Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Showing posts with label Fox Business. Show all posts
Showing posts with label Fox Business. Show all posts
Friday, July 29, 2016
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.
Wednesday, April 13, 2016
One in Three Americans Have Nothing Saved for Retirement
Nothing was more important to Winnie than her young children. The married mother of three took care of their needs but seldom took care of her own. As Winnie neared retirement, she divorced her spouse without a pension, 401-k or any significant savings. Because of an illness, she was forced to retire early and take reduced Social Security benefits. Her story is not uncommon.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, February 26, 2016
Debunking the Myths of How Millennials Save for Retirement
“First of all, Millennials are just so important, from a retirement and a savings perspective… all they know really is DC (defined contribution) plans like 401(K)s, and that means that they own the outcomes, so we have to get it right, we have to help them make retirement work and that is why we dedicated this survey to them,” Fredrik Axsater, State Street Head of Defined Contribution explained to the FOX Business Network’s Maria Bartiromo.
Damian J. Sylvia
220 Monmouth Road
Oakhurst, NJ 07755
Tuesday, July 7, 2015
Pay Off All my Debt With My Retirement Money?
Dear Liz, My wife and I no longer work. She is 57 and I am 55. We have retirement income of about $90,000 in military and Department of Defense pensions. We have several Roth IRAs and some mutual funds. I have a 403(b) with $75,000. Is it wise to tap retirement accounts to clear off a credit card and pay my car off early to get out of debt? I owe $17,000 on it at 4.2% interest. -- Jeff
Dear Jeff, It rarely makes sense to prematurely tap a retirement account to pay off debt. It usually is much better to use savings or cash in nonretirement assets.
Withdrawals from your 403(b) retirement plan would trigger income taxes that would eat up at least a quarter of what you pulled out. While you wouldn't be subject to the 10% federal penalty because you are 55 and separated from your employer, you'd still wind up paying income taxes equal to your federal and state tax brackets. If you were in the 25% federal bracket, for example, a $20,000 withdrawal would trigger at least $5,000 in income tax (plus whatever your state charges).
Dear Jeff, It rarely makes sense to prematurely tap a retirement account to pay off debt. It usually is much better to use savings or cash in nonretirement assets.
Withdrawals from your 403(b) retirement plan would trigger income taxes that would eat up at least a quarter of what you pulled out. While you wouldn't be subject to the 10% federal penalty because you are 55 and separated from your employer, you'd still wind up paying income taxes equal to your federal and state tax brackets. If you were in the 25% federal bracket, for example, a $20,000 withdrawal would trigger at least $5,000 in income tax (plus whatever your state charges).
Damian Sylvia
Retirement Income Solutions
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