Charlotte, NY (PRWEB) December 28, 2013
Chris Hobart, the CEO of North Carolina retirement planning firm Hobart Financial Group, responds to an article published by Forbes on December 20th, which reveals that a set of hearings has been held in the Senate on the topic of raising Social Security benefits.
According to the Forbes article titled “Should Social Security Benefits Be More Generous?” Senators Sherrod Brown and Patrick Toomey are planning to improve retirement security by increasing the Social Security benefits for those who do not hold private savings. Senator Brown, a Democrat from Ohio, says on the issue of retirement security, “Maintaining or expanding Social Security is the single most effective thing we can do to prevent poverty and economic ruin for millions of senior citizens, while promoting economic mobility for their children and grandchildren.”
Social Security has become an increasingly hot topic in the United States Senate, as late baby boomers and early Generation X-ers begin to approach retirement age. Unfortunately, these groups are woefully unprepared for retirement. One third of Americans aged 45 to 64 have absolutely nothing saved for retirement, and three quarters of Americans nearing retirement age have less than $30,000 saved for retirement.
Brown and Toomey hope to add money to Social Security now by limiting the money given to retirees in the future when, hopefully, people will be more educated about retirement planning. In addition, Brown and Toomey would look to offset the money lost in Social Security by raising the mandatory default savings rate on employer-sponsored retirement accounts from 3 to 6 percent.
Chris Hobart, CEO of Hobart Financial Group, a leading North Carolina retirement planning firm, says that Americans cannot depend on possible increases in Social Security benefits to get by. “Although many near-retirees would surely welcome an increase in benefit payments, the fact is a rise in benefits is not economically feasible at the moment. Any change to Social Security would require bipartisan support and a major budget increase, which is possible, but not likely. Regardless, any raise in benefits would not be significant enough for most working-class Americans to live off of.”
Hobart goes on to explain that retirement planning options should be weighed by all Americans. “Everybody, no matter their economic status and income level, has retirement planning options open to them. There are tons of tools available online that can help anyone get started on retirement planning. Of course, if someone ever feels overwhelmed or unsure, they should contact a retirement planning firm.”
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.