Publication 850 (EN/SP) (Rev. May 2011)

The IRS recently released Publication 850 in order to establish high standards for the quality of language usage, to promote uniformity in language usage, and to minimize the risk of misinterpretation of Spanish-language materials issued by the Service-it is a wonderful tool in crafting Spanish benefit communication pieces and further evidence that online translation services are not going to yield a quaility communication piece.


Spanish Glossary of Terms

Latinos and Financial Firms

Below is a link to his very informative website:

Valle Consulting

Francisco J. Valle is the president of Valle Consulting. He helps his clients solve their most pressing Hispanic-related issues. Valle is the author of How To Win The Hispanic Gold Rush™, a book on Hispanic marketing and cultural values. Below is a link to an excellent article about Latinos and Banking.

The Takeaways:

• Translation does not work
• Cultural Relevancy is essential
• One word  “FAMILY”
• Financial literacy is an important component

 Below is a link to an excellent article:

Resources

http://www.choosetosave.org/resources/

An entire page of Spanish communication materials designed to educate with respect to plan participation and operation.  Good stuff!!!!

Who are we talking about?

The National Council of La Raza (http://www.nclr.org) is the nation's largest civil rights organization advocating for opportunities for Hispanic Americans.  The statics in the article linked below are similar to what we have been reporting but an interesting footnote addresses exactly which demographic group we are talking about.

"The terms “Hispanic” and “Latino” are used interchangeably by the U.S. Census Bureau and throughout this document to refer to persons of Mexican, Puerto Rican, Cuban, Central and South American, Dominican, Spanish, and other Hispanic descent; they may be of any race."

That said-this is a broad cross section of cultures and it may be appropriate or necessary to design communication materials for a specific subgroup of Latinos or Hispanics.

Latinos Falling Short on Retirement Preparation

From the National Latina/o Law Student Association

http://wp.me/pv8vR-5M

THE IMPORTANCE OF SOUND RETIREMENT PLANNING

Compared to other demographic groups in the U.S., the Latino population is considerably younger.  The median age of Hispanics is approximately 27.3 years of age, compared to the overall U.S. population average of 36.4 years.  In addition, the HI and ASR study notes that Latinos have a longer life expectancy than their non-Latino counterparts.  This means that retirement savings will need to be larger for Latinos, who will have to rely on retirement savings for a longer period of time.  The need for sound retirement planning, therefore, becomes all the more important. 

Factors Impacting Low Retirement Savings

Researchers from Florida State and Ole Miss (Go Rebels!) have conducted a study showing the socio-economic factors contributing to low retirement savings and point out that in order to facilitate retirement savings we need to focus on financial literacy and varying personal philosophies as opposed to a one size fits all approach to retirement savings education.  Pretty scientific stuff but also makes some excellent points worthy of consideration.



Factors Contributing to Low Retirement Savings

Summary Plan Description Rules

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