Correlations between Race and Retirement

Is there a link between race and retirement? While no one in America is feeling very confident about retiring, there are different viewpoints among different races. A Retirement Revealed study focused on the difference between Asians, African Americans, and Hispanics regarding saving, planning, and preparedness for retirement.

The research indicated that Hispanic feel the least prepared, followed by African Americans, whites, then Asians.  How much each race had in their retirement plans on average correlated with the confidence levels. Those who had more in the plan felt more prepared than those who had less put away.

73% of those surveyed said that they felt a barrier to savings, and 60% of African Americans named debt as the largest obstacle. Hispanics just reported that they were not focused on their future retirement goals at all.

The main thing that the survey demonstrates is that we could all use some professional planning advice to help achieve our retirement goals.

See Sheryl Nance-Nash, Race and Retirement: Who’s Saving the Most, Least?, Forbes, Feb. 15, 2012.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.