GC Financial Advisors Ltd Banner
GC Financial Advisors Ltd Logo

Retirement Planning – Libertyville

For the people in "Generation X" - described as individuals born between the mid-1960s and the early 1980s - retirement planning seems like something your parents or other "old people" would do. But you know what? With a lot of "baby boomers" either already in the middle of retirement or observing it in the near future, "Generation X" stands out as the next generation of people to reach old age. Sure, it is a ways off, but people in their 30s and 40s must begin focusing their investment planning on retirement and making certain they have the kind of retirement they are working hard to enjoy. 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 somewhat. But, the retirement planning for today's labor force must 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 4 years more than the average life span in 1980. So investment planning for retirement has to account for a longer period of time right now than a generation or two ago.

Social Security and Retirement - Libertyville

On the down side, Social Security is going to be a far less reliable source of income than it is now. And the odds are 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 need to rely on their savings to pay for the expenses of just living and medical health insurance.

With people living longer and needing additional money 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 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 won't make it any less difficult.

Putting even just a small amount of money now into a savings account that serves as a retirement savings plan can pay off later on. The interest you receive on money in a savings account will allow your initial investments to grow to something sustainable. A savings account will provide a place where you can build up 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 good strategy that could surely and steadily build a nest egg is to put money into long-term bonds. After maturation of the bond, you'll get back your initial investment as well as all the interest that collected over the life of the bond. That's a tremendous amount of money for a 20- or 30-year bond-money that could 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 With Retirement - Libertyville

Nonetheless, the best approach when it comes to retirement planning would be to put funds in a 401K plan at your workplace 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 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 glad to help you! We offer 401K and IRA rollover and review services for individuals in the Libertyville area.

Areas We Serve

Proudly Serving:

Arlington Heights - Aurora - Batavia - Bolingbrook - Bloomingdale - Buffalo Grove - Chicago - Cicero - Deerfield - Des Plaines - Dupage County - Elgin - Elmhurst - Evanston - Geneva - Highland Park - Lockport - Lombard - Naperville - New Lenox - North Barrington - Northbrook - Oak Lawn - Orland Park - Plainfield - Romeoville - Schaumburg - Wheaton

GC Financial Advisors service area map