Life expectancy rates for African-Americans are increasing and continue to grow. In fact, between 1998 and 2030, the African-American population aged 65 and over is projected to grow by 130 percent. For all these reasons, it's important to take the time to review your retirement-planning goals now, and to boost your efforts if you are not on track to reach your goals. According to the Social Security Administration, Social Security benefits currently account for approximately 40 percent of an individual's retirement income. Many individuals supplement their Social Security benefits with their own savings.
Many employers do, however, make a matching contribution.
If yours offers a match, be sure to take advantage of it. There are three main types of IRAs. Eligibility for Education IRAs is also subject to income limits. Moreover, your earnings accumulate tax-deferred. You will owe tax when you begin withdrawing the money from your employer's plan or traditional IRA, but tax rates are typically lower for retirees than for employees.