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Black Americans Still Face Deep Retirement Gaps Despite Higher Incomes

July 14, 2025

The 2025 Retirement Confidence Survey reveals persistent disparities in retirement savings between Black and non-Black Americans, even at higher income levels. Only 33% of Black households earning $75,000+ have saved $250,000 or more compared to 63% of non-Black households, with debt being a significant barrier for 63% of higher-income Black households. Black Americans are less likely to have personally saved for retirement (77% versus 87% for non-Black Americans) and often experience worse retirement outcomes, including earlier-than-planned retirement due to health issues.

Who is affected

  • Black American workers and retirees
  • Higher-income Black households earning $75,000 or more
  • Black retirees who retired earlier than planned due to health problems or disabilities
  • Black Americans with debt that impacts their ability to save or live comfortably in retirement
  • Black Americans who lack access to financial advisory services

What action is being taken

  • The Employee Benefit Research Institute is conducting research and publishing the 2025 Retirement Confidence Survey with a special oversample of Black workers and retirees
  • Researchers Craig Copeland and Lisa Greenwald are analyzing and reporting on the financial disparities and challenges facing Black Americans
  • 31% of Black respondents are currently working with financial advisors
  • Black retirees are more likely working for pay after retirement to make ends meet

Why it matters

  • The wealth gap between Black and non-Black Americans remains wide at every income level
  • Black Americans face disproportionate challenges in saving for retirement, even as their incomes grow
  • Debt is a significant barrier to financial security for Black households
  • Black retirees experience worse retirement outcomes, including unplanned early retirement due to health issues
  • The disparities highlight systemic inequities in financial preparation and retirement planning resources

What's next

  • No explicit next steps stated in the article, although researchers suggest "modifications in the financial system" could help improve prospects for Black Americans, such as increased assistance in balancing competing financial priorities like debt reduction, supporting family, and building long-term savings.

Read full article from source: The San Diego Voice & Viewpoint

Black Americans Still Face Deep Retirement Gaps Despite Higher Incomes