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.

Continue reading source article at www.USnews.com.

Damian J. Sylvia

Managing Partner

Retirement Income Solutions

Generations Confess Retirement Fears

A common stereotype about baby boomers and retirement might need some tweaking. This is the commonly held view that the “me” generation puts a very high priority on being able to retire whenever they want. Some are said to make it their highest financial priority. It is said that a lot of retirement planning for this generation spins around that goal.

But new Harris Poll sponsored by the Million Dollar Round Table (MDRT) found that it is Generation X, not the boomers, who are most concerned about not being able to retire when they want. The December survey sampled the views of more than 2,000 adults.

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Damian Sylvia

Managing Partner

Retirement Income Solutions

 

The Best Places to Work in Retirement

Just over a quarter (26.2 percent) of people age 60 and older remain employed. But in some cities, nearly a third of the population continues to work during the traditional retirement years, according to 2012 Census Bureau data. Here are the places those age 60 and older are the most likely to be employed.

Continue reading source article at USnews.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions

Retirement: 5 tips on how to save $1 million

One million bucks is a lot of money. It certainly is impressive if you're one of the few who has saved that much for retirement — looking at your statement and seeing all those zeros.

And even financial planners who say you might need more for your retirement can't argue that it is an impressive start. After all, people are living longer; you may have unanticipated health care costs; and you really want to maintain that standard of living you are accustomed to.

So, here are five tips for saving a cool million by the time you retire.

Continue reading source article at USAToday.com.

Damian J. Sylvia

Retirement Income Solutions

5 Steps to prepare for a 2015 retirement

If you've spent the past several decades working and are looking forward to retiring in 2015, the last thing you probably want to hear is that there's more work ahead. But a successful transition to a secure retirement is well worth the extra work and preparation.

Here are five steps to prepare for a 2015 retirement:

1. Craft a monthly budget or spending plan

A budget or spending plan helps determine what you expect to receive in retirement income vs. your anticipated living expenses. Open a notebook or a spreadsheet and, in one column, write down your expected monthly income, including Social Security, pension and withdrawals from your retirement funds. In a second column, estimate your average monthly expenses, which gives you a framework of your finances.

"Take a test run first," says Curtis Sheldon, a financial planner based in Alexandria, Va. "If you can, try living on what you expect your retirement living expenses to be. Can you do it?"

You might not be able to increase your income much in retirement, but you can certainly pare down your expenses. Money-saving ideas include downsizing into a smaller home, moving to a city with a lower cost of living, selling a car you might not need and taking fewer vacations.

Click here to continue reading the source article at USAToday.com.

Damian J. Sylvia

Managing Partner

Retirement Income Solutions