Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Monday, October 31, 2016
Trick Questions To Ask Before Retirement
Time and time again, people perceive retirement as a financial goal and objective rather than personal one. That causes people to focus on financial questions and answers such as, how much money do I need… how much can I withdrawal…and how long will it last?
The Gender Gap In Retirement Savings: Why It's Important And What Employers Can Do
At Financial Finesse, our most recent research report focuses on the significant gender gap that exists in financial wellness. Last year’s discussed how women have a higher risk of running short of retirement funding for a number of reasons, ranging from income inequality to more family-care related work absences and longer lifespans that can mean higher lifetime medical expenses.
This year’s report builds on the findings from the previous report and discusses how millennial women are particularly impacted by the gender gap in financial wellness.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, October 26, 2016
5 ways a reverse mortgage can help your retirement
The old notion that reverse mortgages should only be taken out as a last resort simply is no longer true today. In fact, I believe there are five ways reverse mortgages can improve your retirement income plan.
First, a definition: A reverse mortgage is a way to convert home equity from your primary residence into a usable resource if you are at least 62. It is truly a mortgage in reverse. The lender provides a benefit based on the amount of equity you have in the home. Unlike a traditional mortgage, payback is optional. But you do need to make timely payments of property taxes and homeowners insurance.
First, a definition: A reverse mortgage is a way to convert home equity from your primary residence into a usable resource if you are at least 62. It is truly a mortgage in reverse. The lender provides a benefit based on the amount of equity you have in the home. Unlike a traditional mortgage, payback is optional. But you do need to make timely payments of property taxes and homeowners insurance.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
The biggest surprises I found in retirement
What’s the biggest surprise about retirement?
I get that question a lot. I retired in September 2015 after 33 years with The Wall Street Journal, the final decade of which I spent editing, and writing for, Encore, the Journal’s guide to retirement planning and living. As such, I didn’t expect many, if any, surprises in my first year outside the office.
So much for expectations.
I get that question a lot. I retired in September 2015 after 33 years with The Wall Street Journal, the final decade of which I spent editing, and writing for, Encore, the Journal’s guide to retirement planning and living. As such, I didn’t expect many, if any, surprises in my first year outside the office.
So much for expectations.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Monday, September 26, 2016
71 percent of Americans aren’t saving enough for retirement
The trend is the same, but it seems the numbers are getting worse.
Seventy-one percent of Americans say they do not have enough retirement savings, according to a new national survey commissioned by Experian in collaboration with Get Rich Slowly (getrichslowly.org).
Especially worrisome: More than half of those surveyed, 54 percent, believe they will never pay off their debt fully.
Seventy-one percent of Americans say they do not have enough retirement savings, according to a new national survey commissioned by Experian in collaboration with Get Rich Slowly (getrichslowly.org).
Especially worrisome: More than half of those surveyed, 54 percent, believe they will never pay off their debt fully.
Damian J. Sylvia
220 Monmouth Road
Oakhurst, NJ 07755
Friday, September 23, 2016
Dealing With Retirement's Strange Sense of Humor
Retirement’s a funny thing… if you understand its weird sense of humor. People often enter retirement with one set of ideas and perceptions but they can quickly change when retirement pulls out many of its gags. For those who can catch on and learn to accept its ironic and sometimes cynical lessons, they transition with a smile and glass half full attitude. While those who miss the punch line can feel mocked, out-of-sorts, and even regret their decision to call it quits. Here’s a short list of cruel jokes that retirement may throw at you.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Three Ways To Save A Lot More For Retirement
Unlike the great American gymnast Simone Biles, you don’t need to do flying somersaults to be good at retirement savings. There are already tools available for what you need to do.
As the U.S. economy continues to improve, retirement savers are pumping more money into their long-term savings. Some 21 percent of Americans surveyed, according to a recent bankrate.com report, say they are saving more for retirement—the highest level over the past five years.
As the U.S. economy continues to improve, retirement savers are pumping more money into their long-term savings. Some 21 percent of Americans surveyed, according to a recent bankrate.com report, say they are saving more for retirement—the highest level over the past five years.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, September 21, 2016
Retirement Or College Funding? What To Do Now
For millions of American families, one of the most vexing financial questions is: Should I save for retirement or fund college? Can we do both?
The question is not an easy one, because of course, you need to do both. Yet the right answer is often a simple one when you consider the financial liability of choosing one over the other.
The question is not an easy one, because of course, you need to do both. Yet the right answer is often a simple one when you consider the financial liability of choosing one over the other.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Tuesday, September 20, 2016
Here's How Much The Average Single Person Saved For Retirement
"Even among those approaching retirement (age 56-61), most single men and women do not have any retirement account savings," the Economic Policy Institute (EPI) reported.
Specifically, 43 percent of single men and 42 percent of single women have retirement account savings, compared with 65 percent of married couples.
Specifically, 43 percent of single men and 42 percent of single women have retirement account savings, compared with 65 percent of married couples.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Yes, You Can Start A Business In Retirement
Entrepreneurship is often viewed as an elite venture reserved for superstars of Silicon Valley and other risk takers blessed with a rare combination of youth, insight, pluck and luck. So if you’ve toyed with the idea of starting a part-time business in retirement, you might have concluded: Nahhh.
The reality about entrepreneurship, however, is largely a mirror image of the stereotype. Older Americans are actually well suited to join the start-up culture, whether they are pushed into starting a business in retirement (a layoff, age discrimination) or pulled into it (pursuing a dream, wanting to be the boss). And it’s getting easier, as I’ll explain below.
The reality about entrepreneurship, however, is largely a mirror image of the stereotype. Older Americans are actually well suited to join the start-up culture, whether they are pushed into starting a business in retirement (a layoff, age discrimination) or pulled into it (pursuing a dream, wanting to be the boss). And it’s getting easier, as I’ll explain below.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, September 16, 2016
You're Going to Work Well Into Your Retirement
Get used to working: you're going to have to do so for much longer than you'd imagined if you're ever going to retire.
As the folks at Bankrate.com discovered in a recent survey, 70% of non-retired Americans plan to work as long as possible during retirement. Only 25% say they have no plans to work during retirement. Of those who plan to work as long as possible during retirement, 38% are planning to work because they like to work, 35% need the money and 27% say it's a mix of both.
