Many Blacks and Latinos Have No Retirement Savings, Study Shows

Michael A. Fletcher, Washington Post, December 9, 2013

Fewer than half of blacks and Latino workers have retirement plans on the job, leaving the vast majority of them with no savings designated for their golden years, according to a report to be released Tuesday.

Americans of all races face the growing prospect of downward mobility in retirement, the report said, but the problem is particularly acute for blacks and Hispanics.

More often than not, blacks and Latinos benefit little from the tax breaks and other policy initiatives aimed at bolstering retirement security because they typically have no money to save for retirement in IRAs and other vehicles outside the workplace, according to Diane Oakley, executive director of the National Institute on Retirement Security (NIRS), which conducted the study. In addition, they are much less likely than whites to have defined-benefit pensions, particularly outside of public sector jobs.

“Those are startling findings,” Oakley said. “The typical household of color has nothing saved in a retirement account.”

The report highlights the retirement security problems looming for a nation grappling with serious debt even as an aging population is demanding more services from government.

{snip}

Meanwhile, a host of state and local governments have been cutting back on pension benefits for public employees, saying they cannot afford their long-term cost.

Such public employee pensions, which typically pay a fixed benefit for life, have been of particular help to African Americans, who make up a disproportionate share of government workers. Similarly, trimming retirement benefits will disproportionately hurt the retirement prospects of black workers, even as they struggle with lower housing values and homeownership rates than whites.

{snip}

The NIRS report said that among households headed by blacks and hispanics between the ages of 55 and 64, the average retirement savings account balance was $30,000. Among whites on the verge of retirement, it was $120,000. Meanwhile, investment and human resource firms typically recommend that retirees have assets worth anywhere from eight to 11 times their annual wages in order to adequately prepare for old age.

{snip}

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  • Manaphy

    Why should people who haven’t actually worked a legitimate day in their lives have retirement savings?

    • IstvanIN

      They do have one, it is called SSI.

  • D.B. Cooper

    Don’t worry, your uncle will make sure they have a better nest egg than you do.

  • Luca

    Next up, universal retirement entitlement: “If you like your retirement plan, you can keep your retirement plan.”

    • Hal K

      Sorry to say, this is probably what they have in mind.

      • They’ve had it in mind for at least 20 years.

        And the same hypocritical Federal government, jonesing for a way to expropriate our retirement savings, runs PSAs telling us to save money. What the chocolate fudge for if they’re just going to take it away?

        • RisingReich

          All I save is the minimal to get the 100% return via my company’s match. Just in case they DON’T confiscate it, but I am absolutely NOT tying up any real amount of money in a ‘qualified’ plan.

          For a young, professional, WHITE MALE – it would be quite insane to expect no change of the rules going forward considering the impending meltdown.

          I like REAL value, beans, bullets, bullion.

          • Ella

            And land?

          • WR_the_realist

            Land is certainly useful be remember that in the U.S. you never own it, your rent it from the government. If you doubt this, try seeing how long you can hold onto your land if you don’t pay property taxes.

        • Pro_Whitey

          I think a partial solution might reside in using insurance rather than 401(k)s, but it is necessary to own the insurance company as well as buy their policies and annuities. The insurance companies have one hell of a lobby, so funds in life insurance are relatively safe from expropriation. If white people could be assured that the insurance company will invest in their homes and businesses, they might be willing to pay higher premiums to keep it invested with and payable to whites. Again, it is necessary that the insurance company be owned on a mutual basis to align policy holder and insurance company interests.

          • “Insurance has one hell of a lobby”

            And I certainly have a front row seat to that these days.

            The problem is that Insurance is mostly a Republican special interest. (This is why tort reform is a big Republican hobby horse but almost no Democrats want it. Insurance wants tort reform, the Democrats, with trial and class action lawyers as one of their big special interests, doesn’t.)

            So if your idea is to run de facto private pensions through insurance companies, you still run the risk of exprop when Democrats run the government.

      • So CAL Snowman

        Check out the October report from the IMF cheekily entitled “Taxing Times.”

        ““The sharp deterioration of the public finances in many countries has
        revived interest in a “capital levy”— a one-off tax on private wealth—as
        an exceptional measure to restore debt sustainability. The appeal is
        that such a tax, if it is implemented before avoidance is possible and
        there is a belief that it will never be repeated, does not distort
        behavior (and may be seen by some as fair). … The conditions for success
        are strong, but also need to be weighed against the risks of the
        alternatives, which include repudiating public debt or inflating it
        away. … The tax rates needed to bring down public debt to precrisis
        levels, moreover, are sizable: reducing debt ratios to end-2007 levels
        would require (for a sample of 15 euro area countries) a tax rate of
        about 10 percent on households with positive net wealth. (page 49)”

        • Sick of it

          Yet another plan that won’t scratch the billionaires, but screws over the rest.

          • me

            “The rest”, is another term for White middle classes?

          • Sick of it

            Modern tax plans seem to wreck the working class as well as any so-called middle class folk and working class people have even less to get by on. We’re all getting screwed.

