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Retirement Planning Services – Evanston, IL

For the people in "Generation X" - defined as individuals 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 guess what? With a lot of "baby boomers" either already in the midst of retirement or observing it on the horizon, "Generation X" is the next generation of individuals to reach old age. Sure, it's still a ways off, but people in their 30s and 40s really need to begin focusing their investment planning on retirement and ensuring they've got the sort of retirement they are working hard to enjoy. Below are great tips on preparing for retirement:

Retirement life in the future will be different than the retirement of today. It will likely be far 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 earlier times.

On the bright side, people 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 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 right now than a generation or two ago.

Social Security and Retirement - Evanston, IL

On the downside, Social Security will probably be a far less dependable income source 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 employer. Increasingly more, retired people will need to depend on their savings to cover the expenses of just living and medical health insurance.

With individuals living for a longer time and needing more cash to do so, retirement planning is a vital activity even for those people who are half way to the standard retirement age of 65. It could be a daunting task to plan for a few decades into the future, especially with bills, rents and mortgages to pay right now, but procrastinating won't make it any less difficult.

Putting even just a little bit of money now into a savings account that serves 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 give you a place where you can accumulate capital earning a little interest rate until there is enough to invest in a reliable security that will yield you more like a municipal bond.

Another good strategy that can surely and gradually build a nest egg is to invest in long-term bonds. On maturation of the bond, you'll get back your initial investment and also all the interest that collected over the life of the bond. That's a significant amount of money for a 20- or 30-year bond-money that can provide a nice foundation for retirement. And a municipal or government bond is really as safe an investment as you can ever make.

401K and IRA - Evanston, IL

Nonetheless, 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 isn't a retirement planning option, an IRA is the next best thing. Money put into this account is tax deferred and might 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'll be glad to help you! We offer 401K and IRA rollover and review services for folks in the Evanston, IL area.

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