Bohemia, NY (PRWEB) December 07, 2013
Hobart Financial Group, a leading wealth management firm, responds to an article published by Investment News on November 24th, which discusses how retirement planning is becoming more of a family affair.
According to the Investment News article titled “Retirement planning is now a family affair,” the Great Recession caused severe financial turmoil for most American families. Most baby boomers now find themselves taking care of their adult children and other family members, straining their financial resources.
The article reveals a new study conducted by Age Wave and Merrill Lynch, which examined the financial hardships baby boomers face in planning for retirement and lending funds to other family members. The study discovered that 62 percent of Americans over 50 years of age have provided financial assistance to other family members in the past five years. Other family members include adult children, elderly parents, grandchildren, siblings and various relatives. The article says baby boomers were lending out sums averaging around $15,000 to family members in financial need.
Chris Hobart, CEO of Hobart Financial Group, a leading wealth management firm, says the harsh reality is that baby boomers often find themselves financially supporting other family members. “Retirement planning is no longer about the individual or the couple,” he says. “It’s becoming necessary to include other family members in planning for retirement. People have to start saving extra money for expenses like taking care of adult children or a sickly parent.”
Hobart says people need to modify their current retirement plans to generate enough income to support these other family members. “Over 25 million young people live with their parents,” he says. “When they can’t find a job after graduating college, they move home and live off their parents. Only 10 percent of baby boomers say they charge their children rent after moving back home. In order to be able to financially support additional family members, people must speak with their financial advisors to find an efficient way to save more money for retirement.”
Hobart Financial Group is a leading 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.