Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, April 29, 2016
Why You Should Have An Annuity In Your Retirement Plan
Annuities are a big business, both for advisors and the insurance companies and other channels who sell them. But just because there is money to be made selling annuity products, it doesn’t negate the benefits that consumers receive from these products as well. In an article for Main Street, Mark Henricks says that “Buying an Annuity Should be Part of Your Retirement Strategy.” From 2010 to 2015, individuals bought more than $1 trillion worth of annuities. 2015 was an especially good year for fixed indexed annuity products, one branch of the fixed annuity market. In addition to all of the individuals planning for retirement with annuity products, corporations are also buying annuities at record levels to lower the risks and costs associated with offering pension benefits.
How To Not Run Out Of Money In Retirement
Investing for retirement doesn't have to be hard. You read up on how to put together a diverse mix of low-cost index funds, bonds, etc. Then keep setting aside all you can into that retirement account. Easy.
But when you actually retire and start spending that money, that's like going from playing checkers to playing chess. It can get a lot harder.
Here's the big pickle: You don't want to run out of money. But how can you know how much it's safe to spend when you might live for another five years — or 25 years?
But when you actually retire and start spending that money, that's like going from playing checkers to playing chess. It can get a lot harder.
Here's the big pickle: You don't want to run out of money. But how can you know how much it's safe to spend when you might live for another five years — or 25 years?
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, April 22, 2016
6 Ways to Fix Social Security’s Finances
The Social Security program currently has enough resources to pay out all promised benefits for nearly two decades. However, the Old-Age and Survivors Insurance Trust Fund is projected to be depleted in 2035. After that, the program expects to have enough tax revenue coming in to continue to provide about 77 percent of scheduled benefits. There are several Social Security tweaks that would correct the problem. A recent Government Accountability Office report examined several Social Security changes and how far they would go toward fixing Social Security's long-term projected deficit. Here's a look at how several potential Social Security solutions would change the system's finances.
Continue reading source article here.
Continue reading source article here.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Thursday, April 21, 2016
Want To Retire Early? 5 Reasons It May Not Happen For You
Many people seek our financial planning services to get a better handle on their over all financial situation and to better understand what they need to do to better meet their future goals.
A very common goal is to retire early and lead the “easy, good life”! Normal retirement age is defined by Social Security as the full retirement age for those born after 1960 would be age 67. Many of these folks are disappointed to learn that an early retirement may not be in their future and here are the 5 most common reasons:
A very common goal is to retire early and lead the “easy, good life”! Normal retirement age is defined by Social Security as the full retirement age for those born after 1960 would be age 67. Many of these folks are disappointed to learn that an early retirement may not be in their future and here are the 5 most common reasons:
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, April 20, 2016
Simple ways to create a happier retirement
Are you interested in learning how to improve your financial security and happiness in retirement without having to save thousands of dollars? By taking some easy-to-understand steps, you can increase your retirement happiness and financial security -- and reduce your anxiety about retirement, according to several surveys and reports.
Does this sound like it's too good to be true? It's not. So, let's piece together results from different surveys and reports to support the steps you can take.
Does this sound like it's too good to be true? It's not. So, let's piece together results from different surveys and reports to support the steps you can take.
Self-employed? Here’s How to Save for Retirement
Working for yourself comes with lots of perks: setting your own hours, your own dress code and your own workload. That’s probably part of the reason nearly a quarter of workers freelance, either full- or part-time. They make good money, too. Almost half earn six figures.
The downside is making up for all the benefits that employers typically provide. That means figuring out health care coverage (which at least is now easier — if not cheaper — than it was before Obamacare) and setting up retirement accounts.
The downside is making up for all the benefits that employers typically provide. That means figuring out health care coverage (which at least is now easier — if not cheaper — than it was before Obamacare) and setting up retirement accounts.
Damian Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Two Philosophies of Retirement Income Planning
Within the world of retirement income planning, the siloed nature of financial services between investments and insurance leads to two opposing philosophies about how to build a retirement plan. There is an old saying that if the only tool you have is a hammer, then everything starts to look like a nail. This tendency is alive as those on the investments side tend to view an investment portfolio as a solution for any problem, while those on the insurance side tend to view insurance products as the answer for any financial question.
