With Less Wealth And Extra Reliance On Financial Support, Black Retirees Are Struggling More

January 28, 2024
Almost 37% of Black retirees indicated that they received at least some level of financial support from their children in retirement, more than double of all respondents.
The golden years of retirement are more gloomier for Black Americans than other groups. Fresh data shows just over 35% of Black retirees felt that they were adequately prepared for retirement, a sizeable gap when compared to 54% of all respondents.
Simultaneously, 32% of Black retirees stated they had nothing saved for retirement, versus nearly 25% for all. Roughly 45% of Blacks have enough saved for a comfortable retirement, as opposed to about 57% overall.
The figures stem from this new study, paid for by Clever Real Estate. Participants answered up to 27 questions about their finances, retirement preparations, and worries over retirement and financial planning.
Study author Matt Brannon said that Black Americans feel less prepared for retirement, as they generally don’t make as much money and have less of it invested. The median American family earns about $70,260 per year before taxes. That’s much higher than $46,480 for the median Black family, per the report.
The median American family owns $67,800 in stocks, versus a sparse $16,500 for the same Black family. “With numbers like those, it’s no surprise that Black Americans are generally more concerned about not having enough saved,” Brannon said.
Almost 37% of Black retirees indicated that they received at least some level of financial support from their children in retirement, more than double of all respondents.
Brannon described this as an unfortunate cycle. “The clearest way to reverse that trend is by making enough money in your working years to where you don’t have to rely on your children. But that’s easier said than done.”
However, there were some bright spots. Close to 55% of Black retirees stated that they believed America is in a retirement crisis, lower than almost 66% overall. And around 84% of Black retirees disclosed that they felt happier since they retired, higher than close to 79% of all retirees.
Brannon offered tips to help Black Americans improve their retirement circumstances:
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