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Retirement Planning Company – Lyons, IL

For anyone in "Generation X" - defined as people born between the mid-1960s and the early 1980s - retirement planning seems like something your mother and father 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 on the horizon, "Generation X" is the next generation of men and women to reach retirement. Sure, it's still a ways off, but those in their 30s and 40s really need to start focusing their investment planning on retirement and making certain they have the type 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 will be far 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 days gone by.

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. Therefore investment planning for retirement has to account for a longer time of time right now than a generation or two in the past.

Social Security and Retirement - Lyons, IL

On the down side, Social Security will probably be a far less trustworthy income source than it is now. And 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, retirees will have to rely on their financial savings to pay for the expenses of just living and health insurance.

With folks living longer and needing more cash to do so, retirement planning is a vital activity even for those who are half way to the standard retirement age of sixty-five. It could be a daunting task to plan for a couple of decades into the future, especially with bills, housing costs and home loans to pay today, but procrastinating will not make it any easier.

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 provide a place where you can build up capital earning a little interest rate until there's enough to invest in a reliable security which will yield you more like a municipal bond.

Another good strategy which could surely and gradually build a nest egg is to invest in 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 life of the bond. That's 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 as you can ever make.

401K and IRA With Retirement - Lyons, IL

Nevertheless, the best approach when it comes to retirement planning would be to put cash 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 option, 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 every year.

For more info, please don't 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 folks in the Lyons, IL area.

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