After Social Security, employer-sponsored retirement savings plans such as 401(k) plans are the most common way Americans save for retirement. But in 2013 fewer than 4 in 10 Latinos worked for an employer who sponsored a retirement plan, the lowest access rate of any demographic group.
When taking into account employer-based plans and other types of retirement savings accounts, seven in 10 Latino working-age households do not own a retirement savings account of any kind. This has a devastating effect on the Latino community.
We support policies to ensure that Latinos realize better returns on their hard work and increase their ability to invest in their own future. Additionally, we support the creation of a savings system that encourages, through the tax code and other means, higher rates of low- and moderate-income families saving for their children’s education, to buy a home, and to pay off debt.