3 Retirement Lifestyle Mistakes to Avoid

New retirees are often eager to vacation and enjoy some of the wealth they have been accumulating for decades. There can be a huge temptation to buy a vacation home or timeshare in a fun location, since you finally have time to relax. Some retirees also make large recreational purchases, such as a boat or RV. But expensive purchases at the beginning of retirement can turn out to be a big mistake that puts a strain on your finances for years to come. These three consumer trophies can quickly turn out to be landmines, and there are often other ways to achieve a similar experience for a lower cost.

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

Why so many boomers need a retirement reality check

Many baby boomers have expectations for their retirement years that their financial and employment circumstances don't support, nor does the experience of recent retirees. That's one of many conclusions from a recent study conducted by the Transamerica Center for Retirement Studies. It surveyed more than 4,000 workers age 50-plus and over 2,000 recent retirees, then compared the results to gain useful insights for boomers approaching retirement.

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

Retirement advice from a Boomer to a Millennial

I'm in my early 60s and fortunately will be able to retire soon. But I work with a lot of young people who just don't get how important it is start planning early for retirement. They don't even seem to know where to start. I'd like to help them better prepare -- do you have any advice? --Jeff M.

I applaud you for wanting to help your colleagues in their 20s and early 30s, but let's not be too quick to assume they're clueless about retirement. The latest Allstate/National Journal Heartland Monitor Poll did find that young workers are more concerned with immediate needs like paying off student debt and building an emergency fund than retirement. But a new T. Rowe Price study also reports that saving for retirement is important to Millennials and that they're actually doing a pretty good job of balancing current obligations with preparing for retirement.

Continue reading source article here. 

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

What's Wrong With Our Retirement System And What We Can Do About It

What’s wrong? As the Baby Boom moves into retirement, confidence in our retirement system is waning, for good reason. Plan sponsors, including public and private employers, are rapidly freezing their defined benefit plans—those that promise a guaranteed level of income in retirement—by closing the plans to new hires or stopping current employees from earning additional benefits.

When legally permitted to do so, some plan sponsors are even cutting back benefits employees have already earned. Municipal pension cutbacks growing out of the Detroit bankruptcy offer one recent example where previously earned benefits already have been cut. Congress provided another example late last year when it authorized severely underfunded multiemployer pension plans to reduce previously earned benefits of collectively-bargained employees. Meanwhile, Washington is awash in proposals to cut back, tax away, or means test Social Security old-age benefits whenever a political opening makes that feasible.

Continue reading source article here.

Damian 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

Traditional retirement possibly becoming a thing of the past

It may be time to redefine retirement.

A new survey of American workers from the Transamerica Center for Retirement Studies found that 82% of the respondents age 60 and older either are, or expect to keep working past the age of 65. Among all workers, regardless of age, 20% expect to keep on working as long as possible in their current job or a similar one.

Continue reading the source article at USAtoday.com.

Damian Sylvia

Managing Partner, 

Retirement Income Solutions

 

How much do you need to save for retirement?

Not everybody has a clear idea of how to handle their retirement money. According to an assessment of retirement readiness from Voya Financial, nearly 50 percent of workers have saved less than $49,000 and 60 percent say they're worried about running out of money.

Continue reading article on CBSnews.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions

The 3 Secrets to Maxing out Social Security Spousal Benefits

When it comes to social security there are many combinations available. If you need help planning for social security, contact my office at 732-508-6044.

To review a few different scenarios highlighted on TimeMagazine.com, click here.

Damian J. Sylvia
Managing Partner
Retirement Income Solutions