Saving for retirement? Here’s what you need to do in 2016

With the stock markets notching their worst-ever start for a new year, what should folks saving for retirement and those living in retirement do in the coming year? Our experts offer some practical advice for retirees and preretirees about staying healthy, staying in the workforce and staying on top of Social Security policy.

Stay healthy, my friend. Susann Rohwedder, a senior economist at the RAND Corp. and the associate director of the RAND Center for the Study of Aging, said her research is revealing the importance of health as a driver of so many things, including the timing of retirement and economic resources in retirement; subjective well-being, that is satisfaction with life as a whole and several other domains of well-being, including experienced well-being; the risk of future health shocks; and life-expectancy.

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Damian J. Sylvia

220 Monmouth Road

Oakhurst, NJ 07755

How Retirement Benefits Will Change in 2016

While a new type of retirement account will emerge, several Social Security claiming options will soon disappear.

Retirement savers will get the option to participate in a new type of retirement account next year, the myRA. There will also be fewer Social Security claiming options for married couples and a small Medicare premium increase for some beneficiaries. Here are some of the important ways retirement benefits will change in 2016.

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755