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Retirement Planning Company – Fort Sheridan, IL

For anyone in "Generation X" - described as folks born between the mid-1960s and the early 1980s - retirement planning may sound like something your parents or other "old people" would do. But guess what? With lots of "baby boomers" either already in the midst of retirement or viewing it on the horizon, "Generation X" is the next generation of folks to reach retirement. Sure, it's still a ways off, but those in their 30s and 40s have to start centering their investment planning on retirement and making certain they have the type of retirement they are working so hard to have. Below are great tips on planning for retirement:

Retirement life in the foreseeable future will be different than the retirement right now. It'll be far better in some ways, and worse in some ways. However, the retirement planning for today's labor force needs to be far different than it was in days gone by.

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 greater 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 an extended period of time now than a generation or two ago.

Social Security and Retirement - Fort Sheridan, IL

On the downside, Social Security is going to be a far less dependable source of income than it is now. And the likelihood is slim-and getting slimmer each year-that retirees 20 and 30 years from now will be able to rely on a work pension and enjoy lifetime benefits from their former workplace. Increasingly more, retired people will have to depend on their financial savings to cover the costs of living and medical health insurance.

With people living for a longer time and needing more money to do so, retirement planning is an essential activity even for those who are halfway to the common retirement age of sixty-five. It could be an intimidating task to plan for a couple of decades into the future, particularly with bills, housing costs and home loans to pay right now, but procrastinating won't make it any less difficult.

Placing even just a little bit of money now into a savings account that functions 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 build up capital earning a little interest rate until there's enough to invest in a reliable security that will yield you more like a municipal bond.

Another solid approach that may surely and gradually build a nest egg is to invest in long-term bonds. Upon maturation of the bond, you will get back your initial investment as well as all the interest that 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 good foundation for retirement. And a municipal or government bond is as safe an investment that you can ever make.

401K and IRA - Fort Sheridan, IL

Nevertheless, 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 the people 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 info, please feel free 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 Fort Sheridan, IL area.

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