Tips for joining rising number of 401(k) millionaires

Retirement savers achieved record balances in their 401(k) balances in 2014—thanks in part to the stock market's gains—but the biggest winners were the thousands of workers who became newly minted millionaires.

The average 401(k) balance hit a record high of $91,300 at the end of last year, according to new data from Fidelity Investments, the largest provider of 401(k) plans. Only a tiny fraction of the company's 13 million plan participants ever reach the million-dollar mark, but that number has grown sharply in the past two years.

Continue reading article at Today.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions

One-third have almost no retirement savings

Many people are woefully unprepared financially for retirement, and they shouldn't count on working longer to make up the difference, a new national survey reveals.

Almost a third of workers (28%) say they have less than $1,000 in savings and investments that could be used for retirement, not counting their primary residence or defined benefits plans such as traditional pensions. And 57% say they have less than $25,000, according to a telephone survey of 1,003 workers and 1,001 retirees from the non-profit Employee Benefit Research Institute (EBRI) and Greenwald and Associates. Previous surveys from EBRI and other groups have shown similar savings rates.

Continue reading article at USAToday.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions

How to Build a $1 Million Retirement Plan

The number of savers with seven-figure workplace retirement plans has doubled over the past two years. Here's how you can become one of them.

The 401(k) was born in 1981 as an obscure IRS regulation that let workers set aside pretax money to supplement their pensions.

Continue reading article at TimeMagazine.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions 

For millions, 401(k) plans have fallen short

You need to know this number: $18,433.

That's the median amount in a 401(k) savings account, according to a recent report by the Employee Benefit Research Institute. Almost 40 percent of employees have less than $10,000, even as the proportion of companies offering alternatives like defined benefit pensions continues to drop.

Continue reading article on cnbc.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions

Heartbreaking Reasons To Save Outside Of A 401k, 403b, Or IRA For Retirement

An advisor friend recently shared two frightening withdrawal requests from retired clients. The first was an $85,000 call for funds to cover rehab costs for an adult child. The lethal combination of depression and alcohol abuse contributed to suicidal thoughts, an inconsistent medication schedule, and a trail of hospital stays and doctor visits. The center treating this individual is among the few that address both mental health issues and addiction, which comes with a hefty price tag.

Continue reading article at Forbes.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions

How much do you need to save for retirement?

Not everybody has a clear idea of how to handle their retirement money. According to an assessment of retirement readiness from Voya Financial, nearly 50 percent of workers have saved less than $49,000 and 60 percent say they're worried about running out of money.

Continue reading article on CBSnews.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions

Powell: 8 biggest misconceptions about retirement

Perception might be reality. But that's not necessarily the case for pre-retirees. For Americans on retirement's doorstep, misconceptions are reality.

Yes, many Americans retire thinking and imagining this or that lifestyle, and the reality that awaits them is entirely different, say experts.

So, what are the biggest misconceptions people have about retirement and, more importantly, what can you do to avoid or deal with unrealistic images of your golden years?

Continue reading article at USAtoday.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions

Retirement: The payoffs of an active lifestyle

Some people are planning ahead for their physical fitness in retirement just like they plan for their financial fitness, says one of the country's top national diet and exercise experts. And that's as it should be, he says.

If you start a few years before retirement, says James Hill, executive director of the the University of Colorado Anschutz Health and Wellness Center in Aurora, Colo., you'll be ready to go when you do retire; most people can make a lot of progress toward getting in better shape in a matter of a few months.

Continue reading article on USAToday.com

Damian Sylvia

Managing Partner

Retirement Income Solutions, LLC

Behind on retirement savings? Here are 3 ways to catch up

Generally, you should have six to nine times your salary tucked away in a 401(k) or other accounts by your mid-50s to early 60s to have a good shot at maintaining your standard of living in retirement. So you're definitely short of where you ought to be.

Continue reading the source article at CNN.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions

How much do you need to save for retirement?

Not everybody has a clear idea of how to handle their retirement money. According to an assessment of retirement readiness from Voya Financial, nearly 50 percent of workers have saved less than $49,000 and 60 percent say they're worried about running out of money.

Continue reading article on CBSnews.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions

Key Retirement Concerns And 7 Planning Tips For Women

Retirement planning is extremely important for women, and ideally it should consider the big picture including financial resources, the family’s situation, risks, and employment. Nevertheless, many women are more focused on meeting their families’ current needs than on their longer-term futures.

Continue reading article on Forbes.com.

Damian Sylvia

Managing Partner

Retirement Income solutions

1 in 3 Older Workers Likely to Be Poor or Near Poor in Retirement

Fewer Americans have access to a retirement plan at work. If you're one of them, here's what you can do.

A third of U.S. workers nearing retirement are destined to live in or near poverty after leaving their jobs, new research shows. One underlying cause: a sharp decline in employer-sponsored retirement plans over the past 15 years.

Continue reading article on TimeMagazine.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions

The Retirement Crisis: Why 68% Of Americans Aren't Saving In An Employer-Sponsored Plan

Few Americans are saving for retirement, suggesting many workers may face a retirement with a lower standard of living, according to a recent study released by the Schwartz Center for Economic Policy analysis at the New School.

Since Social Security cannot fully replace income in retirement, other savings is needed, and that usually comes in the form of funds accumulated in employer-sponsored retirement plans such as 401(k)s.

Continue reading article on Forbes.com.

Damian J. Sylvia

Managing Partner

Retirement Income Solutions

Retirement: Minimize taxes to maximize savings

Retirement planning is hard enough for most Americans. But when you layer in a convoluted web of U.S. tax laws, the task can seem truly overwhelming.

Some complexity is unavoidable. After all, how much you make, when you choose to retire and how much you'll need in retirement can vary greatly from family to family.

Continue reading article here on USAtoday.com

Damian Sylvia

Managing Partner

Retirement Income Solutions

Generations Confess Retirement Fears

A common stereotype about baby boomers and retirement might need some tweaking. This is the commonly held view that the “me” generation puts a very high priority on being able to retire whenever they want. Some are said to make it their highest financial priority. It is said that a lot of retirement planning for this generation spins around that goal.

But new Harris Poll sponsored by the Million Dollar Round Table (MDRT) found that it is Generation X, not the boomers, who are most concerned about not being able to retire when they want. The December survey sampled the views of more than 2,000 adults.

Continue reading article here.

Damian Sylvia

Managing Partner

Retirement Income Solutions

 

How much should you really set aside for retirement?

It's true that many Americans are ill-prepared for retirement, but the situation isn't as dire as some may think.

About half of U.S. workers are actually on track to retire comfortably, according to research from the Center for Retirement Research at Boston College. What are they doing right?

Continue reading article at CNBC.com.

Damian J. Sylvia

Managing Partner

Retirement Income Solutions