Blacks don’t save as much as whites

A new study shows that 60% of African-Americans have less than $50,000 in company retirement plans and only 23% have more than $100,000. They’re also three times more likely to raid their 401(k) or other retirement plans to meet immediate financial needs. Other research shows that the median assets that blacks have in retirement plans is about half the amount that whites have accumulated: $56,000 compared to $106,000.