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Retirement Planning Services – Lockport, Illinois

For anyone in "Generation X" - described as folks born between the mid-1960s and also the early 1980s - retirement planning sounds 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 viewing it on the horizon, "Generation X" stands out as the next generation of folks to reach retirement. Sure, it is still a ways off, but people in their 30s and 40s have to start focusing their investment planning on retirement and making certain they've got the type of retirement they are working so hard to have. Here are some tips on preparing for retirement:

Retirement life in the future will be different than the retirement in the present day. It'll be 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 not too long ago, the average life span of an American was 77.9 years, exactly 2.5 years more 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 time of time right now than a generation or two ago.

Social Security and Retirement - Lockport, Illinois

On the downside, Social Security is going to be a far less dependable income source than it is now. And also the likelihood is 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 previous workplace. Increasingly more, retired persons will need to depend on their financial savings to pay for the costs of living and health insurance.

With folks living for a longer time and needing more money to do so, retirement planning is an essential activity even for those who are half way to the regular retirement age of 65. It may be an intimidating task to plan for a couple of decades into the future, particularly with bills, housing costs and mortgages to pay today, but procrastinating won't make it any less complicated.

Placing even just a little bit of cash into a savings account that functions as a retirement savings plan can pay off later on. The interest you get on money in a savings account will allow your preliminary investments to grow to something sustainable. A savings account will provide a place where you can acquire capital earning a little interest rate until there is enough to invest in a trusted security that will yield you more like a municipal bond.

Another good approach that could certainly and progressively build a nest egg is to invest in long-term bonds. Upon maturation of the bond, you'll get back your initial investment along with all the interest that collected over the lifetime of the bond. This is a tremendous amount of money for a 20- or 30-year bond-money that could provide a good foundation for retirement. And a municipal or government bond is as safe an investment as you can ever make.

401K and IRA With Retirement - Lockport, Illinois

Nevertheless, 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 those 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 each year.

For more info, 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 individuals in the Lockport, Illinois area.

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