Targeting Pensions and Retirement Savings

This is a story to make you weep.

Several years ago a Portland, Oregon public schools retiree hired financial adviser Shayne Kniss to help him with retirement planning. The retiree would seem to have had no need for Mr. Kniss's services. He already had a guaranteed life pension coming from his years of public service. But Kniss talked him into cashing out the guaranteed pension and turning the resulting $729,000 into an investment account in his Iris Capital firm. Kniss confidently estimated 8-12% returns, which would have been higher than the guaranteed pension payments.

Continue reading source article here.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

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 

The End of Retirement As We Know It?

For those of you who have ever considered an encore career, did you ever think your next job would be in retirement research? That's what happened to Paul Irving. After thirty years as a corporate attorney and CEO of a large law firm with roots in the financial services industry, he says, "I fell into a project having to do with aging and I just fell in love with the subject." 

That project ignited a new passion and inspired him to launch his own encore career. Today, Irving is the Chairman of the Milken Institute Center for the Future of Aging and Distinguished Scholar in Residence at the University Of Southern California Davis School Of Gerontology. He believes we need a new conversation about the benefits and costs of retirement for individuals, businesses and the broader society-and wonders if the word retirement makes sense in the 21 st century. Here are a few of the topics we discussed.

Continue reading source 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

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.

Continue reading source article at DailyFinance.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions

The Retirement Crisis: Why 68% Of Americans Aren't Saving In An Employer-Sponsored Plan

Few Americans are saving for retirement, suggesting many workers may face a retirement with a lower standard of living, according to a recent study released by the Schwartz Center for Economic Policy analysis at the New School.

Since Social Security cannot fully replace income in retirement, other savings is needed, and that usually comes in the form of funds accumulated in employer-sponsored retirement plans such as 401(k)s.

Continue reading article on Forbes.com.

Damian J. Sylvia

Managing Partner

Retirement Income Solutions

Retirement: Minimize taxes to maximize savings

Retirement planning is hard enough for most Americans. But when you layer in a convoluted web of U.S. tax laws, the task can seem truly overwhelming.

Some complexity is unavoidable. After all, how much you make, when you choose to retire and how much you'll need in retirement can vary greatly from family to family.

Continue reading article here on USAtoday.com

Damian Sylvia

Managing Partner

Retirement Income Solutions