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
Showing posts with label Savings. Show all posts
Showing posts with label Savings. Show all posts
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.
Friday, September 16, 2016
You're Going to Work Well Into Your Retirement
Get used to working: you're going to have to do so for much longer than you'd imagined if you're ever going to retire.
As the folks at Bankrate.com discovered in a recent survey, 70% of non-retired Americans plan to work as long as possible during retirement. Only 25% say they have no plans to work during retirement. Of those who plan to work as long as possible during retirement, 38% are planning to work because they like to work, 35% need the money and 27% say it's a mix of both.
As the folks at Bankrate.com discovered in a recent survey, 70% of non-retired Americans plan to work as long as possible during retirement. Only 25% say they have no plans to work during retirement. Of those who plan to work as long as possible during retirement, 38% are planning to work because they like to work, 35% need the money and 27% say it's a mix of both.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, February 26, 2016
Here's how we can start saving more toward retirement right now
We're in the heart of America Saves Week, the time each year when the folks at America Saves conduct a survey of our progress when it comes to socking money away for rainy days and retirement. The group also encourages companies and individuals to assess their own efforts.
So, how are you feeling about your savings progress? If you're like 60 percent of the U.S. households surveyed, your answer is "meh."
So, how are you feeling about your savings progress? If you're like 60 percent of the U.S. households surveyed, your answer is "meh."
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, February 24, 2016
How 1% of Pay Can Save Your Retirement
It works best when you start early.
One in four 401(k) savers increased their contributions last year. This additional saving will translate into hundreds or even thousands of extra dollars of monthly income in retirement, according to calculations from Fidelity Investments. All of which highlights the value of the automatic savings increases that are offered by many, but not most, retirement plans.
One in four 401(k) savers increased their contributions last year. This additional saving will translate into hundreds or even thousands of extra dollars of monthly income in retirement, according to calculations from Fidelity Investments. All of which highlights the value of the automatic savings increases that are offered by many, but not most, retirement plans.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, October 21, 2015
Retirement strategies based on birthday? Start savings now
Despite warnings to the contrary, many Americans aren't saving for retirement. About half of households age 55 and older have no retirement savings, according to a May report by the Government Accountability office.
But for employees being blasted with open enrollment information this October, it's never too soon to start. When it comes to retirement, it's all about the time value of money, Matt Sommer of Janus Capital Group told CNBC's "Power Lunch" Tuesday.
Continue reading article here.
But for employees being blasted with open enrollment information this October, it's never too soon to start. When it comes to retirement, it's all about the time value of money, Matt Sommer of Janus Capital Group told CNBC's "Power Lunch" Tuesday.
Continue reading article here.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, August 7, 2015
Three retirement savings tactics that may disappear
Maxing out contributions to retirement plans to avoid taxes has become a common strategy, but three popular techniques could be cut under proposals afloat in Washington. Here’s a look at the proposed changes, and who would be affected by them.
Capping retirement plan tax benefits
Current law encourages taxpayers to save for retirement by deferring income taxes on money they contribute to retirement plans — and on the earnings on those contributions — until they withdraw the money later in life. However, since higher earners are taxed at higher rates, the biggest rewards from retirement incentives also go to high earners. Someone in the highest personal tax bracket, the 39.6% bracket, saves 39.6 cents on the dollar by participating in a 401(k) plan. For a low earner in the 15% bracket, it’s 15 cents on the dollar.
Capping retirement plan tax benefits
Current law encourages taxpayers to save for retirement by deferring income taxes on money they contribute to retirement plans — and on the earnings on those contributions — until they withdraw the money later in life. However, since higher earners are taxed at higher rates, the biggest rewards from retirement incentives also go to high earners. Someone in the highest personal tax bracket, the 39.6% bracket, saves 39.6 cents on the dollar by participating in a 401(k) plan. For a low earner in the 15% bracket, it’s 15 cents on the dollar.
Damian Sylvia
Retirement Income Solutions
Wednesday, May 27, 2015
Retirement Myth #1: I Can Wait Until I’m Earning More To Save For Retirement
The reality is if you start later in your working career you will need to save more money than if you had started younger.
The key years for saving have passed you by if you start in your 40s. Your best income producing years may still lie ahead but at 40 you have many more demands on your income compared to your 20s. You could have kids needing braces, college tuition. You may have kids from a first marriage. Then there is really no money left over for retirement savings.
