According to a new report, fewer than half of Blacks and Latino workers have retirement plans on the job, leaving them with no savings for their golden years.
“The typical household of color has nothing saved in a retirement account," said Diane Oakley, executive director of the National Institute on Retirement Security (NIRS).
The report cites our lack of benefit from tax breaks and unlikeliness to have jobs with defined-benefit pensions as reasons behind these startling findings.
These statistics are particularly troublesome with talks of Social Security cuts looming on Capital Hill. Americans may not be able to depend on the government as they have in the past for aid.
So today we want to know, how are you saving for retirement?