A new research report, “2025 Retirement Confidence Survey: A Closer Look at Black Americans,” published today by the Employee Benefit Research Institute and Greenwald Research, found that Black Americans, on average, report higher incidences of lower incomes and assets coupled with higher likelihoods of problematic debt. At the same time, lower-income Black Americans are more likely to feel confident about their retirement prospects and feel as knowledgeable about financing their day-to-day finances as their non-Black counterparts.
The 35th annual Retirement Confidence Survey (RCS) measured attitudes of American workers and retirees about issues surrounding retirement. This year, the RCS also included an oversample of Black Americans to allow for a closer analysis of the challenges that they face in saving and preparing for retirement. The 2025 RCS surveyed a total of 2,767 Americans ages 25 or older and was conducted from Jan. 2 – Feb. 3, 2025. The survey general population sample of 2,047 Americans consisted of 1,042 workers and 1,005 retirees, plus the oversample of 720 non-Hispanic Black or African American respondents (resulting in a total of 520 Black workers and 481 Black retirees).
“We found that Black Americans reported disproportionately lower financial resources, and that impacts how they feel about retirement and financial security. Furthermore, Black retirees were more likely to say that their retirement lifestyle was worse than expected and that they had to retire earlier than planned because of a health problem or disability,” explained Craig Copeland, director, Wealth Benefits Research, EBRI. “Still, there are some modifications in the financial system that could help improve their prospects, such as more help 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.”
Key findings in the new report include:
• Confidence in having enough money to live comfortably in retirement increases with income regardless of race. While confidence was 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. 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 remains even as income rises. 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% of Black Americans considered debt a problem for their household compared with 45% 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 with higher incomes were less likely to have personally saved for retirement. For those with incomes of $75,000 or more, 77% of Black Americans report having saved for retirement compared with 87% of non-Black Americans.
• What help Americans are hoping for when they look for a financial advisor has 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.
• Between three-quarters and nearly 90% 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 of those with middle incomes. While the share of Americans agreeing that they feel knowledgeable about managing savings and investments for the future is lower than for day-to-day finances, among those with the lowest incomes, Black Americans are more likely to feel knowledgeable than non-Black Americans. There are no differences by race among the two higher income groups.
• 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% of Black retirees vs. 32% of non-Black retirees).
• Black retirees were more likely to have worked for pay after they retired than non-Black Americans. 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% of Black retirees vs. 35% 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.
“Overall, Black Americans view retirement similarly to others with comparable financial means. For example, middle- and upper-income Black Americans were just as likely to feel knowledgeable about managing their day-to-day finances and saving and investing for the future. However, Black Americans, on average, have lower financial means. They were more likely to report higher incidences of lower incomes and assets as well as higher likelihoods of problematic debt,” said Lisa Greenwald, CEO, Greenwald Research. “The RCS has consistently shown that Americans with lower incomes report feeling less confident about their retirement prospects. However, having debt is also one of the largest indicators of individuals not being able to save, build wealth, and live comfortably in retirement. Despite these challenges, Black Americans are still optimistic for their futures, as shown by their high levels of retirement confidence across the income spectrum.”
