There are enough challenges that come with saving for retirement — race should not be an added factor.
Yet that is the unfortunate truth for BIPOC employees, who have historically lagged behind their white counterparts when it comes to retirement savings rates and accumulated wealth. Data from the Center for Retirement Research found that white Americans have seven times more accumulated wealth than Black individuals, and in retirement, that translates to shocking differences in savings: the median white family has $188,200 in retirement savings, compared to $36,000 for Hispanics, and just $25,000 for Blacks, according to the Economic Policy Institute.
