The Retirement Confidence Survey (RCS) was conducted for its 35th year in 2025 to measure attitudes of American workers and retirees about issues surrounding retirement. The 2025 RCS included an oversample of Black Americans to allow for a closer analysis of the challenges that they face in saving and preparing for retirement. This is a follow-up analysis from the 2021 RCS, when an oversample of Black and Hispanic Americans was conducted to better understand the retirement preparations and thoughts about retirement of these populations.
In this analysis, the demographic profiles and composition of the Black population in the United States are compared with those of non-Black Americans, and Black Americans are found to be more likely to have lower incomes and fewer assets. This is a critically important consideration, as financial resources (income and assets) have historically had a clear correlation with retirement confidence and responses to many other RCS metrics. Consequently, this Issue Brief closely examines the responses of Black Americans, controlling for income. Key findings are:
- Confidence in having enough money to live comfortably in retirement increased with income, regardless of race. While confidence is lower for all Americans at lower incomes, Black Americans with incomes of less than $35,000 and $35,000–$74,999 were more likely to be confident than non-Black Americans of the same income levels. There was not a difference in confidence among those with incomes of $75,000 or more.
- The wealth gap between Black Americans and non-Black Americans remained even as income rose. Non-Black Americans were more likely to report having savings of $100,000 or more at each income level compared with Black Americans.
- Black Americans with higher incomes were more likely to consider debt to be a major or minor problem for their household than non-Black Americans. For those with incomes of $75,000 or more, 63 percent of Black Americans considered debt a problem for their household, compared with 45 percent of non-Black Americans. As a result, Black Americans in the same income groups were more likely to say debt is impacting their ability to save for retirement or to live comfortably in retirement.
- Black Americans, in general, agreed that they feel knowledgeable about managing their day-to-day finances and managing savings and investments for the future. Between three-quarters and nearly 90 percent of Americans depending on their income either somewhat or strongly agreed that they feel knowledgeable about managing their day-to-day finances, with only differences by race among those with middle incomes. While the share of Americans who agreed that they feel knowledgeable about managing savings and investments for the future was lower than for day-to-day finances, among those with the lowest incomes, Black Americans were more likely to feel knowledgeable than non-Black Americans. There were no differences by race among the two higher income groups.
- Black Americans with higher incomes were less likely to have personally saved for retirement. For those with incomes of $75,000 or more, 77 percent of Black Americans reported having saved for retirement, compared with 87 percent of non-Black Americans.
- The top reason for taking a loan or withdrawal from a workplace retirement plan was quite different between races. Black retirement plan participants were most likely to say that the reason they took a loan or withdrawal from the plan was to cover day-to-day expenses/make ends meet, while non-Black participants said it was to buy a home, car, or other large purchase.
- What kind of help Americans were hoping for when they looked for a financial advisor had some clear differences by race. Black Americans were more likely to be looking for help in reducing debt, figuring out life insurance needs, and creating a will or estate plan than non-Black Americans, while non-Black Americans were more likely to be looking for help in figuring out if they have saved enough for retirement.
- Black retirees were more likely to have retired earlier than planned. Among those who did retire earlier than planned, Black retirees were more likely to have done so because of a health problem or disability (44 percent of Black retirees vs. 32 percent of non-Black retirees).
- Among those who did work for pay after retiring, Black retirees were more likely to have done so because they needed money to make ends meet (66 percent of Black retirees vs. 35 percent of non-Black retirees).
- Black retirees were more likely to say that their retirement lifestyle is worse than expected. Black retirees were also less likely to say that they are able to spend money how they want within reason, and they were more likely to say that their overall expenses in retirement are higher than expected.
Black Americans reported disproportionately lower financial resources, and how they feel about retirement and financial security is clearly impacted by having less resources. In particular, Black retirees are struggling with higher likelihoods of their retirement lifestyle being worse than expected and having to retire earlier than planned because of a health problem or disability. Still, there are some modifications in the financial system that could help improve their prospects, such as increased assistance in balancing competing financial priorities like debt reduction, supporting family, and building long-term savings. In addition, Black Americans are more likely to want help from financial advisors with figuring out their life insurance needs and creating a will or estate plan. Employers can also help with these financial concerns with more education and financial wellbeing programs, as Black Americans are more likely to look to their employers for help in their retirement planning. Obviously, higher incomes would help, but the need for this assistance from the financial system in general and from employers exists across all incomes.
EBRI and Greenwald would like to thank the 2025 RCS sponsors who helped shape this year’s survey: American Funds/Capital Group, Bank of America, Edward Jones, Empower, Fidelity Investments, FINRA, Jackson National, J.P. Morgan Chase & Co., Mercer, MetLife, Mutual of America, Nationwide, Principal, Protective, Prudential / PGIM, T. Rowe Price, and Voya.
Figure 23 Figure 21 Figure 13 Fi Fig gu ure re 2 16 Figure 7 Tasks Important When Looking for a Financial Advisor or Representative Fi Fi Fi gu gg uu re re re 15 2 1 40 Figure 42 Percentage Who Work With a ProfeFi s Fi s gg io uu re na re 3 l 3 9 Fi 5 nancial Advisor or Representative Figure 31 Figure 19 Percentage Who Agree That TheyFi W gu ere re 4 T5 aught How to Save and Invest for Percentage Who Agre Dem e T og he rap Fi y Hav g hi uc re Br e 2 En 9 eaou kdo gh w ns Savings to Handle an F F iig gu ur re e 6 34 , ,C Per onfc id en en tag ce e ino Conf Havin f Worid kpl g e Eac n nc o e ue g R h et in M ir Ha em oney en v in tt o Pl g Live an Eno Par Co ug tm icifp h oan rtM ab tson ly Sat T eh iy srf o ito e ud g h T Wi a Rtk et he iVa r em Care rio en ust ,of As by pBas ec Intcso ic m ofe t h ......................... e Plan .............. 10 28 S Fin P W R N F R A Co o o lan o m e e cto u ur nc t t aj o • anc r sir ir n io kp n c llus e e rL y g ie tB e m o w y ial s lac s lac p ans er o ion E e ec o fe x n k e w B f ifn p t i o A ac c I o R & re al m C n nc ke c - er lkg o y e B W t t s r o lnfi o a ir ac ic ,n m r ithd t re a k o eg ions f d n im e A n und s ar e m an e in w nc r d er cnt aw l e ii ial t an c s R e h an s ad S e als h o d st avin fig viso ir m iE n h o e cx e r r om e rp m u g ils e n e ie s k e, r c el o nt o i P r3 y e m 1 lans r nc tac o e p s er e he ,ave w cs s en ai e rd th e o it g le h fh ey B er sls ac ag as likk r sA ee e et m ly dler ev tto h ic el at an h s av , p sb rr ep u e ep t p ar to h er iey n r ted s go w f n o cer all u r re rret y en al is rs tem av o ly le u es en d ss i tn f lg o m ik ra a el r kes y p ert to o ir ft es h e cem o m sn io e s n in fd eel al ter . For Appendix 1: Methodology Craig Copeland is Director of Wealth Benefits Resear Fig ch u re at t4 he Employee Benefit Research Institute (EBRI). 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Plan ... 11 29 Who to Go to for Good S Fp in ea nn dc in ia gl Advice, by Generation Figure 17 Figure 34 than you planned; you (had/have) a health problem or a disability; there (were/have been) changes at your company, s 9 uch as p Am Am rob er er lem iic can an ,c s s o c o m w in m h p tp o ar har e w ed ed ler o w w ew er itn ih to h tt8 w 5 7 u o 5 s p iin p n er g er cc oa c en m en fe tin t o g an o fr fo n c u n io al p o n s n -ad B -w B lac vis er lac k e o k r A m A m eo m xer rp e er ec icliic an k ta e en d s ly s . t.to o H u o ag s w ere ee o ver n e t,h iam at n trh o et e n ig r fu em lt ou w en re: ert - 4 p in 6 lan c o pm er nie n c en gA m m t vs ake eri.c s an 3 9 th s p ,e er m thc er fen eel e t w o sas ft rn es o nn s oed - t q an t w r em c uh eg o u p o ei n d p est u p ar f r er lian lr d d o w et d i- o en y lib d o ess n m in re, rc t ee ed kpl 60% en as o t as m h o iked tc tac ey f,o e o o r r s n e ac B iver u ar al ftlir c ac d h e et e h s en e t s k (i tas a rF iex h x em c fA iat f e g m s ia t n u en . ab en t er r4 An 1 h e 0 to 0 ey t i c 1 41 tu y s an o r ( tavin et k) an vi )w rs .et iew rh d p In w ees ig i lr c an ter s em s h h ad e ei e p .r t x d lh eg en r T an jp iu ey h ts ris ar tess p e o ,,t o n ag c d an las iu o ,kel led e s m r o d s e ee lv i s p i kel er h iiw s n ar d o o i fc o t ly ed o s lh o r d even rh tin ac s o a d o d w ve r e ifu fs iep e tc ag b rh el itep ei n en o ed 1 r r n k e 1 o 9 to n g ed 0 r an u ar o t p o ed g Am w er e f n w h f lu c er ed tit m th er en al h h ed o g o ei l iy t s c teab n h r e an o ey b a e rf y o et s w l s fn e ,t t tio o o h tr at iab h r r em n e kpl r le em - iespec ve E B oau en m u la ac en tce cp tto m h k ltlo m to i p ian fw yee “ve r e flA an o o s an ag s tr ro yle ker t a B ab d ifin n en c rc s g s ac lh w r y h ef ease i w to a e, lt h d u h s ih ei t lr o o ab e d R o r d x r u ese s n d p o aved y g w o a ec u o h t y itar to u - tb h as ed to u n c e tih g ( n - F as t ex d c tad h In io ay o g c ei p m u s r o u ec r it rfr b e lie i t r tn ed t ,d u et , ed 3 an ifty d 7 r e ir o t o ) c em o ro ( m u .es ec E rr t B h Th e fea R o e n ive n u I) itsd r Percentage Who Are Confident in Their Ability to Choose the Right Perce Pe nta rce ge nta Wh ge o of FeW el ork Fina plnc acia e l Reti Serv rem ice es nt Com Plan pa Pa nirtic es Do ipants Not Sa Unde tisfie rsta d W nd ith How Do you currently work with a professional financial advisor or representative? Do you think you will work with a By Craig Copeland, Employee Benefit Research Institute, and Lisa Greenwald, Greenwald downsizing, closure or reorganization; because of changes in the skills required for your job or your skills no longer matching F F iig gu ur re e 3 86 , ,C Per onfc id en en tag ce e in 50% o D f o Tih no gs e a Wh Goo od Ar Jo e bi n Pr a ep Rar etiin re gm Fen inan t Pl cian ally Wh foro R Wo etir uem ld B en e tIn , bty er In escto ed m e in ................................ New Features/Benefi....... ts in 11 a t Bhlac d an ifk f er tA hen ei mrer c B e ic lac ian n k tsh .c e o T u lh in k eel t er dih is p T o p ar o o ar d t wh s i t.o y T a f o itc n e o wh t x n h ts e e a id n ts er te h d x ar in o te g es y n o d t u c eb du o art g r yen a r o e u p e t lr a y o og b ru r d ls e eiis e m n g a o g f ro a d r r ef is e iB n a lwi an ac gr tk c e hie al A t h wi m ad eer tfh vis oi c ll th an o oe wi r s fb . o net ll go w s wi teen an te gm ? Be lac ntk ? and non-Black Americans officers, trustees, or other spons 49% ors of EBRI, Employee Benefit Research Institute-Education and Research Fund year iis fam d an b n n avin et i f cd 1 fo ter 0 er m is G l g en y .w r e ( In e an st o F c ien n re i ru g Hav ker d 2 r w u ap 0 et g irn 2 al g s e ep ives 5 y r ld b ear ed e 44 , o ei m R t u Ho th ) esear n ien s wi (.n e o g g Ho w t r c t o y t o o h f c f o fo b w n r fc o u m o r er e fh ever r n im t d . s o t fed h id h en p n e p e o e ey ,er u a c f n ru s e B e ts p e .t ls ” o u ac l )a le an u n tr rA vel re. le k al ie tm y a d o rs H o ret o m ft et n o o u iB n io f g r w ir l (ees n ig ac a t em e tg h u n h ver k ird o s t e en h w s w o as y o ,e er o u o ts B p tu ir e s n h e lker ec r ac avin o w m tsh w tk ip s o te o h o m A r g b f u e lm u s o ei irn s c w et lo er e h n ickr er o )g im e irc m a iem l n o m an y b tes ves n w o o t es en o u o y r ,o e t t y s io tf m tn o a lh n iflc u kel y ess en o e o av wi r tm f h ty o r ll s er at et e t ll n ,th o o ag s ig e an rt wi u e r ees h h d o e, cei ave n t h u $ g o r p 3 h as h an s 5 r ave a et , a t, s aken 0 d v m t p ie h 0 r e w s em u e l0 c o t a o tw u s t v ro en h r a al e k er e d ar er n h la t f b e ar fe u s tl y iar ie n n fw d w td est an d h ls y h a s e th t ,o o s cyl n iim ip CD al f r iag e n le at w e e tw m y s r ir i eed t ,io as te e n h o u o m an d r 1 riw r e n e0 a c t s tn c o h h w ir .r a tr at e ec ? easin T al s m s h e kin , o to e h t t as n y h ei hg g g an a w r / t tt s h fer fh ravin a er o om em se e i lg y s professioIn nav l fe ins an tm cial e ants dvis ofor T r or rephe resir entSitu ative in a tio the f n, ut uby re? P In erc com entage e Yes 50% How confident are you that the Social Security system will continue to provide benefits June 26, 2025 • No. 639 To what extent do you agree or disagree with the following? 