Insights | 09.16.20
People of Color Feel Ready for Retirement but May Not be, Study Finds
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 percent) of people of color believe they are currently saving enough in a retirement account, while 52 percent feel they have plenty of time to save for retirement. More than one-third (35 percent) say retirement is too far away to start worrying about it. The survey found that less than half of people of color respondents participated in employer-sponsored retirement plans (48 percent), only 33 percent had life insurance, 21 percent had an individual retirement account and just 5 percent 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 percent) of respondents indicated they are currently working with a financial professional.
Read the full article on InvestmentNews.