State IRA programs work toward closing racial retirement savings gap


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The income and wealth gaps between people of color and white households are wide, but state-run retirement programs are attempting to help workers find parity.

As many as 67% of private-industry workers had access to retirement plans in 2020, according to the U.S. Bureau of Labor Statistics. A significant number of employees, however, remain left out of these programs — and it tends to be workers of color who are missing out.

Indeed, about 64% of Hispanic workers, 53% of Black workers and 45% of Asian American workers have no access to a workplace retirement plan, according to AARP. Small employers are also less likely to offer retirement plans to their…


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