Charlotte, NC (PRWEB) February 24, 2014
Hobart Financial Group, a leading North Carolina retirement planning firm, details four ways individuals and couples can foster a more comfortable retirement.
According to a February 11th MarketWatch article titled “4 ways to avoid a retirement disaster,” money has a tendency to run low during retirement due to unforeseen circumstances. Whether an adult child needs financial support or a spouse falls victim to a significant illness, most retirees have difficulty living comfortably during retirement. During retirement, the article says many people have to stretch their savings over many years. By preparing adequately for their future beyond the workforce, retirees can prevent a retirement disaster.
The article lists four ways retirees can prepare for unforeseen circumstances that may deplete savings:
1. Eliminate debt before retirement.
2. Plan optimistically and conservatively.
3. Set aside money for emergencies.
4. Look into insurance coverage for life expectancy or other unknowns.
Chris Hobart, CEO of Hobart Financial Group, a leading Charlotte retirement planning firm, says eliminating debt and setting aside money for emergencies are the two most important aspects of retirement planning. “It’s essential to pay off all debts when you’re working,” he says. “If you leave the workforce and still have loans or other payments to make, it could put a significant strain on your income. If you are paying off debts during retirement and you end up falling ill, you may find that your funds are being spread too thin. This is why it’s essential to have funds stored away for medical emergencies or other types of unexpected events.”
Hobart also encourages individuals to consult a registered investment advisor to make safe investments before retirement. “Investments have the potential to generate a big portion of your retirement funds,” he says. “However, investments are fickle, especially stocks, and are dependent on the stock market. Make sure you choose investments that are generally conservative, but help to accumulate more money in the long run.”
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.