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.

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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.

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

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.

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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.

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755 

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).

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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.

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

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.

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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.

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Damian J. Sylvia

220 Monmouth Road

Oakhurst, NJ 07755

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.

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Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755