A report from the Employee Benefit Research Institute shows that Black Americans continue to face serious challenges in saving for retirement, even as their incomes grow.

The 2025 Retirement Confidence Survey, which included a special over sample of Black workers and retirees, found that the wealth gap remains wide at every income level. Among households earning $75,000 or more, only 33% of Black Americans reported having $250,000 or more in savings and investments, compared with 63% of non-Black Americans. Debt remains a significant barrier, with 63% of higher-income Black households said debt is a problem. Just 45% of non-Black households at the same income level said the same. Nearly half of upper-income Black respondents said debt affects their ability to save or live comfortably in retirement.

While many Black Americans expressed confidence managing day-to-day budgets, fewer felt prepared to invest or plan for the long term. The study showed that Black Americans with higher incomes were less likely to have personally saved for retirement, i.e., 77%, compared with 87% of non-Black Americans. Retirement experiences also differed sharply. Forty-four percent of Black retirees said they retired earlier than planned because of a health problem or disability, compared with 32% of non-Black retirees. After leaving their main jobs, Black retirees were more likely to work for pay to make ends meet, and more often said their retirement lifestyle was worse than expected. Access to financial advice and planning remains uneven. Just 31% of Black respondents reported currently working with a financial advisor, although nearly half expect to do so in the future. Black Americans were more likely to seek help with reducing debt, creating wills or estate plans, and arranging life insurance than simply determining if they had saved enough to retire.

Researchers Craig Copeland and Lisa Greenwald wrote: “Black Americans reported disproportionately lower financial resources, and how they feel about retirement and financial security is clearly impacted by having less resources. In particular, Black retirees are struggling with higher likelihoods of their retirement lifestyle being worse than expected and having to retire earlier than planned because of a health problem or disability. Still, there are some modifications in the financial system that could help improve their prospects, such as increased assistance in balancing competing financial priorities like debt reduction, supporting family, and building long-term savings.”