Is There a Retirement Crisis?
Posted on August 6, 2007
Filed Under Finance
IS THERE A RETIREMENT CRISIS AMONGST BLACKS? EXAMING THE DEBATE
Columbus, Ohio – There is new research by the Center for Retirement Research at Boston College about the retirement crisis debate. This is sparked by recent academic articles that question whether Americans are, especially African Americans, facing a retirement income crisis.
The Issue: Soaring oil prices, rising health care costs, declining retirement benefits and the uncertainty of Social Security and Medicare make many doubt they have what it takes to build financial security.
This is particularly true for African-Americans who are behind in accumulating wealth with an average net worth of $6000 compared to $86,000 for other US households.* This has to change – to stop the disparity from widening.
WHO: Keith Millner, President of Nationwide Financial Network, is available for interviews to discuss this topic and shed light on some of the research that says – 73% of African Americans males surveyed said they were forced into retirement by factors beyond their control – unexpected job loss, disability or illness. The score was only 33% for the general population.
94% would like to stay in their own home during retirement. This compares to 81% for the general population.
Research also indicates that 45 percent of households will be at risk of not maintaining their standard of living in retirement.
WHEN: Telephone and face to face interviews are available
>HOW: To arrange an interview—contact Bob Cunningham at (614) 249-3091 or cunninb1@nationwide.com.
Nationwide, based in Columbus, Ohio, is one of the largest diversified insurance and financial services organizations in the world, with more than $160 billion in assets. Nationwide ranks #104 on the Fortune 500 list. The company provides a full range of insurance and financial services, including auto, motorcycle, boat, homeowners, life, commercial insurance, administrative services, annuities, mortgages, mutual funds, pensions, long-term savings plans and health and productivity services. For more information, visit www.nationwide.com
Nationwide, the Nationwide Framemark and On Your Side are federally registered service marks of Nationwide Mutual Insurance Company.
This information has been distributed through BlackPR.com – an extensive press release distribution service to all the African-American newspapers, magazines, radio and TV stations; and BlackNews.com – an online portal for African-American news & issues.
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