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Did Y yo ou u fe re el tik re no e wl ae rld ie ge r a tb han le ab pl oa unned, t mana g ain bout g sav w in hen gs apl nd a in nned, vestm or enl ta s tfe or r t than he fupl tur aenned? . Have you worked for pay since you retired? F igure 9, Percentage of Workers Who Agree 39% That Preparing for Retirement Makes Them Stressed, by Income ........... 12 Percentage Strongly or Somewhat Agree money you needed to have saved by the time you retired so that you could live comfortably in retirement? It follows d 40% t if hfen er e th nat t b Be lac tw ke w eo nr ker race s an s. d B lrac etk irees retirie nm th en e tt w plo an h ip gar her tic iip nan com ts e we grro e um pso s w ter lik eel m y otroe slay ikel ty h at to tsh ae y rd eas ebto n is they you were offered an early retiretmen o yotu p rac reka tirge em P,e e o rc n re y tn s o ta a ug v re e in S m g tr s pl o n p og la yer lyn o ? irn S (c P o en le ma t eis v wh e iz a ed ste A y le go c re u te a to ll t th ake at a ap np e ly a.) rly retire36% ment; and you had The 2025 RCS was fiel Yd oed u d w o inot th tw kn oo s w am wh po le tso ( g fo or ta o f to ot ral g o oo f dn = fin 2a ,7 n6 c7 ia)l : oar r ge en tirer em ale p no t p pu la lat nn io in ng s a ad m vp ic le e .of 2,047 Americans Percentage Stron35% gly or Somewhat Agree 22). 34% “p w r ip w n ec ler as c an ro o ei e m b ias ved n al lm e em vit s o e o A es x r at lm e ies p niec er c c lc s ir o k ” iease tw el c m ed d an er y eb m s e t o en d o t r.h m w s tb T ave, ay o et h o itre n h e t ter R t h ilw n h i at CS kel c itis th o h tan m y r h h ese tas ei t e. h o e o r x ar s S b cfp e o a ie c x ec m n h w a is.n t iii lted p s y h 1 tar en s 0 .l to t r w tw u o ly h g fer o g B s lh lied w ac n oc er w k ot n e m h r P et an o tes e h fir r fat er c n ee he o a Am ed n s n vin ’t- a B in a er g g lc ac e p io 80% l ces lY m k an an e s A es: s s m an c w o er f n d i 33% itn f ih c ih an d an ad len oc w s ic .al ier n e. S cs i o m iT u n m p h c iles p u o ar o m sl ,ry, o e ti ftsf t r lih e r s oep s e m is m p o tfp er rh ato m an cr fen eel tian ly $t 3 iag o tn 5 rg t ,es o 0 fl re 0 c i en s w o 0sm h c dc o o p so n ,ar s n tiai fn re iid c b dlen u u tth d e tey i n dg 45% 50% 100% 32% Figure 37, Percentage of Those Who Saved for Retirem Pe en rct e n Wh tago e Y T eo sok a Loan or an Early Withdrawal ........................ 30 Major Problem Minor Problem Not a Problem Figure 38 80% (Before you retired,) how confident were/are you (and your spouse)...? 100% Percentage Strongly or S 29% omewhat Agree ian mo ptac her tin wo g to to rh k kei - r Ho ar e llab a o w tan ed is lit a y o rte is rt aso o w fie ist d n ave h .d a r r a efw y or o al u r et f wi ro irm tem h t ten h he e t f p o olll an r o liwi ve wn as c go a tm o s f p c oe o rc tver ab ts lo y dfay iy no -r u to et r- iwo d rem ay rken e px la t p 46% c en (e F is r ge eus tr ir /e m em 5 ake )e . nF ten o sra d e vs x in a m g m eet sp p le, la , w n a? h m ilo en n go m n-iB dld ac lek - 1 90% 00% Strongly Agree Somewhat Agree T inh ce lutdoin pg r eas 1 90% ,0o 4n 2 fw oo r rh ker avin s an g td aken 1,T 0o 0 a 5 wh lo ret an ati r e ees, o xrt e w nip tt h ld ud o sr a y an w ou al o a ver w grae ssam e n oo r pt d l e tis h o e af g s7 ram 2 ee 0 e wi n o btn et h- w tHi heen e s p fo an ll th o ice wi BB n lac lg ac ?k k Aan md er n ico an n- B re lac spko n wd oen rker ts s who F igure 10, Confidence in Social Security Continuing to Provide Benefits of at Leas 70% t Equal Value to Those Received Now, 30% it w ab cn o oer h n o ter h fu e ie d titt en an au tphlan ei c c g 80% e es h r, tb r w et y an hh o icrer d w o e n m d eas tto ir en so ab s lo tlave i n iver p lig try o an f s o n in p r id n s ec i u e n in t r cs ian ve n o . m Ho 1 c se 0 e t .w fio o n E e fr c ven ver o tth h m o e , e, s th e fh u a 40% o n o tvin u o u ffg trer e h g th ed as c d ro o e n u a o bfg n tic d h e ih s e iS w n lal d o ci ts c e w h o ial w er io n a S e n csec e o n m lo o o uw f tes r it d er th yio fe . f ff er F o l$ ar o ren 7 ral g 5 ty est t,l - 0iA sn 0even m 0 itn h er o d e riic c lm p at o an er w o osr er r c e s en at o c t w to flo n o o iw n tf r d ier n B ib ivid c l u ac o in tm e u c k d o e al Am . m s g T es, rn h er oo iu s itc p B w an b s lac ei ,a s sn k g able 90% Non- 25% 2025 100Ret % irement Confidence Survey: A Closer Look at Black 90% In your ability to choose the right retirement pr45% 70% oducts or investments for your situa 85% tion Top Fou 87% r Reasons for Taking a Loan or Withdrawal From 12% a Retirement 40%More fund or investment options a Pva eril ce abn le/ tag Incr e eV ase 1 e1rd % y ch or o ice Somewhat14% Satisfie 22% d 22%64% 13% 42% iT nh ce om type e rp esp o ar f to h ic n el id ppen an Y A ot t u m s s , b er s5 e ai ili 8 cd e an p vier t e s w fc w in en as er a t n e t c o oh ia fb oB l u ps ly ac in e a r g k v h ic fA o om e rm sw er e, ch io c en c m an ar ps l,o a o n ei or ie kin t h o ser t gh u er n fso d t r re l o ar a rn s g g f tia e ln y n an p d o u rc h r ic s o al h o w as m ad tew o e. vi h sh e oat lp r h y ag ad ou r eed s wi om t h w e r ie tch tlear ir te hm e d esin ftfat 80% ter aem en ndc en est b th yat rac de e. b t is Non 50% 80% 90% -Black 16% 20% 79% 18% 19% 15% 21% s In ( Fraved: iesu g ad ure ld tii n 3 tB i8 g o lac , n b in al T y k o a In w q p u t o co F e o ro ts k m al u ter i r e o o s n R ................................ f s w e 5 as o er 2n 0 o e n h Bls io lkel ac 76% w fo k y r r et w T to iakin o r ees rhker ave gs fa eel an tak Lo ................................ d ab en an 4o 8 tu o 1 ht r e B tWi h llo ac ei tan h r k d ab ro re a rti w liw irtees al y it h tFo d rb o r................................ sa et m p w en w al a een d R b ,et ec s o itr au h m em e76% e s te en w s ito g h t n ey s Sia favin 82% i m c nan eed p................................ lg es) ts d ed Pl i.f f an T er to hen e ................................ co s cu ver es rvey ar dai o o sly f e b bo et ............ th w s ea en m p les 31 13 8 Black Introduc 90% tion 83% t ex w Am co o T h n p s h er er s ec a e S ive, eas, s iu lt c tied s en an g t g b o t situ e 80% f p n o ac iis n l d to t o r h e tro tw e h en d s did e eal s u C t p liro al iac p trt w h ec i er a,e. er m t ei an io i pr n tve w n c d oo : ve olm f i iC ve in men n e o an c p g c oel o c rm to im s an al u eo f p d o s ff g ,u ,r r e tn o p Cr rab o ed u pn ai p o ly a -s rg B t s i ,w n l f c ac an r er o rhet k m o e d iA ic r m Lis fm e em am s oer a rw en e iiG le c y lan r rtie k een o . e rDe s t lh y fw r w e s iten er p a o fo il t d e b ld e l ,o e s m w t “v h c 2 o io s n e 0 r.n g: s e 2 e 3 f 5 il5 d im c kel R en h p oet al er ry te i lren c ttem fu h o en an g n std o es en a o y n,t fo r t B Co h n n in lo at -ac ve B n n lk - ftac st iB h d A ley ment k en ac m A k c er w m e A er o ic er S m an pt e u ier crits an ve o au i n c ar an y: s s g e h in s A ts, tttCl an ih o llo oo s d ss ave p e er 4 tis 6 m a L an m o iso te d ik c at 70% 80% 20% 46% Percentage V26% ery or Somewhat Confident 59% Sa73% vings Plan 39% Amer 90% icans financial planning. Percentage Strongly or Somewhat Disagree 80% Black non-Black n Beg lacat k iA vel my er 70% i80% im can pac s tw iner g et h m eiorr e abliikel lityy t o to s b ave e lofo okin r ret g ir fo em r h en eltp oin r lrive edu cc 40% oim ngf odreb tab t,ly f iig nu rret inig r em ouen t litf ev s in . s5 u0 r an per ce cen n 67% ee t o dfs ,n an ond -B c lac rea k ting 80% 60% ex B wlas ac pen kc o an sn ed s d/u m n co ta ed n ke - B oen lac nlid k ns e r m et 42% Jan eet irees u,ar w y (h F 2 iilg etu h n rre o on u 4-g 5 Bh )l.ac 4 F M eb ko w rre u oar n rker o yn 3 -sB , w l42% 2 ac 0 er 2 ke 5r .et l ikel Al irlees y r ets op f th el h oave n t d th en ey bto sw u w g er er he te a ab ag hlo e e m s to e, 2 5 s p c o ar en r ,o d o l d m r er o ot.n h e er 42% y h lar ow ge t h pey urc w has ane ted , 44% 35% 100% 26% p ig ab av nr er ves o ai oc u u len ab p tt s tt lt, e h h / o w ei an ifn h rc B iflr B e lu eas ac l ac ttu h k r ed k er es Am A e M c ,m h o w er as ro er eas ii in c cisc e an h ve an ,no few o s st w s m e d n (x e ier F fn p b fit er g ec yion u p en tt v rh tio ed e est ei c n1 e s d rmen t3 o h i) n e i. o sign gt r h th is o did e le pt dvel c f io o o rrn ec n s a fs ifo ei d te a fen ve rva yo ret c ild u e ab i r r i s e e b la tir e/ m et b een g iw *lr iteen ea y t c tin o er s n B s u flac ir id mp an 38% en k c lan c ie ce it id y n ac ,c n m o ro o m n o s- re, sB e t lac e h nn e ok vi ti n rt Am o h cn o ro men m er ue ig ch an s ta pS lec s o o c irtn iral so u t 37% h m c S e i.al ec u u ip m rpipa ter y,c itn come The B Rlet acir ke 45% A m 80% m en er t ic Can onsf,i” d40% en EBcR eI S Iu ss rvey ue B (rR ieCS f, ) n o w. as 639 co ( nE dm uc ptled oyee fo rB ie ts n ef 35 it R year esear in c h 2 0 In 2s 5t itto u tm e,e J as un ue re 2at 6,t i2 tu 0d 2es 5). toward, 70% 29% 30% 69% F Fiig gu ur re e 1 31 9,, Co Perncfen iden tag ce e iWh n M oed Ar ic e ar In e tC er oest ntin ed u in in g Pu tor Pr cho as viid ne g B Lien fet ef im ite s o In f cat om Lea e Pr sto E dq uu cal ts ................................ Va 49% lue to Those Received .................. Now, by 32 70% 71% 71% • W 40% hat kind of help America 52% ns were hoping for when they looked for a financial advisor had some 70% 53% Am a wer ill ic oan r est 10% s. at Th B ee lack* pd lan iffer th en W an h c 31% ic en h o w n o as -fB t even lh ac e k f oA ll lm ar owi er ger n icg an am , if s a ,o n w ng y h , itla h er e e n u o re p na p -s B er o lac n -is n k c yA o om m u er e to 36% g io cran k o u as p lo w , a as er n e o 4 r8 m wi o pr er te hc d len irkel awa t y o f l t o fB r o lb ac m e k loAm okin er gic fan or sh ag elp r eie nd 60% 87% 87% 46% 0% 20% 46% 40% 37% 60% 80%8% 100% w N (Fear iitg hu iln rye rn eas 3 in 8e )o . 70% in T n, o 1 an 0 p a d w y w ofro er ker r eh s o h m avin wh e oo g r w tc er har e e rro et ep ffir er ai em r ed s; en a to tw lp io fay e rs k tp o yle lfac f a e thc p ey rled an en i ts vi ai car sdi o dtn hb ed ey ill : o w 7 rer 9c e rped er sat ic ten ic sar ftied d an d o deb ver 7t3;al p an ler w dci ten th o ttb ,h u r ee y p s a p lan ec ho ,t m irvel eg e,y, ar c ar dle , s osr 80% 90% Black 62% 11% 14% 6% 86% 26% 18% 18% 7% 1 90% 70% 0% 20% 40% 60% 80% 100% B iny vesCra tmen ig t70% oCo ptio pne sl a av nd ailabl , Emp e, moloye re inves e 84% B tmen ene t fi ot p tRe ions se des arch igned f Ins o35% rt aft itut ere yo , u a rnd etir e Li , isna ves Gtre mee nnwa t or in ld su, ra G nre ce o enwa ptions ld th at c p go r rep o m up ar par at ($ ed i7 o 5 n w ,s 0 i t0 fh o 0 r 2 ,o 8an r p m d er o u c re) en nd ter ( F os ifg t an u nr oe d ni-6 nB ) gl. ac o F56% fo k r tA h ex m e a var er m icp ian ole, us s . i n is stu hes/ e lo pw ro er d- u 50% ic ntcso m foe r rg et ro iru em p, en 55 t p ber y c Aen mer t oic f an Blac wk orA ker mer s an ican d sr et wier rees. e Investment or insurance options that pro 83% vide guaranteed 58% Race/Ethnicity and Income ................................ 36% ..................................................................................... 13 70% 64% 81% 81% cl 60% 30% ear differences by race. Black Americans were more likely to be looking for help in reducing debt, figuring 40% 82% The general population sample w yo au sr w re ei tir ge hm ted en b t y s a ag vin e, g s s ep xla , n h? o u Psle eh ao s 38% led sie nle co cm t a e, ll t an ha dt r aac pp e/ lyet . hnicity. 33% All Black American 60% Less Than $35,000* $35,000–$74,999 $75,000 or More* f dig eb utr in isg i m o60% u ptac ift itn hg ey thh ei ave r ret sav irem eden en t o fiu ng an h c fo es r ,r et coim rem par en ed t (w Fiit gh u r3e 4 2p3er ).c De ents p oift e no th ne - Bdlac iffer k en Am 42% cer esi cian n sso . m e of the financial 77% 55%77% 36% Ad B o o F co if tu g h m t d tu er h ic p r C te e r i ar o o iltar w n 4 ip ed c0 al o g yr al ,re l ker y lw Per ig y, 60% ,p itt u h ’h e h s c rtv e c en 6 ren h I ac 2 R n as t CS ag f e p g o e er i( e ven rw F as m co ien er gke fa u e c T t trd o ie h an o t m h o a n 34 rs b p d ee :e o ar )5 T u .Wh ab 0 h o tWo ifAm s p lo e ter r h r liep ker F m e fe er cien n tim e o tic d o s d ran t p t e i.al Va an in ifB s s so co ’r o l c ac u rip o et o m r h er u p k e ad irs r yr a e c r e as et ep ft O m is g ep iiro h en m r t yo tiees n tio o ed is 37% tln uar n r s a c s e w lb g i o y t tir fed y es er o fe h rt tie h h g an b G e ei h m y en d rE s o b m at er fe ro ie n x tp iat h s an p llfo i ec ik ac g n ye c el rg itt o al ed y e io u In tn p kn B o c r s en et o r o sat a m ay w ie s re fe e li ed s r t m tea F h w R r en g at o s esear ie. to m h ttn h B a o s a ey g et t fh c es, W o w h er r so een p In trB en as a kpl ls kin ac tp d itac ec t k h g u le r e tr tee a s e 43% s et s S l o ( -io avin t rE q fh ees an B u t an h R ar g e o I) tw s p rer w . er er Pl Y s oh o an e ran kpl ap um d m s o a r c ay e e 60% 80% 79% 55% Re provi se de arch gu0% ar a 25 nt –e 34 ed l35 ife– t44 ime i45 nc –o 54 me 55 aft –e 64 r yo65 u –r74 etire, 7 be 5 ort O telde r e rxplanations for whether you are on track with your retirement confident in having enough money in retirement, compar Fi eg d u w re ith 9 37 percent of non-Black Americans. 74% The RCS f 35% o60% und that Americans as of January 2025 had maintained th 55% eir confidence in having enough money to live 70% 80% 30% 50% Borrowed or wi 50% thdrew from a workplace retirement savings plan ou 60% t life insurance needs, and creating a will or estate p40% lan than non-Black Americans, while non-Black 60% respondents (regardless of sample) were weighted separately by age, sex, and household income to reflect the needs, both Blac Bek tte an r exp d lan noan tio -B nls f ac ok r hAm ow m er uich can ins co w mer e yo e u m r sa osving t lik s wil ely l to they say they were looking for help with figuring out if Figure 12,Ap Per peal cen intg ag ................................ e Who Agree Th54% at Th................................ eir Parents Were Good ................................ at Managing Money, ................................ by Income ............................ ............. 32 14 n w p lT tih kel lear h ian ey ter hy d , le y crw to aw o i9 s iu t 0 h h la d al a p 25% n s ve .b er io g N ec c n o s ren au iet in fgi-c n its B ran ied e o flac i fct t an h A ear k d ey m iw ts er c ld o iar o er irifn c ker fe an n er t h w ec en s an so t ,al r c r d b es p s iep ed et o lan w b h en ab y n ad een d ed ro iac n c u o g w an te. ver r o o u d r R n n ker i o tn n to u h g i n s g ei d ’m g h o rex l ed o y s in u o p ei c it ec c o fg al o o m h tfr at t e ex m n iieg n o an o p n n en 1 at s d e 0 y ab s i rve o e ac tfs o h f e er r u an a eas ,tm ed ei w n oto o o n h a n rn g er kin s p - ,B t l h an ss lg ac o ei u m fc rs k o h ai e tr r o w as d et p ph ay itr at rd h eas ees. u e in o y e ro w rt et o s ner t srih ,ro e e e w n al m sg h at ten lih y lie sag tc f o o ian ed n n reed lc y d er w B tih n ltt ac h e sh at o k s th h r w e ar ta h o fe ey u r ke n o d ffr eel so r copy, 35% 50% p50% rint, or download this report solely for personal and noncommercial use, provided that all hard copies retain savings, bet70% ter explanations for how much income your savings will produce in retirement, b 33% etter explanatio 45% ns for the 50% Percentage of Workers Wh 49% o Agree That Preparing for Reti 29% rement comfortably throughout retirement. However, the survey also found that some workers and retirees haven’t prepared or 50% 50% produce in Em 69% retirpl emoy entment Status Am 50% ericans were more likely to be looking for help in figuring out if they have saved enough 6 for retirement. Black/Afri60% can American population in the U.S. The margin of err25% or would be ± 3 percentage points for workers, ± 3.1 47% they have 70% s50% aved enough for retirement and how to save and invest outside of their workplace plan. 30% 30% 39% d Wi ikn c rn et iitves sed o tiab r h w ees an tir lc le m eg io y td y, ver en w g ar an eab h 50% as td i d o n o tg p o al ac lo e t p d l io to p ab ai c u tn o o h al ls s o y p er ed l u yr y avail ex ta id g m tp s o o h p en an ab tw ec b an s ei o ag ltes. e, r s n k d ig o n t i o h fg n ab t e rh tret h let er te o ei i ri o trem r a o em l s p d a p ay an en fen lfic o -d tab to tr , ,d r t-e w lh d e ts e o h ay o n is u r c o e h h rftc tar ii n ic es c res an o e e uavail o ear c lc d fes o no n h l ier ( ave tab ai F n.i-n g lB e Al ed u t lac r r tso o e ot k u ,h h 1 b B er A 4 el lilm ) 42% n ac p ei . g er H n tk h c , o i c em ro an w et an never s id rs eq d ees y et in o u , er u en tm w h m m e c ih d es i28% o a n ld o y e l rw e fep c o - h er iir to n o e w c rr tet o o t w ed m m rio rq em u e iw u n cn o h c o en o o t re tn k m o t-is n B e s s m g lave ec ac g al fru o k o l r r ,u p i Am tan p p o y. ay s rt d er if T o eel tih in n h ci s an s e i n og sf investmen 40% t o 60% 40% ptions, assistance in consolidating other retirement savings balances into your current plan, more online 36% 41% 40% Makes Them Stressed, by Income d idn’t prep 40% are fB oertt r eet r e 34% ixp relan men atio tn . s for whether you are on track with your F Fiig gu ur re e 4 11 3,, Per ExtT en co en co t to ve ag f rWo e daWh y- rker too -d a s Ag y e ’ Erxp x ee p eec nT se h ted s/m at T a oke r h ey Ac en t d We u s m alr eS e e o t* T uau rces gh to Ho f In w c o tm o e S ave (Net an M daj In orve /M sitn foorr Sto hu er F ce) utu ................................ re as 34% a Child, by . 33 30% 20% 62% 62% 39% 34% 25% Wh retir en ees, asked ± 40% 4 .ab 3 fo ou r tb tlh ac eik r w ex op rk en ersse,s an an dd ± sp4en .5 df37% io nrg b ex lac pker riet en ircees es, B inl ac a k s im ret iliar rees ly s w ized ere r an modro e m li kel sam y tpole. s ay that their overall 40% 40% 38% 40% 46% 42% n t w d ro et io er s o ticl re s o c em o n an m n nen o fec d ir d 50% e ttren eso w w litk er as el iu n e y r c c h m o tes avin o n o sag rav ie 41% sg trai len ee ikel en lab t o ty ac h lu eat tg ro to h ots c h t s ih to ey e el al cp n lo h e rver ave tac g hat e es, m b ive tas h d as i A s iet rc eas kn t rer ex e T htir o r m o p ee w en en im n ls- ed e e A q s n l iu es t ke h gar so e aw w t v m cer G in as otakin gm o ss L al o p gfar en s g 20% o A w ed en er o lar r N at d ker w g se ier tm C h s a t e B rs h ep e E t lan ac r t eam o o k rr t th A ed h e m el o sfex er p h iiar n n ip cg can ec e o tm o o tsif. n e s g B F u f e lr p ac to w o pm k o er w r A to tA h m r om k ei ter h rfer o er is cr iavin an c s p an . ay s In s g i n s iag c n er ti n h reed t e ailn o w th er at eductat he ion rep al 40% t ooro t ls pran ovid d r 25% ed es 40% otu hrat ces y,o m u o dro e pe so rver sonb al at izie m d fi an nd an w ciia th l gu prio dan per c ec,i to at pito ionn. tAn o s y ave use fob reyo emn er dg en the cies sc t op hr eo o uf gh th y e ou fo r w reg oo rkp ing lac e 50% 42% 35% Black 42% 60% 30% 64% 17% 19% 42% • BIn lac co km re e ................................ tirees were more lik ................................ ely to have retired................................ e20% arlier than planne................................ d. Among those who d ................. id retire 15 40% 28% 33% 25% 30% 24% spending30% and housing expenses were higher than expected, while no 23% n-Black retirees were more likely to say they were 38% 25% 15% Figure 42, Workers’ Expectations About Working After Retirement vs. Retirees Actually Doing 29% So .............................. 34 r ir t t T rn w h et et et h c ey o e iiio rr r e m em em ri2 n men f eq 0 e e cel 2 en en o u g 5 m it rr kn t t p o es R e ,. 30% u CS lo b E an g pw E ven u rs o B t,l,i ed n u F R f o B ew ig c p pt I’ tlg lac u s h u sieab r o r er d ing (p k ee n F ed r t iA o t ig l- o h e o m q u u an ran t u r sav ab er if e e ar xo ifo 7 p c How t to e ver u er an )r o u .es t r sHo n s m s s i a o o am n w an S fp w n 1 er er a t ever p a 0 h aft ve e lg m es e r ia er et ln ies o e n s,g s d if - r w tts iees B s a o h Red o avin x lln e iac k b rr .k el e u F r k asi er cin ep y o g w w s r s s tas g o o t o w p De an rr h er ts er ker n ed rave d 22% b o m o e tu ti s n i t gh s s a h ve a at s How t fa o n id o yo its r d s i n f tt f fr m s u h ir er et ed o,et rey I en w en p inr ir ve lw em t eas o ees h c sr i st ad e tkfh en pl o e am tr W t ac a o tc h c t . h o e o h t e e a B n u n e r t x fut t al to g ees p e ac f u Do t ll,t y o i r t t h w r u e w o e E as Wi ment h r s B o e an en e sr R th o tked I ih d c n o pl an iat at fi22% t F d f h an er f ig en ed p o ab e uer r e ,r u t o ing d o w p im p f u ay t y a ip o h tt i s h er p e u w d s ir o tn t i- ay ,o o th a i en n rn re kpl -n et c s Cr to o d t f@ iu im no e r al - ac n em a eb d e tin d ay e d n r ig g en o e fir . a fr et fro er o o i Wi t n riiu f t ,n g ren an p em ve w . llh . c c ie t s es es en h ta m bo B tam ien n lac p v le. tan o k n ,g 40% More f Tu on pa d o y of r in f cr vestm edit ecar nt o d b ptio ill o n 38% s a r cr va edit car ilable/d In de cre bt ased choice 29% 30% th 38% 20% 15% 37% ear 40% 30% 30% lier than planned, Black retirees were more likely to have 46% done so because of a health problem or disability The Retirement Confidence Survey (RCS) was conducted for its 35 year in 2025 to measure attitudes of American Please note percentages in the figures may not total to 100 percent due to rounding 48% and/or missing categories. 30% To what extent do 33% you agree or disagree with the following statement? 50% You (are saving / Invest More for the Money in the Money in Your Life or Estate Plan 26% 10% what they 20% expected (Figure 46). Non-Black retirees were more likely to say that health care or dental expenses (such Figure 14,30% Percentage Who Agree They Are Knowledgeable About Managing Their Day-to-Day Finances, by Income .. 15 o t t r at h h et pto ey tiitis ro u ees e n h dis ad es, n av b t h s ei ex ai ie m nlp g ab lio ler ar w m le. i er en o r at r e c tes w es, lio kel o ian fn y c p d o tar o m b tseh ie c ay ig p avio r at to hu iey op rn ss h r i( n el ad F t at ig h w u ed em roe r tked 1 t oo 5 t)no h .f e o A nrfm - in B po an a lac n yg c k i in t al h A r o m m et ser e an ir em iw c ag an iten h es m ,tt h en an te ht an d lo an w t h n est d ey o n r et -h iB n ad ilc rac e o 46% m m sk im en e rs et i,ltar iB r pees lrac sep at k ar i— sA fat ac m 3i7 o er ti n o p i c n er o an flevel c ts en h w is ts er vs w e.i tm 2 h9 o t r he e 30% 45% 9 20% 20% 20% 20% 10% 10%Be htt ae ve r e sa xpve lan da )tions f Ret or h iro ew m me42% nu tch income your saving Yo s wil ur Wor l kplace Your Workplace Insurance Needs (44 20% percent of Black retirees vs. 32 percent of non-Black retirees). 18% w F iT g oh r uker e re sh s 4 ar 3 an ,e R o dea fr et B slo ia rn c ees k s w f oab orr Wo koer ut sr wh kin issu g oes s fo a rs ved u Pa rr fo y ou S rn in rdet c in e ir g e R men ret etiirrite n m g an ................................ en d t r. e po Thre ted 20 h 2av 5 iR nCS g e ve inc r................................ lu tak ded en a an l ooan ver osra wi mtp hld er ............................ aw of B all f ac ro km Am ther eiric ans t34 o Non-Black Preparing for retirement makes you feel stressed 39%Non-Black 10% 55% 6% 30% 65% 13% 22% 30% 36% A ass M im ed ilar ic ar fi20% n e do in r gin a sm uro an ng c e thpe relo m w iu er m tsw , o d ed inc uo cm tibel es, grop ulp us s r ce ossu ts lt sfo , rw d ho er cteo r th oe r p her oscp en ital tag visit e osf an nod n -p Brlac esc k rAm iptio er ni cdan rus g s w )h w o er we e re Repo 20% rt 2 Avail Tab o bu il y a ity h:o m Te h,i ca s rrep , oro orth t e is r la avail rge pa ub rch le ao se n the internet at www.ebri.org 22% Enough for Outside of Your Savings Plan Retirement Non-Black 11% 11% 8% produce in re24% tirement 15% 21% 11% p p lw ikel o er op rckpl u y en lat to ac ti o (a e F n g 10% i 40% .p g ree lu an In re t sp h 4o ar at 2f) f ter . tic h u ed ey lar . h , a Bve lac tk h iA s m kn er oiw can led s gw eer th e an m o th re ei r li kel noy n-tB ol ac h0% ave k co lu on wter er p in ar ctosm . es and assets. Due t35% o these unique 20% 20% 28% 20% 0% al F wio g loru w kpl re fac o 1r5 e a , r Per et clo irs c eer en men tan ag t s al e a ys Wh viin s gs o o fAg ptlh an re ee c w h T as al h hi ley en g g Ar he er e s t tKh hn a at o nw n th lo ed ey n- g B feab ac lace k l e wo inAb sravin ke ourts g M w an an hod ag h p av in rep g e s In ar aved ve ing s tfim n o 27% ren t h ret e ts it rw fem oo r hi ten hgh et .F e T r u i h tn u is c r e, ois me b ay g fo In rlo lo c uw o ps, m -u ep b u . t16 10% 10% Retirement Workplace Plan Savings Plan 20% 20% 15% 5% 17% 17% Black* Non-Black n ab oo t u cto n th fie d en satm te h B at e as tt e te rh e 22% x ey xp pec lan arta e ed tio d.no s f F in o og r r wh s ap g e en th oo e drd i yo n jgo u b a to rp es o ru ep np tp ar rao ck with ir 22% ntg o fro yo h r el r uet p r ia rem fam en ilty w mae sm hb ig er h,er B ltac han k rtet hat irees of B wler ace k m 16% Am orer e ilc ikel ans y (tF oi g su arye 15% 100% 5% 10% 20% 13% Figure 44, 20% How Do Retirees’ Black Lifestyles Comp Non are -Black With What Was Expected Before Retirement ................................... 