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Retirement Planning Company – Downers Grove, Illinois

For those in "Generation X" - defined as individuals born between the mid-1960s and also the early 1980s - retirement planning seems like something your parents or other "old people" would do. But you know what? With many "baby boomers" either already in the midst of retirement or observing it in the near future, "Generation X" stands out as the next generation of people to reach retirement. Sure, it's still a ways off, but those in their 30s and 40s must start centering their investment planning on retirement and making sure they've got the sort of retirement they are working so hard to have. 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 somewhat. But, the retirement planning for today's workforce needs to be far different than it was in the past.

On the bright side, folks 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 4 years more than the average life span in 1980. Therefore 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 - Downers Grove, Illinois

On the downside, Social Security will probably be a far less reliable income source compared to 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, retirees will need to depend on their savings to pay for the expenses of just living and medical health insurance.

With people living for a longer time and needing extra money to do so, retirement planning is a vital activity even for those people who are half way to the common retirement age of 65. It could be an intimidating task to plan for a couple of decades into the future, especially with bills, housing costs and mortgages to pay today, but procrastinating will not make it any less difficult.

Putting even just a little bit of cash into a savings account which serves as a retirement savings plan can pay off in the future. The interest you get on money in a savings account will allow your preliminary investments to grow to something sustainable. A savings account will give you 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 steadily build a nest egg is to invest in long-term bonds. On maturation of the bond, you will get back your initial investment along with 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 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 - Downers Grove, Illinois

Nevertheless, the best approach when it comes to retirement planning would be to put money 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 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 will be happy to help you! We provide 401K and IRA rollover and review services for individuals in the Downers Grove, Illinois area.

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