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American families have been accumulating debt at a rapid pace over the past two decades, with the debt level nearly doubling. Yet family incomes have not kept pace. As a result, the long-term retirement security of many families is at risk.

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…