The key years for saving have passed you by if you start in your 40s. Your best income producing years may still lie ahead but at 40 you have many more demands on your income compared to your 20s. You could have kids needing braces, college tuition. You may have kids from a first marriage. Then there is really no money left over for retirement savings.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Why Regular Retirement Saving Can Improve Your Health
More workers who make saving a habit report better health than those who do not. And it's not just about having a high income.
People who save money out of habit are more confident about retirement and better prepared financially, as you might expect. But there’s a sleeper benefit, new research shows. Consistent savers also are in better health—no small matter as longevity stretches out life spans and means you likely will live in retirement more years than you did in childhood.
People who save money out of habit are more confident about retirement and better prepared financially, as you might expect. But there’s a sleeper benefit, new research shows. Consistent savers also are in better health—no small matter as longevity stretches out life spans and means you likely will live in retirement more years than you did in childhood.
Damian J. Sylvia
Managing Partner
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Thursday, May 21, 2015
Worried About Outliving Retirement Funds? Consider This
If you're worried about outliving your retirement savings, you're not alone. Research shows it's a top concern for many Americans.
In a recent survey, financial advisors noted that health-care costs, market fluctuations and potential lifestyle expenses caused clients the most stress about running out of money. To alleviate those fears, many financial advisors suggest annuities as a way to ensure that clients have a stable stream of income during retirement.
In a recent survey, financial advisors noted that health-care costs, market fluctuations and potential lifestyle expenses caused clients the most stress about running out of money. To alleviate those fears, many financial advisors suggest annuities as a way to ensure that clients have a stable stream of income during retirement.
Damian J. Sylvia
Retirement Income Solutions
Thursday, May 7, 2015
These 4 Rules of Thumb Can Screw Up Your Retirement
Rules of thumb are often partly true—but the part that's wrong can wreck your portfolio. Here's what you need to know.
Retirement planning can get complicated, so we often fall back on rules of thumb, or “heuristics” as economists call them. That approach may work sometimes—and is certainly better than doing nothing—but it can be dangerous too. Here’s what you need to know about four largely-but-not-completely true tenets of retirement planning.
Retirement planning can get complicated, so we often fall back on rules of thumb, or “heuristics” as economists call them. That approach may work sometimes—and is certainly better than doing nothing—but it can be dangerous too. Here’s what you need to know about four largely-but-not-completely true tenets of retirement planning.
Damian Sylvia
Managing Partner
Retirement Income Solutions
Friday, April 10, 2015
How much do you need to save for retirement?
Not everybody has a clear idea of how to handle their retirement money. According to an assessment of retirement readiness from Voya Financial, nearly 50 percent of workers have saved less than $49,000 and 60 percent say they're worried about running out of money.
Damian Sylvia
Managing Partner
Retirement Income Solutions
Thursday, April 9, 2015
1 in 3 Older Workers Likely to Be Poor or Near Poor in Retirement
Fewer Americans have access to a retirement plan at work. If you're one of them, here's what you can do.
A third of U.S. workers nearing retirement are destined to live in or near poverty after leaving their jobs, new research shows. One underlying cause: a sharp decline in employer-sponsored retirement plans over the past 15 years.
A third of U.S. workers nearing retirement are destined to live in or near poverty after leaving their jobs, new research shows. One underlying cause: a sharp decline in employer-sponsored retirement plans over the past 15 years.
Damian Sylvia
Managing Partner
Retirement Income Solutions
Thursday, April 2, 2015
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.
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.
Damian Sylvia
Managing Partner
Retirement Income Solutions
Saturday, March 28, 2015
Why putting off retirement savings until you make more money is a big mistake
People in their 20s have a list of excuses for putting off saving for retirement: Their paychecks are too small. They don’t know how long they’ll stay with a company. Why worry now about something that feels a million years away?
But a report from the Employee Benefit Research Institute drives home the point that waiting until you’re older and making more money to start saving for retirement could be a bad call.
But a report from the Employee Benefit Research Institute drives home the point that waiting until you’re older and making more money to start saving for retirement could be a bad call.
Damian Sylvia
Managing Partner
Retirement Income Solutions
Subscribe to:
Posts (Atom)