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Retirement Planning – Lisle

For those in "Generation X" - described as individuals born between the mid-1960s and the early 1980s - retirement planning may sound like something your parents or other "old people" would do. But guess what? With a lot of "baby boomers" either already in the midst of retirement or viewing it on the horizon, "Generation X" stands out as the next generation of men and women to reach retirement. Sure, it is a ways off, but those in their 30s and 40s should begin focusing their investment planning on retirement and making sure they've got the sort of retirement they are working hard to enjoy. Below are great tips on preparing for retirement:

Retirement life in the future will be different than the retirement right now. It'll 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, individuals 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 period of time right now than a generation or two back.

Social Security and Retirement - Lisle

On the downside, Social Security will likely be a far less trustworthy income source than it is now. And 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. More and more, retired people will need to rely on their financial savings to cover the costs of just living and health insurance.

With folks living for a longer time and needing more cash to do so, retirement planning is an essential activity even for those who are halfway to the common retirement age of sixty-five. It could be an intimidating task to plan for a few decades into the future, especially with bills, housing costs and mortgages to pay today, but procrastinating will not make it any less difficult.

Placing even just a little bit of cash into a savings account which serves as a retirement savings plan can pay off in the future. 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 pile up capital earning a little interest rate until there is enough to invest in a reliable security that will yield you more like a municipal bond.

Another solid approach that could surely and progressively build a nest egg is to put money into long-term bonds. Upon maturation of the bond, you will get back your initial investment and also all the interest which collected over the life of the bond. This is a significant amount of money for a 20- or 30-year bond-money that could provide a great foundation for retirement. And a municipal or government bond is as safe an investment that you can ever make.

401K and IRA With Retirement - Lisle

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 the people for whom a 401K is not a retirement planning choice, an IRA is the next best thing. Money put into this account is tax deferred and may be tax-deductible, depending on how much is invested each year.

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

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