Opportunity/Oportunidad
Time to Prepare for Your Retirement
you're in your 40's or 50's and Iforfhaven't managed to save much retirement, don't throw in the
towel! You can do it - but it won't be easy. When you're young, time is literally on your side, thanks to the beauty of compounding. When you get a late start, it isn't going to be as easy as eating out less often. You need to start saving at least 15-20% of your gross income more would be better! If you have high-interest credit card debt, tackle that first. Then, make sure you're maxing out contributions to your company's 401(k) plan. You're allowed - by
law - to salt away up to $22,000 of your own contributions, if you'll be age 50 by the end of the year. Otherwise, the ceiling's set at $16,500. If you don't have a 401(k) plan through work, look into an IRA. If you don't have an employer pension plan and are at least 50, you can put away up to $6,000 pre-tax a year. Now for some tough love: You can't do this stuff if you're living paycheck to paycheck. If you are, you need to either spend less, or earn more. Think about a second job, maybe some part-time consulting, if you have the skills. Or think about downsizing.
Consejos para la Preparación para la Jubilación
i usted está en sus años 40 o S los años 50 y no ha logrado ahorrar mucho para la jubilación,
no tires la toalla! Usted puede hacerlo - pero no va a ser fácil. Cuando uno es joven , el tiempo es, literalmente, de su lado, gracias a la belleza de la capitalización. Cuando usted consigue un inicio tardío, que no va a ser tan fácil como salir a comer con menos frecuencia. Tienes que empezar a ahorrar por lo menos el 15-20% de sus ingresos brutos - más sería mejor. Si usted tiene alto interés de la deuda de tarjeta de crédito, hacer frente a la primera . A continuación, asegúrese de que está el gasto excesivo con aportaciones a plan de su compañía de 401 ( k). Se le permite - por ley
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- a la sal de distancia de hasta $ 22,000 de sus propias contribuciones, si vas a ser de 50 años a finales de año. De lo contrario, el techo está fijado en $16.5 mil. Si usted no tiene un plan 401 ( k ) a través del trabajo, mirar en una cuenta IRA. Si usted no tiene un plan de pensiones de empresa y tiene por lo menos 50, puede guardar hasta $6,000 antes de impuestos de un año. Ahora un poco de amor duro: No se puede hacer esto si usted está viviendo de cheque a cheque de pago. Si es así, usted necesita ya sea gastar menos o ganar más. Piense en un segundo trabajo, tal vez algunos de consultoría a tiempo parcial , si usted tiene las habilidades. O piensa en reducción de personal.
Professional Development FREE GED TEST P R E PA R AT I O N CLASSES. Need to study to pass the GED? Literacy Lubbock offers free, flexible, and casual prep classes at various times to fit in with your busy schedule. Call us at 806-7753636 for more information or register for Free classes at www.literacylubbock.org.
Hispanics’ Finances
Impacted by Pandemic
he Hispanic population’s T collective purchasing power is large and will get larger. But
marketers can’t ignore the fact that many Hispanic consumers’ finances have taken a severe hit during the pandemic. A rebound to pre-pandemic conditions would still leave Hispanics with belowaverage income and wealth. “Among the financial symptoms of the pandemic are struggles to handle routine expenses, including unignorable bills like rent and mortgage payments,” said Mark Dolliver, eMarketer principal analyst at Insider Intelligence and author of our recent report “US Hispanics in a Time of Pandemic.” “And for a population that has suffered badly from the virus itself, the threat of medical bills looms large,” he said. Averaged across waves of polling conducted during March to July 2020, Ipsos and Axios found 66% of Hispanic respondents worried about their ability to pay bills. In UnidosUS/Somos/Latino Decisions polling in August 2020, 64% of Hispanics said they were concerned (including 34% “very”) about their “ability to keep up with basic expenses.” Such worry has proven all too well justified. In the Census “Household Pulse Survey,” 9.4 million Hispanic households reported finding it “very difficult” to cover usual household expenses in the previous seven days, while another 9.5 million found it “somewhat difficult.” Some surveys have examined ability to handle specific expenses. In polling conducted between July and August 2020 by Harvard’s T.H. Chan School of Public Health, NPR, and the Robert
Wood Johnson Foundation, 32% of Hispanics reported “serious problems” paying their mortgage or rent. That’s consistent with The Economist/YouGov polling in August 2020, where 30% of Hispanics acknowledged having trouble paying rent, mortgage, utilities, and other housing costs. Keeping up with rent has been tough for young Hispanic adults, and 31% of 18- to 36-year-olds in GenForward’s June 2020 polling said the pandemic “made it challenging” to pay that bill. Food costs have also been problematic. A May 2020 survey by the Urban Institute identified 27.1% of Hispanic households as “food insecure.” Northwestern University’s Institute for Policy Research analyzed May–June 2020 findings from the Data Foundation’s “COVID Impact Survey.” In that survey, 47% of Hispanic parents endorsed this statement: “The food that we bought just didn’t last, and we didn’t have money to get more.” Despite the stereotype of Hispanics as urbanites, many live in suburbs and rely on cars to get around. This means car loan payments have been another pain point. In the Harvard/NPR/Robert Wood Johnson polling, 27% reported serious problems making those. Then there are medical expenses. April 2020 polling by Hispanic digital media company H Code found 24% of Hispanic respondents saying they didn’t have “adequate healthcare to deal with potential issues caused by COVID-19.” The problem is especially threatening for households that have lost health coverage.
Latino Lubbock Magazine is Hispanic Owned & Operated
FREE GED AND ESL CLASSES for Lubbock and the surrounding area offered by Adult Education Center. We accept new students on a bimonthly basis. You must be at least 17 years old and not enrolled in public school to be eligible for the classes. For more info call 806-2815750. Open Mon. thru Fri. from 8 A.M. to 5 P.M. BASIC ENGLISH CLASS – Clase de Inglés – aprender Inglés básico, 3211 58th Street, (east of Indiana) Lubbock. Horas: Cada Miércoles a las 7:30-8:30 de la noche. 806-239-5352 GRATIS!! CHILD CARE AVAILABLE FOR INCOME-ELIGIBLE FAMILIES Families who are income eligible may receive fee assistance to attend one of the Early Learning Center’s five centers for child care. Parents or caretakers must be employed or in school. The program is open from 6:30 a.m. to 6 p.m. Monday through Friday. Call (806) 765-9981 for more information. CLASES DE INGLÉS COMO SEGUNDA IDIOMA La Literacia de Lubbock (Literacy Lubbock) ofrecen clases gratis de inglés como segundo idioma (English as Second Language) para la comunidad. Todos los adultos están bienvenido en estas clases. Para más información, llame a (806) 775-3636. FREE CRIMINAL DEFENSE ATTORNEY: The Caprock Regional Public Defender Office offers free legal representation to 13 surrounding West Texas Counties. The office handles Felony, Misdemeanor and Juvenile cases for citizens that cannot afford to hire a criminal defense lawyer. Call (806) 742-4312 to see if your county qualifies for this service. IMMIGRATION SERVICES If you need help with immigration issues call 806-741-0409. SERVICIOS DE INMIGRACIÓN Si necesitan ayuda con asuntos de inmigración llame a este numero (806) 7410409. REFERRAL FOR QUALITY CHILD CARE in Lubbock by the South Plains Day Home Association helps parents with free referrals to licensed or registered day care facilities that are routinely monitored by the Texas Department and Protective Services. Call 796-0606 or 792-1847 for more information.