          • me

            Whites, you mean?

          • Sick of it

            Yep.

          • Zaporizhian Sich

            You know the power to tax is the power to destroy, and the Bolsheviks are about to finish destroying working class and middle class whites.

          • ms_anthro

            Isn’t it weird how they all have such similar faces? The same weird wide mouth and ratty snout…I don’t understand it, but it’s impossible to unsee once you notice.

          • Whitetrashgang

            Its from living in the desert, the hook nose cools down the air and same with the mouth.

    • IstvanIN

      and then expropriation by the Feds.

  • Dave4088

    The tone of the article is that even though blacks and latinos have paltry retirement savings accounts, it’s not their fault (never is) and the fact that whites have larger retirement savings (due to higher intelligence and better life choices) is an injustice.

    • Sick of it

      Whites have been losing their retirement for quite a while now. Enron. Market manipulation. Lay offs which empty out one’s nest egg.

      • The stagnant economy means NASDAQ is only finally starting to crawl back to its pre-2000 levels, municipal bankruptcies means the bond market is a poor-performer, and interest rates are low, so investments are not making much of a return. Conversely, high petroleum costs are driving up consumer prices.

        The correction in the housing bubble also left a lot of families underwater on their home mortgages. So long as they don’t have to move for work reasons or get divorced and then have to divide assets, or didn’t get some crazy adjustable-rate mortgage, they can avoid taking the loss by simply staying put, but it’s not a happy situation for them to be in.

        A lot of middle-class Americans have also forgotten how to be poor. One of my neighbors lost her townhouse to foreclosure a few years ago because she was skipping mortgage payments while sending her son to a private school This in northern Colorado Springs, where the public schools are quite good; she also drove a ginormous gas-hog of an SUV, a set of spending priorities that I will charitably describe as “peculiar”. Her son was a sweet kid and quite bright, but sending him to a nearby public school in lilly-white District 20 wasn’t going to hurt him. Since she had earlier partly finished her basement, she could – and should – have taken in a renter. While this financial crisis was developing for her, she also started smoking again; cigarettes are a health hazard nobody needs, and a financial massacre for someone who is already struggling to make ends meet.

  • DudeWheresMyCountry?

    Non-Whites saving and thinking long-term, sounds like the elements of a joke.

    This society / culture is so infected with the propaganda of lies that to tell the truth, no matter how obvious… is an unthinkable act.

    Could you imagine the writer of this piece actually saying the reason why these differences exist?

    As a friend of mine says when someone gets upset over spoken truths about the realities of race, “prove me wrong.”

    • Sick of it

      This particular difference may exist because people on welfare do not need retirement. The government will provide.

  • My retirement plan was “pay off the house and then keep working out of the basement and garage until I croak”. I don’t have a problem with this.

    This is just something else for the blacks and browns to whine about.

    • WR_the_realist

      Both my sister in NH and I have paid off our houses. Both of us will have to work until we croak, to pay for property taxes, food, utilities, mandatory repairs, automobile, and clothes to replace what wears out. That seems to be the best anyone without a government pension can hope for.

      • newscomments70

        I think we’re all on the same boat. It doesn’t bother me to work forever. If I didn’t work, I would go insane. This is unfair though. We built this country and we should have the freedom to retire, if we choose to. Our resources are being sucked up by the third world hordes, who are growing exponentially.

        • I haven’t worked a steady job in almost 8 years, but I love what I do. I have a machine shop and woodworking shop in the basement, and an auto shop and welding equipment in the garage. I turn out an occasional naval history article. This is great! I can’t imagine wanting to go back to a nine-to-five grind. If I was filthy rich, I’d still do what I now. If my gun rights were someday restored, I’d add case-forming, reloading and lots of recreational shooting to the list.

          If my wife quit work, and she has done so twice, we can make ends meet. I can’t imagine even wanting a bigger house. If we have more kids, I can finish part of the basement. Six years of working for moderated multiple expletives left me with a blood pressure of 175/105 at age 30. There is no way I am going back to that sort of existence. It certainly wasn’t “life”.

          Eventually a fellow has to decide “I have enough stuff, and now it is time to slow down a bit.”

          • Mike Conrad

            “If I was filthy rich, I’d still do what I now.”

            This is the very definition of freedom.

          • newscomments70

            I am self-employed as well. Although my job is stressful, I could not imagine going back to the hell of the corporate world, bosses, back-stabbing coworkers, affirmative action, and hellish commutes on LA freeways. In my network of suppliers, it seems that older/middle-aged white men nearing retirement/pension are being accused of “sexual harrassment”. They are fired a few years before retirement date and lose everything. They are always replaced by younger women who know very little, are lazy, and increase my costs. Anyhow, I still get by, and no one will every fire me.

  • And we can’t pin this on income disparities, because this has found to be true even controlling for income and the availability of 401x-x plans at their jobs.

    It’s because people with lower IQs, short future time orientation and a simple frontal lobe simply must keep it real.

