Damian Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Showing posts with label New Jersey. Show all posts
Showing posts with label New Jersey. Show all posts
Monday, September 12, 2016
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.
Wednesday, July 13, 2016
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.
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.
Damian Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Monday, August 17, 2015
A 3-step plan to getting the retirement income you need
My wife & I have substantial 401(k) balances & hope to retire in five years. But we're not sure about how to turn our savings into income. We're considering buying an annuity, but don't know whether that's a good move or whether we should be doing something else. What do you think? -Ken R.
I think that you and your wife need a retirement income plan, a detailed strategy for figuring out how much income you'll need to live the retirement lifestyle you envision and coming up with a realistic way to generate that income.
I think that you and your wife need a retirement income plan, a detailed strategy for figuring out how much income you'll need to live the retirement lifestyle you envision and coming up with a realistic way to generate that income.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Saturday, August 15, 2015
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.
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.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, August 14, 2015
The biggest Social Security mistake women make
Is 62 too young to claim for women to claim Social Security?
That is the age at which both women and men are allowed to claim, and sure enough, 40.8 percent of the women who were newly awarded Social Security retirement benefits in 2014 were aged 62. Some 65 percent were below their full retirement age, typically 66. And just 2.8 percent of the women were 70 or older, the age at which they receive their maximum Social Security retirement benefits, according to Social Security Administration data.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
That is the age at which both women and men are allowed to claim, and sure enough, 40.8 percent of the women who were newly awarded Social Security retirement benefits in 2014 were aged 62. Some 65 percent were below their full retirement age, typically 66. And just 2.8 percent of the women were 70 or older, the age at which they receive their maximum Social Security retirement benefits, according to Social Security Administration data.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, July 31, 2015
What Happens If You Fumble In Retirement?
I remember when I was a junior in high school and playing in the big homecoming football game. The stands were packed and as we entered the fourth quarter I went back to receive a punt. Back then, I was a sure-handed player with good speed and aspirations to play at the next level. However, none of that mattered when the punt slipped through my hands, bounced between my legs, and slowly rolled end-over-end, out of my reach as I was sandwiched by two opposing players running full speed.
It was physically painful and emotionally disheartening because the game was on the line and the other team just recovered the ball on our 20 yard line. As I pulled myself up, I had to make the 25 yard jaunt back to the sidelines. As you might expect, it seemed like a journey of a thousand miles that had nothing but bad news and angry sentiments waiting for me.
It was physically painful and emotionally disheartening because the game was on the line and the other team just recovered the ball on our 20 yard line. As I pulled myself up, I had to make the 25 yard jaunt back to the sidelines. As you might expect, it seemed like a journey of a thousand miles that had nothing but bad news and angry sentiments waiting for me.
Damian Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst NJ 07755
Americans Left $24 Billion in Retirement Money on the Table Last Year
The average worker is missing out on more than $1,300 a year. Make sure to get your share.
Personal savings rose last year, as conscientious workers reined in their spending. But a smaller portion of those savings were stashed in employer-sponsored retirement plans, new research shows. This and other recent findings suggest that the much-vaunted 401(k) match may not be the silver bullet for retirement savings that is widely presumed.
Personal savings rose last year, as conscientious workers reined in their spending. But a smaller portion of those savings were stashed in employer-sponsored retirement plans, new research shows. This and other recent findings suggest that the much-vaunted 401(k) match may not be the silver bullet for retirement savings that is widely presumed.
Damian Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Your Retirement Checklist for Every Age
It's never too late—or too early—to start planning for your eventual retirement. The Adventist HealthCare Retirement Plan, along with human capital and management consulting services provider Hewitt Associates, has compiled a list of retirement strategy steps people should take in each decade of adulthood, from their 20s to their 60s.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, July 22, 2015
5 Best Tips to Save $1 Million for Retirement
Everyone knows that they need to save for retirement especially with company pensions becoming extinct over the next generation. At some point, you’re going to stop working and will have to live on whatever you have saved plus what you’re entitled to receive from Social Security.
Having worked with many people who have saved $1 million or more, there are patterns of behavior that they all possess that have helped them to accumulate their wealth. While there’s no denying that it helps to start with a well-paying job, earning more money is no guarantee that you’ll be set for retirement. If you want to have $1 million or more saved for retirement, here are 5 tips to help you join the millionaire retiree ranks.
Having worked with many people who have saved $1 million or more, there are patterns of behavior that they all possess that have helped them to accumulate their wealth. While there’s no denying that it helps to start with a well-paying job, earning more money is no guarantee that you’ll be set for retirement. If you want to have $1 million or more saved for retirement, here are 5 tips to help you join the millionaire retiree ranks.
Wednesday, July 8, 2015
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.
Damian Sylvia
Retirement Income Solutions
220 Oakhurst, NJ 07755
Tuesday, July 7, 2015
Retirement advice from a Boomer to a Millennial
I'm in my early 60s and fortunately will be able to retire soon. But I work with a lot of young people who just don't get how important it is start planning early for retirement. They don't even seem to know where to start. I'd like to help them better prepare -- do you have any advice? --Jeff M.
I applaud you for wanting to help your colleagues in their 20s and early 30s, but let's not be too quick to assume they're clueless about retirement. The latest Allstate/National Journal Heartland Monitor Poll did find that young workers are more concerned with immediate needs like paying off student debt and building an emergency fund than retirement. But a new T. Rowe Price study also reports that saving for retirement is important to Millennials and that they're actually doing a pretty good job of balancing current obligations with preparing for retirement.
