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Retirement Planning – Broadview, IL

For the people in "Generation X" - described as folks 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 lots of "baby boomers" either already in the middle of retirement or observing it on the horizon, "Generation X" is definitely the next generation of people to reach old age. Sure, it is a ways off, but people in their 30s and 40s have to begin centering their investment planning on retirement and making certain 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 future will be different than the retirement right now. It will be much better in some ways, and worse in some ways. But, the retirement planning for today's workforce must be far different than it was in earlier times.

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 over 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 an extended period of time right now than a generation or two back.

Social Security and Retirement - Broadview, IL

On the down side, Social Security will probably be a far less trustworthy source of income than it is now. And the odds are 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 previous workplace. Increasingly more, retired persons will need to depend on their savings to pay for the costs of just living and health insurance.

With people living longer and needing more money to do so, retirement planning is an essential activity even for those people who are halfway to the regular retirement age of sixty-five. It could be a daunting task to plan for a few decades into the future, especially with bills, housing costs and mortgages to pay right now, but procrastinating won't make it any less difficult.

Putting even just a little bit of cash 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 offer a place where you can accumulate capital earning a little interest rate until there is enough to invest in a reliable security which will yield you more like a municipal bond.

Another solid strategy that may surely and progressively build a nest egg is to invest in long-term bonds. Upon maturation of the bond, you'll get back your initial investment as well as all the interest that collected over the life of the bond. This is a significant 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 really as safe an investment that you can ever make.

401K and IRA With Retirement - Broadview, IL

Nonetheless, 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 those for whom a 401K is not a retirement planning choice, 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 do not 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 folks in the Broadview, IL area.

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