Just 41% and 35% of Black and Hispanic families, respectively, had any retirement savings in 2016, compared to 68% of white families. In addition to lower wages, workers of color are less likely to have access to employer-sponsored retirement plans than white employees.
As a result, the typical Black and Hispanic household approaching retirement has just around half the total retirement wealth of the typical white household, according to new analysis from the Economic Innovation Group (EIG).
