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Source£ºYan'anNewsNetwork    Updated£º2021-01-16 20:39:09


A study shows that blacks and Hispanics put less money  in their 401 (k) retirement plans than whites and Asians. The study also shows that black and Hispanics borrow more from their plans. These same workers put less money in stocks and withdraw more from the fund for hardship reasons. The  result is blacks and Hispanics will have less money when they retire. It shows payments to plans come from: 66 percent of black workers n 65 percent of Hispanic  workers 77 percent of white workers 76  percent   of  Asians workers Black and Hispanic workers contribute at  much lower levels: black   workers contributed 6 percent  of income Hispanic workers, contributed  6.3 percent n white employees contributed 7.9 percent  Asian workers contributed 9.4 percent. Lower contribution rates means black and Hispanic workers have lower amounts in their accounts. Among employees earning between ,000 and ,000: black workers  saved ,224 Hispanics saved ,017 white workers saved ,551 Asians saved ,590 The differences are dramatic. Experts say minorities will retire with less security. ¡°African-American and Hispanic workers are in danger of retiring into poverty,¡± one said. The study says programs need these changes: Show  the differences among workers to highlight the gaps. Lower the number of defaults on loans by  increasing    the amount of time a departing employee has to  pay off a loan. Young  people should learn about the  value of saving and investing  while  in school. Design 401(k) plans to  include automatic enrollment and increases in contributions. Help workers manage and grow their savings. Communicate with workers in ways that help them make decisions. )

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