A recent story by the NNPA revealed what most of us already knew. Most Blacks don’t have retirement money or benefits put aside for their retirement. It’s tough to have a retirement plan when you are barely making enough money to make ends meet. We are living from paycheck to paycheck because most companies don’t have retirement plans or we don’t make enough money to invest in retirement plans. So an employee works for 30 to 40 years and all they get is maybe a retirement party.
The alarming thing about this article is that instead of conditions improving, more and more companies that once offered retirement benefits are no longer offering them, or have cutback on the amount they contribute.
In most cases they really wouldn’t have to contribute, just offer a decent 401K plan to their employees, and more information on retirement investments.
According to the National Institute of Retirement Security, 62 percent of Blacks have no assets in a retirement account. Wow. Add to this the fact that depending on which report you use, anywhere from 60 to 75 percent of Blacks in this country are considered to be low-income.