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Retirement Planning – Lansing

For those in "Generation X" - described as people born between the mid-1960s and also the early 1980s - retirement planning seems like something your mother and father or other "old people" would do. But you know what? With a lot of "baby boomers" either already in the midst of retirement or looking at it on the horizon, "Generation X" stands out as the next generation of folks to reach retirement. Sure, it is still a ways off, but those in their 30s and 40s will need to start focusing their investment planning on retirement and ensuring they've got the kind of retirement they are working so hard to have. Below are great tips on preparing for retirement:

Retirement life in the foreseeable future will be different than the retirement in the present day. It will likely be much better in some ways, and worse somewhat. However, the retirement planning for today's labor force needs to be far different than it was in earlier times.

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 over 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 period of time right now than a generation or two back.

Social Security and Retiring - Lansing

On the down side, Social Security is going to be a far less dependable income source compared to now. And also the likelihood is 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 former workplace. Increasingly more, retirees will have to rely on their savings to cover the expenses of just living and medical health insurance.

With individuals living longer and needing extra money to do so, retirement planning is an essential activity even for those people who are halfway to the common retirement age of 65. It may be a daunting task to plan for a couple of decades into the future, especially with bills, housing costs and home loans to pay right now, but procrastinating will not make it any less complicated.

Putting even just a small amount of money now into a savings account which serves as a retirement savings plan can pay off later on. The interest you get on money in a savings account will allow your preliminary investments to grow to something sustainable. A savings account will give you 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 approach that may certainly and steadily build a nest egg is to invest in long-term bonds. After 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. This is a considerable amount of money for a 20- or 30-year bond-money that may 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 With Retirement - Lansing

Nonetheless, the best approach when it comes to retirement planning would be to put money in a 401K plan at work or in an IRA opened with an investment house. For those 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 each year.

For more info, please do not 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 Lansing area.

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