When you consider unemployment statistics, to be young, employed, and Black may seem like a victory unto itself. That’s even more true if you have a job you call a career and a professional future that looks bright. Many Black people who are now of retirement age have not been so fortunate, and many pre-retirees continue to live paycheck to paycheck.

Indeed, when you look at how the Black community fares in terms of retirement readiness, the statistics give cause for alarm. Compared with whites, longstanding disparities in opportunities for Black people have led to disparities in wealth and in channels to build it, like homeownership and participation in retirement accounts. Indeed, 83 percent of Black seniors do not have the assets they need for retirement, according to the Center for Global Policy Solutions, a nonprofit think tank dedicated to advancing economic security for vulnerable populations.

The Federal Reserve’s 2019 Survey of Consumer Finances, the most recent available, paints the fuller picture. Black families have considerably less wealth than white families—a median net worth of $24,100 compared with $188,200.

There are also significant differences when it comes to the intergenerational transmission of wealth, with younger Blacks less likely than whites to benefit from family money that could help, say, with the down payment for a home or provide other kinds of financial lift-off. In fact, the Federal Reserve report notes that by some estimates the differences in inheritances and other family support is the main reason for the racial wealth gap.

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