Based on data acquired by National Council of La Raza, nearly 70 percent of Latinos are less likely to put aside money for their retirement compared to their Caucasian counterparts, 40 percent of which are unlikely to have retirement funds.

This compelling fact may have been spurred by small businesses not offering retirement plans to its Latino workers, who make up a considerable percentage of such firms' workforce.

According to NBC News, a mere 29 percent of employers having less than 50 staff provided retirement plans, while 65 percent of the bigger companies offered such an arrangement. It is worth noting that 13 percent of the small businesses mentioned have less than 10 employees.

Further, 40 percent of Hispanic workers are in companies having less than 50 staff.

Despite these issues, there are still ways for Latinos to put aside funds for retirement. One of these is My Retirement Account (myRA), which was introduced by President Barack Obama in his State of the Union speech in 2014.

Although this option is not a stand-alone retirement plan, it's a "starter" account that can help Latinos begin saving for their post-employment years.

"The Department of the Treasury developed myRA to address some of the common barriers to retirement saving and to provide an option that is simple, safe and affordable," Treasury spokesperson Daniel Watson explained to CNBC through an e-mailed statement.

"MyRA is a starter retirement savings account, with no minimums, fees or risky investments, and savers can choose to transfer or roll over their account balance into a private-sector Roth IRA at any time," he added.

While this is not exactly a solution to the retirement savings issue, it's a way forward to finally do something about it.

One can open a myRA account for only $1, and there are no fees to deal with. Deposits as low as $5 are allowed and can be done directly from one's bank account.

Further, the account holder need not worry about losing funds as these are guaranteed by the U.S. Treasury.

With all these concessions, Latinos have very little or no reason to begin saving for retirement.

The myRA, though, has a low rate of return, compared to the Roth IRA, for example. Also, although the worker owns the myRA account, the employer is the one who helps arrange the direct deposits.

While there are other options that may give better returns, the myRA serves its purpose as an individual's launch pad to having retirement savings. Once the effort to put away money for retirement has become a consistent, an individual can start considering the other financial options.

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