T-185: Employee Benefit Research Institute Statement on Gaps in Retirement Savings Based on Race, Ethnicity, and Gender

E E E Employee E E E E E E E E E E E E E Em m m m m m m m m m m m m m m m mp p p p p p p p p p p p p p p p pl l l l l l l l l l l l l l l l lo o o o o o o o o o o o o o o o oy y y y y y y y y y y y y y y y ye e e e e e e e e e e e e e e e ee 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 Benefit e e e e e e e e e e e e e e e e en n n n n n n n n n n n n n n n ne e e e e e e e e e e e e e e e ef f f f f f f f f f f f f f f f fi i i i i i i i i i i i i i i i it t t t t t t t t t t t t t t t t R R R R R R R R R R R R R R R R R Research e e e e e e e e e e e e e e e e es s s s s s s s s s s s s s s s se e e e e e e e e e e e e e e e ea a a a a a a a a a a a a a a a ar r r r r r r r r r r r r r r r rc c c c c c c c c c c c c c c c ch h h h h h h h h h h h h h h h h I I I I I I I I I I I I I I I I IInstitute n n n n n n n n n n n n n n n n ns s s s s s s s s s s s s s s s st t t t t t t t t t t t t t t t ti i i i i i i i i i i i i i i i it t t t t t t t t t t t t t t t tu u u u u u u u u u u u u u u u ut t t t t t t t t t t t t t t t te e e e e e e e e e e e e e e e e S S S S S S S S S S S S S S S S S Statement t t t t t t t t t t t t t t t t ta a a a a a a a a a a a a a a a at t t t t t t t t t t t t t t t te e e e e e e e e e e e e e e e em m m m m m m m m m m m m m m m me e e e e e e e e e e e e e e e en n n n n n n n n n n n n n n n nt t t t t t t t t t t t t t t t t o o o o o o o o o o o o o o o o o on n n n n n n n n n n n n n n n n n G G G G G G G G G G G G G G G G G Gaps a a a a a a a a a a a a a a a a ap p p p p p p p p p p p p p p p ps s s s s s s s s s s s s s s s s i i i i i i i i i i i i i i i i iin n n n n n n n n n n n n n n n n n R R R R R R R R R R R R R R R R R Retirement e e e e e e e e e e e e e e e e et t t t t t t t t t t t t t t t ti i i i i i i i i i i i i i i i ir r r r r r r r r r r r r r r r re e e e e e e e e e e e e e e e em m m m m m m m m m m m m m m m me e e e e e e e e e e e e e e e en n n n n n n n n n n n n n n n nt t t t t t t t t t t t t t t t t S S S S S S S S S S S S S S S S S Savings a a a a a a a a a a a a a a a a av v v v v v v v v v v v v v v v vi i i i i i i i i i i i i i i i in n n n n n n n n n n n n n n n ng g g g g g g g g g g g g g g g gs s s s s s s s s s s s s s s s s B B B B B B B B B B B B B B B B B Based a a a a a a a a a a a a a a a a as s s s s s s s s s s s s s s s se e e e e e e e e e e e e e e e ed d d d d d d d d d d d d d d d d o o o o o o o o o o o o o o o o o on n n n n n n n n n n n n n n n n n R R R R R R R R R R R R R R R R R Race, a a a a a a a a a a a a a a a a ac c c c c c c c c c c c c c c c ce 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 Et t t t t t t t t t t t t t t t th h h h h h h h h h h h h h h h hn n n n n n n n n n n n n n n n ni i i i i i i i i i i i i i i i ic c c c c c c c c c c c c c c c ci i i i i i i i i i i i i i i i it t t t t t t t t t t t t t t t ty y y y y y y y y y y y y y y y y a a a a a a a a a a a a a a a a a Ethnicity n n n n n n n n n n n n n n n n nd d d d d d d d d d d d d d d d d G G G G G G G G G G G G G G G G Ge e e e e e e e e e e e e e e e en n n n n n n n n n n n n n n n nd d d d d d d d d d d d d d d d d , e e e e e e e e e e e e e e e e e and r r r r r r r r r r r r r r r r r Gender 4 D N T d E I I C t n h B io i o f t f s e R f n o r t c e o a I c 3 lr i r lm b l e d u o .e u lp u s w n y p s e a c i ,t A a s o d t n i c r i d n t n c o a t ih d t i c a n o e s e r e n s f e n R s o s d i/ e t n s te e h t h i in t b P a r e h g e t r trn e m c B t Iis a s c h lu e a s n ie t n u m c i b e k t e n e e s e S a B d . e a n fr H o c R r id e - u o u e tf H r w n e t ib iid t rr e s y a m e p v i s n m P e a e n r n r s d e o e ,e i n c e jt o v e y t d n w e c p A s r to e t ia g o h o s r le f k e n o r e d e s f M r i c a v d se m o o F e a n F d r b in e tg ic e g t d e E s u lu w u d B t r rro e r e e R e a v t r Iq n e i1 1 e r p u y d 1 2 e u d a e w ,b in s sE lt t iia d B ic if n r a o R y e c t w It t i m o e lh e yx n e d o d a s r g m .iw e f a If n o ip e ln i m s k r E e e e iB d e n n lR y n t tr I — w .t e ‘o It s o n a i s r F n s p e a a d e m y a s t r m t s d e t iF e o n o ca b f t u r c e t r la t a e id ,t s r tr A e , io i rm d q e u T iu e v p a b a s o l a lc e i r n t c y c h t o g e if a f n — a d tT g c f h e o tr h d r e e b e i r y Figure 2 2 3 Figure 17 In total, about how much moneF yi g wu o ru el d 19 you say you (and your spouse) Overall, how confident are you that you (and your spouse) will have w N f ra eo o m pt m o is lre iu t e n e r sp d v w r e lio is r tiw s h n u g B s iln y lm a c , c o d e k m in / vA e o of r f ( rc liv e e ca s a d r s n i a o t A n h um d a sn n m e $ e ra i4 v c re 0 a it r , n a 0 - m l0 o s 0 ra t H a r ar tn iiu s e n p s d u e a a w s n li( lo c y F m ) ih g a e e u n a n rd d e w sl1 .o o 6 w r)k . e fA ir n c sa c a o nrc re d ia ifn la a g r s m tso e o t tr s h e e ( ll e iR k sS e sP l y o M rt o ,e a q e m u xa p ole n tc g o t t$ n h9 e e9 v r e ,0 o r0 u t0 g o) h . lT y he Retirement Lifestyles, finds that one in ten (10.3F p ig eu rcre e n t 1) respondents to an EBRI survey of retirees age ability to w so am ve e n fo w r r oe rt kie re rs m e e xn ptr e os r sle iv d e tc ho em hfio gr hte as b tl y le iv ne r ls e t o ir fe d m ise sa nt ti,s a fa cc ro tis osn e w ac ith h i m nco os m t e o fg trh oe u p e d (F uic ga u tr io e n 4a )l. For Debt Level a Problem, by Race/Ethnicity and Income In conclusion,c t u h re re rP e n e t a r ly r c e e h b n ao tv