Hispanic Heritage Month is perfect time to address financial security for older Hispanics

Posted on 10/11/21

Today a secure future is out of reach for 930,000 Wisconsinites, especially those who work for themselves or small businesses. Data shows that Hispanic families are less likely than other families to be able to afford their basic needs in retirement due to systemic disparities in education, wages, employment, housing, and financial services eroding their savings.

Overall, older Hispanic individuals live in multi-generational families that are likely to receive less Social Security benefits and have less access to income from pensions, workplace retirement savings, and assets than other families. At this rate, half of all households are at risk of not being able to afford their basic retirement needs, with 61 percent of Hispanic families at risk

Research shows that people are more likely to save if they can do so through payroll deduction, especially when deductions are automatic. However, many employees do not have access to a retirement savings plan through work, which is where a “Work and Save” program comes into play.  “Work and Save” is a public-private partnership that makes it easy for workers to save for retirement out of their own paychecks.     

“Work and Save” would help Hispanic-owned small business owners and their employees take control of their financial future at no cost to their employer. Employees can opt-in to the program and then decide how much money they want to set aside each pay period. The account is linked to the employee, not the company, so savings move with the individual if they change jobs. 

“Work and Save” provides an easy pathway for workers to save for retirement, preparing them for the rising cost of healthcare and other basic needs, and reducing dependency on Social Security benefits as a sole source of income during retirement. Programs like “Work and Save” can help Hispanic Wisconsinites grow their retirement savings so they can take control of their financial future, take care of their families, and live independently as they age.

This story is provided by AARP Wisconsin. Visit the AARP Wisconsin page for more news, events, and programs affecting retirement, health care, and more.

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