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Retirement Planning Services – Buffalo Grove, IL

For the people in "Generation X" - described as people 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 you know what? With many "baby boomers" either already in the middle of retirement or observing it on the horizon, "Generation X" will be the next generation of folks to reach retirement. Sure, it is still a ways off, but people in their 30s and 40s must begin focusing their investment planning on retirement and making certain they have the sort of retirement they are working so hard to have. Here are some tips on planning for retirement:

Retirement life in the foreseeable future will be different than the retirement right now. It will likely be far better in some ways, and worse in some ways. But, 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 few years 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 4 years more than the average life span in 1980. Therefore investment planning for retirement has to account for a longer time of time right now than a generation or two ago.

Social Security and Retirement - Buffalo Grove, IL

On the downside, Social Security will likely be a far less dependable income source compared to now. And the odds are slim-and getting slimmer each 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 have to rely on their savings to pay for the expenses of just living and medical health insurance.

With individuals living for a longer time and needing more cash to do so, retirement planning is a vital activity even for those people who are half way to the standard retirement age of 65. It may be an intimidating task to plan for a few decades into the future, particularly with bills, housing costs and home loans to pay right now, but procrastinating won't make it any easier.

Placing even just a little bit 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 initial investments to grow to something sustainable. A savings account will offer a place where you can acquire capital earning a little interest rate until there's enough to invest in a trusted security that will yield you more like a municipal bond.

Another solid strategy that may surely and steadily build a nest egg is to put money into long-term bonds. On maturation of the bond, you'll get back your initial investment along with all the interest that collected over the life of the bond. This is a tremendous 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 - Buffalo Grove, IL

Nevertheless, the best approach when it comes to retirement planning is to put money 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 option, an IRA is the next best thing. Money put in this account is tax deferred and may be tax-deductible, depending on how much is invested every year.

For more information, please don't hesitate 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, IL area.

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