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Retirement Planning – Mundelein

For those 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" would do. But you know what? With many "baby boomers" either already in the middle of retirement or looking at it in the near future, "Generation X" is the next generation of people to reach retirement. Sure, it is still a ways off, but those in their 30s and 40s ought to start centering their investment planning on retirement and making certain 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 future will be different than the retirement of today. 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 days gone by.

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

Social Security and Retirement - Mundelein

On the down side, Social Security will likely 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 now will be able to rely on a work pension and enjoy lifetime benefits from their former workplace. More and more, retirees will need to depend on their savings to cover the costs of living and medical health insurance.

With individuals living longer and needing additional money to do so, retirement planning is an essential activity even for those who are halfway to the standard retirement age of sixty-five. It can be a daunting task to plan for a couple of decades into the future, especially with bills, rents and mortgages to pay right now, but procrastinating won't make it any less difficult.

Putting even just a small amount 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 supply a place where you can pile 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 good strategy which could surely and steadily build a nest egg is to invest in long-term bonds. On maturation of the bond, you will get back your initial investment and also all the interest that collected over the lifetime of the bond. This is a significant amount of money for a 20- or 30-year bond-money which could provide a good 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 - Mundelein

Nevertheless, 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 might be tax-deductible, depending on how much is invested annually.

For more details, please don't hesitate to contact GC Financial Advisors Ltd. at any time and we will be happy to help you! We offer 401K and IRA rollover and review services for folks in the Mundelein area.

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