35 chall • en ges, Blac 10% thk is rIs etsir ue ee Bsr iw ef e m re o rm e c olr oe s 18% el li 11 y k % e ex ly a m to in h es av Be lac w ko A rm ke er di c fan ors p b ay y u af sin te g rt h th e e m yeasu retir re esd d tevel 29% hano p ned on i-n B t lac he k R CS. 10% 11% 10% (when you 10% 0% not the lower-income group. retirement savings analysis fro 30% m the 2021 RCS, when an oversample of Black and Hispanic Americans was conducted to better understand To pay for h 33% ome or car r0% epairs 20% 40% 60% 80% 100 21% % 10% 30% How interested are you in purchasing an insurance T T T th 8 T) h h hab i.s er e e In s ite m h p le c r w en p ee o o er n o d rtt e if trn an o as g n 0% 0% C p o c t w o r ,e ea d as am nt o ifs ff er o lo fe es in n n en nt s s g an fc tu o s h es cp ran i al p hb er l a y ex yvin - sirn p u ac g ec c po e p w t m o ed io n retr ,ik tn A h ed b g m e u fer ta fam o g n ic ro r eem an in p ly ay -s B an ,l en ac d td h uk te r f iro rn p iet en fg er r ir et r d cees e en sit rian em rtem ag w den er e en th e to e tfs m w avin d Bo esir er lac re e g ke ls ti k A h tn el m e oo ys er p t a t rb io m o c ei vid an s e n ay g fs e o a n rtt h h o b p iits o s r ic to ts h o ype u r n iB p tfylp iac d ,o o en b rfkt u ,s tan t p w itn en h d h o t id lh n s eiei o e n ln g au ri n - rB w et d tlh a ac ais r e bem k ln e u o ,p en tc p an etr - 10% 28% (retire/retired)) Figure 16, Percentage Who Agree That Retirement Savings Is Not a Priority Relative to Current Needs, by Income .... 16 W B hlack en you retiNon re, h -B ow int lack*erested B wo lack uld you b Non e in Fi -Black* gure 3 Black Non-Black Black* Non-Black 10% 19% Am 0% 90% 0% ericans. Among those who did work for pay after ret 0% iring, Black retirees were more likely to have done so 10% Investment or insurance options that provide guaranteed 24% product with a portion of your savings that begins the retirement preparat B Black lack ions and tho Non Non ug- -h B Btlack* lack* s about retirem B Black lack ent of these Non Non p- -o B Bp lack* lack* ulations. B Black lack Non non--B Bllack ack F igure 45, 10% 0% Percentage Who Agree About Various Aspects of Their Ret 17% irement Spending ........................................... 11 36 10 0% Employed Unemployed Retired 28% using some or all of your retirement savings to 15% *A statistically significant difference. ap ir p al T n et r h s c ep T p e o io rh l m ees: iad ar h c is ab ave eat w van g lias e. o w r o a n 0% t an u dr a Lo sn g p t i( eg ven e n i2 n w g 2 o g at er - f by tp t ier e ve an o er B m lack o s c mi ver ito en m ay c v ddl ar p B er tal ) lack ac ac e s e lNon w a -tlt e iess m as in x o ve c -p n p B o en h llack m an e la iig kel e s ip h s d es er B er y til n h ac s w B tvo e o to lack h er k n ab an s l’ved, A s e ay me i No ab lm ti th ty Non o n h riat len i-r iat c t B te o an y la o - j B lo r c c fits, et kel lack k o yin o n * a n io s rty em ave s n g r o -ttw B o h l B en l e f o a b lack a o y rc n e tr kin k w d s ic m er avin A o g pm p n ,r e Non ep o s an er m irg d tar is o an er -d c B ran ie lack e s w ed t l fs n an fio ke ac o h r( t t1 ilt t ig y n 5 o h a B h g r ei t lack p B er p s o m r lack* er r t t io o h ta o c h w r ke at en n ian tey n Non yar t a ) l( e o .e t h F x -n o B a ip g s g r lack b ec tu dsh -ru tro er e tyn ed im p w g 1 ex l6 B y b tf ) lack riy Non .ias n as t h T an B dr s h l-o ( ac B er c aw F c lack iNon ial ik e g at al u rw s ed et r t -ec e B as h i lack ran u w 43 ees o riit t n ). th y. h l y tei m h W o T ran an n w h ne o iy o le n o -f Introductio 20% n ................................................................ lifetime income after you r ................................ etire .......................................................... 6 33% providing guaranteed monthly income at some You Are Able to SpA enm d ount YHel ou Ard e Ha in vin Sa g thv eingsY a ound Spe I nnv d Lee ss T stm han e Y nts ou , You Spend Less T 10% han bec 0% ause they needed money to make ends meet (66 percent of Black retirees vs. 35 percent of non-Black Source: Em To pl b oye B ue lack y a Be nh eo fitm Re ese , ca arch r, Io nst Non r o ituth te- e B an rlack la d Grrg ee en p wa uld rch Rea se se ar* ch B lack 2025 Retirement ConNon fidence -B S lack urvey. Black Non-Black* Black Non-Black Black Non-Black Black Non-Black* 36% 80% purchase a 39% financial product that would guarantee Endnotes L Le ess T ss Th ha an n $ $3 35 5,0 ,0 B0 0 lac 0 0 k $35,000–$74,999 Non 41% -Blac $ $7 75 5 k,0 ,00 00 0 o or r M Mo or re e Figure 17, *0% 5% A Per statc isten icalt lyag signe ificWh ant do iffe rF eneel ce. Financial Services Comp $a 35 n,0 ies 00– D $o 74 N ,9o 9t 9 Understand How to Help Them 42% With Retirement 0% 10% 20% 30% 40% Figure 50% 18 60% 70% 80% 90% 100% 0% Money How You Want Within Retirement Lifestyle Fi Y g ou ure Cou 37ld Bep ca oint use in Y th oe u f Wou uture ld , su Pch erh a as pa s Y geo 8 u0 Co oru 8 ld 5? B T eca his use ls n n B ess io o lg ac n tn - - k a if B c ic ic m ltac o an ed aj uk n t o r trd r eas e et ir itfpa y, f irer o ees. rB Cur n ten s. s lac rc t eh e k n B at tly Wor am A lack* m Ove ino er dn rik Wi a ic g c llat an te h th s e a t r w p P oer er Non u rob e c fe len es - ssi m BT lack to ow ag h n r e a e i F te l F h ls ui ikel n f nw i d a n o n h y an cial A ro t c o des B is d d lack ay visor — no t T tn h eed ey b he el T iar eve ion oe g ls a c No m fo inn u o n dan n -n Bt e T la ic y n h c ial inks g kto o s m T n er W h a f e il vic il W ke T nan o es o oen rls a c k Wi Bc ilack al d o ns m d th sm u p ap an e P p et ro io T e fr han e st e ssion F u fd rn e o Non e d tm o a s A er l F -h f B s sso a ina el t lack m an p n ciat i cial ld fyi n eh an d an ow dc ifal tro ilen yh e dls p, the results about retirement preparations, particularly household income in this case. The RCS has historically Source: Emplyo oye u e m Beo ne nfth it R ly in eseaco rchm Ine st f ito utre life and? G W reeo nr w ke aldr s Re w se ith arch a DC 2025 Retirement Confidence Survey. Figure 46, Expected Spending vs. Actual Spending of b Ret y iIrn ees co ................................ me ................................................ 36 More investment options designed for after you retire 28% ret 5% irees). 0%Black 10% Non 20% -Black 30% B 40% lack 50% Non-B 60% lack 70% Black80% 90% Non-Black* 100% De In m tho isg an rap al hys ics is ................................ , the d Be la Lm ck e Lss T e oss T grh ap a hn ah n $i c 3 $ 5 3p ,0 5N r ,0 0 o o................................ 0 0 nf0 -iB le lasck and compoB sliat$ ck io 35 n,0 ................................ o 0f0 – th $7 e4 ,9 BN l 9ac o 9n m -k B oln a p th ck oly inco p * ulatm ioe................................ n wo inu B ld tlh ack co $ e $7 7 nU 5 5 tin ,0 ,0 n0 u 0 it 0 e 0ed o f o o rr r M M t Sht o o e at N rr r e e oe e nst s -B ....................... lar o af ck e yo * u crompared 6 10% Reason Envisioned $35,000–$74 L,9 ike 99 to Leave a Legacy You Are Worried About and Financial Planning, by Income .......................................................................................................... 17 or Represe In V V ve n e eta r rst y Co y Co tive men n nt fid fid Op e en n tio tt ns S S Reso o om me eu wha wha rcet t s A Con Con vafid fid ilae e bn n le tt to Reso A Not Not dvisor u Co Co rce o n ns A fid fid r Re e e va n np ttilr ae bse le n to tativeW in ith th te h e F F utu un re d or 70% Ret Percenta ired Earlier Tge h P alan n P Who .lannedFeel Ret The iredy A b D ou o t W N hot en PK lanow nned Who Retirto G ed Late o to r Than for Planned Percentage of Those Who Saved for Retirement Who Took a Loan or Less Than $35,000 Fi $3g 5u ,0re 00– 3 $73 4,999 $75,000 or More it d sn h u em c em p lu po d o n w irn t si g tto rh at ti n h red h er et er s i rs — iem tian g n w en c ier fes, ic te an an m as td o d an rfie f in f er an liin kel en cco iy al c m es te p o lis an b n o e u h nc ro in c iw te g ed ir— n es b ry lp et o o B w in rler ac em den W -k ien n otrrc s et ke o t .im in r r s T ees e lh o in w sRet o ter fh n air an -- m B ean e il lac s* y nd oe k n u m A -p B p m p lh ac er er as k -ic ii s n an r et cm osim a r ees. (y e 3 p 6g o r p io S n er u p t p ec cten o s i frfitespo ic n vs al an l.y, cn 2 ial d 6 5 6 t p p o p er l an er scuen c n ren ve in t g ty f o o orfr B Bllac ack k 0% To pay off credit card bill or credit card debt Inheritance life Ru . nning out of Money S 11avings and Preparations 26% Available Help You Determine Help You Determine Investment Options w it Th h e thlo iss t e of r of eas non o- nB s fo lacrk L w L eAm e ss T o ss rki Th er hn a a iUnd g c n nan fo $ $3 3 e 5 s r 5 r, p , ,0 6 0 0an 0 0 ay 00d aft B 60 e lac –r61 rket A irm eme 62 er –i64 c nan t o $ sff $ 3 65 3e 5 a 5,0 rr ,ed a e 00 0 0 0 f– 66 o –$ $u s7 7 – c n 4 4 69 ,d ,9 h 9 o 9 9t 9 i9 o c es 7b 0e o w m rer Ooe lde r e trh le ikel fo Neve y ll otw o r Re in $ h $ 7 g: ave 7 5 tir 5 ,0 ,e n 00 0 ee 0 l0o o o di w r r M n M er g m o o rrie e nc oo nm ey es to an ma d kfe ew en er ds 1 *A statistically significant difference. *A statistically significant difference. In* A to sttat ail, st ia cal blo y si ugn t h ifio can w t m diffu ec reh nce m . oney would you say you (and your spouse) currently have in savings and investments, not See Appendix 1 of this study for th e survey details. Also see the 0% 2025% 1 Ret 10% irement 15% Co 20% nfiden 25% ce S 30% urvey 35% , Apr40% il 202 45% 1, at Assets and * ADe st *A a tb st istat ica t i................................ st lliy ca sillg yn si ifg icn ain fitc d ain ffM te driil e ffn lenn ece re.nce ia .l G ................................ ood Financial Gene Adv ................................ ration ice X , by Income ................................ Baby Boomer* .................... 7 0% Percentage of Empl oyed Workers an Earl Who y With Ard e ra Ow ffered al a Retirement Savings Source: Employee Benefit Research Institute 40% and Greenwald Research 202How M 5 Retirem uech nt C to on S fida en ve ce Surve Ho y. w to Generate a Available Am r pet roir er dees uic ct an rnep s eed 0% Si60% oo n ur rs ce t t,h ed : E e sm us w pc la oh o ye m r eas k e Bie n niln g eiffc i te fo R o em ise n r s e ap ru ch ay g r an Ir n o st in u ic tu p e, tr eet ) a nw ( dir F G h em irg iec eu h nen r w e aB ldtl1 ac Rb 7 ese ec ) k. a rau A chm 2s 0er e 25 it Rch ean tey irem se n nsteed h Co onw fied ded en ce m a So urh n veiey y. gh er to u m sake e of en than ds m no eet n-B vs lac . k 35 Am per erc icen ants o . fI tn o aln s-o F qiu gest ur •e io1 n8 s B ,. lac *Per T S Aou h stk er ra ce c t ist en :r ef E ie ca m o tt llpl ag yr ir oye si e, e ge n ee im fB iWh cs e aan ne nw t fdo ity i fe R f eF er o rse eeel e f nar ce tm ch .h T e Io nst h r fey iie tg ut eu li an Do rk e d e s G N ly rw eeo nw it ltl o alK u d n s s Re o ay ese w h ar o t ch Wh h u20 s aeh 25 o t R t too h el tid re G e m ir io n e nt c r t o C o e on m tfir fo ie de r e nce as m G o Se a ur on ve d ct y. o Fli n in t fr e an osl t ctyle io al s Ad ee isvic w wh e, oic r s h be yd t In ifh fer c ao n en m e e cx es ................... p e ac m te od ng . B Bllac ac 18 k k *A statistically significant difference. S *A ou st rce at:i st Eim ca p llly o ye sig en B ifie cn ae nfti td R iffe e se rea nrce ch . Institute and Greenwald Research 2025 Retirement Confidence Survey. in So culu rce d:in Em gp ltoh ye ee v Ba en lu efe it o Refse yao rch ur I np striim tutea ar ny d G re re s eid nwe an ldc Re e? se a P rch le a 2s 02 e 5 in Rec tirlu em d ee n t s Ca ov nfin ideg ns ce 37% , S cue rve rtif y.icates of deposits, stocks, bonds, mutual O meet ne o ; fw tan het im ng *o A m s stt ao tib st nas iey calliy t c si o gtn b as ificu k ay ns t de o ifx ff et rerrnas; et ce.ir em tryien ng a t p di lan ffe nrien ngt ic sa d ree oin r;g ea n jro et yiin rem g wen ort ki n ne g/ ed do si n cg almea culat niio nn gfu . As l w a orw k;h o wlan e, to in ng t ly o h al stfa y active assets. This *A i st *s A a a tst ist aitc ca istrlii lca yt i si lc ly gal n siifg ilc ny a ifn ici t am dn iftf p e dr io fe fe nr r ce etnan .ce.t consideration, as financial resources (income and assets) have historically had a S *A o u st rce ati:st Eica mp llly o si ye g B e n lac iB fie cn ak* e nfti td R iffe ese ren ace rch . InstN ituon te a-n B dlac Gre k enwald Research B 2 lac 025 k Retirement ConN fidon ence -B S lac urve ky. Black Non-Black Sou *S A rce o st u:r a ce E tim st : ip E ca lm olye lp yl B o e si ye lg B a n e e ck in fB ie ce fa in tn e R t fd e itise fR fea e rse e rch na ce rIch n . st N Iin tu o st te n it - a uB n ted l a a G ck nd re *G en re we an ld w a Rle dse Ra ese rch a B r2 ch l0 