The results of a shocking survey last year exposed that 54 percent of Hispanos were not at all prepared for retirement. According to ING’s “Retirement Revealed” study, Latinos reported the lowest average balances in their retirement plans of any other ethnic group in the U.S. And a whopping 70 percent have no investment plan to reach their retirement goals.

Why is this the case? A, more importantly, what are we to do?

While Latinos’ love and sense of family is one of our most endearing cultural trademarks, it might be hurting our savings. Studies have shown that instead of building a savings account for our golden years, many Latinos choose to spend money on supporting their children (even when they’re older) and extended families. While we might think we'll get back that support from our children when we're older, in this still-rebounding economy, it’s not something anyone can bank on.

Finances can be like the oxygen masks during the safety videos on airlines: "Place the oxygen mask on yourself first, then on your loved ones." The idea here is you can't give what you don't have. Building financial savings for yourself now will safeguard your entire family down the road.

There are two common types of retirement savings plans:

• 401(k) Plans

• According to the ING study, only about one in four Latinos has a 401(k) and only one in ten Latinos have individual retirement funds. The study shows that Latinos (as well as many, many Americans) don't really understand how these plans work.
  
  In short: 401(k) plans are offered by your company that you invest a percentage of earnings. Depending on your employer, they may match a certain percentage of your contributions to the plan. The money is usually invested in mutual funds or in your company stocks.

• Individual Keogh Plans
  An individual or a Keogh plan is a personal retirement plan for small businesses and for those who are self employed. This tax-deferred plan is overseen by the 401(a) tax code and allows workers to contribute a specific amount of money each year before taxes out of each check: So you get a tax break for the money you put into the plan each year, as well as gain interest tax free until you want to start taking money out of the Keogh account.

Meet With a Financial Planner
If you work for an organization that offers a 401(k), set up a meeting with your human resources department so they can walk you through the process. Similarly, if you own your own business, set up a meeting with a finical planner, which can be done at your bank, to find out the best options for you.

Savings Plan
Commit to saving some of your income every month -- for instance, 10 percent. Also, try and build up your nest egg when you get big chunks of dinero, like a tax refund.  While you may have to forgo that new car or vacation this year, a little money saved now will make a world of difference later.

According to Dr. America Bracho, one of the most difficult things that Latinos face today is learning to manage their weight. That’s why the Venezolana executive director of Latino Health Access in California has developed Peso Saludable, a one-year bilingual program that’s helping parents and their children achieve and maintain a healthy weight.

Generally speaking, obesity is rampant in the Latino community, and diabetes -- which can lead to terrifying prospects such as blindness or limb amputations -- is an epidemic. Where Bracho is based, in Santa Anna, Calif., she’s at a ground zero of sorts for poor eating and obesity. The good doctor has her work cut out for her: In the community, residents have limited access to affordable healthy foods, parks and even physical education in schools.

Bracho’s Peso Saludable program combats the effects of obesity, which include both physical (diabetes, heart disease, joint problems) and mental (low self-esteem) symptoms. The bilingual, one-on-one counseling helps families learn not only how to eat better and exercise, but also helps facilitate these goals. For instance, if parents can’t find a place to exercise, they’ll help them find one.

In addition, families receive mentorship and guidance from promotores (community health workers) who visit homes to provide personalized coaching. They offer advice and solutions on real issues that affect obesity, including discipline, good habits and even safety in some instances. 

Most importantly, families and individuals learn to become advocates themselves, sharing what they’ve learned with others in their community. This idea is paramount to Bracho’s philosophy and success: She’s called participation one of the keys to her "subscription to obesity," an organizational method she learned in her native Venezuela, which she’s found fosters good health.

For as long as she can remember, Alma Guajardo-Crossley’s sueño has been to help the Latino community, particularly in the area of education. We caught up with Alma for tips on how focusing, getting through school and working hard can yield a rewarding life.

You're a big advocate for education, why do you think it’s so important for Latinos? What would you say to someone who is thinking about skipping college and heading straight to the workforce?

