In the US, 401(k)s are the most common retirement savings account. That's created a disparity in retirement saving — just 38% of Black households have retirement savings compared to 63% of white households. As a Black woman, I opened a Roth IRA to take control of my retirement savings no matter what my employer provides — and I think every person of color should do the same. This is a problem, since employer-sponsored 401(k)s are the most ubiquitous form of retirement savings account. A Roth IRA (Individual Retirement Account) is another tax-advantaged retirement account.

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Persons: That's, —, Nari Rhee, Dr, Roth, I'd Organizations: Service, National Institute on Retirement Security, IRA, Roth IRA