  • Dave4088

    I sense a bailout of older black and Latino municipal workers on the horizon. Mac daddy Obama and the anti-white Democrats will make sure that blacks and browns do not fail.

    Now I know why the Obama regime and the loony left have considered appropriating all private pensions and 401K’s.

    • Whitetrashgang

      Crap on that, the next thing is section 8 in your house. Excuse me Mr jones Rufus and famby will be moving in your basement for the next 10-20 years, why your not racist are you?

      • Sick of it

        Who’s going to stop them?

        • Jesse James

          If that day ever comes I will burn my place to the ground.

      • Anglokraut

        Don’t smear the name Rufus! I have a dog named Rufus, and he’s sweet, friendly, and very smart.

    • Erasmus

      Now I know why the Obama regime and the loony left have considered appropriating all private pensions and 401K’s.

      If doing that doesn’t split the country, then nothing will. I am tired of supporting semi-retarded sociopaths with money that should be going to my family.

      • Mike Conrad

        It’s not going to happen, at least not in such simple terms, but it is worth noting that the tendency–always–is to soak the hard-working middle class while leaving the Wall Street plutocrat class untouched.

    • Can’t be done. The feds could take IRA and 401(k) accounts via eminent domain, but would have to pay fair market value for them. The government would then not only be out the monetary value of these investments, but would immediately be stuck with a lot of relatively non-liquid assets (stocks, bonds, mortgages, etc) on its hands. Worse still from the government’s standpoint, doing this would effectively kill the US financial industry, because nobody in their right mind would would ever buy US financial instruments again. A follow-on effect would be the demise of US business, because corporations wouldn’t be able to sell stock to raise money.

      • obot

        When has law or logic ever stopped the socialists from their destroying countries?

        • Jealousy and class-baiting never makes for good public policy.

          • WR_the_realist

            True, but since when has that ever stopped left wing politicians?

          • Zaporizhian Sich

            No, but it does lead to genocide and had resulted in genocide time and time again.

      • WR_the_realist

        Already the idea has been floated of forcing Americans with 401ks or IRAs to put the money into treasury bonds. This is touted as a way to protect Americans from crashes in the stock market, but the real purpose is to create a vast pool of forced buyers of treasury bonds, necessary since not enough fools want to lend to the federal government, knowing how much money printing is coming up.

      • willbest

        There are loopholes in eminent domain. For example, it needs to rise to the level of a taking. Requiring all IRA/401k plans to put 30% of their assets in treasuries most likely wouldn’t be considered a taking, just a restriction on use.

        • I suspect that a law that made mandatory purchases of US treasuries of investors would make them much less attractive to foreign governments, and it still wouldn’t address the problem of everyone simply moving their money offshore.

          • willbest

            The US spends an inordinate amount of effort subjecting the entire banking world to US banking laws. Its to the point where a lot of foreign banks will not accept deposits from US citizens. So unless you plan on walking cash across the border, the US will know.

          • Ten grand or less at a time does not have to be declared.

      • Mike Conrad

        Can’t be done? All you have to do is adjust tax policy, which is the power to destroy and which is adjusted all the time.

      • Dave4088

        Do you think Obama or any of the Democrats care about violating the Constitution or any other legalities associated with seizing private pensions? Who do you think will stop them? The media? Or perhaps Paul Ryan, John Boehner, or Eric Cantor?

        Once the Dems recapture the House there’s no telling what they’ll do, law be damned.

  • DudeWheresMyCountry?

    Hey have some sympathy, 24″ “spinner” chrome custom wheels are expensive for a 1995 Impala.

    • That sort of frivolous consumerism is a large part of why they don’t have retirement savings. Spending years not working or incarcerated also inhibits savings, and so do the lifestyle-related ailments blacks and browns often develop.

      • Alexandra1973

        And then it’s hard for whites to save because our wealth is being “redistributed” to fund these knuckleheads’ lifestyles and bling!

        • Or taxed away from us to keep them locked up, feed, clothe and educate their dim-witted offspring, etc.

    • Whitetrashgang

      Living in a 1995 Impala will become the new American dream for whitey, god only knows whats in the trunk.

      • IstvanIN

        It was a roomy car, although I prefer the Caprice wagon version when I have family over for the holidays.

        • Mike Conrad

          Don’t knock it, I’m ready to chuck everything and live in a boat or a motor home…

          • I once thought about buying a boat and living in it. The down side for me was that by the time there is enough room and generator capacity for a machine shop, one has an expensive ship and not a boat.

          • Mike Conrad

            And I would have to give up my extensive collection of subversive literature–it weighs a ton. Sacrifices must be made. OTOH, I could digitize it…

          • Ella

            I know a handful of couples buying cruisers or small yachts to avoid property and city taxes, but you have to pay for a boat slip by size / length. Plus, if you want to cruise it, there is the gas costs and insurance (ouch!).

          • Alexandra1973

            I have a minivan, middle and back row seats can come out (man I wish I had stow-and-go).