a te h g ie s ny W s sta e h v m o in iA c g g s a r n a e d n e d b T e ih n ha a vtv e H is oe trm a lp le ib n na g ts r r,F i*e r in r e s o n f td a ic s n e c a d ln u b d d y iF n w a go m trh k ile e y r v Iss a a lM u nd e o ro re e f ty iro eu er s that are Percentage Who Agree That Saving/Paying for a Child’s Education enough money to live comfortably throughout your retirement years? f r f T o ie h ru t s e it r r E e g in m rto h tp u e a lp n o n— y e o e s t " e t h S i m e B tr r e u a f n g t e e e g m f d liit n a A lg R e m e R w s e e e r o tia ic r A r r k a e cm e n e h r s w o I” c n — o o u sh r t n r k io t e te u rp H r tts s o e e ,r w o ( t ld E e h rB d o a iR n llw lo I )w w S i lila s o ira r n v u k c in n e n id o rg ss e n h .s n p o M c a a re t r o n t o o r id s e ffa m o t I n n h w ,o a v tn in a n e e x g 1 s y - t e a im in x n m e e 5 rm o e n fr tr p t t io r s g te m ,a o m g r t e g e h - a n f e n r ts e , ie z e ta h t t h w e io o o a n m v c c e e o r r ,h e a a o a g n t r e d e t s d a s ia h nii d g h 62 to 75 reported that their debt was either unmanageable or crushing. These highly indebted retirees example m , a am teo rin ag ls m th id ed yl e cu -ir nrc eo nm tly e r re ec se pio vn ed o en n t rs e,t 3 ir8 e m pe er n cte p nlta o nf n W ing h.i t T e h A e m no et ra icb aln es e e xic te hp et ri o st n rs o w ng als y a oc rc ess to Important p Th ria m n a r Sy a r ve in sg id fe o n rc R ee o tir r e dm efe in ne t,db b ye R na ef c it e p /E la th nn a ic ss ite yt a s? n d Income Is Reducing Retirement Savings, by Race/Ethnicity and Income Black, Hispanic, or single women when it comes to saving for retirement. These include lack of (Workers — by Marital Status) by Race/Ethnicity and Income 1 t i S rn h e p 9 c t e e 7 i iy d r c 8 e ie e fm fn ix o cc p e r ae e n ltl h c y t ot ,e f d t t d e p h of e u e in b c r d e ip tt, e v o w ie b s n r t e ic l l r o lo u e b ffd t e fic ia r n $ o e m g 1 n ( i3 t F u lr i,in e i7 g b m s u 4 u r 5 w a te in i f n t o 1 a h gr 4 g t o ) w e o .l a d iF d s b e u o o lr r e u w t B h n d e le d e a rr b c s e ,k tc m a ./u n A T p ro h fr lr o t e e ih c y n m e a e tr n le a y q j A b o a u e m g ra in e t r e e y t4 re fio 0 ic r tf a t ( p n t 2 o h r 7 o o 4 e g r p 4 s r e e H a ( r w S im c ste p ir t sn a u h a n t g a n )g i c p d o l ip f h n p r d e g u o a ib R v x d o ile m isc r t c w ia p re e t a o d e e s l li s w y c f a y a o 2 r lt 0 m s m h o o e r o o r r n e r u m e p g o o lh ir k r t e e e ld y are characterized as predominantly female, divorced, Black, and in poor health, with relatively low Thinking about your cu( rW reno t fr ink ae nc ris a l — situab tio yn ,M ho a wr i w to aull dS yt oa ut d u es sc)ribe your level of debt? somewh e am t a eg rg re ee nd c y w sia th vi t nh ge s s at ca cto eu m ne ts n o t r th pa rt o d ge ra bm t iss a n n ed g a hte iv lp e lc ya ilm cup la at cit n in g g h t oh w e im r a ub cih li tty h e to y s na e ve ed f o to r save for a . 100% Figure 6 educational or advisory resources that reso Wn ora kt ere s nw =1i ,5 t0h 7, R se u tirc eh es n in =1d ,5i1v 0iduals, meet their unique needs, or are i y t a w n o e r o d a e b r e r d k e p se u e d lr c e n o s e f d m t s d e a u is n in n d tt a a t ,t it n lo h e d rb e d e a y j t e b r id e c r ye x t o c im p v r fe e e e lc i,d n v t fii t a t n t) o c . c g t a H r -ir b n e o d a t w r is d r e e e e e tv d ib a re e t r tr e m v ,a s e f g e e o r e n a s rs t r u w c 7 s ch i0 o d h m a o o on r w u p d s o a s ie l r n d te d h g e d u a r d c t . w e a Ia b n itt g it h o c e c o n ,w o n . t m h h W te r e p a n e d a s t t b r e,h e f e m id e lciy e io w t v w riie e s te h e t t r h h e s fa t a a w im t n m o ria a e lr i t e k t te ih is r n d e iw r g m d t,io t a e (h 3 b n n 8 o e d t, lp $ d o h e 1 e n e r 7 r a c a ,W le 9 v tn h e 6 h t r ,4 i) a a t . g o e n Te ,fd h n eo n- 7% 100% household financial assets. Indeed, one fifth have no financial assets, compared to 6 percent of typical 10% To what extent do you agree or disagree with the following statement? In total, about how mu Tc oh w mh oa nte e y x w to eu nlt d d yo ou y so au y a yo g ur e (a en o d ry d ou isra sg po re ue se w ) c itu h r re th ne tly f o hla lo ve w iin n g sa ?vings and investments, 12% Non-Mortgage Debt’s Impact on Ability to Save for Retirement in General, 7% retireme sn et c u or re l ir ve et icro em mfe on rt t— abw lyh iin c h re w tia re s m foe u n n td v t so . 6 b1 e p ve ar lc ue en dt . o Af s B su lacch k, A th m ee sr ei c la at n ts e r a n pd ro 5 g6 r a p m er sc s eh n o tu o ld f be found to be trustworthy. By harnessing data from surveys and databases such as that of EBRI, we can d r m H f ia e n ia t sf a e p r in c r d a iic e t n t i d a h ifc o l e w r w h i ro e s e r ia m n le ld g b t e s ile r n e ( e i n F w m m ig g o a e u b r ln e r e ke t s e n lr e 7 4 is f nf ) 0 e o i.s t t t H a s s in o a io c s d t l4 e u u it s d 4 r s h f iv n ia in e e g s c y g tt k e h ie d e e s o x t e y v n M ia p b m f a lr e u u t ja o e a ,c n r t t o t o P c e e frf t o t y d o a i b c o o ls u o e t r n r m o e u 5 p s t r . r: b i8 is m r T e e M e a o h ,ir h n n y a e c o i rt s g a re a P e h n o s ri1 o d e r p b b e - r b lr t n e e ,o o c m e a e v g -ft 1 o ir o e a 0 $ rr N w d m e 3 o s e t0 e c fa s ia n , a d g 4 e s Pl e d e ru 7 a o b s b 1 p 6 ( 1 e l1 e . p 2 9 a n m % 0 H o n , e fa r o ib tit n n w p e t ld v a ih e n e no e v g s ae n t ss m m s r le e y , tc o e s t1 ? u h s n 2 t r a t i 1 ,t s t p 9 y a a d % e t s a r e i c s in ft f e id c ic n e i o t w d t u i) e e s .lx d ld lp - w r b e e e c a st ir u n e fle g d t d o itn o f S 9a 0v % ing for a child's education or paying off a child's education is reducing how much you can save for retirement It is more important to help friends and family now than to save for your own retirement. 