By: Margaret Barksdale

Margaret Barksdale — Wed, 03 Jun 2009 17:20:11 +0000

I was laid-off from my job after a 29 year run. My job moved to Texas and I was not willing to follow it. I think the main reason we have not kept up with our counterparts is that we as a whole fail to live within our means. We buy our kids expensive toys, including the bling bling and we the adults do the same. It has been more than a year since I have been employed, but I am still doing ok and I have not had to touch any of my 401 or pension. I have almost always lived within my means and I have tried to teach this to my son. I recently opened a 529 account for my first granddaughter. Its important to me that I have set aside some money for her to start her education whether I am here or not when that time comes.
We have to teach ourselves and our children that being the best dressed is not important any more. We do not have to always look like we belong on the cover of a magazine. What do we have in the bank? Just giving my opinion as to one of the reasons we are so far behind.
Thanks.

By: Rhoda

Rhoda — Thu, 04 Dec 2008 22:02:35 +0000

I certainly kick myself for opening an IRA so late in life, though Im only 37, I wish I had continued my interests with investments and things of that nature like I did in my early 20’s. Even the small amount Ive invested wont grow very much by the age of 60 so I intend to shift it all to my son when he reaches the age of 21.
I recently checked on the growth of my retirement egg and it didn’t much of anything in 2008. Disappointing and I have no clue where to turn to receive a little more of a return so I can “feed the five-thousand” so-to-speak. (smile). But it was truly informative to read the survey of how blacks and investments compare to our white counter-parts. Thank you. Rhoda.

Comments on: Blacks Lag in Retirement Savings

By: Margaret Barksdale

By: Rhoda