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Retirement Planning Company – Eola, IL

For the people in "Generation X" - described as people 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 lots of "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 still a ways off, but people in their 30s and 40s have to begin centering their investment planning on retirement and ensuring they've got the type of retirement they are working so hard to enjoy. Here are some tips on preparing for retirement:

Retirement life in the future will be different than the retirement of today. It will likely be much 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, individuals are living longer than ever. As of not too long 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. 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 Retiring - Eola, IL

On the down side, Social Security will likely be a far less reliable income source compared to now. And also the likelihood is slim-and getting slimmer each 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. Increasingly more, retired persons will have to depend on their savings to cover the expenses of living and health insurance.

With individuals living for a longer time and needing more money to do so, retirement planning is a vital activity even for those people who are halfway to the common retirement age of sixty-five. It may be an intimidating task to plan for a few decades into the future, particularly with bills, rents and home loans to pay today, but procrastinating will not make it any less complicated.

Putting even just a little bit of money now into a savings account which works as a retirement savings plan can pay off later on. 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 build up 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 approach that may surely and steadily build a nest egg is to invest in long-term bonds. Upon maturation of the bond, you'll get back your initial investment along with all the interest which collected over the life of the bond. That's a tremendous 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 really as safe an investment that you can ever make.

401K and IRA With Retirement - Eola, IL

Nevertheless, 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 people for whom a 401K isn't a retirement planning option, 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 each year.

For more information, 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 Eola, IL area.

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