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Retirement Planning Services – Calumet City, IL

For anyone in "Generation X" - defined as folks born between the mid-1960s and also the early 1980s - retirement planning seems like something your parents or other "old people" would do. But guess what? With many "baby boomers" either already in the midst of retirement or observing it on the horizon, "Generation X" stands out as the next generation of individuals to reach retirement. Sure, it is still a ways off, but people in their 30s and 40s will need to begin focusing their investment planning on retirement and ensuring they've got the sort of retirement they are working hard to have. Below are great tips on preparing for retirement:

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

On the bright side, people 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 over 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 in the past.

Social Security and Retirement - Calumet City, IL

On the down side, Social Security will likely be a far less trustworthy source of income than it is now. And also the odds are 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 former workplace. More and more, retired people will have to depend on their financial savings to cover the costs of living and 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 regular retirement age of 65. It can be an intimidating task to plan for a couple of decades into the future, particularly with bills, housing costs and mortgages to pay today, but procrastinating won't make it any easier.

Placing even just a little bit of cash into a savings account that serves 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 pile up capital earning a small interest rate until there is enough to invest in a trusted security that will yield you more like a municipal bond.

Another solid approach which could surely and steadily build a nest egg is to put money into long-term bonds. After maturation of the bond, you will get back your initial investment as well as 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 which could provide a good foundation for retirement. And a municipal or government bond is as safe an investment that you can ever make.

401K and IRA - Calumet City, IL

However, 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 isn't a retirement planning choice, 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 details, please feel free to contact GC Financial Advisors Ltd. at any time and we'll be glad to help you! We offer 401K and IRA rollover and review services for folks in the Calumet City, IL area.

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