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Americans Counting On Family Support For Retirement, Not Uncle Sam

Americans plan to rely on family, not the government, in retirement; ACG Wealth Names Gregory Fink CEO and household net worth jumps to $94.84 trillion.

When it comes to filling retirement savings needs, more people are relying on their families rather than looking for help from the U.S. government. According to a new survey by Natixis Global Asset Management, 78 percent of Americans say its up to them, not the government, to make sure they have enough money to live in retirement and 77 percent are counting on family support. The survey found that half of the country plans to rely on cash from the sale of their homes to afford retirement, while only two in five expect Social Security to be significant. Millennials were twice as likely as Baby Boomers to expect family help for retirement, but more than half of Boomers don’t expect to have anything left to pass on, and another 35 percent plan to spend what money they have left on themselves. “Our extensive research on investor behavior and expectations shows that younger investors are starting to plan and save for retirement earlier in life, in part because of the availability of workplace retirement savings plans,” said Ed Farrington, Executive Vice President of Retirement at Natixis Global Asset Management. “Yet, many are underestimating the impact of taxes, inflation and increased longevity on their retirement savings and are overestimating the planning their parents have done.”

ACG Wealth Names New President, CEO

 

ACG Wealth President and CEO Gregory Fink

ACG Wealth, an RIA founded in 2002 that manages roughly $1.8 billion in clients assets, has named Gregory Fink the new president and CEO. The wealth advisory firm had been led by its three co-founders until the announcement of Fink's new roles. He was previously an RIA specialist at Fidelity investments and will be tasked with expanding ACG Wealth's private wealth and investment management platforms, according to a company statement. The firm currently has offices in New York, Atlanta, Houston and Raleigh/Durham, North Carolina.

Stocks Push Household Net Worth Up $2.3 Trillion

Household net worth now sits at $94.84 trillion dollars, up $2.3 trillion in the first quarter, according to the Federal Reserve. MarketWatch reports that the jump was driven by $1.3 trillion in corporate equity gains and about a $500 billion increase in real estate values. The stock market boomed in the first quarter of 2017 on the prospect of lower corporate taxes and lighter regulation on the heels of Donald Trump's election as president. Nonfinancial business debt rose by 6.2 percent in the quarter as well, showing that businesses continue to borrow heavily at current interest rates. Household debt also grew by 3.2 percent as consumer credit expanded at a 5 percent rate and mortgage debt rose at a rate of 3 percent, the Fed said.

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