17% r etirees. The retirement lifestyle thb ey y p Ro arc tr e a/yE t is h n fria cu itg yh a t n w d it Ih n c ch oa m lle enges, uncertainty, frustration, and 90% Workers n=1,507, Retirees n=1,510 100% Total: Workers n=1,507, Retirees n=1,510 25% 17% Total: Workers n=1,507, Retirees n=1,510 13% f H E b U b na xecu e e y i.m s S t v t p . te h i e a lw r ie r n e t o r i i u s $ e v c r e n 6 b t k e A im 3 d e u rS m e ,e r i2 p lu s . r d e 5 h ,s mma ir 1 t r a n ia e c s g d n t ia z ie w d n r e f r e s e d it y e c .h a is f A t e lo ,t f h r s a fo o i n t m t rr h h d c s i ir e ls ita o n h s c r g u e o tlf g h e ih ir h n a o ff d t e h a r it m r o m n .e m g a s i lu la ie e e lc o s t sr w ;io c n p u s n ls s r e a r a e r y e v s a n k h ic n t e ih l p g y y s . i r n a T g o g c h a lo e e e p m s s 4 s i0 a e b nm y t g m o r v e o a a 4 c u r n 4 a ip y o .n u ie n ss m o f c t o p o u b lh o n eo y d s e r a t o rs is n d ,’ a d o cn o e f d m b c r t tp e ’h se d e in im r ts e c a p b a ta y iro c d b t n e d o a te ftn b e sd a r t , v t a p a id n u ld e g tr n tfe it o n s r g s 30% 80% 34% the sense that they are2 b 1% arely hanging on (Figure 10). <$1,000 $1,000-$9,999 $10,000-$24,999 $25,000-$49,999 $50,000-$99,999 $100,000-$249,999 $250,000+ 80 9% 0% 20% m I sn tr ic n ao t oe n rg ittr iy e a s s h ;to ,a u tn h s Td o e e w h rre h o e a p lp d tr o e e sx r s a tt e e tn fn o a t t iu s r s n y e io g d la u n rt t in h ifv o ia c e nt a - d m n a Stit o n rs o ra o p n tg g d t o 2 a h l4 y v r g % e t a A e ir g n o d rt g e n ea e r b so g t o e u hf a p w S v t o ih o n h m g e f e e r a n w U e h ni.t a e t S it g r . c A e a e o g e tic m rv e s o e e — e n im s o “ p t J m a u o Dc y is st ta t . h o - g G n e re y e e d o te u ti rb n a tg b t- ilh B ity e y y t o R h d eo o t iltr d he e 9 . e % fo sl” lo — wih ng a?d a starkly them. 25% 5% Strongly Agree Somew2 h6 a % t Agree e mergen ci5 e 0s % , as Black and Hispanic Americans were more likely to say that their non-mortgage debt was 30% 34% 3% A critical finding with regard to wealth in t Sa he ve U fon r R it ee tird S emt eat nt e ins G ie s t neh ra el gap that persists between White 100% 70% 38% 80% 41% d ifferent reti7 r0 e % ment experience. Just-Getting-By Retirees reported virtually the same low 42 % level of 1% Workers and R1 e % 1 ti3 r% ees w4 h6 o % have non-mortgage debt n=1,507, n=1,510 11% 100% Figure 14 30% h aving aT m he 4a 5s j % o eD rr e e os friu c m litts is n c o b le r y a n A re lg y ge a s t h a iv o ne w d i M m th a p a ra t it c w a tl o o S m n ta e tth n ue s iin /rG d ae ib f n f ild e it r e y ir n tg o ssia tu va et fio on r s e m coe urlg de b ne cn ie es f i( tF fir go um re r 5 e) c.e iving more 4% 2% 4% 5% Figure 10 4% 55% A mericans’ fin 90%ancial means/resources and that of Black and His8 p % anic Americans regardless of income 1% 38% f E iB nR an I’c s im al ia ss siso en t 7s 0i % s a n to d p in ro co dm uce e a asn S dt r cu og m glm inu gn R ic ea tt ir ee ie ns d . e H po ew ne dv ee nr t,, J o ub sjte -c Gte iv 1 t9 e t 6% i 0,n % n go -B ny p a Rr e tt is ira en e s d a re ta p,o rre ts ee da lric tt h le , a o n rd 3% 60% 6% 17% 63% Major Impact Minor Impact No Impact 60R %ealistically, at what age do you expect to retire? If you expect to 90% 8% 11% 19% 13%11% 40% 9% Furtherm sp oe rc ei,a n lio ze nd -m in o fr otrg m ag ae ti o dn e b atn w d a as s s ails sto a n m co er w e ilt ik he rle yt t ir o e m hae vn et a p r ne e p ga arta iv te io in m s p aa nc d t e ov ne s ra yd via ny g f f in oa r ncial 4% 26% level. Furth 1e 00r% , Black and Hispanic Americans are more likely to consider debt to be a problem for their Hi8g 0%hly Indebted Re1t2i 1 % r 3% ees: 12% n o o th d ee r b in t,f o ar n m d a at ih oin g h a b in ocu id t e en m cp e lo of y e m eo b rt eg n a e gfe it-s f.r e W ee h F s o ie g m r uv e re e o t 1 w h 6e n e pru sb hliip c., Ie n m cp oln oty re ar ss t, ts o e r Sv tr ic ue g g plr io nv gi d Re er ts ir,e w eo s,r kers 60% 6% 46% 2% retire gradually, at what age do you expect you will begin to retire? 80% 50% 11% 5 39 1% % 39% 50% 11% 36% 50% 35% 54% 54% retireme is nstu ie ns g . e Tn he er a ap l p fo 4r2r o % a Bc la hc ek s a cn ud rr e Hn is tp ly a b ne ici n A g m ue sr eid ca d no s n ao cr to a sp sp e e a a crh t io n c bo em as e e gfrfo eu ct pi v (e F if go urr e m 6 a) n . y unmarried 2019 Retirement Savings Shortfalls,* by Age Cohort and Marital Status/Gender household than White A 1m 0%ericans acr5o 8ss % income groups, as well. Preliminary results from EBRI’s n a n ed ar t ly h e hia r lffa o 9 7 m 0 0f% % iJlu ie ss t,- G an ed tt ip 1n 2o % gl-iB cy ym Ra ek tie rr ese . s rated their standard of living as consistent to1 w 0% hen they were 10.3% 6% 21% 50% 63% 15 6% 2% (Worke 15 r% s — by M 16% arital Status) 53% 64% 39% 66% 66% 53% 30% 56% 30% 17% 45% 70% 20% 10% 71% 41% 73% 30% 40% 33% 40% 35% e R m etp irle om ye e w d n o .t m F Se ue rn c th u w e rit r o,y r t k P h er e ro s Jj 9 ,u e % lic sk t te - ion G lye 1 d 6 t M % t u ie n o g d t- o e 3 B 5 l fin t y % h R ee ds t rte ir se u hat e lts in r B g alac tfe in d ka t an n hc e d Hisp ia irl ra en td i3 an r7 e l% im f ic e h e c n o ir tu c lu se ifm eh s s o t ala t ds a n isc fe