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Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, December 30, 2015
Why so many boomers need a retirement reality check
Many baby boomers have expectations for their retirement years that their financial and employment circumstances don't support, nor does the experience of recent retirees. That's one of many conclusions from a recent study conducted by the Transamerica Center for Retirement Studies. It surveyed more than 4,000 workers age 50-plus and over 2,000 recent retirees, then compared the results to gain useful insights for boomers approaching retirement.
How to Maximize Your Retirement Accounts in 2016
Contributing to a retirement account qualifies you for tax breaks and employer contributions, both of which will grow your nest egg faster. Here's how to take full advantage of the 401(k) and individual retirement account perks you're eligible for in 2016.
Max out your 401(k). Workers can contribute up to $18,000 to their 401(k) plans in 2016. To completely max out this account, you will need to save $1,500 per month or $750 per twice monthly paycheck. A worker in the 25 percent tax bracket who tucks the full amount into a 401(k) plan will save $4,500 on his federal income tax bill. Retirement savers in the 35 percent tax bracket will save $6,300 on the same contribution. Income tax won't be due on this money until it is withdrawn from the account. And if you drop into a lower tax bracket in retirement, you will pay that lower rate on the distributions. If you withdraw that $18,000 while in the 15 percent tax bracket, you will only ultimately pay $2,700 on that contribution.
Max out your 401(k). Workers can contribute up to $18,000 to their 401(k) plans in 2016. To completely max out this account, you will need to save $1,500 per month or $750 per twice monthly paycheck. A worker in the 25 percent tax bracket who tucks the full amount into a 401(k) plan will save $4,500 on his federal income tax bill. Retirement savers in the 35 percent tax bracket will save $6,300 on the same contribution. Income tax won't be due on this money until it is withdrawn from the account. And if you drop into a lower tax bracket in retirement, you will pay that lower rate on the distributions. If you withdraw that $18,000 while in the 15 percent tax bracket, you will only ultimately pay $2,700 on that contribution.
Damian Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, December 23, 2015
Don't let these unexpected costs derail your retirement: Plan ahead instead
It’s not what you know that will crush your lifestyle in retirement. It’s what you don’t know.
And that’s especially the case when it comes to expenses in retirement.
On average, retirees can expect housing to represent about one-third of expenses in retirement, health care, 10% to 15%; transportation, 15%; food, 12%; and apparel, insurance and discretionary expenses making up the rest.
Damian Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Thursday, December 17, 2015
7 Year-End Retirement Mistakes Experts Say You'll Want to Avoid
In a few short weeks, the books will close on 2015 and along with them, the chance to make some last-minute decisions about retirement funds.
U.S. News spoke to Klein and other financial planners who say these are the seven biggest retirement mistakes people make at the end of each year.
Mistake No. 1: Failing to make planning a priority.
U.S. News spoke to Klein and other financial planners who say these are the seven biggest retirement mistakes people make at the end of each year.
Mistake No. 1: Failing to make planning a priority.
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, December 16, 2015
How Retirement Benefits Will Change in 2016
While a new type of retirement account will emerge, several Social Security claiming options will soon disappear.
Retirement savers will get the option to participate in a new type of retirement account next year, the myRA. There will also be fewer Social Security claiming options for married couples and a small Medicare premium increase for some beneficiaries. Here are some of the important ways retirement benefits will change in 2016.
Retirement savers will get the option to participate in a new type of retirement account next year, the myRA. There will also be fewer Social Security claiming options for married couples and a small Medicare premium increase for some beneficiaries. Here are some of the important ways retirement benefits will change in 2016.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
3 Overseas Retirement Spots With Great Weather
For many retirees considering making a move overseas, weather is a priority. The cost of living and the cost of real estate are also important, of course. But a desire for a more temperate and comfortable climate is often a primary motivation behind making a move abroad. You can swap the snow, ice and freezing temperatures of North American winter for regular sunshine and pleasant weather all year long.
Better weather not only makes for more comfortable living but can also mean health benefits. Living in a place where it's never too cold or too hot means not having to sequester yourself part of the year behind closed doors. And not having to invest in heat or air conditioning means lower utility costs, as well.
Better weather not only makes for more comfortable living but can also mean health benefits. Living in a place where it's never too cold or too hot means not having to sequester yourself part of the year behind closed doors. And not having to invest in heat or air conditioning means lower utility costs, as well.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, December 9, 2015
The 8 Steps To A Successful Early Retirement
How would you like to retire early? Maybe 62 is a good age or maybe you’d like to retire at 60 or even 55.
But unless you’ve won the lottery, have a government pension or are the favorite niece or nephew of a rich uncle, you may find it difficult to achieve your goal. If can still be done, though. You have two options: cut your expenses or increase your retirement savings. Better yet, do both.
More specifically, you should be able to take that job and shove it at an age earlier than 65 if you do the following:
But unless you’ve won the lottery, have a government pension or are the favorite niece or nephew of a rich uncle, you may find it difficult to achieve your goal. If can still be done, though. You have two options: cut your expenses or increase your retirement savings. Better yet, do both.
More specifically, you should be able to take that job and shove it at an age earlier than 65 if you do the following:
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Creating A Rainy Day Fund For Your Personal Life In Retirement
It’s not uncommon to hear a financial expert preach the importance of having a rainy day fund equal to 3-6 months of expenses to cover emergencies or unexpected costs. While that’s very important, what’s often missed is that the same idea should be applied to your personal life in retirement as well.
It’s one reason why I ask people, “Where is your retirement sanctuary? Where do you go or who do you turn to after a bad day?”
On the surface, it may seem like a depressing question to think about and answer but the reality is, a successful retirement isn’t one without problems, but one in which you learn to overcome them. Therefore, in order to make a successful transition from work-life to home life, it’s important to understand how you deal with bad days, hard times, and even suffering.
It’s one reason why I ask people, “Where is your retirement sanctuary? Where do you go or who do you turn to after a bad day?”
On the surface, it may seem like a depressing question to think about and answer but the reality is, a successful retirement isn’t one without problems, but one in which you learn to overcome them. Therefore, in order to make a successful transition from work-life to home life, it’s important to understand how you deal with bad days, hard times, and even suffering.
Damian J. Sylvia
220 Monmouth Road
Oakhurst, NJ 07755
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