GC Financial Advisors Ltd Banner
GC Financial Advisors Ltd Logo

Retirement Planning – Hines

For those in "Generation X" - described as folks born between the mid-1960s and also the early 1980s - retirement planning may sound like something your parents or other "old people" might do. But you know what? With lots of "baby boomers" either already in the middle of retirement or looking at it on the horizon, "Generation X" will be the next generation of individuals to reach retirement. Sure, it is still a ways off, but people in their 30s and 40s ought to begin focusing their investment planning on retirement and ensuring they have the type of retirement they are working hard to have. Below are great tips on preparing for retirement:

Retirement life in the future will be different than the retirement of today. It'll 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, individuals 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 4 years more than the average life span in 1980. Therefore investment planning for retirement has to account for a longer time of time right now than a generation or two ago.

Social Security and Retirement - Hines

On the downside, Social Security will likely be a far less trustworthy income source compared to now. And also the likelihood is 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 former workplace. Increasingly more, retired people will need to rely on their financial savings to cover the costs of just living and health insurance.

With individuals living for a longer time and needing more money to do so, retirement planning is an essential activity even for those who are halfway to the standard retirement age of sixty-five. It can be an intimidating task to plan for a few decades into the future, especially with bills, rents and home loans to pay today, but procrastinating won't make it any less complicated.

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

Another good strategy that can surely and progressively build a nest egg is to invest in long-term bonds. After maturation of the bond, you'll get back your initial investment and also all the interest that collected over the life of the bond. This is a considerable 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 as safe an investment as you can ever make.

401K and IRA - Hines

Nevertheless, the best approach when it comes to retirement planning is to put cash in a 401K plan at work or in an IRA opened with an investment house. For people for whom a 401K is not a retirement planning choice, 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 every year.

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