DGS49
Diamond Member
U.S. Retirement Crisis Hits Black Americans Hard
Many are hampered in building assets by such factors as less intergenerational wealth, more college debt, lower incomes and lower homeownership rates compared with whites.
www.wsj.com
Please pardon the pay-wall. The gist of the article is the self-evident argument that as a results of Blacks "sucking on the hind teat" of the economy for generations, Blacks approaching retirement age (and younger, of course) do not have the savings that would be required to - in conjunction with SS - be sufficient to live a tolerable lifestyle after retirement, or even to retire, truth be told. I used to joke that I would have to work until three years after I die in order to maintain my lifestyle.
The safety net is rather expanded for old folks (like me), so at the core of it you have some monthly stipend from SS and one's major medical costs are covered by Medicare (or a combination of Medicare and Medicaid). There are also food stamps and housing subsidies if you can get them.
It is a crisis, as it is for the "white" poor.
FWIW, BEFORE SOCIAL SECURITY, people who were too old to work looked to their families - their adult children nephews, nieces, etc. How sad that we have got past that way of thinking about our elders.