Asian Americans We Need A 401K Plan

Thursday, September 27, 2018

While I have a little bit of an issue with the title - I feel what he's throwing down (and know he's trying to help out and shed some light on some shit):

The growth in the income disparity is partially due to decades of stagnation in income levels for Asian-Americans in the bottom income brackets. The incomes of Asian-Americans at the 10th percentile grew by only 11% from 1970 to 2016, which is equal to an annual increase of less than 0.3%. These gains are less than for any other racial, ethnic and income group. This slow growth of incomes at the bottom of the income scale results from more immigration and fewer opportunities to get ahead for people with limited resources in the forms of education, savings and networks. Many new immigrants, especially from countries such as Myanmar and Bhutan end up working in low paying jobs with no benefits for long periods of time.

The lack of good labor market opportunities means that many Asian-Americans have fewer retirement benefits than is the case for whites. Looking only at families in the bottom of the income distribution, only 10.4% of Asian-Americans had a defined benefit (DB) pension from 2010 to 2016, compared to 34.9% of whites.

This massive gap in pension coverage is not offset by more savings in 401(k)s or IRAs for Asian-Americans. On the contrary, lower-income Asian-Americans were slightly less likely to have a retirement account from 2010 to 2016 – 32.5% compared to 33.1% for whites -- and had smaller balances -- $15,349 compared to $19,976 for whites . The likelihood of financial insecurity in old age will thus continue to be greater for Asian-Americans than for whites.

Fuck me.

I mean did you read those numbers?


Can I even get a newly made McDonalds burger for that?