I applaud you for wanting to help your colleagues in their 20s and early 30s, but let's not be too quick to assume they're clueless about retirement. The latest Allstate/National Journal Heartland Monitor Poll did find that young workers are more concerned with immediate needs like paying off student debt and building an emergency fund than retirement. But a new T. Rowe Price study also reports that saving for retirement is important to Millennials and that they're actually doing a pretty good job of balancing current obligations with preparing for retirement.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Thursday, July 2, 2015
Stop your grown kids from ruining your retirement
If you are in your 50s or 60s and are still caring for your kids financially, you really need to start caring for yourself—or you may never be able to afford to retire.
A recent study found more than half of parents who are supporting adult children are "extremely concerned" about saving enough for retirement.
A recent study found more than half of parents who are supporting adult children are "extremely concerned" about saving enough for retirement.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ
07755
Thursday, June 25, 2015
5 Ways Retirement Will Pleasantly Surprise You
Most worker bees who are grinding away at a day job will tell you they can't wait to retire. However, those who have saved enough money to retire sometimes don't quit right away, even if they don't like going to work. Many savers develop a bit of anxiety about hanging up their work hat and choose to suffer the obvious because they are afraid of the unknown. Fortunately, there are many wonderful aspects of retirement, so the unknown isn't always all bad. For the workaholics among us, here are some reasons to plunge into retirement.
Damian J. Sylvia
Managing Partner
Retirement Income Solutions
Saturday, May 30, 2015
Study: Day-to-Day Financial Concerns Trump Retirement
How are you doing, financially? Are you satisfied with the state of your finances?
Think about your answer to that question and what drove it. If you are like most people, you were probably thinking about your day-to-day financial health -- your ability to pay your bills and buy the occasional movie ticket or latte.
Think about your answer to that question and what drove it. If you are like most people, you were probably thinking about your day-to-day financial health -- your ability to pay your bills and buy the occasional movie ticket or latte.
Damian Sylvia
Managing Partner
Retirement Income Solutions
Friday, May 29, 2015
Many Americans have no retirement savings: Fed survey
Many Americans are not financially prepared for retirement, with almost a third of working adults without savings or a pension, according to a Federal Reserve survey published on Wednesday.
The Fed's 2014 Survey of Household Economics and Decisionmaking found that about 38 percent of the more than 5,800 respondents have either no intention to retire or plan to keep working for as long as possible.
The Fed's 2014 Survey of Household Economics and Decisionmaking found that about 38 percent of the more than 5,800 respondents have either no intention to retire or plan to keep working for as long as possible.
Damian Sylvia
Retirement Income Solutions
Thursday, May 21, 2015
Worried About Outliving Retirement Funds? Consider This
If you're worried about outliving your retirement savings, you're not alone. Research shows it's a top concern for many Americans.
In a recent survey, financial advisors noted that health-care costs, market fluctuations and potential lifestyle expenses caused clients the most stress about running out of money. To alleviate those fears, many financial advisors suggest annuities as a way to ensure that clients have a stable stream of income during retirement.
In a recent survey, financial advisors noted that health-care costs, market fluctuations and potential lifestyle expenses caused clients the most stress about running out of money. To alleviate those fears, many financial advisors suggest annuities as a way to ensure that clients have a stable stream of income during retirement.
Damian J. Sylvia
Retirement Income Solutions
Thursday, May 14, 2015
Consider using your home to fund retirement plans
The idea of staying in the family home may be a comforting thought for people heading into retirement, but for many Americans it's probably a bad idea.
The median two-person household entering retirement has a net worth of a just over $300,000, with a home—or equity in one—representing more than half of their assets, according to the latest University of Michigan Health and Retirement Study, conducted in 2010.
The median two-person household entering retirement has a net worth of a just over $300,000, with a home—or equity in one—representing more than half of their assets, according to the latest University of Michigan Health and Retirement Study, conducted in 2010.
Damian Sylvia
Managing Partner
Retirement Income Solutions
Thursday, May 7, 2015
Are you emotionally prepared to handle retirement?
Fill in the blank: "When I retire, I hope to __________."
Many of us have grand ideas of trips we will take, groups or clubs we will join, home projects we will tackle or new hobbies we will take on. We look to retirement as a time to finally do all the things we've always hoped to do but never had the time to accomplish.
Many of us have grand ideas of trips we will take, groups or clubs we will join, home projects we will tackle or new hobbies we will take on. We look to retirement as a time to finally do all the things we've always hoped to do but never had the time to accomplish.
Damian Sylvia
Managing Partner
Retirement Income Solutions
These 4 Rules of Thumb Can Screw Up Your Retirement
Rules of thumb are often partly true—but the part that's wrong can wreck your portfolio. Here's what you need to know.
Retirement planning can get complicated, so we often fall back on rules of thumb, or “heuristics” as economists call them. That approach may work sometimes—and is certainly better than doing nothing—but it can be dangerous too. Here’s what you need to know about four largely-but-not-completely true tenets of retirement planning.
Retirement planning can get complicated, so we often fall back on rules of thumb, or “heuristics” as economists call them. That approach may work sometimes—and is certainly better than doing nothing—but it can be dangerous too. Here’s what you need to know about four largely-but-not-completely true tenets of retirement planning.
Damian Sylvia
Managing Partner
Retirement Income Solutions
Tuesday, May 5, 2015
Traditional retirement possibly becoming a thing of the past
It may be time to redefine retirement.
A new survey of American workers from the Transamerica Center for Retirement Studies found that 82% of the respondents age 60 and older either are, or expect to keep working past the age of 65. Among all workers, regardless of age, 20% expect to keep on working as long as possible in their current job or a similar one.
A new survey of American workers from the Transamerica Center for Retirement Studies found that 82% of the respondents age 60 and older either are, or expect to keep working past the age of 65. Among all workers, regardless of age, 20% expect to keep on working as long as possible in their current job or a similar one.
Damian Sylvia
Managing Partner,
Retirement Income Solutions
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