Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Showing posts with label USA Today. Show all posts
Showing posts with label USA Today. Show all posts
Monday, May 16, 2016
Buying a Home With Retirement Savings: Pros and Cons
If you've been socking money away in a retirement account and are ready to buy a home, you could tap into that savings to boost your buying power. There are several ways to use retirement funds to put a down payment on a home.
Wednesday, March 30, 2016
4 ways to tell if you’re financially ready for retirement
Do you have enough money to retire? That’s not an easy question to answer, but there are some ways to tell if you’re on track. Experts like to use the following methods to determine if you have enough to fund your desired lifestyle.
Crunch the numbers. Map your projected income — from personal assets, earned income, pensions and Social Security — against projected expenses. This is perhaps the most accurate way to determine whether you’re financially ready. But it will require more than a weekend of number crunching.
Crunch the numbers. Map your projected income — from personal assets, earned income, pensions and Social Security — against projected expenses. This is perhaps the most accurate way to determine whether you’re financially ready. But it will require more than a weekend of number crunching.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Millennials' new retirement number? $1.8 million (or more!)
Millennials have more than enough financial worries. Now they can add about 2 million more to their list. That's how much many might need to save to retire.
Older Millennials — those born in the early 1980s — will need about $1.8 million salted away to maintain their standard of living in retirement while younger Millennials — those born in the late 1990s — will need upwards of $2.5 million, according to various studies, estimates and experts.
Older Millennials — those born in the early 1980s — will need about $1.8 million salted away to maintain their standard of living in retirement while younger Millennials — those born in the late 1990s — will need upwards of $2.5 million, according to various studies, estimates and experts.
Damian Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, February 10, 2016
7 ways Millennials can get a jump-start on retirement planning
It’s quite fashionable these days to moralize about the shortcomings of the entire Millennial generation. And the latest fodder for critics is a recent survey by finance site HowMuch.net that shows more than 50% of those ages 18 to 34 have less than $1,000 in savings.
But before you wag a finger at those young whippersnappers, keep in mind the hard reality is that Americans of every age stink at saving. According to finance portal Go Banking Rates, 62% of all Americans have less than $1,000 saved.
But before you wag a finger at those young whippersnappers, keep in mind the hard reality is that Americans of every age stink at saving. According to finance portal Go Banking Rates, 62% of all Americans have less than $1,000 saved.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, December 23, 2015
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.
Damian Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Tuesday, May 5, 2015
Traditional retirement possibly becoming a thing of the past
It may be time to redefine retirement.
A new survey of American workers from the Transamerica Center for Retirement Studies found that 82% of the respondents age 60 and older either are, or expect to keep working past the age of 65. Among all workers, regardless of age, 20% expect to keep on working as long as possible in their current job or a similar one.
A new survey of American workers from the Transamerica Center for Retirement Studies found that 82% of the respondents age 60 and older either are, or expect to keep working past the age of 65. Among all workers, regardless of age, 20% expect to keep on working as long as possible in their current job or a similar one.
Damian Sylvia
Managing Partner,
Retirement Income Solutions
Tuesday, April 21, 2015
One-third have almost no retirement savings
Many people are woefully unprepared financially for retirement, and they shouldn't count on working longer to make up the difference, a new national survey reveals.
Almost a third of workers (28%) say they have less than $1,000 in savings and investments that could be used for retirement, not counting their primary residence or defined benefits plans such as traditional pensions. And 57% say they have less than $25,000, according to a telephone survey of 1,003 workers and 1,001 retirees from the non-profit Employee Benefit Research Institute (EBRI) and Greenwald and Associates. Previous surveys from EBRI and other groups have shown similar savings rates.
Almost a third of workers (28%) say they have less than $1,000 in savings and investments that could be used for retirement, not counting their primary residence or defined benefits plans such as traditional pensions. And 57% say they have less than $25,000, according to a telephone survey of 1,003 workers and 1,001 retirees from the non-profit Employee Benefit Research Institute (EBRI) and Greenwald and Associates. Previous surveys from EBRI and other groups have shown similar savings rates.
