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Retirement Planning Services – Island Lake

For the people in "Generation X" - described as people born between the mid-1960s and the early 1980s - retirement planning sounds like something your parents or other "old people" would do. But you know what? With lots of "baby boomers" either already in the midst of retirement or looking at it on the horizon, "Generation X" is definitely the next generation of folks to reach retirement. Sure, it is a ways off, but those in their 30s and 40s need to start centering their investment planning on retirement and ensuring they have the kind of retirement they are working so hard to have. Below are great tips on preparing for retirement:

Retirement life in the future will be different than the retirement right now. It will be better in some ways, and worse in some ways. But, the retirement planning for today's labor force needs to be far different than it was in days gone by.

On the bright side, folks are living longer than ever. As of a short while 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 period of time now than a generation or two back.

Social Security and Retiring - Island Lake

On the downside, Social Security is going to be a far less trustworthy income source than it is now. And 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 former workplace. Increasingly more, retirees will have to rely on their financial savings to pay for the expenses of living and medical health insurance.

With individuals living longer and needing additional money to do so, retirement planning is a vital activity even for those people who are half way to the regular retirement age of 65. It can be an intimidating 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 easier.

Placing even just a little bit of cash into a savings account that functions as a retirement savings plan can pay off in the future. The interest you receive on money in a savings account will allow your initial investments to grow to something sustainable. A savings account will offer a place where you can acquire capital earning a little interest rate until there's enough to invest in a reliable security that will yield you more like a municipal bond.

Another good strategy that can surely and progressively build a nest egg is to invest in long-term bonds. Upon maturation of the bond, you'll get back your initial investment and also all the interest that collected over the life of the bond. That's a tremendous 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 really as safe an investment that you can ever make.

401K and IRA - Island Lake

Nevertheless, the best approach when it comes to retirement planning would be to put money in a 401K plan at your workplace or in an IRA opened with an investment house. For the 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 may be tax-deductible, depending on how much is invested annually.

For more details, please do not hesitate to contact GC Financial Advisors Ltd. at any time and we'll be glad to help you! We offer 401K and IRA rollover and review services for individuals in the Island Lake area.

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