Wealth Management Firm, Hobart Financial Group, Explains the Unpreparedness of Middle Class Americans for Retirement

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In response to an article published by CNN Money, wealth management Hobart Financial Group says it is never too late to begin retirement planning.

Chris Hobart, the CEO of wealth management firm Hobart Financial Group, responds to an article published by CNN Money discussing the lack of retirement planning in middle-class Americans.

According to the article in CNN Money titled “Many middle-class Americans plan to work until they die,” a recent Wells Fargo survey of 1,000 workers, aged 25 to 75, with household incomes between $25,000 and $100,000 has revealed some unsettling statistics about retirement planning. The survey found that nearly half of those polled do not think they will save enough money to retire comfortably with 34 percent of middle-class Americans believing they will have to work into their 80s, because they have not saved enough money to retire.

These statistics are worrisome by themselves, but what is most concerning is how fast these percentages are rising. For example, the percentage of middle-class Americans that believe they will have to work into their 80s has increased nine percent from 2011.

Laurie Nordquist, head of Wells Fargo Institutional Retirement and Trust, explains that the economic condition of the country plays a large part in the decrease in adequate retirement planning. She says, "For the past three years, the struggle to pay bills is a growing concern and the prospect of saving for retirement looks dim, particularly for those in their prime saving years."

Chris Hobart, CEO of Hobart Financial Group, a leading wealth management firm, says that individuals should stop placing retirement planning on the backburner. "To most Americans the ‘now’ is paramount. People just do not want to save money they can spend now. Right now, proroguing retirement has a safety net in Social Security. However, the future of Social Security is too uncertain for those not of retirement age to rely on it as their main source of income."

Hobart implores people to begin retirement planning if they have not yet. "It is never too late to begin planning for your retirement, every little bit helps. With assistance from a retirement planning firm, you can create a strategy that ensures a comfortable retirement, while minimizing the damage to your bank account in the present."

[Hobart Financial Group is an independent 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.

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since: 09/2013
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