In many Asian American households, it is a cultural norm to care for parents during their retirement years. This responsibility is often handed down from one generation to the next, with many Asian Americans observing their parents caring for their grandparents and expecting to do the same in the future. This Fast Fact examines the retirement culture of Asian Americans and its impact on retirement preparations by analyzing the living arrangements of both retirees and workers and the value and ownership of retirement assets. It then compares these statistics with those of other racial groups.
Figure 12 Figure 10 Figure 8 Median Retirement Assets, by Race and Living Arrangement Income Distribution Among Workers Living With Their Parents, by Race F a showe re ss itgur ie re ts m ed i 2 nc et nt he shows lude t ha hi ghe n a ss t the he st eti s pe r r e he pa tric r lre e d ent m nt in a e s' ge nt 401( ge a of ne ss k) r e re t a t pl tow iiron, a ens e ne s ,a r w 403( s shi itthe h p c b) y rhi aa tpl l e ss dr a a im ns, e t n 7 il4 bor a Thr tpe e n ir int c fout te o S nt A a si .vi m de This ngs e of ri c m P a the n la ay n c U ul ia ndi ni c tur ctount e ce d a taS end s, tta ha tife ndi a ts c tby e he vi fy e d rw a ua ac e re l e r r a lbe e a nd tngua itr te e lim rvi pr ge eng nt e pa red Workers Percentage of Workers With Limited English Proficiency, Not Living With Parents Living With Parents $80,000 Less Than $30,000 $30,000–$55,000 $55,000–$80,000 $80,000 or More ba a a t ha c rrc ra n r ount nge ie ot rs he m .s r ( es, Int R poss ,A w s) hi ,i bl laend y Fdue iK gur eogh e to 3 t he pr ple a pr se nsint .or D s e e txpe he fine pe cd ta rbe c tieon ne nta fof i ge t p c of l aa rns irng eta ir r fe e or enot s the w i iinc trh pa llude im rei nt d tesd i.n Engli this a sh na pr lys of is. ic i F einc gur y eby 4 irla lc us e ta ra nd tes the by Race and Living Arrangement $72,200 Diversity, Equit10 y,0% and Inclusion Council l r ievi tir ng em ae rnt ra nge assm et eow nt.ne Hrishi ghe p r rpe ate rc s ea nt m ao ge ng s of ret i bot reeh s r w etiitr he e cs hibor ldre n n ou by tsi ra de ce of . O tve her U alni l, tre ed tir S ete as tew s ho and wre erte ir not ees lw iv it ih ng liw miitth ed As shown in Figure 6, 17 percent of Black workers reported living with their parents, compared with 16 percent 100% $70,000 8% 12% A t Engli he siia rn c sh hi w 90 or l pr % dr ke of en irc s ha ie w nc d erh y ei ghe w the er r e l e rfe a ound t st ir e am ffa e em c nt te ong a d ss by e tt hose low iving ne livi rishi n ng m p w ul ra itttih e ge s the ne aci r rr oss a tcihi ona all dr ll r e house a n ci ca om l ba hol pa cds kgr red , ounds. a w s itthe h tihose r N inc ot a om w bl ho y e,s A ,w rsi e er tae in r e not r m ete ilnt rie vi eas ng ss et of Hispanic and 11 pe 14% rcent of Asian workers. 90% Figure 14 May 22, 2025, #532 7% $60,000 w va e xpe iltue h rts ihe e , nc aind r ec d hi atss l he dr e t e l a n. ow rge F ne or str di shi exa spa p m rrp a it t le y es , i 9 n w 5 e ow r pe e ne rhi ce r gh shi nt c of pom r A atpa si es: a rn e 36 d re w tp iir e te h re cot s ent lhe ivi of rn r g a those cw iailt h gr not toups. he l ii rv c i hi ng Nlone dr we itt n h he w tlhe e er ss ier , bor c thi hil n sdr a out r ern a si nge re de por m of t ee nt td h e is 80% 34% $60,000 Retirement Asset Ownership, by Income, Race, and Living Arrangement 80% 15% Figure 6 15% U ow not ni ni tuni eng d que S rteatt it e ro e s, m t hi ce ont sm c pa a om ss re e m d tsuni ,w cio tty h m . o pa Snl erve y ed 81 nt w ei pe etn h rpe c 21 ent rc pe e of nt rc t e of hose nt B of l a not tchose k w livi or li ng ke vi ng rw s iatw nd hi t the h 16 tihe rpe