Retirement Or College Funding? What To Do Now

For millions of American families, one of the most vexing financial questions is: Should I save for retirement or fund college? Can we do both?

The question is not an easy one, because of course, you need to do both. Yet the right answer is often a simple one when you consider the financial liability of choosing one over the other.

Continue reading source article here.

Damian J. Sylvia

Retirement Income Solutions 

220 Monmouth Road

Oakhurst, NJ 07755

How Does Your Student Loan Debt Threaten Your Retirement?

What if members of working-age households had been burdened with the same level of student loan debt as students leaving college today?

That’s the question modeled by researchers in a new study that concludes significantly more households would be running the risk of not having enough income during retirement.

Researchers Alicia H. Munnell, Wenliang Hou and Anthony Webb at the Center for Retirement Research at Boston College asked, “Will the Explosion of Student Debt Widen the Retirement Security Gap?”

The answer was a resounding yes. If working-age households had started out with today’s student loan debt levels, an index measuring the risk of not having enough income for retirement would now be at 56.2 percent, instead of 51.6 percent.

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755 

3 ways to get retirement ready in your 20s

As a 20-year-old, saving for retirement can easily fall to the bottom of the priorities list.

College graduates must focus on repaying their loans and paying rent wherever they may have moved for a career, although several would rather backpack and see the world before making their next career moves. Add to all of those ambitions potentially accrued debt and it could spell a recipe for disaster.

However, despite all of their immediate financial needs and responsibilities, 20-year-olds have the greatest opportunity to ensure a successful retirement if they start on the right path.

Continue reading source article on MarketWatch.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions

Save for college without hurting your retirement

Struggling to figure out how they'll pay for rising college costs, some parents are willing to dip into their retirement savings and delay retirement but may not realize that in doing so they may be jeopardizing their own financial security.

Some parents may not mind delaying retirement or may believe that using their retirement fund is the best alternative to help their child pay for college. More than half of parents recently surveyed by T.Rowe Price agreed that they'd rather dip into their retirement savings than have their child take out student loans. Parents worry about the long-term impact of student loan debt. Two out of five parents who used student loans to pay for their own college education said their payments have impacted their ability to save for retirement, according to that survey.

Continue reading the source article at CNBC.com.

Damian J. Sylvia

Managing Partner

Retirement Income Solutions

220 Monmouth Rd

2nd Floor

Oakhurst, NJ 07755