The Racial Wealth Gap Persists Through Retirement

Welcome to 2017! President Obama has exited the stage, and a Trump presidency is now reality. If you’re still not shocked, remember this: Right now, more than half of all Black families in the United States today have no retirement wealth at all, meaning they will likely be entirely dependent on Social Security, which currently pays an average benefit of just $1,239 per month.

Where is all the money and who does have all the wealth?

According to a new report by the Institute for Policy Studies, the top 100 U.S. corporate CEOs have amassed $4.7 billion in their company retirement funds. You’d have to add up the retirement savings of nearly 60 percent of the poorest African-American families before you hit $4.7 billion. We’re talking about 100 CEOs having as much saved for retirement as 11 million Black families.

– Institute for Policy Studies

Read full article here.