the color of wealth: obstacles to retirement for people of color dr. maya rockeymoore april 2013

The Color of Wealth:Obstacles to Retirement for People of ColorDr. Maya RockeymooreApril 2013

2 http://www.pewsocialtrends.org/files/2011/07/SDT-Wealth-Report_7-26-11_FINAL.pdf

2 http://www.pewsocialtrends.org/files/2011/07/SDT-Wealth-Report_7-26-11_FINAL.pdf

Women, Race/Ethnicity and the Wealth Gap

Source: Chang, M. Lifting as We Climb: Women of Color, Wealth and America’s Future. Oakland: Insight Center, 2010.

Private Pensions: More Exposure to Market Risk

Ariel/Hewitt Study• The Ariel/Aon Hewitt study, 401(k) Plans in Living Color II,

examined the defined contribution (DC) plans of 60 large U.S. organizations, representing 2.4 million employees.

• Just two-thirds of Hispanics and 68 percent of African Americans contributed to a DC plan in 2010, while 79 percent of whites and 80 percent of Asian workers did so.

• Fully 8.8 percent of African-Americans took hardship withdrawals in 2010, compared to 3.2 percent of Hispanics, 1.7 percent of whites and just 1.2 percent of Asian workers.

• Half of all African-Americans and 40 percent of Hispanic employees carried a loan balance at the end of 2010, compared to just 22 percent of Asians and 26 percent of whites.

• Two-thirds (63 percent) of African-Americans and 57 percent of Hispanics who left their employer in 2010 cashed out their balances. In comparison, 39 percent of white employees, and just over a third (34 percent) of Asian workers did the same.

Source: Economic Policy Institute http://stateofworkingamerica.org/charts/homeownership-rates-by-race-1975-2009/

Life Expectancy At Birth By Race and Ethnicity

(Source: National Vital Statistics May 2011 and U.S. Census Projections)

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Principles for Strengthening Social Security

• Strengthen and Modernize Social Security

• Maintain What Works

• Increase Access

• Improve Economic Security for Vulnerable Populations

• Achieve Intergenerational Equity

• Ensure Long Term Solvency and Adequacy

www.globalpolicysolutions.comPresentation Page:

• Strengthen and Modernize Social Security

• Maintain What Works

• Increase Access

• Improve Economic Security for Vulnerable Populations

• Achieve Intergenerational Equity

• Ensure Long Term Solvency and Adequacy

Principles for Strengthening Social Security

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The Grand Bargain

• The Chained CPI• Means-testing

Medicare• Raising the

retirement age• “Slowing the

growth of entitlements.”

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Making policy work for people and the environments

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