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Retirement Planning Company – Addison, IL

For those in "Generation X" - described as people born between the mid-1960s and the early 1980s - retirement planning may sound like something your parents or other "old people" might do. But guess what? With a lot of "baby boomers" either already in the middle of retirement or looking at it in the near future, "Generation X" will be the next generation of people to reach old age. Sure, it's still a ways off, but those in their 30s and 40s should start centering their investment planning on retirement and making certain they've got the kind of retirement they are working so hard to have. Below are great tips on preparing 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. However, the retirement planning for today's workforce needs to be far different than it was in yesteryear.

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 4 years more than the average life span in 1980. Therefore investment planning for retirement has to account for a longer time of time right now than a generation or two ago.

Social Security and Retiring - Addison, IL

On the downside, Social Security will probably be a far less dependable income source than it is now. And also the odds are slim-and getting slimmer each 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 previous employer. Increasingly more, retirees will need to rely on their savings to cover the costs of living and health insurance.

With people living longer and needing extra money to do so, retirement planning is an essential activity even for those people who are half way to the common retirement age of 65. It may be an intimidating task to plan for a few decades into the future, especially with bills, rents and home loans to pay right now, but procrastinating will not make it any less difficult.

Placing even just a little bit of cash into a savings account that functions as a retirement savings plan can pay off later. The interest you receive on money in a savings account will allow your initial investments to grow to something sustainable. A savings account will offer a place where you can accumulate capital earning a little interest rate until there is enough to invest in a trusted security that will yield you more like a municipal bond.

Another solid strategy that may surely and steadily 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 that collected over the lifetime of the bond. This is a significant amount of money for a 20- or 30-year bond-money that may 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 - Addison, IL

Nonetheless, the best approach when it comes to retirement planning is to put money in a 401K plan at work or in an IRA opened with an investment house. For those for whom a 401K is not a retirement planning choice, 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 every year.

For more info, please feel free to contact GC Financial Advisors Ltd. at any time and we'll be happy to help you! We offer 401K and IRA rollover and review services for folks in the Addison, IL area.

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