Americans are feeling downbeat these days, worried about a possible recession and how their retirement income will fare if taxes should increase in the future, according to the third-quarter market perceptions study from Allianz Life Insurance Company of North America.
The good news: Advisors can do much to lessen their clients' worries. The bad news: They are likely to get fired if they don't. Specifically, nearly three-fourths of respondents said they would look for another advisor if theirs did not help them manage taxes in retirement.
"A change in taxes can significantly affect a portfolio if the investor has not incorporated tax strategies into a financial plan and diversified across tax categories, according to Kelly LaVigne, vice president of consumer insights at Allianz Life.
"For a goal like retirement, you want to diversify your assets across a spectrum of long-term capital gains, regular income and non-taxable income," LaVigne said in a statement. "This strategy, along with incorporating strategic tax deferral will help achieve some control over the amount or timing of taxes you will pay."
For its study, Allianz Life conducted an online survey in August 2023 with a nationally representative sample of 1,005 adult respondents.
