Specifically, 43 percent of single men and 42 percent of single women have retirement account savings, compared with 65 percent of married couples.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Showing posts with label CNBC. Show all posts
Showing posts with label CNBC. Show all posts
Tuesday, September 20, 2016
Here's How Much The Average Single Person Saved For Retirement
"Even among those approaching retirement (age 56-61), most single men and women do not have any retirement account savings," the Economic Policy Institute (EPI) reported.
Specifically, 43 percent of single men and 42 percent of single women have retirement account savings, compared with 65 percent of married couples.
Specifically, 43 percent of single men and 42 percent of single women have retirement account savings, compared with 65 percent of married couples.
Friday, September 16, 2016
Not your grandma's retirement home: Check out this luxe living
Jeff and Sharon Kay Brown are not retired yet, but they moved into an active adult community in Broomfield, Colorado, just outside Denver, less than a year ago. After living in several different cities over the years, they wanted a social atmosphere with people their own age, but they didn't want to skimp on the luxuries.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, March 18, 2016
3 steps to avoid running out of money in retirement
The majority of Americans don't think they are saving enough and are worried their savings won't last as long as they do.
Only 31 percent of workers who participate in an employer-sponsored retirement plan, such as a 401(k), 403(b) or 457, are "extremely confident" or "very confident" that they will not outlive their money — and the rest aren't so sure, according to a new survey by BlackRock.
Only 31 percent of workers who participate in an employer-sponsored retirement plan, such as a 401(k), 403(b) or 457, are "extremely confident" or "very confident" that they will not outlive their money — and the rest aren't so sure, according to a new survey by BlackRock.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, January 27, 2016
Be honest: Are you saving enough for retirement?
Perhaps the market turmoil has you rattled, or you made a New Year's resolution to clean up your finances. Or new projections about rising health-care costs have you jittery about making your savings last.
Whatever your reason, January is an excellent time to take stock of your savings behavior and make sure you are socking away enough for retirement.
Whatever your reason, January is an excellent time to take stock of your savings behavior and make sure you are socking away enough for retirement.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, November 13, 2015
Retirement options dwindle, and states step in. But should they?
Whether it's the reality of living paycheck-to-paycheck, or just plain procrastination, more than a third of all Americans say they have nothing saved for retirement.
With fewer companies offering pension plans, and the number of companies offering employees 401(K) programs decline, more and more workers could find themselves on their own in their golden years. Less than half of private sector workers have access to retirement plans at their workplace, a state of affairs that is making state governments step in.
With fewer companies offering pension plans, and the number of companies offering employees 401(K) programs decline, more and more workers could find themselves on their own in their golden years. Less than half of private sector workers have access to retirement plans at their workplace, a state of affairs that is making state governments step in.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, October 21, 2015
Retirement strategies based on birthday? Start savings now
Despite warnings to the contrary, many Americans aren't saving for retirement. About half of households age 55 and older have no retirement savings, according to a May report by the Government Accountability office.
But for employees being blasted with open enrollment information this October, it's never too soon to start. When it comes to retirement, it's all about the time value of money, Matt Sommer of Janus Capital Group told CNBC's "Power Lunch" Tuesday.
Continue reading article here.
But for employees being blasted with open enrollment information this October, it's never too soon to start. When it comes to retirement, it's all about the time value of money, Matt Sommer of Janus Capital Group told CNBC's "Power Lunch" Tuesday.
Continue reading article here.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Thursday, September 3, 2015
4 mistakes that could ruin your retirement
Considering the stock market's wild swings over the last two weeks, some investors may be a bit queasy. Those who are newly retired or near retirement may be tempted to cash out of stocks or adjust their portfolio so that it is mostly invested in bonds. That could be a big mistake.
That's one of a few mistakes that can derail your retirement plans.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, August 14, 2015
The biggest Social Security mistake women make
Is 62 too young to claim for women to claim Social Security?
