News

The new study by Prudential titled "Asian Americans on the Road to Retirement" has been widely accepted by the Chinese, Korean and Indian media. The study revealed that Asian Americans are not ready for retirement and are not seeking professional guidance when it is needed. Despite the traditions of the “Asian belief system,” which suggests the elderly will be cared for by family, barely 1-in-3 are looking to family for "retirement security," and just 20% are counting on the government or Social Security to take care of them.   Currently, their retirement plans lack a number of important components.

Asian Americans accept responsibility for designing their own retirement. The large majority of Asian Americans disagree that relying on family or the government will pave the way to their desired retirement. Instead, nearly all (98%) are taking a rational approach, tying retirement success to their own ability to plan well. Even with the best intentions, however, it is easy to procrastinate. Often times, uncertainties create negative emotions and individuals will attempt to escape those emotions by avoiding the task at hand, or putting it off for another day.

Few have given serious thought to specific retirement planning steps. Despite their rational perspectives on the importance of planning, less than 30% have given serious consideration to important retirement preparation topics, such as what will it cost to live their desired retirement lifestyle and how much is needed to fund it.

The full report could be found here: Asian Americans on the Road to Retirement