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.
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
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