c ihi rr c c le hi dr nt ledr n. of e A n, Hddi ia spa 15 tini ona pe c r l w l cy or e,nt A ke a si ge rs an w poi re ertnt e ir e ae lso s 70% 100% 70% Percentage of Workers Ages 25 and Older Living With Their Parents e l di ixhi vi ffng ebi re tw n ec d ie th t .he Itn he hi ciont rghe pa rr st ae st nt c,onc s. the This e d nt ifrf a si etri te on ua nc ti of eon s bo f or ca t h n W ine ndi hi W ga thi e vi te tr id e ve ua tiB lry ll e ac s ei ks bor mapa nd Hi n s cp out tH an one i ics si pa de 's A ni s aof ic bi an rlte ihe tty ir U e to eni s re t w e tid e rr eS e c tsm a om tea sf lor a le nd tra , bl a tt ho y 1 , 1 se a sa w nd those ith 7 l ilm ivi itng ed 36% $50,000 2060 % % 88% pe w Engli ir tc h etnt sh he 90a % ipr ge r pa of poi irc eint nt enc s s a ly ow re a m ge erong ,ne rerspe a alllly crta lie c ve ss ial ly l i.gr ke oups ly to iow n the n r sa etim ree m le ivi ntng ass ae rr ta s,nge rega mr edl nte , ss w iof th r38 ac e pe , a rge cent , or of i nc Asi om an e.r e Ftor ire es 60% 85% 18% Exploring Cultural Influences on Retirement 50% 33% 37% e l ixa ving m 18 pl $4 a % e 0,0 t ,ho 00 78 m pe e f ra cc eint ng of a B lalngua ack w ge or ba kerrrs ieirn . the hi 17% ghest income group who were not living with their parents reported $36,600 78% 50% 80% 76% 74% 40% A ow si ni m ng ilarre ttrie re nd me is nt hi aghl sseitght s, ce od mipa n F re igur d we i t5 h , 71 whpe ich rcpr ent ese am ntong s metdi hose an rw etho irem we ent re. aE ss m epl t va oye lue rs s a by nd r be ace ne afnd its 71% lde ivi si ng gne rs 16% 70% Planning Amon Figure g A2 sian Americans 69% 16 40 %% 68% 69% 70% $30,000 30% c a oul rrange d suppor ment.t A em mong ploye re ets irc ea ers ing witfh orc hi the ldr ir epa n r w eho nts ow by ne ofd ferre ing tiref m ina ent nc a ia ss l e pl ts, a nni those ng se nom t liina vir ng s or w i pr thogr 27% the aim r c s hi and ldr en had $25,000 Percentage of Retirees With Limited English 62% Proficiency, 61% 60% 30% 18% 58% 14% hi w or ghe kpl r m ace edi flaen xiabi ssle itty va to lue hes lp ac w ross orke arls l r st aa cy ia l on grtoups. rack f F or or c a inst reea rnc de eve , the lopm me edi nta a n nd reta ir suc eme cnt ess afss ule r te va tirle ue m e fnt or. Asian 100% 60 20 % % $20,000 by Race and Living Arrang 55%ement 49% 55% In many Asian American households, it is a cultural norm to care for parents during their retirement years. This $20,000 $16,670 51% 50% 51% 9% 20% 38% $15,000 49% $15,000 r etirees not living with their children was $210,000, compared with $95,300 for those living with children. This 36% 10% 5% 12% 11% 4% respons 90 50 % i % bility is often handed down from one generation to the next, with many Asian Americans observing their 1% 1% 43% r epresents a difference of 120 percent, the largest difference observed among the racial groups.22% 10% 42% parent $1 s 0,0 0% ca 00 ring for their grandparents and 39% expecting to do the same in the future. In fact, a 2020 report found 62 39% 80 40 % % 10% Not living with parents Living with parents Not living with parents Living with parents Not living with parents Living with parents This report was 34% written by Samita Thephasit, EBRI Research Associate, with assistance from the Institute’s 33% 0% percent of Asian American caregivers were providing care to parents, a higher likelihood than any other racial Figure 4 29% White Black Black Hispanic Hispanic Asian Asian 1 re 70 se 30 % % ar $0 ch and editorial staffs. Any views expressed in this report are those of the author and should not be 27% 8% group. 