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Are You Thinking of the Future?

Filed in archive Latin Issues by Laura Tamayo on August 01, 2008

Are You Thinking of the Future?
© bandita


I was reading in the paper this morning that one in four people of Latin American heritage make early withdrawals from their retirement accounts.

Experts say it's due to the poor economic situation we're going through. The most common situation is when a person switches jobs and takes a check instead of rolling their 401K over to some other retirement account.

People just cash out and start a new 401K wherever they land. But by doing this, you have taxes to pay and a penalty of roughly 10% for early withdrawal... and worse, the money taken out doesn't have a chance to grow.

Experts are concerned and remind us to leave that money for the future, taking it out only under the most urgent circumstances. There are more and more people in that over 65 population. We live longer, so we need to make sure to plan for those extended golden years.

As with so many things, education is key.

Survey revealed that 43 % of Hispanics rate their knowledge of investing or savings for retirement as â€"knowing nothing” compared to 12 % for all workers. -NHCOA


It's important that we become more financially savvy to ensure the kind of retirement we dream of.


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Tags: finances  planning  jubilación  retire    latin  thinking+future  yours+here 

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Related Entries:

Ned and His Thinking Cap - 23 January 2007

What's Your Vision - 23 May 2007

Thinking of Running a Seasonal Home-Based Business - 06 August 2007

Sorenstam To Retire - 13 May 2008

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