When it comes to how prepared individuals are for retirement, there appears to be some differentiation among various ethnic backgrounds, results of a recent study conducted by ING indicate.
According to ING Retirement Research Institute, the "Retirement Revealed" study shows that Hispanics tended to feel the least prepared for retirement life, with 54 percent of respondents indicating they considered themselves to be "not very" or "not at all" prepared.
This compares to approximately half of African-Americans who felt that way, 48 percent of whites and 44 percent of Asian respondents who expressed similar sentiments.
These disparities were noted by Maliz Beams, CEO of ING U.S. Retirement.
"All Americans face the growing responsibility of planning and saving for retirement," said Beams. "However, there are distinct cultural differences that may affect some groups more than others when it comes to getting or staying on the right path."
No matter what a person's background is, annuities and investments can help insurance leads prepare for their future. Life insurance can serve as an additional instrument that can improve retirees' savings.