As the folks at Bankrate.com discovered in a recent survey, 70% of non-retired Americans plan to work as long as possible during retirement. Only 25% say they have no plans to work during retirement. Of those who plan to work as long as possible during retirement, 38% are planning to work because they like to work, 35% need the money and 27% say it's a mix of both.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Not your grandma's retirement home: Check out this luxe living
Jeff and Sharon Kay Brown are not retired yet, but they moved into an active adult community in Broomfield, Colorado, just outside Denver, less than a year ago. After living in several different cities over the years, they wanted a social atmosphere with people their own age, but they didn't want to skimp on the luxuries.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Monday, September 12, 2016
Top 7 hacks for saving more for retirement
Worrying about having enough retirement savings can keep you up at night. If you've barely put anything away, it's easy to panic or give up on saving altogether. But there's a third option: You can find ways to funnel a few extra bucks into your 401(k) account or your IRA. If you're ready to put more effort into saving, here are seven easy ways to fill your retirement accounts.
Damian Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Ask Larry: I Got Hit By Deeming. Can I Undo The Damage?
Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits.
Today’s column examines examines the deeming provision, by which you might be deemed to file for both your spousal and your retirement benefit, spousal and widow(er)’s benefits and other topics.
You can submit a question by clicking on the link below. Questions submitted to Ask Larry are answered by Social Security experts.
Today’s column examines examines the deeming provision, by which you might be deemed to file for both your spousal and your retirement benefit, spousal and widow(er)’s benefits and other topics.
You can submit a question by clicking on the link below. Questions submitted to Ask Larry are answered by Social Security experts.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, August 31, 2016
Is your retirement ready for a natural disaster?
Retirement planning is most often defined as achieving financial security against a backdrop of long lazy days enjoying sun, sea and sand. Unfortunately, finances are only one element of safety and security in retirement. The recent torrential rains targeting the Gulf Coast, particularly Louisiana, have resulted in six deaths and nearly 20,000 people being rescued from the flood waters, putting weather-related disasters back in the news. If you are retired and such an unfortunate event happens, are you prepared?
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Should You Plan On Your Retirement Lasting 30 Years Or 40?
The 4% rule has a planning horizon of thirty years. As I mentioned during the discussion of the PMT formula, different time horizons suggest different spending rates. An eighty-five-year old is not necessarily limited to a 4% spending rate.
The 4% rule gets its name from its suggested spending rate for the first year of retirement. Beyond that, the spending rate evolves as inflation guides future spending and portfolio returns guide the amount of remaining financial assets.
The 4% rule gets its name from its suggested spending rate for the first year of retirement. Beyond that, the spending rate evolves as inflation guides future spending and portfolio returns guide the amount of remaining financial assets.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
4 Numbers That Help You Plan for a Secure Retirement
Try these rules of thumb for your retirement nest egg.
Read the complete article here.
Damian J. Sylvia
Retirement Income Solution
220 Monmouth Road
Oakhurst, NJ 07755
Damian J. Sylvia
Retirement Income Solution
220 Monmouth Road
Oakhurst, NJ 07755
Friday, August 12, 2016
Are Millennials Heading For A Retirement Crisis, Too?
We’ve heard over and over that many boomers will face a retirement crisis (if they haven’t already). But if you’re a boomer parent, you’re probably wondering: Will my kids’ generation, the Millennials, face one, too?
Of course, it’s way to early to say for sure either way. After all, these 83.1 million Americans are only 19 to 35. But based on the Wells Fargo Millennial Study released today and other data I’ve reviewed, I’d say that quite a few Millennials just may be heading towards a retirement crisis.
The good news: Unlike the boomers, Gen Y has enough time to reverse course.
Of course, it’s way to early to say for sure either way. After all, these 83.1 million Americans are only 19 to 35. But based on the Wells Fargo Millennial Study released today and other data I’ve reviewed, I’d say that quite a few Millennials just may be heading towards a retirement crisis.
The good news: Unlike the boomers, Gen Y has enough time to reverse course.
Damian Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Why Trump and Clinton Need to Join the Conversation on Retirement Security
Aging is the forgotten megatrend.
This presidential election cycle, perhaps the closest watched in history, has lacked any meaningful discussion of the pressing issues related to longevity and retirement. That’s a shame because issues that candidates choose to talk about can move the needle on public awareness, which is a step toward action.
This presidential election cycle, perhaps the closest watched in history, has lacked any meaningful discussion of the pressing issues related to longevity and retirement. That’s a shame because issues that candidates choose to talk about can move the needle on public awareness, which is a step toward action.
Damian Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
10 Tips to Live Rich While Saving for Retirement
Planning for your financial future while living a full and rich life is a juggling act. Between the financial demands of mortgage payments, kids' activity fees, the car payment and, of course, trying to save for retirement, sometimes the here and now can get lost.
The sad fact is that many people compromise things they truly value, like spending time with the people they care about, out of fear they will come up short one day, says Mark Ciucci, senior vice president of advice at United Capital, a financial advisory firm in Newport Beach, California.
The sad fact is that many people compromise things they truly value, like spending time with the people they care about, out of fear they will come up short one day, says Mark Ciucci, senior vice president of advice at United Capital, a financial advisory firm in Newport Beach, California.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, July 29, 2016
Buckle up: It's Not Your Father's Retirement
It is something you should be planning for decades, reaching your Golden Years -- the day on which you leave the workforce and have enough financial resources to last for the rest of your lifetime. However, they may not be as close as they appear. As today many Americans are working later into their 60s and 70s – while some are concerned they may never be able to retire.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, July 13, 2016
Quick Way to Give Your Retirement Portfolio a Midyear Checkup
Answer these three questions, and you'll be good to go.
Wimbledon is over, the All-Star game’s history and Brexit hysteria seems to be winding down. Which leaves you with a short window before the arrival of the next bigsummer event—the Olympic games—to perform a quick midyear checkup to ensure your retirement plan is on track. Answering these three key questions will allow you to do just that.
Wimbledon is over, the All-Star game’s history and Brexit hysteria seems to be winding down. Which leaves you with a short window before the arrival of the next bigsummer event—the Olympic games—to perform a quick midyear checkup to ensure your retirement plan is on track. Answering these three key questions will allow you to do just that.
Damian Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, June 15, 2016
Guess how expensive teacher retirement costs are
According to new data from the Bureau of Labor Statistics, teacher retirement costs are at an all-time high.
