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4 ways to boost minority retirement savings

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in Employee Benefits Program,Human Resources

If current demographic trends continue, employers in the future will have larger minority workforces—and see declining employee participation in retirement benefits plans.

It’s time to turn that last trend around.

According to a recent study by the Employee Benefit Research Institute (EBRI), only 28% of Hispanic employees and 41% of black workers take part in retirement plans.

About half of white employees participate in their employers’ retirement plans.

And, EBRI found, minority workers who do contribute to 401(k)s and other voluntary retirement savings plans tend to put in less of their own money.

Minorities, now roughly one-third of the U.S. population, are expected to become the majority in 2042, according to the U.S. Census Bureau. Hispanics will account for about 30% of the U.S. population by 2050. Blacks will comprise 15% of the population.

But regardless of race or ethnicity, the nation’s citizens will be getting ol...(register to read more)

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