The real reason many millennials aren’t saving for retirement

Millennials are oft-maligned as a flighty, entitled generation saddled with debt and too obsessed with food and travel to worry about saving for retirement. But that doesn’t match the reality.

Young people are just as likely — or even more likely — than other generations to sock their money away. And new research points to one major reason more 20- and 30-somethings aren’t creating a nest egg, even if they might want to.

Continue reading source article here.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

 

7 Financial Goals Every GenXer Should Have

GenX – or more formally, Generation X – is that group of people who were born between 1965 (the first year after the Baby Boom ended), and approximately 1980.

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.

Continue reading source article here. 

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

How Does Your Student Loan Debt Threaten Your Retirement?

What if members of working-age households had been burdened with the same level of student loan debt as students leaving college today?

That’s the question modeled by researchers in a new study that concludes significantly more households would be running the risk of not having enough income during retirement.

Researchers Alicia H. Munnell, Wenliang Hou and Anthony Webb at the Center for Retirement Research at Boston College asked, “Will the Explosion of Student Debt Widen the Retirement Security Gap?”

The answer was a resounding yes. If working-age households had started out with today’s student loan debt levels, an index measuring the risk of not having enough income for retirement would now be at 56.2 percent, instead of 51.6 percent.

Continue reading source article.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755 

Green Retirement Communities Are Sprouting

Is “green” living important to you? If you’re a boomer or GenX’er, the answer is likely “yes,” and interest in environmental sustainability is increasing. That’s why some forward-thinking retirement communities are offering residents everything from greener buildings to energy-efficient lighting to community gardens. And some towns are putting a focus on walkability.

According to AARP surveys, such measures are important to a large segment of older Americans. Its 2014 House and Community Preferences of the 45+ Population survey, for example, found that 61% of respondents valued their community being “easy to walk,” with those over 65 most appreciating walkability. Roughly 30% wanted their community to be near transit with an equal portion wanting to be close to a park.

Continue reading article here.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755 

How Your Retirement Account Balance Compares to Your Peers

Your age often dictates your retirement saving priorities. In your 20s and 30s, you need to get some money into a retirement account so that it can start growing on your behalf. Once you have accumulated a significant nest egg, it becomes increasingly important to protect what you've got. And after you retire, you need to sensibly draw down your assets so that your nest egg lasts the rest of your life. Here are some strategies to give your retirement finances a boost at each stage of your life.

Continue reading source article here.

Damian Sylvia

Retirement Income Solutions

220 Oakhurst, NJ 07755 

3 ways to get retirement ready in your 20s

As a 20-year-old, saving for retirement can easily fall to the bottom of the priorities list.

College graduates must focus on repaying their loans and paying rent wherever they may have moved for a career, although several would rather backpack and see the world before making their next career moves. Add to all of those ambitions potentially accrued debt and it could spell a recipe for disaster.

However, despite all of their immediate financial needs and responsibilities, 20-year-olds have the greatest opportunity to ensure a successful retirement if they start on the right path.

Continue reading source article on MarketWatch.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions

Here’s the Unsettling Truth About the Retirement Crisis

It all depends on whether you're on the right side of the retirement divide.

It’s late spring, and retirement surveys are falling like so many cherry blossoms from the trees. Some of the results are profoundly grim, especially for Gen Xers. In one survey, 67% of Gen X respondents felt that the targets for how much you need to retire are way out of reach. Meanwhile, another survey, this one from Transamerica, found that 37% of workers expect one source of income in retirement to be…working.

Continue reading the source article at Time.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions