While Latinas have among the highest average life expectancy, the statistics seem grim for their retirement years. Latinas still only earn 54¢ for every $1 earned by a white male. October 15, 2015, is Latina Equal Pay Day -- the day in which Latinas catch up to what their white male counterparts made in 2014, almost two full years to earn equal pay. The loss of several hundreds of thousands of dollars over the course of a lifetime puts Latinas at an immediate disadvantage for retirement saving.
Currently, only 37% of Latinas have set up an IRA, meaning that many have not been able to start saving for retirement. This explains why 80% of Latinas rely on Social Security benefits for the majority of their retirement income. As most people know, Social Security provides only enough income to pay for the bare basics - hardly enough to live comfortably.
There is, however, another threat to Latinas in addition to increased longevity, lower pay and lack of access to workplace retirement savings plans. READ MORE AT HUFFINGTON POST
Comments