White-Miller Associates Retirement Savings Assessment Finds Working Asians Facing Significant Drop in Income in Retirement
Online, August 27, 2013 (Newswire.com) - Analysis Outlines the Estimated Impact of Five Actionable Steps to Help Avoid a Potential Income Drop in Retirement
White-Miller Associates a premium provider of services for retirement today unveiled its Retirement Savings Assessment, the first industry analysis that provides actionable and quantifiable steps across three generations to potentially help close their estimated retirement income gaps.
The research finds working Asian households may experience a potential income drop of 28 percent in retirement, and nearly four-in-ten (38 percent) retiree households report not having sufficient income to cover their monthly expenses. These estimated retirement income gaps could force significant sacrifices that could include cuts in discretionary expenses. To help improve Southeast Asians' retirement readiness, White-Miller Associates conducted an analysis that quantifies the potential monetary benefits of five straight-forward steps - such as adjusting asset allocation and annuitizing retirement assets.
"While there is evidence that Southeast Asian people are saving more for retirement, our analysis finds that they need to take additional steps to prepare for the future and take better control of their personal economy," said David T. Chu, president, Personal Investing, White-Miller Associates Investments. "The study underscores the importance of early engagement in the retirement planning process and the potential impact these five actionable steps can have in helping address the retirement income gap that many are facing today."
Five Steps That Can Improve Monthly Income in Retirement:
1. Adjusting Asset Allocation
2. Increasing Savings
3. Adjusting Retirement Date
4. Placing money into investments at an early age
5. Tapping into Home Equity.
"Most people have the potential to get significantly closer to achieving their retirement goals, but they have to take action and consider implementing a mix of these five steps," said Mr. Chu. "Whether you're a younger investor deciding to save a little more in an investment or an older investor adjusting investment plans, it's never too early or too late to impact your personal economy and take steps to improve your retirement readiness."
About White-Miller Associates
White-Miller Associates is a young financial advisor, a prodigy on the world markets, founded by highly experienced professionals coming from the world largest financial companies. White-Miller Associates offers more than just financial services - we offer solutions to our customers. Our advice is based on continuous market research and the analysis performed by the most experienced minds in our team. We offer strategic planning advice that can help our clients better manage their company's financial affairs.