Damian Sylvia
Managing Partner
Retirement Income Solutions
Sunday, April 19, 2015
Powell: 8 biggest misconceptions about retirement
Perception might be reality. But that's not necessarily the case for pre-retirees. For Americans on retirement's doorstep, misconceptions are reality.
Yes, many Americans retire thinking and imagining this or that lifestyle, and the reality that awaits them is entirely different, say experts.
So, what are the biggest misconceptions people have about retirement and, more importantly, what can you do to avoid or deal with unrealistic images of your golden years?
Yes, many Americans retire thinking and imagining this or that lifestyle, and the reality that awaits them is entirely different, say experts.
So, what are the biggest misconceptions people have about retirement and, more importantly, what can you do to avoid or deal with unrealistic images of your golden years?
Damian Sylvia
Managing Partner
Retirement Income Solutions
Thursday, April 16, 2015
Retirement: The payoffs of an active lifestyle
Some people are planning ahead for their physical fitness in retirement just like they plan for their financial fitness, says one of the country's top national diet and exercise experts. And that's as it should be, he says.
If you start a few years before retirement, says James Hill, executive director of the the University of Colorado Anschutz Health and Wellness Center in Aurora, Colo., you'll be ready to go when you do retire; most people can make a lot of progress toward getting in better shape in a matter of a few months.
Damian Sylvia
Managing Partner
Retirement Income Solutions, LLC
Thursday, April 2, 2015
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.
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.
Damian Sylvia
Managing Partner
Retirement Income Solutions
Thursday, March 26, 2015
5 ways to beef up your retirement savings
Research shows that many people are worried about having enough money saved for retirement.
Some don't think they'll be able to live comfortably with what they have tucked away, and even those with significant savings fear going broke, one survey showed.
But take heart. Financial experts have given this problem a lot of serious thought, and in today's special report, we look at five ways to beef up your retirement savings.
Some don't think they'll be able to live comfortably with what they have tucked away, and even those with significant savings fear going broke, one survey showed.
But take heart. Financial experts have given this problem a lot of serious thought, and in today's special report, we look at five ways to beef up your retirement savings.
Damian J. Sylvia
Managing Partner
Retirement Income Solutions
Wednesday, February 25, 2015
Retirement: Why small-business owners don't save
Baby Boomers are becoming entrepreneurs at an amazing pace. By some accounts they are starting 50% of new businesses. The U.S. Small Business Administration says more than 5 million Boomers 55 and older either own businesses or are self-employed.
There are plenty of reasons for this rush to entrepreneurship: They have the skills, they have the dreams and many aren't ready to retire. Also, many don't think they have opportunities to continue to work in Corporate America once they get to a certain age.
There are plenty of reasons for this rush to entrepreneurship: They have the skills, they have the dreams and many aren't ready to retire. Also, many don't think they have opportunities to continue to work in Corporate America once they get to a certain age.
Damian J. Sylvia
Retirement Income Solutions
Monday, February 23, 2015
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.
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.
Damian J. Sylvia
Retirement Income Solutions
Saturday, February 21, 2015
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.
Damian J. Sylvia
Managing Partner
Retirement Income Solutions
Book: Brooks asks is $1M enough for retirement?
Is $1 million enough money to live comfortably in retirement? How much do you need?
USA TODAY retirement columnist Rodney Brooks answers these questions and shares some of his best columns in his new e-book, Is One Million Dollars Enough? A guide to planning for and living through a successful retirement.
The topics range from what to do if you haven't saved enough for retirement to how to cope if you retired earlier than you expected to living through a retirement disaster. The book is available at major online book stores, including Amazon, Barnes & Noble,iBooks, Google Play and Kobo.
Brooks writes in the introduction to the book: "Remember the good old days when you worked 30 years on the same job and retired with a gold watch and a pension? Your company took care of your health care in retirement. You paid off your mortgage and lived happily ever after.
Click here to continue reading the source article at USA Today.com.
Damian J. Sylvia
Managing Partner
Retirement Income Solutions
Damian J. Sylvia
Managing Partner
Retirement Income Solutions
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