Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Showing posts with label Forbes. Show all posts
Showing posts with label Forbes. Show all posts
Monday, October 31, 2016
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?
The Gender Gap In Retirement Savings: Why It's Important And What Employers Can Do
At Financial Finesse, our most recent research report focuses on the significant gender gap that exists in financial wellness. Last year’s discussed how women have a higher risk of running short of retirement funding for a number of reasons, ranging from income inequality to more family-care related work absences and longer lifespans that can mean higher lifetime medical expenses.
This year’s report builds on the findings from the previous report and discusses how millennial women are particularly impacted by the gender gap in financial wellness.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, September 23, 2016
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.
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.
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.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, September 21, 2016
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.
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.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Tuesday, September 20, 2016
Yes, You Can Start A Business In Retirement
Entrepreneurship is often viewed as an elite venture reserved for superstars of Silicon Valley and other risk takers blessed with a rare combination of youth, insight, pluck and luck. So if you’ve toyed with the idea of starting a part-time business in retirement, you might have concluded: Nahhh.
The reality about entrepreneurship, however, is largely a mirror image of the stereotype. Older Americans are actually well suited to join the start-up culture, whether they are pushed into starting a business in retirement (a layoff, age discrimination) or pulled into it (pursuing a dream, wanting to be the boss). And it’s getting easier, as I’ll explain below.
The reality about entrepreneurship, however, is largely a mirror image of the stereotype. Older Americans are actually well suited to join the start-up culture, whether they are pushed into starting a business in retirement (a layoff, age discrimination) or pulled into it (pursuing a dream, wanting to be the boss). And it’s getting easier, as I’ll explain below.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Monday, September 12, 2016
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.
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.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, August 31, 2016
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.
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.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, August 12, 2016
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.
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.
Damian Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Thursday, April 21, 2016
Want To Retire Early? 5 Reasons It May Not Happen For You
Many people seek our financial planning services to get a better handle on their over all financial situation and to better understand what they need to do to better meet their future goals.
A very common goal is to retire early and lead the “easy, good life”! Normal retirement age is defined by Social Security as the full retirement age for those born after 1960 would be age 67. Many of these folks are disappointed to learn that an early retirement may not be in their future and here are the 5 most common reasons:
A very common goal is to retire early and lead the “easy, good life”! Normal retirement age is defined by Social Security as the full retirement age for those born after 1960 would be age 67. Many of these folks are disappointed to learn that an early retirement may not be in their future and here are the 5 most common reasons:
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, April 20, 2016
Two Philosophies of Retirement Income Planning
Within the world of retirement income planning, the siloed nature of financial services between investments and insurance leads to two opposing philosophies about how to build a retirement plan. There is an old saying that if the only tool you have is a hammer, then everything starts to look like a nail. This tendency is alive as those on the investments side tend to view an investment portfolio as a solution for any problem, while those on the insurance side tend to view insurance products as the answer for any financial question.
Damian Sylvia
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, April 13, 2016
Retirement Preparedness Confidence Hits Historic Low According to Report
Retirement planning seems to be front and center these days with the Department of Labor’s release of its financial fiduciary rule changes last week, tax season deadlines in sight, and the April 11th kick-off of National Retirement Planning Week 2016. The increased focus on retirement planning certainly can only help people better prepare for a financially secure retirement. But if history is any guide, it will take more than that. The latest findings in the Insured Retirement Institute’s (IRI) 6th Annual Report on The Retirement Preparedness of the Boomer Generation shows that Americans today are less prepared and less confident about their prospects for a comfortable retirement than ever before.
Damian Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, April 8, 2016
How Your Social Security Benefit May Be Unfair
Are you happy with Social Security? If you are, bravo. If not, read this discussion of benefit calculations and get angry.
Don’t take my word for it that the payout formulas are screwy. Recently published comment from Eugene Steuerle, budget expert at Urban Institute:
“Social Security spousal and survivor benefits are so peculiarly designed that they would be judged illegal and discriminatory if private pension or retirement plans tried to implement them.”
Don’t take my word for it that the payout formulas are screwy. Recently published comment from Eugene Steuerle, budget expert at Urban Institute:
“Social Security spousal and survivor benefits are so peculiarly designed that they would be judged illegal and discriminatory if private pension or retirement plans tried to implement them.”
