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Retirement Planning – Crest Hill, IL

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 guess what? With lots of "baby boomers" either already in the midst of retirement or viewing it on the horizon, "Generation X" is definitely the next generation of folks to reach retirement. Sure, it is a ways off, but people in their 30s and 40s really need to start focusing their investment planning on retirement and making sure they have the kind of retirement they are working so hard to have. Here are some tips on planning for retirement:

Retirement life in the foreseeable future will be different than the retirement right now. It will likely be much better in some ways, and worse somewhat. But, the retirement planning for today's labor force needs to be far different than it was in days gone by.

On the bright side, people are living longer than ever. As of a few years 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 time of time right now than a generation or two in the past.

Social Security and Retirement - Crest Hill, IL

On the down side, Social Security is going to be a far less trustworthy source of income compared to now. And the likelihood is 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 previous workplace. More and more, retired persons will need to depend on their financial savings to cover the expenses of living and medical health insurance.

With individuals living longer and needing more cash to do so, retirement planning is a vital activity even for those people who are half way to the regular retirement age of 65. It can be an intimidating task to plan for a few decades into the future, especially with bills, rents and mortgages to pay today, but procrastinating will not make it any less complicated.

Putting even just a small amount of cash into a savings account that serves as a retirement savings plan can pay off later on. The interest you receive 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 acquire capital earning a small interest rate until there's enough to invest in a reliable security which will yield you more like a municipal bond.

Another good strategy that could surely and progressively build a nest egg is to invest in 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 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 - Crest Hill, IL

However, the best approach when it comes to retirement planning would be to put cash in a 401K plan at work 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 placed in this account is tax deferred and might be tax-deductible, depending on how much is invested every year.

For more info, please don't hesitate 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 individuals in the Crest Hill, IL area.

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