25% 7% Retirement Asset 22% Ownership Rate, by Race, Ethinicity, and Living Arrangement White Black Asian Hispanic ascribed to the officers, trustees, or other sponsors of EBRI, Employee Benefit Research Institute-Education 17% 60% Source: 2023 Survey of In17% come and Program Participation (SIPP). 20% Source: 2023 Survey of Income and Program Participation (SIPP). 50 6% % Do Not Live With Children Live With Children and Research Fund (EBRI-ERF), or their staffs. Neither EBRI nor EBRI-ERF lobbies or takes positions on Source: 2023 Survey of Income and Program Participation (SIPP). This Fast Fact examines the retirement culture of Asian Americans and its impact on retirement preparations by 50% 10% specific policy proposals. EBRI invites comment on this research. 45 4% % 43% analyzing the living arrangements of both retirees and workers and the value and ownership of retirement assets. 38% 37% T To o unde deterr m stia ne nd the how na tth ur is e lof ivi tng he a li rv ra ing nge am rre ant nge af m fe ec nt ts s rof eti w reor mke ent r s pr lie vi pa ng ra tw ions, ith t he retiirr e pa m re ent nt s, ass ite its va crluc ueis ala tnd o e ow xam ne ir nshi e p 40% 0% It then compares these statistics with those for other racial groups. The analysis was conducted using the 2023 40% 2% Not living with Living with Not living with Living with Not living with Living with Not living with Living with W t a he re it ia h r na fai na lhi yz nc gh ed. i a c lonc F st igur ae tus nt er . a 1 F t1 iion gur show of e 9 young s shows that t he pe the opl re tm ier e e adi m ma e ong n nte a a w ss rne or 2etd ke ow inc rs ne om lirvi shi e ng by p w r a rit a te h c e a t he m and ong ir pa livi w re ng or ntke s, ar ra rs a n nge w aa ge sm lc ow eo nt m e . pa rA fc r or irson oss those c ea an c lh iving 36% 28% Survey of Income and Program Participation (SIPP). parents parents parents parents parents parents parents parents 30% 25% w r pr aic ovi tih al 35 tde he gr % i oup, ar be patr tie e nd nt r li s oo vi adua c k ross in ltso a w r le l ho tria rw c ei m e ar le ent gr not oups, pr e li pa vi r w ng ai tt i h on. wA it h s F i t a ihe gur n w ire or pa 13 ke reshows rnt s s ha te vi nde r ng etd it rhe e to m h ha eint ghe ve a ss hi ste ghe ow t ow ne r m ne rshi e rdi shi p an p rae rta e ats re ni s in ngs by ea .c a h ge Nl ot ,i v raa ibl ng ce y ,, 0% 32% Less Than $30,000 $80,000 or More $30,000–$55,000 $55,000–$80,000 White Black Hispanic Asian 20% a A a nd rsi raa nge lns ivim r ng epor e nt ar.r t e a F d nge or the im ns h etnt iaghe nc . H est ,ow 50 me epe ve dir r a,c n e w nt eor a rof ke ni ngs A rs si w aiho n n w e w aor c eh r ke el ir not v s ing w lho ivi arng w rae nge r w e ilt m ih v e i tnt ng he.i r w pa ith re tnt hes irha pa dr e ant hi s ghe repor r re te tid reow meni ntn a g sset 30% Retirees ow retine rem rshi ent p a ra ss te e ta s, c rc oss om pa allr a ege d w aind th 4 ra 4 cpe ialr c gr eoups, nt of W whi ith teA w sior a n ke A rs ma end rica 36 n w pe or rc ke ent rs of ha vi Blng ack the w or hike ghe rs. st ownership rate Source: 2023 Survey of Income and Program Participation (SIPP). Source: 2023 Survey of Income and Program Participation (SIP 6% P). 10% 25% 2% 0.5% a mong those li1% ving with their parents, except among those ages 45–54. Figure 9 For this analysis, retirees are defined as individuals ages 60 or older who are not currently employe 21% d, while 0% F igure 12 presents the median retirement asset values by r ace and living arrangement among those who own any Figures 7 and 8 illustrate the percentages of workers born outside the United States and the percentages of 20% Do Not Live With Live With Do Not Live With Live With Do Not Liv18% e With Live With Do Not Live With Live With Median Earned Income, by Race and Living Arrangement workers are defined as individuals ages 25 or older who are currently employed. In addition, SIPP asks each Children Children Children 16% Children Children Children Children Children a Conclu ssets. Cs onsi ions tent with the pattern seen in 15% Figure 6, the m edian retirement asset value for workers living with their workers with limited English proficiency, categorized by race and living arrangement. In contrast to Figures 2 and Figure 13 respondent to indicate their race and whether they are of Hispanic origin. Individuals are categorized into four 15% Not Living With Parents Living With Parents $80,000 White Black Hispanic Asian pa rents was lower across all racial groups. Again, Asian w orkers had the highest median asset value in each living 3, which indicate that retirees living with their children were more likely to have been born outside of the United Retirement Asset Ownership, by Age, Race, and Living Arrangement 11% racial groups based on their responses: (1) those who identify as White and are not of Hispa $72,315 nic origin (White), (2) situat 10 ion % , with those living with parents having a median retirement assets value of $36,600, compared with St Mul ate tis ge and nerfaatc iona e lalngua house gehol bads rri e arrs, e a a c dom iffem reon nt tlr ie vi nd ng ea m rrearnge ges m am ent ong forw m or ake ny rs. A si Sa pe n c A ifm ice arlilc ya , ns. wor This kers Fast living Fac witt h their $70,000Source: 2023 Survey of Income and Program Participation (SIPP). those who identify as Black and are not of Hispanic origin (Black), (3) those who identify as Asian and are not of White Black Hispanic Asian $16, 670 for White workers. pa exa re m nt ine s w s e tr hi e sl e ass spe lic ke t of ly tthe o ha cul ve t ur be ee a n nd bor how n ou it tsi im de pa of c tt s hree tU irni em tee d nt S t pr ate epa s a rnd ations to st by ruggl ana el yz wiitng h l a the ngua vage lue ba and rriers. For 100% Endnotes 5% Hispanic origin (Asian), and (4) those of Hispanic origin (Hispanic). Although Hispanic is not a race, it is $56,940 $60,000 ow exane mpl rshi e, p the of pe ret ricre ent ma ege nt a of ss A etsi s a of n bo rettih rew es or bor ker n s out and si r de e Figure t iof ree ts, he w 3 U hi ni le te c dom Sta pa ters ing wa ts he 14 m pe acrrc oss ent a ra ge ci a poi l gr nt oups. s highe r $54,554 important to examine this group separately due to potential cultural differences in retirement planning. 90% 0% a mong those living with Percent children ag com e of pa Ret red w irees ith those Born who Out wsid ere e not of . C th onve e Un rse ite lyd , the Stat pees, rcentage of Asian White Black Hispanic Asian $50,000 $46,128 Figure 11 1 Thir worke ty 80 rpe % s bor rcen ntout of si Ade sia of n rte he tir e U eni s t w ed ith S t ca by hi tels dr Race and w en asr e 15 por pe te rd c Liv elnt ivi ing ang ge w A poi irr th nt ang tshe hi m eme ghe , the rnt a hi mghe ong st th sha oser e w c ho om w pa erre e d not w iltih vio ng the w r ith National Alliance for Caregiving and AARP, “Caregiving in the U.S. 2020: A Focused Look at Family Caregivers of Adults Among retirees who had children, 11 percent were living with them. Figure 1 illustrates the percentage of retirees $40,464 Retirement Asset Ownership of Workers, by Race and Living Arrangement 71% Source: 2023 Survey of Income and Program Participation (SIPP). 