Charlotte, NC (PRWEB) January 18, 2014
Hobart Financial Group, leading North Carolina retirement planning firm, comments on an article published by MarketWatch on January 7, which details four important things that many retirement plans lack.
According to the MarketWatch article titled “4 key things that retirement-planning programs miss,” most employer-provided retirement plans often leave out a few key components, such as survivor benefits, replacements, adequate insurance and relative support.
Most retirement plans provide provisions for the retired worker. However, the article says they often do not include survivor benefits. Meaning, should the retiree die, the surviving spouse or family member would not be able to claim the remaining retirement plan benefits. Standard retirement plans also typically don't cover relative support, such as an aging parent, financially dependent children or disabled family members.
The article says many plans also don’t provide for big purchases in the future. When a person needs to replace a car or a major appliance, they need to dig into retirement funds. The article says this is called replacement planning. However, retirement plans don’t generally account for these types of purchases.
Chris Hobart, CEO of Hobart Financial Group, a leading North Carolina retirement planning firm, says most retirement plans are not as inclusive as people may think. “Standard retirement plans alone are not sufficient enough to sustain most families throughout retirement,” he says. “They often lack provisions for some of the most common problems during retirement. Many retirees often find that their most costly expenses are taking care of family members or paying out of pocket for uninsured accidents.”
Hobart advises retirees to analyze their retirement plans in order to ensure they are covered for such instances. “If your retirement plan lacks funds for these provisions, you should seek advice from a financial expert to determine your best alternative,” he says.
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.