regardless of race, the typical working-age US household is far off-track toward accumulating…savings to meet their basic needs in retirement…we find an even worse situation for blacks, Latinos and Asians…only four out of 10 Latinos and about five out of 10 Asians and blacks work for employers that sponsor retirement plans, compared to six out of 10 white employees…For working-age households, the average retirement savings is only about $20,000 among blacks and $18,000 for Latinos—a small fraction of the $112,000 average among white households…With little else to depend on besides Social Security when they retire, people of color are especially vulnerable to reliance on public assistance and economic hardship in old age.
Nari Rhee, manager of research, National Institute on Retirement Security