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Retirement Planning Services – Midlothian, Illinois

For anyone in "Generation X" - defined as individuals born between the mid-1960s and the early 1980s - retirement planning seems like something your mother and father or other "old people" might do. But you know what? With a lot of "baby boomers" either already in the middle of retirement or looking at it in the near future, "Generation X" stands out as the next generation of folks to reach retirement. Sure, it's still a ways off, but people in their 30s and 40s ought to start centering their investment planning on retirement and making sure they have the type of retirement they are working hard to have. Below are great tips on preparing for retirement:

Retirement life in the 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 needs to be far different than it was in earlier times.

On the bright side, individuals 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 greater 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 right now than a generation or two back.

Social Security and Retirement - Midlothian, Illinois

On the downside, Social Security is going to be a far less dependable income source than it is now. And the odds are slim-and getting slimmer every 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 previous workplace. More and more, retired persons will have to rely on their financial savings to pay for the costs of just living and medical health insurance.

With individuals living longer and needing more money to do so, retirement planning is a vital activity even for those people who are halfway to the common retirement age of 65. It can be a daunting 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 easier.

Placing even just a small amount of cash into a savings account which 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 preliminary investments to grow to something sustainable. A savings account will offer a place where you can build up capital earning a little interest rate until there is enough to invest in a reliable security which will yield you more like a municipal bond.

Another solid strategy that may 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 as well as all the interest which collected over the life of the bond. That's a considerable 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 - Midlothian, Illinois

However, 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 annually.

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 folks in the Midlothian, Illinois area.

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