Bohemia, NY (PRWEB) November 07, 2013
Chris Hobart, the CEO of Hobart Financial Group, a leading North Carolina retirement planning company, responds to an article published by MarketWatch on October 24th, which details how many thirty-somethings are saving more for retirement than workers in their 50s.
According to the MarketWatch article titled, “Youth beats middle age in retirement planning,” a new survey conducted by Harris Interactive found that people in their 30s are more likely to have a retirement plan and possess a more rational idea of how much they need to save in order to retire comfortably. The article says most 30-year-olds participating in a 401(k) plan are saving an average of 6 percent of their yearly income, a full percent more than workers in their 40s. The study also found that 34 percent of people from the 30-something group admitted to having a written retirement plan, compared to 24 percent of those in their 40s.
The study says, “More than three-fourths of people in their 40s and 50s bemoan the fact that they didn’t start saving earlier.” However, the study found that workers in their 40s and 50s believed they only needed to save about $200,000 for retirement, which is an unrealistically low number. The 30-somethings exceeded expectations by estimating they need to save a total of $500,000 for retirement, a far more realistic figure.
Chris Hobart, CEO of Hobart Financial Group, a leading North Carolina retirement planning company, says 30-somethings are the most prepared age group for retirement. “Many 20-year-old workers are worried about finding jobs and paying off college loans,” he says. “Retirement planning is not a priority for them. Older workers in their 40s and 50s just remain uninformed and unrealistic. Right now, 30-somethings are leading the pack. However, the reality is that a retirement plan is necessary, no matter what your annual income is. Having a plan now is what’s going to make the difference in the long run. It will be the difference between having a comfortable retirement and a tumultuous one.”
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.