Despite New Financial Statistics, Americans Can Build Strong Retirement Savings Plans According to Advisor Michael Kabarec

PHILADELPHIA, PA, May 13, 2013 (Press-News.org) For Michael Kabarec--President of Kabarec Financial Advisors, Ltd. in Chicago--a solid retirement savings plan is one of the most essential components to building wealth and ensuring long-term fiscal security. As Kabarec serves his clients by managing investments and searching for strategies to maximize and maintain wealth, he has found that attitudes in America regarding financial savings are dim. A recent report from Fox News corroborates these sentiments and reveals emerging statistics that suggest Americans are not only stalling on retirement savings--they are also having trouble getting their savings plan started.

The article details, "Data from the Employee Benefit Research Institute shows that only 46 percent of individuals have attempted to calculate how much they need to save for retirement to live comfortably. Another 57 percent of respondents report their total household savings and investments, excluding their home, is less than $25,000. Only 50 percent said they could definitely come up with $2,000 if a sudden expense arose. The silver lining to these numbers is that consumers are looking for ways to improve their budgeting and savings habits to help shore up their retirement savings."

Michael Kabarec responds to these trends, "It is very alarming to look at these statistics, and to think how much trouble these citizens may be in if they do not take a progressive step forward. However, it is enlightening that these individuals are aware of the need for financial literacy and are ready to learn new ways to build wealth. Now, financial advisors need to work to help these citizens grasp appropriate financial behaviors and attitudes."

While there are many tactics for approaching saving problems, Fox News focuses on "lifestyle changes," such as making stronger efforts to pay down debts--especially before retirement occurs. Although some are able to make progress by making small changes in spending habits--such as by cutting down on luxuries or conveniences--the article also notes, "In more dire cases, consumers might consider downsizing their homes or vehicles to lower their monthly payments, maintenance charges and other add-on costs."

While these efforts provide a step in the right direction for many, Michael Kabarec notes that individuals need to use strategic planning before making drastic lifestyle changes. "Before making any major sacrifice--such as selling property or a vehicle for extra income--it is always best to gain a professional goal plan. I believe that those who truly want to reassess their financial plans, save more and possibly build wealth, should sit down with a financial advisor and form a solid goal plan," Michael Kabarec concludes.

ABOUT:

Michael Kabarec is a trusted investment management professional who carries more than 30 years of experience in this challenging career field. Throughout his professional history, Michael Kabarec has gained strong insight into what skills and knowledge is necessary to perform tax management, investment management, wealth building services, small business development and retirement plans. Today, Michael Kabarec relies on his proficiencies in these areas to serve as President at Kabarec Financial Advisors, Ltd.--a Chicago-based investment management, financial and wealth advisory firm that has existed since 1982.