As of March 2016, retired public school teachers receive $6.67 per hour worked during their careers. Compare that to March 2006, when they received less than half that amount: $3.26 per hour worked.
As of March 2016, retired public school teachers receive $6.67 per hour worked during their careers. Compare that to March 2006, when they received less than half that amount: $3.26 per hour worked.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Millennials challenged by funding modern retirement
Today's 20-somethings face some challenging dilemmas when it comes to saving for retirement.
Not only must they fund their own retirements due to the near evaporation of company pensions, they also are saddled with more student-loan debt, stagnant wages and higher living expenses compared to a generation ago. And at the same time — in another departure from their parents' and grandparents' experience at the same age — they want to ... well, spend more time enjoying life.
Not only must they fund their own retirements due to the near evaporation of company pensions, they also are saddled with more student-loan debt, stagnant wages and higher living expenses compared to a generation ago. And at the same time — in another departure from their parents' and grandparents' experience at the same age — they want to ... well, spend more time enjoying life.
Continue reading source article here.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Monday, May 16, 2016
Buying a Home With Retirement Savings: Pros and Cons
If you've been socking money away in a retirement account and are ready to buy a home, you could tap into that savings to boost your buying power. There are several ways to use retirement funds to put a down payment on a home.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
40 states with an income tax include retirement income, but not Illinois, and that's not about to change.
Most of us don’t like to pay taxes, but it’s our legal and civic obligation in a democratic society.
It’s also galling in states like Illinois, where real estate, sales and gasoline taxes are among the highest in the country, and there’s too much waste, inefficiency and dishonesty in government to feel our money is being well spent.
But the beat goes on.
Last year Cook County raised sales and hotel taxes, and the City of Chicago passed the largest properly tax in history.
It’s also galling in states like Illinois, where real estate, sales and gasoline taxes are among the highest in the country, and there’s too much waste, inefficiency and dishonesty in government to feel our money is being well spent.
But the beat goes on.
Last year Cook County raised sales and hotel taxes, and the City of Chicago passed the largest properly tax in history.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, May 11, 2016
Meet the "feel free" retirement spending plan
How much can you safely spend each year from your retirement savings without worrying about running out of money? Do you really have enough money saved for retirement? These are critical questions for older workers and retirees to answer, particularly those who don't have substantial pension benefits and are relying on Social Security, 401(k) balances and IRAs for retirement income.
There's evidence that many people are struggling with these questions. For example, a recent survey showed that more than half of all respondents were too optimistic about a safe withdrawal rate. Almost one-third of were wildly overoptimistic and would spend their savings at a rate that would ensure they would almost surely deplete it during their lifetime.
There's evidence that many people are struggling with these questions. For example, a recent survey showed that more than half of all respondents were too optimistic about a safe withdrawal rate. Almost one-third of were wildly overoptimistic and would spend their savings at a rate that would ensure they would almost surely deplete it during their lifetime.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, April 29, 2016
Why You Should Have An Annuity In Your Retirement Plan
Annuities are a big business, both for advisors and the insurance companies and other channels who sell them. But just because there is money to be made selling annuity products, it doesn’t negate the benefits that consumers receive from these products as well. In an article for Main Street, Mark Henricks says that “Buying an Annuity Should be Part of Your Retirement Strategy.” From 2010 to 2015, individuals bought more than $1 trillion worth of annuities. 2015 was an especially good year for fixed indexed annuity products, one branch of the fixed annuity market. In addition to all of the individuals planning for retirement with annuity products, corporations are also buying annuities at record levels to lower the risks and costs associated with offering pension benefits.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
How To Not Run Out Of Money In Retirement
Investing for retirement doesn't have to be hard. You read up on how to put together a diverse mix of low-cost index funds, bonds, etc. Then keep setting aside all you can into that retirement account. Easy.
But when you actually retire and start spending that money, that's like going from playing checkers to playing chess. It can get a lot harder.
Here's the big pickle: You don't want to run out of money. But how can you know how much it's safe to spend when you might live for another five years — or 25 years?
But when you actually retire and start spending that money, that's like going from playing checkers to playing chess. It can get a lot harder.
Here's the big pickle: You don't want to run out of money. But how can you know how much it's safe to spend when you might live for another five years — or 25 years?
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, April 22, 2016
6 Ways to Fix Social Security’s Finances
The Social Security program currently has enough resources to pay out all promised benefits for nearly two decades. However, the Old-Age and Survivors Insurance Trust Fund is projected to be depleted in 2035. After that, the program expects to have enough tax revenue coming in to continue to provide about 77 percent of scheduled benefits. There are several Social Security tweaks that would correct the problem. A recent Government Accountability Office report examined several Social Security changes and how far they would go toward fixing Social Security's long-term projected deficit. Here's a look at how several potential Social Security solutions would change the system's finances.
Continue reading source article here.
Continue reading source article here.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Thursday, April 21, 2016
Want To Retire Early? 5 Reasons It May Not Happen For You
Many people seek our financial planning services to get a better handle on their over all financial situation and to better understand what they need to do to better meet their future goals.
A very common goal is to retire early and lead the “easy, good life”! Normal retirement age is defined by Social Security as the full retirement age for those born after 1960 would be age 67. Many of these folks are disappointed to learn that an early retirement may not be in their future and here are the 5 most common reasons:
A very common goal is to retire early and lead the “easy, good life”! Normal retirement age is defined by Social Security as the full retirement age for those born after 1960 would be age 67. Many of these folks are disappointed to learn that an early retirement may not be in their future and here are the 5 most common reasons:
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, April 20, 2016
Simple ways to create a happier retirement
Are you interested in learning how to improve your financial security and happiness in retirement without having to save thousands of dollars? By taking some easy-to-understand steps, you can increase your retirement happiness and financial security -- and reduce your anxiety about retirement, according to several surveys and reports.
Does this sound like it's too good to be true? It's not. So, let's piece together results from different surveys and reports to support the steps you can take.
Does this sound like it's too good to be true? It's not. So, let's piece together results from different surveys and reports to support the steps you can take.
Self-employed? Here’s How to Save for Retirement
Working for yourself comes with lots of perks: setting your own hours, your own dress code and your own workload. That’s probably part of the reason nearly a quarter of workers freelance, either full- or part-time. They make good money, too. Almost half earn six figures.
