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Retirement Planning Services – Dolton, IL

For those in "Generation X" - defined as people born between the mid-1960s and the early 1980s - retirement planning may sound like something your parents or other "old people" would do. But guess what? With a lot 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 old age. Sure, it is still a ways off, but people in their 30s and 40s should begin centering their investment planning on retirement and making certain they have the kind of retirement they are working so hard to have. Below are great tips on planning for retirement:

Retirement life in the future will be different than the retirement in the present day. It'll be far better in some ways, and worse in some ways. However, the retirement planning for today's labor force must be far different than it was in yesteryear.

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. So investment planning for retirement has to account for an extended period of time now than a generation or two back.

Social Security and Retiring - Dolton, IL

On the downside, Social Security will probably be a far less trustworthy income source compared to now. And the odds are slim-and getting slimmer every 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 employer. More and more, retirees will need to depend on their financial savings to cover the expenses of just living and medical health insurance.

With individuals living longer and needing extra money to do so, retirement planning is a vital activity even for those who are half way to the standard 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 easier.

Placing even just a little bit of cash into a savings account which works as a retirement savings plan can pay off in the future. The interest you get on money in a savings account will allow your initial investments to grow to something sustainable. A savings account will offer a place where you can pile up capital earning a small interest rate until there is enough to invest in a reliable security which will yield you more like a municipal bond.

Another solid strategy that could surely and progressively build a nest egg is to invest in long-term bonds. On maturation of the bond, you will get back your initial investment as well as all the interest which collected over the lifetime of the bond. This is a significant amount of money for a 20- or 30-year bond-money that could provide a nice foundation for retirement. And a municipal or government bond is as safe an investment that you can ever make.

401K and IRA - Dolton, IL

Nevertheless, 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 those for whom a 401K is not a retirement planning choice, an IRA is the next best thing. Money placed in this account is tax deferred and may be tax-deductible, depending on how much is invested annually.

For more info, 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 Dolton, IL area.

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