ag c u e tp i 3 o h n 5 e a o to v n a 3 3 a 5 l9 % v o — e fr a a in g d e o iv ta o he b ro cre u t 60% 9% 17% 8 10 0% 0% 6 8% 1% 26% 25% 40% 40% 42% 39% 37% 31% 46 4% 4% 44% 6 $ 07 % 0,000 7% 72% 48 % Female 6% 48% 38% Figure 4 12% A 2 5 s t p h ee r c U e.n St .2 e 5 h % m igh pe lo 3r 0y % te he a n b e 8 t% h ne eifr it S s ty ru stg e g m lin h ga c so e u v 2 n 1o 8 8t % % le vr ep da , r 5s t 4o s %: t7 o.o 2 h oa us t E oB f R 1I0 . .W e continue to research existing words, those3 w 0%ith much of their career left to save for retirement—are significantly more likely to run or d 5e 0% ath 2 o 0f % a sp 15 o % use. Employ1 e 5r % s may want to develop new targeted messages, methods, or 30% 16% 70% 11% 13% 27% 30% 60% 90%(vs. 55% of typical retirees) 33% 11% 21% 21% 9% 27% 50% 32 04 % % 65% Debt’s Impact on Ability to Save for Retirement/Live Comfortably in 17% 28% $60,000 28% p rograms, designs, and practices while also focusing on emerging trends and polici2 e 6s %. Accelerating 9% 22 65 % % short of mone 20% y in retirement, and to have larger retirement shortfalls than their White cou 29% nterparts. 40% 42% 20% m ater 2i0a %ls to better reach these groups in order to increase the chances of unmarried women 60% 10% 38% 20% Retireme 3n 8% t, by Race/Ethnicity and Income 8% 13% 40% 15% 22% 80% 14% 23% 31% W c hia tn hg te hs e a g n ad p u in n c re er tt ir ae in m tie en st i n p rto hse 3 p 0 b e %c et n se b fie tt s w ye st e e n m r a m ce as k e a n od u r e w tho nrik ci t m ie o sr c eo rm elie nv g a t no t t th he a n f o erv ee fr r. o W nte , d prrio ve dn u c b e y $50,000 10% 13 50 %% 3 25 5%% 16 % Divorced 24% 30% 25% 28 1% 5% 23% 7% 22% 25% 10% 27%20% 8% 21% having a financially successful 2r 5e %tirement. 26% 501 % 0% 30% 16% 24% 25% 16% Making matters worse,1 d 8% iscrep 2an 4%cies when it comes to debt by race persist into retirement, creating 19% 9% t s iu m ch e lf ya a cn to dr s re 1 a l0e s % v lo aw nte r re a ss esa ertc sh a a n 5 3 n d 8 5d % % h a ig nh ae ly rs c is o.n O su um r w eo r r d 1k 2 e % s bu t, p t p h o e r tis s se u 3 m e 1% p cla o n yn 1 e 2o r %s t ,b p e o 2 ilg 2 ic % n yo m re ad k, e p rs a,r s te icru vlia cr el y when 22% 5% 14% 11% (vs. 20% of typical retirees) 70% To what extent do you agree or disagree with the following statement? 10% 17% 16% 12 00 %% 47% 14% 28% $400 ,0 % 004 1 35 2 8% % % 22% 13%38% 2 69 % % Debt is negatively impacting your ability to save for retirem1 e7 n% t/live comfortably in retire 1m 7% ent. additional c4h 0 20 % all % enges. Specifically, the debt of families with older Blac 27 k % /African Ame1 r1 ic %an or Hispanic t p h re os ve id g erro su , a pn s d a 0% r o et h ge ro rs w iin n g d e av se a l1 o s 6p % hia nrg e io nf n t oh ve a tp iv oe p u so la lu tit o io nn , t sh a e n w d o m rk af ko in rc ge p , o aln ic d y ra en tid r e d e e ss .i gn decisions. 38% 13% All White Black* Hispanic* All White Black* Hispanic* All White Black* Hispanic* 13% 12% 0% 32% Wo 30 rk % ers n=1,507, Re3 tir 2e % es n=12 ,5 41 % 0 10% 1 23 1% % 12% 12% 7% 12% 10% All Workers All Women Wor1 k1 e% rs Married Women Divorced Women Never-Married Women 16% 5% 60% 10% 18% 18% 10% 15% 9% 14% 28% 14% 8% 10% All Workers All Women Work 1e 3r% s Married Women Divorced Women 13N % ever-Married Women h eads w 8 45 . % U as sn afar d v 3 0 e e $% 3r d 0m t ,0 a 0 lo e 0 kr is n e sg lik t e he fa f 7 ly o n % Le r t sn t so be s te h a te n o d $ d 3 h e 5,e o 0 d 0 lm 0 p f o iw nat ro rre e kd b t eir rs e y m b c e r e c en o d 7 m $ tit % 3 5 c e ,0 0a g 0-ro $d d 7o 4,9 d 9e 9 d be tb vte m rsu an s h ag ou er ssi$ ng i 7n 5,0 d t0o 0e orb re m tt o ic rr eo em mp ear nte . d T w heit R h CS Workers Work 4e % rs W 6o % rkers 9% 18% 5% Strongly Ag 1r6 e% e S 7o % mewhat Agree Disa2 g3 re % e 6% 13% 3% Workers Workers 3% 2% Workers 0% 3% 0% Less Than $1,000 $1,000–$9,999 $10,000–$24,999 $2 25 % ,000–$4 29 1 ,9 % 99 6% 100% (vs. 46% of typical retirees) 2% 3% E DB is R cIr e hp as a n uc nid ee s rA ta m ko en n g a W nu om mb ee nr B oa f s se tu dd o ie ns M ex aa rm ita in l iS n tg a t tu hs e retirement prospects and experience of diverse families with 5 00 olde %% r White, non-Hispanic heads. And, families with minority heads—particularly those All White Black* Hispanic* All White Black Hispanic* All 2% White Black* Hispanic* resu 20 l% ts Sc oulre cea : Er mlpy lo yu een Be d ne e fitr Rs ec seo arcr he In st tith ute e a nidm Grp eeo nwr at lda Re n sec ae rch o 20f 21 s R 2e t 2 ta % irer mt ei nn t Cg on g fido eno ced Su rf ve in y. ancial hab 1i% ts when individuals are $20,000All White Black Hisp 3a 8n % ic* All White Black Hispanic* All White Black* Hispanic* Very Confident Somewhat Confident Not Too Confident Not at All Confident $50,000–$99,999 $100,000–$249,999 $250,000 or More 27% 13% All White Black* Hispanic All White* Black His3 p2 a % nic All White* Black Hispanic 25% 30% 29% D m iis n co re rip tia en sc /e ie ts h n in ic R ite ie tisr,e a Lm es s se w tn ha e t nl lC $ 3 a o 5s ,n 0 0 f f0 e id m ea nlc e e w orkers a $n 35d ,0 0r 0e -$t 7i 4r ,9 e 9e 9 s. $75,000 or 2 m7 o% re 90% 26% with Hispanic head *Of ths o— se ww L he o s ge s a vr te he a a m n re s$ p3 oor 5 ns ,0 ee .00 likely to have de $3 b 5t ,0 0 p 0ay -$74 m ,99e 9nts totaling great $7e 5r ,0 t 00h oan 4 r more0 percent of their 22% wor 1k 0 4% i 0n %g, S oa urn ced : 20 w 20 R e etl irl e m b ene t f Co onr fide en cr ee Sut ri ver ye , Em BRIe an n d2 t G 1 . re % O enwv ale d & r a Asl sl o cf iai te n s.ancial wellbeing programs by employers that 20% 27% 18% Less than $35,000 $35,000-$74,999 17% $75,000 or more 63% Less than $50,000 in financial assets $10,000 Source: 2020 Retirement Confidence Survey, EBRI and Greenwald & Associates. 