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Retirement Planning Services – Niles

For anyone in "Generation X" - defined as individuals born between the mid-1960s and the early 1980s - retirement planning may sound like something your parents or other "old people" might do. But you know what? With many "baby boomers" either already in the midst of retirement or looking at it in the near future, "Generation X" stands out as the next generation of folks to reach old age. Sure, it is still a ways off, but people in their 30s and 40s need to start focusing their investment planning on retirement and making certain they have the type of retirement they are working so hard to enjoy. Below are great tips on preparing for retirement:

Retirement life in the foreseeable future will be different than the retirement in the present day. It will likely 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 not too long ago, the average life span of an American was 77.9 years, exactly 2.5 years over 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 period of time right now than a generation or two in the past.

Social Security and Retirement - Niles

On the down side, Social Security will probably be a far less trustworthy 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 previous employer. More and more, retired people will have to rely on their savings to pay for the expenses of just living and medical health insurance.

With folks living for a longer time and needing extra money to do so, retirement planning is an essential activity even for those who are half way to the common retirement age of sixty-five. It can be a daunting task to plan for a couple of decades into the future, especially with bills, housing costs and home loans to pay today, but procrastinating will not make it any less complicated.

Placing even just a little bit of cash into a savings account that functions as a retirement savings plan can pay off later. 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 acquire 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 that could certainly and progressively build a nest egg is to invest in long-term bonds. Upon maturation of the bond, you'll get back your initial investment along with all the interest that collected over the lifetime of the bond. That's a tremendous amount of money for a 20- or 30-year bond-money that could 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 - Niles

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 those 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 may be tax-deductible, depending on how much is invested each year.

For more information, please do not hesitate to contact GC Financial Advisors Ltd. at any time and we will be glad to help you! We provide 401K and IRA rollover and review services for folks in the Niles area.

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