Black Interests

The Retirement Crisis Facing African Americans


Retirement is a big issue.  We have Mr. Free Spirit who guides us around the world through his writing on retirement and fine living.  Forbes magazine has written a number of very informative articles on this topic including, “The Retirement Crisis Facing African Americans.”

You can also read some great articles on Black and

The Retirement Crisis Facing African Americans — By Rodney Brooks, Next Avenue Contributor 

There’s a saying: When white America catches a cold, black America catches pneumonia. So, if there is an impending retirement crisis in America, what does that mean for African Americans? The answer to that question is discouraging.

Credit: Shutterstock

There is a huge gap in retirement preparation of African Americans compared to white Americans, generally speaking. According to the Urban Institute’s Nine charts about wealth inequality in America:

The Retirement Savings Racial Disparity

The average white family had more than $130,000 in liquid retirement savings (cash in accounts such as 401(k)s, 403(b)s and IRAs) vs. $19,000 for the average African American in 2013, the most recent data available.

The wealth gap is growing. The average wealth of white families in 2013 was more than $500,000 higher than that of African American families ($95,000). In 1963, the average wealth of white families was $117,000 higher than for black families.

White families accumulate more wealth over their lives than African American families, on average, which widens the wealth gap as they age. In their 30s, whites have an average of $140,000 more in wealth than African Americans (three times as much). By their 60s, whites have over $1 million more in wealth than African Americans (11 times as much).

“The American dream has not happened for African Americans and Hispanics,” says Signe-Mary McKernan, economist and co-director, opportunity and ownership initiative at the Urban Institute. “Retirement wealth is at the end of the cycle. A lot of things can happen along the way before you get there.”

In partnership with Fidelity, The Huffington Post presents Retire Well, a section dedicated to highlighting all the topics that pre-retirees care about, from healthy aging to healthy finances. Covering retirement news, health, wellness, and finance, this section of the website aims to explore the exciting developments that are changing the face of retirement today.


Here’s are a few articles featured on their site.

The 10 Best U.S. Cities For Retirement


This May Be The Single Biggest Retirement Mistake You Can Make

Boredom is retirement’s four-letter word.

Click here to read more…



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