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Retirement Planning Company – Itasca, IL

For anyone in "Generation X" - described as individuals born between the mid-1960s and the early 1980s - retirement planning seems like something your mother and father or other "old people" might do. But you know what? With lots of "baby boomers" either already in the middle of retirement or viewing it on the horizon, "Generation X" will be the next generation of people to reach retirement. Sure, it's still a ways off, but people in their 30s and 40s will need to start focusing their investment planning on retirement and ensuring they have the kind of retirement they are working hard to have. Below are great tips on planning for retirement:

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

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 4 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 ago.

Social Security and Retiring - Itasca, IL

On the down side, Social Security will probably be a far less dependable source of income 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. Increasingly more, retirees will need to rely on their savings to pay for the costs of living and health insurance.

With people living longer and needing more money to do so, retirement planning is a vital activity even for those who are half way to the regular retirement age of sixty-five. It may be a daunting task to plan for a few decades into the future, especially with bills, rents and mortgages to pay today, but procrastinating will not make it any easier.

Placing even just a small amount of money now into a savings account that functions as a retirement savings plan can pay off later on. The interest you receive 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 pile up 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 which could surely and progressively build a nest egg is to put money into 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. This is a significant amount of money for a 20- or 30-year bond-money which could provide a good foundation for retirement. And a municipal or government bond is really as safe an investment as you can ever make.

401K and IRA - Itasca, IL

However, 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 isn't a retirement planning option, 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 every year.

For more details, please don't hesitate 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 individuals in the Itasca, IL area.

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