Georgetown University Center for Retirement Initiatives

The racial wealth gap in the U.S. widened between 2019 and 2022, with white families holding significantly more wealth than Black and Hispanic families. Retirement savings disparities drive this gap, prompting states like Minnesota to launch automatic IRA programs to help workers without employer-sponsored plans.

The racial wealth gap widened between 2019 and 2022, with white families holding $240,000 more median wealth than Black families and $223,000 more than Hispanic families. States like Minnesota, Hawaii, and Washington are launching automatic retirement savings programs to address disparities, as retirement savings—not home equity—drive household wealth in the U.S.

The racial wealth gap widened between 2019 and 2022, with the median wealth of white families exceeding Black and Hispanic families by $240,000 and $223,000 respectively. States like Minnesota, Hawaii, and Washington are launching automatic retirement savings programs to address disparities, as over 50 million Americans lack employer-sponsored retirement plans.

The racial wealth gap widened between 2019 and 2022, with white families holding significantly more wealth than Black and Hispanic families, largely due to disparities in retirement savings. State-sponsored automatic retirement programs, such as auto-IRAs, aim to address this by enrolling workers without employer-offered plans, with Minnesota, Hawaii, and Washington launching or planning such initiatives.

The racial wealth gap between white, Black, and Hispanic families widened by $50,000 between 2019 and 2022, driven by disparities in retirement savings. States like Minnesota, Hawaii, and Washington are launching automatic IRA programs to help low-income workers, particularly people of color, build 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.

The racial wealth gap widened by $50,000 between 2019 and 2022, with white families holding significantly more wealth than Black and Hispanic families due to disparities in retirement savings. States like Minnesota, Hawaii, and Washington are expanding automatic IRA programs to help 50 million Americans without employer-sponsored retirement plans, with over $3 billion saved collectively in existing programs.

Philadelphia is launching the first city-sponsored retirement plan requiring employers without existing benefits to automatically enroll workers in an IRA. Over 50 million Americans lack workplace retirement plans, and state programs have collectively saved $3 billion through automatic enrollment. Oregon initiated the first state plan in 2017, with accelerated savings growth observed in recent years.

Philadelphia is launching the first city-sponsored retirement plan requiring employers without retirement benefits to enroll workers automatically, who can opt out. Over 1.2 million workers in 15 states with similar programs have saved $3 billion through state auto-IRAs, with savings growth accelerating since Oregon's 2017 initiative.

Philadelphia is set to launch the nation’s first city-sponsored retirement plan, PhillySaves, requiring employers without retirement benefits to enroll workers in an automatic IRA. Similar state programs have enrolled over 1.2 million workers, collectively saving $3 billion, with studies showing higher participation when enrollment is automatic. Over 50 million Americans lack workplace retirement plans, prompting expansion of such initiatives.