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Retirement Planning Company – Brookfield, Illinois

For those 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 many "baby boomers" either already in the middle of retirement or observing it on the horizon, "Generation X" stands out as the next generation of men and women to reach old age. Sure, it's still a ways off, but people in their 30s and 40s should start centering their investment planning on retirement and ensuring they have the kind of retirement they are working so hard to have. Below are great tips on planning for retirement:

Retirement life in the foreseeable future will be different than the retirement of today. It will be better in some ways, and worse in some ways. However, the retirement planning for today's workforce needs to be far different than it was in yesteryear.

On the bright side, people 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 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 right now than a generation or two back.

Social Security and Retiring - Brookfield, Illinois

On the down side, Social Security will probably be a far less dependable income source 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 former workplace. Increasingly more, retired people will need to depend on their financial savings to pay for the expenses of living and health insurance.

With people living longer and needing additional money to do so, retirement planning is a vital activity even for those who are half way to the common retirement age of sixty-five. It can 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 will not make it any easier.

Placing even just a small amount of money now into a savings account that functions as a retirement savings plan can pay off later. The interest you receive on money in a savings account will allow your preliminary investments to grow to something sustainable. A savings account will offer a place where you can acquire capital earning a small interest rate until there is enough to invest in a trusted security which will yield you more like a municipal bond.

Another good strategy that may certainly and gradually build a nest egg is to invest in long-term bonds. On maturation of the bond, you will get back your initial investment and also 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 great foundation for retirement. And a municipal or government bond is really as safe an investment that you can ever make.

401K and IRA - Brookfield, Illinois

Nonetheless, the best approach when it comes to retirement planning is to put money in a 401K plan at your workplace or in an IRA opened with an investment house. For people 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 info, please feel free to contact GC Financial Advisors Ltd. at any time and we will be happy to help you! We provide 401K and IRA rollover and review services for individuals in the Brookfield, Illinois area.

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