African Americans age 45+ have been forced to make increasingly difficult decisions to cope with this economic downturn—decisions that could have serious long-term consequences. A third (34%) stopped putting money into a 401(k), IRA or other retirement account, and a quarter (26%) prematurely withdrew funds from their retirement nest eggs to pay for living expenses, including mortgage or rent, health care, education expenses, and for other reasons. More than three in ten (31%) have cut back on their medications, and 28% have carried a higher balance on their credit cards during the past 12 months.Read the full summary.
This economic recession has had a devastating impact on the African American community. The survey, found that over the last 12 months, a third (33%) of African Americans 45+ had problems paying rent or mortgage, and 44% had problems paying for essential items, such as food and utilities. Nearly twice as many African Americans 45+ lost a job than the general population (18% vs. 10%), and almost one in four (23%) lost their employer-sponsored health insurance.