New research from Massachusetts Mutual Life Insurance Company (MassMutual) found that nearly 7 in 10 Latinos (69 percent) aged 45-60 currently do not have a will. Furthermore, nearly half (44 percent) of those surveyed reveal that they have not documented important financial information.
At odds with this information is that of those surveyed, the majority (57 percent) say that they want to leave a legacy as having been a great mom, dad, daughter or son.
"Without end-of-life planning, children and family members may be faced with unnecessary difficulties in the event of a loss," said David Hufnagel, Latino Market Director, MassMutual. "Leaving a positive, meaningful legacy is important for Latino families. That's why we want to help them align their legacy, values and aspirations when planning for their financial future."
Another finding of the study: Of Latinos who say that they have documented their important financial information, 50 percent select their spouse or significant other as their trusted contact that has access to their important financial information in the event of an emergency, and 25 percent say the same thing of their son or daughter.
MassMutual offers the following tips to plan now for your financial future:
1. Document financial information. MassMutual offers a "What my loved ones need to know" guide to help capture critical information.
2. Update beneficiary information and review it annually for necessary updates.
3. Draft a will.
4. As retirement nears, get up to speed on Social Security. In a separate survey commissioned by MassMutual last year, nearly half (forty-seven percent) of Latino respondents failed a true/false quiz when asked basic questions about Social Security retirement benefits.
5. Contact a financial professional. Professional guidance would be helpful when starting conversations with your loved ones.
"MassMutual is here to help people secure their future and protect the ones they love," said Hufnagel. "By taking the time now to plan for the future, you can achieve financial well-being needed to appreciate life's most important moments, build a legacy, and be more confident in the future of your loved ones and the memories you leave."
The 2016 MassMutual Lasting Legacy Survey was conducted online, in English, by Ipsos from August 8-14, 2016. For the survey, a sample of 2,500 Americans ages 45-60 was interviewed, including 500 Latinos, 500 African Americans and 500 LGBT members of the community.