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Retirement Planning Company – Bedford Park

For the people in "Generation X" - defined as people born between the mid-1960s and also the early 1980s - retirement planning seems like something your parents or other "old people" might do. But you know what? With lots of "baby boomers" either already in the middle of retirement or observing it in the near future, "Generation X" stands out as the next generation of folks to reach old age. Sure, it is still a ways off, but those in their 30s and 40s really need to start focusing their investment planning on retirement and making certain they have the kind of retirement they are working so hard to have. Here are some tips on planning for retirement:

Retirement life in the future will be different than the retirement of today. It will be far better in some ways, and worse somewhat. But, the retirement planning for today's workforce needs to be far different than it was in the past.

On the bright side, people 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 period of time right now than a generation or two back.

Social Security and Retiring - Bedford Park

On the downside, Social Security will likely be a far less dependable income source than it is now. And the likelihood is 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 workplace. Increasingly more, retired persons will need to rely on their financial savings to pay for the costs of living and health insurance.

With people living for a longer time and needing additional money to do so, retirement planning is a vital activity even for those people who are halfway to the regular retirement age of 65. It can be an intimidating task to plan for a few decades into the future, especially with bills, housing costs and home loans to pay today, but procrastinating won't make it any less complicated.

Placing even just a small amount of cash into a savings account that 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 give you a place where you can accumulate capital earning a small interest rate until there is enough to invest in a reliable security which will yield you more like a municipal bond.

Another good strategy which could certainly and progressively 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 that collected over the life of the bond. This is a considerable amount of money for a 20- or 30-year bond-money which could provide a great foundation for retirement. And a municipal or government bond is really as safe an investment as you can ever make.

401K and IRA - Bedford Park

However, the best approach when it comes to retirement planning is to put money in a 401K plan at your workplace or in an IRA opened with an investment house. For those 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 details, please feel free 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 Bedford Park area.

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