Saving for retirement? Here’s what you need to do in 2016

With the stock markets notching their worst-ever start for a new year, what should folks saving for retirement and those living in retirement do in the coming year? Our experts offer some practical advice for retirees and preretirees about staying healthy, staying in the workforce and staying on top of Social Security policy.

Stay healthy, my friend. Susann Rohwedder, a senior economist at the RAND Corp. and the associate director of the RAND Center for the Study of Aging, said her research is revealing the importance of health as a driver of so many things, including the timing of retirement and economic resources in retirement; subjective well-being, that is satisfaction with life as a whole and several other domains of well-being, including experienced well-being; the risk of future health shocks; and life-expectancy.

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Damian J. Sylvia

220 Monmouth Road

Oakhurst, NJ 07755

3 tips to getting retirement right in your 20s

I’m in my 20s and would like to start taking steps to ensure a secure retirement and financial future. But like many people in my generation I’m confused about where to start, who to contact and what to do. Can you point me in the right direction? –S.V.

I’m not surprised that you’re confused. Now that your generation has become a prime target audience for the financial industry’s products and services, hardly a day goes by that one study or another doesn’t purport to offer insights into what Millennials are doing, should be doing or shouldn’t be doing about their finances.

Unfortunately, these insights aren’t always consistent. Some surveys claim Millennials are poor savers; others say they’re more diligent than boomers. Some research warns that Millennials are investing far too conservatively.

Continue reading article here.

Damian J.  Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

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.

Continue reading source article here. 

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.

Continue reading source article at CNBC.com [Video].

Damian Sylvia

Managing Partner

Retirement Income Solutions

The Secrets to Making a $1 Million Retirement Stash Last

More and more Americans are on target to save seven figures. The next challenge is managing that money once you reach retirement.

More than three decades after the creation of the 401(k), this workplace plan has become the No. 1 way for Americans to save for retirement. And save they have. The average plan balance has hit a record high, and the number of million-dollar-plus 401(k)s has more than doubled since 2012.

Continue reading source article at Time Magazine.

Damian Sylvia

Managing Partner

Retirement Income Solutions