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Retirement Planning Company – Chicago Ridge

For anyone in "Generation X" - defined as individuals 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 lots of "baby boomers" either already in the midst of retirement or viewing it in the near future, "Generation X" stands out as the next generation of men and women to reach old age. Sure, it's still a ways off, but those in their 30s and 40s will need to begin centering their investment planning on retirement and making sure they've got the type of retirement they are working hard to have. Below are great tips on planning for retirement:

Retirement life in the future will be different than the retirement right now. It will be 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 the past.

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 four years more than the average life span in 1980. So investment planning for retirement has to account for an extended period of time right now than a generation or two ago.

Social Security and Retiring - Chicago Ridge

On the down side, Social Security will likely be a far less dependable source of income compared to now. And also the likelihood is 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, retirees will need to depend on their savings to pay for the expenses of living and health insurance.

With people living for a longer time and needing additional money to do so, retirement planning is an essential activity even for those who are half way to the common retirement age of sixty-five. It could be a daunting task to plan for a couple of decades into the future, particularly with bills, rents and mortgages to pay today, but procrastinating will not make it any less complicated.

Placing even just a small amount of cash into a savings account which functions as a retirement savings plan can pay off later. The interest you get on money in a savings account will allow your initial investments to grow to something sustainable. A savings account will supply 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 strategy which could certainly and steadily build a nest egg is to invest in long-term bonds. Upon maturation of the bond, you will get back your initial investment and also all the interest which collected over the lifetime of the bond. This is a considerable amount of money for a 20- or 30-year bond-money which could provide a great foundation for retirement. And a municipal or government bond is really as safe an investment as you can ever make.

401K and IRA - Chicago Ridge

Nevertheless, the best approach when it comes to retirement planning would be 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 choice, an IRA is the next best thing. Money put into this account is tax deferred and may be tax-deductible, depending on how much is invested annually.

For more info, please feel free to contact GC Financial Advisors Ltd. at any time and we will be happy to help you! We offer 401K and IRA rollover and review services for individuals in the Chicago Ridge area.

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