“Nationwide, Hispanic and African American households have average retirement savings of $30,000, one-fourth of the $120,000 saved by white households, according to a 2013 report from the National Institute on Retirement Security.

Those realities are expected to strain social and senior services in the United States for decades, as even families on the high end of that savings range face monthly retirement income in the hundreds of dollars when thousands are often needed. An average of 10,000 Baby Boomers are expected to reach age 65 each day for the next 20 years, and about half of them have failed to save enough, if anything, to meet their basic retirement expenses.”

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