July 9th 2023.
At the Essence Festival of Culture, BLACK ENTERPRISE caught up with Grammy award-winning musician Wyclef Jean to discuss the importance of preparing for retirement in the Black community. In an effort to #RetireInequality, Wyclef teamed up with retirement services provider TIAA to set up the TIAA Legacy Makers Studio.
Wyclef pointed out the alarming statistic that 54% of Black Americans do not have enough money saved for retirement. In response to this, he stressed the importance of partaking in conversations around retirement at younger ages. He recounted the mission of his group, The Fugees - to make people see themselves as greater than they might think they are - and how it ties into important life factors like retirement.
The "Gone Til November" songwriter also highlighted how his long catalog of timeless classics helped kickstart his own retirement plans. He explained that understanding tax benefits, saving, and all the resources available to prepare for retirement are crucial, and then shared how ownership of his music has aided in his generational wealth.
The "Wyclef Studio" was set up as part of the TIAA Legacy Makers Studio. Guests were able to read about how Wyclef is personally sharing his legacy with upcoming artists and securing retirement in the music industry.
It was a passionate night for Wyclef, having just caught a vibe with his Fugees group member Lauryn Hill the night before. He concluded by reiterating the importance of his retirement plan, which starts with his daughter.
Press play below to learn more about Wyclef Jean’s passion for music and community and the resources he shares to help others get started on their retirement plans.
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