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Retirement Planning Services – Cicero

For the people in "Generation X" - described as people born between the mid-1960s and the early 1980s - retirement planning may sound like something your mother and father or other "old people" might do. But you know what? With many "baby boomers" either already in the midst of retirement or looking at it in the near future, "Generation X" is definitely the next generation of folks to reach retirement. Sure, it is a ways off, but those in their 30s and 40s must begin focusing their investment planning on retirement and making sure they've got the type of retirement they are working hard to enjoy. Here are some tips on planning for retirement:

Retirement life in the foreseeable 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 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 4 years more than the average life span in 1980. So investment planning for retirement has to account for a longer period of time right now than a generation or two ago.

Social Security and Retirement - Cicero

On the down side, Social Security will probably be a far less reliable source of income compared to now. And also the odds are slim-and getting slimmer every 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 persons will have to depend on their financial savings to pay for the expenses of just living and medical health insurance.

With people living longer and needing more cash to do so, retirement planning is a vital activity even for those people who are halfway to the regular retirement age of 65. It may be a daunting task to plan for a couple of decades into the future, especially with bills, rents and mortgages to pay today, but procrastinating will not make it any less difficult.

Placing even just a small amount of money now into a savings account that serves as a retirement savings plan can pay off in the future. The interest you receive 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 accumulate capital earning a little interest rate until there is enough to invest in a reliable security which will yield you more like a municipal bond.

Another solid approach 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 that collected over the lifetime of the bond. This is a considerable amount of money for a 20- or 30-year bond-money that could provide a great foundation for retirement. And a municipal or government bond is as safe an investment as you can ever make.

401K and IRA With Retirement - Cicero

However, the best approach when it comes to retirement planning would be to put funds in a 401K plan at your workplace 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 may be tax-deductible, depending on how much is invested annually.

For more information, please feel free to contact GC Financial Advisors Ltd. at any time and we will be glad to help you! We provide 401K and IRA rollover and review services for folks in the Cicero area.

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