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Retirement Planning Services – Lincolnshire

For those in "Generation X" - described as folks born between the mid-1960s and the early 1980s - retirement planning sounds like something your mother and father or other "old people" would do. But you know what? With many "baby boomers" either already in the middle of retirement or viewing it on the horizon, "Generation X" will be the next generation of folks to reach retirement. Sure, it is a ways off, but those in their 30s and 40s need to begin focusing their investment planning on retirement and making sure they've got the type of retirement they are working hard to have. Below are great tips on preparing for retirement:

Retirement life in the foreseeable future will be different than the retirement of today. It will likely be far better in some ways, and worse somewhat. But, the retirement planning for today's labor force needs to be far different than it was in the past.

On the bright side, people are living longer than ever. As of a few years 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. Therefore investment planning for retirement has to account for a longer period of time now than a generation or two in the past.

Social Security and Retiring - Lincolnshire

On the downside, Social Security is going to be a far less dependable income source compared to now. And the odds are slim-and getting slimmer each year-that retirees 20 and 30 years from now will be able to rely on a work pension and enjoy lifetime benefits from their former employer. Increasingly more, retired people will have to depend on their financial savings to cover the expenses of living and health insurance.

With people living for a longer time and needing more money to do so, retirement planning is an essential activity even for those people who are halfway to the regular retirement age of 65. It can be a daunting task to plan for a few decades into the future, particularly with bills, housing costs and mortgages to pay today, but procrastinating will not make it any less difficult.

Putting even just a small amount of cash into a savings account that 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 give you a place where you can build up capital earning a small interest rate until there's enough to invest in a trusted security that will yield you more like a municipal bond.

Another solid strategy that may surely and progressively build a nest egg is to put money into long-term bonds. On maturation of the bond, you'll get back your initial investment as well as all the interest that 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 nice foundation for retirement. And a municipal or government bond is as safe an investment as you can ever make.

401K and IRA With Retirement - Lincolnshire

Nevertheless, the best approach when it comes to retirement planning would be to put money 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 put into this account is tax deferred and might be tax-deductible, depending on how much is invested annually.

For more information, please do not 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 folks in the Lincolnshire area.

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