Damian Sylvia
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, April 13, 2016
One in Three Americans Have Nothing Saved for Retirement
Nothing was more important to Winnie than her young children. The married mother of three took care of their needs but seldom took care of her own. As Winnie neared retirement, she divorced her spouse without a pension, 401-k or any significant savings. Because of an illness, she was forced to retire early and take reduced Social Security benefits. Her story is not uncommon.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Retirement Preparedness Confidence Hits Historic Low According to Report
Retirement planning seems to be front and center these days with the Department of Labor’s release of its financial fiduciary rule changes last week, tax season deadlines in sight, and the April 11th kick-off of National Retirement Planning Week 2016. The increased focus on retirement planning certainly can only help people better prepare for a financially secure retirement. But if history is any guide, it will take more than that. The latest findings in the Insured Retirement Institute’s (IRI) 6th Annual Report on The Retirement Preparedness of the Boomer Generation shows that Americans today are less prepared and less confident about their prospects for a comfortable retirement than ever before.
Damian Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, April 8, 2016
How Your Social Security Benefit May Be Unfair
Are you happy with Social Security? If you are, bravo. If not, read this discussion of benefit calculations and get angry.
Don’t take my word for it that the payout formulas are screwy. Recently published comment from Eugene Steuerle, budget expert at Urban Institute:
“Social Security spousal and survivor benefits are so peculiarly designed that they would be judged illegal and discriminatory if private pension or retirement plans tried to implement them.”
Don’t take my word for it that the payout formulas are screwy. Recently published comment from Eugene Steuerle, budget expert at Urban Institute:
“Social Security spousal and survivor benefits are so peculiarly designed that they would be judged illegal and discriminatory if private pension or retirement plans tried to implement them.”
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
5 ways to avoid retirement rip-offs
Federal regulators are cracking down on advisers who profit from providing venal advice to retirement savers with new rules that demand that the industry adhere to a so-called fiduciary standard. Officials estimate that imposing this standard, which requires advisers to act in the client's best interest, will ultimately save American consumers $17 billion annually lost to conflicts of interest -- in other words, where the adviser pockets the profit instead of you.
While consumer advocates lauded the soon-to-be-enacted rules on Wednesday, some acknowledged that the battle may not be over. Financial services companies, complaining that the rules are overly burdensome, have threatened to sue. In the past, they've also persuaded members of Congress to throw language into pending legislation to derail the rules.
While consumer advocates lauded the soon-to-be-enacted rules on Wednesday, some acknowledged that the battle may not be over. Financial services companies, complaining that the rules are overly burdensome, have threatened to sue. In the past, they've also persuaded members of Congress to throw language into pending legislation to derail the rules.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, April 6, 2016
The Future is Now: How Late Is Too Late to Start Saving for Retirement?
By now, you've probably read all of the articles that tell you the best time to start saving for retirement is, well, yesterday.
The earlier you start, the more time your investments have to grow.
Compound interest, it's said, is the eighth wonder of the world. Over time, you earn more from the interest on your investments than from the investment itself.
If you put $10,000 away when you are 22 years old, it will grow to be almost $100,000 by the time you are 70 years old, even if you never put another cent in, assuming a conservative 5 percent rate of return.
The earlier you start, the more time your investments have to grow.
Compound interest, it's said, is the eighth wonder of the world. Over time, you earn more from the interest on your investments than from the investment itself.
If you put $10,000 away when you are 22 years old, it will grow to be almost $100,000 by the time you are 70 years old, even if you never put another cent in, assuming a conservative 5 percent rate of return.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Saving for Retirement? The Rulebook Is About to Change
New rules aimed at stockbrokers will have enormous impacts on the way Americans save for retirement.
The rules aren’t coming from the government’s financial regulatory apparatus but from the Labor Department. This week, it is expected to release final regulations that will require brokers getting paid to provide investment guidance on a retirement account to act solely in the best interest of the investor.
Brokers’ recommendations to this point have only had to be “suitable”—a less rigorous standard that critics say has encouraged some advisers to charge excessive fees, favor investments that offer hidden commissions and recommend securities that can be difficult for investors to sell.
The rules aren’t coming from the government’s financial regulatory apparatus but from the Labor Department. This week, it is expected to release final regulations that will require brokers getting paid to provide investment guidance on a retirement account to act solely in the best interest of the investor.
Brokers’ recommendations to this point have only had to be “suitable”—a less rigorous standard that critics say has encouraged some advisers to charge excessive fees, favor investments that offer hidden commissions and recommend securities that can be difficult for investors to sell.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, April 1, 2016
How to Know if You’re Saving Enough for Retirement
As a financial planner, one of the most common questions I am asked is "How much money should I have saved?" or "How far behind am I in saving for retirement?" My answer? It depends.
There's no one size fits all solution when it comes to how much you should have stashed away for your retirement. What you need will differ from those around you. Here's how to track your progress toward saving for retirement:
There's no one size fits all solution when it comes to how much you should have stashed away for your retirement. What you need will differ from those around you. Here's how to track your progress toward saving for retirement:
Damian J. Sylvia
220 Monmouth Road
Oakhurst, NJ 07755
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