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Retirement Planning Services – Kenilworth, Illinois

For those in "Generation X" - described as folks born between the mid-1960s and the early 1980s - retirement planning seems like something your parents or other "old people" might do. But you know what? With a lot of "baby boomers" either already in the middle of retirement or viewing it in the near future, "Generation X" will be the next generation of individuals to reach retirement. Sure, it is a ways off, but those in their 30s and 40s really need to begin focusing their investment planning on retirement and ensuring they've got 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 workforce must 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 over 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 time of time now than a generation or two in the past.

Social Security and Retiring - Kenilworth, Illinois

On the downside, Social Security will likely be a far less trustworthy income source than it is now. And also the likelihood is 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 previous employer. More and more, retired people will have to rely on their financial savings to cover the costs of just living and medical health insurance.

With people living for a longer time and needing more cash to do so, retirement planning is an essential activity even for those people who are half way 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 home loans to pay today, but procrastinating won't make it any easier.

Placing even just a small amount of money now into a savings account which serves as a retirement savings plan can pay off in the future. The interest you receive on money in a savings account will allow your preliminary investments to grow to something sustainable. A savings account will offer a place where you can pile up capital earning a little interest rate until there's enough to invest in a reliable security which will yield you more like a municipal bond.

Another good strategy which could certainly and gradually build a nest egg is to put money into 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 lifetime of the bond. That's a considerable 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 that you can ever make.

401K and IRA With Retirement - Kenilworth, Illinois

However, 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 into this account is tax deferred and might be tax-deductible, depending on how much is invested every year.

For more info, please feel free 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 Kenilworth, Illinois area.

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