Many Americans are heading toward retirement without a clear roadmap, according to the 2026 Annual Retirement Study* from the Allianz Center for the Future of Retirement®.
Nearly half (48%) of all Americans say they don’t have a written financial plan, and notably, 61% of Asian Americans said they have no written financial plan. This lack of structure could put their long-term financial security at risk.
At the same time, Asian Americans are proactive savers. More than three in four (77%) said saving for retirement is one of their top financial priorities. Asian Americans are also more likely to have a Roth Individual Retirement Account (IRA) or traditional IRA and own stocks. Without a financial plan, clients may not be effectively moving toward their retirement goals.
A strong retirement strategy shows how someone can generate income, manage taxes, and address risks like market volatility, inflation, and longevity. Without addressing these risks, clients may not be able to afford the retirement they want.
A written financial strategy
A written financial strategy helps clients define what they want retirement to look like and how to get there. Financial professionals can help their clients reflect on their unique values, priorities, and experiences during this process to better understand the motivations behind financial decisions and build more culturally intelligent strategies tailored to what matters most to clients.
A written strategy turns broad goals into specific actions – how much to save, where to invest, and how to generate income over time. This can help clients stay focused and make informed decisions. A written strategy provides a framework to revisit and adjust over time. Retirement strategies should be able to evolve as clients’ needs and priorities change.
Questions to ask
What does retirement look like to you?
Understanding a client’s vision for retirement helps shape the plan for income needs and lifestyle goals. Getting specific can make planning feel more tangible and achievable.
How do you plan to generate income?
If most savings are tied to traditional retirement accounts, clients may benefit from exploring additional strategies to create reliable income and manage withdrawals more effectively. More than half of Asian Americans (55%) said they worry about how to best take distributions from their retirement savings for retirement income.
What is your appetite for risk?
More than two in three (66%) Asian Americans worry that having nearly all of their retirement savings in the stock market makes them vulnerable to losing too much money. Incorporating risk management and retirement solutions that can provide consistent income streams or allow access to funds for unexpected expenses can help clients feel more in control. Diversifying income sources and aligning withdrawal strategies with client preferences can also reduce stress and improve confidence.
A written financial strategy that incorporates risk management and retirement strategies through annuities and life insurance can provide clarity, build confidence, and help clients take actionable steps toward retirement.
