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Retirement Planning Company – Evergreen Park, IL

For those in "Generation X" - defined as people born between the mid-1960s and the early 1980s - retirement planning seems like something your parents or other "old people" would do. But guess what? With a lot of "baby boomers" either already in the middle of retirement or observing it in the near future, "Generation X" stands out as the next generation of individuals to reach retirement. Sure, it is still a ways off, but people in their 30s and 40s should start focusing their investment planning on retirement and ensuring they have the kind of retirement they are working so hard to enjoy. Here are some tips on planning for retirement:

Retirement life in the future will be different than the retirement in the present day. It will likely be better in some ways, and worse somewhat. But, the retirement planning for today's workforce must be far different than it was in the past.

On the bright side, folks are living longer than ever. As of a short while ago, the average life span of an American was 77.9 years, exactly 2.5 years over the average life span in 1990 and more than four years more than the average life span in 1980. Therefore investment planning for retirement has to account for a longer period of time right now than a generation or two back.

Social Security and Retirement - Evergreen Park, IL

On the downside, Social Security will probably be a far less dependable source of income compared to now. And the likelihood is slim-and getting slimmer every year-that retirees 20 and 30 years from right now will be able to rely on a work pension and enjoy lifetime benefits from their former employer. Increasingly more, retirees will need to rely on their financial savings to cover the costs of just living and medical health insurance.

With people living longer and needing more money to do so, retirement planning is a vital activity even for those people who are half way to the standard retirement age of 65. It may be a daunting task to plan for a few decades into the future, particularly with bills, housing costs and mortgages to pay today, but procrastinating will not make it any easier.

Putting even just a little bit of money now into a savings account that serves as a retirement savings plan can pay off later on. The interest you receive on money in a savings account will allow your initial investments to grow to something sustainable. A savings account will give you a place where you can acquire capital earning a small interest rate until there's enough to invest in a reliable security which will yield you more like a municipal bond.

Another solid approach which could certainly and steadily build a nest egg is to put money into long-term bonds. After maturation of the bond, you will get back your initial investment along with all the interest that collected over the lifetime of the bond. That's a tremendous amount of money for a 20- or 30-year bond-money which could provide a nice foundation for retirement. And a municipal or government bond is really as safe an investment that you can ever make.

401K and IRA - Evergreen Park, IL

However, the best approach when it comes to retirement planning would be to put cash in a 401K plan at your workplace or in an IRA opened with an investment house. For those for whom a 401K isn't a retirement planning option, an IRA is the next best thing. Money put into this account is tax deferred and might be tax-deductible, depending on how much is invested each year.

For more information, please don't hesitate to contact GC Financial Advisors Ltd. at any time and we'll be glad to help you! We provide 401K and IRA rollover and review services for folks in the Evergreen Park, IL area.

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