Obstacles to Retirement for People of Color

7/28/2019 Obstacles to Retirement for People of Color

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The Color of Wealth:

Obstacles toRetirement forPeople of ColorDr. Maya RockeymooreApril 2013


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2 http://www.pewsocialtrends.org/files/2011/07/SDT-Wealth-Report_7-26-11_FINAL.pdf


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2 http://www.pewsocialtrends.org/files/2011/07/SDT-Wealth-Report_7-26-11_FINAL.pdf


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Women, Race/Ethnicity and the Wealth Gap

Source: Chang, M. Lifting as We Climb: Women of Color, Wealth and Americas Future. Oakland: Insight

Center, 2010.


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Private Pensions:

More Exposure to Market Risk


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Ariel/Hewitt Study The Ariel/Aon Hewitt study, 401(k) Plans in Living Color II, examined the

defined contribution (DC) plans of 60 large U.S. organizations,

representing 2.4 million employees.

Just two-thirds of Hispanics and 68 percent of African Americans

contributed to a DC plan in 2010, while 79 percent of whites and 80

percent of Asian workers did so. Fully 8.8 percent of African-Americans took hardship withdrawals in 2010,

compared to 3.2 percent of Hispanics, 1.7 percent of whites and just 1.2

percent of Asian workers.

Half of all African-Americans and 40 percent of Hispanic employees

carried a loan balance at the end of 2010, compared to just 22

percent of Asians and 26 percent of whites. Two-thirds (63 percent) of African-Americans and 57 percent of

Hispanics who left their employer in 2010 cashed out their balances.

In comparison, 39 percent of white employees, and just over a third

(34 percent) of Asian workers did the same.


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Source: Economic Policy Institutehttp://stateofworkingamerica.org/charts/homeownership-rates-by-race-1975-2009/


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Life Expectancy At Birth By Race and Ethnicity(Source: National Vital Statistics May 2011 and U.S. Census Projections)


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Principles for Strengthening Social Security

Strengthen and Modernize Social Security

Maintain What Works

Increase Access

Improve Economic Security for Vulnerable Populations

Achieve Intergenerational Equity

Ensure Long Term Solvency and Adequacy


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www.globalpolicysolutions.comPresentation Page:

Strengthen and Modernize Social Security

Maintain What Works

Increase Access

Improve Economic Security for Vulnerable Populations

Achieve Intergenerational Equity

Ensure Long Term Solvency and Adequacy

Principles for Strengthening Social Security

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The Grand Bargain

The Chained CPI

Means-testing

Medicare

Raising the

retirement age

Slowing the

growth ofentitlements.


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Obstacles to Retirement for People of Color

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