GC Financial Advisors Ltd Banner
GC Financial Advisors Ltd Logo

Retirement Planning – Homewood, IL

For those in "Generation X" - defined as people 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 you know what? With many "baby boomers" either already in the midst of retirement or observing it on the horizon, "Generation X" is definitely the next generation of men and women to reach old age. Sure, it is still a ways off, but those in their 30s and 40s must start focusing their investment planning on retirement and making sure they have the type of retirement they are working hard to enjoy. Below are great tips on planning for retirement:

Retirement life in the foreseeable future will be different than the retirement of today. It will likely be far better in some ways, and worse in some ways. 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 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 an extended period of time right now than a generation or two back.

Social Security and Retirement - Homewood, IL

On the down side, Social Security is going to be a far less trustworthy income source compared to now. And the likelihood is 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, retired people will need to depend on their savings to pay for the costs of just living and health insurance.

With folks living longer and needing more cash to do so, retirement planning is a vital activity even for those who are halfway to the common retirement age of sixty-five. It could be an intimidating task to plan for a few decades into the future, particularly with bills, rents and mortgages to pay today, but procrastinating will not make it any less difficult.

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

Another solid approach that can surely and progressively 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 good foundation for retirement. And a municipal or government bond is as safe an investment that you can ever make.

401K and IRA - Homewood, IL

Nevertheless, the best approach when it comes to retirement planning would be to put cash in a 401K plan at work or in an IRA opened with an investment house. For the people for whom a 401K isn't a retirement planning choice, 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 annually.

For more information, 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 individuals in the Homewood, IL area.

Areas We Serve

Proudly Serving:

Arlington Heights - Aurora - Batavia - Bolingbrook - Bloomingdale - Buffalo Grove - Chicago - Cicero - Deerfield - Des Plaines - Dupage County - Elgin - Elmhurst - Evanston - Geneva - Highland Park - Lockport - Lombard - Naperville - New Lenox - North Barrington - Northbrook - Oak Lawn - Orland Park - Plainfield - Romeoville - Schaumburg - Wheaton

GC Financial Advisors service area map