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Retirement Planning Company – La Grange

For anyone in "Generation X" - defined as people born between the mid-1960s and also the early 1980s - retirement planning may sound like something your mother and father or other "old people" might do. But guess what? With many "baby boomers" either already in the middle of retirement or looking at it on the horizon, "Generation X" stands out as the next generation of people to reach retirement. Sure, it's still a ways off, but those in their 30s and 40s will need to start focusing their investment planning on retirement and ensuring they have the sort of retirement they are working so hard to enjoy. Below are great tips on planning for retirement:

Retirement life in the future will be different than the retirement of today. It will 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 yesteryear.

On the bright side, people 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 more 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 right now than a generation or two in the past.

Social Security and Retirement - La Grange

On the down side, Social Security will probably be a far less trustworthy source of income compared to now. And also 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. More and more, retired persons will have to rely on their financial savings to cover the expenses of living and medical health insurance.

With folks living for a longer time and needing extra money to do so, retirement planning is an essential activity even for those who are halfway to the regular retirement age of 65. It may 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 will not make it any less difficult.

Placing even just a little bit of cash into a savings account which 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 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's enough to invest in a trusted security which will yield you more like a municipal bond.

Another solid approach that can certainly and progressively build a nest egg is to put money into long-term bonds. After maturation of the bond, you will get back your initial investment as well as all the interest which collected over the lifetime of the bond. This is a considerable 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 as you can ever make.

401K and IRA - La Grange

Nonetheless, 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 people for whom a 401K isn't a retirement planning choice, an IRA is the next best thing. Money placed in this account is tax deferred and might be tax-deductible, depending on how much is invested every year.

For more information, please don't hesitate to contact GC Financial Advisors Ltd. at any time and we'll be happy to help you! We provide 401K and IRA rollover and review services for folks in the La Grange area.

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