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Retirement Planning Services – Hoffman Estates

For anyone in "Generation X" - defined as folks born between the mid-1960s and the early 1980s - retirement planning may sound like something your parents or other "old people" would do. But you know what? With many "baby boomers" either already in the midst of retirement or viewing it on the horizon, "Generation X" stands out as the next generation of people to reach old age. Sure, it's still a ways off, but those in their 30s and 40s will need to begin focusing their investment planning on retirement and making certain they've got the kind of retirement they are working so hard to enjoy. Below are great tips on preparing for retirement:

Retirement life in the foreseeable future will be different than the retirement in the present day. It will be far better in some ways, and worse somewhat. However, the retirement planning for today's labor force must be far different than it was in days gone by.

On the bright side, individuals 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 more 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 - Hoffman Estates

On the down side, Social Security will likely be a far less trustworthy income source than it is 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, retired people will have to depend on their financial savings to cover the costs of just living and health insurance.

With people living for a longer time and needing more money to do so, retirement planning is an essential activity even for those people who are halfway 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 mortgages to pay today, but procrastinating won't make it any less complicated.

Placing even just a small amount of cash into a savings account which functions 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 give you a place where you can accumulate capital earning a small interest rate until there is enough to invest in a reliable security that will yield you more like a municipal bond.

Another solid strategy that could surely and steadily build a nest egg is to put money into long-term bonds. On maturation of the bond, you'll get back your initial investment and also all the interest which collected over the life of the bond. This is a considerable amount of money for a 20- or 30-year bond-money that could 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 With Retirement - Hoffman Estates

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 those 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 may be tax-deductible, depending on how much is invested annually.

For more info, please feel free to contact GC Financial Advisors Ltd. at any time and we will be happy to help you! We offer 401K and IRA rollover and review services for folks in the Hoffman Estates area.

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