Do you have a solid plan and plenty of savings for retirement? If you’re like most Black Americans, the answer is no. Social security checks tend to be a lot lower for us, and because of systemic barriers like hiring discrimination, we tend to have lower incomes and pay less into our retirement plans like 401ks. But something’s gotta change.
Most companies don’t give their employees pensions anymore, and most of us can’t count on Social Security – so retirement is pretty much based on how much you’re preparing for it right now.
Many of us struggle to save for retirement. Paying into a retirement plan, like a 401k, means less income now – so it's hard to see the benefit when retiring can be so far away. Expenses like medical bills and rent can obviously take precedence over saving.
But long-term retirement planning is crucial.
Retirement is a phase of life we have to seriously think about. We deserve rest in our later years, but we have to figure out our options!
The foundation for the future is only as solid as we make it. Whether through budgeting, saving, working toward getting a better job, or pooling together resources with family or friends and investing it, it’s essential that we get our retirement sorted before it’s too late.