Getting Workers to Save More for Retirement

Saving for retirement should be simple arithmetic — the longer your money has to grow, the more money you should have when you stop working. But saving today for a distant tomorrow isn’t so simple, and has a great deal to do with how people think about money.

Sean Furlong, the director of finance and administration at Gilman School, a private secondary school in Baltimore, said he realized that while teaching a business class.

He was teaching students, he said, “but then I realized I wasn’t teaching my faculty and staff.”

Continue reading source article here. 

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

Saving for Retirement

To the Editor:

“Paving the Way to Better Retirements” (editorial, July 23) drew crucial attention to retirement insecurity and states leading the way in expanding workplace savings opportunities.

Fifty-five million Americans lack workplace retirement savings plans. Yet we know that access to payroll deduction makes people 15 times more likely to save for retirement. States have recognized this and are stepping up — red and blue states, urban and rural. Since 2012, roughly half the states have considered the effect of retirement insecurity.

Continue reading source article here.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 0775

Obama Proposal Recognizes How Retirement Saving Has Changed

Here is a short tale of how the way Americans save for retirement has changed over the last couple of generations. It helps explain what the Obama administration is up to with a new initiative this week:

Once upon a time, companies took it as their responsibility to ensure that their workers could enjoy a comfortable retirement. They socked money away in a pension plan that paid longtime employees a healthy fraction of their salary from the day they retired to the day they died. Employers took on all the risk — the stock market dropping, people living longer than expected.

Continue reading the source article at NYTimes.com.

Damian J. Sylvia

Retirement Income Solutions