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Retirement Planning Company – Hometown, Illinois

For those in "Generation X" - defined as people born between the mid-1960s and the early 1980s - retirement planning may sound like something your parents or other "old people" would do. But guess what? With a lot of "baby boomers" either already in the midst of retirement or observing it in the near future, "Generation X" stands out as the next generation of men and women to reach old age. Sure, it is a ways off, but those 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 hard to enjoy. Here are some tips on preparing for retirement:

Retirement life in the foreseeable future will be different than the retirement in the present day. It will likely 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, people 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 in the past.

Social Security and Retiring - Hometown, Illinois

On the down side, Social Security is going to be a far less reliable source of income than it is now. And the odds are 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. Increasingly more, retired persons will need to rely on their financial savings to pay for the costs of living and health insurance.

With folks living for a longer time and needing extra 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 can be a daunting task to plan for a couple of decades into the future, especially with bills, rents and mortgages to pay today, but procrastinating won't make it any less difficult.

Putting even just a small amount of cash into a savings account which functions as a retirement savings plan can pay off later. The interest you receive 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 pile up capital earning a small interest rate until there's enough to invest in a reliable security which will yield you more like a municipal bond.

Another solid approach that can surely and steadily build a nest egg is to invest in 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. That's a considerable amount of money for a 20- or 30-year bond-money that can 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 - Hometown, Illinois

Nonetheless, 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 those 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 may be tax-deductible, depending on how much is invested each year.

For more info, please don't hesitate 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 Hometown, Illinois area.

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