Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Showing posts with label Retirement Planning. Show all posts
Showing posts with label Retirement Planning. Show all posts
Monday, October 31, 2016
Trick Questions To Ask Before Retirement
Time and time again, people perceive retirement as a financial goal and objective rather than personal one. That causes people to focus on financial questions and answers such as, how much money do I need… how much can I withdrawal…and how long will it last?
Wednesday, October 26, 2016
5 ways a reverse mortgage can help your retirement
The old notion that reverse mortgages should only be taken out as a last resort simply is no longer true today. In fact, I believe there are five ways reverse mortgages can improve your retirement income plan.
First, a definition: A reverse mortgage is a way to convert home equity from your primary residence into a usable resource if you are at least 62. It is truly a mortgage in reverse. The lender provides a benefit based on the amount of equity you have in the home. Unlike a traditional mortgage, payback is optional. But you do need to make timely payments of property taxes and homeowners insurance.
First, a definition: A reverse mortgage is a way to convert home equity from your primary residence into a usable resource if you are at least 62. It is truly a mortgage in reverse. The lender provides a benefit based on the amount of equity you have in the home. Unlike a traditional mortgage, payback is optional. But you do need to make timely payments of property taxes and homeowners insurance.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
The biggest surprises I found in retirement
What’s the biggest surprise about retirement?
I get that question a lot. I retired in September 2015 after 33 years with The Wall Street Journal, the final decade of which I spent editing, and writing for, Encore, the Journal’s guide to retirement planning and living. As such, I didn’t expect many, if any, surprises in my first year outside the office.
So much for expectations.
I get that question a lot. I retired in September 2015 after 33 years with The Wall Street Journal, the final decade of which I spent editing, and writing for, Encore, the Journal’s guide to retirement planning and living. As such, I didn’t expect many, if any, surprises in my first year outside the office.
So much for expectations.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Monday, September 26, 2016
71 percent of Americans aren’t saving enough for retirement
The trend is the same, but it seems the numbers are getting worse.
Seventy-one percent of Americans say they do not have enough retirement savings, according to a new national survey commissioned by Experian in collaboration with Get Rich Slowly (getrichslowly.org).
Especially worrisome: More than half of those surveyed, 54 percent, believe they will never pay off their debt fully.
Seventy-one percent of Americans say they do not have enough retirement savings, according to a new national survey commissioned by Experian in collaboration with Get Rich Slowly (getrichslowly.org).
Especially worrisome: More than half of those surveyed, 54 percent, believe they will never pay off their debt fully.
Damian J. Sylvia
220 Monmouth Road
Oakhurst, NJ 07755
Friday, September 23, 2016
Dealing With Retirement's Strange Sense of Humor
Retirement’s a funny thing… if you understand its weird sense of humor. People often enter retirement with one set of ideas and perceptions but they can quickly change when retirement pulls out many of its gags. For those who can catch on and learn to accept its ironic and sometimes cynical lessons, they transition with a smile and glass half full attitude. While those who miss the punch line can feel mocked, out-of-sorts, and even regret their decision to call it quits. Here’s a short list of cruel jokes that retirement may throw at you.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Three Ways To Save A Lot More For Retirement
Unlike the great American gymnast Simone Biles, you don’t need to do flying somersaults to be good at retirement savings. There are already tools available for what you need to do.
As the U.S. economy continues to improve, retirement savers are pumping more money into their long-term savings. Some 21 percent of Americans surveyed, according to a recent bankrate.com report, say they are saving more for retirement—the highest level over the past five years.
As the U.S. economy continues to improve, retirement savers are pumping more money into their long-term savings. Some 21 percent of Americans surveyed, according to a recent bankrate.com report, say they are saving more for retirement—the highest level over the past five years.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Tuesday, September 20, 2016
Here's How Much The Average Single Person Saved For Retirement
"Even among those approaching retirement (age 56-61), most single men and women do not have any retirement account savings," the Economic Policy Institute (EPI) reported.
Specifically, 43 percent of single men and 42 percent of single women have retirement account savings, compared with 65 percent of married couples.
Specifically, 43 percent of single men and 42 percent of single women have retirement account savings, compared with 65 percent of married couples.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, August 31, 2016
Is your retirement ready for a natural disaster?
Retirement planning is most often defined as achieving financial security against a backdrop of long lazy days enjoying sun, sea and sand. Unfortunately, finances are only one element of safety and security in retirement. The recent torrential rains targeting the Gulf Coast, particularly Louisiana, have resulted in six deaths and nearly 20,000 people being rescued from the flood waters, putting weather-related disasters back in the news. If you are retired and such an unfortunate event happens, are you prepared?
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
4 Numbers That Help You Plan for a Secure Retirement
Try these rules of thumb for your retirement nest egg.
Read the complete article here.
Damian J. Sylvia
Retirement Income Solution
220 Monmouth Road
Oakhurst, NJ 07755
Damian J. Sylvia
Retirement Income Solution
220 Monmouth Road
Oakhurst, NJ 07755
Friday, August 12, 2016
Are Millennials Heading For A Retirement Crisis, Too?
We’ve heard over and over that many boomers will face a retirement crisis (if they haven’t already). But if you’re a boomer parent, you’re probably wondering: Will my kids’ generation, the Millennials, face one, too?
Of course, it’s way to early to say for sure either way. After all, these 83.1 million Americans are only 19 to 35. But based on the Wells Fargo Millennial Study released today and other data I’ve reviewed, I’d say that quite a few Millennials just may be heading towards a retirement crisis.
