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Retirement Planning Services – Des Plaines, IL

For those in "Generation X" - defined as individuals born between the mid-1960s and the early 1980s - retirement planning sounds like something your mother and father or other "old people" would do. But you know what? With lots of "baby boomers" either already in the middle of retirement or looking at it on the horizon, "Generation X" stands out as the next generation of men and women to reach retirement. Sure, it is a ways off, but those in their 30s and 40s have to begin focusing their investment planning on retirement and making certain they've got the sort 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 in the present day. It'll 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 yesteryear.

On the bright side, people are living longer than ever. As of a short while 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 an extended period of time right now than a generation or two in the past.

Social Security and Retirement - Des Plaines, IL

On the down side, Social Security will probably be a far less trustworthy source of income than it is now. And also 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 former workplace. Increasingly more, retired persons will have to depend on their savings to pay for the expenses of just living and health insurance.

With people living for a longer time and needing extra money to do so, retirement planning is an essential activity even for those people who are half way to the standard retirement age of 65. It could be an intimidating task to plan for a couple of decades into the future, especially with bills, rents and mortgages to pay today, but procrastinating won't make it any less complicated.

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

Another good strategy that may certainly and progressively build a nest egg is to put money into long-term bonds. Upon maturation of the bond, you'll get back your initial investment and also all the interest which collected over the life of the bond. This is a considerable 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 as safe an investment that you can ever make.

401K and IRA With Retirement - Des Plaines, IL

However, the best approach when it comes to retirement planning is to put funds 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 put in this account is tax deferred and may be tax-deductible, depending on how much is invested every year.

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

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