The downside is making up for all the benefits that employers typically provide. That means figuring out health care coverage (which at least is now easier — if not cheaper — than it was before Obamacare) and setting up retirement accounts.
The downside is making up for all the benefits that employers typically provide. That means figuring out health care coverage (which at least is now easier — if not cheaper — than it was before Obamacare) and setting up retirement accounts.
Damian Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Two Philosophies of Retirement Income Planning
Within the world of retirement income planning, the siloed nature of financial services between investments and insurance leads to two opposing philosophies about how to build a retirement plan. There is an old saying that if the only tool you have is a hammer, then everything starts to look like a nail. This tendency is alive as those on the investments side tend to view an investment portfolio as a solution for any problem, while those on the insurance side tend to view insurance products as the answer for any financial question.
Damian Sylvia
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, April 13, 2016
One in Three Americans Have Nothing Saved for Retirement
Nothing was more important to Winnie than her young children. The married mother of three took care of their needs but seldom took care of her own. As Winnie neared retirement, she divorced her spouse without a pension, 401-k or any significant savings. Because of an illness, she was forced to retire early and take reduced Social Security benefits. Her story is not uncommon.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Retirement Preparedness Confidence Hits Historic Low According to Report
Retirement planning seems to be front and center these days with the Department of Labor’s release of its financial fiduciary rule changes last week, tax season deadlines in sight, and the April 11th kick-off of National Retirement Planning Week 2016. The increased focus on retirement planning certainly can only help people better prepare for a financially secure retirement. But if history is any guide, it will take more than that. The latest findings in the Insured Retirement Institute’s (IRI) 6th Annual Report on The Retirement Preparedness of the Boomer Generation shows that Americans today are less prepared and less confident about their prospects for a comfortable retirement than ever before.
Damian Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, April 8, 2016
How Your Social Security Benefit May Be Unfair
Are you happy with Social Security? If you are, bravo. If not, read this discussion of benefit calculations and get angry.
Don’t take my word for it that the payout formulas are screwy. Recently published comment from Eugene Steuerle, budget expert at Urban Institute:
“Social Security spousal and survivor benefits are so peculiarly designed that they would be judged illegal and discriminatory if private pension or retirement plans tried to implement them.”
Don’t take my word for it that the payout formulas are screwy. Recently published comment from Eugene Steuerle, budget expert at Urban Institute:
“Social Security spousal and survivor benefits are so peculiarly designed that they would be judged illegal and discriminatory if private pension or retirement plans tried to implement them.”
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
5 ways to avoid retirement rip-offs
Federal regulators are cracking down on advisers who profit from providing venal advice to retirement savers with new rules that demand that the industry adhere to a so-called fiduciary standard. Officials estimate that imposing this standard, which requires advisers to act in the client's best interest, will ultimately save American consumers $17 billion annually lost to conflicts of interest -- in other words, where the adviser pockets the profit instead of you.
While consumer advocates lauded the soon-to-be-enacted rules on Wednesday, some acknowledged that the battle may not be over. Financial services companies, complaining that the rules are overly burdensome, have threatened to sue. In the past, they've also persuaded members of Congress to throw language into pending legislation to derail the rules.
While consumer advocates lauded the soon-to-be-enacted rules on Wednesday, some acknowledged that the battle may not be over. Financial services companies, complaining that the rules are overly burdensome, have threatened to sue. In the past, they've also persuaded members of Congress to throw language into pending legislation to derail the rules.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, April 6, 2016
The Future is Now: How Late Is Too Late to Start Saving for Retirement?
By now, you've probably read all of the articles that tell you the best time to start saving for retirement is, well, yesterday.
The earlier you start, the more time your investments have to grow.
Compound interest, it's said, is the eighth wonder of the world. Over time, you earn more from the interest on your investments than from the investment itself.
If you put $10,000 away when you are 22 years old, it will grow to be almost $100,000 by the time you are 70 years old, even if you never put another cent in, assuming a conservative 5 percent rate of return.
The earlier you start, the more time your investments have to grow.
Compound interest, it's said, is the eighth wonder of the world. Over time, you earn more from the interest on your investments than from the investment itself.
If you put $10,000 away when you are 22 years old, it will grow to be almost $100,000 by the time you are 70 years old, even if you never put another cent in, assuming a conservative 5 percent rate of return.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Saving for Retirement? The Rulebook Is About to Change
New rules aimed at stockbrokers will have enormous impacts on the way Americans save for retirement.
The rules aren’t coming from the government’s financial regulatory apparatus but from the Labor Department. This week, it is expected to release final regulations that will require brokers getting paid to provide investment guidance on a retirement account to act solely in the best interest of the investor.
Brokers’ recommendations to this point have only had to be “suitable”—a less rigorous standard that critics say has encouraged some advisers to charge excessive fees, favor investments that offer hidden commissions and recommend securities that can be difficult for investors to sell.
The rules aren’t coming from the government’s financial regulatory apparatus but from the Labor Department. This week, it is expected to release final regulations that will require brokers getting paid to provide investment guidance on a retirement account to act solely in the best interest of the investor.
Brokers’ recommendations to this point have only had to be “suitable”—a less rigorous standard that critics say has encouraged some advisers to charge excessive fees, favor investments that offer hidden commissions and recommend securities that can be difficult for investors to sell.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, April 1, 2016
How to Know if You’re Saving Enough for Retirement
As a financial planner, one of the most common questions I am asked is "How much money should I have saved?" or "How far behind am I in saving for retirement?" My answer? It depends.
There's no one size fits all solution when it comes to how much you should have stashed away for your retirement. What you need will differ from those around you. Here's how to track your progress toward saving for retirement:
There's no one size fits all solution when it comes to how much you should have stashed away for your retirement. What you need will differ from those around you. Here's how to track your progress toward saving for retirement:
Damian J. Sylvia
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, March 30, 2016
4 ways to tell if you’re financially ready for retirement
Do you have enough money to retire? That’s not an easy question to answer, but there are some ways to tell if you’re on track. Experts like to use the following methods to determine if you have enough to fund your desired lifestyle.
Crunch the numbers. Map your projected income — from personal assets, earned income, pensions and Social Security — against projected expenses. This is perhaps the most accurate way to determine whether you’re financially ready. But it will require more than a weekend of number crunching.
