How Employers Can Help Close the Racial Retirement Wealth Gap
Recent research conducted by Economist Impact highlights a significant discrepancy between white and Black workers’ retirement confidence. While half of white respondents feel confident about retiring by the federal retirement age, only 39% of Black survey takers share this sentiment.
Older Black workers (ages 51-64) face even greater uncertainty, as they’re the least likely to participate in their employer-sponsored retirement plan. When they do participate, their portfolio balances are far smaller than similarly aged white workers. According to the Government Accountability Office: “Of those with a retirement account balance, white households had significantly greater median balances than households of all other races each year from 2007 to 2019. For example, in 2019 those white households had median balances of about $164,000, which were about twice that as households of all other races (about $80,300).”
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