CHICAGO (AP) – A new poll says older white Americans are nearly twice as likely as African-Americans to say they’ve saved enough for retirement.
The survey by the Associated Press-NORC Center for Public Affairs Research survey also shows that blacks will have fewer sources of income during retirement. The retirement savings gap between white and other minority groups extends beyond pensions, 401(k)s or other retirement accounts.
According to the survey, older white Americans are also more likely to collect Social Security benefits, inherit money from their families or receive income from the sale of a home or other physical assets.
The situation is so dire that some older African Americans and Latinos have no sources of income for retirement -14 percent compared to 4 percent of whites, the survey found.