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Retirement Planning Services – Hinsdale, Illinois

For those in "Generation X" - defined as folks born between the mid-1960s and the early 1980s - retirement planning may sound like something your mother and father or other "old people" would do. But guess what? With many "baby boomers" either already in the middle of retirement or observing it on the horizon, "Generation X" stands out as the next generation of folks to reach retirement. Sure, it's still a ways off, but people in their 30s and 40s must begin centering their investment planning on retirement and making certain 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 in the present day. It'll be better in some ways, and worse somewhat. However, the retirement planning for today's labor force needs to be far different than it was in yesteryear.

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 more than the average life span in 1990 and more than 4 years more than the average life span in 1980. So 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 - Hinsdale, Illinois

On the down side, Social Security will probably be a far less dependable income source than it is now. And also the likelihood is 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 previous workplace. Increasingly more, retired people will have to depend on their savings to pay for the expenses of living and medical health insurance.

With folks living for a longer time and needing more cash 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 a daunting task to plan for a couple of decades into the future, especially with bills, housing costs and home loans to pay right now, but procrastinating will not make it any less difficult.

Putting even just a little bit 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 provide a place where you can acquire capital earning a small interest rate until there is enough to invest in a trusted security which will yield you more like a municipal bond.

Another good strategy that may certainly and steadily build a nest egg is to put money into long-term bonds. Upon maturation of the bond, you will get back your initial investment as well as all the interest which collected over the lifetime of the bond. That's a significant amount of money for a 20- or 30-year bond-money that may provide a great foundation for retirement. And a municipal or government bond is really as safe an investment that you can ever make.

401K and IRA - Hinsdale, Illinois

Nevertheless, the best approach when it comes to retirement planning would be to put money 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 option, an IRA is the next best thing. Money put in this account is tax deferred and might be tax-deductible, depending on how much is invested each year.

For more details, please feel free to contact GC Financial Advisors Ltd. at any time and we will be glad to help you! We provide 401K and IRA rollover and review services for folks in the Hinsdale, Illinois area.

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