The 401(k) race gap

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Data: Collaborative for Equitable Retirement Savings; Chart: Axios VisualsBlack Americans, and Black women in particular, tend on average to have lower 401(k) balances than the rest of the population, contribute less to retirement accounts, and be more likely to take out loans against the balance they do have. That’s true even after adjusting for any difference in salary.Why it matters: The Saver’s Match, a federal retirement-savings incentive that is due to be introduced in 2027 as part of the Secure 2.0 Act, should help to narrow the gap, although it won’t come close to closing it.The…

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