Charlotte, NY (PRWEB) January 10, 2014
Chris Hobart, the CEO of retirement planning firm Hobart Financial Group, responds to an article published by Fox Business on December 23, which reveals that college graduates should be saving for retirement, even when they are still paying off student loans.
According to the Fox Business article titled “You Can Still Save for Retirement When You Have Student Loans,” student loans can be an overwhelming financial burden for college graduates. However, this does not mean other necessary expenses, like retirement planning, should be put off to the distant future.
From the time someone starts their career, retirement planning and student loan commitments should both be a part of the monthly budget. Student loans will be paid off eventually, but in retirement planning, there is nothing that can recoup lost time due to a late start. Do not be afraid to start off small, the article says. Saving 1 to 2 percent of income will help get the ball rolling. Even this small amount will pay off dividends in the long run.
Chris Hobart, CEO of Hobart Financial Group, a leading North Carolina retirement planning firm, says that Americans should be actively planning for retirement as soon as they enter the workforce, regardless of student loan debt. “It is very important in retirement planning to start early. Here’s why: Money you save early in your life is worth much more than money saved nearer to retirement. Think of it like this. If you put a thousand dollars in the bank account now, due to compounding interest, it will be worth way more than a thousand dollars in forty years. If you take that same thousand dollars out of the bank in 10 years it will not be worth nearly as much. This concept is precisely why it pays to start saving early for retirement, regardless of unpaid loan commitments.”
Hobart also explains that there are still options available to those who have not yet started retirement planning. “If someone has not start saving for retirement at an early age, there are still retirement plans that can be constructed to ensure a comfortable retirement. I would advise these people 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.