That is the age at which both women and men are allowed to claim, and sure enough, 40.8 percent of the women who were newly awarded Social Security retirement benefits in 2014 were aged 62. Some 65 percent were below their full retirement age, typically 66. And just 2.8 percent of the women were 70 or older, the age at which they receive their maximum Social Security retirement benefits, according to Social Security Administration data.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
That is the age at which both women and men are allowed to claim, and sure enough, 40.8 percent of the women who were newly awarded Social Security retirement benefits in 2014 were aged 62. Some 65 percent were below their full retirement age, typically 66. And just 2.8 percent of the women were 70 or older, the age at which they receive their maximum Social Security retirement benefits, according to Social Security Administration data.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Monday, August 3, 2015
More American savers skimp on retirement plans
Americans are saving more, just not in their employer-sponsored retirement plans, according to a new analysis by retirement market researcher Hearts & Wallets.
Average annual household savings increased almost a full percentage point to 5.5 percent last year, up from 4.6 percent in 2013, based on Hearts & Wallets' annual survey of 5,500 U.S. households. (The personal savings rate this May was 5.1 percent, according to the latest release from the Federal Reserve Bank in St. Louis.) But the percentage of household savings that went into employer-sponsored retirements plans like 401(k)s fell 7 percentage points to 22 percent in 2014, and households participating in employer-sponsored plans declined to 56 percent last year from 60 percent in 2013.
Average annual household savings increased almost a full percentage point to 5.5 percent last year, up from 4.6 percent in 2013, based on Hearts & Wallets' annual survey of 5,500 U.S. households. (The personal savings rate this May was 5.1 percent, according to the latest release from the Federal Reserve Bank in St. Louis.) But the percentage of household savings that went into employer-sponsored retirements plans like 401(k)s fell 7 percentage points to 22 percent in 2014, and households participating in employer-sponsored plans declined to 56 percent last year from 60 percent in 2013.
Damian Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Thursday, July 2, 2015
Stop your grown kids from ruining your retirement
If you are in your 50s or 60s and are still caring for your kids financially, you really need to start caring for yourself—or you may never be able to afford to retire.
A recent study found more than half of parents who are supporting adult children are "extremely concerned" about saving enough for retirement.
A recent study found more than half of parents who are supporting adult children are "extremely concerned" about saving enough for retirement.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ
07755
Thursday, May 28, 2015
Save for college without hurting your retirement
Struggling to figure out how they'll pay for rising college costs, some parents are willing to dip into their retirement savings and delay retirement but may not realize that in doing so they may be jeopardizing their own financial security.
Some parents may not mind delaying retirement or may believe that using their retirement fund is the best alternative to help their child pay for college. More than half of parents recently surveyed by T.Rowe Price agreed that they'd rather dip into their retirement savings than have their child take out student loans. Parents worry about the long-term impact of student loan debt. Two out of five parents who used student loans to pay for their own college education said their payments have impacted their ability to save for retirement, according to that survey.
Some parents may not mind delaying retirement or may believe that using their retirement fund is the best alternative to help their child pay for college. More than half of parents recently surveyed by T.Rowe Price agreed that they'd rather dip into their retirement savings than have their child take out student loans. Parents worry about the long-term impact of student loan debt. Two out of five parents who used student loans to pay for their own college education said their payments have impacted their ability to save for retirement, according to that survey.
Damian J. Sylvia
Managing Partner
Retirement Income Solutions
220 Monmouth Rd
2nd Floor
Oakhurst, NJ 07755
Thursday, May 21, 2015
Worried About Outliving Retirement Funds? Consider This
If you're worried about outliving your retirement savings, you're not alone. Research shows it's a top concern for many Americans.
In a recent survey, financial advisors noted that health-care costs, market fluctuations and potential lifestyle expenses caused clients the most stress about running out of money. To alleviate those fears, many financial advisors suggest annuities as a way to ensure that clients have a stable stream of income during retirement.
In a recent survey, financial advisors noted that health-care costs, market fluctuations and potential lifestyle expenses caused clients the most stress about running out of money. To alleviate those fears, many financial advisors suggest annuities as a way to ensure that clients have a stable stream of income during retirement.
Damian J. Sylvia
Retirement Income Solutions
Thursday, May 14, 2015
Consider using your home to fund retirement plans
The idea of staying in the family home may be a comforting thought for people heading into retirement, but for many Americans it's probably a bad idea.
The median two-person household entering retirement has a net worth of a just over $300,000, with a home—or equity in one—representing more than half of their assets, according to the latest University of Michigan Health and Retirement Study, conducted in 2010.
The median two-person household entering retirement has a net worth of a just over $300,000, with a home—or equity in one—representing more than half of their assets, according to the latest University of Michigan Health and Retirement Study, conducted in 2010.