14% W hen it com Se ous rc et : o Em w ployo ee m Bee nen fit’ R s e sr ee arcthi r Ine stim tutee an ndt G p reer no ws alp d Re esc ea trs ch , 2t 0h 21e Re 2 tire0 m2 en0 t C R one fidt ei nr ce e m Surve eyn . t Confidence Survey finds that the income. Individuals with high levels of debt report low lev 39e % ls of retirement satisfaction, even when 80% Source: Employee Benefit Research Institute and Greenwald Research 2021 Retirement Confidence Survey. 43% 42% addr 0e % Sos us rc— e (:v Es m a .p m 2 lo7 yo e % en Bo e g n f eo t fiy tt R p h eisc e ea ar rlc r h te h Int si i tir n tu e tg e e s a sn , )d b Gu ree d ng wa e ldt Rie n seg a rc a hn 20d 21 d Ree tire b mt e— nt Ca onr fe id 4e 4 n i% n cec Su rre vea y.singly available. While these 5 30% 51% w Blo am cke a nn m d o Hsit s p aa t n riis ck W aro er k th eo rs s e that are divorced, never married, or widowed . For e5 x 2a %mple, while 76 $- 53% All White Black* Hispanic* 5A 5l% l White Black* Hispanic* All White Black* Hispanic* c ompared to retirees wit 57 h % similar levels of income and financial asset 2s. 5%Notably, the issue of debt in 40–44 45–49 50–54 70% 25% 62% 17% p Ar g or ge ra at m er s r ae rc eo ig nn tih tie oin r io nff a hn oc w y s fu op r p th oe rt m ing o F s ifg ta u p m ra e ir l y t 1, 3 a th nd ey f ra ie t n le da ss fta sch to or w i n st ig on ts h o e fs h ae vlip nig n sg d te hc e is ion- 20% 67% T D p D h e i is s e rc c c r r ie s e e n s p p u ta a e o n n fo c c m i i fe e d a s se ri ir b n n it e A A d in s m s w re o e o t u ts m L in e rA t se e s c m o n th c f a u r e nA e m n $p s 3 t5 u s o ,ie 0l s r 0 a t t 0o s e t e n dd l y b fe g oirr n o g R w e v it n e ig r ry e m m oo r e $ 3 rs n 5e o ,t 0 0 m p 0r -$ e o 7w 4 n ,9o h 99 u an t c ce od n.f iE dB eR nIt ftih na dt s $ 7 tt 5h h ,0e 0 a 0y t o t w r h mie o ll r e s hh aa vre e e o n fo A u m gh e rican Widow $17,964 $15,703 69% $15,356 20% 50% Income less than $30,000 D r eit sir cr ee m pe an nt c is iesonly in D g erb ow t Biu nr gd m en or e pronounced. EBRI finds that the share of American families with heads 15% Wi6 do 0w %erIn total, about$ h 13o ,7w 45 much money would $y 1o 2,2 u 6 8say you (and your sp$o 12 u ,5s 91 e) Source: Employee Benefit Research Institute and Greenwald Research 2021 Retirement Confidence Survey. m f F a em o en d ile iin e yg s t i m o w t n h d a ilit is ik v h v e il in a h d c g c e u o k a a o m d o lfs s f f H o tc a h ir s o g t a p n a e ta f b s e in d l5 y n ie c 5 g t n a a h o c g n r r e o e d o u i w s B lg d lt ih e a t h o h r c e k u w t ft h A a h e tc m o h m t e e h t.ir h a riS a c d r u a t e d c n r th e ie s r b t e h iis t m r e e in ln p e m e c n e w e rtd e n iy e t a th e d s a a e fis r d in n s s e ,c a c t o o o n n h n m cit e la y m iln l d 4 u u w 3 b n o e y ip u c l ls e t a b h lr t y e c e i n ie f s n r g e n g o t t m c m h o oe f a h 1 y d o v 9 a ir 9 n v t l8 o o u s t r e t a c h o r o e e r n f d o ls r y u w u e g b t b o h ie s r m e n t 2 a m e e 0 n f n 1 e itt 9 in a .t l ly Figure 3 (vs. 38% of typical retirees) Single Female $63,251 $61,042 $58,964 ages 55 or old cu er r rw en ht o ly h h ad av d ee i b n t i sn ac v rie nas gs e d c and on in tinu ves otu m sl e yn fr ts om ,* n 1 o9 t 9 in 8c tlhr ud oug ingh t h 20 e 1 v9 a.l ue of your 10% A critical finding with regard to wealth in the United States is the gap1 0 t% hat persists between White 50% 16% Debt Level a Problem of Hispanic and Black Americans, M w dio fo fr e rk e re e orn v se t h .r S a T , in d t h gh i le c r e t M o y r an l- i es f fo ie d u e in rn p d ce e er b ic n te p n th r te i$ o sv 3 f 0a a ,4 m s l7e p 1a n er c c re t ie o h d f a w r se b o te m ire e e n m n s e w tn eo t e.rp k T e e h s r e t $ s 2 f c 6 ro ,o e 4r 5n p 2 ff o a id rm te e in ld ic e h e sa lw e viv in te h g l h o $e 2 f a 5 nd 0 es , v0 e a 0 r g 0 $ -e 2 m 4 o s ,8 a r 7 2 r 7m 5 ri e o od r r e o w lid n oe m ars e sn e ts 13% A similar pattern occurs with debt, as B 12l% ack and Hispanic Americans were more likely to consider debt to w sao vr in ke gr ss t w o h th ile es t 1 e h 1 % c eo yh w or otrsk . ,T b hu is t its h t er u sk ei,l lb se lc ea au rn se e d fa cm ou illid a lb oe b c lia gr a rtiie o d n o s v ce ar n t t o h e re nt ib re e m we en ig th te od p a og te an in ts ia t lly primary res 24 id %ence or F die gfu in re e d 1 8 benefit plan assets? by Gender, Marital Status, and U.S. B 4% orn 37% b o w Ae u m ot tr w e sk ird e e ic e r ea s n o n w f 2 s a ’t 0 h s f0 i e 9 n i 0 7 n % 0 a v a n b % a n c e lu d it h a e w 2 la o 0 e m vf 1 e e e t 9 n a h c , t n e r g h e s io r e / d ir h n t ie t w o gs m c o o fr a u e o e r r m d x a ct e n r d 3 s d e e 1 m a a b .n 2 n e t d y s p t e d a h r t e a cf 5 t e i1 n n o e t p fd e B in r b l a c 2 e c e 0 n k n 0 e t a 7 f .n i t H td o p o H lw 5 ai1 n e s. p v 4 aa e sp n r s,e e i c 1 r t c s 9 A e m (p n Fe it e g rr iu c n ic e r a 2 e nn 0 t1 s 1 o 2 9 r f )e .b ( g T F o a h ig trih u d s r ld c e e o is v 9 m so )o r p . c fa e irn d ec s a o n w m d it e h When it com 40e %s to women and sav 35% ings for retirement, those most at risk are divorced, never married, or (Retirees — by Marital Status) Percentage Who Agree That Retirement Savings Is N o t a N be o t a sm ur a p jo rir s io nrg m ly,i n go iv re p nr o lo b w le e m r sfa ov ri n th ge s ia r n hd o u m so eh re o lp dr o th ba le nm W ah tiic t e d e Ab m 3t4,e % B rilc aa cn ks a , n ad