Nearly Half of all Americans Struggle Financially in Retirement

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Stress is a major problem for many Americans, including Latinos.

Everyday stresses—such as paying bills and juggling childcare—can have short- and long-term health effects, such as a stomach ache, higher blood pressure, etc., the American Psychological Association (APA) reports.

One of the greatest stressors plaguing Latino families has to do with finances. The situation might be even worse long-term.

In a recent GoBankingRates study, 69% of adults admitted to having less than $1,000 in the bank, while 34% said they actually don’t have any savings at all. But apparently, this collective lack of savings doesn’t get all that much better with age.

According to USA Today, the problem is that dying nearly broke isn’t just a matter of denying one’s beneficiaries an inheritance; it points to a frightening degree of financial vulnerability during retirement. When seniors pass away without assets, this often means that they struggled financially in the months and years prior.

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Many seniors are not able to handle major unexpected expenses, such as a medical bill. GoBankingRates reported that only 37% of seniors (65 and older) have $1,000 or more in their bank account.

This financial quandary hits Latinos especially hard. Latinos across the country struggle to secure financial stability and mobility. Despite the highest labor force participation rates in the country (67.2% compared to 62.2% of whites), Latinos are disproportionately in poverty.

In 2013, of the 48.7 million Americans in poverty, 26.8% were Latino.

Findings from the TIAA-CREF Institute illustrate the “continued fragile financial state of Latinos.” The problem does not just extend to Latino seniors. Nearly 60% of all college-educated Latinos reported that they had difficulty in meeting their monthly financial expenses and obligations. Nearly half also reported they were unable to put money into savings.

Having an emergency fund or at least a savings account is just as crucial for retirees as it is for younger adults.

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