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Retirement Planning Company – Hoffman Estates

For the people in "Generation X" - defined as individuals born between the mid-1960s and 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 viewing it in the near future, "Generation X" stands out as the next generation of folks to reach old age. Sure, it is a ways off, but people in their 30s and 40s really need to start centering their investment planning on retirement and ensuring they've got the type of retirement they are working so hard to have. Here are some tips on preparing for retirement:

Retirement life in the foreseeable future will be different than the retirement of today. It will be better in some ways, and worse somewhat. However, the retirement planning for today's workforce must be far different than it was in earlier times.

On the bright side, folks 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 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 now than a generation or two in the past.

Social Security and Retirement - Hoffman Estates

On the down side, Social Security is going to be a far less dependable source of income compared to now. And also the odds are slim-and getting slimmer each 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 need to depend on their savings to cover the expenses of just living and medical 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 sixty-five. It could 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 will not make it any less difficult.

Placing even just a small amount of money now into a savings account which works as a retirement savings plan can pay off later on. 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 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 progressively build a nest egg is to put money into long-term bonds. After maturation of the bond, you'll get back your initial investment and also all the interest which collected over the life of the bond. That's a tremendous amount of money for a 20- or 30-year bond-money that may provide a nice foundation for retirement. And a municipal or government bond is really as safe an investment as you can ever make.

401K and IRA - Hoffman Estates

However, 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 is not 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 every year.

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 Hoffman Estates area.

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