Survey: Blacks, Whites Differ On Retirement
NEW YORK — Black and white Americans differ in their expectations about retirement and have different strategies, a new survey shows.
To begin with, the latest Ariel-Schwab Black Investor Survey finds blacks have less saved for retirement than whites — $59,000 versus $93,000 for their white counterparts.
In addition, more blacks than whites participate in employer pension plans and, while large numbers of both groups worry about the health of those plans, fewer blacks said they are concerned about their retirement.
The survey also finds blacks plan to retire earlier and are exploring different strategies for their retirement years, such as investing in real estate or opening a business.