GC Financial Advisors Ltd Banner
GC Financial Advisors Ltd Logo

Retirement Planning Services – Alsip, Illinois

For the people in "Generation X" - described as individuals born between the mid-1960s and the early 1980s - retirement planning sounds like something your parents or other "old people" would do. But guess what? With lots of "baby boomers" either already in the middle of retirement or observing it in the near future, "Generation X" is definitely the next generation of men and women to reach retirement. Sure, it's still a ways off, but those in their 30s and 40s have to begin centering their investment planning on retirement and making sure they've got the type of retirement they are working so hard to enjoy. Here are some tips on preparing for retirement:

Retirement life in the foreseeable future will be different than the retirement in the present day. It'll be better in some ways, and worse somewhat. However, the retirement planning for today's labor force needs to be far different than it was in earlier times.

On the bright side, people are living longer than ever. As of not too long ago, the average life span of an American was 77.9 years, exactly 2.5 years greater than the average life span in 1990 and more than 4 years more than the average life span in 1980. So investment planning for retirement has to account for a longer period of time now than a generation or two ago.

Social Security and Retirement - Alsip, Illinois

On the down side, Social Security will likely be a far less reliable source of income than it is now. And also the odds are slim-and getting slimmer every 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. Increasingly more, retired persons will need to rely on their financial savings to pay for the costs of just living and health insurance.

With people living for a longer time and needing more cash to do so, retirement planning is an essential activity even for those people who are halfway to the common retirement age of 65. It may be a daunting task to plan for a couple of decades into the future, especially with bills, housing costs and home loans to pay right now, but procrastinating won't make it any easier.

Placing even just a small amount of money now into a savings account which serves as a retirement savings plan can pay off later on. 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 accumulate capital earning a small interest rate until there is enough to invest in a trusted security which will yield you more like a municipal bond.

Another good approach that can certainly and gradually build a nest egg is to invest in long-term bonds. Upon maturation of the bond, you'll get back your initial investment along with all the interest which collected over the life of the bond. This is a significant amount of money for a 20- or 30-year bond-money that can provide a great foundation for retirement. And a municipal or government bond is as safe an investment that you can ever make.

401K and IRA - Alsip, Illinois

Nevertheless, 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 the people for whom a 401K is not a retirement planning option, 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 annually.

For more info, please don't hesitate to contact GC Financial Advisors Ltd. at any time and we'll be happy to help you! We provide 401K and IRA rollover and review services for individuals in the Alsip, Illinois area.

Areas We Serve

Proudly Serving:

Arlington Heights - Aurora - Batavia - Bolingbrook - Bloomingdale - Buffalo Grove - Chicago - Cicero - Deerfield - Des Plaines - Dupage County - Elgin - Elmhurst - Evanston - Geneva - Highland Park - Lockport - Lombard - Naperville - New Lenox - North Barrington - Northbrook - Oak Lawn - Orland Park - Plainfield - Romeoville - Schaumburg - Wheaton

GC Financial Advisors service area map