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Despite similar views on how much they should be saving for retirement, African Americans and Hispanics/Latinos are saving less for retirement than whites, signifying a persistent retirement savings gap that could hint at a crisis to come.
According to the 2020 Employee Retirement Trends Report by Vestwell, a digital recordkeeping platform, more than half of respondents believe they should be saving more than 10 percent of their salary in a retirement savings plan, and 65 percent believe they should be saving at least 7 percent of their salary.
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