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.

Continue reading source article at Time.com. 

Damian Sylvia

Managing Partner

Retirement Income Solutions

2 ways to get guaranteed retirement income

Ask advisers this question and the answer may depend on how the adviser makes his living. If he or she sells annuities, you'll probably hear how wonderful annuities are and why you should have one. If, on the other hand, the adviser charges a fee to invest retirees' savings for retirement income, you'll likely get an earful about annuities' shortcomings and reasons why keeping your savings in stocks, bonds and other investments is the better way to go.

Continue reading source article on CNN.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions 

Retire? Older Americans Plan to Work Until They Drop

A majority of workers aged 60 and older say they work for the health coverage or because they need the money.

It's the retirement elephant in the room: How much do you need to be financially secure if you stop working? The answer, from a pool of workers of all ages, was a median of $1 million, according to a new report.

Continue reading source article at Bloomberg.com.

Damian J. Sylvia

Managing Partner

Retirement Income Solutions

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.

Continue reading the source article at USAtoday.com.

Damian Sylvia

Managing Partner, 

Retirement Income Solutions

 

10 Ways to Fund Your Retirement

Most workers depend on the steady paychecks they receive from a single job. But retirees often have multiple sources of income, including Social Security, pension payments, withdrawals from retirement accounts or other investments and sometimes even income from a part-time job, according to a recent Gallup poll of 1,015 adults, including 652 workers and 363 retirees. Setting up several sources of retirement funds can give you extra security in retirement. Here are 10 ways you can pay for retirement.

Continue reading source article at USnews.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions

4 ways to outlive your retirement savings

If you can work longer, for many people that will be a more palatable solution than saving a crazy percentage of your salary," Webb said.

Working longer also allows you to wait to claim Social Security retirement benefits.

Typically, the longer you wait to claim benefits, the bigger your monthly payments will be, up until age 70. Those who claim benefits at age 70 get a whopping 76 percent more per month than they would if they began drawing benefits at age 62, according to the book "Falling Short: The Coming Retirement Crisis and What to Do About It."

Continue reading the source article at CNBC.com. 

Damian Sylvia

Managing Partner

Retirement Income Solutions

Tips for joining rising number of 401(k) millionaires

Retirement savers achieved record balances in their 401(k) balances in 2014—thanks in part to the stock market's gains—but the biggest winners were the thousands of workers who became newly minted millionaires.

The average 401(k) balance hit a record high of $91,300 at the end of last year, according to new data from Fidelity Investments, the largest provider of 401(k) plans. Only a tiny fraction of the company's 13 million plan participants ever reach the million-dollar mark, but that number has grown sharply in the past two years.

Continue reading article at Today.com.

Damian Sylvia

Managing Partner

Retirement Income Solutions