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Retirement Planning Company – Hillside, Illinois

For those in "Generation X" - described as people born between the mid-1960s and also the early 1980s - retirement planning seems like something your mother and father or other "old people" might do. But guess what? With many "baby boomers" either already in the midst of retirement or looking at it in the near future, "Generation X" stands out as the next generation of folks to reach retirement. Sure, it's still a ways off, but those 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 so 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. However, the retirement planning for today's workforce needs to be far different than it was in days gone by.

On the bright side, folks 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 greater 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 a longer time of time right now than a generation or two in the past.

Social Security and Retiring - Hillside, Illinois

On the downside, Social Security will likely be a far less reliable source of income compared to now. And 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 workplace. More and more, retirees will need to rely on their financial savings to cover the costs of living and health insurance.

With people living for a longer time and needing more money to do so, retirement planning is a vital activity even for those people who are half way to the common retirement age of 65. It may be an intimidating task to plan for a few decades into the future, particularly with bills, rents and home loans to pay right now, but procrastinating will not make it any easier.

Putting even just a small amount of cash into a savings account which serves 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 offer a place where you can acquire capital earning a little interest rate until there's enough to invest in a reliable security which will yield you more like a municipal bond.

Another good approach which could surely and progressively build a nest egg is to put money into long-term bonds. Upon maturation of the bond, you will 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 which could provide a good foundation for retirement. And a municipal or government bond is really as safe an investment as you can ever make.

401K and IRA With Retirement - Hillside, Illinois

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 the people for whom a 401K is not a retirement planning choice, an IRA is the next best thing. Money put in this account is tax deferred and may be tax-deductible, depending on how much is invested annually.

For more details, please do not 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 Hillside, Illinois area.

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