These Steps Can Help Close the Racial Retirement Gap. ‘It's Not What You Make, It's What You Keep,' Says Fortune 100 CEO
The racial wealth gap has resulted in a significant retirement savings shortfall, according to Thasunda Brown Duckett, president and CEO of TIAA.
Duckett stated that access to a retirement plan at work is not sufficient to address the racial gap in retirement and build generational wealth for Black Americans. Many older Americans worry about their retirement security. Duckett stated that "all Americans are at risk of being out of money. This number increases when you consider minorities and women."
Black and Hispanic families are less likely to have access to or use retirement plans sponsored by their employers. Duckett stated that all employers, even small business owners, should provide employees with access to workplace plans to help them save. This will allow them to "take the necessary steps for a secure retirement while managing the high stress environment we face today."
Duckett explained that this is what ultimately allows Black households to “transfer wealth and not debt to future generations”.