Damian Sylvia - 8 Ways the Government Can Cut Your Social Security Benefit

There's arguably no program more important to citizens during retirement than Social Security. Though Medicare's importance is growing over time, no social program tops the guaranteed monthly payout that nearly all seniors receive from Social Security in retirement. And 62% of aged beneficiaries lean on this benefit to provide at least half of their monthly income.

However, the federal government through policy action can alter Social Security income. Some actions could raise additional revenue for the program, ultimately buoying or even lifting scheduled payouts. Meanwhile, others are aimed at cutting long-term program expenditures and, in many cases, reducing monthly and/or lifetime benefits.

Read full article on The Motley Fool here. 

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

Trick Questions To Ask Before Retirement

Time and time again, people perceive retirement as a financial goal and objective rather than personal one. That causes people to focus on financial questions and answers such as, how much money do I need… how much can I withdrawal…and how long will it last?

Continue reading source article here. 

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

5 ways a reverse mortgage can help your retirement

The old notion that reverse mortgages should only be taken out as a last resort simply is no longer true today. In fact, I believe there are five ways reverse mortgages can improve your retirement income plan.

First, a definition: A reverse mortgage is a way to convert home equity from your primary residence into a usable resource if you are at least 62. It is truly a mortgage in reverse. The lender provides a benefit based on the amount of equity you have in the home. Unlike a traditional mortgage, payback is optional. But you do need to make timely payments of property taxes and homeowners insurance.

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

 

The biggest surprises I found in retirement

What’s the biggest surprise about retirement?

I get that question a lot. I retired in September 2015 after 33 years with The Wall Street Journal, the final decade of which I spent editing, and writing for, Encore, the Journal’s guide to retirement planning and living. As such, I didn’t expect many, if any, surprises in my first year outside the office.

So much for expectations.

Continue reading source article here.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

 

71 percent of Americans aren’t saving enough for retirement

The trend is the same, but it seems the numbers are getting worse.

Seventy-one percent of Americans say they do not have enough retirement savings, according to a new national survey commissioned by Experian in collaboration with Get Rich Slowly (getrichslowly.org).

Especially worrisome: More than half of those surveyed, 54 percent, believe they will never pay off their debt fully.

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Damian J. Sylvia

220 Monmouth Road

Oakhurst, NJ 07755 

Dealing With Retirement's Strange Sense of Humor

Retirement’s a funny thing… if you understand its weird sense of humor. People often enter retirement with one set of ideas and perceptions but they can quickly change when retirement pulls out many of its gags. For those who can catch on and learn to accept its ironic and sometimes cynical lessons, they transition with a smile and glass half full attitude. While those who miss the punch line can feel mocked, out-of-sorts, and even regret their decision to call it quits. Here’s a short list of cruel jokes that retirement may throw at you.

Continue reading the source article here.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755 

Three Ways To Save A Lot More For Retirement

Unlike the great American gymnast Simone Biles, you don’t need to do flying somersaults to be good at retirement savings. There are already tools available for what you need to do.

As the U.S. economy continues to improve, retirement savers are pumping more money into their long-term savings. Some 21 percent of Americans surveyed, according to a recent bankrate.com report, say they are saving more for retirement—the highest level over the past five years.

Continue reading source article here.

Damian J. Sylvia

Retirement  Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

Retirement Or College Funding? What To Do Now

For millions of American families, one of the most vexing financial questions is: Should I save for retirement or fund college? Can we do both?

The question is not an easy one, because of course, you need to do both. Yet the right answer is often a simple one when you consider the financial liability of choosing one over the other.

Continue reading source article here.

Damian J. Sylvia

Retirement Income Solutions 

220 Monmouth Road

Oakhurst, NJ 07755

You're Going to Work Well Into Your Retirement

Get used to working: you're going to have to do so for much longer than you'd imagined if you're ever going to retire.

As the folks at Bankrate.com discovered in a recent survey, 70% of non-retired Americans plan to work as long as possible during retirement. Only 25% say they have no plans to work during retirement. Of those who plan to work as long as possible during retirement, 38% are planning to work because they like to work, 35% need the money and 27% say it's a mix of both.

