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Retirement Planning Services – Harwood Heights, Illinois

For those in "Generation X" - described as individuals born between the mid-1960s and the early 1980s - retirement planning seems like something your parents or other "old people" might do. But guess what? With a lot 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 individuals to reach old age. Sure, it's still a ways off, but people in their 30s and 40s should begin focusing their investment planning on retirement and making certain they have the kind of retirement they are working hard to have. Below are great tips on planning for retirement:

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

On the bright side, individuals 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 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 back.

Social Security and Retiring - Harwood Heights, Illinois

On the downside, Social Security is going to be a far less trustworthy source of income than it is now. And also the odds are slim-and getting slimmer each 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 previous employer. More and more, retired people will need to rely on their financial savings to pay for the expenses of living and medical health insurance.

With individuals living longer and needing additional money to do so, retirement planning is a vital activity even for those people who are half way to the common retirement age of sixty-five. It may be a daunting task to plan for a few decades into the future, particularly with bills, rents and mortgages to pay today, but procrastinating will not make it any easier.

Placing even just a small amount of cash into a savings account which functions as a retirement savings plan can pay off later. The interest you get on money in a savings account will allow your preliminary investments to grow to something sustainable. A savings account will offer a place where you can build up capital earning a small interest rate until there is enough to invest in a reliable security which will yield you more like a municipal bond.

Another solid approach which could certainly and gradually build a nest egg is to invest in long-term bonds. On maturation of the bond, you'll get back your initial investment as well as all the interest which collected over the life of the bond. This is a tremendous amount of money for a 20- or 30-year bond-money which could provide a great foundation for retirement. And a municipal or government bond is as safe an investment that you can ever make.

401K and IRA With Retirement - Harwood Heights, Illinois

Nonetheless, 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 people for whom a 401K isn't a retirement planning choice, an IRA is the next best thing. Money put into this account is tax deferred and may be tax-deductible, depending on how much is invested each year.

For more information, please don't hesitate 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 individuals in the Harwood Heights, Illinois area.

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