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Retirement Planning – Crestwood, Illinois

For anyone in "Generation X" - defined 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" would do. But guess what? With many "baby boomers" either already in the middle of retirement or viewing it in the near future, "Generation X" will be the next generation of individuals to reach old age. Sure, it is still a ways off, but those in their 30s and 40s will need to start focusing their investment planning on retirement and ensuring they've got the kind 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 in the present day. It will be far 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 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 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 a longer period of time right now than a generation or two ago.

Social Security and Retiring - Crestwood, Illinois

On the down side, Social Security is going to be a far less reliable source of income than it is 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. Increasingly more, retirees will have to depend on their financial savings to pay for the expenses of just living and health insurance.

With folks living longer and needing extra money to do so, retirement planning is a vital 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 couple of decades into the future, particularly with bills, rents and home loans to pay right now, but procrastinating will not make it any less complicated.

Putting even just a little bit 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 supply a place where you can pile up capital earning a little interest rate until there's enough to invest in a trusted security that will yield you more like a municipal bond.

Another good approach that may certainly and gradually build a nest egg is to invest in long-term bonds. On maturation of the bond, you'll get back your initial investment and also 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 may provide a good foundation for retirement. And a municipal or government bond is really as safe an investment that you can ever make.

401K and IRA - Crestwood, Illinois

Nonetheless, the best approach when it comes to retirement planning is to put funds in a 401K plan at your workplace 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 might be tax-deductible, depending on how much is invested every year.

For more info, please do not hesitate to contact GC Financial Advisors Ltd. at any time and we'll be glad to help you! We provide 401K and IRA rollover and review services for individuals in the Crestwood, Illinois area.

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