This is How Latinos can Save for Retirement

This is How Latinos can Save for Retirement

In the United States, saving for retirement is a key contributor to financial security. The vision we usually hold is that after we retire, we will have the funds to  kick back, travel, and relax. Unfortunately, when it comes to saving for retirement, Latinos are short-comers. Over the years, many studies and reports have shown that minority groups are in a retirement crisis. Maira Marino, a thriving Latina working as a financial advisor for Deleanos Financial, says “The Hispanic market falls behind in preparing for the unexpected. ”  

Here are some statistics just to get started with:

  • According the Economic Policy Institute, the data shows only 26% of Hispanic families had in 2013 retirement plans when compared to the rest of the market.

  • Additionally, white workers between the ages of 32 to 61 had an average of $125,000 in  their retirement savings compared to $16,800 for Hispanic savings in a retirement plan like an IRA or 401k, in 2013.

  • When a Latino has access and is eligible to participate in a plan, they show slightly higher take-up rates compared to other ethnicities.

With the statistics we are currently working with, there is no doubt that latinos have some catching up to do. The question one may be wondering is, why? Why are latinos facing these statistics, and what can we do moving forward?

  • A factor that plays a more significant role, is financial literacy. In 2017, a report issued by the TIAA institute and and the Global Financial Literacy Excellence Center (GFLEC) at the George Washington University  found although personal finance knowledge among Hispanics is lower than that of the U.S. adult population as a whole. More interestingly, there is a notable difference in financial literacy within the Hispanic population between those born in the U.S. and those foreign born.

  • Additionally, even when Latinos are working for an employer with a workplace retirement savings plan, Latinos are hurt because some don't meet eligibility. There are many Latino workers who work full time just like anyone else, and pay their taxes through an ITIN number. Due to the fact that they have an ITIN # and not a Social Security number, they can't participate in a retirement plan.

One thing is certain, ad that is that Latinos are resilient, and there is always room for improvement.

  • In order to start momentum and create financial literacy with Latinos, we must first introduce concepts. Workshops, and classes that cover the importance of financial literacy  are a way to get the ball rolling. Many Latinos may not attend events because of language and cultural barriers. If there are more events that offer bilingual employees or translators, it would serve as being beneficial.

  • Having more Latino-owned businesses that offer financial services would also be a great addition to starting momentum.

  • Tapping into their own “why” is key. When we know why we are doing something, it makes the “how” of the process so much easier.

Programs we recommend here at Atypical Latino are tailored just for Latinos.

Freedomflex is an exclusive wealth accumulation program designed for the Hispanic market, here is why Atypical Latino recommends them:

  1. Unlike many other retirement providers, “Freedom Flex” welcomes those who have only an ITIN number, as well as those with a social security, the program is tailored to fit any existing household income, and still take advantage of the full benefits.

  2. Freedom-flex provides a 10 year endowment Time Deposit of a guaranteed 10% annual growth rate, a flexible premium deferred Annuity “and an option” to access a no-load mutual fund of your choice with full guidance through the investment company.

  3. It also provides a college planning service for children as well as the parents.

  4. Last not least, the program also provides protection for the whole family under the same program, NO EXTRA CASH.

If you have any further questions or would like to learn more about the opportunities given, feel free to reach out to Maira Marino from Deleanos Financial Services for a free consultation. Maira and the DFC team are bilingual and are ready to help you reach your financial security.

For more information regarding Freedom Flex, contact Deleanos Financial :

Located at: 18 w 140 Butterfield rd Oakbrook terrace Il, 60181 Suite 1500 

Office number: (630) 613-7440, ask for Maira Marino

OR email Maira Marino at 

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