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, March 11, 2016
Great Places To Follow Your Passions In Retirement In 2016
Do you have a long neglected passion–or a new one–you’re keen to spend more time on during retirement? Then consider choosing a place to retire where you can pursue with gusto the leisure time activities you enjoy the most.
To help you scout out potential locales, Forbes offers a new edition of our chase-your-bliss list: 25 Great Places to Follow Your Passions in Retirement In 2016.
To help you scout out potential locales, Forbes offers a new edition of our chase-your-bliss list: 25 Great Places to Follow Your Passions in Retirement In 2016.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, March 4, 2016
Retirement Crisis: Are We There Yet?
A flurry of studies out in recent days reveal a dramatic split between pre-retirees (nervous, not planning enough, eager for help from their employers) and the retired (things are fabulous for us, mostly).
“It’s a story of two retirements,” said Marcy Keckler, vice president of financial advice strategy at Ameriprise, whose firm released the research report Pay Yourself in Retirement: How Retirees and Pre-Retirees Plan Their Retirement Income, based on its poll of 1,300 Americans between age 55 and 75 with at least $100,000 of investable assets.
“It’s a story of two retirements,” said Marcy Keckler, vice president of financial advice strategy at Ameriprise, whose firm released the research report Pay Yourself in Retirement: How Retirees and Pre-Retirees Plan Their Retirement Income, based on its poll of 1,300 Americans between age 55 and 75 with at least $100,000 of investable assets.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, February 24, 2016
What Americans Are Saving For -- It's Not Retirement
Olivia Wood, a Millennial social media specialist for a community bank in Pennsylvania’s Lehigh Valley, is saving for a trip to Iceland. “I want to be able to travel while I’m young, so I stay ahead of the curve, and always have a little extra for spontaneous trips,” @oliviawood_610 tweeted in a chat promoting America Saves Week. She uses Intuit’s @mint app to help budget and track spending, treats savings as a monthly bill, and sleeps on big purchases. Retirement savings? That’s next on her agenda.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, February 19, 2016
Some Surprisingly Good News About Retirement--Sort Of
The Center for Retirement Research at Boston College isn’t usually the place to go for retirement happy talk. Its National Retirement Risk Index classifies 52% of working age households as at risk of not being able to maintain their living standards when they stop working. Worse, it figures that if all workers had started out with the student debt the Millennials carry, 56% would be at risk.
But a new CRR issue brief reaches a seemingly upbeat conclusion: the vast majority of folks who retire aren’t being pushed out of the workforce by ill health, bad bosses, or age discrimination . Instead, they’re being pulled into retirement by the allure of spending more time with family and on other activities they enjoy.“People are being pulled towards positive things. That’s what keeps people at work or pulls them into retirement,’’ says Steven A. Sass, the CRR economist who wrote the new brief.
But a new CRR issue brief reaches a seemingly upbeat conclusion: the vast majority of folks who retire aren’t being pushed out of the workforce by ill health, bad bosses, or age discrimination . Instead, they’re being pulled into retirement by the allure of spending more time with family and on other activities they enjoy.“People are being pulled towards positive things. That’s what keeps people at work or pulls them into retirement,’’ says Steven A. Sass, the CRR economist who wrote the new brief.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, February 17, 2016
10 Things To Do Within 5 Years Of Retirement
Preparing for retirement is like getting ready for a trip — it never goes quite as planned. But the better the plan, the better the outcome. When things go wrong, you want to have the flexibility to adapt to changing circumstances. You never know what retirement will be like until you get there.
One component of any retirement plan is making a smooth transition by “practicing retirement.” Think of it as a dress rehearsal before you take the big (and often irreversible) step to fully retire.
One component of any retirement plan is making a smooth transition by “practicing retirement.” Think of it as a dress rehearsal before you take the big (and often irreversible) step to fully retire.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, February 12, 2016
7 Financial Goals Every GenXer Should Have
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.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Is The Self-Driving Car In Your 401(k) Setting Your Portfolio Up For A Crash?
By Maggie McGrath and Janet Novack
Some day you may buy an autonomous vehicle. But first you’re likely to spend a good bit of time considering its cost, its safety and whether it fits your lifestyle and even the way you like to drive. Maybe you tend to speed, but the car is programmed to obey the law.
Target date funds are the self-driving cars of the retirement industry. If you’ve got one in your 401(k), do you know how much it’s costing you? How much risk it takes? How it synchs with your own investing preferences and life plans? If you can’t answer (or haven’t asked) those questions, you’ve got lots of company.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
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