Retirement Realities

According to a new study, 48% of African-American workers (down from 62% in 2003) and 41% of Hispanic workers (down from 60% in 2003) say they have saved money for retirement, making them less likely than workers overall (66%) to have saved.

That’s just one of the findings by the nonpartisan Employee Benefit Research Institute’s recently released 2007 Minority Retirement Confidence Survey.

The EBRI survey also found that 70% of workers overall, 72% of African-Americans, and 69% of Hispanics say they will have enough money to live comfortably throughout their retirement years.

However, the survey notes that 54% of African-Americans and 55% of Hispanics report having less than $10,000 in savings and investments, compared with 35% of workers overall.

Among African-Americans, 53% expect to have access to retiree health insurance through an employer, compared to 41% overall. The survey notes that 34% of African-Americans, 24% of workers overall, and 18% of Hispanics think they have private coverage for long-term care expenses.

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However, EBRI warns that as with traditional pensions, employer-provided retiree health insurance is declining and private coverage for long-term care is low.

The EBRI estimates that just 10% of Americans age 65 and over had private long-term insurance in 2002, for example.

The survey is sponsored EBRI, Mathew Greenwald & Associates, and The Rockefeller Foundation.

Elaine Rigoli has nearly 15 years of experience managing content and community for various B2B and consumer websites. Elaine has written thousands of business and technology articles and has been quoted in The Wall Street Journal and eWeek, among other publications.

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