Financial assets, not just income, are essential to economic security.
Black and Latino pre-retirees typically have lower liquid savings levels than White pre-retirees with similar incomes.
Liquid Savings of Working Households Ages 50-64
Millions of households have little to no liquid savings to cushion them from the unexpected. While liquid savings levels increase with age and income, a third of pre-retirees have less than $2,000 in liquid savings, which is the cost of a typical worst-case financial shock.
