GC Financial Advisors Ltd Banner
GC Financial Advisors Ltd Logo

Retirement Planning Company – Markham

For anyone in "Generation X" - defined as people born between the mid-1960s and the early 1980s - retirement planning seems like something your parents or other "old people" would do. But you know what? With many "baby boomers" either already in the middle of retirement or viewing it on the horizon, "Generation X" is the next generation of individuals to reach old age. Sure, it is a ways off, but those in their 30s and 40s really need to start focusing their investment planning on retirement and ensuring they have the type of retirement they are working hard to have. Below are great tips on planning for retirement:

Retirement life in the foreseeable future will be different than the retirement of today. It will be far better in some ways, and worse somewhat. However, the retirement planning for today's workforce needs to be far different than it was in earlier times.

On the bright side, people 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 more 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 an extended period of time now than a generation or two ago.

Social Security and Retirement - Markham

On the down side, Social Security is going to be a far less trustworthy income source than it is now. And also the likelihood is 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 former workplace. Increasingly more, retired people will have to depend on their savings to cover the costs of just living and medical health insurance.

With individuals living for a longer time and needing more cash to do so, retirement planning is an essential activity even for those people who are halfway to the regular retirement age of sixty-five. 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 will not make it any less difficult.

Placing even just a little bit of money now into a savings account that functions as a retirement savings plan can pay off later. The interest you receive on money in a savings account will allow your initial investments to grow to something sustainable. A savings account will supply a place where you can build up 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 solid approach that could surely and progressively build a nest egg is to put money into long-term bonds. On maturation of the bond, you will 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 could provide a great 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 - Markham

Nonetheless, the best approach when it comes to retirement planning is to put money in a 401K plan at your workplace or in an IRA opened with an investment house. For 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 annually.

For more info, please feel free to contact GC Financial Advisors Ltd. at any time and we'll be glad to help you! We offer 401K and IRA rollover and review services for folks in the Markham area.

Areas We Serve

Proudly Serving:

Arlington Heights - Aurora - Batavia - Bolingbrook - Bloomingdale - Buffalo Grove - Chicago - Cicero - Deerfield - Des Plaines - Dupage County - Elgin - Elmhurst - Evanston - Geneva - Highland Park - Lockport - Lombard - Naperville - New Lenox - North Barrington - Northbrook - Oak Lawn - Orland Park - Plainfield - Romeoville - Schaumburg - Wheaton

GC Financial Advisors service area map