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Retirement Planning – Glenview, Illinois

For those in "Generation X" - described as folks born between the mid-1960s and the early 1980s - retirement planning sounds like something your mother and father or other "old people" might do. But guess what? With lots of "baby boomers" either already in the middle of retirement or observing it on the horizon, "Generation X" is the next generation of men and women to reach retirement. Sure, it's still a ways off, but people in their 30s and 40s have to start focusing 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 foreseeable future will be different than the retirement in the present day. It'll be far better in some ways, and worse somewhat. But, the retirement planning for today's workforce 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 4 years more than the average life span in 1980. So investment planning for retirement has to account for a longer time of time now than a generation or two in the past.

Social Security and Retirement - Glenview, Illinois

On the down side, Social Security will probably be a far less trustworthy income source compared to now. And also 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. More and more, retired people will need to rely on their financial savings to pay for the costs of just living and health insurance.

With individuals living longer and needing more money to do so, retirement planning is an essential activity even for those who are halfway to the standard retirement age of 65. It could be a daunting task to plan for a couple of decades into the future, particularly with bills, rents and home loans to pay today, but procrastinating will not make it any less complicated.

Placing even just a small amount of money now into a savings account that functions as a retirement savings plan can pay off later on. The interest you receive 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 accumulate capital earning a small interest rate until there's enough to invest in a reliable security which will yield you more like a municipal bond.

Another good strategy that can surely and progressively build a nest egg is to invest in long-term bonds. On maturation of the bond, you will get back your initial investment along with 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 that you can ever make.

401K and IRA With Retirement - Glenview, Illinois

Nonetheless, the best approach when it comes to retirement planning is to put cash 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 details, please don't hesitate 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 Glenview, Illinois area.

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