African American investors are worried about having enough money to retire. The finding was released as part of a Wells Fargo nationwide survey.
Although African American investors have taken significant steps to prepare for a sound retirement in recent years, many are troubled by the prospect of not having an adequate amount of money for a sound retirement.
The cost of day-to-day living expenses as well as paying down debt has forced retirement planning to become a second or third priority among many African American investors. Forty-five percent of those surveyed said they had cut back on spending in order to put money away for retirement compared to 36 percent of the general population.
Forty percent of nonretired African American investors have a retirement savings plan in place, 2 percentage points lower than the national average. Among nonretired African Americans with a retirement plan in place, most earn more than $100,000 per year (68 percent), while only 35 percent of those earning less than $100,000 per year have a plan.