100% 70% r the aci ia r lpa gr roups. ents. Additionally, Asian retirees experienced the most significant disparity in retirement assets Age 50+ $40,0 ,” 00 November 2020. Available at https://www.aarp.org/con69% tent/dam/aarp/pp $36,396 i/2021/05/caregiving-in-the 95% -united-states- 68% with children who 67% were re $35,353 siding with them67% , categorized by race. Thirty percent of Asian retirees with children 70% Figure 7 ownership rates: 36 percent of those not living with their children vs. 21 percent of those living with their 50-plus.doi.10.26419-2Fppi.00103.022.pdf. 62% 62% 90% $29,820 61% reported living with them, followed by 25 percent of Hispanic retirees, 15 percent of Black retirees, and 8 percent Not Living With Parents Living With Parents 80% Figure 59% 5 $30,000 Percentage of Workers Born Outside of the United Stat81% es, 60% 56% c hildren, a 15 percentage point difference. This disparity could partially be due to the language barrier, as Asian 55% of White retirees. 54% 53% 80% 2 Median Retirement Asset Value By Race and Living Arrangement 51% 50% by Race and Living A 51% rrangement U.S. Department of Commerce. Bureau of the Census. Surve y of Income and Program Partici 50% pation (SIPP): 2023. retirees who were living with their children had the highest concentration of individuals with low English 48% 10 70 50 $2 0% % % 0,000 67% 67% $250,000 Do Not Live With Children Live With Children 46% Washi 70 ng %ton, DC: U.S. Census Bureau, 2025. Available at https://www.census.gov/44% progr 65% ams-surveys/sipp.html The U.S. 43% 43% 43% Figur e 1 pr oficiency of all racial groups43% . According to EBRI’s research, 15 percent of individuals who struggled with 41% 40% 90% Census Bureau describes SIPP as “a nationally representative longitudinal survey that provides comprehensive information 40% $10,000 Percentage of Retirees 36% Living With Their Children Engli 60 sh % reported owning retirement assets compared with 43 percent of those who spoke English very well and 56 60% 80% 34% $210,000 35% on income, employment, household composition, and participation in government progr 31% ams.” 31% 3 50% 80% pe rcent of those who only spoke English. Moreover, a significant percentage of Asian retirees living with their 29% 51% 50% 30% 50% $200,000 $0 30% c hildr 50 e 70 % n %were born outside of the United States, which suggests they may be less familiar with the country. These 30% 65% 3 White Black Hispanic Asian Thephasit, Samita, “The Importance of English Proficiency in Financial Wellbeing,” EBRI Fast Fact, no 495 (Employee 44% 40% 20% f actors, along with cultural influences regarding elderly care as a rite of passage, may explain why many Asian 60% 55% 25% Benefit Research Institute, March 14, 2024). Available at https://www.ebri.org/publications/research- 40% publications/fast- 25% Source: 2023 Survey of Income and Program Participation (SIPP). 40 30% % r etirees choose to live with their children. 36% facts/content/the-importance-of-english-proficiency-in-financial-wellbeing. 10% 5 $1 050 % ,000 $138,000 33% 19% 20% 20% 40% 30% 0% 4 F igure 10 illustrates the earned income distribution of workers who live with their parents by race. It is observed A V si ea sn paw , Jor on ke ath rs an ha , L d at ur he en hi M ghe e8% dist na m , ae nd di a D n avi inc d om M. e A r am nd stro reng, tire “ m De ent m ogr assae phi t va c lT ue urs ni , ng as 32% P w oi el nt l s a s for ow the ne U rshi nitp ed ra Stte as, te sc : om Popu palr ae tid on 7% 10% Not living with Living with Not living with15% Living with Not living with Living with Not living with Living with 4% 15 30 %% t hat, while there was a higher concentration of workers in the lower income groups in other racial groups, the P wroj ith ec ot tihe ons r r fo ar c pa i20 a re l20 nts groups to 2060 in pa , ”si r eCur m ntsilra ern l ti P vi opu ng pare lsi nts attiua ont i R ons epor pa . I t re nt snts , e U r.e Sst . i Ce ngl ns pa yus ,r ea nts Bur sige ni au fi , c W a pa nt ars elhi nts y nh gt ighe on, r D pe pa .C r.r e,c nts 20 ent 20. age A v of