Damian Sylvia - 8 Ways the Government Can Cut Your Social Security Benefit

There's arguably no program more important to citizens during retirement than Social Security. Though Medicare's importance is growing over time, no social program tops the guaranteed monthly payout that nearly all seniors receive from Social Security in retirement. And 62% of aged beneficiaries lean on this benefit to provide at least half of their monthly income.

However, the federal government through policy action can alter Social Security income. Some actions could raise additional revenue for the program, ultimately buoying or even lifting scheduled payouts. Meanwhile, others are aimed at cutting long-term program expenditures and, in many cases, reducing monthly and/or lifetime benefits.

Read full article on The Motley Fool here. 

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

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Trick Questions To Ask Before Retirement

Time and time again, people perceive retirement as a financial goal and objective rather than personal one. That causes people to focus on financial questions and answers such as, how much money do I need… how much can I withdrawal…and how long will it last?

Continue reading source article here. 

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

The Gender Gap In Retirement Savings: Why It's Important And What Employers Can Do

At Financial Finesse, our most recent research report focuses on the significant gender gap that exists in financial wellness. Last year’s discussed how women have a higher risk of running short of retirement funding for a number of reasons, ranging from income inequality to more family-care related work absences and longer lifespans that can mean higher lifetime medical expenses. 

This year’s report builds on the findings from the previous report and discusses how millennial women are particularly impacted by the gender gap in financial wellness.

Continue reading article here.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

 

5 ways a reverse mortgage can help your retirement

The old notion that reverse mortgages should only be taken out as a last resort simply is no longer true today. In fact, I believe there are five ways reverse mortgages can improve your retirement income plan.

First, a definition: A reverse mortgage is a way to convert home equity from your primary residence into a usable resource if you are at least 62. It is truly a mortgage in reverse. The lender provides a benefit based on the amount of equity you have in the home. Unlike a traditional mortgage, payback is optional. But you do need to make timely payments of property taxes and homeowners insurance.

Continue reading source article here.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

 

The biggest surprises I found in retirement

What’s the biggest surprise about retirement?

I get that question a lot. I retired in September 2015 after 33 years with The Wall Street Journal, the final decade of which I spent editing, and writing for, Encore, the Journal’s guide to retirement planning and living. As such, I didn’t expect many, if any, surprises in my first year outside the office.

So much for expectations.

Continue reading source article here.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

 

71 percent of Americans aren’t saving enough for retirement

The trend is the same, but it seems the numbers are getting worse.

Seventy-one percent of Americans say they do not have enough retirement savings, according to a new national survey commissioned by Experian in collaboration with Get Rich Slowly (getrichslowly.org).

Especially worrisome: More than half of those surveyed, 54 percent, believe they will never pay off their debt fully.

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Damian J. Sylvia

220 Monmouth Road

Oakhurst, NJ 07755