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Retirement Planning Services – Evergreen Park, Illinois

For anyone in "Generation X" - defined as individuals born between the mid-1960s and the early 1980s - retirement planning sounds like something your mother and father or other "old people" would do. But you know what? With a lot of "baby boomers" either already in the middle of retirement or looking at it in the near future, "Generation X" will be the next generation of folks to reach retirement. Sure, it's still a ways off, but people in their 30s and 40s ought to begin centering their investment planning on retirement and making sure they have the kind of retirement they are working so hard to enjoy. Here are some tips on planning for retirement:

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

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 over 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 - Evergreen Park, Illinois

On the downside, Social Security will probably be a far less reliable source of income compared to now. And also the odds are 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 employer. More and more, retired persons will have to rely on their financial savings to pay for the expenses of just living and health insurance.

With people living longer and needing extra money to do so, retirement planning is an essential activity even for those people who are half way to the standard retirement age of 65. It could be an intimidating task to plan for a couple of decades into the future, particularly with bills, rents and mortgages to pay today, but procrastinating won't make it any easier.

Putting even just a small amount of cash 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 supply a place where you can build up capital earning a small interest rate until there's enough to invest in a trusted security which will yield you more like a municipal bond.

Another good strategy that may surely 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 as well as all the interest which collected over the lifetime of the bond. This is a tremendous amount of money for a 20- or 30-year bond-money that may 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 With Retirement - Evergreen Park, Illinois

However, the best approach when it comes to retirement planning would be 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 put into this account is tax deferred and might 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'll be happy to help you! We offer 401K and IRA rollover and review services for folks in the Evergreen Park, Illinois area.

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