*Missing in the framing of this story is how Latinos care for their elderly at home and how the economic burden of this kind of elder care isn’t reported. VL
By Darla Mercado, CNBC (3 minute read)
Hispanics living in the U.S., particularly those who hail from other countries, are approaching retirement with less than a third of the savings of their white counterparts.
A new study from the Urban Institute, an economic policy think tank in Washington, found that the rapidly growing ethnic group is facing an uphill battle to accumulating sufficient funds for their later years.
Hispanics numbered 55.3 million in the U.S. in 2014 — 17 percent of the total U.S. population, according to Pew Research Center.
The Urban Institute’s study, which used Census data, found a wide gap between Hispanics and whites when it comes to wealth at ages 65 and over.
In 2012, whites in that age group had median inflation-adjusted household wealth of $280,200, compared with $84,600 for U.S.-born Latinos and $30,900 for foreign-born Hispanics, according to the report. African-Americans fared better than Latinos from outside of the U.S., with a household wealth of $51,600.