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Retirement Planning Company – Bridgeview, IL

For the people 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" might do. But guess what? With a lot of "baby boomers" either already in the midst of retirement or viewing it in the near future, "Generation X" stands out as the next generation of individuals to reach retirement. Sure, it is a ways off, but people in their 30s and 40s ought to begin focusing their investment planning on retirement and making sure they have the sort of retirement they are working hard to have. 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 likely be 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 4 years more than the average life span in 1980. So investment planning for retirement has to account for an extended period of time now than a generation or two ago.

Social Security and Retiring - Bridgeview, IL

On the downside, Social Security is going to be a far less reliable income source compared to now. And also the odds are 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 need to rely on their savings to cover the costs of just living and medical health insurance.

With individuals living longer and needing more cash to do so, retirement planning is an essential activity even for those who are halfway to the standard retirement age of sixty-five. It may be an intimidating 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.

Placing even just a small amount of money now into a savings account which functions as a retirement savings plan can pay off in the future. 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 accumulate capital earning a small interest rate until there's enough to invest in a trusted security which will yield you more like a municipal bond.

Another good strategy that may surely and gradually build a nest egg is to invest in long-term bonds. After maturation of the bond, you'll get back your initial investment and also all the interest which collected over the lifetime of the bond. This is a considerable amount of money for a 20- or 30-year bond-money that may provide a nice foundation for retirement. And a municipal or government bond is as safe an investment as you can ever make.

401K and IRA With Retirement - Bridgeview, IL

Nonetheless, the best approach when it comes to retirement planning would be to put funds in a 401K plan at work or in an IRA opened with an investment house. For those for whom a 401K isn't 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 each year.

For more information, please feel free to contact GC Financial Advisors Ltd. at any time and we'll be happy to help you! We offer 401K and IRA rollover and review services for folks in the Bridgeview, IL area.

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