a pa i lhi ra eb nts gh le - aitnc ome $95,300 $100,000 $90,000 20% 0% 19% https://www.census.gov/content/dam/Census/library/publications/2020/demo/p25-1144.pdf. i ncome distribution was more diverse among Asian workers living with their parents. For example, 38 percent of e arner20 s % among Asi Aa ge n s w 25or –34 kers live with theA ir ge pa s 35 re –nt 44s compared with At ge hose s 45– 54 in other racial grA oups ges 55 . or O Thilde s sugge r sts 14% Do Not Live With Live With Do Not Live With Live With Do Not Live With Live With Do Not Live With Live With 10% 8% Children Children Children Children Children Children Children Children W hite workers living with their parents were earning less than $30,000 annually, while only 22 percent of Asian t hat those living with their parents are less likely to do so for financial reasons, such as sharing living costs. 6% $60,000 10% 5% 10% 5 Washington, So Cha urcene : 20 ll 2,3 T Su hom rvey oa f s In cG om ry e n, an dL Pro ydi gra am A Pa nd rtice iprs ation on (SIPP). a $50,000 nd Rose M. Kreid$50,000 er, “Several Generations Under One Roof,” White Black Hispanic Asian w orke5% rs fell into that income bracket. Meanwhile, there was a lower concentration of workers with higher I nstead, it is more likely motivated by cultural norms or the desire to assist their parents with daily tasks. The $50,000 0% America Counts: Stories Behind the Numbers, U.S. Census Bureau, Washington, D.C., 2023. Available at i ncomes in the other racial groups. For instance, 12 percent of Hispanic workers who were living with their C ensus Bure No at l u ive ing st wi im thates Li tha vingt wi the th per No ce t lnt ivia ng ge wi th of Am Live ing ri wi ca th n-bor No n t l A ivsi inga wi ns th will Li m ving or wi eth than No doubl t livinge wi by th 206 Liv0 ing c wi om th pared 0% Source: 2023 Survey of Income and Program Participation (SIPP). $20,000 https:// 0% www.census.gov/library/stories/2023/06/several-generations-under-one-roof.html. 4 parents parents parents parents parents parents parents parents 5 White Black Asian Hispanic F pa igur rent es 14 ea rine llust d $80, rates 000 the a r aye tea s rof or r e m tior ree m , e cnt om apa ssr ee t d ow wne ith rshi 34 p pe by rc e inc nt om of A e si lea ve n lw , r or ac ke e,r a s.nd Th li iv s ifng indi ar ng range sugge mest nts. that w ith 2016. And despite research indicating an increase in multigenerational households over the past decade, White Black Hispanic Asian White Black Hispanic Asian T A G o si ene be an rta tw e llr or y unde , ke wr or s rke a st ra e rs nd m w or rho ee ti r l w i eke e es re ly w not t ho o llliiive vi ve n w w g iit w th h i t tt h he he tihe irr pa ic rhi r pa e lnt dr res e nt n due s ae nd xhi tot he c bul it e na td ur thi ur alghe e o bl ofri ga tow he tiine o r ns lr ishi vi rng ap the raa r rt re ta ha s nge a n c r f m oss ina ent nc as, lil a iit lnc ' s reom asons e and . t hese second and third generations of Asian Americans may be less inclined to live with their children during $0 Source: 2023 Survey of Income and Program Participation (SIPP). Source: 2023 Survey of Income and Program Participation (SIPP). White Black Hispanic Asian i rm acpor ial tgr ant oups. to e xa Am mong ine tthe hose ir pr in epa the ra hi tions ghest for inc reom tireem gr ent ou , p spe who cifiw ca elrle y liin vitng erm w s itof h tthe heiirr pa retrie rnt em s,e A nts iaa ss n ew tsor . R ke et ris rement Source: 2023 Survey of Income and Program Participation (SIPP). Source: 2023 Survey of Income and Program Participation (SIPP). © 2025, Employee Benefit Research Institute, 901 D St. SW, Suite 802, Washington, DC 20024, 202/659-0670 | ebri.org 6 5 4 7 8 2 9 3