cr H oisssp e aa nc ic h h in oc u o sm eh eo g ld ro s u ap re a th de d r im esp so tr h te a n gc re o w ofi n sg a v is in su ge s f o o fr d o e n b e t’ s in o o w ld ne rr e t aig re em s. e Tn hte , s p eo its e sn ute ia s la ly r e le e av de in ng m to o rb ee p tte errt id ne ec n is ti o to n All Workers All Women Workers Married Women Divorced Women Never-Married Women 27% 100% (vs. 30% of typical retirees) 1 26% 30% n o e nv ly e 7 r- m pe arrc re ie nd t w foo r m die vn o rw ce od rk w er osm se ain d w th oe ry k e w rs e r ae n d n o 1t7 a p t e arlc l e co nn t f fio dre n ne t v in e rh -m ava in rr g ie e d n w ou og m he m n o w no er yk t eh rr so . ughout level. AccordingS t oo ur cP t eh r : i Ee o B R r2 i I t0 R y e2 tiR r1 ee m R eln a e t t t Sii ev r ce ue rm it yt o P e ro n C jet c u tC ior no r M e n 2 on f 7 di % et d l ®N e vn ee rc se io e n d W S 3s 4 o u , 5r9 k rb .e v ry e s y Ra , c lo ew /E etrh W - n o a rin k c ed i rt s y m a id nd d le I- n in cW c o o om rm kee re s Black widowed women. Unmar 25r % ied women tend to have fe Fiw gu erre as 9sets saved for retirement, and lower estimated t3 o 0 % be more likely to run short of money in retirement than White households, as shown by (Figure 2). In the upper income group, 62 percent of Black Americans an 1d 1% 58 percent of Hispanic m fam akiiln ie g s.* w Thi et R h e tm irem in eno t S raiv tiy ng sh Se ha ord tfas lls, (a Rs SS t ) h are e y de th era mv ine e d h asi a g p h ree se rn d t ve alu b et o fl e retv ire e m ls en r t d e el fia cit tsi v ate ag t eo 65 a . ssets than the families 23% Thinking about your current financial situation, how w 16 o % uld you describe your level of debt? D r e iv tio re rc m ee dn a tn , d co n m ev pe ar r- e m d a w rr it ie hd o w nlo ym 7e p n e w rco er n k te o rs f m we ar rr ei e cd o n w so id m er ea nb w lyo m rk o err e s l(iF kie glu yr te o 1 h 1 a )v . e less than $1,000 in 90% Perc Le e sn s t Ta hg ane 6 0 of F6a 0m –62 ilies 6 3W –6i5th H 66 e–a 6d 9s A 7g 0 e ors O 5 ld5 er or N O el vd ere Rre tW ireith Debt, 20% confidence that they will have enough money to live comfortably throughout their retirement. A pr m ele im ric in an ar sy w re er se u lm tso fr re o m lik E eB lyR tIo ’s rR ee pto irre t m sa ev n in t g Ss e c ou f rlie ts ys P tr h o ajn e c$ ti 1 o ,0 n0 M 0 o cd oe m l p (R aS re Pd M w ) 1. 9i % t B h a s W ed h io te n A Em BR eIr’isc ans 25% 20% 40% Worked during retiremeB nla t ck n=741, Hispanic n=731 Americans consider debt a problem compared with 37 percent of White Americans. Problematic debt with white, non-Hispanic h 31 e % ads. With the gap in financial wealth between races coming to the 34% by Age of Family Head, 1992–201 19 0% a ssets: 38 percent for divorced and 42 for never-married vs. 14 percent for married women workers. Source: 2020 Retirement Confidence Survey, EBRI and Greenwald & Associates. To what extent do you agree or disagree with the following? 38% comprehensi 8v 0e % databases of 401(k) and IRA accounts, and taking into account other sources of income Compared to their male counterparts, their estimated retirement savings shortfalls are greater— (vs. 31% of typical retirees) 24% 10% 23% (Figure 1). In fact,2 2 5 % 8 percent of lower-income Black Americans 2 r1 e % ported savings of less than $1,000 vs. 10% 21% 18% Major Problem 18% Minor Problem Not a Problem 18% levels w9 e 0r %e consistent across Black and Hispanic American cohorts regardless of gender, marital status, M T he ee 2 d t.ii n vo gf A r o t c fh r f e e o e d fr r R d w o e in n o tt g m ir , e it e n h m n c e r e w s e n e a o t p s r S k e ra e o dv r b a s iln e c w g c m s e e s r s N e s ce a t m e o nd a n fs r io n k o te a fb d n a e lc y iD i a g m iln v o a o er d r re 1 e s v 5 e d il % s i , k W e e p rls a o y r r t t t k h io c f a o u h tr l a a s cv h e rle a y r s w e m h a a e lcln o e r t n h n le e e v sce e tl is g o r o n o f o u a p rs s c s o e am t rs e,m g ao r so n 7 w a 2li in p tg y e r a w cse i t a n h t Retirement savings is not a prior5 it1y % relative to the current needs of my family. 13% 12% such as Social Security and defined benefit pension plans, the RSPM calc 13 u % lates the likelihood of especially for single females. 100% 7% 70% All 55–64 65–74 75+ 38 percent of White Americans with this income, and 32 percent of middle-income Black Americans had 0% Total: Workers n=1,507, Retirees n=1,510 h E B ad R Il’e s srse t sh ea an rc $ h2 h 5a ,0 s 0 u0 n ie n a r atsh se ed ts f v os u . r5 p 4o p te en rc te ia n l ta fro era n s e to ve fr o -c m ua sr o rin e d su w po pm ore tin n g w B olra kc ek r,s H ain sd p a 3 n 1 ic p , e arn cd e n fe t m foa rl e 16% and whether they were U.S. born (Figure 3). B sh la ac re k a on f d th H e ip sp oa pn uilc a t A io m ne a rn icd a n as re , a en sd se tn hta ia t lB tl o a a ck n a on vd e rH alils p ha ign hilc y A pm roe d ru ic ca tin vs e w wio ll rfk in fd o rtcre u.s tworthy. 