From New America Media:
Is retirement a boom or bust proposition for African American baby boomers?
As the 78 million boomers-over 9 million of them black--continue to make a gradual, but highly visible exit from the workforce, data show that pre-retirement factors, such as income and planning, are key determinants of how well off they will remain financially in their later years.
Boomer and retiree Gilda Austin of Las Vegas, Nev., launched her retirement savings plan the day she began her education career by taking advantage of the pension plan made available to her by the Clark County Unified School District.
"As an educator, you don't make a lot of money, especially when you're starting out," said Austin, who retired from the school district as an administrator in 2008. She also returned to work, this time as a teacher, to earn more before retiring for good in 2010.
"I was vested in the state, so my pension is nice," said Austin, who left work with about 80 percent of her pre-retirement income. And she expects her retirement income to surpass her former salary in a few years because Nevada laws guarantee cost of living raises.
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