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Retirement Planning Company – Lisle

For anyone in "Generation X" - defined as folks born between the mid-1960s and also the early 1980s - retirement planning seems like something your parents or other "old people" might do. But guess what? With a lot of "baby boomers" either already in the middle of retirement or viewing it in the near future, "Generation X" is definitely the next generation of people to reach old age. Sure, it is still a ways off, but people in their 30s and 40s should begin centering their investment planning on retirement and ensuring they have the sort 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 far better in some ways, and worse in some ways. But, the retirement planning for today's labor force needs to be far different than it was in yesteryear.

On the bright side, people 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 greater than the average life span in 1990 and more than four 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 ago.

Social Security and Retiring - Lisle

On the down side, Social Security will likely be a far less dependable source of income compared to now. And also the likelihood is 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 workplace. More and more, retired people will have to depend on their savings to cover the costs of just 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 halfway to the common retirement age of 65. It can be an intimidating task to plan for a couple of decades into the future, especially with bills, rents 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 which 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 give you a place where you can acquire 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 solid approach which could surely and gradually 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 which collected over the lifetime of the bond. This is a significant amount of money for a 20- or 30-year bond-money which could provide a nice foundation for retirement. And a municipal or government bond is as safe an investment that you can ever make.

401K and IRA - Lisle

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

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

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