Five Ways to Make Your Retirement Cash Last

Running out of money has got to be one of the worst fears of retirees. And with people living into their 10th and 11th decades, it’s going to get worse.

Now more than ever, you need to plan ahead to ensure that you won’t outlive your funds. That means saving as much as you can and not making mistakes that could scramble your nest egg.

Jane Bryant Quinn, who is a legend in my business, just published a book entitled How to Make Your Money Last. In keeping with her great writing on retirement over the past several decades, it goes right to the point on what you need to do.

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

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.

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

 

Targeting Pensions and Retirement Savings

This is a story to make you weep.

Several years ago a Portland, Oregon public schools retiree hired financial adviser Shayne Kniss to help him with retirement planning. The retiree would seem to have had no need for Mr. Kniss's services. He already had a guaranteed life pension coming from his years of public service. But Kniss talked him into cashing out the guaranteed pension and turning the resulting $729,000 into an investment account in his Iris Capital firm. Kniss confidently estimated 8-12% returns, which would have been higher than the guaranteed pension payments.

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

How Married Couples Can Max Out Their Retirement Accounts

Married couples can often claim twice the retirement savings tax breaks of single people. Couples can also strategically save in their respective workplace retirement accounts to get the best possible employer contributions and investment options. Here's how to maximize the value of retirement accounts as a couple.

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

3 Retirement Lifestyle Mistakes to Avoid

New retirees are often eager to vacation and enjoy some of the wealth they have been accumulating for decades. There can be a huge temptation to buy a vacation home or timeshare in a fun location, since you finally have time to relax. Some retirees also make large recreational purchases, such as a boat or RV. But expensive purchases at the beginning of retirement can turn out to be a big mistake that puts a strain on your finances for years to come. These three consumer trophies can quickly turn out to be landmines, and there are often other ways to achieve a similar experience for a lower cost.

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

5 Retirement Planning Mistakes and How to Fix Them

The average 65-year-old man retiring this year can expect to have another 17 years of living in front of him, according to the National Institute on Aging. For a woman, that number jumps to 20 years.

That’s a lot of time to travel the world, enjoy hobbies and make memories with family and friends. On the other hand, it can also be a lot of time to stress about rising expenses and dwindling assets.

Fortunately, if you plan correctly, you can minimize the chances of ending up with too many years left and too little money in the bank. However, if you think you’ve made mistakes (or are making mistakes) when it comes to retirement planning, rest assured there is always time to make a correction.

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

6 Ways To Catch Up If You're Behind On Retirement Savings

Most financial advisers agree: The simplest way to ensure you retire comfortably is to start saving early and let the power of compound interest work for you over time. But what if you got a late start or financial troubles in middle age ate into your nest egg and now you’re playing catch-up?

The hard reality is that the vast majority of Americans get a late start on retirement planning. Here’s proof: a 2014 survey from the Bankrate.com personal finance site found that more than one-third of Americans don’t have a penny saved for retirement — including more than a quarter of those age 50 to 64.

Continue reading source article here. 

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755