Retirement Planning Company – Golf
For the people in "Generation X" - described as people born between the mid-1960s and also the early 1980s - retirement planning may sound like something your mother and father or other "old people" would do. But guess what? With a lot of "baby boomers" either already in the midst of retirement or observing it in the near future, "Generation X" is definitely the next generation of people to reach retirement. Sure, it's still a ways off, but people in their 30s and 40s need to begin focusing their investment planning on retirement and ensuring they've got the kind of retirement they are working hard to have. Below are great tips on planning for retirement:
Retirement life in the future will be different than the retirement of today. It'll be much better in some ways, and worse somewhat. But, the retirement planning for today's workforce needs to be far different than it was in days gone by.
On the bright side, individuals are living longer than ever. As of a few years 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 an extended period of time now than a generation or two back.
Social Security and Retirement - Golf
On the down side, Social Security is going to be a far less reliable income source compared to now. And also the odds are slim-and getting slimmer each year-that retirees 20 and 30 years from now will be able to rely on a work pension and enjoy lifetime benefits from their former workplace. More and more, retired people will need to depend on their financial savings to pay for the expenses of just living and health insurance.
With folks living longer and needing more cash to do so, retirement planning is a vital activity even for those people who are half way to the regular retirement age of 65. It may be a daunting task to plan for a few decades into the future, especially with bills, rents and home loans to pay right now, but procrastinating won't make it any less difficult.
Putting even just a small amount of money now into a savings account which serves as a retirement savings plan can pay off later. The interest you receive on money in a savings account will allow your preliminary investments to grow to something sustainable. A savings account will offer a place where you can build up capital earning a little interest rate until there is enough to invest in a reliable security that will yield you more like a municipal bond.
Another good approach that can surely and gradually build a nest egg is to put money into long-term bonds. Upon maturation of the bond, you will get back your initial investment and also all the interest which collected over the lifetime of the bond. This is a tremendous amount of money for a 20- or 30-year bond-money that can provide a nice foundation for retirement. And a municipal or government bond is as safe an investment that you can ever make.
401K and IRA With Retirement - Golf
However, the best approach when it comes to retirement planning would be to put funds in a 401K plan at your workplace or in an IRA opened with an investment house. For the people for whom a 401K isn't a retirement planning choice, an IRA is the next best thing. Money put into this account is tax deferred and may be tax-deductible, depending on how much is invested every year.
For more info, please feel free to contact GC Financial Advisors Ltd. at any time and we'll be glad to help you! We offer 401K and IRA rollover and review services for individuals in the Golf area.
