Hispanics and Retirement: Challenges and Opportunities (full report)
Hispanic Americans have a longer life expectancy than non-Hispanics, so their retirement savings will need to last longer than they may think. Hispanic men who were age 65 in 2005 can expect to live to age 85, compared with age 81 for American men overall. Hispanic women who were age 65 in 2005 can expect to live to 88, compared with 85 for all women in the U.S.
The mean annual income for Hispanic American retirees is $16,947, compared with $24,351 for non-Hispanic white retirees.
63% of Hispanic women retirees said they left the workplace because of illness, disability, company closure or other reasons not of their choosing-almost twice as many as the 35% rate for American women overall.
Only 25.6% of Hispanic Americans are covered by employer-sponsored retirement plans, compared with 42.5% of whites.
Less than one-quarter of Hispanic workers have calculated how much money they will need to save for a comfortable retirement, compared to 42 percent of non-Hispanics.
Hispanics, on average, spend 54% of their retirement income on food and housing, compared with average expenditures of just 11.5% for non-Hispanic whites.
Nearly 85% of older Hispanic females receive half or more of their income from Social Security benefits, while more than 50% depend on the program for 100% of their income.