        • Whitetrashgang

          Yes once you have arrived there is a real sense of satistfaction. I remember the first time I picked up a hooker with only using my wits and 40 dollars.

          • IstvanIN

            American or Canadian?

  • Don’t worry, the Executive Order is coming soon.

    ObamaRetirementPlan

  • Zaporizhian Sich

    Fear not, they will take ours through the likes of African supremacists like Obama and his Bolshevik puppet masters. I frankly expect many white Americans will not be retiring, they will be dying in battles against these darkies when they try to take our remaining wealth.

    • Spartacus

      Oh look – Diversity !

      • Whitetrashgang

        Its the thing dreams are made of.

    • Katherine McChesney

      Is that a knife in his left hand? Looks like a so-called “Englishman” judging by the logo of itv news.

      • RisingReich

        That’s one of the rag-headed scum bags that darn near decapitated a British soldier after they ambushed him while leaving his barracks. I think that’s one of them anyway.

        • IstvanIN

          And the British government keeps bringing them in by the thousands.

          • Zaporizhian Sich

            Our government is doing the same thing, and that is one major reason why even those who saved for retirement all of their lives won’t be able to retire the way they planned, if at all.

          • Ella

            I read that Poland just nationalized private retirement accounts being
            forced into a State guaranteed system. This is to help reduce
            Poland’s public debts (Reuters). I think the US govt. will tax us to death for their minority distribution plans as we withdraw retirement funds at older age.

          • Zaporizhian Sich

            I think that is too optimistic, it will be much, much worse if we do not start fighting back very soon.

      • redfeathers

        That’s one of the Africans who killed Lee Rigby. The weapon might have been a meat cleaver.

        • me

          May God rest Lee Rigby’s soul….give peace to his family…and give to his murderers what they deserve!
          Lee Rigby with his two-year-old son, Jack.

          • GeneticsareDestiny

            That poor little boy…growing up without a father will not be easy. I hope he has some uncles or his grandfathers in his life to provide him with male role models.

      • Whitetrashgang

        Only racist people think it is a knife, I see it as a all purpose Diversity helper.

      • Zaporizhian Sich

        It is the knife this black Muslim used to murder a white man in broad daylight in England. Remember this image well.

        • IstvanIN

          Yes, that is the man who murdered Lee Rigby.

    • me

      What a putrid, demented demon!

      • Whirlwinder

        Islam just doing its thing. But, the liberal elite governing class does not see it.

    • Whirlwinder

      You may be right. Islam’s Koran does tell them to strike at the kuffar’s (infidels) necks. So, our retirement could get cut short, so to speak.

  • odious liberal

    Tell me why I should care? They don’t.

    • Katherine McChesney

      They dream of ‘Obamabucks’.

      • Bon, From the Land of Babble

        Like this??

    • obot

      You should care because they will take your retirement savings in the name of social justus

  • RisingReich

    I smell the next ‘disparate impact’ lawsuit. ‘Blacks and browns are being discriminated against b/c these retirement plans don’t help blacks.’

    Nevermind these plans are voluntary…facts are at the base of the case, as they never are.

  • Bon, From the Land of Babble

    Why should “people of color” save? They’ll demand that Whites pay for their retirement as a form of reparations — and the anti-White politicians will agree with them

    “The typical household of color has nothing saved in a retirement account.”

    I can already see how this is going to play out:

    IRA and 401k tax deductions will be declared “unfair” tax breaks for “the rich” and those of us who do have retirement plans will be forced to share with those less fortunate than us – in the name of social justice. Eventually, our private pensions will be confiscated and a far lower amount doled out to us as a “guaranteed” payment for life.

    After all, we didn’t earn the money in those accounts according to Obama.

    Good luck confiscating mine, I assume the state has already spent it…

    California, 2013:

    “The state’s Legislative Analyst released another stinging report last week showing the California State Teachers’ Retirement System suffers $73 billion of unfunded pension debt.”

    calwatchdog// com/2013/03/26/lao-calstrs-massively-underfunded/#sthash// D3ZSxi6h// dpuf

    • Triarius

      How can the average black plan 40 years ahead when they don’t have the foresight to anticipate next month’s rent?

      And you are dead right about 401k and especially IRA tax breaks, I can already hear disparate impact and legacy of slavery.

      • Mike Conrad

        LOL @ your first sentence

      • Mike Conrad

        LOL…

  • OhWow

    Explained in 30 secs: low executive functioning i.e can’t think in terms of the big picture only life as it comes, low impulse control i.e fighting over shoes, and low average IQ.

    Done.

  • FWSauerteig

    In fairness, many in Generation X and younger do not have retirement funds, thanks to this ruined economy we have inherited from the boomers.

    • King of My Castle

      Exactly. Gen X here.

      • FWSauerteig

        I hate the baby-boomers almost more than anything…..

        • Ella

          I’m Gen X also and detest their materialist quest and corruption. We will never retire between the crushing demands of the Boomers who change all the rules for everyone younger and suck up the wealth as they age. Then we have the crap social justice model and crushed by mass immigration to feed their sanctimoniousness. Gen- X er’s are like 45 million, only 60% White. We’re supposed to be more conservative…….laugh.

          • King of My Castle

            Baby boomers are the scum of the earth. I’ve lived with and seen that scum firsthand.

        • King of My Castle

          Me, too! They’re the first generation of people who think they did the next generation a favor by letting it be born.

      • GeneticsareDestiny

        Me too. Millennial here. I have a grand total of $100 in a savings account, and a few hundred more in my checking account. I can’t even afford a car, much less a house or any kind of retirement savings.

        • King of My Castle

          I try to keep about $10,000 in the bank at any given time. If I dip below that, I curtail my spending until I get back above that number. But it’s not really retirement savings — it’s just a buffer in case my family and I need to live on it for a while in an emergency.

          • GeneticsareDestiny

            That sounds like a good idea. I’m trying to save up a buffer in case I ever need it too. I am not married and I do not have any children yet, so it is not as vital for me as it would be for you, but it’s a really good thing to have when it’s needed.

            As soon as I finish college and (hopefully) find a job making more than $8 an hour, I will start saving a lot more than I do now.

          • King of My Castle

            Good luck!

          • Bon, From the Land of Babble

            Good answer, but keep at least $1,000 of it or more out of the bank and in your personal possession. How easy is it to declare a “bank holiday?” Or for your hard-earned money to be readjusted, or your balance and records wiped out completely? Do not trust anyone with your money.

            I consider nowhere safe for money these days given the economy and the type of politicians that run this country — the very ones that tell us the economy is improving and things are looking up. What a laugh!

            What happens if you wake up one day and the American dollar is worth exactly 0? You’ll be glad you have silver rounds or coins which will be used as currency.

            You also might consider buying precious metals like gold and silver instead of holding onto American dollars that are becoming increasingly worthless each and every day. The price of gold is a good indicator of the value of your American dollars, when gold goes up, your dollar is losing its buying power.

            When Barack Obama first took office, an ounce of gold was going for about $850, it now sells for around $1,200.

          • King of My Castle

            Thanks for the advice! All my money is in Japanese yen, however. 🙂

      • Alexandra1973

        Gen X here as well, child of a baby boomer.

    • me

      Yup! The ruined economy, the ‘diversity’, the ‘liberalism’, the ‘atheism’, the immorality, the mixed couplings, the drug wars, etc. The Boomers–their ‘gifts’ that keep on giving…

      • IstvanIN

        Actually the baby-boomers didn’t start the whole down hill slide. It was the generation born from 1900-1930 who were running the country back in the 60s.

        • Triarius

          A lot would argue it started in 1913. I wonder why.

          • Alexandra1973

            Federal Reserve?

    • Triarius

      I’m Gen Y and started my Roth IRA at 16, started trading stocks at 13. But I come from a good family. It’s not the economy, it’s the to people in this case.

    • Luca

      The boomers cannot be held accountable as they did not ask to be born en masse after WW2. The government knew of this baby boom phenomena since it got under way. They also saw it tapering off in 1964.

      The government has invested in huge Ponzi schemes, that require a never-ending larger supply of incoming payers to offset those in a position to collect. Instead of downsizing benefits, or tweaking requirements, or cutting frivolous spending, or encouraging the nuclear family, their solution was to increase benefits, encourage abortion, and introduce mass immigration of third world parasites.

      Blame your liberal bureaucrats and their never-ending benefit schemes to attract new voters that will keep them in power and keep the agenda on track.

      • FWSauerteig

        Uh, yes they can be held accountable, at least collectively. Under whose generational tutelage do you think these ponzi schemes ran out of control?. Throw in the rise of single motherhood, the multi culti delerium, myriad other ills, the boomer generation is absolutely deplorable. Stay focused on who they were in their youth. Look no further than the latter half of the 1960s into the 1970s.

  • [Guest]

    >>>“Those are startling findings,” Oakley said. “The typical household of color has nothing saved in a retirement account.”

    Is anyone other than Oakley startled? I’m not.

  • King of My Castle

    I have no retirement savings, maybe because I don’t care about retirement, but more likely it’s because I have six children and cannot afford to put money aside for retirement. I’m white, and my wife if white, and all my kids are white.

    • me

      Yes. You must work HARDER to provide for all of those ‘poor’, ‘diverse’, entitled pieces of trash that the ‘government’ demands you support–taking the bread out of the mouths of your children so that Shaniqua and Consuelo can have seventeen illegitimate, violent, criminal, and racist-against-Whites children. I doubt if the ‘diverse’ and ‘entitled’ races will be as compassionate to Whites when they’re the majority….

      • Ella

        Hispanics already know it is about THEIR survival. Whites are the only ethnic group taught to be more concerned about others and to forget your own people.

