Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, February 24, 2016
What Americans Are Saving For -- It's Not Retirement
Olivia Wood, a Millennial social media specialist for a community bank in Pennsylvania’s Lehigh Valley, is saving for a trip to Iceland. “I want to be able to travel while I’m young, so I stay ahead of the curve, and always have a little extra for spontaneous trips,” @oliviawood_610 tweeted in a chat promoting America Saves Week. She uses Intuit’s @mint app to help budget and track spending, treats savings as a monthly bill, and sleeps on big purchases. Retirement savings? That’s next on her agenda.
How 1% of Pay Can Save Your Retirement
It works best when you start early.
One in four 401(k) savers increased their contributions last year. This additional saving will translate into hundreds or even thousands of extra dollars of monthly income in retirement, according to calculations from Fidelity Investments. All of which highlights the value of the automatic savings increases that are offered by many, but not most, retirement plans.
One in four 401(k) savers increased their contributions last year. This additional saving will translate into hundreds or even thousands of extra dollars of monthly income in retirement, according to calculations from Fidelity Investments. All of which highlights the value of the automatic savings increases that are offered by many, but not most, retirement plans.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, February 19, 2016
Some Surprisingly Good News About Retirement--Sort Of
The Center for Retirement Research at Boston College isn’t usually the place to go for retirement happy talk. Its National Retirement Risk Index classifies 52% of working age households as at risk of not being able to maintain their living standards when they stop working. Worse, it figures that if all workers had started out with the student debt the Millennials carry, 56% would be at risk.
But a new CRR issue brief reaches a seemingly upbeat conclusion: the vast majority of folks who retire aren’t being pushed out of the workforce by ill health, bad bosses, or age discrimination . Instead, they’re being pulled into retirement by the allure of spending more time with family and on other activities they enjoy.“People are being pulled towards positive things. That’s what keeps people at work or pulls them into retirement,’’ says Steven A. Sass, the CRR economist who wrote the new brief.
But a new CRR issue brief reaches a seemingly upbeat conclusion: the vast majority of folks who retire aren’t being pushed out of the workforce by ill health, bad bosses, or age discrimination . Instead, they’re being pulled into retirement by the allure of spending more time with family and on other activities they enjoy.“People are being pulled towards positive things. That’s what keeps people at work or pulls them into retirement,’’ says Steven A. Sass, the CRR economist who wrote the new brief.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, February 17, 2016
The real reason many millennials aren’t saving for retirement
Millennials are oft-maligned as a flighty, entitled generation saddled with debt and too obsessed with food and travel to worry about saving for retirement. But that doesn’t match the reality.
Young people are just as likely — or even more likely — than other generations to sock their money away. And new research points to one major reason more 20- and 30-somethings aren’t creating a nest egg, even if they might want to.
Young people are just as likely — or even more likely — than other generations to sock their money away. And new research points to one major reason more 20- and 30-somethings aren’t creating a nest egg, even if they might want to.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
How Working an Extra Year Improves Your Retirement Finances
Delaying retirement for one year can boost your monthly income.
Working for an additional year can have a significant impact on your retirement finances. A single extra year of work can boost your Social Security payments, give you more time to accumulate retirement savings and shorten the period of retirement you need to pay for. Here's a look at how delaying retirement for one year can improve your retirement budget.
Working for an additional year can have a significant impact on your retirement finances. A single extra year of work can boost your Social Security payments, give you more time to accumulate retirement savings and shorten the period of retirement you need to pay for. Here's a look at how delaying retirement for one year can improve your retirement budget.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
10 Things To Do Within 5 Years Of Retirement
Preparing for retirement is like getting ready for a trip — it never goes quite as planned. But the better the plan, the better the outcome. When things go wrong, you want to have the flexibility to adapt to changing circumstances. You never know what retirement will be like until you get there.
One component of any retirement plan is making a smooth transition by “practicing retirement.” Think of it as a dress rehearsal before you take the big (and often irreversible) step to fully retire.
One component of any retirement plan is making a smooth transition by “practicing retirement.” Think of it as a dress rehearsal before you take the big (and often irreversible) step to fully retire.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, February 12, 2016
7 Financial Goals Every GenXer Should Have
That means that the leading edge of GenX is turning 50 this year, and most of the rest are somewhere north of 35. GenXers – welcome to middle age!
At this point in life you should establish clear financial goals. And if you have already set them, now might be the prime time to hit the fast-forward button on them.
This is the time in life when people generally make the most financial progress in their lives.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
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