Continue reading source article here.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

Top 7 hacks for saving more for retirement

Worrying about having enough retirement savings can keep you up at night. If you've barely put anything away, it's easy to panic or give up on saving altogether. But there's a third option: You can find ways to funnel a few extra bucks into your 401(k) account or your IRA. If you're ready to put more effort into saving, here are seven easy ways to fill your retirement accounts.

Continue reading source article here.

Damian Sylvia 

Retirement Income Solutions 

220 Monmouth Road

Oakhurst, NJ 07755 

Ask Larry: ​I Got Hit By Deeming. Can I Undo The Damage?

Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits.

Today’s column examines examines the deeming provision, by which you might be deemed to file for both your spousal and your retirement benefit, spousal and widow(er)’s benefits and other topics.

You can submit a question by clicking on the link below. Questions submitted to Ask Larry are answered by Social Security experts.

Continue reading source article here. 

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

Is your retirement ready for a natural disaster?

Retirement planning is most often defined as achieving financial security against a backdrop of long lazy days enjoying sun, sea and sand. Unfortunately, finances are only one element of safety and security in retirement. The recent torrential rains targeting the Gulf Coast, particularly Louisiana, have resulted in six deaths and nearly 20,000 people being rescued from the flood waters, putting weather-related disasters back in the news. If you are retired and such an unfortunate event happens, are you prepared?

Continue reading the source article here. 

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

Should You Plan On Your Retirement Lasting 30 Years Or 40?

The 4% rule has a planning horizon of thirty years. As I mentioned during the discussion of the PMT formula, different time horizons suggest different spending rates. An eighty-five-year old is not necessarily limited to a 4% spending rate.

The 4% rule gets its name from its suggested spending rate for the first year of retirement. Beyond that, the spending rate evolves as inflation guides future spending and portfolio returns guide the amount of remaining financial assets.

Continue reading source article here.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

4 Numbers That Help You Plan for a Secure Retirement

Try these rules of thumb for your retirement nest egg.

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Damian J. Sylvia
Retirement Income Solution
220 Monmouth Road
Oakhurst, NJ 07755

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

10 Tips to Live Rich While Saving for Retirement

Planning for your financial future while living a full and rich life is a juggling act. Between the financial demands of mortgage payments, kids' activity fees, the car payment and, of course, trying to save for retirement, sometimes the here and now can get lost.

The sad fact is that many people compromise things they truly value, like spending time with the people they care about, out of fear they will come up short one day, says Mark Ciucci, senior vice president of advice at United Capital, a financial advisory firm in Newport Beach, California.

Continue reading source article here. 

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

Buckle up: It's Not Your Father's Retirement

It is something you should be planning for decades, reaching your Golden Years -- the day on which you leave the workforce and have enough financial resources to last for the rest of your lifetime. However, they may not be as close as they appear. As today many Americans are working later into their 60s and 70s – while some are concerned they may never be able to retire.

Continue reading source article here.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

Quick Way to Give Your Retirement Portfolio a Midyear Checkup

Answer these three questions, and you'll be good to go.

Wimbledon is over, the All-Star game’s history and Brexit hysteria seems to be winding down. Which leaves you with a short window before the arrival of the next bigsummer event—the Olympic games—to perform a quick midyear checkup to ensure your retirement plan is on track. Answering these three key questions will allow you to do just that.

Continue reading article here.

Damian Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

Guess how expensive teacher retirement costs are

According to new data from the Bureau of Labor Statistics, teacher retirement costs are at an all-time high.

As of March 2016, retired public school teachers receive $6.67 per hour worked during their careers. Compare that to March 2006, when they received less than half that amount: $3.26 per hour worked.

Continue reading source article here.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

Millennials challenged by funding modern retirement

Today's 20-somethings face some challenging dilemmas when it comes to saving for retirement.

Not only must they fund their own retirements due to the near evaporation of company pensions, they also are saddled with more student-loan debt, stagnant wages and higher living expenses compared to a generation ago. And at the same time — in another departure from their parents' and grandparents' experience at the same age — they want to ... well, spend more time enjoying life.

Continue reading source article here.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755