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Retirement Planning – Maywood

For the people in "Generation X" - defined 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 guess what? With a lot of "baby boomers" either already in the midst of retirement or observing it on the horizon, "Generation X" is the next generation of men and women to reach retirement. Sure, it is a ways off, but people in their 30s and 40s must begin centering their investment planning on retirement and ensuring they have the kind 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 much better in some ways, and worse somewhat. However, the retirement planning for today's labor force needs to be far different than it was in days gone by.

On the bright side, people are living longer than ever. As of a few years 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 an extended period of time now than a generation or two in the past.

Social Security and Retiring - Maywood

On the down side, Social Security will probably be a far less reliable source of income than it is 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 need to depend on their savings to cover the expenses of living and health insurance.

With people living longer and needing more money to do so, retirement planning is an essential activity even for those people who are halfway to the standard retirement age of sixty-five. It could be an intimidating task to plan for a couple of decades into the future, particularly with bills, housing costs and mortgages to pay right now, but procrastinating won't make it any less difficult.

Placing even just a little bit of money now into a savings account that serves as a retirement savings plan can pay off later. 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 accumulate capital earning a small interest rate until there's enough to invest in a reliable security that will yield you more like a municipal bond.

Another solid approach that could surely and steadily build a nest egg is to invest in long-term bonds. After maturation of the bond, you'll get back your initial investment and also all the interest that collected over the life of the bond. This is a tremendous amount of money for a 20- or 30-year bond-money that could provide a nice foundation for retirement. And a municipal or government bond is really as safe an investment as you can ever make.

401K and IRA - Maywood

However, the best approach when it comes to retirement planning is to put funds 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 every year.

For more information, please feel free to contact GC Financial Advisors Ltd. at any time and we will be happy to help you! We provide 401K and IRA rollover and review services for individuals in the Maywood area.

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