GC Financial Advisors Ltd Banner
GC Financial Advisors Ltd Logo

Retirement Planning Company – Deerfield, Illinois

For the people in "Generation X" - defined as people born between the mid-1960s and the early 1980s - retirement planning sounds like something your mother and father or other "old people" might do. But guess what? With many "baby boomers" either already in the middle of retirement or observing it on the horizon, "Generation X" stands out as the next generation of individuals to reach old age. Sure, it is a ways off, but those in their 30s and 40s should start focusing their investment planning on retirement and ensuring they've got the sort of retirement they are working so hard to enjoy. Below are great tips on preparing for retirement:

Retirement life in the future will be different than the retirement right now. It will 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 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 more than the average life span in 1990 and more than 4 years more than the average life span in 1980. Therefore investment planning for retirement has to account for an extended period of time right now than a generation or two back.

Social Security and Retiring - Deerfield, Illinois

On the downside, Social Security is going to be a far less reliable income source than it is 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 previous workplace. More and more, retired people will need to rely on their financial savings to pay for the expenses of just living and medical health insurance.

With folks living for a longer time and needing additional money to do so, retirement planning is an essential activity even for those who are half way to the regular retirement age of sixty-five. It could be a daunting task to plan for a couple of decades into the future, particularly with bills, housing costs and mortgages to pay today, but procrastinating will not make it any easier.

Putting even just a little bit of money now into a savings account that functions as a retirement savings plan can pay off later. The interest you receive on money in a savings account will allow your initial 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 trusted security that will yield you more like a municipal bond.

Another good approach which could certainly and gradually build a nest egg is to put money into 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 significant amount of money for a 20- or 30-year bond-money which could provide a great 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 - Deerfield, Illinois

However, 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 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 annually.

For more details, please don't hesitate to contact GC Financial Advisors Ltd. at any time and we will be happy to help you! We offer 401K and IRA rollover and review services for folks in the Deerfield, Illinois area.

Areas We Serve

Proudly Serving:

Arlington Heights - Aurora - Batavia - Bolingbrook - Bloomingdale - Buffalo Grove - Chicago - Cicero - Deerfield - Des Plaines - Dupage County - Elgin - Elmhurst - Evanston - Geneva - Highland Park - Lockport - Lombard - Naperville - New Lenox - North Barrington - Northbrook - Oak Lawn - Orland Park - Plainfield - Romeoville - Schaumburg - Wheaton

GC Financial Advisors service area map