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Retirement Planning Services – Medinah, Illinois

For anyone in "Generation X" - defined as folks born between the mid-1960s and the early 1980s - retirement planning sounds like something your mother and father or other "old people" would do. But guess what? With many "baby boomers" either already in the midst of retirement or looking at it on the horizon, "Generation X" is the next generation of people to reach retirement. Sure, it's still a ways off, but people in their 30s and 40s should begin focusing their investment planning on retirement and ensuring they've got the type of retirement they are working hard to have. Here are some tips on preparing for retirement:

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

On the bright side, individuals 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 more than the average life span in 1990 and more than 4 years more than the average life span in 1980. So investment planning for retirement has to account for a longer period of time right now than a generation or two back.

Social Security and Retiring - Medinah, Illinois

On the down side, Social Security is going to be a far less reliable income source than it is now. And the likelihood is slim-and getting slimmer each 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 former employer. More and more, retirees will need to depend on their savings to pay for the expenses of living and medical health insurance.

With folks living longer and needing more money to do so, retirement planning is a vital activity even for those who are halfway to the common retirement age of sixty-five. It can be an intimidating task to plan for a couple of decades into the future, particularly with bills, rents and home loans to pay today, but procrastinating will not make it any less complicated.

Placing even just a small amount of money now into a savings account which works 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 provide a place where you can build up capital earning a small interest rate until there is enough to invest in a reliable security which will yield you more like a municipal bond.

Another good strategy that may surely and progressively 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 which collected over the life of the bond. That's a tremendous amount of money for a 20- or 30-year bond-money that may 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 With Retirement - Medinah, Illinois

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 the people for whom a 401K isn't a retirement planning choice, 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 do not hesitate to contact GC Financial Advisors Ltd. at any time and we'll be happy to help you! We offer 401K and IRA rollover and review services for folks in the Medinah, Illinois area.

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