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Hispanics Preparing for Retirement Face Significant Challenges

New Study Reveals Significant Challenges Hispanic Americans Face in Preparing for Retirement

New Study Reveals Significant Challenges Hispanic Americans Face in Preparing for Retirement

A new report released today demonstrates that Hispanic Americans face greater challenges in obtaining a secure retirement than the average population. The paper, prepared by the Hispanic Institute think-tank and the Americans for Secure Retirement (ASR) coalition, finds that the unique challenges include a general lack of retirement preparation, less access to employer-sponsored retirement plans, lower levels of personal savings and inadequate financial literacy.

The report concludes that Hispanic Americans need to consider multiple retirement vehicles to supplement Social Security and to bridge the gap in access to employer plans. Options such as lifetime annuities can minimize financial risks and provide the means to both build retirement savings and secure guaranteed income that will last as long as they live. Access to such a source of guaranteed lifetime income to supplement Social Security is a critical part of planning for a secure retirement.

“While our research found that Hispanics face greater challenges in preparing for retirement than the average population, with the right tools to properly prepare for retirement, these obstacles can be overcome,” said Gus West, Board of Directors Chair for Hispanic Institute.

Significant findings of the study include:

  • Only 41 percent of Hispanic workers say they have saved money for retirement.
  • Only 25.6 percent of Hispanics are covered by employer-sponsored retirement plans, compared to 42.5 percent of whites and 40 percent of African-Americans.
  • Of the Hispanics receiving Social Security benefits, almost 80 percent rely on these benefits for at least 50 percent of their retirement earnings.
  • Among people 65 and older receiving Social Security, on average Hispanics receive about $2,124 less in earnings than non-Hispanics.

Between 1979 and 1999, middle-class Hispanics households increased nearly 80 percent. In the same period, the group of Hispanic households earnings between $40,000 to $140,000 grew to include about one-third of the total Hispanic households nationwide.

Today, the U.S. Hispanic population makes up about 48 million people; by 2050 that number will increase to 132 million, accounting for nearly 30 percent of the total U.S. population. Due to the growing Hispanic population, an average longer life expectancy, and because only 16 percent of the population is in their pre-retirement years, Hispanics will make up a significant number of those entering retirement in the future.

“Since two-thirds of Hispanics are employed in the service-related field, which generally does not offer employer-sponsored retirement plans, many hard working Hispanic Americans may not have the proper nest egg to retire. It is imperative that their savings are managed and invested in a secure plan that assures income for life,” said Brent Wilkes, Executive Director of League of United Latin American Citizens.

Legislation currently being considered in Congress would create tax advantages for the purchase of an annuity and the conversion of a portion of an individual’s savings into a lifetime retirement income stream. The Retirement Security Needs Lifetime Pay Act, H.R. 2748, in the U.S. House and the Retirement Security for Life Act, S. 1297, in the U.S. Senate, would create a tax exclude from taxes a portion of the annual income received through an annuity, increasing accessibility to lifetime annuities as a retirement option and creating significant tax savings for middle-income Americans.

“Congress needs to pass this legislation to encourage the greatest accessibility possibility to multiple retirement savings vehicles that tackle the income side of the retirement problem,” said Bill Waldie, Chairman of ASR.

The Hispanic Institute nonprofit organization formed in 2005 to provide an effective education forum for an informed and empowered Hispanic America. Americans for Secure Retirement is a broad-based coalition of more than 50 organizations who are united in their commitment to raise awareness of the retirement challenge facing all Americans.

To view the complete Hispanic and Retirement: Challenges and Opportunities report, please visit www.paycheckforlife.org.

SOURCE Americans for Secure Retirement

More Than 851,000 Members Join the Aflac Cancer Center Facebook Cause

<h2Aflac ‘Causes Campaign on Facebook’ Raises $1.16 Million for Fight Against Pediatric Cancer

Aflac (NYSE: AFL) announced that it has raised more than $1.16 million for the Aflac Cancer Center through a matching grant campaign with Causes on Facebook, making it the largest sponsored campaign in the history of Causes. The effort also resulted in 851,215 new members joining the Aflac Cancer Center Cause, helping to generate awareness and financial support during Childhood Cancer Awareness Month.

