Saturday, November 01, 2008

Savings rates in 401k's

From the Seattle PI.
Although African-Americans are enrolled in employer- sponsored defined-
contribution plans at about the same rate as whites, they save far less each
month and have a considerably smaller portfolio balance. The median monthly
amount that blacks contribute to their 401(k) plan is $169, while whites
contribute about 50 percent more, or $249 each month. As a result, the median
total household savings for retirement reported by black respondents is $53,000,
compared with $114,000 for whites.

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