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Retirement Planning Company – Bolingbrook, Illinois

For anyone in "Generation X" - defined as folks born between the mid-1960s and the early 1980s - retirement planning sounds like something your parents or other "old people" might do. But guess what? With lots of "baby boomers" either already in the middle of retirement or observing it in the near future, "Generation X" is the next generation of people to reach old age. Sure, it's still a ways off, but those in their 30s and 40s need to begin focusing their investment planning on retirement and making sure they've got the type of retirement they are working hard to enjoy. Below are great tips on planning for retirement:

Retirement life in the foreseeable future will be different than the retirement in the present day. It will likely be far better in some ways, and worse somewhat. However, the retirement planning for today's labor force needs to be far different than it was in days gone by.

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 four 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 back.

Social Security and Retiring - Bolingbrook, Illinois

On the downside, Social Security will likely be a far less dependable income source than it is now. And 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 workplace. Increasingly more, retirees will need to rely on their financial savings to cover the expenses of just living and medical health insurance.

With folks living for a longer time and needing extra money to do so, retirement planning is an essential activity even for those people who are halfway to the common retirement age of 65. It may be a daunting task to plan for a few decades into the future, particularly with bills, rents and home loans to pay right now, but procrastinating will not make it any easier.

Putting even just a small amount of money now into a savings account that serves as a retirement savings plan can pay off in the future. The interest you receive 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 accumulate 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 strategy that can surely and gradually build a nest egg is to put money into long-term bonds. After maturation of the bond, you'll get back your initial investment as well as all the interest that collected over the lifetime of the bond. This is a tremendous amount of money for a 20- or 30-year bond-money that can 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 - Bolingbrook, Illinois

Nevertheless, the best approach when it comes to retirement planning would be 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 is not a retirement planning choice, an IRA is the next best thing. Money placed in this account is tax deferred and may be tax-deductible, depending on how much is invested annually.

For more details, please do not hesitate 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 folks in the Bolingbrook, Illinois area.

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