Damian J. Sylvia
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.
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
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