      • King of My Castle

        Thank God I don’t live in America. If I did, I would’ve already left. 🙂

        • Ella

          What country are you from then? Some of us may leave but Europe is not affordable if you have two plus children. Those “rebates” or bribes that the governments offer are jokes compared to their taxation and cost of living rates. Rents runs about 2000E p/m. and food products can be 40-60% higher in the EU. Free college is also disappearing in Europe as the population ages such as England and Germany witnesses.

          • King of My Castle

            I’m American; I just don’t live in America.

    • ms_anthro

      In a sane world, you and any other White family that had four or more children would be given enormous tax breaks and subsidies to continue producing beautiful White children for the common good. Congratulations on your success, by the way.

      • willbest

        Each dependent child gets you a $3,900 deduction off the top and if you make under 110k, the kid gives you a $1,000 credit.

        Basically, at 110k with 6 kids and a wife you owe about $3,000 in federal income taxes, less if you can itemize (still owe payroll). Whats more is that somewhere around 90k AGI the government starts paying you money.

        Its actually pretty hard to feel butt hurt over federal income taxes when you have a bunch of kids. Payroll tax on the other hand is a bloody nightmare. I am self employed so I get to see the full 15.3% sucked out of my pay.

        • Ella

          Willbest, not many people, 3-5%, make above 110K p/y unless both husband and wife are career professionals. Daycare would break you after 3-4 kids, so wife most likely would stay home. 3 kids give a higher than normal replacement rate and adds growth rate for society.

          • willbest

            Well that was my indirect point. Basically, if you are in the bottom 95% having kids is a great way to give less money to the government. Of course, you will be spending more than that on your kids, but at least it benefits your family and not somebody else’s family.

      • King of My Castle

        I do get extremely good tax breaks, which is ironic, since I live in a country of non-whites! But the policy of Japan is to give generous tax breaks to big families because they want to reverse their population implosion trend. Of course, I’m not Japanese, but because I work here and am a legal alien, I get the breaks. Put it this way: I pay only 5% of my salary in tax!!

  • James Bro

    Why should they? From the day they’re born they learn to suck at the government tete. We live in BRA, (Black Run America) responsibility is a big word minorities don’t understand, it’s always someone else’s problem.

  • This sounds like a bogus concern from the get-go. How many blacks and browns actually live to be 65 in the first place?

    • Ella

      I read some current research that Hispanic elderly women are outliving White women by 2-5yrs. due to familial support. With the obesity epidemic, I find this hard to believe. CBS claims that they eat out less, smoke and drink less, walk more, and are involved more with family so that might be the key factors. In my opinion, there are too many ruined families among Whites (divorces) and poor health habits (alcoholism/smoking).

      • newscomments70

        I live in CA. My area is very expensive, but the rentals are mixed with whites and hispanics. I don’t mean to sound anti-white, but the whites here dissappont and concern me. The wealthy are looney, brain-dead liberals. The working class are mostly white trash. They are covered with tattoos, they drink, smoke, allow their dogs crap everywhere. Many are on drugs. They ALL vote for Obama. The hispanics here are a minority. For that reason, they act more respectfully than average. (I know this is not the norm though.) I often see them going to work, spending time with family, going to the fitness center. Some of them even voted for Bush and Romney, believe it or not. I am pro-white and anti-immigration, but whites can be their own worst enemy. it’s not easy to pro-white surrounded by California rif-raf.

    • Bobbala

      I’ve pointed that out to them. SS is racist (and sexist). When it is time for them to collect, it’s time to die … they don’t care. Kids get nothing. Private savings would go to an heir. All you get is a dumb look back.

      They are too scared to be responsible for themselves. But you have to be in the same bad deal too. Nobody escapes. It’s kind of like public school. As long as there are white kids to sit next too, it’s OK for them to have illiterate children. Parent’s choice of school would make them responsible for their defective offspring … anything but that!!

  • WR_the_realist

    The truth is that nowadays hardly anyone in the private sector, regardless of race, has a defined benefit pension plan. And as the article states, blacks make up a disproportionate share of government employees who do get defined benefit pensions. So which race is really worse off? I’ve put in the maximum allowed into my IRA or 401k every year of my working life. So what is the result after two giant market crashes and a couple of small ones? I could probably live about six years on my retirement savings before I run out of money. The idea that people would actually be able to save up enough for their retirement through these programs is a sick joke. Companies dropped defined benefit pension plans and switched to 401ks precisely because it saved them gobs of money. That money had to come from somewhere. It came from your retirement. Furthermore, with millions of precious black and Hispanic elderly people who have saved nothing at all, there will be enormous political pressure for the government to take whatever I and other prudent white people have saved and give it to the diversity.

    • I doubt there will be any real pressure to take private savings. The most likely approach by the left will be to stump for higher SSI taxes on wages, which means the burden will be kicked down the road to future generations.

      • WR_the_realist

        I think that for once you may be underestimating the mendacity of the liberals.

        • Mergatroyd

          Great analysis, your comment here and the preceding one. Everyone needs to read this and take heed. Why would anyone trust a single politician?

