Flemington, NJ -- (SBWIRE) -- 08/26/2013 -- Prestige Wealth Management Group is excited to announce a new study on retirement planning in New Jersey. Many individuals are reviewing their current financial situation after the economic collapse in 2008. These individuals are finding that they may not be as ready to retire in the near future as they thought they would be. A new study from a Bank of America Merrill Lynch report recently found that a staggering 85% of people do not feel they have enough saved for retirement. The same percentage of people said it would be very difficult to save enough money to maintain their current living standards, when they finally do retire.
In regards to workplace retirement plans, an overwhelming 75% of survey respondents said they expect to still be working well into their 60s and 70s. Workplace financial planning in NJ was an important goal of the new study. 71% of survey respondents said that the largest or second-largest source of retirement income would be from their workplace retirement savings plan. This was followed by Social Security with 43% and other savings with 38%.
Other key findings of the study showed that 80% of employees said they give up 5% of their salary if it meant they could have a steady income to assist with maintaining their current standard of living throughout retirement. 84% of respondents said their employer provide a 401(k) match. For the first time ever, the study asked employees what they would use an unexpected bonus of $1,000 on. The majority of respondents said they would pay down debt (36%) For more information from the study, please visit their website today.
About Prestige Wealth Management Group
Prestige Wealth Management Group is a top wealth management firm with offices in Flemington, NJ and Millburn, NJ, that is dedicated to assisting their clients with every aspect of their financial lives. The company is comprised of experienced professionals, including Certified Public Accountants (CPA), CERTIFIED FINANCIAL PLANNERS™, (CFP®), Chartered Financial Analysts (CFA®), Chartered Financial Consultants (ChFC®) and Enrolled Agents (EA) who focus on making their clients’ dreams a reality. Keeping clients focused on their financial goals, Prestige Wealth Management Group advises them through each step of the process. Taking responsibility for their clients’ success, the company provides investment management advice and proactive communication. On the website, visitors will find brochures, newsletters and webcasts to help keep them informed.
To visit the new and improved website or to contact a financial advisor in NJ, visit http://www.prestigewmg.com.