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.

Continue reading source article here.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

 

The Best Places to Work in Retirement

Just over a quarter (26.2 percent) of people age 60 and older remain employed. But in some cities, nearly a third of the population continues to work during the traditional retirement years, according to 2012 Census Bureau data. Here are the places those age 60 and older are the most likely to be employed.

Continue reading source article here. 

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

5 Ways Retirement Will Pleasantly Surprise You

Most worker bees who are grinding away at a day job will tell you they can't wait to retire. However, those who have saved enough money to retire sometimes don't quit right away, even if they don't like going to work. Many savers develop a bit of anxiety about hanging up their work hat and choose to suffer the obvious because they are afraid of the unknown. Fortunately, there are many wonderful aspects of retirement, so the unknown isn't always all bad. For the workaholics among us, here are some reasons to plunge into retirement.

Continue reading source article at www.USnews.com.

Damian J. Sylvia

Managing Partner

Retirement Income Solutions

Tips for joining rising number of 401(k) millionaires

Retirement savers achieved record balances in their 401(k) balances in 2014—thanks in part to the stock market's gains—but the biggest winners were the thousands of workers who became newly minted millionaires.

The average 401(k) balance hit a record high of $91,300 at the end of last year, according to new data from Fidelity Investments, the largest provider of 401(k) plans. Only a tiny fraction of the company's 13 million plan participants ever reach the million-dollar mark, but that number has grown sharply in the past two years.

Continue reading article at Today.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions

The Retirement Crisis: Why 68% Of Americans Aren't Saving In An Employer-Sponsored Plan

Few Americans are saving for retirement, suggesting many workers may face a retirement with a lower standard of living, according to a recent study released by the Schwartz Center for Economic Policy analysis at the New School.

Since Social Security cannot fully replace income in retirement, other savings is needed, and that usually comes in the form of funds accumulated in employer-sponsored retirement plans such as 401(k)s.

Continue reading article on Forbes.com.

Damian J. Sylvia

Managing Partner

Retirement Income Solutions