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Retirement Planning Services – La Grange Park

For those in "Generation X" - described 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" would do. But you know what? With many "baby boomers" either already in the midst of retirement or viewing it on the horizon, "Generation X" is the next generation of men and women to reach retirement. Sure, it is still a ways off, but people in their 30s and 40s should begin focusing their investment planning on retirement and making certain they have the kind of retirement they are working so hard to have. Below are great tips on planning for retirement:

Retirement life in the future will be different than the retirement in the present day. It will be far better in some ways, and worse in some ways. However, the retirement planning for today's workforce needs to be far different than it was in the past.

On the bright side, folks 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 a longer time of time right now than a generation or two in the past.

Social Security and Retiring - La Grange Park

On the down side, Social Security will likely be a far less dependable income source than it is now. And also the odds are slim-and getting slimmer each 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. More and more, retired persons will have to depend on their financial savings to pay for the expenses of living and medical health insurance.

With people living for a longer time and needing extra money to do so, retirement planning is a vital activity even for those who are halfway 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, housing costs and home loans to pay today, but procrastinating will not make it any less difficult.

Putting even just a small amount of money now into a savings account which functions as a retirement savings plan can pay off later. The interest you get on money in a savings account will allow your initial investments to grow to something sustainable. A savings account will offer a place where you can accumulate 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 could surely 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 life of the bond. That's a considerable amount of money for a 20- or 30-year bond-money that could provide a good foundation for retirement. And a municipal or government bond is as safe an investment that you can ever make.

401K and IRA - La Grange Park

Nonetheless, the best approach when it comes to retirement planning is to put money 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 option, an IRA is the next best thing. Money placed in this account is tax deferred and may 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 will be happy to help you! We offer 401K and IRA rollover and review services for folks in the La Grange Park area.

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