Alma Guajardo-Crossley: Given the current demographics of the country, the future of the nation depends on the success of our Latino youth (with one out of every four teens under the age of 18 being Latino). That is why they must prepare themselves for the opportunities that will be available to them. The price of entry for a good job is a college degree; especially at the rate technology is expanding. At times, circumstances do not allow for immediate access in to the college world, but I would challenge our youth to pursue the dream. There are many people willing to help and organizations that offer scholarships. Ultimately, it is up to the student to research and connect with those people. Almost nothing worth having comes easy.

What are the secrets to your success?    

 

A.G.C: Perseverance, hard work, passion and confidence.

Why is giving back to the Latino community so important to you?  

A.G.C: I understand how difficult it can be for a Hispanic with a humble background to achieve a certain level of success. The help I received from people, no matter how big or small, meant so much to me. We need Latinos to succeed and I am happy to play a role in whatever way I can.  

You've worked for GM for over 25 years, what do you think about this young generation who wants everything (success/fame) so fast?

 

A.G.C: Knowledge is gained through people and experiences, and the road to success provides you with many encounters and opportunities. You must appreciate every station given to you in life no matter how big or small; never think you are bigger than the job. The foundation you build and the tools you carry with you in life will be much stronger and broader the more time you take to cultivate them.  

What are the three words that describe you?

 

A.G.C: Dreamer, believer and achiever.

What was the most important piece of advice you've ever received?  

A.G.C: Eliminate negative energy in your life. You will come across many people and often times there will be some who bring you down, discourage or distract you from your dream. You must be strong enough to let them go. In order for one to be successful and happy, you must surround yourself with people that believe in you and support your dreams. Do not let someone change who you are or the dreams you have.  

In 2004, Leticia "Letty" Vélez (pictured center) started her transportation company, Chicago Mini Bus Travel, with just 10 buses. Within the first year she had doubled the fleet, bringing in over 2 million dollars in sales. Today it is the largest mini bus company in the Chicago area.

What’s the secret behind her impressive success? Letty’s amazing drive, intense focus and her vision to create a strong management team with a strategic plan for growth would be a solid foundation for any business. However, she credits her dedication to giving back to la comunidad by mentoring and connecting with other Latinas for taking Chicago Mini Bus to the next level.

She told PBS’ To The Contrary: “I think mentoring is key. If I meet someone and I see some type of relationship building there and I see that they have so much knowledge, I need that mentoring. I’m not shy anymore and I ask for assistance because I need that.”

This rare ability to recognize gaps in her own knowledge -- and the even rarer ability to reach out and ask for help -- gives her unique insight into the importance of giving back. She goes on to say: “…as Hispanic women, we’re the backbone of the Hispanic community.... We’re creating the future.”

This veteran businesswoman is a true example of a mujer con la falda bien puesta. Her incredible dedication to philanthropy and involvement in the community paves the way for countless future Latina businesswomen. The rewards for Letty Vélez are innumerable. The bonds she’s forged with her employees, fellow entrepreneurs and her community are priceless.

As a child in Venezuela, Lumareli Marcaccio often accompanied her abuelita, a retired nurse, to volunteer at local medical institutions. Caring for the bed-ridden and hospice patients taught her one valuable lesson: that elderly care was a family’s and a community’s responsibility.

So when Marcaccio’s other grandmother, “Nonna,” as she calls her, showed signs of dementia and Alzheimer’s, Marcaccio immediately got her round-the-clock help. She hired and trained the staff herself, stayed abreast of medication disbursements, and assisted with meal planning and grocery shopping. But when Nonna's children took back the reigns and placed her in a facility, Marcaccio watched Nonna "deteriorate drastically” outside “of her familiar surroundings."

Later, after moving to the United States, Marcaccio saw many of America’s elderly lagging in facilities; they needed better care. She was galvanized to open Boston's ComForcare Senior Services in July 2011. Her goal? To improve the quality of life for the cognitively challenged and the elderly within their own homes.

Marcaccio, a civil engineer by training, thought of everything. Not only does ComForcare provide home remodeling services to help clients with mobility issues, they also offer personal care suited to each person's particular needs. For example, ComForcare provides “services in different languages, retrofitting services for accessibility and safety, and training caregivers in different chronic diseases so that we can tailor our care plan to any person regardless of their health issue," says Marcaccio. When asked how other entrepreneurs could turn personal tragedies into triumphs, she responds simply: "Faith…everything in life happens for a reason."