The U.S. Census Bureau’s 2021 Survey of Income and Program Participation (SIPP) included some new questions specific to retirement preparation. Among age groups, they find that working-age baby boomers (ages 56 to 64) were the most likely to have a retirement account of some kind, with 58.1 percent having at least one account. Men were a bit more likely to have a retirement account than women—47.8 percent compared to 43.5 percent. Racial and ethnic disparities in retirement account ownership were also clear, with the lowest rates among Hispanic individuals at 28.3 percent. The retirement account ownership rate was also lower among non-Hispanic Black individuals at 37 percent and at 36.1 percent among non-Hispanic individuals of “other” race—a category that included people identifying as multiracial, American Indian or Alaska Native, or Native Hawaiian or Other Pacific Islander. In comparison, rates were higher among non-Hispanic white (54 percent) and non-Hispanic Asian (46.8 percent) individuals.
