U.S. Retirement Crisis Hits Black Americans Hard
Many Black Americans are hampered in saving for retirement by such factors as less intergenerational wealth, more college debt, lower incomes and lower homeownership rates than white Americans, according to academic and government data.Even before the pandemic hammered the economy, Black families on average had roughly one-sixth the savings set aside for retirement compared with white families, according to an analysis of government data by the Urban Institute think tank.That is $25,000 in retirement savings accounts for Black households as of 2016 versus $158,000 for white households.