Elderly hunger timebomb driven by lack of savings Half of Black women have no retirement pot as experts call for urgent action by S_Fleary1
TROUBLESHOOTING: It’s vitally important to plan for the future to ensure you have enough in your pension pot to pay off your bills so you can fully enjoy your retirementExperts say thousands of Black pensioners are facing a food crisis, and they warn of a timebomb in future over theThis comes after an alarming report by Scottish Widows last month found over half of Black women don’t have anything saved for retirement.
“I’m waiting on an adviser to let me know exactly what I am getting and I also heard that it will be taxed, so I still don’t know. After dedicating 34 years to the company, she negotiated a settlement deal after being forced out of her job. She added: “I thank God I didn’t take any money out of my pension back then because it would have affected me now.”
In recent years, the term generational wealth has become a popular buzzword in the Black community, but what does it actually mean? According to leading charity Age UK, more than two million pensioners living in poverty in the United Kingdom Ronke Lawal, founder of Ariatu Public Relations, a leading PR company that works with small businesses, start-ups and entrepreneurs, toldShe said: “Some of us have to pay a Black Tax supporting our elders who didn’t prepare for retirement.
In addition to supporting our elders in the UK, Ms Lawal noted that many Black families also support their extended family ‘Black home’ in Africa and the Caribbean because they “want to uplift our families” in those countries. She said: “There are some really amazing investment tools that are out there that I think Black women need to educate themselves on.”
“Are we investing in an area that might rise in value? Those types of questions are useful if we are considering if we are going to sell or remortgage,” she explained. CHECKING YOUR pension and investments are more important now than ever. She added: “If you are not entitled to a state pension, you may want to think about starting a private pension for yourself.”
Ms Buko said her advice is only a guide and is advocating for the Black community to do extensive research and speak to experts so they can make informed decisions. She is also warning the Black community to take action now, to prevent a pension poverty crisis with elderly family members and the next generation.
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