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.

Continue reading article at USAToday.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions

How to Build a $1 Million Retirement Plan

The number of savers with seven-figure workplace retirement plans has doubled over the past two years. Here's how you can become one of them.

The 401(k) was born in 1981 as an obscure IRS regulation that let workers set aside pretax money to supplement their pensions.

Continue reading article at TimeMagazine.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions 

For millions, 401(k) plans have fallen short

You need to know this number: $18,433.

That's the median amount in a 401(k) savings account, according to a recent report by the Employee Benefit Research Institute. Almost 40 percent of employees have less than $10,000, even as the proportion of companies offering alternatives like defined benefit pensions continues to drop.

Continue reading article on cnbc.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions

Heartbreaking Reasons To Save Outside Of A 401k, 403b, Or IRA For Retirement

An advisor friend recently shared two frightening withdrawal requests from retired clients. The first was an $85,000 call for funds to cover rehab costs for an adult child. The lethal combination of depression and alcohol abuse contributed to suicidal thoughts, an inconsistent medication schedule, and a trail of hospital stays and doctor visits. The center treating this individual is among the few that address both mental health issues and addiction, which comes with a hefty price tag.

Continue reading article at Forbes.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions

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.

Continue reading article on CBSnews.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions

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?

Continue reading article at USAtoday.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions

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.

Continue reading article on USAToday.com

Damian Sylvia

Managing Partner

Retirement Income Solutions, LLC