The Causes application on Facebook has more than 85 million users who have created over 300,000 charitable causes that have benefited 60,000 nonprofits in the United States and Canada. Donors have used the Causes application on Facebook to give more than $14 million to these organizations. Prior to the launch of Aflac’s pediatric cancer Cause, the largest matching grant on a Facebook Cause was $100,000.

“Thanks to Aflac’s campaign to raise money for childhood cancer and blood disorders on Causes on Facebook, children at the Aflac Cancer Center will be assured cutting edge treatment and clinical research to get them back to being kids,” said Dr. William G. Woods, Director of the Aflac Cancer Center. “With every dollar raised we offer new hope for our kids and their families.”

“Our goal is to find a cure,” said Aflac chairman and CEO Dan Amos. “We want to thank the more than 851,000 people who rose to the challenge and joined Aflac’s fight against pediatric cancer. With their help we can continue the progress that has seen survival rates soar from 20 percent in the 1980’s to 80 percent today.”

Aflac Chairman and CEO Dan Amos personally contributed $100,000 to the cause, and his donation, like all the others, was matched dollar-for-dollar by Aflac. NASCAR driver Carl Edwards, who is sponsored by Aflac, responded to Amos’s gesture by contributing his portion of his team’s earnings from the September 6th race at the Atlanta Motor Speedway.

“Aflac’s $1 million initiative is the largest sponsored cause that we have ever seen on Facebook and it demonstrates the growing philanthropic power of Causes,” said Joe Green, founder of Causes. “This matching grant is a success not only because of the money raised, but also because 851,215 individuals were empowered to make a difference through peer to peer activism. We’re delighted that Aflac chose our application to generate awareness and that together, we were so successful in producing potentially life-saving results for children with cancer.”

Each year the Aflac Cancer Center treats more than 350 new cancer patients. It also provides the largest sickle cell disease program in America, with 1,635 active cases and has cured more children of sickle cell disease than any treatment center in the nation. In addition to funding research and treatment, Aflac contributions serve other critical needs, including new facilities, a new state-of-the-art pediatric research building, and endowments for the Family Support Team and Fellowship Program. In August, the Aflac Cancer Center announced that Aflac had surpassed $50 million in donations to this cause.

About Aflac:

For more than 50 years, Aflac products have given policyholders the opportunity to direct cash where it is needed most when a life-interrupting medical event causes financial challenges. As the number one provider of guaranteed-renewable insurance in the United States and the number one insurance company in terms of individual insurance policies in force in Japan, Aflac insurance products provide protection to more than 40 million people worldwide. In 2009, Aflac was recognized by Ethisphere magazine as one of the World’s Most Ethical Companies for the third consecutive year and was also named by the Reputation Institute as the Most Reputable Company in the Global Insurance Industry for the second consecutive year. In 2009 Fortune magazine recognized Aflac as one of the 100 Best Companies to Work For in America for the eleventh consecutive year. Fortune magazine also ranked Aflac No. 1 on its global list of America’s Most Admired Companies in the Life and Health Insurance category. Aflac appears on Hispanic Enterprise magazine’s list of the 50 Best Companies for Supplier Diversity and on Black Enterprise magazine’s list of the 40 Best Companies for Diversity. Aflac was also named by Forbes magazine as America’s Best-Managed Company in the Insurance category. Aflac Incorporated is a Fortune 500 company listed on the New York Stock Exchange under the symbol AFL. To find out more about Aflac, visit aflac.com.

About Aflac Cancer Center and Blood Disorders Service of Children’s Healthcare of Atlanta:

The Aflac Cancer Center and Blood Disorders Service of Children’s Healthcare of Atlanta is a national leader among childhood cancer, hematology, and blood and marrow transplant programs, serving infants to young adults. Recognized as one of the top childhood cancer centers in the country by U.S.News & World Report, the Aflac Cancer Center treats more than 350 new cancer patients each year and follows more than 2,500 patients with sickle cell disease, hemophilia and other blood disorders. Visit www.aflaccancercenter.org or call 404-785-1112 or 888-785-1112 for more information.