Crunch the numbers. Map your projected income — from personal assets, earned income, pensions and Social Security — against projected expenses. This is perhaps the most accurate way to determine whether you’re financially ready. But it will require more than a weekend of number crunching.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Millennials' new retirement number? $1.8 million (or more!)
Millennials have more than enough financial worries. Now they can add about 2 million more to their list. That's how much many might need to save to retire.
Older Millennials — those born in the early 1980s — will need about $1.8 million salted away to maintain their standard of living in retirement while younger Millennials — those born in the late 1990s — will need upwards of $2.5 million, according to various studies, estimates and experts.
Older Millennials — those born in the early 1980s — will need about $1.8 million salted away to maintain their standard of living in retirement while younger Millennials — those born in the late 1990s — will need upwards of $2.5 million, according to various studies, estimates and experts.
Damian Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, March 25, 2016
Getting Workers to Save More for Retirement
Saving for retirement should be simple arithmetic — the longer your money has to grow, the more money you should have when you stop working. But saving today for a distant tomorrow isn’t so simple, and has a great deal to do with how people think about money.
Sean Furlong, the director of finance and administration at Gilman School, a private secondary school in Baltimore, said he realized that while teaching a business class.
He was teaching students, he said, “but then I realized I wasn’t teaching my faculty and staff.”
Sean Furlong, the director of finance and administration at Gilman School, a private secondary school in Baltimore, said he realized that while teaching a business class.
He was teaching students, he said, “but then I realized I wasn’t teaching my faculty and staff.”
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, March 23, 2016
Fewer of Us Save, More Are Confident of Retirement. Are We Crazy?
The retirement confidence of Americans has come a long way since the recession. The percentage of workers either very or somewhat confident that they will be able to afford a comfortable retirement now stands at 63 percent, up from 51 percent three years ago and 49 percent in 2011.
But it isn't because of a surge in the number of people who are saving, according to the 26th annual Retirement Confidence Survey released today by the nonprofit Employee Benefit Research Institute (EBRI).
But it isn't because of a surge in the number of people who are saving, according to the 26th annual Retirement Confidence Survey released today by the nonprofit Employee Benefit Research Institute (EBRI).
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, March 18, 2016
Retirement Plans Take Different Tack on Money Funds
People saving for retirement in workplace 401(k) plans may soon see changes to the lowest-risk choices on their investment menus.
The adjustments—which have occurred already at some plans but are under consideration at many more, consultants said—are in response to new rules for money-market mutual funds that will take effect in October. “Prime” money funds that buy both corporate and government debt will be required to charge redemption fees if they are swamped by withdrawals amid market turmoil. They also will be required to set up procedures to suspend redemptions in some cases.
The adjustments—which have occurred already at some plans but are under consideration at many more, consultants said—are in response to new rules for money-market mutual funds that will take effect in October. “Prime” money funds that buy both corporate and government debt will be required to charge redemption fees if they are swamped by withdrawals amid market turmoil. They also will be required to set up procedures to suspend redemptions in some cases.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
3 steps to avoid running out of money in retirement
The majority of Americans don't think they are saving enough and are worried their savings won't last as long as they do.
Only 31 percent of workers who participate in an employer-sponsored retirement plan, such as a 401(k), 403(b) or 457, are "extremely confident" or "very confident" that they will not outlive their money — and the rest aren't so sure, according to a new survey by BlackRock.
Only 31 percent of workers who participate in an employer-sponsored retirement plan, such as a 401(k), 403(b) or 457, are "extremely confident" or "very confident" that they will not outlive their money — and the rest aren't so sure, according to a new survey by BlackRock.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, March 11, 2016
Great Places To Follow Your Passions In Retirement In 2016
Do you have a long neglected passion–or a new one–you’re keen to spend more time on during retirement? Then consider choosing a place to retire where you can pursue with gusto the leisure time activities you enjoy the most.
To help you scout out potential locales, Forbes offers a new edition of our chase-your-bliss list: 25 Great Places to Follow Your Passions in Retirement In 2016.
To help you scout out potential locales, Forbes offers a new edition of our chase-your-bliss list: 25 Great Places to Follow Your Passions in Retirement In 2016.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
How to know when you have enough money to retire
How much is enough to retire?
One of the most frequently asked questions when we meet with potential new clients looking to retire is, "How do I know if I have enough?"
Our response is always the same: "Enough to do what?"
One of the most important tasks when planning and thinking about retiring is defining what this next chapter of life is going to mean for you.
One of the most frequently asked questions when we meet with potential new clients looking to retire is, "How do I know if I have enough?"
Our response is always the same: "Enough to do what?"
One of the most important tasks when planning and thinking about retiring is defining what this next chapter of life is going to mean for you.
Damian J. Sylvia
220 Monmouth Road
Oakhurst, NJ 07755
Friday, March 4, 2016
Retirement Crisis: Are We There Yet?
A flurry of studies out in recent days reveal a dramatic split between pre-retirees (nervous, not planning enough, eager for help from their employers) and the retired (things are fabulous for us, mostly).
“It’s a story of two retirements,” said Marcy Keckler, vice president of financial advice strategy at Ameriprise, whose firm released the research report Pay Yourself in Retirement: How Retirees and Pre-Retirees Plan Their Retirement Income, based on its poll of 1,300 Americans between age 55 and 75 with at least $100,000 of investable assets.
“It’s a story of two retirements,” said Marcy Keckler, vice president of financial advice strategy at Ameriprise, whose firm released the research report Pay Yourself in Retirement: How Retirees and Pre-Retirees Plan Their Retirement Income, based on its poll of 1,300 Americans between age 55 and 75 with at least $100,000 of investable assets.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
How much retirement income do you really need?
The common wisdom about how much income Americans need in retirement may not be so wise, according to the U.S. Government Accountability Office.
The GAO, which reviewed 59 studies and reports on retirement income and interviewed retirement services firms and financial planners as part of the study, found that recommended target income replacement rates typically ranged from 70 to 85 percent of your pay just before retirement.
The GAO, which reviewed 59 studies and reports on retirement income and interviewed retirement services firms and financial planners as part of the study, found that recommended target income replacement rates typically ranged from 70 to 85 percent of your pay just before retirement.
Damian Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, March 2, 2016
Best and worst U.S. states for retirement
When it comes to deciding where to put down roots for retirement, Americans have an embarrassment of riches within their own borders. From Florida to Arizona to Hawaii, figuring out where to call home is limited only by your desires and your budget.
