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Retirement Planning Company – Berkeley

For those in "Generation X" - described as people born between the mid-1960s and the early 1980s - retirement planning sounds like something your mother and father or other "old people" would do. But you know what? With many "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 people in their 30s and 40s will need to start centering their investment planning on retirement and making sure they've got the kind of retirement they are working so hard to enjoy. Here are some tips on planning for retirement:

Retirement life in the future will be different than the retirement in the present day. It will be better in some ways, and worse in some ways. However, the retirement planning for today's workforce must be far different than it was in earlier times.

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

Social Security and Retiring - Berkeley

On the down side, Social Security is going to be a far less reliable source of income than it is now. And the likelihood is 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. More and more, retirees will need to depend on their financial savings to pay for the expenses of living and medical health insurance.

With people living for a longer time and needing extra money to do so, retirement planning is an essential activity even for those who are halfway to the common retirement age of 65. It could be a daunting task to plan for a few decades into the future, especially with bills, housing costs and mortgages to pay today, but procrastinating will not make it any less complicated.

Putting even just a little bit of money now into a savings account which works as a retirement savings plan can pay off later. The interest you get 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 acquire capital earning a little interest rate until there is enough to invest in a reliable security that will yield you more like a municipal bond.

Another good approach that could surely and progressively build a nest egg is to put money into long-term bonds. Upon maturation of the bond, you'll get back your initial investment and also all the interest which collected over the lifetime of the bond. That's a significant 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 as safe an investment as you can ever make.

401K and IRA - Berkeley

Nonetheless, 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 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 feel free to contact GC Financial Advisors Ltd. at any time and we will be happy to help you! We provide 401K and IRA rollover and review services for folks in the Berkeley area.

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