Charlotte, NC (PRWEB) January 20, 2014
Hobart Financial Group, a leading RIA firm, affirms that entrepreneurs are very unprepared for retirement and offers tips for better retirement planning.
According to a January 13th Wealth Management article titled “A Retirement Bomb is Ticking for Independent Workers,” most entrepreneurs have not properly prepared for retirement, and many lack the funds necessary to live a comfortable retirement. The article says many of the country’s self-employed workers could be in financial danger when it comes to retirement. The article explains that 28 percent of self-employed workers aren’t saving at all, while 40 percent are only saving occasionally.
More businesses are hiring independent contractors and freelancers. The number of self-employed workers is also increasing year over year. The article projects self-employment to make up 40 percent of the workforce in 2020.
Chris Hobart, CEO of Hobart Financial Group, a leading RIA firm in North Carolina, says self-employed workers must take the initiative to plan for retirement. “Because many entrepreneurs and self-employed workers aren’t supplied with retirement documents from an employer, they are neglecting saving for retirement all together,” he says. “But this doesn’t mean they are completely out of luck. There are a few things entrepreneurs can do to save for retirement before it’s too late.”
Hobart advises entrepreneurs to invest in a Roth IRA, SEP IRA or an individual 401(k). “The Roth IRA can help entrepreneurs that are having problems saving because it distributes money automatically to the fund each month,” he says. “The individual 401(k) works similarly to a 401(k) plan from an employer and contributes an additional 20 percent of their pay to these plans. Entrepreneurs that aren’t financially knowledgeable should seek advice from a retirement advisor. These advisors can help entrepreneurs save extra funds and generate income during retirement.”
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.