Barriers and Opportunities for Latinos to Retire with Lifetime Income
The 62.1 million Latinos/Hispanics in the United States make up 18.7 percent of the population (Jones et al. 2021). Latinos are a growing demographic, accounting for more than half (51.1 percent) of US population growth since 2010 (ibid.). Latinos are also a young demographic and a growing part of the workforce: 78 percent of new workers over the next decade are projected to be Latinos (Dubina 2021).
According to a 2020 Latino Donor Collaborative report (2021b), if US Latinos made up a separate country, its gross domestic product (GDP) would have been $2.7 trillion in 2019. This would have tied it with France as the seventh-largest economy in the world (ibid.). And Latinos are growing in economic importance: from 2010 to 2019, the GDP of Latinos grew 70 percent faster than the US non-Latino GDP growth (Latino Donor Collaborative 2021a). The Latino population is younger than the US population as a whole, providing an opportunity to increase the community’s income, wealth, and retirement security.