A new study finds that 64% of Latin American adults expect to have significant gaps in their retirement funds when they turn 60, and 52% don’t believe the income from their government-funded pension (Social Security) and their employer-sponsored pension will cover basic living expenses.

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The study was conducted by Secure Retirement Institute and the Society of Actuaries (SOA) Almost half of Latin American consumers consider it their responsibility to plan for retirement and do not want to depend on the government or family members, the study finds. Yet 55% of Latin America adults do not work with a financial professional to help them with their households’ financial decisions.

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Researchers also found only 20% of adults in Latin America have undertaken at least one activity with regard to retirement planning and just under a third (30%) have a formal written plan to manage income, assets and expenses during retirement.

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“Prior SRI (formerly known as LIMRA SRI) research has shown that formal retirement planning is a key indicator of retirement readiness and leads to greater confidence in one’s financial security in retirement,” said Alison Salka, Ph.D., senior vice president and director of LIMRA’s research program.

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