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Retirement Planning Services – Elk Grove Village, IL

For those in "Generation X" - defined as people born between the mid-1960s and also the early 1980s - retirement planning sounds like something your mother and father or other "old people" might do. But you know what? With lots of "baby boomers" either already in the midst of retirement or looking at it on the horizon, "Generation X" will be the next generation of folks to reach old age. Sure, it is still a ways off, but those in their 30s and 40s really need to begin focusing their investment planning on retirement and making certain they have the sort of retirement they are working hard to have. Here are some tips on preparing for retirement:

Retirement life in the future will be different than the retirement right now. It will likely be better in some ways, and worse somewhat. But, the retirement planning for today's labor force must be far different than it was in the past.

On the bright side, folks 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. Therefore 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 Retiring - Elk Grove Village, IL

On the downside, Social Security will probably be a far less dependable income source compared to now. And 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 former workplace. Increasingly more, retirees will need to rely on their financial savings to cover the expenses of living and health insurance.

With folks living longer and needing extra money to do so, retirement planning is an essential activity even for those people who are halfway to the regular retirement age of sixty-five. It may be a daunting task to plan for a few 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 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 preliminary investments to grow to something sustainable. A savings account will provide a place where you can accumulate capital earning a small 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 certainly and progressively build a nest egg is to invest in long-term bonds. On maturation of the bond, you'll get back your initial investment along with all the interest which collected over the lifetime of the bond. This is a considerable 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 as you can ever make.

401K and IRA With Retirement - Elk Grove Village, IL

However, the best approach when it comes to retirement planning is to put money in a 401K plan at your workplace or in an IRA opened with an investment house. For people for whom a 401K is not a retirement planning option, 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 annually.

For more info, please feel free 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 Elk Grove Village, IL area.

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