Everyone’s journey toward retirement looks different, and for Americans who identify as people of color (POC), they may face unique challenges as they head toward their golden years.
Although they suggest feeling reasonably prepared for retirement, POC report limited retirement-focused investments and lack of progress toward achieving important retirement goals. These findings from our Retirement Risk Readiness Study* indicate a potential misinterpretation of their financial situation, which could be attributed to different cultural values that shape their decision making, that may put POC’s retirement readiness at risk.
Unfortunately, that risk may be compounded due to a lack of professional help. Less than one-third (32%) of POC indicated that they are currently working with a financial professional.
Knowing this, how can POC make progress toward achieving a more confident financial future? Here are three steps that can help POC address their financial situation head on and develop an achievable retirement plan: