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Retirement Planning Services – Arlington Heights, Illinois

For the people in "Generation X" - defined as folks born between the mid-1960s and also the early 1980s - retirement planning sounds like something your parents or other "old people" might do. But guess what? With lots of "baby boomers" either already in the midst of retirement or viewing it in the near future, "Generation X" is definitely the next generation of people to reach retirement. Sure, it is a ways off, but those in their 30s and 40s have to start focusing their investment planning on retirement and ensuring they have the sort of retirement they are working so hard to enjoy. Below are great tips on preparing for retirement:

Retirement life in the 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 days gone by.

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 greater than 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 time of time right now than a generation or two back.

Social Security and Retirement - Arlington Heights, Illinois

On the down side, Social Security is going to be a far less dependable source of income compared to now. And the odds are 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 have to depend on their savings to cover the expenses of living and health insurance.

With people living for a longer time and needing more money to do so, retirement planning is an essential activity even for those people who are half way to the regular retirement age of 65. It could be an intimidating 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 less difficult.

Placing even just a small amount of money now into a savings account which works as a retirement savings plan can pay off in the future. The interest you receive on money in a savings account will allow your initial investments to grow to something sustainable. A savings account will supply a place where you can accumulate capital earning a little interest rate until there's enough to invest in a trusted security which will yield you more like a municipal bond.

Another good strategy that can certainly and steadily build a nest egg is to invest in long-term bonds. After maturation of the bond, you will get back your initial investment along with all the interest which collected over the life of the bond. That's a tremendous 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 as you can ever make.

401K and IRA With Retirement - Arlington Heights, Illinois

However, the best approach when it comes to retirement planning would be to put money 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 in this account is tax deferred and may be tax-deductible, depending on how much is invested every year.

For more info, please do not 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 individuals in the Arlington Heights, Illinois area.

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