Damian Sylvia
Managing Partner
Retirement Income Solutions
Thursday, May 7, 2015
Are you emotionally prepared to handle retirement?
Fill in the blank: "When I retire, I hope to __________."
Many of us have grand ideas of trips we will take, groups or clubs we will join, home projects we will tackle or new hobbies we will take on. We look to retirement as a time to finally do all the things we've always hoped to do but never had the time to accomplish.
Many of us have grand ideas of trips we will take, groups or clubs we will join, home projects we will tackle or new hobbies we will take on. We look to retirement as a time to finally do all the things we've always hoped to do but never had the time to accomplish.
Damian Sylvia
Managing Partner
Retirement Income Solutions
Saturday, May 2, 2015
4 ways to outlive your retirement savings
If you can work longer, for many people that will be a more palatable solution than saving a crazy percentage of your salary," Webb said.
Working longer also allows you to wait to claim Social Security retirement benefits.
Typically, the longer you wait to claim benefits, the bigger your monthly payments will be, up until age 70. Those who claim benefits at age 70 get a whopping 76 percent more per month than they would if they began drawing benefits at age 62, according to the book "Falling Short: The Coming Retirement Crisis and What to Do About It."
Damian Sylvia
Managing Partner
Retirement Income Solutions
Sunday, April 19, 2015
For millions, 401(k) plans have fallen short
You need to know this number: $18,433.
That's the median amount in a 401(k) savings account, according to a recent report by the Employee Benefit Research Institute. Almost 40 percent of employees have less than $10,000, even as the proportion of companies offering alternatives like defined benefit pensions continues to drop.
Damian Sylvia
Managing Partner
Retirement Income Solutions
Thursday, April 2, 2015
How much should you really set aside for retirement?
It's true that many Americans are ill-prepared for retirement, but the situation isn't as dire as some may think.
About half of U.S. workers are actually on track to retire comfortably, according to research from the Center for Retirement Research at Boston College. What are they doing right?
About half of U.S. workers are actually on track to retire comfortably, according to research from the Center for Retirement Research at Boston College. What are they doing right?
Damian J. Sylvia
Managing Partner
Retirement Income Solutions
Thursday, March 26, 2015
Why post-retirement planning is harder than ever
You have heard the exhortations to save, save, save. Perhaps you have even managed to sock away a decent retirement nest egg. If so, good for you.
But do you have a plan for how to draw down that money?
For millions of Americans, the answer is no. While 401(k) plans usually offer a defined array of investment choices, online tools and other guidance, there is no such system in place for when workers retire.
But do you have a plan for how to draw down that money?
For millions of Americans, the answer is no. While 401(k) plans usually offer a defined array of investment choices, online tools and other guidance, there is no such system in place for when workers retire.
Damian J. Sylvia
Managing Partner
Retirement Income Solutions
Sunday, March 22, 2015
The Best Way To Invest For Retirement
Turn on CNBC for two minutes and it’s easy to believe you need to stop everything and invest in the hot stocks the “experts” are recommending and get out — NOW! — of the ones they’re bearish about.
Chris Minnucci, author of the ironically titled The Death of Buy and Hold: How Not to Outlive Your Money — Investing for, and in, Retirement, says do so at your own peril.
Chris Minnucci, author of the ironically titled The Death of Buy and Hold: How Not to Outlive Your Money — Investing for, and in, Retirement, says do so at your own peril.
Damian Sylvia
Managing Partner
Retirement Income Solutions
Thursday, February 26, 2015
Is it ever a good idea to tap into your 401(k) early?
Your retirement savings are intended (obviously) for retirement, but what if you need them now? The IRS offers some provisions for withdrawing savings from an IRA or 401(k) before retirement age without incurring a penalty—and President Barack Obama recently added another hardship option in his budget proposal. But that doesn't mean it's a wise move.
A new white paper from the Center for Retirement Research at Boston College estimates that about 1.5 percent of assets "leak" out of 401(k)s and IRAs each year, on average, through early withdrawals, cash-outs or loans.
A new white paper from the Center for Retirement Research at Boston College estimates that about 1.5 percent of assets "leak" out of 401(k)s and IRAs each year, on average, through early withdrawals, cash-outs or loans.
Damian J. Sylvia
Retirement Income Solutions
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