Overview

Many older Americans today are poorly prepared to finance their retirement years, and such under-preparedness is especially acute for members of disadvantaged racial and ethnic minority groups. Black and Hispanic families, for example, have only a quarter of the amount of net private wealth (assets minus liabilities) compared to White families. Moreover, racial wealth gaps have not diminished much in the past four decades, in part because Whites tend to save more in and withdraw less from employer-sponsored retirement plans than do their Black and Hispanic counterparts. The studies herein provide a range of perspectives on the causes and consequences of retirement wealth inequality, along with suggested opportunities to close the gaps. The contributors explore new datasets, analyze historical trends in income and wealth disparities, and evaluate alternative wealth and inequality measures. They also evaluate the roles of differential access to financial, housing, and human capital, and the role of the social security program. While the latter is a great equalizer, narrowing racial gaps considerably, the program faces insolvency and, without reform, it will be unable to pay full scheduled benefits within a decade.

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Nikolai Roussanov is Moise Y. Safra Professor and Professor of Finance at the Wharton School, University of Pennsylvania, and a research associate at the National Bureau of Economic Research. Nikolai Roussanov is Moise Y. Safra Professor and Professor of Finance at the Wharton School, University of Pennsylvania, and a research associate at the National Bureau of Economic Research. Olivia S. Mitchell's main areas of interest are private and public insurance, risk management, public finance, labor markets, compensation, and pensions with both a U.S. and an international focus. She is a Research Associate of the National Bureau of Economic Research and she earned her PhD in Economics from the University of Wisconsin-Madison. Diana Blue received her BFA in drama from Hofstra University and her MA in theater education from Emerson College. She is a classically trained actor, choreographer, and voice performer who resides in Connecticut. She has lent her voice to many promos, commercials, and TV voice-overs. Additionally, she is passionate in her work as a K-12 theater educator and director. Diana Blue received her BFA in drama from Hofstra University and her MA in theater education from Emerson College. She is a classically trained actor, choreographer, and voice performer who resides in Connecticut. She has lent her voice to many promos, commercials, and TV voice-overs. Additionally, she is passionate in her work as a K-12 theater educator and director.

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