GC Financial Advisors Ltd Banner
GC Financial Advisors Ltd Logo

Retirement Planning Services – Harvey

For the people in "Generation X" - defined as individuals born between the mid-1960s and also the early 1980s - retirement planning sounds like something your parents or other "old people" might do. But you know what? With a lot of "baby boomers" either already in the middle of retirement or viewing it on the horizon, "Generation X" will be the next generation of people to reach retirement. Sure, it is still a ways off, but those in their 30s and 40s ought to begin centering their investment planning on retirement and making sure they've got the kind of retirement they are working hard to have. Here are some tips on preparing for retirement:

Retirement life in the future will be different than the retirement of today. It will be far better in some ways, and worse somewhat. But, the retirement planning for today's labor force must be far different than it was in days gone by.

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 more than 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 period of time now than a generation or two in the past.

Social Security and Retirement - Harvey

On the downside, Social Security is going to be a far less trustworthy source of income compared to now. And the odds are slim-and getting slimmer every 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 employer. More and more, retired people will have to rely on their savings to pay for the costs of just living and medical health insurance.

With folks living longer and needing extra money to do so, retirement planning is a vital activity even for those who are half way to the regular retirement age of sixty-five. It can be a daunting task to plan for a couple of decades into the future, especially with bills, rents and mortgages to pay today, but procrastinating will not make it any less complicated.

Placing even just a little bit of cash into a savings account that works as a retirement savings plan can pay off later on. The interest you receive on money in a savings account will allow your initial investments to grow to something sustainable. A savings account will supply a place where you can pile up capital earning a little interest rate until there's enough to invest in a trusted security that will yield you more like a municipal bond.

Another solid strategy that can certainly and steadily 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 lifetime 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 - Harvey

Nevertheless, the best approach when it comes to retirement planning is to put money in a 401K plan at your workplace 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 placed in this account is tax deferred and may be tax-deductible, depending on how much is invested annually.

For more information, please don't hesitate 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 Harvey area.

Areas We Serve

Proudly Serving:

Arlington Heights - Aurora - Batavia - Bolingbrook - Bloomingdale - Buffalo Grove - Chicago - Cicero - Deerfield - Des Plaines - Dupage County - Elgin - Elmhurst - Evanston - Geneva - Highland Park - Lockport - Lombard - Naperville - New Lenox - North Barrington - Northbrook - Oak Lawn - Orland Park - Plainfield - Romeoville - Schaumburg - Wheaton

GC Financial Advisors service area map