TIAARetire Inequality: Blueprints to Believe In is a year-long program celebrating Heritage Months at TIAA. Throughout 2024, we will share real stories related to Black History Month, Women’s History Month, AAPI Month, Pride Month, Hispanic Heritage Month, Disability Awareness Month, and Veterans & Military Families Month. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
In 2024, TIAA will cause music royalties/streaming proceeds from any :30 or longer stream of Wyclef Jean’s song “Paper Right” to go to First Generation Investors, a non-profit organization committed to teaching students how to invest. Applies to any music streaming services where “Paper Right” is available. Royalty rates/streaming proceed amounts vary per stream, depending on platform rates.
#RetireInequality brand ambassadors and Essence Festivals Productions, LLC. received compensation from TIAA for making this endorsement and are not affiliated with TIAA.
In 2018, The Center for Retirement Research at Boston College found that 54% of Black Americans are at risk of falling short in retirement, as calculated by the National Retirement Risk Index which assesses retirement security of today’s working-age households.
In 2021, an Organization for Economic Cooperation and Development study “Towards Improved Retirement Saving Outcomes for Women” (OECD) estimated a 33.7% pension gap for women in the US – that is women have 33.7% less pension income than men.
The Center for American Progress (CAP) 3/30/22 article “The Economic, Educational and Health-Related Costs of Being a Woman” calculated how the gender wage gap could affect women’s retirement savings. Women earn an estimated 83 cents for every dollar earned by men, adding up to $10,435 in median wages a year. By the end of her career, a full-time working woman loses $417,400 in wages. Assuming a 6% annual rate of return, investing 20% of those earnings could yield an additional $323,000 in retirement savings. Investing the total sum could boost retirement savings by $1.6 million.
#RetireInequality brand ambassadors and Essence Festivals Productions, LLC. received compensation from TIAA for making this endorsement and are not affiliated with TIAA.
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