“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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