GC Financial Advisors Ltd Banner
GC Financial Advisors Ltd Logo

Retirement Planning Company – Melrose Park, Illinois

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 mother and father or other "old people" might do. But you know what? With many "baby boomers" either already in the middle of retirement or viewing it on the horizon, "Generation X" will be the next generation of folks to reach retirement. Sure, it is a ways off, but people in their 30s and 40s have to start focusing their investment planning on retirement and ensuring they have the sort of retirement they are working so 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 likely be much better in some ways, and worse somewhat. However, the retirement planning for today's workforce must be far different than it was in the past.

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 more than the average life span in 1990 and more than 4 years more than the average life span in 1980. Therefore 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 - Melrose Park, Illinois

On the downside, Social Security will likely be a far less dependable income source compared to now. And the odds are 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 workplace. More and more, retired persons will have to rely on their savings to cover the costs of just living and medical health insurance.

With individuals living for a longer time and needing extra money to do so, retirement planning is a vital activity even for those who are half way to the regular retirement age of sixty-five. It may be a daunting task to plan for a couple of decades into the future, especially with bills, housing costs and mortgages to pay right now, but procrastinating won't make it any easier.

Placing even just a little bit of cash into a savings account that 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 offer a place where you can acquire capital earning a small interest rate until there's enough to invest in a trusted security which will yield you more like a municipal bond.

Another solid approach that can certainly and gradually build a nest egg is to invest in long-term bonds. Upon maturation of the bond, you will get back your initial investment as well as all the interest that collected over the life of the bond. This is a considerable amount of money for a 20- or 30-year bond-money that can 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 - Melrose Park, Illinois

Nonetheless, the best approach when it comes to retirement planning would be to put cash in a 401K plan at your workplace or in an IRA opened with an investment house. For those 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 each year.

For more details, please do not hesitate 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 Melrose Park, Illinois 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