    • willbest

      If you retire owning your own home, and no debt. Then the $18-20k you get from social security means you only need to pull another 15-20k a year from your savings. You really don’t need a nest egg larger than 200-250k (2013 dollars) unless you are planning to live past 90. And if you think you are going to do that you can actually buy universal life 95 policies from life insurance companies that pay you at 95 even if you haven’t died yet.

      Now the key to that is social security is still paying when you retire. If you are 55+ that is a reasonably safe bet. Otherwise you will need to be looking at having around a 400-450k nest egg with no debt and owning your own home, which is quite frankly reach territory for anybody not pulling down 6 figures for a good chunk of their life..

      • WR_the_realist

        Unfortunately I’ve noticed that people who try to retire the way you recommend get eaten alive by the “predictable unexpected expenses”. They can just pay their monthly bills, but get whacked when a major appliance breaks down and needs to be replaced, or the car frame rusts out and they have to get a new car, or the roof starts leaking so they need a new roof, etc.

        • Ella

          Many elderly homes fall apart due to inflation reasons that need major repairs.

    • King of My Castle

      Because almost no one has retirement savings, old people will become such a burden on society that we’ll be living in “Logan’s Run” in no time.

  • Develop a taste for forms of entertainment that don’t cost a lot of money: barbecuing with the neighbors and tossing a frisbee around with them on summer evenings, fishing, tying fishing flies, vegetable gardening, bowhunting, cross-country skiing, woodworking, hiking, rock-climbing, playing board games with one’s family, reverse-engineering one’s favorite restaurant dishes, sewing, knitting, homebrewing, working on one’s car or truck, visiting museums, going to free concerts in public parks, camping, and so-on.

    One doesn’t need to spend a lot of money to have a very good time.

    • Ella

      Or to have kids. Kids love to be with laughing, fun-spirited parents. In these activities, there are teaching moments too. I’ve done so much hiking, camping, fishing and cooking that I feel wholesome or “down to earth.”

  • Mike Conrad

    Another few decades and most whites will be enslaved in the lands their forefathers built.

    • King of My Castle

      Death before slavery!

  • c684570

    It must be the White Man’s fault. Somehow.

  • longing4abetterworld

    This of course is contrary to the Gerber television commercial, where the young black couple have already started saving for their child’s college fund, and none of the white families have done so.

    • King of My Castle

      That’s a real commercial? What a laugh!

    • That black brat’s “college fund” will likely be spent on bail bondsmen.

    • Mergatroyd

      What commercial or TV shows portray blacks as they are (violent, impulsive, short-sighted, hair-trigger emotions) and Whites as they are (non-violent, future oriented, intelligent, sensible, wise)? No, it’s turned around as the exact opposite with blacks as the nuclear scientists, cancer surgeons, rocket scientists and Whites as foolish, toothless, hillbillies in need of saving.

      Here’s a suggestion: turn off the boob tube. Otherwise you’re feeding the beast that means to destroy you.

      • emiledurk16

        You got that right. Look at any commercial and we’ll see a fumbling white male whose inefficiencies are remedied by a black man or woman. Perverse.
        The only TV I’ll occasionally watch is gunsmoke or the rifleman, whose presence on tv must drive self righteous libs crazy.

        Like you said, the less boob tube, the better.

        • judenjager

          Say no to the electric jew………..

          • Zaporizhian Sich

            This is why I call the television the Talmudvision.

          • Alexandra1973

            Need to ditch the Talmud and pick up the Torah. (And the New Testament.)

    • Bobbala

      ROFLOL

  • Bon, From the Land of Babble

    Don’t think the government will confiscate your private retirement account for redistribution?

    Financial writer Lee Bellinger:

    “Obama’s Treasury and Labor Departments held outrageous, executive branch hearings on nationalization of retirement accounts, and they are actively looking for the opportunity to ram this asset grab through.

    Your nest egg is in their cross-hairs; you know, to ‘protect you’ from losing your own money.

    Congressional heavyweights such as Rep. George Miller (D-CA) have already held hearings on ‘merging’ 401(k)s, IRAs, and other tax-advantaged private savings programs into the failed Social Security program.

    The cash-strapped Obama Administration’s unofficial 401(k) nationalization czar is utopian New School for Social Research academic Teresa Ghilarducci — who was dubbed by U.S. News and World Report as ‘the most dangerous woman in America’ after she appeared before Congress to testify in favor of government seizing 401(k)s and other retirement assets.

    The ‘Most Dangerous Woman in America’ who Helped Obama Rip Off GM Bond Holders
    now Wants YOUR Retirement Money!

    Following her Congressional testimony at a 2008 hearing to begin ending 401(k) and IRA tax advantages, Ghilarducci admitted on conservative talk show host Wilbur Kirby’s KVI 570 show in Seattle the truth about the left’s scheme for gaining control of private retirement accounts:

    ‘I’m just rearranging the tax breaks that are available now for the 401(k)s and spreading [here she paused briefly to consider her words] spreading the wealth…’

    Why? Major state pension funds, state governments, and the entire federal entitlement program structure are on the verge of collapse and in need of bailouts due to collapsing tax revenues.”

