Although they may feel reasonably prepared for retirement, Americans who identify as people of color may be misinterpreting their financial situation and putting their retirement at risk, according to a study by Allianz Life.
The study found more than half (55%) of people of color believe they are currently saving enough in a retirement account, while 52% feel they have plenty of time to save for retirement. More than one-third (35%) say retirement is too far away to start worrying about it.“The level of confidence POC have in their retirement readiness could be attributed to different cultural values that shape their decision making,” Cecilia Stanton Adams, chief diversity and inclusion officer at Allianz Life, said in a release. “Oftentimes in communities of color, breadwinners are expected to balance support for multiple generations with their personal retirement goals. This complexity, among others, could be responsible for the disconnect we see between perception and reality, putting POC at higher risk for retirement insecurity.”
The survey found that less than half of people of color respondents participated in employer-sponsored retirement plans (48%), only 33% had life insurance, 21% had an individual retirement account and just 5% had a fixed or variable annuity. Nearly seven in 10 said they plan to work into retirement.
“A significant factor in POC’s retirement readiness may be a lack of professional help,” Allianz said in a release. Less than one-third (32%) of respondents indicated they are currently working with a financial professional.
Elsewhere in Utah, Raymond James also welcomed another experienced advisor from D.A. Davidson.
A federal appeals court says UBS can’t force arbitration in a trustee lawsuit over alleged fiduciary breaches involving millions in charitable assets.
NorthRock Partners' second deal of 2025 expands its Bay Area presence with a planning practice for tech professionals, entrepreneurs, and business owners.
Rather than big projects and ambitious revamps, a few small but consequential tweaks could make all the difference while still leaving time for well-deserved days off.
Hadley, whose time at Goldman included working with newly appointed CEO Larry Restieri, will lead the firm's efforts at advisor engagement, growth initiatives, and practice management support.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
