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Retirement Planning Services – Aurora, IL

For those in "Generation X" - described as individuals born between the mid-1960s and also the early 1980s - retirement planning seems 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 looking at it on the horizon, "Generation X" is definitely the next generation of folks to reach retirement. Sure, it is still a ways off, but people in their 30s and 40s really need to begin focusing their investment planning on retirement and making certain they've got the type of retirement they are working so hard to enjoy. Below are great tips on preparing for retirement:

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

On the bright side, individuals 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 in the past.

Social Security and Retirement - Aurora, IL

On the down side, Social Security will likely be a far less dependable 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 employer. Increasingly more, retired people will need to rely on their savings to pay for 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 who are half way to the regular 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 mortgages to pay right now, but procrastinating will not make it any less difficult.

Putting even just a small amount of money now into a savings account which functions as a retirement savings plan can pay off in the future. The interest you receive on money in a savings account will allow your preliminary investments to grow to something sustainable. A savings account will provide a place where you can acquire 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 good approach that could surely and gradually build a nest egg is to invest in long-term bonds. On maturation of the bond, you'll get back your initial investment as well as all the interest which collected over the life of the bond. This is a tremendous amount of money for a 20- or 30-year bond-money that could provide a good foundation for retirement. And a municipal or government bond is really as safe an investment as you can ever make.

401K and IRA - Aurora, IL

However, the best approach when it comes to retirement planning is 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 isn't a retirement planning option, 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 annually.

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

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