70% Say current spending higher than they 81.7% 3% households running short of money in retirement, as well as the present value of deficits for those who 10% 90% All White Black* Hispanic* All White Black* Hispanic* All White Black* Hispanic* 6% 5% 27% 50% 60% S2 t8 ro % ngly Ag2 re 8e % Somewhat Agree F m s A w a u to a v rtr r t ih n k r hie e g e e r s r d ss m a l e w im n o so s r e p m e tr t , h e i e m fa p a n n a m e w r , $ i in c o 1 lio e g r ,0 k m sf0 e o w p 0 rrs a i v t .rr h e s U in . t m n ig 1 rm 3 e itn m h a p o e re e r r ir a n ite c 3c y t 0 e d . t % h u n w e a t a lo o d r m fe sW t e — in rh e p r im a te e rt e t iA ir n c e m t u e a le s a g r r w e ilc y s e a t o r n h e f so .w a s L le o s ik o m w e fw e ia tn r h is m w e H,io i t s tr h h p e e a t 7lh n 8 isk .i e h 5c e % ia r lh y re e e t x a o w p d e h istc — a h tv e w t e d h e t e r h r e e h e t i im g lro h e o w m e rs e e e ts n lt a i t k m e ao lg yu e tn so ,t At the root of these discrepancies are barriers that 33 ar % e both systemic and 33 % be 2% havioral in n 3at 3%ure. These 80% 77.6% ca Len ss ta ha fn f o $3r 5d ,00 0 $35,000-$74,999 36% $75,000 3 5 o 7% 7 r .m 1% ore 77.4% are likely T h to e r R u C n S ssh ho orw t 1e o 1% d f m th o an te B yl a in ck r e Atm ire em ric e a n n ts . F oo f r a h ll o au gs ee sh w oe ld rs e a eg qe u 3 a5 lly -3 l9 ik — eliy n t o ot f h e e e rl w th o a rtd t sh , e th yo w se e rw e ith 80% 76.3% 76.2% 76.3% 7% 41% 8% 10% h 5 am . a 9 v o e tu i m d ne t es b s t o a p fs a a m y sm s a e n e ty s n .d t Isin v t o p or a tc a re t liid n c g u w lm a orm o , r 5 e e 1 n t p w he a e rn r ce e 4 n 0 re t p to ie r fe r d c d e iv b n o e tr f o co e fr d t eh w a eg o ire m i n 6 e c 0 n o c m ro em e ti:r p W ea er h s ee ,d 3 r e w 0a ip s t e h 1r 2 t ch .e 7 o n s p te e o r w fc w h en o id t e o o x w fp e t e h d ce t w e d o m toe n 45% 74.0% Source: Employee Benefit Research Institute and Greenwald Research 2021 Retirement Confidence Survey. o in fc a lud sse et s lac ($ k2 of 5 500 %e ,0 d (v 0 uc s0 . 1 at o 7r % io m o n fo al tr y e p o) ir c w a al a d re s vt im is re or u es c y )h r e hsour ighec r e fo s r t hat Wh r ite eso An m at ee ri c w ait nh B s th lac ank f,o H r iB sp la an cki c o , o r H r un ispm anar icr A ie m d ericans 5% much of their career left to save for retirement—the RSPM predicts that in the current system, 34 70% t U rn ed at ee rs dt a un nd fa in irg ly t b he y f in in ca id ne cn ia cle s o er f v a ic ne d c to re m np da s n in ie d s, e w bth h ile el p os ld te or b H eitstp ea r n eiv ca A lu m ae te ri c th an e sf iw na en re c im al o sr ee c u lir kie ty ly 71.4% 8% 8% 70.1% b r fa e e m t.i r M ie lie e as s r, rw ia ein d td h w 2 H o 9 im s p pe e an r nc iw e c n e ht r e e o a f d m n so e e rv x ee c t r e h -e m a d n a e r h d ra it e lh fd e a w s 4 o 0 lim k p e 1e e 0l% y n r c (r e 2 e n .t 1 ti 7 rte h te i rm s e s r e h esp o ) o lt d o r,t e j b u d e s t h r e 6 atv .i5 r in e p g d e lr b e ce s e s fn o tt r h e fa a n a m g $ e il1 ie 6 ,0 s 00 w 7 t0 0h .i 0t ia % n h n a W ts h s h e e iy t te s , 1. Providing help with prioritizing retirement savings: Hispa2 n 7i % c Americans regardless of 40% Figure 5 8% w pe om rce e n n. Ed t of W uch ait tio e n hal ou an sed h ad oldv si s w or illy r r u e n sour shoc re t s o als f m o oe nit eh y e in r fail t retiro em me en ett, t w he itir h u an niq es u te im ne ate ed ds d or ef ar icie t no of $ t 4 foun 0,50 d 0 for both middle and upper incomes. Twenty-six percent of White Americans with middle incomes had 60% 70% 40% 6% 83% are spending down retir5 e % ment assets to to feel unfairly treated than younger Hispanic Americans. Further, Black and Hispanic Americans of American families now and potentially into the future. Howeve6r6,. 4f % urther evaluation of the e n co x op m ne -p H ca tie s re p dd a tn o w i c b it h e he c o a o n d m ls y p d 1 N a i1 d r o e p s n d o e - M r .w c Lo ie itk n r h te t g d w o a iiv f g s o m e e r , c a D te r h e r d e ib e w t m d ’s o e w I m d m o ie a p m n n a e (c d n Ft e i g r o b e u n tt r - it e A ro e b 1 -e a 5 is ls i) ts .( y F e ittg o r u a S rt a e io v 1 e f 3 o ) fo r . F rf a u Em m rth ie lie r e g rsm e w n oic r te h ie , o s6 ,l 4 d e pre m rcie nn otr io tf y 4% 65.2% 65.0% 9% 35% 10% i tn o tbe od t ary ust i’n s c d w o o or m lla te r hy s – . . H a B o n y w d h e u ar vp e n p re ,e s 4 r sin 8 i n p g c e o dat rc m en a fr et B o o lfa m B ck su la c A k rm v a ee n yr d s i c a H a n in s d dat p sa – n iw c ab e hase o re u s m se su h oo r cle h d s las t i k in e l t h y h at it so of t a g ae g he rce o E e h m o th rp ta lo a t r yie t e e is B m en oe rfe it 50% 68.4% $250,000 or more in assets, compared with 8 percent of Hispanic Americans and 4 68 .p 0% ercent of Black 49% 48% 28% 39% 39% 3p 0% ay health care exp 12e %nsb ey s R ace/Et4h 1n %icity and Income 51% prefer some connection to those providing them financial advice: either working with an advisor d h i e va o d rs c e w d ia m w s p r oe a m lca t e t o n ivf e r f e liy n t ia h re n ig e ch s ia e a lr n w c d o e 6 m ll0 bp e p a i5 n e r0 e g r% c d p e t r n o o t g t o h rf a a w m t io s d fio s fw a n m e ed e il d iw e es o d h m te o e a n s d e e re e d t w ib rh y ea e o t sl d p he ra o rd g W r le a h s m is t s e t h s h a ( a F n vi e g $ u 2 tr h 5 e e , 0 8 d 0 )e . 0 s iir ne a ds sets. 41% 41% 12% 65.4% projected to run short of money, according to th 60 e .6 % preliminary results of the model—in excess of a third 30% 30%51% Research Ins4 t0 it %ute, we can better unde 29%rstand the forces t3 hat 7% result in savings gaps by various cohorts, 11% 63.4% importa (n vst . 6 t9 o % h oe f ltp yp f ic ra ie l rn et d irs e e a sn ) d family now tha 63n .0 %to save for their own retirement than Americans. Similarly, 56 percent of White Americans with upper incomes had $250,000 or more in 60% 28% 27% M arried women retirees were significan 57 t.l 0y % more likely to have $250,000 in assets: 51 percent vs. 25 20% 27% 27% w ou hto c o h m as e h oa f d r e ad s uic m in ilg a ro u r p cb or nit n rg oiln lig n g o n d e eb xt p . e A rlis eo n,c a ed s, d iis t ia of n fa ilila rt e e sd e a w ri cth h o th ne tih r e e d m rp ivle or yse o r fi n th se o me way, more. And their average estimated retirement savings shortfalls are estimated to be higher too: 25% 30% and thereby better a Tod w d hr ae t e sx st t enhe t is m you . r non-mortgage debtF hi ag viu nr ge a 1 ne 5gative impact on your ability to do the following? 