Retirement Planning Among Middle-Aged and Older Hispanics

34 Pages Posted: 14 Mar 2015

See all articles by Luisa R. Blanco

Luisa R. Blanco

Pepperdine University School of Public Policy

Emma Aguila

RAND Corporation; University of Southern California - Schaeffer Center for Health Policy and Economics

Arturo Gongora

University of California, Los Angeles (UCLA)

Beverly Weidmer

RAND Corporation

Kenrik Duru

University of California, Los Angeles (UCLA)

Date Written: March 1, 2015

Abstract

The goal of this study is to deepen the understanding of how middle age and older Hispanics plan for retirement, where we conducted four focus groups in the Los Angeles area with a total of 38 participants. Our study provides interesting findings, specifically for women since 84 percent of the participants were female. We find that that most participants, whether they were already retired or not, are not well prepared for retirement since they have been unable to save for retirement and have not made specific retirement plans, such as determining desired retirement age, estimating retirement budget, and collecting information about expected retirement benefits. In relation to saving on a regular basis, results were mixed. Some participants are able to save on a regular basis, but others cannot save because they live day to day. Our study contributes to the literature by showing how family experiences and religion play a significant role in retirement planning among this population. We found that the majority of the participants had parents who did not plan for retirement, and very few had parents who were able to save. We also found that many participants do now worry about retirement because they believe “God will provide.” We also found an interesting shift in relation to intergenerational transfers and family networks. While many participants help their parents, most of them do not want to ask children for help and do not expect getting help from them.

Keywords: Retirement, Retirement planning, Saving, Intergenerational transfers, Hispanics, Women

JEL Classification: J15, J16, J26, J33

Suggested Citation

Blanco, Luisa R. and Aguila, Emma and Gongora, Arturo and Weidmer, Beverly and Duru, Kenrik, Retirement Planning Among Middle-Aged and Older Hispanics (March 1, 2015). CESR-Schaeffer Working Paper No. 2015-003. Available at SSRN: https://ssrn.com/abstract=2577585 or http://dx.doi.org/10.2139/ssrn.2577585

Luisa R. Blanco (Contact Author)

Pepperdine University School of Public Policy ( email )

24255 Pacific Coast Highway
Malibu, CA 90263
United States

Emma Aguila

RAND Corporation ( email )

1776 Main Street
P.O. Box 2138
Santa Monica, CA 90407-2138
United States

University of Southern California - Schaeffer Center for Health Policy and Economics ( email )

635 Downey Way
Los Angeles, CA 90089-3333
United States

Arturo Gongora

University of California, Los Angeles (UCLA) ( email )

405 Hilgard Avenue
Box 951361
Los Angeles, CA 90095
United States

Beverly Weidmer

RAND Corporation ( email )

1776 Main Street
P.O. Box 2138
Santa Monica, CA 90407-2138
United States

Kenrik Duru

University of California, Los Angeles (UCLA) ( email )

405 Hilgard Avenue
Box 951361
Los Angeles, CA 90095
United States

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