"Retirement plans both traditional pensions and 401(k)-style accounts account for 19% of income. Earnings from work make up 12%, while property and investments provide 6%. The figures vary significantly by demographic group. Social Security provides 60% of income for older Black Americans and 55% for Hispanic seniors, compared with 51% for white seniors and 46% for Asian seniors. Those with high school education or less rely on Social Security for 63% of income, while those with graduate degrees get just 33% from the program."
"Retirement savings represent about one-quarter of financial assets for the typical working adult, while home equity accounts for one-third. Among workers ages 55 to 64, median retirement savings stand at $30,000, compared with $130,000 in home equity. Younger workers ages 21 to 34 have median retirement savings of just $3,150 and no home equity at the median. Racial disparities also persist in wealth accumulation."
Social Security provides 52% of income on average for Americans ages 65 and older. Retirement plans account for 19% of income, earnings for 12%, and property and investments for 6%. Social Security comprises larger shares of income for older Black (60%) and Hispanic (55%) Americans than for white (51%) and Asian (46%) seniors. Individuals with a high school education or less rely on Social Security for 63% of income, while those with graduate degrees receive 33%. Median retirement savings are low relative to home equity, and employer plan access and participation vary widely by race, education, and income.
Read at www.housingwire.com
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