Are Millennials Heading For A Retirement Crisis, Too?

We’ve heard over and over that many boomers will face a retirement crisis (if they haven’t already). But if you’re a boomer parent, you’re probably wondering: Will my kids’ generation, the Millennials, face one, too?

Of course, it’s way to early to say for sure either way. After all, these 83.1 million Americans are only 19 to 35. But based on the Wells Fargo Millennial Study released today and other data I’ve reviewed, I’d say that quite a few Millennials just may be heading towards a retirement crisis.

The good news: Unlike the boomers, Gen Y has enough time to reverse course.

Continue reading source article here.

Damian Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

7 Financial Goals Every GenXer Should Have

GenX – or more formally, Generation X – is that group of people who were born between 1965 (the first year after the Baby Boom ended), and approximately 1980.

That means that the leading edge of GenX is turning 50 this year, and most of the rest are somewhere north of 35. GenXers – welcome to middle age!

At this point in life you should establish clear financial goals. And if you have already set them, now might be the prime time to hit the fast-forward button on them.

This is the time in life when people generally make the most financial progress in their lives.

Continue reading source article here. 

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

Divorcing Women: How Much Do You Know About Your Husband's Retirement?

Achieving a secure retirement should be a primary financial goal for all adults. Ideally, married couples work as a team to plan for their retirement, invest and save according to strategies they discuss openly with each other and their financial and tax advisors, and check in on a regular basis to make adjustments as needed.

In the real world, though, things often work quite differently –and not nearly as well.

Fidelity Investments recently published the 2015 edition of its online biennial Couples Study, analyzing the retirement and financial expectations and preparedness of 1,051 committed couples (at least 25 years old, and with a minimum annual household income of $75,000 or at least $100,000 in investible assets).

Continue reading source article here. 

Damian Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

Your Retirement Checklist for Every Age

It's never too late—or too early—to start planning for your eventual retirement. The Adventist HealthCare Retirement Plan, along with human capital and management consulting services provider Hewitt Associates, has compiled a list of retirement strategy steps people should take in each decade of adulthood, from their 20s to their 60s.

Continue reading source article here.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755 

How Your Retirement Account Balance Compares to Your Peers

Your age often dictates your retirement saving priorities. In your 20s and 30s, you need to get some money into a retirement account so that it can start growing on your behalf. Once you have accumulated a significant nest egg, it becomes increasingly important to protect what you've got. And after you retire, you need to sensibly draw down your assets so that your nest egg lasts the rest of your life. Here are some strategies to give your retirement finances a boost at each stage of your life.

Continue reading source article here.

Damian Sylvia

Retirement Income Solutions

220 Oakhurst, NJ 07755 

How do you define retirement?

Everyone knows what retirement means, right? Well, according to the 16th Annual Transamerica Retirement Survey, it turns out that people define retirement differently. In prior generations, when someone told you they were retired or plan to retire, it meant they weren't working at all. But that's no longer the case.

Continue reading the source article at CBSnews.com.

Damian J. Sylvia

Managing Partner

Retirement Income Solutions

Three Reasons Why Women Should Lead Household Retirement Planning

It's high season for nuptials, and newlyweds-to-be are better focused on wedding plans than retirement plans. Fair enough. But there’s an additional, important vow for new husbands to consider post-honeymoon: Thou shalt look to thy wife to drive retirement planning.

If that sound sexist, it’s not. In many cases, it’s just smart financial planning, given a few key retirement facts:

Continue reading the source article at Bloomberg.com.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road,

Oakhurst, NJ 07755

Here’s the Unsettling Truth About the Retirement Crisis

It all depends on whether you're on the right side of the retirement divide.

It’s late spring, and retirement surveys are falling like so many cherry blossoms from the trees. Some of the results are profoundly grim, especially for Gen Xers. In one survey, 67% of Gen X respondents felt that the targets for how much you need to retire are way out of reach. Meanwhile, another survey, this one from Transamerica, found that 37% of workers expect one source of income in retirement to be…working.

Continue reading the source article at Time.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions

10 Ways to Fund Your Retirement

Most workers depend on the steady paychecks they receive from a single job. But retirees often have multiple sources of income, including Social Security, pension payments, withdrawals from retirement accounts or other investments and sometimes even income from a part-time job, according to a recent Gallup poll of 1,015 adults, including 652 workers and 363 retirees. Setting up several sources of retirement funds can give you extra security in retirement. Here are 10 ways you can pay for retirement.

Continue reading source article at USnews.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions

Heartbreaking Reasons To Save Outside Of A 401k, 403b, Or IRA For Retirement

An advisor friend recently shared two frightening withdrawal requests from retired clients. The first was an $85,000 call for funds to cover rehab costs for an adult child. The lethal combination of depression and alcohol abuse contributed to suicidal thoughts, an inconsistent medication schedule, and a trail of hospital stays and doctor visits. The center treating this individual is among the few that address both mental health issues and addiction, which comes with a hefty price tag.

Continue reading article at Forbes.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions

Retirement: The payoffs of an active lifestyle

Some people are planning ahead for their physical fitness in retirement just like they plan for their financial fitness, says one of the country's top national diet and exercise experts. And that's as it should be, he says.

If you start a few years before retirement, says James Hill, executive director of the the University of Colorado Anschutz Health and Wellness Center in Aurora, Colo., you'll be ready to go when you do retire; most people can make a lot of progress toward getting in better shape in a matter of a few months.

Continue reading article on USAToday.com

Damian Sylvia

Managing Partner

Retirement Income Solutions, LLC

Generations Confess Retirement Fears

A common stereotype about baby boomers and retirement might need some tweaking. This is the commonly held view that the “me” generation puts a very high priority on being able to retire whenever they want. Some are said to make it their highest financial priority. It is said that a lot of retirement planning for this generation spins around that goal.

But new Harris Poll sponsored by the Million Dollar Round Table (MDRT) found that it is Generation X, not the boomers, who are most concerned about not being able to retire when they want. The December survey sampled the views of more than 2,000 adults.

Continue reading article here.

Damian Sylvia

Managing Partner

Retirement Income Solutions