As one of only 2 Black women CEOs in the Fortune 500, I'm often asked about how to close the US's racial wealth gap. The key is helping people save for retirement.
Closing the wealth gap for people of color in America is one of the toughest issues we face as a nation, and it's one of the issues I have been asked about most often since becoming one of two Black women CEOs in the Fortune 500 last year.
We still have a tremendous amount of work left to do at a time when 83% of older Americans who are Black do not have enough savings to retire; when 1.8 million women — many of them women of color — have dropped out of the workforce due to COVID-related family needs and may never make up for lost earnings and retirement savings. And those inadequate savings sometimes have to last for decades, since half of those retiring at age 65 can expect to live past age 85.
Every American is entitled to a secure, dignified retirement.
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