SOURCE Aflac

Hispanics, Health Insurance and Health Care Access

Six-in-ten Hispanic adults living in the United States who are neither citizens nor legal permanent residents lack health insurance, according to a new analysis by the Pew Hispanic Center of a survey it conducted in 2007.1The nationwide survey offers a detailed look at the health insurance and health care access of an immigrant subgroup that has become a focus of attention in the current debate over health care reform.

Hispanics, Health Insurance and Health Care Access

Hispanics, Health Insurance and Health Care Access

The share of uninsured among this group (60%) is much higher than the share of uninsured among Latino adults who are legal permanent residents or citizens (28%), or among the adult population of the United States (17%).

Hispanic adults who are neither citizens nor legal permanent residents tend to be younger and healthier than the adult U.S. population and are less likely than other groups to have a regular health care provider. Just 57% say there is a place they usually go when they are sick or need advice about their health, compared with 76% of Latino adults who are citizens or legal permanent residents and 83% of the adult U.S. population.

Overall, four-in-ten (41%) non-citizen, non-legal permanent resident Hispanics state that their usual provider is a community clinic or health center. These centers are designed primarily as “safety nets” for vulnerable populations and are funded by a variety of sources, including the federal government, state governments and private foundations, as well as reimbursements from patients, based upon a sliding scale (U.S. Department of Health and Human Services, 2008).

Some 15% of Latino adults who are neither citizens nor legal permanent residents report that they use private doctors, hospital outpatient facilities or health maintenance organizations when they are sick or need advice about their health. Traditionally, patients in these settings are required to pay for their care, either via insurance or out of pocket.

An additional 6% of Latino adults who are neither citizens nor legal permanent residents report that they usually go to an emergency room when they are sick or need advice about their health. Most emergency rooms are required by law to provide care to all patients. Patients are responsible for payment for emergency room services, but in some instances the Federal government partially reimburses hospitals for expenses the patients cannot afford.
Some 37% of Latino adults who are neither citizens nor legal permanent residents have no usual health care provider. More than one-fourth (28%) of the people in this group indicate that financial limitations prevent them from having a usual provider — 17% report that their lack of insurance is the primary reason, while 12% cite high medical costs in general. However, a majority (56%) say they do not have a usual provider because they simply do not need one. An additional 5% state that difficulty in navigating the U.S. health care system prevents them from having a usual provider.

Undocumented immigrants and their children comprise 17% of the estimated 46 million Americans who lack health insurance.(2) According to Pew Hispanic Center estimates, 11.9 million undocumented immigrants were living in the U.S. in 2008. Three-quarters (76%) of these undocumented immigrants were Latinos.

Overall, about one-quarter of all adult Latinos are undocumented. Pew Hispanic Center analyses of Current Population Survey data indicate that approximately 98% of Hispanic immigrants who are neither citizens nor legal permanent residents are undocumented. So, while the survey classification used in this report does not line up exactly with the Latino undocumented population, the two groups are nearly identical.

Health Status

The Latino population in the U.S. is relatively young, and Latino adults who are neither citizens nor legal permanent residents are younger still. Some 43% of adult Latinos who are not citizens or legal permanent residents are younger than age 30, compared with 27% of Hispanic adults who are citizens or legal permanent residents and 22% of the adult U.S. population. The youthfulness of this population contributes to its relative healthiness. Among adult Latinos who are neither citizens nor legal permanent residents, about one-third (34%) report that they either missed work, or spent at least half a day in bed over the past year, because of illness or injury. The rate rises to 42% among adult Latinos who are citizens or legal permanent residents and to 52% among the U.S. adult population.

Experiences in the Health Care System

Three-fourths (76%) of Latino adults who are neither citizens nor legal permanent residents report that the quality of medical care they received in the past year was excellent or good. This is similar to the proportion of adult Latino citizens and legal permanent residents (78%) who express satisfaction with their recent health care.

However, when asked a separate question — whether they had received any poor medical treatment in the past five years — adult Latinos who are neither citizens nor legal permanent residents are less likely (16%) to report any problems than are Latinos who are citizens or legal permanent residents (24%).

