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Retirement Planning Services – Buffalo Grove, Illinois

For the people in "Generation X" - described as individuals born between the mid-1960s and also the early 1980s - retirement planning may sound like something your mother and father or other "old people" would do. But guess what? With many "baby boomers" either already in the middle of retirement or viewing it on the horizon, "Generation X" stands out as the next generation of men and women to reach retirement. Sure, it's still a ways off, but people in their 30s and 40s will need to start focusing their investment planning on retirement and ensuring they have the kind of retirement they are working so hard to have. Here are some tips on preparing for retirement:

Retirement life in the future will be different than the retirement right now. It'll be much better in some ways, and worse in some ways. However, the retirement planning for today's labor force needs to be far different than it was in yesteryear.

On the bright side, folks 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. Therefore investment planning for retirement has to account for a longer period of time now than a generation or two back.

Social Security and Retiring - Buffalo Grove, Illinois

On the downside, Social Security will probably be a far less trustworthy source of income compared to now. And the likelihood is 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 previous workplace. Increasingly more, retirees will need to depend on their savings to pay for the expenses of just living and medical health insurance.

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

Putting even just a little bit of cash into a savings account which 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 provide a place where you can build up 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 solid strategy that could surely and gradually build a nest egg is to put money into long-term bonds. On maturation of the bond, you will get back your initial investment as well as all the interest which collected over the lifetime of the bond. That's a tremendous amount of money for a 20- or 30-year bond-money that could provide a nice foundation for retirement. And a municipal or government bond is really as safe an investment as you can ever make.

401K and IRA - Buffalo Grove, Illinois

Nonetheless, the best approach when it comes to retirement planning is to put funds in a 401K plan at work 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 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 individuals in the Buffalo Grove, Illinois area.

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