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Retirement Planning Company – Lake Bluff, Illinois

For anyone in "Generation X" - defined as folks born between the mid-1960s and the early 1980s - retirement planning may sound like something your parents or other "old people" would do. But guess what? With lots of "baby boomers" either already in the middle of retirement or looking at it on the horizon, "Generation X" is definitely the next generation of men and women to reach old age. Sure, it is a ways off, but those in their 30s and 40s really need to start centering their investment planning on retirement and ensuring they've got the type of retirement they are working so hard to have. Here are some tips on preparing 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 in some ways. However, the retirement planning for today's labor force needs to be far different than it was in the past.

On the bright side, folks 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. Therefore investment planning for retirement has to account for a longer time of time right now than a generation or two ago.

Social Security and Retirement - Lake Bluff, Illinois

On the down side, Social Security will probably be a far less dependable 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, retirees will have to rely on their savings to pay for the expenses of living and medical health insurance.

With folks living longer and needing extra money to do so, retirement planning is a vital activity even for those who are half way to the standard retirement age of 65. It could be a daunting task to plan for a couple of decades into the future, especially with bills, housing costs and mortgages to pay today, but procrastinating won't make it any less complicated.

Placing even just a small amount of money now into a savings account which works 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 acquire capital earning a little interest rate until there is enough to invest in a reliable security which will yield you more like a municipal bond.

Another solid strategy that may surely 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 which collected over the life of the bond. That's a significant amount of money for a 20- or 30-year bond-money that may 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 With Retirement - Lake Bluff, Illinois

Nonetheless, the best approach when it comes to retirement planning would be to put cash in a 401K plan at your workplace or in an IRA opened with an investment house. For people for whom a 401K is not a retirement planning option, an IRA is the next best thing. Money put into this account is tax deferred and may be tax-deductible, depending on how much is invested every year.

For more details, please do not hesitate to contact GC Financial Advisors Ltd. at any time and we will be glad to help you! We provide 401K and IRA rollover and review services for folks in the Lake Bluff, Illinois area.

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