Asian Americans not Financially Ready for Retirement

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NEWARK, N.J. — Most Asian Americans are not ready for retirement and are not seeking professional guidance, a new study by Prudential Financial, Inc. shows.

Asian Americans were hit hard by the recent economic turmoil, with approximately eight in 10 indicating their savings and investments were impacted by the sharp market downturn of 2008 and 2009. Yet, the study, “Asian Americans on the Road to Retirement,” found they continue to remain focused on achieving ambitious retirement goals while balancing other responsibilities such as providing for family members.

According to John Greene, president of Agency Distribution at Prudential: “Some 43 percent have less than $50,000 in retirement savings, and many have little or no understanding of the financial options available to them.”

Despite the traditions of the “Asian belief system,” which suggests the elderly will be cared for by family, barely one in three is looking to family for “retirement security,” and just 20 percent are counting on the government or Social Security to take care of them.