Recent Articles

Alarming ‘retirement racial divide’ could leave millions of Black elders at risk

AARP pushes for state retirement savings plan to bridge the gap
By Charles Hallman Staff Writer Are working-age Blacks and other people of color preparing themselves for retirement? A new study by the National Institute of Retirement Security (NIRS) claims a “racial divide” exists in establishing retirement savings. The nonprofit NIRS, based in Washington, D.C., released last month “Race and Retirement Insecurity in the United States.” In a press release, report author and NIRS Research Manager Nari Rhee said, “I’m alarmed by the severity of the retirement racial divide. It’s well documented that regardless of race, the typical working-age American household is far off-track toward accumulating sufficient savings to meet their basic needs in retirement. “We find an even worse situation for Blacks, Latinos and Asians,” continued Rhee. Continue Reading →

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New study: Typical U.S. households of color have no retirement savings

Retirement crisis most severe for Blacks, Latinos 
A new report calculates the severity of the U.S. retirement security racial divide. The analysis finds that every racial group faces significant risks, but people of color face particularly severe challenges in preparing for retirement. Americans of color are significantly less likely than Whites to have an employer-sponsored retirement plan or an individual retirement account (IRA), which substantially drives down the level of retirement savings. The report, Race and Retirement Insecurity in the United States, examines racial disparities in retirement readiness among workers and households age 25-64. It analyzes workplace retirement access, retirement account ownership, and retirement account balances. Continue Reading →

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