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Few African Americans Take Advantage of Retirement Planning Products

Recent research shows that most African Americans/blacks age 50-plus use financial products, such as checking accounts and savings accounts. But only 1 in 10 use retirement planning products, such as a 401(k) plan or individual retirement account (IRA). Millions of Americans haven’t saved any money for their golden years, and millions of others haven’t saved nearly enough. According to the Federal Reserve, the median balance of retirement accounts totals less than $60,000, and many African Americans/blacks have saved even less.

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But it’s never too late to start preparing for tomorrow. AARP’s free tools and unbiased resources can lend a hand:

 

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AA Age 50+ Use of Banking-FINAL-1-30-14

For more information about this research, please contact: Vicki Gelfeld, AARP Research, vgelfeld@aarp.org; Yuko Araki, Multicultural Markets & Engagement, yaraki@aarp.org; or Manjushree Majhi, AARP Research, mmajhi@aarp.org.

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Felicia Brown is project manager for financial security at AARP.

AARP helps people turn their goals and dreams into real possibilities, strengthens communities and fights for and equips Americans 50 and older to live their best lives. Discover all the ways AARP can help you, your family and your community at AARP Black Community.

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