FACTS ON ETHNIC ELDERS: Study Shows Racial Gap in Pension, Retirement Savings

Dec. 23, 2013 / By

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New America Media, News Analysis, Paul Kleyman

“Facts on Ethnic Elders” is a monthly column on research findings about ethnic elders present and future. It is supported by a grant from The Atlantic Philanthropies.

“People of color face particularly severe challenges in preparing for retirement,” states a new report titled, “Race and Retirement Insecurity in the United States,” by the National Institute on Retirement Security (NIRS).

Although every demographic group faces significant risks, says the analysis, “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.”

In a live webinar last week NIRS Research Manager Nari Rhee stated, that unless the United States addresses the paucity of retirement resources, “I think we’re in real trouble.”

National Retirement Crisis

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New America Media is the country's first and largest national collaboration and advocate of 3,000 ethnic news organizations. Over 57 million ethnic adults connect to each other, to home countries and to America through 3000+ ethnic media outlets, the fastest growing sector of American journalism. Founded by the nonprofit Pacific News Service in 1996, NAM is headquartered in California with offices in New York and Washington D.C., and partnerships with journalism schools to grow local associations of ethnic media.