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Retirement Planning Company – Forest Park

For anyone in "Generation X" - defined as individuals born between the mid-1960s and also the early 1980s - retirement planning may sound like something your parents or other "old people" might do. But you know what? With many "baby boomers" either already in the midst of retirement or looking at it on the horizon, "Generation X" stands out as the next generation of individuals to reach retirement. Sure, it is a ways off, but people in their 30s and 40s really need to begin centering their investment planning on retirement and making sure they have the type 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 right now. It'll be far better in some ways, and worse in some ways. But, the retirement planning for today's labor force 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 more than the average life span in 1990 and more than four years more than the average life span in 1980. Therefore investment planning for retirement has to account for a longer time of time right now than a generation or two ago.

Social Security and Retiring - Forest Park

On the downside, Social Security will likely be a far less reliable source of income than it is now. And 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 employer. More and more, retired persons will have to rely on their financial savings to cover the costs of just living and health insurance.

With people living longer and needing more cash to do so, retirement planning is an essential activity even for those who are half way to the regular retirement age of 65. It can be a daunting task to plan for a few decades into the future, particularly with bills, rents and mortgages to pay today, but procrastinating will not make it any easier.

Placing even just a little bit of money now into a savings account which serves as a retirement savings plan can pay off later on. The interest you get on money in a savings account will allow your initial investments to grow to something sustainable. A savings account will provide a place where you can pile up 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 solid strategy that could certainly 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 and also all the interest which collected over the lifetime of the bond. That's a significant amount of money for a 20- or 30-year bond-money that could 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 - Forest Park

Nonetheless, 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 the people for whom a 401K isn't a retirement planning choice, an IRA is the next best thing. Money placed in this account is tax deferred and might be tax-deductible, depending on how much is invested every year.

For more info, please feel free to contact GC Financial Advisors Ltd. at any time and we'll be happy to help you! We provide 401K and IRA rollover and review services for individuals in the Forest Park area.

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