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Retirement Planning Services – Berwyn, Illinois

For anyone in "Generation X" - defined as individuals born between the mid-1960s and also the early 1980s - retirement planning seems like something your parents or other "old people" might do. But guess what? With many "baby boomers" either already in the midst of retirement or observing it in the near future, "Generation X" is the next generation of folks to reach retirement. Sure, it is a ways off, but those in their 30s and 40s will need to start centering their investment planning on retirement and making certain they have the type 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 much better in some ways, and worse somewhat. But, the retirement planning for today's labor force must be far different than it was in yesteryear.

On the bright side, individuals are living longer than ever. As of a few years 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 an extended period of time right now than a generation or two back.

Social Security and Retirement - Berwyn, Illinois

On the down side, Social Security is going to be a far less trustworthy source of income compared to now. And also 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 former employer. Increasingly more, retired people will have to rely on their savings to pay for the costs of just living and medical health insurance.

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

Putting even just a small amount of money now into a savings account that works as a retirement savings plan can pay off in the future. The interest you get 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 build up 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 solid approach that may surely and steadily build a nest egg is to invest in long-term bonds. On maturation of the bond, you'll get back your initial investment and also all the interest that collected over the life of the bond. This is 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 really as safe an investment as you can ever make.

401K and IRA With Retirement - Berwyn, 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 is not a retirement planning option, an IRA is the next best thing. Money put in this account is tax deferred and might 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 provide 401K and IRA rollover and review services for folks in the Berwyn, Illinois area.

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