Black women aged 55-59 have an average retirement balance of $129,933. That's less than 40% of the $328,217 that white women in that age group have saved up
Share on email balances than the rest of the population, contribute less to retirement accounts, and be more likely to take out loans against the balance they do have. That's true even after adjusting for any difference in salary.The Saver's Match, a federal retirement-savings incentive that is due to be introduced in 2027 as part of the Secure 2.0 Act, should help to narrow the gap, although it won't come close to closing it.
That's partly because contributions are lower. Black women between 55 and 59 save 8% of their salary on average for retirement, compared to 11% for white women and 17% for Asian women.
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