But how to decide?
In its latest survey, Bankrate.com used six criteria to determine which states are the best and worst for retirees: cost of living, taxes, health care, weather, crime and residents' overall well-being. And the results produced some surprises.
But how to decide?
In its latest survey, Bankrate.com used six criteria to determine which states are the best and worst for retirees: cost of living, taxes, health care, weather, crime and residents' overall well-being. And the results produced some surprises.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
How to Pay School Loans and Save for Retirement at the Same Time
The best time to start saving for retirement is as soon as possible. By saving in your early 20s, you give your nest egg extra time to grow, potentially shaving years off how long you need to work.
But before setting aside money for retirement, most feel the need to retire student loan debt. That’s easy to say but harder to do for millennials exiting college these days. Many are in the same boat as Nolan Grace, a 24-year-old who graduated from Purdue University with “very significant” loans. “It’s the biggest weight on my life right now,” he says.
But before setting aside money for retirement, most feel the need to retire student loan debt. That’s easy to say but harder to do for millennials exiting college these days. Many are in the same boat as Nolan Grace, a 24-year-old who graduated from Purdue University with “very significant” loans. “It’s the biggest weight on my life right now,” he says.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, February 26, 2016
Debunking the Myths of How Millennials Save for Retirement
“First of all, Millennials are just so important, from a retirement and a savings perspective… all they know really is DC (defined contribution) plans like 401(K)s, and that means that they own the outcomes, so we have to get it right, we have to help them make retirement work and that is why we dedicated this survey to them,” Fredrik Axsater, State Street Head of Defined Contribution explained to the FOX Business Network’s Maria Bartiromo.
Damian J. Sylvia
220 Monmouth Road
Oakhurst, NJ 07755
Here's how we can start saving more toward retirement right now
We're in the heart of America Saves Week, the time each year when the folks at America Saves conduct a survey of our progress when it comes to socking money away for rainy days and retirement. The group also encourages companies and individuals to assess their own efforts.
So, how are you feeling about your savings progress? If you're like 60 percent of the U.S. households surveyed, your answer is "meh."
So, how are you feeling about your savings progress? If you're like 60 percent of the U.S. households surveyed, your answer is "meh."
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, February 24, 2016
What Americans Are Saving For -- It's Not Retirement
Olivia Wood, a Millennial social media specialist for a community bank in Pennsylvania’s Lehigh Valley, is saving for a trip to Iceland. “I want to be able to travel while I’m young, so I stay ahead of the curve, and always have a little extra for spontaneous trips,” @oliviawood_610 tweeted in a chat promoting America Saves Week. She uses Intuit’s @mint app to help budget and track spending, treats savings as a monthly bill, and sleeps on big purchases. Retirement savings? That’s next on her agenda.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
How 1% of Pay Can Save Your Retirement
It works best when you start early.
One in four 401(k) savers increased their contributions last year. This additional saving will translate into hundreds or even thousands of extra dollars of monthly income in retirement, according to calculations from Fidelity Investments. All of which highlights the value of the automatic savings increases that are offered by many, but not most, retirement plans.
One in four 401(k) savers increased their contributions last year. This additional saving will translate into hundreds or even thousands of extra dollars of monthly income in retirement, according to calculations from Fidelity Investments. All of which highlights the value of the automatic savings increases that are offered by many, but not most, retirement plans.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, February 19, 2016
Some Surprisingly Good News About Retirement--Sort Of
The Center for Retirement Research at Boston College isn’t usually the place to go for retirement happy talk. Its National Retirement Risk Index classifies 52% of working age households as at risk of not being able to maintain their living standards when they stop working. Worse, it figures that if all workers had started out with the student debt the Millennials carry, 56% would be at risk.
But a new CRR issue brief reaches a seemingly upbeat conclusion: the vast majority of folks who retire aren’t being pushed out of the workforce by ill health, bad bosses, or age discrimination . Instead, they’re being pulled into retirement by the allure of spending more time with family and on other activities they enjoy.“People are being pulled towards positive things. That’s what keeps people at work or pulls them into retirement,’’ says Steven A. Sass, the CRR economist who wrote the new brief.
But a new CRR issue brief reaches a seemingly upbeat conclusion: the vast majority of folks who retire aren’t being pushed out of the workforce by ill health, bad bosses, or age discrimination . Instead, they’re being pulled into retirement by the allure of spending more time with family and on other activities they enjoy.“People are being pulled towards positive things. That’s what keeps people at work or pulls them into retirement,’’ says Steven A. Sass, the CRR economist who wrote the new brief.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, February 17, 2016
The real reason many millennials aren’t saving for retirement
Millennials are oft-maligned as a flighty, entitled generation saddled with debt and too obsessed with food and travel to worry about saving for retirement. But that doesn’t match the reality.
Young people are just as likely — or even more likely — than other generations to sock their money away. And new research points to one major reason more 20- and 30-somethings aren’t creating a nest egg, even if they might want to.
Young people are just as likely — or even more likely — than other generations to sock their money away. And new research points to one major reason more 20- and 30-somethings aren’t creating a nest egg, even if they might want to.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
How Working an Extra Year Improves Your Retirement Finances
Delaying retirement for one year can boost your monthly income.
Working for an additional year can have a significant impact on your retirement finances. A single extra year of work can boost your Social Security payments, give you more time to accumulate retirement savings and shorten the period of retirement you need to pay for. Here's a look at how delaying retirement for one year can improve your retirement budget.
Working for an additional year can have a significant impact on your retirement finances. A single extra year of work can boost your Social Security payments, give you more time to accumulate retirement savings and shorten the period of retirement you need to pay for. Here's a look at how delaying retirement for one year can improve your retirement budget.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
10 Things To Do Within 5 Years Of Retirement
Preparing for retirement is like getting ready for a trip — it never goes quite as planned. But the better the plan, the better the outcome. When things go wrong, you want to have the flexibility to adapt to changing circumstances. You never know what retirement will be like until you get there.
One component of any retirement plan is making a smooth transition by “practicing retirement.” Think of it as a dress rehearsal before you take the big (and often irreversible) step to fully retire.
One component of any retirement plan is making a smooth transition by “practicing retirement.” Think of it as a dress rehearsal before you take the big (and often irreversible) step to fully retire.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, February 12, 2016
7 Financial Goals Every GenXer Should Have
That means that the leading edge of GenX is turning 50 this year, and most of the rest are somewhere north of 35. GenXers – welcome to middle age!
