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Retirement Planning Services – Hanover Park, IL

For those in "Generation X" - described as individuals 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 you know what? With many "baby boomers" either already in the midst of retirement or observing it in the near future, "Generation X" stands out as the next generation of men and women to reach old age. Sure, it is a ways off, but those in their 30s and 40s must begin centering their investment planning on retirement and ensuring they've got the type of retirement they are working so hard to enjoy. Below are great tips on planning for retirement:

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

On the bright side, individuals are living longer than ever. As of a short while 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. 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 - Hanover Park, IL

On the downside, Social Security is going to be a far less trustworthy income source than it is now. And also the likelihood is slim-and getting slimmer every 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 former employer. Increasingly more, retired persons will have to rely on their financial savings to pay for the costs 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 regular retirement age of sixty-five. It can be an intimidating task to plan for a few decades into the future, especially with bills, housing costs and mortgages to pay right now, but procrastinating won't make it any less difficult.

Placing even just a small amount of cash into a savings account which works 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 pile up capital earning a small interest rate until there is enough to invest in a trusted security that will yield you more like a municipal bond.

Another solid approach that can certainly and progressively build a nest egg is to invest in long-term bonds. Upon maturation of the bond, you will get back your initial investment and also all the interest which collected over the life of the bond. This is a significant amount of money for a 20- or 30-year bond-money that can provide a good 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 - Hanover Park, IL

Nonetheless, the best approach when it comes to retirement planning is to put funds in a 401K plan at work 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 placed in this account is tax deferred and might be tax-deductible, depending on how much is invested each year.

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

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