Retirement Assets and the Wealth Gaps for Black and Hispanic Households
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The Wharton School::Wharton Pension Research Council::Wharton Pension Research Council Working Papers
Degree type
Discipline
Economics
Subject
Wealth
Inequality
Social Security
Pensions
Saving
Inequality
Social Security
Pensions
Saving
Funder
Grant number
Copyright date
2023
Distributor
Related resources
Author
Suarez, Gustavo
Contributor
Thompson, Jeffrey
Henriques Volz, Alice
Abstract
We compare retirement wealth for Black, Hispanic, and White families age 40-59 in the Survey of Consumer Finances (SCF) and the Distributional Financial Accounts. We augment defined contribution (DC) pension wealth in the survey with household-level measures of defined benefit (DB) pension wealth and social security wealth. We find that accounting for both DB and DC pensions reduces White/non-White retirement wealth ratios when comparing averages across groups but increases White/non-White ratios when comparing families in the middle of each race-specific distribution. By contrast, social security wealth lowers White/non-White wealth ratios in both ways of comparing across groups.
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Date Range for Data Collection (Start Date)
Date Range for Data Collection (End Date)
Digital Object Identifier
Series name and number
WP2023-13
Publication date
2023-07