At this point in life you should establish clear financial goals. And if you have already set them, now might be the prime time to hit the fast-forward button on them.
This is the time in life when people generally make the most financial progress in their lives.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Is The Self-Driving Car In Your 401(k) Setting Your Portfolio Up For A Crash?
By Maggie McGrath and Janet Novack
Some day you may buy an autonomous vehicle. But first you’re likely to spend a good bit of time considering its cost, its safety and whether it fits your lifestyle and even the way you like to drive. Maybe you tend to speed, but the car is programmed to obey the law.
Target date funds are the self-driving cars of the retirement industry. If you’ve got one in your 401(k), do you know how much it’s costing you? How much risk it takes? How it synchs with your own investing preferences and life plans? If you can’t answer (or haven’t asked) those questions, you’ve got lots of company.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
How Does Your Student Loan Debt Threaten Your Retirement?
What if members of working-age households had been burdened with the same level of student loan debt as students leaving college today?
That’s the question modeled by researchers in a new study that concludes significantly more households would be running the risk of not having enough income during retirement.
Researchers Alicia H. Munnell, Wenliang Hou and Anthony Webb at the Center for Retirement Research at Boston College asked, “Will the Explosion of Student Debt Widen the Retirement Security Gap?”
The answer was a resounding yes. If working-age households had started out with today’s student loan debt levels, an index measuring the risk of not having enough income for retirement would now be at 56.2 percent, instead of 51.6 percent.
That’s the question modeled by researchers in a new study that concludes significantly more households would be running the risk of not having enough income during retirement.
Researchers Alicia H. Munnell, Wenliang Hou and Anthony Webb at the Center for Retirement Research at Boston College asked, “Will the Explosion of Student Debt Widen the Retirement Security Gap?”
The answer was a resounding yes. If working-age households had started out with today’s student loan debt levels, an index measuring the risk of not having enough income for retirement would now be at 56.2 percent, instead of 51.6 percent.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, February 10, 2016
Five Ways to Make Your Retirement Cash Last
Running out of money has got to be one of the worst fears of retirees. And with people living into their 10th and 11th decades, it’s going to get worse.
Now more than ever, you need to plan ahead to ensure that you won’t outlive your funds. That means saving as much as you can and not making mistakes that could scramble your nest egg.
Jane Bryant Quinn, who is a legend in my business, just published a book entitled How to Make Your Money Last. In keeping with her great writing on retirement over the past several decades, it goes right to the point on what you need to do.
Now more than ever, you need to plan ahead to ensure that you won’t outlive your funds. That means saving as much as you can and not making mistakes that could scramble your nest egg.
Jane Bryant Quinn, who is a legend in my business, just published a book entitled How to Make Your Money Last. In keeping with her great writing on retirement over the past several decades, it goes right to the point on what you need to do.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
7 ways Millennials can get a jump-start on retirement planning
It’s quite fashionable these days to moralize about the shortcomings of the entire Millennial generation. And the latest fodder for critics is a recent survey by finance site HowMuch.net that shows more than 50% of those ages 18 to 34 have less than $1,000 in savings.
But before you wag a finger at those young whippersnappers, keep in mind the hard reality is that Americans of every age stink at saving. According to finance portal Go Banking Rates, 62% of all Americans have less than $1,000 saved.
But before you wag a finger at those young whippersnappers, keep in mind the hard reality is that Americans of every age stink at saving. According to finance portal Go Banking Rates, 62% of all Americans have less than $1,000 saved.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Targeting Pensions and Retirement Savings
This is a story to make you weep.
Several years ago a Portland, Oregon public schools retiree hired financial adviser Shayne Kniss to help him with retirement planning. The retiree would seem to have had no need for Mr. Kniss's services. He already had a guaranteed life pension coming from his years of public service. But Kniss talked him into cashing out the guaranteed pension and turning the resulting $729,000 into an investment account in his Iris Capital firm. Kniss confidently estimated 8-12% returns, which would have been higher than the guaranteed pension payments.
Several years ago a Portland, Oregon public schools retiree hired financial adviser Shayne Kniss to help him with retirement planning. The retiree would seem to have had no need for Mr. Kniss's services. He already had a guaranteed life pension coming from his years of public service. But Kniss talked him into cashing out the guaranteed pension and turning the resulting $729,000 into an investment account in his Iris Capital firm. Kniss confidently estimated 8-12% returns, which would have been higher than the guaranteed pension payments.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, February 3, 2016
How Married Couples Can Max Out Their Retirement Accounts
Married couples can often claim twice the retirement savings tax breaks of single people. Couples can also strategically save in their respective workplace retirement accounts to get the best possible employer contributions and investment options. Here's how to maximize the value of retirement accounts as a couple.
Continue reading source article here.
Continue reading source article here.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
3 Retirement Lifestyle Mistakes to Avoid
New retirees are often eager to vacation and enjoy some of the wealth they have been accumulating for decades. There can be a huge temptation to buy a vacation home or timeshare in a fun location, since you finally have time to relax. Some retirees also make large recreational purchases, such as a boat or RV. But expensive purchases at the beginning of retirement can turn out to be a big mistake that puts a strain on your finances for years to come. These three consumer trophies can quickly turn out to be landmines, and there are often other ways to achieve a similar experience for a lower cost.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, January 29, 2016
5 Retirement Planning Mistakes and How to Fix Them
The average 65-year-old man retiring this year can expect to have another 17 years of living in front of him, according to the National Institute on Aging. For a woman, that number jumps to 20 years.
That’s a lot of time to travel the world, enjoy hobbies and make memories with family and friends. On the other hand, it can also be a lot of time to stress about rising expenses and dwindling assets.
Fortunately, if you plan correctly, you can minimize the chances of ending up with too many years left and too little money in the bank. However, if you think you’ve made mistakes (or are making mistakes) when it comes to retirement planning, rest assured there is always time to make a correction.
That’s a lot of time to travel the world, enjoy hobbies and make memories with family and friends. On the other hand, it can also be a lot of time to stress about rising expenses and dwindling assets.
