And because Hispanics tend to live longer than other groups, the need for retirement savings is even greater.12 SOCIAL SECURITY Latinos are less likely to benefit from Social Security,
