For Most Americans, Retirement Accounts Are Paltry

Retirement accounts provide at best a modest supplement to Social Security, new Federal Reserve data show. A minority of mostly wealthy Americans have saved very large amounts — many times what middle- and low-income Americans have, if they own accounts at all — making Social Security, which covers nearly everyone, a key program to protect and improve. Half of all households owned retirement accounts — voluntary plans like Individual Retirement Accounts (IRAs) or 401(k)s and similar plans that many employers offer — the latest Survey of Consumer Finances, for 2019, shows. For those with them, the accounts’ median value was $65,000. But ownership and balances in these accounts differ sharply by education, race and ethnicity and income. #racialequity #workforce

You must be logged in to post a comment.