A solo 401k may be a good way to bridge the gap between minorities saving for retirement according to a report by the Center for Retirement Research of Boston College. Here are some findings.
- The earnings and wealth gaps between whites and minorities are enormous.
- In 2016, the share of whites at risk in retirement was 48 percent vs. 54 percent for blacks and 61 percent for Hispanics, smaller than the earnings/wealth disparities.
- The retirement gap is smaller simply because minorities have a lower pre-retirement standard of living to maintain.
- From 2007-2016, retirement risk for all three groups increased, but the gap between whites and blacks narrowed while Hispanics fell further behind.
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