Racial Inequities Carry Over from Work to Retirement : Kimberly Blanton / Center for Retirement Research

Liberation for me began in 1963 with a driver’s license, and a delivery boy job in Taylor Hardware, Westfield NJ. What freedom it was to drive all over that town, to go into ‘mansions’ and deliver 100 lb sacks of water softener salt, and learn to talk with all sorts of people. To earn a tip and hear a joke. I remember delivering to a basement on Jerusalem road, which was in the poor “colored” part of town. The owner was the oldest thinnest black man I’d ever seen. He was dignified, moved slowly and invited me in. I carried in his small order worried that his home would be awful and dirty. I was shocked when I got inside, it was one basement room and it was spotless. The room had a dirt floor, but it was polished. His table had a bright white cloth. He was cordial, but no funny stories and he insisted I take his tip. It was a good tip, not extravagant, but not cheap. Everything was orderly and in its place. I left bewildered.

In those days the A and P was the only food store in our town of 30,000. I remember buying ‘a few things’ for my mother who worked in “The Phone Company.” I remember waiting in the checkout line with old ladies in front of me. I’d watch them ‘place their orders on the belt’. And, I’d wonder, why are these old ladies buying so many cans of cat food? Later I learned cat food was what they could afford; later newspapers began reporting cat food was a key ingredient in many widow’s diet.

In the mid 1960’s Lyndon Johnson made Social Security genuine. He invented and legislated Medicare. These programs changed the nature of growing old in America.

John  

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Summary:

Research shows that in the US  racial inequities experienced by Black workers during their careers significantly impact their retirement outcomes. Factors like poorer health, hazardous jobs, and lower wages contribute to early retirement, reduced Social Security benefits, and limited savings. This leads to financial insecurity in old age, despite the crucial role of Social Security for Black retirees.

Key Quotes:

"The typical 51-year-old Black woman has the health of a 69-year-old White woman according to one study. A Black man, at 51, has the body of a 64-year-old White man." (Emphasizes the significant health disparities faced by Black individuals.)
"In the years before retirement, older White households have six times more in their 401(k)s than older Black households. That grows to ten times more after they retire." (Quantifies the significant disparity in retirement savings.)