Meet the "feel free" retirement spending plan

How much can you safely spend each year from your retirement savings without worrying about running out of money? Do you really have enough money saved for retirement? These are critical questions for older workers and retirees to answer, particularly those who don't have substantial pension benefits and are relying on Social Security, 401(k) balances and IRAs for retirement income.

There's evidence that many people are struggling with these questions. For example, a recent survey showed that more than half of all respondents were too optimistic about a safe withdrawal rate. Almost one-third of were wildly overoptimistic and would spend their savings at a rate that would ensure they would almost surely deplete it during their lifetime.

Continue reading source article here.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755 

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.

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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.

Continue reading source article here. 

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

How much retirement income do you really need?

The common wisdom about how much income Americans need in retirement may not be so wise, according to the U.S. Government Accountability Office.

The GAO, which reviewed 59 studies and reports on retirement income and interviewed retirement services firms and financial planners as part of the study, found that recommended target income replacement rates typically ranged from 70 to 85 percent of your pay just before retirement.

Continue reading source article here.

Damian Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

 

Best and worst U.S. states for retirement

When it comes to deciding where to put down roots for retirement, Americans have an embarrassment of riches within their own borders. From Florida to Arizona to Hawaii, figuring out where to call home is limited only by your desires and your budget.

But how to decide?

In its latest survey, Bankrate.com used six criteria to determine which states are the best and worst for retirees: cost of living, taxes, health care, weather, crime and residents' overall well-being. And the results produced some surprises.

Continue reading source article here.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

How to hike your guaranteed lifetime retirement income

One of the most difficult retirement planning challenges is dealing with the uncertainty of how long you might live. You just don't know whether you'll make it to age 75, 85 or 95. That's why it's smart to develop sources of retirement incomethat guarantee to pay you no matter how long you live, such as Social Security, a pension or an annuity from an insurance company.

The trouble is, many people haven't earned a significant pension from their employer, and many retirees don't buy annuities from insurance companies. That leaves you with just one option: maxing your Social Security benefits, which you can do by delaying the start of benefits. For each month you delay, your monthly retirement income rises, but that increase stops at age 70, after which you receive no additional credits for delaying your benefits.

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

Will retirement make you happier?

"We find strong evidence that retirement improves both health and life satisfaction." This provocative line came from the summary of a recent National Bureau of Economic Research (NBER) working paper produced by researchers at George Mason University and Utah State University.

If you're of retirement age and on the fence about pulling the trigger on your retirement application, digging into this topic a little deeper is a good use of your time. You'll want to consider your unique life goals and circumstances, and not be influenced too much by studies that report averages over a broad population.

Continue reading article at CBSnews.com. 

Damian Sylvia

Retirement Income Solutions

220 Monmouth Road

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

Retirement Myth #1: I Can Wait Until I’m Earning More To Save For Retirement

The reality is if you start later in your working career you will need to save more money than if you had started younger.

The key years for saving have passed you by if you start in your 40s. Your best income producing years may still lie ahead but at 40 you have many more demands on your income compared to your 20s. You could have kids needing braces, college tuition. You may have kids from a first marriage. Then there is really no money left over for retirement savings.

Continue reading source article at CBSnews.com.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

 

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

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