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Retirement Planning Company – Country Club Hills, IL

For the people in "Generation X" - described as folks born between the mid-1960s and the early 1980s - retirement planning may sound like something your parents or other "old people" would 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" is the next generation of folks to reach old age. Sure, it's still a ways off, but people in their 30s and 40s should start focusing their investment planning on retirement and making certain they've got the kind of retirement they are working so hard to have. Below are great tips on preparing for retirement:

Retirement life in the foreseeable future will be different than the retirement in the present day. It will likely be much better in some ways, and worse in some ways. But, the retirement planning for today's workforce must be far different than it was in the past.

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 greater 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 a longer period of time right now than a generation or two back.

Social Security and Retiring - Country Club Hills, IL

On the down side, Social Security will probably be a far less reliable source of income compared to now. And 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. More and more, retired people will have to depend on their savings to pay for the expenses of just living and health insurance.

With people living longer and needing more cash to do so, retirement planning is an essential activity even for those people who are half way to the regular retirement age of sixty-five. It may be an intimidating task to plan for a few decades into the future, especially with bills, housing costs and mortgages to pay right now, but procrastinating won't make it any less complicated.

Putting even just a little bit of money now into a savings account that works as a retirement savings plan can pay off later on. The interest you get on money in a savings account will allow your preliminary investments to grow to something sustainable. A savings account will give you a place where you can pile up capital earning a little interest rate until there is enough to invest in a trusted security which will yield you more like a municipal bond.

Another solid approach that can surely and progressively 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 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 With Retirement - Country Club Hills, IL

Nonetheless, the best approach when it comes to retirement planning is to put cash in a 401K plan at your workplace or in an IRA opened with an investment house. For the people for whom a 401K isn't a retirement planning option, 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 every year.

For more info, 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 individuals in the Country Club Hills, IL area.

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