The good news: Unlike the boomers, Gen Y has enough time to reverse course.
Of course, it’s way to early to say for sure either way. After all, these 83.1 million Americans are only 19 to 35. But based on the Wells Fargo Millennial Study released today and other data I’ve reviewed, I’d say that quite a few Millennials just may be heading towards a retirement crisis.
The good news: Unlike the boomers, Gen Y has enough time to reverse course.
Damian Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, July 29, 2016
Buckle up: It's Not Your Father's Retirement
It is something you should be planning for decades, reaching your Golden Years -- the day on which you leave the workforce and have enough financial resources to last for the rest of your lifetime. However, they may not be as close as they appear. As today many Americans are working later into their 60s and 70s – while some are concerned they may never be able to retire.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
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, May 16, 2016
40 states with an income tax include retirement income, but not Illinois, and that's not about to change.
Most of us don’t like to pay taxes, but it’s our legal and civic obligation in a democratic society.
It’s also galling in states like Illinois, where real estate, sales and gasoline taxes are among the highest in the country, and there’s too much waste, inefficiency and dishonesty in government to feel our money is being well spent.
But the beat goes on.
Last year Cook County raised sales and hotel taxes, and the City of Chicago passed the largest properly tax in history.
It’s also galling in states like Illinois, where real estate, sales and gasoline taxes are among the highest in the country, and there’s too much waste, inefficiency and dishonesty in government to feel our money is being well spent.
But the beat goes on.
Last year Cook County raised sales and hotel taxes, and the City of Chicago passed the largest properly tax in history.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, April 29, 2016
Why You Should Have An Annuity In Your Retirement Plan
Annuities are a big business, both for advisors and the insurance companies and other channels who sell them. But just because there is money to be made selling annuity products, it doesn’t negate the benefits that consumers receive from these products as well. In an article for Main Street, Mark Henricks says that “Buying an Annuity Should be Part of Your Retirement Strategy.” From 2010 to 2015, individuals bought more than $1 trillion worth of annuities. 2015 was an especially good year for fixed indexed annuity products, one branch of the fixed annuity market. In addition to all of the individuals planning for retirement with annuity products, corporations are also buying annuities at record levels to lower the risks and costs associated with offering pension benefits.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
How To Not Run Out Of Money In Retirement
Investing for retirement doesn't have to be hard. You read up on how to put together a diverse mix of low-cost index funds, bonds, etc. Then keep setting aside all you can into that retirement account. Easy.
But when you actually retire and start spending that money, that's like going from playing checkers to playing chess. It can get a lot harder.
Here's the big pickle: You don't want to run out of money. But how can you know how much it's safe to spend when you might live for another five years — or 25 years?
But when you actually retire and start spending that money, that's like going from playing checkers to playing chess. It can get a lot harder.
Here's the big pickle: You don't want to run out of money. But how can you know how much it's safe to spend when you might live for another five years — or 25 years?
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Thursday, April 21, 2016
Want To Retire Early? 5 Reasons It May Not Happen For You
Many people seek our financial planning services to get a better handle on their over all financial situation and to better understand what they need to do to better meet their future goals.
A very common goal is to retire early and lead the “easy, good life”! Normal retirement age is defined by Social Security as the full retirement age for those born after 1960 would be age 67. Many of these folks are disappointed to learn that an early retirement may not be in their future and here are the 5 most common reasons:
A very common goal is to retire early and lead the “easy, good life”! Normal retirement age is defined by Social Security as the full retirement age for those born after 1960 would be age 67. Many of these folks are disappointed to learn that an early retirement may not be in their future and here are the 5 most common reasons:
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, April 20, 2016
Simple ways to create a happier retirement
Are you interested in learning how to improve your financial security and happiness in retirement without having to save thousands of dollars? By taking some easy-to-understand steps, you can increase your retirement happiness and financial security -- and reduce your anxiety about retirement, according to several surveys and reports.
Does this sound like it's too good to be true? It's not. So, let's piece together results from different surveys and reports to support the steps you can take.
Does this sound like it's too good to be true? It's not. So, let's piece together results from different surveys and reports to support the steps you can take.
Self-employed? Here’s How to Save for Retirement
Working for yourself comes with lots of perks: setting your own hours, your own dress code and your own workload. That’s probably part of the reason nearly a quarter of workers freelance, either full- or part-time. They make good money, too. Almost half earn six figures.
The downside is making up for all the benefits that employers typically provide. That means figuring out health care coverage (which at least is now easier — if not cheaper — than it was before Obamacare) and setting up retirement accounts.
The downside is making up for all the benefits that employers typically provide. That means figuring out health care coverage (which at least is now easier — if not cheaper — than it was before Obamacare) and setting up retirement accounts.
Damian Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Two Philosophies of Retirement Income Planning
Within the world of retirement income planning, the siloed nature of financial services between investments and insurance leads to two opposing philosophies about how to build a retirement plan. There is an old saying that if the only tool you have is a hammer, then everything starts to look like a nail. This tendency is alive as those on the investments side tend to view an investment portfolio as a solution for any problem, while those on the insurance side tend to view insurance products as the answer for any financial question.
Damian Sylvia
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, April 13, 2016
One in Three Americans Have Nothing Saved for Retirement
Nothing was more important to Winnie than her young children. The married mother of three took care of their needs but seldom took care of her own. As Winnie neared retirement, she divorced her spouse without a pension, 401-k or any significant savings. Because of an illness, she was forced to retire early and take reduced Social Security benefits. Her story is not uncommon.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
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