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Retirement Planning Services – Lincolnwood

For anyone in "Generation X" - defined as folks born between the mid-1960s and also the early 1980s - retirement planning sounds like something your mother and father or other "old people" might do. But you know what? With a lot of "baby boomers" either already in the midst of retirement or looking at it in the near future, "Generation X" will be the next generation of people to reach retirement. Sure, it is still a ways off, but those in their 30s and 40s ought to start centering their investment planning on retirement and making sure they have the type of retirement they are working hard to have. Below are great tips on preparing for retirement:

Retirement life in the future will be different than the retirement of today. It'll be better in some ways, and worse in some ways. But, 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 over 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 time of time now than a generation or two back.

Social Security and Retiring - Lincolnwood

On the down side, Social Security is going to be a far less reliable income source than it is now. And also the odds are slim-and getting slimmer every year-that retirees 20 and 30 years from now will be able to rely on a work pension and enjoy lifetime benefits from their previous workplace. Increasingly more, retirees will need to depend on their savings to cover the costs of living and health insurance.

With folks living longer and needing extra money to do so, retirement planning is a vital activity even for those people who are halfway to the standard retirement age of sixty-five. It may be a daunting task to plan for a few decades into the future, especially with bills, housing costs and mortgages to pay right now, but procrastinating won't make it any easier.

Putting even just a small amount of money now into a savings account that functions as a retirement savings plan can pay off in the future. 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's enough to invest in a trusted security that will yield you more like a municipal bond.

Another good strategy that may certainly and steadily build a nest egg is to put money into long-term bonds. On maturation of the bond, you'll get back your initial investment along with all the interest that collected over the life of the bond. That's 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 really as safe an investment that you can ever make.

401K and IRA With Retirement - Lincolnwood

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 the 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 might be tax-deductible, depending on how much is invested every year.

For more information, please do not hesitate to contact GC Financial Advisors Ltd. at any time and we'll be happy to help you! We offer 401K and IRA rollover and review services for individuals in the Lincolnwood area.

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