2/20/2015 – Middle-age blacks have less in their 401(k)s than young whites

Our current retirement system heavily relies on tax-advantaged savings accounts such as 401(k)s. This system works reasonably well in the world of upper-middle-class and affluent people. Unfortunately, that same 401(k) system functions quite poorly for most people outside that top economic layer. African-American and Hispanic workers are particularly unlikely to derive financial advantage from these arrangements. Median financial wealth is quite low for both groups, especially when compared with non-Hispanic whites.

Read the full article at The Washington Post.