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Retirement Planning Services – Western Springs, Illinois

For those in "Generation X" - defined as people born between the mid-1960s and the early 1980s - retirement planning sounds like something your parents or other "old people" might do. But guess what? With many "baby boomers" either already in the midst of retirement or observing it in the near future, "Generation X" will be the next generation of people to reach old age. Sure, it is still a ways off, but those in their 30s and 40s must begin centering their investment planning on retirement and making sure they've got the kind of retirement they are working so hard to have. Here are some tips on planning for retirement:

Retirement life in the foreseeable future will be different than the retirement of today. It will likely be far better in some ways, and worse somewhat. But, the retirement planning for today's workforce needs to be far different than it was in the past.

On the bright side, individuals 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 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 a longer period of time now than a generation or two in the past.

Social Security and Retiring - Western Springs, Illinois

On the down side, Social Security is going to be a far less reliable source of income compared to now. And also 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. Increasingly more, retirees will have to rely on their savings to cover the costs of living and medical health insurance.

With individuals living longer and needing extra money to do so, retirement planning is a vital activity even for those who are halfway to the common retirement age of 65. It may be an intimidating task to plan for a few decades into the future, especially with bills, rents and home loans to pay today, but procrastinating won't make it any less difficult.

Putting even just a small amount of money now into a savings account that works 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 accumulate capital earning a little interest rate until there is enough to invest in a trusted security that will yield you more like a municipal bond.

Another solid approach that can certainly and gradually build a nest egg is to put money into long-term bonds. On maturation of the bond, you'll get back your initial investment and also all the interest that collected over the life of the bond. That's 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 - Western Springs, Illinois

However, the best approach when it comes to retirement planning is to put funds in a 401K plan at your workplace 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 into 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'll be glad to help you! We offer 401K and IRA rollover and review services for individuals in the Western Springs, Illinois area.

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