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.

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Damian Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755 

7 Year-End Retirement Mistakes Experts Say You'll Want to Avoid

In a few short weeks, the books will close on 2015 and along with them, the chance to make some last-minute decisions about retirement funds.

U.S. News spoke to Klein and other financial planners who say these are the seven biggest retirement mistakes people make at the end of each year.

Mistake No. 1: Failing to make planning a priority.

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

How Retirement Benefits Will Change in 2016

While a new type of retirement account will emerge, several Social Security claiming options will soon disappear.

Retirement savers will get the option to participate in a new type of retirement account next year, the myRA. There will also be fewer Social Security claiming options for married couples and a small Medicare premium increase for some beneficiaries. Here are some of the important ways retirement benefits will change in 2016.

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

3 Overseas Retirement Spots With Great Weather

For many retirees considering making a move overseas, weather is a priority. The cost of living and the cost of real estate are also important, of course. But a desire for a more temperate and comfortable climate is often a primary motivation behind making a move abroad. You can swap the snow, ice and freezing temperatures of North American winter for regular sunshine and pleasant weather all year long.

Better weather not only makes for more comfortable living but can also mean health benefits. Living in a place where it's never too cold or too hot means not having to sequester yourself part of the year behind closed doors. And not having to invest in heat or air conditioning means lower utility costs, as well.

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

The 8 Steps To A Successful Early Retirement

How would you like to retire early? Maybe 62 is a good age or maybe you’d like to retire at 60 or even 55.

But unless you’ve won the lottery, have a government pension or are the favorite niece or nephew of a rich uncle, you may find it difficult to achieve your goal. If can still be done, though. You have two options: cut your expenses or increase your retirement savings. Better yet, do both.

More specifically, you should be able to take that job and shove it at an age earlier than 65 if you do the following:

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

Creating A Rainy Day Fund For Your Personal Life In Retirement

It’s not uncommon to hear a financial expert preach the importance of having a rainy day fund equal to 3-6 months of expenses to cover emergencies or unexpected costs. While that’s very important, what’s often missed is that the same idea should be applied to your personal life in retirement as well.

It’s one reason why I ask people, “Where is your retirement sanctuary? Where do you go or who do you turn to after a bad day?”

On the surface, it may seem like a depressing question to think about and answer but the reality is, a successful retirement isn’t one without problems, but one in which you learn to overcome them. Therefore, in order to make a successful transition from work-life to home life, it’s important to understand how you deal with bad days, hard times, and even suffering.

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Damian J. Sylvia

220 Monmouth Road

Oakhurst, NJ 07755 

Retirement options dwindle, and states step in. But should they?

Whether it's the reality of living paycheck-to-paycheck, or just plain procrastination, more than a third of all Americans say they have nothing saved for retirement.

With fewer companies offering pension plans, and the number of companies offering employees 401(K) programs decline, more and more workers could find themselves on their own in their golden years. Less than half of private sector workers have access to retirement plans at their workplace, a state of affairs that is making state governments step in.

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755