Many Americans are struggling to prioritize saving for retirement and don’t know how to get on track, according to the 2026 Annual Retirement Study* from the Allianz Center for the Future of Retirement®.
According to the study, Hispanic Americans say that day-to-day finances are outweighing future planning needs. Two in three (66%) are balancing so many financial goals that it’s hard to focus and prioritize, and 50% said they feel too far behind on their retirement goals to be able to catch up in time. It is concerning that 48% say they don't have a financial plan for retirement and will just “figure it out” when they get there.
When clients are juggling multiple financial responsibilities, retirement savings can fade into the background against daily expenses. Over time, this can create a sense of falling behind and make it harder to bring retirement savings back into the foreground.
Preparing beyond saving
Simply contributing to a retirement account is not enough to build a comprehensive strategy that supports long-term financial needs. Hispanic Americans (65%) are more likely to worry that they don’t have enough money to do all the things they want in life. What’s more, 61% of Hispanic Americans said they don’t know how else to start planning for retirement beyond contributing to a basic retirement account like a 401(k). Financial professionals who can create culturally intelligent strategies that take into account the values, priorities, and experiences that influence financial decisions can help their clients build confidence and work toward long-term goals.
Questions to ask
Where is your money going today?
Documenting where money is going can help create a clearer path toward saving. A detailed look at income and expenses can uncover opportunities to save more consistently and reduce spending. From there, prioritizing debt, especially high-interest balances like credit cards, can improve cash flow and free up more room for saving.
Are you maximizing workplace benefits?
If an employer offers a retirement plan with matching contributions, taking full advantage can significantly boost savings over time.
What small steps can you automate?
Consistent contributions to savings or retirement accounts can build momentum toward savings. It turns saving into a habit rather than an option. At the minimum, to help create stability, an emergency fund of about six months’ worth of expenses should be saved, so that unexpected costs don’t derail long-term goals.
How are you balancing growth and risk?
Clients who feel behind may be tempted to take on more risk to catch up quickly. But higher risk can also mean greater losses. Hispanic Americans (45%) are more likely to worry that their investment portfolio lacks diversification and protection. A balanced approach that combines growth potential with a level of protection from downside risk with risk management and retirement strategies through annuities and life insurance can help.
Many Hispanic Americans may feel behind, but they can get back on track by focusing on the basics, building consistent habits, and creating a clear plan.
