Bohemia, NY (PRWEB) December 21, 2013
Chris Hobart, the CEO of wealth management firm Hobart Financial Group, responds to an article published by LifeHealthPro.com, which discusses a new study detailing Americans’ lack of retirement planning.
According to the article on Life Health Pro titled “Survey flags boomer retirement planning shortfall,” the retirement planning problem is the worst for the generation that is closest to retirement: the baby boomers. The article says a new report conducted by Cerulli Associates revealed that “six in ten retirement income opportunity participants are not confident they are prepared for retirement.”
Thirty-seven percent of those surveyed revealed that they are not adequately prepared if they were forced into retirement today. The report also stated that about 35 percent of households had a retirement plan in 2012. Unfortunately, the article says baby boomers are not considerably more likely to have retirement income plans than any other age range.
In the article, Kevin Chisholm, associate director at Cerulli Associates, says, “The number of pre retirees who are unprepared for retirement is staggering. More than 75 percent of participants between the age of 55 and 59 [indicate] they are either not prepared for retirement or they are unsure if they are prepared.”
Chris Hobart, CEO of Hobart Financial Group, a leading wealth management firm, says that a retirement crisis could be in the works if baby boomers do not start preparing for the future. “The fact of the matter is, baby boomers were born to a generation that had pensions,” he says. “Most were never properly taught about retirement planning because their parents did not have to worry about it. Still, baby boomers need to learn about retirement planning and they need to do it fast. Economic disaster could be on the horizon for some baby boomers. This is extremely problematic, given the uncertain future of Social Security and Medicare.”
Hobart implores people to begin retirement planning if they have not yet started. “It is never too late to begin retirement planning,” he says. “While sooner if better than later, it’s essential to begin retirement planning if you have not started to yet. With the assistance of 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.