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.
The firm's CFO and EVP of Wealth Management Solutions are the latest executives to exit the broker-dealer.
Clients are saying they would consider switching advisors if another professional offered estate planning services, according to a new Trust & Will survey.
CEO Laurel Taylor says the fintech's composable AI stack helps workers optimize dollars across Trump Accounts, 529s, 401(k)s, and other employee benefits.
The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.
Employee accounts, crypto trials and job cuts frame a pivotal year for the Swiss lender.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