Among those Latinos who are neither citizens nor legal permanent residents who report receiving poor medical treatment in the past five years, a plurality (46%) state that they believed their accent or the way they spoke English contributed to that poor care. A similar share (43%) believed that their inability to pay for care contributed to their poor treatment. More than one-third (37%) felt that their race or ethnicity played a part in their poor care, and one-fourth (25%) attributed the unsatisfactory treatment to something in their medical history.
When asked about their most recent medical appointment, three-fourths (76%) of Latino adults who are neither citizens nor legal permanent residents report that they felt comforted or relieved by the visit, and 69% report feeling reassured. Much smaller proportions left their most recent medical visit feeling frustrated (31%) or confused (27%).

1. Except where noted, results are based on the 2007 Pew Hispanic Center/Robert Wood Johnson Foundation Latino Health Survey, in which a nationally representative sample of 4,013 Latinos were surveyed from July 16 to Sept. 23, 2007 (see Livingston, Minushkin and Cohn, 2008).
2. March 2009 Current Population Survey data show that 15% of American adults and children lack health insurance.
By Gretchen Livingston, Senior Researcher, Pew Hispanic Center

Infinity Insurance Joins the Fight Against Unemployment

California’s unemployment rate reached 11.9% in July and continues to climb. The state’s Hispanic community has been hit even harder. Some estimates forecast a jobless rate as high as 18% for this group by the end of the year.

Infinity Insurance is launching a free job search assistance program titled “Monarca,” designed to help workers in the hardest hit communities in Southern California find jobs. The program seeks to pool resources from local small businesses and organizations to connect out-of-work people with employment opportunities.

Programa Monarca officially launches on Labor Day September 7th and offers a range of free services including:

  • Job searching assistance
  • Help filling out job applications
  • Resume and cover letter writing support
  • Printing and faxing
  • Interview preparation and coaching

Programa Monarca is inspired by the Monarch butterfly, famous for its lengthy annual migration between Mexico and the United States. “Monarch butterflies symbolize hard work, persistence and the strength of community,” said Tania Calderon of Crown Reinas Insurance, one of many local Infinity independent insurance agents supporting the cause.

For further information on Programa Monarca, call 1-800-863-5930 or visit ProgramaMonarca.org. Businesses wishing to participate in the program should contact Janndee Evans at 1-562-653-2211

Source: Infinity Insurance

Aflac Launches ‘Soccer’ – Its 8th New Television Ad for 2009

National Campaign Focuses on Family and Financial Security

Aflac launches TV commercial for Hispanics

Aflac launches TV commercial for Hispanics

Aflac today unveiled its eighth new television commercial of 2009, titled “Soccer.” This commercial showcases the Aflac Duck as the web-footed star of the team, who helps provide a solid defense against unexpected medical bills. “Soccer” will debut on August 24, running nationally on CBS, ABC, FOX, NBC, CNN, CNBC, Discover Channel, USA, Headline News and the History Channel.

Aflac Launches ‘Soccer’ – Its Eighth New Television Ad for 2009

“Soccer” presents two mothers, one of whom is using crutches, chatting about insurance while watching their kids play soccer. Soaring acrobatically in and out of frame, the Aflac Duck protects the mothers from harm while letting them know that it is Aflac that pays cash when someone is sick or hurt.

After bending one like Beckham to score a gravity-defying goal, the Aflac Duck celebrates with a victory dance while singing “Aflac, Aflac, Aflaaaac,” much to the surprise of one familiar fan.

“Aflac protects families during uncertain times and ‘Soccer’ drives that point home in a way that will resonate with consumers,” Jeff Charney, Aflac senior vice president and chief marketing officer (CMO) said. “We combined the classic family activity — the Saturday morning soccer game — with the Aflac Duck’s unmatched brand of humor, to effectively remind people that Aflac has you under our wing.”

This is the 46th commercial starring the Aflac Duck and marks the first time Aflac has introduced eight television ads in a single year. The corporate spokesduck is a well-known fundraiser for pediatric cancer-related causes and was named to the Advertising Walk of Fame in 2004. On January 1, 2010, the Aflac Duck will mark its 10th birthday as the company celebrates its 55th year serving American consumers.

Source: Aflac