Fortunately, if you plan correctly, you can minimize the chances of ending up with too many years left and too little money in the bank. However, if you think you’ve made mistakes (or are making mistakes) when it comes to retirement planning, rest assured there is always time to make a correction.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
6 Ways To Catch Up If You're Behind On Retirement Savings
Most financial advisers agree: The simplest way to ensure you retire comfortably is to start saving early and let the power of compound interest work for you over time. But what if you got a late start or financial troubles in middle age ate into your nest egg and now you’re playing catch-up?
The hard reality is that the vast majority of Americans get a late start on retirement planning. Here’s proof: a 2014 survey from the Bankrate.com personal finance site found that more than one-third of Americans don’t have a penny saved for retirement — including more than a quarter of those age 50 to 64.
The hard reality is that the vast majority of Americans get a late start on retirement planning. Here’s proof: a 2014 survey from the Bankrate.com personal finance site found that more than one-third of Americans don’t have a penny saved for retirement — including more than a quarter of those age 50 to 64.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, January 27, 2016
Be honest: Are you saving enough for retirement?
Perhaps the market turmoil has you rattled, or you made a New Year's resolution to clean up your finances. Or new projections about rising health-care costs have you jittery about making your savings last.
Whatever your reason, January is an excellent time to take stock of your savings behavior and make sure you are socking away enough for retirement.
Whatever your reason, January is an excellent time to take stock of your savings behavior and make sure you are socking away enough for retirement.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Can I Trust Retirement Savings Calculators?
Q: All the online calculators say I’m saving enough for retirement, but how accurate are they? I am 30, contribute 8% of my $75,000 salary to my Roth 401(k). My employer matches 4% and throws in a bonus of another 2% on top. — Dave from Philadelphia
A: Retirement calculators — such as those offered by Bankrate.com,Charles Schwab, or T. Rowe Price— are great for getting a handle on how much you need to save for retirement. But they are only as accurate as the information you supply and the assumptions you make about your future income and savings, when you’ll retire, and the type of retirement you’re hoping for.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, January 22, 2016
4 New Year's resolutions for retirement savers
Resolution no. 1: Don't cash out, or leave behind, your 401(k) — Roll it into your current plan
Lifetime participation in your employer-sponsored plan is the best way to save enough money for a comfortable retirement, which is why savers who cash out their 401(k) accounts at the point of job change are making a very costly mistake.
Our firm's proprietary research has found that a hypothetical 30-year-old who cashes out a $5,000 401(k) balance today will forfeit as much as $52,000 in lost earnings that he/she would have received by age 65 (assuming the account would grow 7% per year).
Lifetime participation in your employer-sponsored plan is the best way to save enough money for a comfortable retirement, which is why savers who cash out their 401(k) accounts at the point of job change are making a very costly mistake.
Our firm's proprietary research has found that a hypothetical 30-year-old who cashes out a $5,000 401(k) balance today will forfeit as much as $52,000 in lost earnings that he/she would have received by age 65 (assuming the account would grow 7% per year).
Damian J. Sylvia
220 Monmouth Road
Oakhurst, NJ 07755
How to hike your guaranteed lifetime retirement income
One of the most difficult retirement planning challenges is dealing with the uncertainty of how long you might live. You just don't know whether you'll make it to age 75, 85 or 95. That's why it's smart to develop sources of retirement incomethat guarantee to pay you no matter how long you live, such as Social Security, a pension or an annuity from an insurance company.
The trouble is, many people haven't earned a significant pension from their employer, and many retirees don't buy annuities from insurance companies. That leaves you with just one option: maxing your Social Security benefits, which you can do by delaying the start of benefits. For each month you delay, your monthly retirement income rises, but that increase stops at age 70, after which you receive no additional credits for delaying your benefits.
The trouble is, many people haven't earned a significant pension from their employer, and many retirees don't buy annuities from insurance companies. That leaves you with just one option: maxing your Social Security benefits, which you can do by delaying the start of benefits. For each month you delay, your monthly retirement income rises, but that increase stops at age 70, after which you receive no additional credits for delaying your benefits.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, January 20, 2016
6 trends that could rattle your retirement
Boomers are getting older, fatter and more likely to live in Florida. They are less likely to be poor and more likely to hold a job past age 65 than any other U.S. generation since the end of World War II.
"In the 70, 80s and 90s, families experienced a lot of changes in structure. There was an increase in divorce, in cohabitation and in families headed by single parents. Now, it seems like all the turmoil is catching up with baby boomers just as they reach retirement age," says Mark Mather, a demographer and an associate vice president of U.S. Programs at the nonprofit Population Reference Bureau, or PRB.
"In the 70, 80s and 90s, families experienced a lot of changes in structure. There was an increase in divorce, in cohabitation and in families headed by single parents. Now, it seems like all the turmoil is catching up with baby boomers just as they reach retirement age," says Mark Mather, a demographer and an associate vice president of U.S. Programs at the nonprofit Population Reference Bureau, or PRB.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Saving for retirement? Here’s what you need to do in 2016
With the stock markets notching their worst-ever start for a new year, what should folks saving for retirement and those living in retirement do in the coming year? Our experts offer some practical advice for retirees and preretirees about staying healthy, staying in the workforce and staying on top of Social Security policy.
Stay healthy, my friend. Susann Rohwedder, a senior economist at the RAND Corp. and the associate director of the RAND Center for the Study of Aging, said her research is revealing the importance of health as a driver of so many things, including the timing of retirement and economic resources in retirement; subjective well-being, that is satisfaction with life as a whole and several other domains of well-being, including experienced well-being; the risk of future health shocks; and life-expectancy.
Stay healthy, my friend. Susann Rohwedder, a senior economist at the RAND Corp. and the associate director of the RAND Center for the Study of Aging, said her research is revealing the importance of health as a driver of so many things, including the timing of retirement and economic resources in retirement; subjective well-being, that is satisfaction with life as a whole and several other domains of well-being, including experienced well-being; the risk of future health shocks; and life-expectancy.
Damian J. Sylvia
220 Monmouth Road
Oakhurst, NJ 07755
Friday, January 15, 2016
How to Earn Extra Money in Retirement
The cost of living continues to rise after retirement, which is why a lot of people look for ways to earn extra money, often just a couple of years after retiring. Other people are bored by a life of complete leisure and need new challenges to take on. The fresh income source is a nice bonus. Here are some common ways to earn extra money in retirement.
Continue reading source article here.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Subscribe to:
Posts (Atom)