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Retirement Planning – Morton Grove, Illinois

For those in "Generation X" - described as individuals born between the mid-1960s and the early 1980s - retirement planning seems like something your mother and father or other "old people" would do. But you know what? With a lot of "baby boomers" either already in the middle of retirement or viewing it on the horizon, "Generation X" will be the next generation of men and women 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've got the type of retirement they are working hard to have. Here are some tips on planning for retirement:

Retirement life in the future will be different than the retirement in the present day. It'll be much better in some ways, and worse in some ways. But, the retirement planning for today's workforce needs to be far different than it was in the past.

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 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 an extended period of time right now than a generation or two back.

Social Security and Retiring - Morton Grove, Illinois

On the downside, Social Security is going to be a far less trustworthy source of income compared to now. And the odds are 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 workplace. Increasingly more, retired persons will have to rely on their savings to cover the expenses of just living and health insurance.

With individuals living for a longer time and needing additional money to do so, retirement planning is a vital activity even for those people who are halfway to the common retirement age of sixty-five. It could 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 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 preliminary 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 reliable security that will yield you more like a municipal bond.

Another solid strategy that may surely and gradually build a nest egg is to put money into long-term bonds. After maturation of the bond, you will get back your initial investment and also 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 may provide a nice 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 - Morton Grove, Illinois

Nevertheless, 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 people for whom a 401K isn't a retirement planning choice, an IRA is the next best thing. Money put in this account is tax deferred and might be tax-deductible, depending on how much is invested annually.

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 provide 401K and IRA rollover and review services for individuals in the Morton Grove, Illinois area.

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