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Retirement Planning Services – Chicago

For anyone in "Generation X" - described as folks born between the mid-1960s and the early 1980s - retirement planning seems like something your parents or other "old people" might do. But you know what? With a lot of "baby boomers" either already in the middle of retirement or viewing it in the near future, "Generation X" is definitely the next generation of men and women to reach old age. Sure, it is still a ways off, but people in their 30s and 40s have to begin focusing 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 preparing for retirement:

Retirement life in the future will be different than the retirement in the present day. 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 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 a longer time of time now than a generation or two in the past.

Social Security and Retiring - Chicago

On the downside, Social Security will likely be a far less trustworthy income source than it is now. And also the likelihood is slim-and getting slimmer every 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. Increasingly more, retired persons will have to depend on their savings to cover the expenses of just living and health insurance.

With individuals living for a longer time and needing extra money to do so, retirement planning is a vital activity even for those people who are half way to the standard retirement age of sixty-five. It may be a daunting task to plan for a couple of decades into the future, especially with bills, rents and home loans to pay right now, but procrastinating won't make it any easier.

Putting even just a small amount of cash into a savings account that works as a retirement savings plan can pay off later. The interest you get 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 pile up capital earning a small interest rate until there is enough to invest in a reliable security which will yield you more like a municipal bond.

Another good strategy that can 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 along with all the interest that collected over the lifetime of the bond. That's a tremendous amount of money for a 20- or 30-year bond-money that can 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 - Chicago

Nevertheless, the best approach when it comes to retirement planning would be to put cash in a 401K plan at your workplace or in an IRA opened with an investment house. For those for whom a 401K isn't a retirement planning choice, an IRA is the next best thing. Money placed in this account is tax deferred and might be tax-deductible, depending on how much is invested each 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 provide 401K and IRA rollover and review services for individuals in the Chicago area.

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