Nearly eight out of 10 Latinos have less than $5,000 saved for retirement and 60% work at companies that do not offer 401(k)s, a poll released by the Americans for Secure Retirement and the Latino Coalition shows.Sixty-four percent polled said they are not confident that Social Security and pensions will provide adequate coverage for their retirement.

“These findings highlight the reality that a majority of Hispanics living in the U.S. are not prepared for retirement and are highly vulnerable to poverty in old age,” said Hector Barreto, chairman of the Latino Coalition. “It is time for Congress to find ways to address the retirement security needs of Hispanics.”

When asked, Latinos said they would favor a tax exclusion for the income from lifetime annuities.

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