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Retirement Planning Company – Darien, Illinois

For those in "Generation X" - described 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 observing it on the horizon, "Generation X" is definitely the next generation of people to reach retirement. Sure, it is still a ways off, but those in their 30s and 40s 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 foreseeable future will be different than the retirement right now. It will likely be far better in some ways, and worse somewhat. However, the retirement planning for today's workforce must be far different than it was in earlier times.

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 greater than the average life span in 1990 and more than four years more than the average life span in 1980. Therefore investment planning for retirement has to account for a longer time of time now than a generation or two back.

Social Security and Retiring - Darien, Illinois

On the down side, Social Security is going to 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 now will be able to rely on a work pension and enjoy lifetime benefits from their former workplace. Increasingly more, retirees will need to rely on their savings to cover the costs of living and health insurance.

With individuals living longer and needing more cash to do so, retirement planning is an essential activity even for those who are halfway to the regular retirement age of sixty-five. It could be an intimidating task to plan for a few decades into the future, particularly with bills, rents and mortgages to pay right now, but procrastinating will not make it any less complicated.

Putting even just a small amount of cash into a savings account that works 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 provide a place where you can accumulate capital earning a little 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 surely and gradually build a nest egg is to invest in long-term bonds. Upon 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. That's a tremendous amount of money for a 20- or 30-year bond-money which could provide a good foundation for retirement. And a municipal or government bond is really as safe an investment as you can ever make.

401K and IRA With Retirement - Darien, Illinois

Nevertheless, 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 may be tax-deductible, depending on how much is invested each year.

For more information, please don't hesitate 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 Darien, Illinois area.

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