Five things you should do as a Hispanic to retire earlier than expected

Saving as much income as possible for retirement is one of the most important habits you can develop right now

Photo: Mariela Lombard / El Diario

Making the decision to withdraw from the workplace is often complicated, as there are a number of questions that arise when you want to take this step that totally changes people’s lives. Perhaps, when you are a migrant or part of the Hispanic community this process can be even more complicated.

It is clear that the Racial and ethnic disparities carry great weight when thinking about retirement, it is a social problem that each year deepens with greater notoriety, since income and wealth disparities persist between a Caucasian American and a Hispanic, for example.

Therefore, there are several steps to consider before retiring, even for those who plan to do so early. For this reason, as a first action it is recommended to know the salary policies in force, this year increased the minimum wage by 20 states , this factor is fundamental and decisive for reduce income disparity.

Knowing our labor rights will allow the aspiring to retire to fully assess their status compared to their peers in similar positions, as well as having a better projection of things .

Racial discrimination in pay or benefits is illegal , so it is important to research comparative wages and stand up for yourself, ensuring a fair wage.

The second step to follow is estimate how much we require per year to live , so the following questions are necessary: ​​how much will inflation increase? This will depend on many factors, but you must consider them. Another question to answer is how much money could be needed to cover unforeseen expenses? How is my health insurance status? There should be no guesswork when answering these questions.

Having a fair salary and thinking about the possible scenarios that will affect us will be essential for us to have a better outlook for our retirement. Once this is clear, without a doubt, the third step is save as much as possible . Saving as much income as possible for retirement is one of the most important habits you can develop right now. If you start saving by saving at least 15%, will guarantee your maintenance during retirement.

As fourth step to follow , it is recommended to inquire about the various investment mechanisms so that your savings can grow. For this to be possible, you must look for the best returns and place your money at fixed terms, that way your capital can have a sustained rise and at a good pace. It is recommended that not make risky investments , that would be catastrophic. This fourth step should not be lost sight of all those who wish to retire early.