How Can Policymakers Close the Racial Gap in Retirement Security?

Research Report

How Can Policymakers Close the Racial Gap in Retirement Security?

October 12, 2020

Abstract

Many older Black people face significant financial challenges. Black adults age 65 and older receive only about half as much income as their white counterparts, and they are more than four times as likely to be impoverished. Shoring up Social Security’s finances, boosting Social Security payments to low-income beneficiaries, and expanding Supplemental Security Income would improve financial well-being for many older Black people. Other policy options, including facilitating homeownership, promoting savings, and boosting employment and earnings, could help level the playing field for Black workers and savers, helping them overcome the systemic racism that often obstructs wealth building and limits retirement security.

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