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Retirement Planning Company – Justice, IL

For anyone in "Generation X" - described as individuals born between the mid-1960s and also the early 1980s - retirement planning may sound like something your parents or other "old people" would do. But you know what? With a lot of "baby boomers" either already in the middle of retirement or observing it on the horizon, "Generation X" will be the next generation of individuals to reach old age. Sure, it is still a ways off, but people in their 30s and 40s ought to start focusing their investment planning on retirement and making sure 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 future will be different than the retirement of today. It'll be better in some ways, and worse in some ways. But, the retirement planning for today's workforce must be far different than it was in yesteryear.

On the bright side, individuals 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 greater than 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 now than a generation or two back.

Social Security and Retiring - Justice, IL

On the down side, Social Security is going to be a far less reliable income source than it is now. And the odds are slim-and getting slimmer every 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 employer. More and more, retirees will have to rely on their financial savings to pay for the expenses of just living and health insurance.

With folks living for a longer time and needing additional money to do so, retirement planning is an essential activity even for those who are halfway to the standard retirement age of sixty-five. It can be a daunting task to plan for a couple of decades into the future, particularly with bills, rents and mortgages to pay right now, but procrastinating won't make it any less difficult.

Placing even just a small amount of money now into a savings account that works as a retirement savings plan can pay off later. The interest you receive on money in a savings account will allow your preliminary investments to grow to something sustainable. A savings account will provide a place where you can acquire capital earning a little interest rate until there is enough to invest in a trusted security which will yield you more like a municipal bond.

Another good strategy that can certainly and progressively build a nest egg is to invest in long-term bonds. Upon maturation of the bond, you will get back your initial investment along with all the interest that collected over the life of the bond. This is a tremendous 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 that you can ever make.

401K and IRA - Justice, IL

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 isn't a retirement planning option, an IRA is the next best thing. Money put in this account is tax deferred and may be tax-deductible, depending on how much is invested each year.

For more information, please don't hesitate to contact GC Financial Advisors Ltd. at any time and we will be glad to help you! We offer 401K and IRA rollover and review services for folks in the Justice, IL area.

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