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Retirement Planning Services – Joliet, Illinois

For those in "Generation X" - defined as people born between the mid-1960s and the early 1980s - retirement planning sounds like something your mother and father or other "old people" would do. But guess what? With many "baby boomers" either already in the middle of retirement or viewing it in the near future, "Generation X" is definitely the next generation of people to reach retirement. Sure, it is still a ways off, but those in their 30s and 40s really need to begin focusing their investment planning on retirement and making sure they have the type of retirement they are working hard to enjoy. Here are some tips on planning for retirement:

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

On the bright side, people 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 over the average life span in 1990 and more than four years more than the average life span in 1980. So investment planning for retirement has to account for an extended period of time right now than a generation or two back.

Social Security and Retiring - Joliet, Illinois

On the downside, Social Security will probably be a far less dependable income source 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 previous employer. Increasingly more, retired people will need to depend on their savings to cover the costs of living and health insurance.

With people living longer and needing additional money to do so, retirement planning is an essential activity even for those who are half way to the standard retirement age of sixty-five. It can be an intimidating task to plan for a couple of 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 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 give you a place where you can accumulate capital earning a little 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 steadily build a nest egg is to invest in long-term bonds. Upon maturation of the bond, you'll get back your initial investment as well as all the interest which collected over the life of the bond. This is a considerable amount of money for a 20- or 30-year bond-money which could provide a great 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 - Joliet, 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 those for whom a 401K isn't a retirement planning option, 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 every year.

For more info, please don't 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 folks in the Joliet, Illinois area.

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