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Retirement Planning Services – Golf, Illinois

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" might do. But guess what? With lots of "baby boomers" either already in the midst of retirement or looking at it in the near future, "Generation X" is the next generation of people to reach retirement. Sure, it's still a ways off, but those in their 30s and 40s should begin centering their investment planning on retirement and making certain they've got the type of retirement they are working so hard to enjoy. Here are some tips on preparing for retirement:

Retirement life in the foreseeable future will be different than the retirement in the present day. It will be far better in some ways, and worse somewhat. But, the retirement planning for today's workforce must 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 over the average life span in 1990 and more than 4 years more than the average life span in 1980. Therefore 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 - Golf, Illinois

On the downside, Social Security will probably 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 now will be able to rely on a work pension and enjoy lifetime benefits from their previous employer. More and more, retired persons will need to depend on their financial savings to cover the expenses of living and health insurance.

With people living longer and needing additional money to do so, retirement planning is an essential activity even for those who are half way to the common retirement age of sixty-five. It could be an intimidating task to plan for a few decades into the future, especially with bills, housing costs and mortgages to pay today, but procrastinating won't make it any less complicated.

Putting even just a small amount of money now into a savings account that functions as a retirement savings plan can pay off later. 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 acquire capital earning a little interest rate until there is enough to invest in a reliable security which will yield you more like a municipal bond.

Another solid strategy that can certainly and gradually build a nest egg is to put money into long-term bonds. Upon maturation of the bond, you'll get back your initial investment as well as all the interest that collected over the life of the bond. That's a considerable amount of money for a 20- or 30-year bond-money that can 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 - Golf, Illinois

However, the best approach when it comes to retirement planning would be to put cash in a 401K plan at work or in an IRA opened with an investment house. For the people for whom a 401K is not a retirement planning option, an IRA is the next best thing. Money put in this account is tax deferred and might be tax-deductible, depending on how much is invested each year.

For more information, please do not hesitate to contact GC Financial Advisors Ltd. at any time and we will be happy to help you! We offer 401K and IRA rollover and review services for individuals in the Golf, Illinois area.

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