creating a will or estate plan than N n ew on s- Fr Blo ack m T Ame he E rm ican plo sy , ee wh B ile en nefi on t- R Bes lack ea Ame rch In ris cti an tu st e w ere more likely to be looking for help in figuring out if they have saved enough for retirement. • B New etw ee Ren p t or hr tee Fr- om quar th ter e 2 s 0 an 25 d R ne ea tir re lym 9e 0n % t o Cf on Ame fide rn icce anS s,u d rv ep ey en Fi d n in dg s Bl on a t ck hei Arm in ec ro ica me ns , ei W tih ter h L s ow omew er Fi h n a a tn o ci r a slt r M on eg aln ys, agreed that they fee Bur l k dn eo nw ed led by gea Hib glh e ea rb Io nu citd ma ences nagof ing L t ow hei err d In ay co -to m-e ds a , yA fi sset nan s ca es n,d w Pir tob h oln em ly a dti iff c er Den ebc te s by race of t hose with middle incomes. While the share of Americans agreeing that they feel knowledgeable about managing s Fa ov r in imme gs an d d ia it n e ves rel tea ments se: 6 f /o 2r 6 t /h 2e 5 future is lower than for day-to-day finances, among those with the lowest incomes, F Bo lack r m o Ame re in rifc o an rma s ar tie on mo : Rr o e n l iD kr ees ly n to er f eel knowledgeable than non-Black Americans. There are no differences by race amo dresn ner g t @ he eb tw ri.o o r hg ig her income groups. • Black retirees were more likely to have retired earlier than planned. Among those who did retire earlier than p (W lan as nh ed in, g B to lack n, D r .C eti .) r– ee A s n w ew ere res mo ea re rclh ik r el ep y o to rt h , “ a2 ve 02 d5 o R neti e sr o eme becau nt C se on ofi f d a en hea ce ltSu h p rv rey ob:l em A Clo ors d er is L ab oo ilk it y a t( 4 B4 lack % o f Black r Ame etiree rics an vs s.,” 3 p 2u % b o lis f h ned on - tB old ack ay b reti y tr hee e E s). mp loyee Benefit Research Institute and Greenwald Research, found that Black • Ame Black ric an reti s, ro ee n sa w ver er ag e e mo , rep re o lik rt el h yi g to h er ha iv ne ciw den ork ced es o fo f rl o pw ay e r aft ine cr o mes they an reti d ras ed s et ths an co n u o p n led -Bl ack wit h Ame high rie cr an lik s. el Amo ihoon dg s t o h fo se w prh oo b ld ema id w ti o cr k d eb for t .p A at y taft he er same reti rti in me g, B , llo ack wer reti -inr cee ome s w B er lack e mo Ame re lr ik ic ean ly s t o ar h e amo ve d re on lie kel so y b to ecau feels c e otn hfi ey den nee t ab ded ou mo t thn ei ey r to r mak etire eme end ns t mee prost p ect (66s % an ofd B flee ack l as reti kn ro ee wsl ed vs. g ea 35b %l e oa f b no ou nt - B filn ack an c rieti ngr ee thei s). r day-to-day finances as their non-Black c • o B uln ack ter r p eti arr tee s. s 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 t Th ha e t 3 th 5t ei hr an ovn er ua al ll R eeti xpr eeme nsesn itn C ro eti nfi reme dencn e t Su are rvh ey ig h (R er C S) th mea an ex sp uec red ted atti . tudes of American workers and retirees about i ssues surrounding retirement. This year, the RCS also included an oversample of Black Americans to allow for a “ cOv loser eral an l, a Blly ack sis o Ame f the ric can has ll en view ges r eti tha reme t they nt f s ace imiliar n s ly a v to in o g tan her ds p w rep ith a r cio nmp g fo arr ab reti le r eme finan nc ti.a T l h mea e 20 n2 s5 . F RC orS es xu amp rvey le, ed m a id to dtlal e- o an f d 2 ,u 7p 6p 7 er Ame -incro ic me ansB ag lack es Ame 25 or r io can lde sr w an er d e w ju as st c as on ld iku el cy ted to ffr ee om l k Jan now . 2 led – g Fea ebb . l3 e , ab 20o 2u 5t. man The ag sur in vg ey t h ge en ir er da al y -p to o- p d u a ly a tion s fiamp nanc le eso an f 2d ,0 s 4a 7 v iAme ng an rid can ins v es co ti nn sg is t fe od r to hfe 1f,u 0t 4u 2r e. w o H ro ker wev s an er,d B 1 lack ,005 Ame retir ree ican s, sp , lo un s t ah ve er o av ger e,s h amp ave le loo w fe 7 r2 fi 0n n an on ci -al H imea spann ic s . B Th lack ey w or er Af e r mo ican re Ame likelr yi c tan o r ep res op ro t n hd ig en her ts i(r nc es id u en ltic nes g i n o fa lo to w ter al o in fc 5 o2 mes 0 Bl ack and w as os ret ker s sa an s w del 4l8 as 1 B hliack gher reti likr eee lihso ). o ds of p roblematic debt,” said Lisa Greenwald, CEO, Greenwald Research. “The RCS has consistently shown that Americans w “W ith e f lo ow un ed r itn hc ao tmes Black rep Ame ort rfiee can lin s g r ep les osr t ced on fi dd isen pro t p ab oo rti uo t n th at ei el ry r eti low reme er fin nan t pc rio as l p res ect os u . rH ces ow , ev aner d ,t h ha av t iin mp g d act ebs t ih so al w s o th o ey ne f o ee f tlh ab e lo ar ug t es reti t ir n eme dican to t ran s o df fi in nd ain vc id ia ulal secu s no rt it b y.e Fu ing r ta hb er le mo to