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Retirement Planning Services – Highland Park, Illinois

For those in "Generation X" - described as individuals born between the mid-1960s and also the early 1980s - retirement planning sounds like something your parents or other "old people" would do. But guess what? With lots of "baby boomers" either already in the middle of retirement or observing it in the near future, "Generation X" will be the next generation of individuals to reach old age. Sure, it is a ways off, but those in their 30s and 40s really need to begin focusing their investment planning on retirement and ensuring 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 future will be different than the retirement right now. It will likely be far better in some ways, and worse in some ways. However, the retirement planning for today's workforce must be far different than it was in the past.

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 over the average life span in 1990 and more than four years more than the average life span in 1980. Therefore 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 - Highland Park, Illinois

On the down side, Social Security is going to be a far less reliable income source compared to now. And also the odds are 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. More and more, retirees will have to rely on their financial savings to cover the expenses of just living and medical health insurance.

With folks living for a longer time 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 can be an intimidating task to plan for a couple of decades into the future, particularly with bills, rents and home loans to pay today, but procrastinating won't make it any less difficult.

Putting even just a small amount of money now into a savings account which serves as a retirement savings plan can pay off later on. The interest you get 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 build up capital earning a small interest rate until there's enough to invest in a trusted security that will yield you more like a municipal bond.

Another good strategy that may surely and gradually build a nest egg is to put money into long-term bonds. On maturation of the bond, you'll get back your initial investment along with 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 that may provide a good foundation for retirement. And a municipal or government bond is as safe an investment as you can ever make.

401K and IRA - Highland Park, Illinois

However, the best approach when it comes to retirement planning would be to put funds in a 401K plan at work or in an IRA opened with an investment house. For those 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 annually.

For more details, please don't hesitate to contact GC Financial Advisors Ltd. at any time and we will be glad to help you! We offer 401K and IRA rollover and review services for individuals in the Highland Park, Illinois area.

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