Racial wealth gap widens as many workers of color lack retirement savings

The racial wealth gap in the U.S. widened between 2019 and 2022, with white families holding $240,000 more wealth than Black families and $223,000 more than Hispanic families. Retirement savings disparities drive this gap, prompting states like Minnesota, Hawaii, and Washington to launch automatic IRA programs to help 50 million Americans without employer-sponsored retirement plans.