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Retirement Planning Services – Mchenry Fox River Grove, IL

For those in "Generation X" - described as folks born between the mid-1960s and also the early 1980s - retirement planning seems like something your mother and father 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 still a ways off, but people in their 30s and 40s really need to begin centering their investment planning on retirement and making sure they have the kind of retirement they are working so hard to enjoy. Below are great tips on preparing for retirement:

Retirement life in the future will be different than the retirement in the present day. It will likely be far better in some ways, and worse in some ways. However, the retirement planning for today's labor force must be far different than it was in earlier times.

On the bright side, folks 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. So investment planning for retirement has to account for a longer time of time now than a generation or two in the past.

Social Security and Retiring - Mchenry Fox River Grove, IL

On the down side, Social Security will probably be a far less trustworthy income source 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 previous employer. Increasingly more, retired people will have to rely on their financial savings to pay for the costs of living and medical 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 people who are halfway to the standard retirement age of 65. It may be a daunting task to plan for a couple of decades into the future, especially with bills, housing costs and home loans to pay right now, but procrastinating won't make it any less difficult.

Putting even just a small amount of money now into a savings account that serves as a retirement savings plan can pay off later on. The interest you get 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 acquire capital earning a small interest rate until there is enough to invest in a reliable security that will yield you more like a municipal bond.

Another good approach that could certainly and steadily build a nest egg is to put money into long-term bonds. On maturation of the bond, you'll get back your initial investment as well as all the interest that collected over the lifetime 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 - Mchenry Fox River Grove, IL

Nevertheless, the best approach when it comes to retirement planning would be to put funds in a 401K plan at your workplace 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 might be tax-deductible, depending on how much is invested each year.

For more info, please don't hesitate to contact GC Financial Advisors Ltd. at any time and we'll be glad to help you! We provide 401K and IRA rollover and review services for individuals in the Mchenry Fox River Grove, IL area.

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