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Retirement Planning Services – Homer Glen, Illinois

For those in "Generation X" - defined as individuals born between the mid-1960s and also the early 1980s - retirement planning sounds like something your mother and father or other "old people" would do. But guess what? With a lot of "baby boomers" either already in the midst of retirement or looking at it in the near future, "Generation X" is definitely the next generation of men and women to reach retirement. Sure, it is still a ways off, but those in their 30s and 40s really need to start focusing their investment planning on retirement and making certain they've got the kind of retirement they are working hard to enjoy. Here are some tips on preparing for retirement:

Retirement life in the future will be different than the retirement right now. It'll be better in some ways, and worse somewhat. However, the retirement planning for today's workforce needs to 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 more 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 - Homer Glen, Illinois

On the downside, Social Security will likely be a far less trustworthy source of income compared to now. And the odds are 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. More and more, retirees will need to depend on their savings to cover the costs of just living and health insurance.

With folks living longer and needing more money to do so, retirement planning is a vital activity even for those people who are halfway to the regular retirement age of 65. It may be a daunting task to plan for a few decades into the future, particularly with bills, housing costs and home loans to pay right now, but procrastinating won't make it any less complicated.

Placing even just a small amount of cash into a savings account that works as a retirement savings plan can pay off in the future. 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 acquire capital earning a little interest rate until there is enough to invest in a trusted security which will yield you more like a municipal bond.

Another solid strategy which could surely and gradually build a nest egg is to invest in long-term bonds. On maturation of the bond, you will get back your initial investment and also all the interest that collected over the lifetime of the bond. That's a significant amount of money for a 20- or 30-year bond-money which could provide a nice foundation for retirement. And a municipal or government bond is as safe an investment as you can ever make.

401K and IRA With Retirement - Homer Glen, Illinois

Nevertheless, the best approach when it comes to retirement planning is to put cash in a 401K plan at your workplace 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 put into this account is tax deferred and might be tax-deductible, depending on how much is invested each year.

For more information, please do not hesitate to contact GC Financial Advisors Ltd. at any time and we will be happy to help you! We provide 401K and IRA rollover and review services for individuals in the Homer Glen, Illinois area.

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