Don't let these unexpected costs derail your retirement: Plan ahead instead

It’s not what you know that will crush your lifestyle in retirement. It’s what you don’t know.

And that’s especially the case when it comes to expenses in retirement.

On average, retirees can expect housing to represent about one-third of expenses in retirement, health care, 10% to 15%; transportation, 15%; food, 12%; and apparel, insurance and discretionary expenses making up the rest.

Continue reading article here.

Damian Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755 

5 Ways You Can Pay for Retirement in Advance

In retirement your income is largely fixed. Your Social Security payments will increase only by the annual inflation rate. And you can safely withdraw only about 4 percent of your savings each year, perhaps also adjusted for inflation. Given these constraints, it can be difficult to cope with sudden or large expenses. One way to prepare yourself is to eliminate as many bills as you can before you retire. Your fixed income will provide for a better lifestyle if there are fewer bills you need to cover. Here are some retirement expenses you can pay for in advance.

Continue reading source article here.

Damian Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

Powell: 8 biggest misconceptions about retirement

Perception might be reality. But that's not necessarily the case for pre-retirees. For Americans on retirement's doorstep, misconceptions are reality.

Yes, many Americans retire thinking and imagining this or that lifestyle, and the reality that awaits them is entirely different, say experts.

So, what are the biggest misconceptions people have about retirement and, more importantly, what can you do to avoid or deal with unrealistic images of your golden years?

Continue reading article at USAtoday.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions