Bohemia, NY (PRWEB) October 25, 2013
Chris Hobart, the CEO of Hobart Financial Group, a wealth management firm, responds to an article published by MarketWatch on October 7th, which discusses how conventional retirement plans are no longer enough to sustain a comfortable retirement.
According to the article on MarketWatch titled “10 reasons your retirement plan won't cut it,” traditional 401(k)s, 403(b)s, IRAs, Roth IRAs and other types of plans provided by employers can be a tax-efficient way to generate money for retirement. While most come with different rules and contribution limits, these plans help people save money for retirement automatically from the time they start working.
While this is a necessary part of the process, these plans typically cannot supply workers with the money they need to live a comfortable retirement, especially with rising average life expectancies. The article says most plans are not designed to sustain long-lasting income, leaving most people unable to count on receiving a constant income.
Chris Hobart, CEO and founder of Hobart Financial Group, a leading wealth management company, agrees that retirement plans are not able to provide lifetime income for most workers. “Retirement plans from employers are usually a good way to kick start saving for retirement,” he says. “Unfortunately, they cannot supply an individual with a prolonged income that covers all expenses during retirement. Most plans have a limited allowable contribution amount, and even with that, most people do not contribute enough to generate a decent amount of savings.”
Hobart suggests investing in other types of strategies to generate spendable retirement income like annuities. “Certain annuities can provide people with sustainable income for life,” he says. “Most investments fluctuate with the market, but that’s no reason to be discouraged. Tax-deferrable annuities can really help an individual grow funds for their future. It’s important to contact a retirement investment advisor to discuss ways to supplement your current employer-provided retirement plan.”
Hobart Financial Group is an independent North Carolina financial advisory firm dedicated to personalizing service with uncompromising integrity. Its focus on comprehensive, tax-advantaged plans help to provide sound preservation of capital, growing income and increased returns with reduced risk. Chris Hobart, founder of Hobart Financial Group, understands that true wealth means being able to share your life with the people you love, free from financial anxiety. Hobart Financial helps Carolinas’ retirees preserve and protect their wealth with comprehensive financial retirement planning and wealth management.