23% 6% 54.1% 58.5% 30% 29% p as es re ct esn , tw w o h re i llr e ee s3 sW 59 3f. o 8p h % r e i t t re h ce e A n o m tt o h e f e r b r ic o m a tn h as r B i t(la F ali c g s kt u a a rt n e u d s 1 e H 7 si) . s .p F au nr ic th Ae m r,e m ricia dn dsl e w - ia th n d th u es pe p ie nr c-o in m ce osm he a d H tih sp isa ln ev ic e l of 53.0% 24% 2S % ave for Emergencies 72% Say standard of living is lower in $ 57,000 and $55,000,2 r 1% espectively, or a5 b 6o .0% ut a third more than that of their White counterparts. EBRI is d hia fs fe a 1 r 0 e s % n im ce ils a irn r a ac sisa elt /s e t ah nn di cd b ea bc ts k g bre o tu w n e d e n as a tg he e sm a,n o dr r ia s cte hse / e st ah m ne ic ig te ie n sd a erre a n se te hd 2 e 2 e m % d.. Finally, 20% Ratio of Actual Retirement Age to Expected Retirement Age 20% 20% 54.0% Workers and Retirees who have non-mortgage debt n=1,507, n=1,510 22% 11% 28% 22% 29% 50% 27% assets. Americans w re er te ir e m 24 m % oe re n 5 t 1l. i 9k %ely to 2 a 4g % ree with the statem 24e % nt that retir2 e 4m %ent savings is not a c urrently updating its model using Survey of Consumer Fi2 n2a % nce data to generate updated results of this 10% 21% 51.4% 51.5% 20% examination of the impact of any potential policy changes on retirement security will always be 15%0% Major Impact Minor Impact No Impact 49.8% Less Than 60 60–62 63–65 66–69 70 or Older (vs. A 3l1 l R % e to ire f etsypical rA elt l iW re oe ms e)n Married Women Divorced Women Widowed Women Never-Married 100% preliminary analysis. 0% priority relative to the current needs of their family than White Americans were in these B wla a 1r c 0r % ka a nn te dd H . ispanic worke Rr es ti re w esould ben Re etf iri et e sfrom gre Re a tit re e er s diversit Ry e tia rem esong W in od miev ni R de u tia rel es s providing 19% Male Female Married Not U.S. Born Non-U.S. Male Female Married Not 90% 15% 15% 40% 14% 29% 14% 13% 13% 13% Less Than $1,000 $1 3,M 1 0% 0 a 0r– ri$ e9 d ,999 $10,00 B0 o– rn $24,999 $25,000–$49,999 Married All 2.55 1.64 0.63 41.3% 0.64 0.32 inco 5% me groups (Figure 18). And Hispanic Amer 3i 7c %ans in each income group and Black financia8 l 0h %elp3 i8n % the workplace and beyond 10.% Also, Black an 38 d % Hispanic worke1 r0 s% express interest in 41% 40.3% 44% 8% 7% 45% Debt of Retirees 47% 38.5% $50,000–$99,999 $100,000–$249,999 $250,000 or More Blac k 53% Hispanic All Women 2.17 1.30 0.64 0.84 0.39 70% *Of those who gave a response. 61% 0% 4 one-on-one, personalized advice that builds on their comfort with hav6i6 n % g a connection to those Americans in the lower- and upper-income groups were more likely to agree that saving D h is tc tp re s:p // aw nw ciw es .e w br h i.e on rg i/ td c o o cm s/e de s ft ao u ld t-e sb ot u r b cy e /re ab cre i- ip se su rs ei-s btr iie nft/o e b rr eit _iir be _m 52 e9 n _tr,e a tis r e w ee plrlo , fc ilre esa -ting additional Source: 2020 Retirement Confidence Survey, EBRI and Greenwald & Associates. Married Women 2.17 1.09 0.92 0.61 0.29 All White Black Hispanic All White Black* Hispanic* All White Black Hispanic* 60% 30% 31.9% Source: Employee Benefit Research Institute and Greenwald Research 2021 Retirement Confidence Survey. 31.2% 8apr21.pdf?sfvrsn=39e33a2f_8 29% Divorc ch ed a lW leo nm gp e er s n o . v Eix da in m gi n th in eg m d a a 5t d .9 a v 3 ifc re o.m the Survey 3 .o 1f 6 Consumer Fina0 n.c 4e 1, EBRI finds that 0 .f8 o 5r families with h 0e .0 a9 ds Less than $35,000 $35,000-$74,999 $75,000 or more for a child's education o3r 9 % paying off a child's education is reducing how much they can 50% 29.0% 28.4% 28% 32% 33% 30% Never-Married Women 2.42 0.98 0.70 0.43 0.00 o ver the age of 55, the incidence of debt overall is not markedly different among families with heads of 31% 40% Source: Employee Benefit Research 2 5 In.s 0 t% itute and Greenwald Research 2021 Retirement Confidence Survey. 29% 34% 1 3 5 save for retirement than White Americans (Figure 19). Sourc e: 2020 Retirement Confidence Survey, EB RI and Greenwald & Associates. h h ht t tt t tp p ps s s: : :/ / // / / 2w w w 0% w w ww w w. . .e e eb b br r ri i i. . .o o or r rg g g/ / /d d do o oc c cs s s/ / /d d de e ef f fa a au u ul l lt t t- - -s s so o ou u ur r rc c ce e e/ / /e f ea b b sr rti i-- -fi ia s ss s cu u ts e e/- -fb b f- r r3 i i 2e e 8 8 % f f6 / /e e -s b b p r re i i_ _ ni id b bi_ _ n5 5 g0 3 in 7 0r _ _ e r w t cio s rb e m m he 2 e n 0 n r2 c t1 s -- - 30% 1992 1995 1998 2001 2004 2007 2010 24%2013 2016 2019 2 8 4 1 0 m jh u jtu n a tp n r 22 s 0 21 :. 1 / p .. / p p d w d d f? w ff? s ? w s fsv ff .v r v e r s r b s n sn rn = i= .3 = o d b 6 r9 9 a g8 / a 32 d 3 a3 o d 3a c b 22 s 2 f/ _ ffd _ _ 46 e 2 f ault-source/ebri-issue-brief/ebri_ib_521_debt-17dec 22 2% 0.pdf?sfvrsn=eb403a2f_6 20% 40% 34% Source: Employee Benefit Research Institute estimates from the 1992, 1995, 1998, 2001, 2004, 2007, 2010, 2013, 2016, and 2019 Survey of Consumer Finances. 31% 30% 29% 29% 25% 23% 10% 21% 19% 15% 12% 1 1 1 1 1 1 1 1 1 1 7 8 2 5 9 4 3 6 4 7 2 6 1 5 3 0 8 0% All White Black* Hispanic* All White Black* Hispanic* All White Black* Hispanic* Less than $35,000 $35,000-$74,999 $75,000 or more Source: Employee Benefit Research Institute and Greenwald Research 2021 Retirement Confidence Survey.