rs e a ,v B e, lack bu ir ld eti w ree eas lt h w ,er an e dmo livr ee clo ik mf ely o r tt o ab sa ly y itn h a reti t th reme eir reti nt.r ement D lifes esp ty itle e t w has es e wc oh rs al e len thg an es e , x B p lack ected Ame anr d ic tan hast ar the ey sti hlad l op tti o mi reti sti re c f ea orr l tih er ei t rh fa un tu p rles an , n as ed s h bo ecau wn b se y o th f e ai rh h ea iglh th l ev prel ob s lo em f or d reti isab reme ilityn ,” te cx o p n lai fid nen edc C e racr aigo C so s p te hle an in d c,o d me irect sp oect r, W ru ea m. lt”h Benefits Research, EBRI. “Still, there are some modifications in the financial system that could help improve their prospects, such as more help balancing competing financial p Th rie or 3 iti 5t es h ,an likn e ud al eb RC t r S ed rep uco ti ro t n fo , c su us pip no gr o tin n g B lfack ami Am ly aer nd ic b an uis ld cian ng b lo e nv gi-ew tered m s ba yv v in is gis ti.n Ig n addition, Black Americans are mo wwr w e .eb like ril.y o t ro g /w reti anr teme help n f tr /o reti m r fi eme nann cital -c o an dfi vid sen ors c e w -s itu hr v fiey gu .r ing out their life insurance needs and creating a will or estate plan.” The 2025 RCS report was made possible with support from Bank of America, Capital Group/American Funds, Edward K Jo ey nes fin , E dmp ings o w iner th , e Fin dew elit y rep Inv oes rt timents nclude,: FI NRA, Jackson National Life Insurance Company, J.P. Morgan Chase & Co., M • C er oc ner fid , M enet ce Liif n e, h M avu in tu gal en oo f u Ame gh mo ricn a,ey N a to ti o lin ve wc id oe, mf Pr or in tab cip ly al i n Fi r neti anrc eme ial G n rt o iu np c,r ea Pro ses tectiv wite h Li in fc eo C me orp ro eg ra ar tid oln es , P s ro ufd ren ace. tial W Fin han ile cc ial on /PG fidI en Mc , e T.w Ras ow le ow Pr er ic e foan r al dl V Ame oya rF ic in an an sc a ial t l.o wer incomes, Black Americans with incomes of less than $35,000 an d $35,000–$74,999 were more likely to be confident than non-Black Americans. There was not a difference in G co rn ee fin dw en al cd e R amo esea ng rc t h h io ss a e lw ea itd hi n in gc , o in mes dep en of d $en 75t ,0 r0 es 0ea orr c mo h fi re. rm specializing in retirement, employee benefits and health c • ar Th e e res wea ealrtch h g fap or 4 b0 et y w ea ee rs n . F Bo lack r mo Ame re in rifc o an rm sa an tio dn n , o vin s- it B w lack ww Ame .gree rin can wal s d rr ema esea in rc s h ev .cen om. as income rises. Non-Black Americans were more likely to report having savings of $100,000 or more at each income level compared with Black Ame The E rmp ican lo s. y ee Benefit Research Institute is a non-profit, independent and unbiased research organization that • prB olv ack ides Ame the rmo ican ss t au wit th h o hriig th ati er v e inan cod mes ob je wc er tiv e e mo infro er ma liketi ly o t no ab co o n u stid ce rirti d ceb al its t so u es be ra el maj atino gr t o or empl mino o ry p ee ro b ben lem efift o r their h pr oo ug sr eh ams old i n th tan he n Un on it-ed Black Sta Ame tes. T rh ice an os r.g F an or iz t a h ti o o sn e a w ls it o h c io no co rd mes inat es of $ activ 75,0 iti 0es 0 o fr o mo r thre e,C 6 en 3% ter o f f o Brl ack Res ea Am rc er hi c oan n H s ealth c Bo en ns eifi dt er s ed Inn d oeb vat ti a on p,r o Fib nla em ncif a o l rW th el ei lb r ei hn og u s R eh eso ea ldr c ch o mp Cen ar ter ed an wid th R 4 eti 5% reme of n no tn Se -Bclu ack rit y Ame Resr ea ica rc n h s .C As en t a er res an ud lt ,p B ro lad cu kc es a v Ame ariet riy c an of sl ea in d ti h ne g siame ndus t in ry c o sme urvey grs o u dp us r iw ng er te he mo yea re r.l iF ko el ry mo to rse ay in d fo eb rm t a isti io mp n, actin visit g w t w hw ei.r eb ab rii.lo itry g .t o save for retirement or t o live comfortably in retirement. • Black Americans with higher incomes were less likely t# o h a v #e personally saved for retirement. For those with incomes of $75,000 or more, 77% of Black Americans repor t having saved for retirement compared with 87% of non- B (ME lack D Ame IA NO ric Tan E: s E.mai l Ron Dresner at dresner@ebri.org to receive the RCS summary report. Suggested Citation: 2025 • What help AmeriE cmp ansl o ar yee e h B oe pn in eg fi t fo R res wea hen rc h th Iey nsti lo tu otk e f /o Grr ee a fi n n w an alc di al Retir adv eme isor n htas C o sn ofi me den clc ea e r Su dr iff vey eren ). ces by race. B lack Americans were more likely to be looking for help in reducing debt, figuring out life insurance needs and