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.

Continue reading source article here.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

Why Regular Retirement Saving Can Improve Your Health

More workers who make saving a habit report better health than those who do not. And it's not just about having a high income.

People who save money out of habit are more confident about retirement and better prepared financially, as you might expect. But there’s a sleeper benefit, new research shows. Consistent savers also are in better health—no small matter as longevity stretches out life spans and means you likely will live in retirement more years than you did in childhood.

Continue reading the source article at Time.com.

Damian J. Sylvia

Managing Partner

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

One-third have almost no retirement savings

Many people are woefully unprepared financially for retirement, and they shouldn't count on working longer to make up the difference, a new national survey reveals.

Almost a third of workers (28%) say they have less than $1,000 in savings and investments that could be used for retirement, not counting their primary residence or defined benefits plans such as traditional pensions. And 57% say they have less than $25,000, according to a telephone survey of 1,003 workers and 1,001 retirees from the non-profit Employee Benefit Research Institute (EBRI) and Greenwald and Associates. Previous surveys from EBRI and other groups have shown similar savings rates.

Continue reading article at USAToday.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions

Heartbreaking Reasons To Save Outside Of A 401k, 403b, Or IRA For Retirement

An advisor friend recently shared two frightening withdrawal requests from retired clients. The first was an $85,000 call for funds to cover rehab costs for an adult child. The lethal combination of depression and alcohol abuse contributed to suicidal thoughts, an inconsistent medication schedule, and a trail of hospital stays and doctor visits. The center treating this individual is among the few that address both mental health issues and addiction, which comes with a hefty price tag.

Continue reading article at Forbes.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions