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Retirement Planning Company – Berkeley

For those in "Generation X" - defined as people born between the mid-1960s and the early 1980s - retirement planning may sound like something your mother and father or other "old people" would do. But you know what? With a lot of "baby boomers" either already in the midst of retirement or viewing it on the horizon, "Generation X" will be the next generation of people to reach retirement. Sure, it is a ways off, but those in their 30s and 40s must begin focusing their investment planning on retirement and ensuring they've got the sort of retirement they are working so hard to enjoy. Here are some tips on planning for retirement:

Retirement life in the foreseeable future will be different than the retirement right now. It will be much better in some ways, and worse somewhat. However, the retirement planning for today's workforce must be far different than it was in the past.

On the bright side, individuals 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 more 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 now than a generation or two in the past.

Social Security and Retirement - Berkeley

On the downside, Social Security will likely be a far less trustworthy income source than it is now. And also the likelihood is 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. More and more, retired people will have to rely on their financial savings to pay for the costs of just living and medical health insurance.

With folks living for a longer time and needing additional money to do so, retirement planning is a vital activity even for those who are halfway to the common retirement age of 65. It could be a daunting task to plan for a couple of decades into the future, particularly with bills, housing costs and mortgages to pay today, but procrastinating won't make it any less complicated.

Placing even just a small amount of money now into a savings account that works as a retirement savings plan can pay off later on. The interest you get on money in a savings account will allow your initial investments to grow to something sustainable. A savings account will provide a place where you can pile up capital earning a little interest rate until there's enough to invest in a reliable security that will yield you more like a municipal bond.

Another solid approach that may certainly and steadily build a nest egg is to invest in long-term bonds. Upon maturation of the bond, you'll get back your initial investment and also all the interest that collected over the life of the bond. That's a tremendous amount of money for a 20- or 30-year bond-money that may 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 - Berkeley

Nevertheless, the best approach when it comes to retirement planning is to put cash in a 401K plan at work 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 in this account is tax deferred and may be tax-deductible, depending on how much is invested every year.

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

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