An NBC article discussed unique challenges for Latina women, highlighting the expertise of Certified Financial Planner Elaine King, who is a Latina herself. The article explored the implications of the long life expectancy of Latina women. Currently, Latinas enjoy a life expectancy of 84 years. While a longer life is a blessing in many ways, it also brings unique challenges in the areas of health and finances.
According to the article, 25% of Latinas over the age of 65 live in poverty. In addition, 69% of Latinos don’t have any assets in retirement accounts. As a result, financial planning is clearly a point of concern for Latinas.
Elaine King, the founder of the Family and Money Matters Institute, recommends that Latinas start a retirement account to which they contribute regularly as early as their 20s. As they age, King recommends helpful steps to take on that will increment financial security.
For example, the Spanish speaking financial planner says that it’s important to prioritize big financial goals in your 40s. You might get into real estate as a form of passive income or continue to add to your retirement fund.
Taking these steps toward financial independence can be hard, King says, who has extensive experience working with women to help them achieve their financial freedom. “Women tend to care about others before themselves,” she asserts. “Take care of yourself in order to take care of others,” King recommended in the article.
Don’t miss other must-read tips and suggestions from Elaine King that will help you assure your financial security in your golden years! Read the full article here.
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