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Building a financially secure retirement is an uphill climb for many Americans, but it’s especially steep if you are Black.

The numbers paint a stark picture. Black workers ages 51 to 64 are the least likely among all racial and ethnic groups to have a retirement account, according to a July 2023 report from the U.S. Government Accountability Office. When they do have one, their median balance is far below that of similarly aged white adults across all income levels.

The savings gap is just the tip of a very large iceberg. Median overall net worth of white households was more than six times that of African American households — $285,000 to $44,900 — in 2022, according to Federal Reserve data. These disparities are the product of many others, spanning American economic life — legacies of the inequities that echo and accrue through Black Americans’ working lives.

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