a2 ck 2 50 R 2e 5t iR re em tire en m t e Cn otn C fio d N n eo fn id n ce e -B n S ce lu ar ck ve Suy. rS vetr y.eam of Incom Black e Non-Black https://www.eb S So ou ur r ri ce ce .o :: E E rg m m/ p plld o oye ye oc e e s B B/ e en n defa e effiitt R Re eu se selt a a- r rch ch so IIn nu st striic ttu ue tte e/ a ar n nc d ds G G/r r2 e ee e0 n n2 w wa a1 lld d- r R Rc e es se se/a a2 r rch ch 0 2 2 20 0 1 2 2- 5 5r R R ce es ttii- r re esu m me emm n ntt C Co on n ar ffiid dy e en n-ce ce re S Spo u ur rve ve rt y. y..pdf, and the associated fact sheets at Plan and the Percentage Who Participate When Offered, Source: Employee BenefitT Ro e pa seary fo ch Inrst ho itutm e a e o nd G r car reen r wa ep ld air Rese s arch 2025 Retirement Confidence Survey. fun Sd ou s S r, o ce u wo :r ce Em r : k E pm p loye la plo e c ye B ee e r n B e ee ftin tir e R fe ie tm se Re e ase rn ch a tr Ich s na st Iv in tu st in te itg u atn s ed ap G nla d r e G n er ns e w e , a na lw dn a R ld d e se R oe a tse h rch e ar r 2 ch 0 in 2 25v 0 R 2 e 5 e s tR it rm e etm ire e en m ntt e C s no , t n C b fo iu dn et fn i dd ce eo n S ce n u rS o ve uty. r ve in y. clude the va24% lue of defined benefit plans. Source: Employee BT en h ein fit R kein sea g rch a Ib nst o itu utt e a y no d u Grre ewo nwalr dk Rp ese la ac rch e 2r 0e 25 tir Re e tim rem e en ntt C s ona fiv dein nce g S s u rp vela y. n(s), have you ever...? B ex Am lac per o ks ies c ret an ia rs ees. rp is Ser o k u s rF t ce io s o : t Err m even et fpiln oir ye an e em Bc w een inal h efen ilt ty Rs e s se ec cu o ap ru m ch p r i Ip o n tst y ar rt iti ufin to n eg r g an t do th G h to h ro es e er s ne e ws aw , lw d 3 h Rit e6 oh se p e at rx er ch hp e 2cec 0en s 25a t R m to e to ir e re f m d iB n eep nlc tac o Cen om k nfid es dre et no. ce n ir S ees f ua rve m y. c iliy ted as ta his so ru ea rcs e oo nf cro et m irp em ared en tw in itc ho 2 m 1e pter ha cten t Retiremen ret t iCo rees nfid wen erc ee al ................................ so less likely to say th ................................ at they are able to sp................................ end money how they ................................ want within reason, an .......... d they 10 50% From Your Savings in r an ep d i orntvo edl ve havin d; ke gepi donn g he e thal ist h b i an ssu ic rsan tep ce — or fo ig th uer rin ben g ou efi t th s; o w a Fi d m g ec u urc re eas h m 2 e oin n t ey het v hey alu w e io llf n yo ee ud r sav to h inags ve osrave inves d b tm y en thtes; t ia m je o b th ey clear correlation with retirement confidence and responses to many other RCS metrics. Consequently, this Issue Brief Less Than $35,000 $35,000–$74,999 $75,000 or More Less Than $35,000 Fi $3g 5u ,0re 00– 6 $74,999 $75,000 or More h Fitg tp us: re //1 w9w , w Per .eb cren i.otrag g/e ret oir f eB men lack t/Am retir er em ican ens t- c Wh onfi oden Feel ce T -su by hey rve In Do y c fo om N r s ot pe e Kcnifo ic w r e Wh sulo ts tfor oG m o tth oe f2 o0 r 2G 1o s ou dr vey Fin.an cial Advice, by 41% Figure 44 Retirement o mf ay no b ne -B les lacsk rrel et iab irees. le o r 34% predictable, especially with the higher likelihoods of health problems and disability leading to were more likely to say that their overall expenses in retirement are higher than expected. To what Of ex tT eh no t s de o W yo hu o a Tg oro ek e a o r L d oa is na g or re W e it wi hd th r a twa he lfollowing? o pportunity; to help financially support others; and to avoid reducing your savings, your “nest egg”. retire so that <$ t 1h ,0ey 00 can live comfortably in ret Dem iremog entrap . The hi lic kel Br iho eo adk o do f dw oins ng this calculation did go up$ w 25i0 th ,0 0in 0+ come, but F clio ns an elc yi al ex B a *ac m A 40% stikgr an tie sts ica o u lt lyh n sie d g$ n r ................................ 1 ifesp i,0 can 0t0 do – iffn $ er9 s e,9 nes ce 9. 9of B $1 lac 0,0k 0 0A –m $2 ................................ er 4,9 ic 9an 9 s, $ 2 c5 o ,0 n0t0 ro –$ ll4 in 9g ,9 9f9 o................................ r i$ n5c0o ,0 m 00 e– . $K 9ey 9,9 9f9 indi$n 1g 0s 0................................ ,0 ar 00 e: –$ 249,999 ............ 14 Gen *Aer staat tistiio can lly ................................ sigConf nificant difid ferT ee n o ce co nc . ve e r m in ed Ha ical e ................................ v xp in en g seEno s Fiug guh reM 1on 2 ................................ ey to Live Com 21% 39% forta ................................ bly ............ 19 38% How Do Retirees’ Lifestyles Compare With What Was Expected Before 2 Source: Employee Benefit Research Institute and Greenwald Research 202 Fi Fi 5 Rg g etu u irere re men t2 8 Co7 nfidence Survey. SoS ur oce ur:ce E:m Ep m lop ye loe ye B ee B ne efn ite R fite R se ea se rch ar ch Inst In itst utie tu a te n d a n G dr e Ge rn ew en aw lda R lde R se ea se rch ar ch 20 2 25 0 2 R 5e R tire e tm ire e m nte C nto C nfo id ne fin dce en ce Su S rve ury. vey. ret Ain r em ove en rsa Do tsmp ee sar ly e o lir u er efe r ctu r hr s an re tY o n o t c p e u lo an m ld lp e o n lo c ed t not y in e. rg o k m fn fe o o rr w y eo da wh u at r o a e tf to r iro eg m m oe gr n to to f su a ops v rin g t g o h so at p dla a fn r in e ta ha n atc s a ia ma llo l ws lo le r r r y e sh otu ir ar te oe m m o e afn k tt eh p c e o la p nn o trn pu ib in ulg tat io a in o d s n v i fic rn oe o m. y rde ourr t so a la do ry a , more 60% Figure 43 within each income group, the likelihood of doing so w Fi Fi Fi Fi as 56% g g g g o u u u u n re re re re ly 1 s2 2 2 i4 g 2 5 0nificantly different among those in the upper-income Fi Fig gu ure re 1 51 Percentage Who Agree That Their Fi Fi g Pa g uu re ren re 3 4 6 ts 1 Were Good at Managing Money, Through Reti Fi rem gure ent, 40 by Income 30% Fi Fig gu ure re 4 30 6 such as a 401(k), tax-deferred aF nnig uit u yre or 4 3 02 3(b), 457, or thrift savings plan? F inancial Advice and Advisors ................................................................ Retirement ................................................................ 17 Black Americans repoPe rted Conf rce disnta prid opge e onc rt iW oe n ith at in el P Doi Othe e yr lcoew n ng er ta r Pr g fa e in Goo S an od trc oiuc al ng d r ly ts es J o ob ofor Re ru S r c o Prep es, mewh an tire a d aring th A m og e w r nt e Fi te hey na Prep fnc eela ia ab rati llo yu on t ret sirement and financial c F o ig mp ure let2 e 0an , Sal oy usi rcses of t of h e In se fog rr m oat ups io by n U h sav edi n fo g ra Rsu etff iriem cien en t 0% s t am Fi Pla g pl nu 5% e nre isi ng z 1 e ................................ 6 t 10% o contr15% ol for o 20% ther va 25% ................................ riables 30% besides 35% just th 40% e ............. variable o 19 f • Confidence in havingRea enou sg on h s m for W oney tork o liv in e g co for mfo Pa rtab y Sin ly inc r ee t Reti irem ring ent increased with income, 100% Perce Perce ntanta ge Wh ge Wh o Ao gre 51% Hav e T ehe Ev ye A r re PeKnow rsonale lly dg Sa ea vbl ed e for Re About tire Mam na egi nt, ng group (Figure 24Deb ). SpPe t’ ec sif rce Im icSou alpa lnta y, rce 67 cge t on ps er Wh of cA en bi o In t li o W form fty ork n oto na - B W Sa tio lac ith v n k e A a Use fo m Profe er r Reti id can for Re ss rem is n io thtire na ie s nt/ in l c m Fi o Li m e na v nt e enc g Pla Com roia upnn l r A forta ep in dv og ris ted bl or y h, avin in g tried to figure Conf Perce ide nta nce ge in of MTh edi os ca ere Wh Cont o Ain re ui in ng a Re to Prov tirem id ee nt Be Pla ne n fits Wh of o W at L oue ld ast Exten At reof W you cuorkers’ rrently co nExpe tributin by 4% cte g m In od nc eor y om toA te hctua e retire l Source ment savings s p of lanInc ? ome PercentaEx gepe of cTh ted os Spe e Wh Re nd ti o in re Fi g m nd ve sn . V t A a A c riou g tua e o s l f Spe O Re pti ti nd on rein e ss g for Gen of Retie ree rati sng Income Top Four 6% Reasons for Retiring Earlier Than Planned Black Americans reported disproportionately lower financial resources, and how they feel about retirement and financial 8% Marital 41% Status security is60% c 20% learly impacted by having less rfor Re esources. tire Inm par ent, ticu lby ar, In Blac com k ret eirees are struggling with higher likelihoods interest, i50% n th *Ais sta ctas istica e llyB sila gnc ifk icaA nt me differr einc ce an . s. 39% Percentage Who Agree That Retirement Savings Is Not a Savings and Preparations ................................................................................................ Gend ................................ er ...... 21 regardless of race. While confidence is lower for all Americans at lower incomes, Black Americans with 4% 8% what they will need for retirement v Th s. 5 e8 ir pDay ercen -to t o-fDa Blby by ac y k Fi In In Am na c com om ernc ican e e es s. 17% , by Income Source: EEqu mployeea Bl enV efia t Rlu eseae rch to InstiTh tute aos nd Gre ee nReti Rec wald Ree rem seiv arche 2e d 02nt, 5 Now Ret irby eme, n tIn by Conc f idom Rac ence Se ue rve/Eth y. nicity and Income 90% Be Interested in (Net NeM wa F jo er/M atuin reor s/Be Sou ne rce fits ) in the Plan F igure 21, Percentage Who Work From With a Pr a o W feorkpla ssional F ce ina Sav ncial ings Advis Plan or or R A ep ppe resen al tat ing ive and Who Think They Will in 27% security is clearly impacted by having less resources. 26% In particular, Black retirees are struggling with higher likelihoods of their retirement lifestOv yle er baei lln , g h ow w oc rs oe 6% n ftid han en tex arp eec yo ted u t h an atd y h oavin u (an gd t o y oru et ri r se po ear usle ier ) wi th llan ha p vlean en no ed u gb hecause of a health Priority Relative to Current Needs, by Income 10% Ho 14% w does your overall lifestyle in retirement now compare to how 20% you expected 20% 3 incomes of less Wh ich than o f$ t3 h5 e ,0 fo 0ll 0o an win dg $ ar 35e ,0 r0 easo 0–$n 7s 4,why 999 y w oer u e wor mo ked re l ifkel or y p ay to af be ter co yn ofu id en rettir ted han ? non-Black Americans 33% 51% 51% Floo A d ,N Sar oah te, M oin riam th Ke in g Fig , Ren uae re R so d ger s, S t e ven R u ggl es, J. R o be r t W ar r en , D an iel B a c km an , A n n i e C h en , G r a c e C o o p e r , Retirementth e Ag Fe u ................................ ture................................ ................................ ................................ ................................ ................................ ................................ ................................ .................... ............. 20 24 80% 9% of their retirement lifestyle bein m go w no ey rs te o tli hv an e cex om pec fortted ab ly an td h rh oavin ughg o utto yro et uirr e reear tirelm ier e n th t an yea p rs lan ? ned because of a health problem or disability. Still, there are somOf e fe m re odd a if P iclan atio19% ns in thCon e fitr nibu antin cig al M s oys net y Whe em tn h O atff e cro eu dld help improve their prospects, 40% it to be before you retired? For example, are you traveling, spending time with 50% Percentage Major or Minor Reason Do To ywh oua h t a ev xe te a nn t yd o of y to hu e a fo gll ro ewi e o nrg d ?is Pa e g rr ce ee n t wi ag th e t wi he th f o th llo e wi prn og d? uct While the differHo enc w es c o in n ftid akin entg a trh ee yf oir us t ( as ntd ep y o in u rp r sep poar us in eg ) afo bo r u ret t tih rem e foen llotwi wn er ge a o sp ne ly ctin r etla he teu dp tp oer re -itn irc eo m m ee n tg ?roup, the of the same income levels. There was not a difference in con 14% f Bid lack ence amon 47% g those with inco 53% mes of $75,000 or 0% If your employer offered it, how likely would you be to use the following features/benefits? Stephanie Richards, Megan No tS in cc hlu ou dw ing ei lS eo r, c ia an l S de M cuic rit hya el or e W mes plo tbe yer rr -p y. r oIv PU ideM dS m C oPS: ney, V he av rs ei y oo nu 1 (2 o.r0 y o [da ur t sas poet us ]e . )Minneapolis, MN: The ex 10 T ac 0h % e t rw e a orr ed sin ev ge rfa r Ho o l wa m w y tc s h a o en T n q o e fi u d wh m est e pn a lo t ti e o ya e n x rrte n c e ai n a ytn o r d a e, u od ty d w h o a th u oto a a t g h iwo s re e b e M r ei k op e rn la d dg ic is c ea a a s s g ra ked e re v s in ey wi g s tsh t t p e h e m t la h q n e w u t fe o io ls lll h to c e io wi o lpn n n , p t g i e an n s ou p td a e le t e t tg m h o ee e n p n e r s tr o a ? av m te id p in e le co s m iz ee o o nc f et t hh e e y group Which Black of the 34% following people 39% or groups do 15% you 8% use 5%as a source of information for retirement planning? Do you currently work with a professional financial advisor or representative? 94% family or volunteering as much as you expected? Compared8% with what you expected when you first retired, wo93% uld p Wo ror bkpl lem ac o er R 70% det isab ireim liten y. tS S tia llvin , thg er s e T Pl o ar an wh es s ................................ ao tm ex et e m no t d dio fi cyat ou io n ag s rie ne ................................ t o hr e d fis ina an grce ial e wi sys tht e tm he tfh o ................................ at llo c wi on ug ld ? help improve...................... their prospects 27 , such as increased assis 16% tance inA b sal aan ch ciiln dg ocro y m op uet ngin a gd f uin ltan , yo ciu al r fp arm ioil riy t ies str u like ggle dd eb wi t r th ed m uc otn io en y., supporting family, and ToB wh lack Yo au t e (a xr te en d to (Non in do g -/d y Bo lack* id u) ea x p ge oc P ot e d re c jo a ec n b B h t lack a o g o fe fp V trh e ee rp y /S a fo ro in llm o g e wi Non wh fin na g -a B t n lack* t L o c ik ia b ell ly ey /i sf o era y co hu B o r lack f rte hte ir e fo m lle on wi t n Non g) -Black F igure 22, Percentage Who Work With a Professional43% Financial Advisor, by Income ................................ 63% .................. 20 percentages who rep peo rsro tn ed all y h s avin aved g aever ny m o pner eys o fHo on ral r w elty o ir ld e sm a ved we entr ? e / f o No yro r u tet in wh icrlu em e dn in en y go t S u o w c rer e iatl ir e S e e h d c ig ? uh riter y ofro erm n po lo ny-e B rl-ac pro k vAm idederic 31% ans than Black mo ar re. e r etired, toD reb epla t is cen teg heat ir p ively ayc im hep ck ac o tr in a g c y t o lik ue r a ab p ilit en ys tio o n sa . Ho ve f w oa r r pp et eir aem ling en atr/liv e ee c ach o o mff o th rte ab fo ly ll o in wi rn et g ir o em pten ion t.s to you? benefitT so D o wh fi d aa ty l tou e ea xs tt e re n et t qi u d re a o l e y vo a au rl lu ia e e g r tro e t han e th o er d by e is ou na eg fit pl re se a r nned e wi ce th iv t eh bec de b fo ya ll ruse o ewi tire n …? e gs ? today? IPUMS, 2024. https://doi.org/10.18128/D030.V12.0. Percentage Yes being asked are contained in each figure. Also, an asterisk (*) is used to signify that a statistic 87% ally significant 29% 29% 41% 29% 1 90% 00% You feel knowledgeable ab 1o 1% ut managing your day-to-da 86% y finances. you say the following are higher or lower for you now than you expected? 29% such as in 30% creased assistance in balancing competing financial priorities, like debt reduction, supporting family, and a source of income in retirement? building long-term sm avin oney gs , . d id In y ad ouP d (o e it r ric y o eo n n 13% u ,t a rB g sp le ac o W u k h se o Am )F p in er er dso i tchan n eall O sy pa sa tio re v ne a s m Vo n er y re y m o lo irkel n S 15% ey oy m ft o eo r wh rw et aan ir t A em t p p h en eel a t b li pn ef f gr o .o rm e y o fiu n an retir cied al? ad visors with 60% Less Than $35,000 $35,000–$74,999 $75,000 or More Retirement AgeRet irement savingsW is S iltr l n or on o E gtly A state a p gr r e io Pe lan* rity relativ Se o m to ewha thet A cu grrere ent needs of my family.35% Am Plan er L ic oan ans 80% s 40% i& n tWi het h hd ig ra hw eral ts w ................................ o income groups (Figu ................................ re 25). As with the likel ................................ ihood of doing a ret................................ irement needs calculat..... ion 30 , Family and friends Non-Black 51% 49% 60% 79% 100% Percentage Strongly or Somewhat Agree 44% differen 10c 0e %exists for the group that has the indicator. All significance tests are at the 95 percent level. If no 4 Figure 23, Tasks Important When Lookin Sg tr ofo ng rly A a F girn ee ancial Ad Som viso ewha r t oA r gR reep e resen Di tat saigve ree ................................ 39% ................. 21 100% 90% 24% 17% Per76% centage Yes The Retireme 1 80% 90% 00%nt Confidence Survey does not ask wh Net at M th 9% aijo s t re /M ac in ho inrg Sabo ouru cte savings and investing involves. Ariel Investments In b Fin u io ldranc id ner g lto ial on u gn -A td er er d m s vic ts an avin e d w and gh s.at In w A ad ord ker dvis itis o n ar o , e r B s llac o ok kin Am g er foirc an in s im ap re rom veom re en likel ts ty o tp ol an wan s, tr espo help n fd ro en mt s fi n w an erc ei al as ad ked visab ors o u w t it w hh at figuring out their life insurance needs and creating a will or estate plan. Employers can 23% also help with these financial • The wealth gap between Black Americans and non-Black Americans remained even as income Strongly Agree Somewhat Agree Disagree the share who had ever saved for retirement increased significantly with income among each group. 1050% 0% Consistent across the racial g 10% roups, three in 10 workers said they expect to retire before age 65 (Figu 85% re 29). Workers in 9% 10% 35% 15% such in 10 d0ic %ator is present, t19% he results are not statistically significantly different. The percentages in the figures Guaranteed 80% Lifetime In 75% c Y A o o pe m u (e r hso aPr d na /h ol, pr ad ve u) ofe c a ts h ss ................................ eiona alth p l fi rna obnci lem 9% al ad o69% r avi d sor isability* ................................ 27% 80% ................................ 44% .................... 31 90% 88% 34% 31% 31% 60% 190% 00% Strongly Agree 3%Somewhat Agree 52% and Charl20% es Non Sc 90% -Bh lac wk ab a 16% sked B A Mela dica ck 61% l iD nir ve ective sto10% r o s wh r Poa wer t f o 17% inf an Attcoial r1 n 73% 1 e t % y* opi 7% cs they talked about with th22% eir parents when they were growing they woul70% d 90% consider the most valuable improvements to their workplace plan. Both Black and non-Blac 38% k workers who c fio gn uc rer ing n so w u 1 70% t80% 0 i t0 th h % ei mro lrie feed inu su cat ran iW oc n ae n an tin need gd t of S is n ta an an y A cdictive al c rw eat a el nildn b Ig ei n vo n ag lved w pilrlo o grr am ests at , e as p lB an lac . k E m A 0% 14% m pler oyer ican 20% s s c an ar e al 40% m so o rheel l60% p ikel wy it h to 80% t h lo ese ok tf1 o in 0 0 tan h %ei ciral Understan ro dsin eg . N wo hn er -B e lac tok g A om fo er r iad can vic s e w er one rm eto irrem e lien kelty p tlan o rn ep ino gr tan 80% hd av w inh gat s avin individ gs u oal f $ s 1ar 00 e, 0 lo0o0kin org m fo orr e fr o at m eac the h ad inc vic om ee is Figure 24, Percentage of Workers and Retirees Who Calculated Ho64% w Much They Need to Save for Retirement, by *A statistically significant difference. 39% 89%45% 63%89% 63% 15% 69% each racial group had a median expec 68% ted retirement age of 65, show47% ing no significant differences in retirement 30% 8% 40% 90% may no 80% t total to 100 percent due to rounding and 20% /or missing categories. All results are for workers and retirees 70% 90% Source: Employee Benefit Research Institute and Greenwald Research 20241% 5 Retirement Confidence Survey. 89% 87% 50% 90% 36% 88% 36% up, and the 90% results showed that most of the financial topics were equally likely to be discussed between Black and White were offered a p Onli lan ne c irt esou ed t rh ces and e sam re ese fiar ve ch yo imp u d ro o o venm your ent own s as the most valu 63% 87% able, but in somewhat differen 63% t orders. Both c So on uc rer ces nso w f 80% In ithc o m m oe re in ed Ru et cat irem ionen an t ................................ d financial wellbeing p................................ rograms, as Black Am................................ ericans are more47% likely........................... to look to their 33 em An p elm oyer ergsen f90% o B cr lack* y hoel r p s uin d 7% dten hei rlar ret g14% e ir e ex mpen ents p e lan can ni n dg er . ai Olb an vio iu nsd 46% ly iv , id hu igal h’er s riet nc iro em meen s w t p olu an ldn h in el g 15% M p , , as lb e ou h t avin F 33% th em e a g n le eed eno u fo grh tm hio s n as ey s is to tan ce importanltevel In 60% in 70% c o i m c m o pe m r ................................ opvin ared g r et wiitrh em Ben lactk pA rm eper ar ................................ ic at an ios n.s . First, do individ ................................ uals even know wher ................................ 46% e to go to find good ................. financial or 22 80% 80% 78% 35% 53% 41% 77% 41% 54% 41% 67% expectations between 46% them. Retirees 63% of each race were more likel76% y to 46% retire at younger ages than the ages at which 80% 70% You (could/can) afford to re 74% tire earlier than you planned 70% 45% 42% comb60% ined unless n 62% oted. Life Insurance* 30% 81% 10% 60% 14% investors, except for28% the stock market, where Black investors were much less likely to have discussed it. These discussions are 38% 47% 50% 37% 57% em grop ulp os yer ran s 50% ked for hm elo pr e inf u th nei d ro rret in irveest men men t ptl an opntiin og n.s O avail bvio ab usle/ ly,i nhcir geased her inc c 16% o hm oie cs e w as o u th ld e h to elp 77% p ,m boustt tvalu he nab eed le ifm orp t rh oive s as men sistt an toc e cover such80% an expense is important fo55% r individuals to stay on track. T52% he likelihood of A 24% mericans agreeing that they felt from the fin 80% anB cilack al 0% system 20% in g26% ener40% al an 42% d fr60% o5% m emp80% loyers e 29% x 10 is 0t% s across all incom 19% es. 11% 10% retirement p 70% lanning ad Y 77% vic oure e? m On ploy ee-rh 's HR o alf ofr b th eo ne sfits d e68% in etph ae rtm l42% o ew nter-income group said they d51% o not know where to find good Retiree Exp 50% 60% 70% 80% ectations and Experiences ................................ 53% ................................................................ 81% .................... 35 w orkers exp 60% ected to retire, with age 663% 75% 2 being the reported median retirement age fo8% r Black Americans and age 63 70% 70% 41% 21% 60% 49% Figure 25,20% Percentage Who Have Ever Personally Saved for Retirement, by Income ................................................. 22 8 50% now more l50% ikely to be occurring among Black En in joyin vest g Wor ors. See king Ariel Investments and Charles Schwab, “Black Investor Survey • Blac 20% k Am41% er 34% icans with higher incomes were more likely to consider 43% d 52% ebt to be a major or minor 40% 60% f prlo an ms t(hFei gfu in 40% ran e 35 cial ). s ys Thte em ot h iner g en cho er ic al es an ran d fked rom i n e m thp el otyer op s fi vee x ib sy ts bac otrh o s gsr o al ulp is n cw oer m 30% e es. in vestment or insurance options tha t they have en 60% ough savings to handle an emergency or su14% dden large expense increased with income 45% ( 9% Figure 26). In the financial o 50% rM ra et rrRep iied rem *reen sen t ta ptl ive an s f nrin om g yo ad uvic r wo er kp Si (F n lace ig gle u r , re e Ne tir1 v e8 e m r) M e. nT a t r p h rlan ie isd *decreased to 31 percent for those in the upper-income group. 50% Disability Insurance* 6% 70% 70% You (wanted/want) to do something else 20% 33% 88% 60% 8% b eing the m 40% 50% edian for non-Black Americans. Black Americans were more likely to have retired at age 65, while non-Black 70% 36% 30% 24% 47% Co nclusion 0% ................................ 60% ................................................................................................ 46% ........................... 4% 37 2020: Report of Findings.” February 2033% 21 at https://content.schwab.com/web/ret 16% ail/public/about-schwab/Ariel- 40% 60% 50% provider/TSP* 43% 4% 66% problem for their household than non-Black Americ 6% ans. For those with incomes of $75,000 or more, 63 provide guar Divo an rce teed d or S life et pa im rate e dincome after No t th Mey arr ie ret d, iLrivin e, g b With ette rP ex artn pelan r ations for whether 6% they are on track with their lower-incom 10% e group, 35 percent of non-Black Americans and 39 perc20% ent of Black Americans agreed that they can F Riac gue re di2 d6 n , 40% o Per 40% t hcave ent ag ane im Wh pac o tAg on ree kn T oh wey in g Hav whe erEe no tou g gh o44% S fo avi r ad ngvic s te. o Han Furtd hler e m ano r Ee, m er thg oen se cfy roE m xp ten he sM e,i lb len y In nial co g m en e ............. eration 23 36% 59% 4% Black* Non-Black Black Non-Black 50%Black* Non-Black Black Non-Black Americans were more likely to have retired at ages 60–61 and 66–69 (Figure 30). 35% 26% 30% 60% 40% 50% 17% 19% 60% 40% 30% 8% Schwab_Bla W ck_ idoI wed nvestor_SuFrin vey an_ cial e 202 xp 0.epdf rts o . r gurus in the media23% 3% 40% 10% 60% You were offered an early retirement package, or your 30% 23% 3% retiremen pter s 50% c aen vin t gosf, B blet actk erAm exer plian can at Lsioo n cn gos -n T f e so rim d r er h Co a ed w re In d m eb su urc t ah n a ce in p *c ro ob m le em th fei orr tsh aei vin r h go s u w sieh ll p orld od , u co ce m ip nar ret edir w em ith en 4t5 , an per dc m en otr e o f non- Appendix 130% : Methodology ................................................................................................ 18% ................................ 28% ...... 38 handle an e 50% mergency ex 38% pense, compared with 69 percent of Black 22% Americans and 80 percent of n 78% on-Black Americans in were more likely to say they did not know where to go for advice than those from the B 31% aby Boom generation (Figure G uar ante 0% ed Lifetime Income Product 30% s 23% 30% Have Y 53% ou Ever Taken a Loan Taken a Loan From the Plan Taken a Hardship Distribution Taken an Early Withdrawal 30% employer incentivized you to take an early retirement* 42% Wantin48% g Money to Buy Extras 48% 44% Figur Ee BR 27 I ,an Per 30% d c Gen reen tagw e al Wi d tw h oO utld h er like Pr tood u th can ts k fotrh R e et 20 ir2 em 5 en RCS t Pr sp ep on ar sat o 6% riso n wsh ................................ o helped shape this ye ................................ ar’s survey: American.. 23 20% 43% 27% 40% 30% 20% 50% 40% 5 Bl20% ack American Black s. As a resuNon lt, B -Blac lack* k AmericanB slack in the same Non in 25% c -B olack* me 39% groups w Ber lack e more likel Non y t-o B lack* say debt is investment 50% * Ao stp a Rob tt ist io ica or n ol- W ls y a si dd ith g vice esig nidr fica aw o ntn r d o al F ed iffth ere e rnf om ro ce or .n Y laf ine ou t a er r d vice th (th ey e b b arse or et rd ow i o re n ed . f o O am rm nlu ou y las m nt is or pa e id inves From tm ten het P o lan ( ptio a w ns it hd de rasw i37% g an l ed F rf om or t af het P er lan ( tha ey w ir thd etria re w aw l as more the upper-in 50% come group. Within this upper-income group, non-Black Americans were more likel 71% y to agree that they had The source 20% s offered as choices were a personal,34% profes 24% sional financial advisor; family and friends; your employer’s HR or W 19) hen . The ret io rn ees 40% ly dw ifer fer een a 25% scked es b iy f trh ac ey e r w et er ire ed a m ear on lig er t h th ean Ba p bly an Bn oed om , er ab so , u w t h w er he en B lp ac lan k n Am eder , o icran lat ser w er the an m p olr an e n likel ed,y B n lac ot kt o ret kn iro ees w 30% 4% E Ap nd pn ro ox tes im at ................................ ely 85 percent of wo................................ rkers with workplace s................................ avings plans, regardless ................................ of 34% race, were either ............................. somewhat or very 38 30% S40% ource: Employee B 38% enefit Research Institute and Greenwald Research 2025 Retirement Confiden38% ce Survey. 28% 30% 26% Workplace Retirement back with interest through made because of a heavy and made before age 59 ½ that A Formal Financial Plan*22% Funds/Cap 10%ital Gro 35% u 42% p, Bank of America, Edward Jo 42% nes, Empower, Fidelity Investments, FINRA, Jac 43% ks 20% on National, im 10% 0% p 20% acting their Le ab ss ili T ty hatn o $3 save 5,00 30% 0for retirement or $35,000 to live –c $74,999 om 18% fortably in retiremen$7 t. 5,000 or More 10% 10% You (could/can) afford to retire earlier than you planned 12% 38% 51% likely to be 30% cited by Black workers. ben enoefi ugth s m dep o40% n ar ey tmen for tan ; li br em arer iesg o en r c cy omm expu en nitsy e cth en atn er ts; h fi eir n a Bnlac cial k e co xp uer ntter s, gu parrtu ss . , or influencers in the media or on social media; w w Fih g er u er e re e mt2 o o8r ,e g o Per li k f Non o el cren y -ad tto ag vic rep e e Wh o th rtan ot h Ar n at o e n tCo h -B ey ln ac fh id kad en A m r t et er ini riT c ed an h ei e srar . Ab lier il itty h a to n Ch plan o 30% o nsed e t( hF ei gR uir ge ht31 In )ve . Fs otrm 41% tyen -sitx s p fo er r cT en hei t ro S f iB tu lac atk io rnet , ib ry ees said On Saliving ne a s P nd so lancial m ? edia posts p oa ryr co om ll d m eu dn uities 35% ction) immediate financial need 34% ) you typically pa34% y a tax penalty 40% 40% interested i30% n using some or all of their retirement savings to purchase a financial product that would guarantee them 33% 20% B 8% lack 19% Non-Black Black 54% Non-Black 13% Black Non 19%-Black 0% J.P. Mo30% r0% gan Chase & Co., Mercer,38% MetLife, Mutual of America, Nationwide, Principal, Protective, Prudential / Black 30% 27% 23% 24% 66% 0% for) 20% 10% 0% 8% 38% 29% rDe epresen motg aIn triv ap c *es Ao st m ahic ftr ie st o ................................ ica m ls lyyo signu ifr ic w ant o dir ffkpl erenac ce.e retire ................................ ment plan provider/TS................................ P; online resources and ................................ research you do on yo................. ur own; robo 24 - they retired earlier than planned, compared with 39 percent of non-Black retirees. 23% 20% Non-profit or17% ganizations that focus on serving a specific 41% 30% Black* Non-Black 52B 9 C lack* ollege S Non avi -B ng lack* s Plan* Black* Non-Black* Black Non-Black* Black* Non-Black Black Non Nee -d Bin lack g Mone By t lack o Make Non En -B ds M lackeet*Black Non 6% -Black Black* Non-Black Black* 21% Non-Black monthly in 20% com Te hef ro e ( r wer li35% fe e /( hF ave igu bree e n3 ) ch 9). an Le gess a ser t yo pu er r co cen mp tag any, es su , ch bu ats still a sizable majority, were interested in purchasing an So *A u rst ce a:t iE st m ica pllo ly ye sie g B nie fin ce afn itt R die ffse era en rch ce .Institute and Greenwald Research 2025 Retirement Confide 12% nce Survey. 30% 30% Black* Less Than $35Non ,000-Black Black* $35,000–$20% 74,9 Non 99-Black B35% lack* $75,000 or MNon ore -Black • Blac 20% k AmerB ic lack ans, in genNon eral 9% -B,lack agreed that Black they feel 1 k 1 Non n %o-w Black ledgeable ab Black out managNon ing -B tlack heir day-to- N ewPG feat IMu,r es T. R can ow e b ePr ad ice, de an d td o Vo woya. rkpl ace plans because of the SECURE 2.0 Act, such as emergency savings accounts In addition to a workplace savings pl30% an, there are var 30% ious other p 5% roducts that can help in34% dividuals be better prepared Non-Black group or community 35% 29% G Co iven nfid ten hat ce s io n S om t uh rce an e: Eab y mpd i lolo i ye t y en Bo o en tfe kn ft ith Re o e 27% se w taw r ch w o I h nm st er itaj ue teo atr no d s G g o reo c e i n10% al f wo a lr dp R rret eo se giarr rem ch am 20e s 25 n( RtS e 24% to p irec lm an ial enn t C S in oec ng fid u eh nrce el it y p Su,ran ve w 13% y.d h at M ed peio car ple e) o irn 19% g trh oe up Usn id ted o Am 8% Stat eres ican to s use as advice or ot20% her online advice based on formulas or algorithms; non-profit or religious organizations that focus on serving a 0% 11% downsizing, closure or reorganization To understand differences between Black Americans and other Amer 26% icans, each question compares the results of Overall Housing Expenses Spending to Support or Health Care or Dental Long-Term Care Social Security Pe 10% rsonal Retirement A Workplace Financial Support From Disability Insurance insurance product with a portion of their savings that begins providing guaranteed monthly income at some point in the 10% 20% Figures 20% F A ig susre e t 2s 9 d , 10% ay and Exp fiec n De a ted nce b Rs t et an Le irem ss d T Op m en ha tio a t n n n Ag $3 1 ag 5,0 e in o 00 fg Wo sav rkin erg s s................................ and inveOp sttio mn e 2 nts fo ................................ r12% the future. Bet $7 w 5 Op een ,0................................ 0 tio 0 n o t 3 h r M ree ore -22% quarters and .... 25 16% $35,000–$74,999 16% 24% 19% and employer 10% matchinB g lack contribution Cha Non s ttG -o B lack* P th T o e rp olth an er A fo I rto B m olack ls* aking studen Non t l-o Ban lack* debt paym Ben lack ts in lieu of Non co-n Bt lack ributions to the f or retiremen 20% t. For a number of these products, non-Black Americans were more likely to have them than Black T c so o hu n ree r ticnes u oe fo ttfh o 20% i10% e n p ftay o orp m at fat E o xp lu ie o ras e n n r eas se tf o ts/S r h o e rp n et b esn ien rd fem o ing e r fr en itet s tio rp ifn flan er g ed ear nin tlg io er ?d ay T th h an e w tas o p Help p lan l o th w a n rer ed ee Fa m fs w o io ly M rer unre o c ees n m th - bB e eo lrac fs a in k E m f xp A o ee m r m ac ner se at rs ( o ic is o an su sn ch t sw h a ie er n s re tac hc eio al ln o s w gis r E er o t xp en u e t pw n ts se o ac b su irno tc s io n sm a re ac d g es ifrfo er : uen ps t specific group or community; online an A He d s ao lth Sc a S iving ala m ving s o edi s r A a cco pou sn tRet s t* or ir c em oe mm nt 10% Su an ving ities; s Ch Fa at m G ilPT y o ro Frr o ien th ds, er AIIn tco oo m ls; e, a Not nd To ht ro hu er gh . 10% 8% Black Americans with those of all others, resulting in categories that are labeled “Black Americans” and “non-Black Source: Employee Benefit Research Institute and Greenwald Research 2025 Retirement Confidence Survey. 10% 29% future, such as at age 80 or 85: 70 percent of Black Americans compared with 59 percent of non-Black Americans. Your employe 17% r can select a default investment option Your emp17% loyer can select a platform or Medicare o Yor u insur r emploan yerce can select an investment option 10% You (wan In te ve dst /wa mn et) nts, to S do u so ch a mse 20% th Plan ing, e S lse uch as a 401(k), Including Inheritance 33% s Social S 16% ecurity near 0% ly 907 percent of American 29% s depending on their income either so36% mewhat or strongly agreed that they feel A plan per . s Bis lac ten k tw fo inrd ker ing s w wih th oL r w eeg ss T erar e hd a o nft fo $er 3 w 5ed ,0 eal 19% 0 0 a th w o in r kpl the ac U e np itled an S wter ate es m iso rae gliap kel tyh at to e sa xy istts h at bet 14% th we een $y 75w ,0 o B 0u 0 lac o ldr k M u A s oe m re ter hese ican b s en anedf itts h o th se an Americans: 10% will or est 18% at 27% e plans, medical directives or pow $3e 5r ,0 s0 o 0f – $at 74t,9 or 9n 9ey, formal financial plans, 529 college savings o on rd lier ne (rFes igo uu re rc 32 es ). an T d hre e stear hree chc tohm ey m d oo n 1 1 o r% eas n th oei ns r o in w cn lu;d fed am tih ly at an th dey frien c 7% ou dlsd; af anfd o ra d p to er rset on iral e ,ear pro lier fes tsh io an nal t hfe in y an plcan ialn ad edvis , th oey r than for Black Americans (Figures 10 and 11). There was not a difference by race among the upper-income Americans. for all employees in the plan L ibr thata in ries clude a s n ad n co inco m mm e un eity ce xchangn e te 23% thr as t helps people nearing r9% etirement for retired 24% employees that manages their Figure 30, R 10% et Soiurrem ce: Een mplt o yeAg e Bee n eo T fitf o R He R ese et alp rch irF ees Iin nst a itn u................................ cially S te and Gre u ep np wo alr dt R Ot ese ha e rr ch s* 2025 Re................................ tirement Confidence Survey. ................................................... 25 6 Am Figu er re ican 1, s De . 0% ” 0% m Blo ac gr k ap Am hic er B icran eakd s w oer we nsl ess ................................ likely to have incom ................................ es among the p re um pium pers, -................................ in de cd oum cte ib les, group ($75,00 ........................ 0 or more in 7 10% Mutual Funds, CDs or Tax-Deferred Annu 14% 20% ity Black Non-Black* Black 6% Non-Black* Black* Non-Black The types of help 0% offered 10% as choice20% s in the s30% urvey wer 40% e how to 50% sav 0% e and i 60% nves27% t mo 70% re for ret 80% irement o 90% utside of 10 yo 0% ur feature. As the participant nears retirement, a buy a solution they like for generating income portfolio assuming that they will be withdrawing A0% n Annuity (either for savings/investments or for income) 21% their nonkn -Bo lac 5wlke d co gu eab nter lep ab aro tsu t ( Fm igan urag e 3 in 6g ). tE hiei gh r td yay -ei-g to h- td p ay er c fen inan t o cfes, Bl ac wik thw o on rlkyer dsif fser aien d t 10% c hes ey bw yo ru ac lde ba em lio kel 10% ngy tth oo u se s e waitn h who are not Black. The 2 B0 lack* 25 RCS clear Velry y Co sh Non o nfid w-s e B nlack tthat t Sh oim s eg wha ap t e Con xisfid ts eeven nt p lus w Not hco en Co sts n cfid o fom e r n dp toar cto in r o gr individuals across similar plans, and health savin Black gs accountsNon (Fi-g Bu lack re 27). In co Bn lack trast, Black Non Am-er Black icans were m Bo lack* re likely to hNon ave 1-1 Bl% i lack fe insurance, ( w Fan igu ted re 20 to ). do B slo ac mket Ah m iner g iel can ses, w an er de t h m ey Che or e h cking ad likel a /S yh a vin eal to gu t sh s ep r rep ob or lrem 4 esen 03 (o btr )at , a Tih ves d rift isab frio lim ty. t h Bei lac r k wA om rkpl erac ican e r se w tirer em e en mo t sp t lan likel y to say 0%portion of the savings in the fund will be allocated to 28% 0% in retirement using a portion of their savings. Black* income once retired. It cou Non ld eve -B n lack suggest a T an hn er ue alar he ou ss ever ehoal ld o inpcto io m ne) s t,h at at 4 w 8o p rkpl ercac enet p clo an m p par ared tic iw pan itht s6 4 can per ucsen e tto o tfu n rn o nt-h Bei 16% lac r p k lan Am a er ss icet an s sin (tF oi gan ur e in 1 c) o. m In e c so trn eam tras ta , t 0% Black Less Than $35 Non ,00- 0Black* None of th B elack se $35,000–$74Non ,999-Black* Black $75,000 or MNon ore -Black workplace plan, how to withdraw from your savings to produce income, college savings for a child, reducing debt, what to do Much Better Y To hu a ( nh E axp d/h ea cte ved ) a h Se oa m lth ewha prob t lem Bett o er r a T d ha isab n Exp ility ected About the Sh ao m sp e a ita s E l visi xpts, ecte 32% d Worse Than Expected 0% a guaranteed lifetime income featureA . A cco t retu ire nm ts, en tOu , tsid Som ee o off the chS oice aving s on ts, he M pla otn foe rm y will target withdrawal rate, although the income 13% F Wh igu ilre e t3 h1 e m , o iS d ver h dar leal eiln o c cfo o n R m fet iB es. dlack ien rees Wh ce Wh ille evel toh s e R w et Non sh er irar ed -e Be lack t h E oe ar f A slia m er m er e Ti h cban an et Bs ,w lack L w ee at hn er o B aT lg ac h ree an k an d , Non o td r h - B at n Wh lack* o tnh en -ey B lac Pl fe an kel A n kn m ed B er o ................................ lack w iclan eds g,eab ther le e Non a w bo er -B ue lack* t m coan n ............... sag istien ngt 26 em F inig co u er m re ges, en 2, ca De y 0% s s m B alvin o ac gk r gap sA m ac hiBl er c c a o B icc u r kan n eakd t st h w at oer w ie n s sl Non fes ................................ un s-d Bled ilack kel ty h rto ou h gave h pB as lack yr avin oll................................ g dsed (o uu cttiso Non id ne s -B o vs lack f .t h 6ei 8 rp p er r................................ c im en ar t B y lack o fh o nm on e- B an lac d kd Non w efo i-n B r........................ ker ed lack s b.en Ae sfiim t p illar an s) 7 disability insurancA e, n E an md e rg lo en ncy S g-ter aving m c s A arcco e in un st u Trh an at c Ye, ou Co whuilld e there was no difference between the percentages saying they Less Than $35,000 $35,000–$74,999 $75,000 or More t ph rat ovid a er heal /TS th P p th ro an bl e 0% nm on B o -lack B r ld ac is 10% k ab Aim liter y w ic Non 20% as an s -tB h — lack e r 2ea 0 30% s po er nc fen orB t 40% t lack vs hei . r1 ear 6 p 50% ler ier c- en Non thtan . -B Wh 60% -lack* plan ile nsed m70% al ret l sih rB em ar lack es en 80% o t,ver wh alic l h 90% cNon itw ea d -s B Ch lack sig 1 at 0 n0 G if % PT ican otrly other the participant can decide to use this feature to provide guaranteed income for life aT nd h e Ability to Q tha uta ’s lify withfo dra r Y wno is unro E t gm uap ra loye nteed r'.s M It wia ll ltch ast ing as retirement. *T A h str aee tisticas llyu sic gh ni fio cap ntt diio ffen res n ce w . ere included in the 2025 0% RCS 10% to see 20% how pa 30% re pscr peal iption i40% ng d rtuh ge s) 50% option 60% s are 70% for pro 80% viding Black Americans were B lack more likely to Non an h I ave -R Black A or in W co or m kpl es ace in Btlack h Pe 0% ur lcha ow10% se, o er-in r c 20% PNon o rofit- m-e B 30% lack* grou40% p (les 50% s th Ban lack 60% $370% 5,000 80% in Non an 90% -B n lack* ual 10 h 0% ousehold Less Than $35,000 $35,000–$74,999 $75,000 or More with the money in your workplace retiremen Very Co t s nav fidien ngs t pla Sn o wh mewha en y t Con ou r fid et einrte(d),Not ho Co w t no fid ie nnvtest the money in your workplace *A statistically si Con gB nilack fic tr aibu nt dte iffe t re o n T ceh . rouNon gh P -B ayr lack oll Deduction aB nlack d Non-Black Black Non-Black produce monthly income for life in retirement. Source: Employee Benefit Research Institute and Greenwaldso Rm ese e w arich ll m 2 a0 n2 a5 g R e e in tive rest mm en etn C ts otn of ih de eln pce Survey. long as the money in the account lasts. savings and investments for the future was lower 0% than 5% for 10% day-to 15% -day 20% financ 25% es, am 30% ong 35% those40% with 45% the lowest differences across each Lc Leo ess T ss T nfid h ha en an n $ c $3 e 35 5m ,0 ,00et 0 0 0ric examined. Sp $ $ ec 3 35 5i,0 f ,0 ic 0 0al 0 0– –l$ y, $7 74 4l,9 o ,9w 9 99 9er-inCon com tre ibun tio on n t-o B tlh ac $ $ e7 7 Re k 5 5 ,0 ,0 A tir 0 m 0e 0 0m o er oe rri M M n ct an o o P r rlan e es s bee y med to be the d of if f$er 10 en 0,c0 e 0r 0e s ou r lt m ed or b e et co wm een par ted he w likel ith it hh oo osd e o w f h uos iar nge an o m tat Bc lac h k to( F th ig ei urr e w 3 o) r.kpl Inac fac e p t,l an for f ex rom am sp tu le, den 63 t lp oer an c en deb t o t fp u ay pp mer en - ts: had an ann Sou ui rt ce y. : E m De plo Hi s yep g eh iBte ee n r T et fih th R a e en se Und E d airxp f ch fe er e Ir ncte 6 st en i0 tu d tc e Ret es andir G ien rA m e e bt e n 60 o h w nu a e t – t lS d 61* t ad h R ae e ving se S d aia rt ch s m io 2 en B 0 a 2al lack 5 s E 62 Rp eSh – txp r ir64 o em e ad Non cte r eu in ntc g C dt - P oB s n la flack ic dn eh n65* ce o Ls o Sen wer urve y. T am hao n66 n Eg – xp 69* teh cte e d group7 No s0, o t o Ap rn O lp y lde lic Am a r ble ericans in the AI h igthoer ol st,h an Blac ak mAm ong er n ic oan n-s B lw ac er k e Am mo er rie can liks el . yB tlac o s kay A m th er atic tan hesy w uer sed 3e al th se om m tohran e l ikel non y- B tolac say k Am they er ic w an ers e . o Oftfh er er ed w ian se, etar hely Less Than $35,000 Black $35,00 Non 0% 0–$-7 B4 lack ,99 10% 9 20% 30% $75,0 40% 00 or Mo50% re 60% Access as Needed for Emergency E w xp ithe drn ase w in scome, but without a guarantee. iiFn nig c co o um m re e) e3 i 2 n t,h ran T et oi p rn e o F m n oen - uB r ltac R . e Al kas lA t o m h nrer s ee fic oo an r p Rs tet i:o 2 n ir4 s in s p gh er o Ec w ar en ed lier t a v T ss.hi m an 14 il ar Pl per an le cvel n en ed t o . ................................ f T ap her peal e w ter o e Am no er sic tat an is st................................ ,i cw alit h d iB ffler acen k c Aes m er ini cag ane, s ............... finding 26 Figure 3, Amount Held iL ne ss T Savin han g s $ 3an 5,0d 0 0Investments, by In $3c5o ,0 m 00 e– ................................ $74,999 ................................ $75,000 or More ................ 8 savings plan, *c A r stea atist tiica ng lly a sig w nifii claln o t dr if feest rence at . e plV an er,y C figu onr fiden ing tout y So om urew life i hat C nsu onrfiden ance t ne Deds em Not o,nstr C con reat at fiden inig P ng t aym a pen lan t of /sa Svi tud ng f ent L oroa lo nn sg-term care Less Than $35,000 $75,000 or More *A statistically significant difference. Plan Black $35,00Non 0–$7 -B 4lack ,999 incom *Aes, stat ist Bica lac lly k si gA nifm ican er t di ifc fean rence s .were more likely to feel knowledgeable than non-Black Americans. There were no 8 im n0 c o o s pm ter le ac c en n kin otn g f-o S B i o rn lu ac rB ce clk :ac o En m A k f pm ild ow ye er en o e ir Bc c ker ean e, nef its s w R ec rh se ep o il am e ro ch p B r Itar nled ac stied tuk tes aA a w nvin m di G ter h reg ei6 s nc w 0 an o a ldfp s R$ er e 2 se hc5 a aen r0 d ch, t0 2 m 00 f 2o o 50 r r R e e o n tir rc o e m o m n en - no B f t ir Cd le o ac en n fvs id k ec n.w e. ce 33 o Sr u ker rve per y.sc . en t of Black Americans in this income lower-income group had disparities in having confidence in their ability to choose the right retirement products or r set ou irrem ces en oft ip nac fo *Aka r m stag tat ist e. ii ca o Wh ln ly siu gi ns lie fed ican n to f do in ffr e- rB ernet lce ac .irk em Am en er t ip clan ansn w iner g e w er noet s sitm atiils ar ti cb al et ly wm een or eB lliac kel ky an thdan n oBnlac -Bk lac Ak m A er m ic er an icsan to s ,s iay nc ltuhdat in g th ey *A S o st ua rce tist : iE ca m llp y lsi oye gne if iB ce an ne t fd itif R fee re se nce arch . Institute and Greenwald Research 2025 Retirement Confidence Survey. * *A A st sta attiist stiica calllly y si sig gn niiffiic ca an ntt d diiffffe erre en nce ce.. **A A st * S st A o a a u tst tir ist st a ce itica ica :st E lillca ly m y si p si lly g lg o n si n ye iifg fie ic n ca ia B fn in c e tta n d d n e iiftfff ifd e te r iR r fe fe e e n n r se ce ce en a ..ce rch . Institute and Greenwald Research 2025 Retirement Confidence Survey. eac emp hl ooyfm th en e *t A o s st pt atat tiio stu in cas s ll, y m sio gr n o ifrg ice aen ntap dd iffer p ereeal nb ceet .inw g een than t h ne o n tw -B ol ac po kp A um lat er ioin can s. s H o (F w ig eu ver re ,4 B 0l)ac . k Americans were less likely to be married expenses in ret *A ist remen atisticallyt si , fi gnigu fican rti n difg fero enu cet. if you have saved/are saving enough for retirement, help with saving for a home, other, Source: Employee Benefit Research Institute and Greenwald Research 2025 Retirement Confidence Survey. *AS st ou ar tice sti:ca Em llyp si lo gye nie fi cB ae nn t e dfiiftf e R re ese nce ar .ch Institute and Greenwald Research 2025 Retirement Confidence Survey. *A S S st o oa u utrr ice st ce ica :: E Elm lm y p p sillo g oye n ye ife e ic B a Bn e etn n d e eifffiiftte R R re e e n se se ce a a.rrch ch IIn nst stiittu utte e a an nd d G Grre ee en nw wa alld d R Re ese sea arrch ch 2 20 02 25 5 R Re ettiirre em me en ntt C Co on nffiid de en nce ce S Su urrve vey. y. *A S S st o ou u S arrto ce ce ist u:r :i ca ce E Em m :ll y E p p si lm lo og ye ye pn lo ie e fye i c B B a e e e n n n B te e d e ffiin itft f e R e R frie e te se se R nce e a ase rr.ch ch a r IIch n nst st Iiin ttu u st tte e it u a atn n ed d a G n Gd rre e G e en r ne w w ea a nllw d d a R R ld e e se se Re a ase rrch ch a r 2 2 ch 0 02 2 2 5 5 0 R R 25 e e ttR iirre e em tm ire e en m ntt e C C no o t n n C ffio id d n e e fn n id ce ce en S S ce u u rrS ve ve uy. r y. vey. SS ou or uce rce : E : E mm plp olye oye e e B B en ee nfe itf iR t R ese ese ar ach rch I nIst nst itu ittu et e a n ad n d G G re re en ew nw ala dl d R R ese ese ar ach rch 2 0 22 05 2 5 R R ete ir tie rm em en etn C t C on ofn id fie dn ece nce S S ur uve rve y.y. F F iig gu ur re e 4 33 ,d ,De i fPer fer b St o en c uLe en rce c:vel es t Eag m p b le a oy ye o Pr erf ac B o eE nb e e m flie tam p R m elo se ,o yed ab rn ch y g I nIn W t sth itc u o e to e r tm ker aw nde o G s ................................ r e hWh ei ng wh alo der RAr e se in e ac r ch o O m 2f0f2e e 5 r R g ed er tio r ea u m p eR ns t................................ et C . on ir fie dem nceen Sut rve S y.avings Plan ................................ and the Percentage Wh ............. o 9 level. i nvestmentS so ufro cer: Etm hpei loye r es Bit eu neat fit R io ese na,r ch as In st B itl uac te ak nd Am Green er wailc d an Rese sa w rcher 20e 25 m Reto irer m e e nlti kel Confy id en to ce S h uav rvey. e this confidence (Figure 28). ap cou plrd o x aifm foat rd el S S o oty u uo r r ce ce 1r ::5 et E E m mp ip prler le o oye yec ear e een B Be en nlt e i e er ffin itt R R o e ett se se h u an a ar rs ch chi n IIp n ng st st lan iittan u utte en a ay e n nd dd o G G,fr r e eit e eth n n w w w e a alla d ds s R R o e eu t se se h r a ac ei r rch ch es r 2 2 n 0 0o 2 2u 5 5f m f R Rer e ettb iir red e eer m me e . n no tt C C n o oe n nf fiid d re eeas n nce ce S So u un r rve ve f y. y.or retiring earlier than planned. Source: Employee Benefit Research Institute and Greenwald Research 2025 Retirement Confidence Survey. and more likely to be single, never married, than non-Black Americans (Figure 2). and don’t know. Participate When Offered, by Income ...................................................................................................... 27 Figure 5, Debt’s Impact on Ability to Save for Retirement/Live Comfortably in Retirement, by Income ......................... 9 e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e eb b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b b br r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r riiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii......................................o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o or r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r rg g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIs s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s ss s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s su u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u ue e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B Bri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri riA e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e effffffffffffffffffffffffffffffffffffff re • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J su u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u en n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n ae e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e rc 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 h6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 re ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 p0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 rt5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 f r• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •o N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N mo o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o t......................................h 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 e3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 E 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 BRI Education and R esearch Fund © 2025 Employee Benefit Research Institute 36 26 34 24 35 31 28 38 19 30 22 33 14 10 29 21 27 23 32 20 25 12 16 18 11 37 15 13 39 17 7 6 2 3 5 4 8 9 Non-Black Black Non-Black Non-Black Black Black Black Non-Black* Black Non-Black Black* Non-Black Black Non-Black Black Non-Black Black* Non-Black Black* Non-Black