    First, they’ll take away tax deductions, restrict investment choices, and require retirement accounts to be set up with default allocations to bonds. When this occurs, it may be time to think about bailing out completely.

    Then they’ll move to merge IRAs and 401(k)s into government-managed accounts. That’s when it will be time to bail out…

    • Ella

      When a government runs a 17 trillion debt and keeps raising it to cover debts, anything is possible. So, I believe that the US govt could seize these retirement accounts or apply a burdensome tax. There may be Boomers who push this seizure since a handful did “bad” investments, endured crashing stock markets, and/or spent up their life savings on materialism. (I’m aware some had job losses too or sickness.) Cyprus, Greece, and Poland already seized private accounts at differing degrees.

    • I’ll cash mine out right away and take the tax penalty. I figure I can think of better uses for the $130 grand than the feds.

      • Jack Burton

        Tell them you’re exempt because you have Native American blood and you’re married to an Asian.

  • emiledurk16

    When I saw the title, I said to myself, here we go, this is
    somehow gonna be our fault and we are mandated to be active in a program to
    rectify this grave social injustice. (i.e. O’BummerCare)

    “More often than not, blacks and Latinos
    benefit little from the tax breaks and other policy initiatives aimed at
    bolstering retirement security”……How is that my problem?

    “because they typically have no money to save for retirement in IRAs and other vehicles outside the workplace, according to Diane Oakley”…..

    No one has any money before saving, saving comes first. How
    come the author can use the pronoun “they” when referring to blacks and
    latinos, but we can’t.

    “Those are startling findings,” Oakley said. “The typical household of color has nothing saved in a retirement account.”….

    Despite endless EBT recharges, food stamps, and AA hires and
    admissions. Whose fault is that, Ms. Oakley, whites again?

    “Such public employee pensions, which typically pay a fixed benefit for life, have been of particular help to African Americans, who make up a disproportionate share of government workers.”…..

    Well, the author has that right.

  • saxonsun

    Same here–we’ve always saved because that’s what decent, intelligent people do. The thought that someone else should support me has never entered my brain.

  • WR_the_realist

    Reporters always insert their opinions into “objective” news stories by closing the article with quotes from someone they agree with. Here’s how that article ends:

    Ms. Lui said the Insight report would be used to encourage the
    government to close the wealth gap and improve the outlook for women of
    color, just as it did for Americans who received land through the
    Homestead Act, and education through the GI bill.

    “If wealth was based on hard work, African-Americans would be the
    wealthiest people in our nation,” she said. “It’s not about behavior.
    It’s about government policies. Who does the government help and who is
    it not helping?

    “Our government knows how to build wealth for people. They’ve done it
    for others and they can do it for all of us. They need to focus some
    attention on women of color. Look at the situation and see what we
    need.”

    African Americans are the hardest working people in the nation? Who knew? Even when they’re employed they like to hold back, waiting for whitey to do the work. Our government knows how to build wealth for people? You could have fooled me. I know of no greater destroyer of wealth than the federal government.

    • Nicely put. In fact, the creators of wealth are entrepeneurs such as Sam Walton, Henry Ford and the like. The government has never been a creator of wealth and instead is a ravenous consumer of it. Even technological innovation isn’t happening much at government-run labs. The laser, the transistor, the artificial heart, etc. were developed in corporate labs.

      Reading between the lines, Ms. Lui is really saying that she wants government to wast more taxpayer money – wealth people actually worked to create – hiring more blacks and browns for more of the non-productive, adult-daycare make-work “jobs” in which they already specialize.

    • Biff_Maliboo

      “If wealth was based on hard work, African-Americans would be the
      wealthiest people in our nation,” she said.

      This is the equivalent of, “If my aunt had nuts, she’d be my uncle.”

  • Bobbala

    I got 15 kids and 3 baby daddy’s someone gotta pay for all my children!
    — Angel Adams
    Do you need a picture?

  • Bobbala

    What are you some kind of misogynistic, homophobe?

  • Jack Burton

    These studies are always phrased in an attack on Whites. Why don’t they mention Asians. Why don’t they write articles about how Whites have it worse than Asians in their own White countries no less!

  • Texan1st

    Never fear. Between blacks, Latinos, and their white leftwing allies that also have no retirement savings, they will simply vote in elected officials willing to confiscate and redistribute the retirement accounts of those that sacrificed and saved throughout their lives.

  • [Guest]

    Maybe the headline should read, “White people work and plan for their futures; blacks and browns don’t.”

  • FWSauerteig

    EXACTLY!

  • Strike_Team

    The only people who end up with no retirement will be whites. The markets will be artificially crashed again to derail 401k’s among other things. Public employee pension funds will collapse, private industry pension funds will be popped by financial programs, and blacks and browns, all non-whites, will get social security even if they have never worked, among many many other government handouts.

  • I. J. Talour

    Retire from what? Copulation and thuggery?

  • Turf_Lodge

    They can shoot eachother. The pension scheme can be based as a gamble on the outcome.