Retiring comfortably?Fear of an uncertain retirement has more minorities investing The old motto, Save for a rainy day, has taken on a new level of sophistication so·phis·ti·cate v. so·phis·ti·cat·ed, so·phis·ti·cat·ing, so·phis·ti·cates v.tr. 1. To cause to become less natural, especially to make less naive and more worldly. 2. as more people of color Noun 1. people of color - a race with skin pigmentation different from the white race (especially Blacks) people of colour, colour, color race - people who are believed to belong to the same genetic stock; "some biologists doubt that there are important are realizing the benefits of saving for retirement. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the 2000 Retirement Confidence Survey conducted by the American Savings Education Council (ASEC ASEC American Savings Education Council ASEC Authorized Sun Education Center (Sun Microsystems) ), only 24% of African American African American Multiculture A person having origins in any of the black racial groups of Africa. See Race. workers are very confident they will have enough money saved to live comfortably throughout their retirement, compared with 26% of all workers. As a result, employer-sponsored 401(k) plans have become one of the more popular savings vehicles for all minority groups. Two other popular savings vehicles among African Americans are traditional savings accounts or certificates of deposit (65%) and individual retirement accounts (42%). Among the nonsavers, African American respondents said their main reasons for not saving were being unable to afford it (23%) and having too many current financial responsibilities (18%). In January, during ASEC's retirement conference in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , the state's comptroller, H. Carl McCall The Rev. H. Carl McCall (born October 17, 1935, in Boston, Massachusetts) is a former Comptroller of New York State and was the Democratic candidate in the 2002 election for state governor. , who manages and is sole trustee of New York state's $130 billion Common Retirement Fund, said, "If we're going to be strong as a nation, we've got to understand that individual wealth-building is a key--not just to families, but to neighborhoods and communities."
Retirement Confidence
All African Hispanic Asian
Workers Americans Americans Americans
Very
Confident 26% 24% 19% 31%
Somewhat
Confident 47 42 34 44
Not Too
Confident 18 24 33 18
Not At All
Confident 8 8 13 6
Saving Vehicles
All African Hispanic Asian
Workers Americans Americans Americans
401(k) Plan 77% 68% 58% 73%
Savings Account/
CD 70 65 61 66
IRA 57 42 33 60
Home/Safe Deposit
Box 17 26 26 15
403(b) Plan 7 6 9 7
Keogh Account 6 4 6 8
Source: 2000 Retirement Confidence Survey, American Savings Education Council |
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