About half of U.S. workers are actually on track to retire comfortably, according to research from the Center for Retirement Research at Boston College. What are they doing right?
Damian J. Sylvia
Managing Partner
Retirement Income Solutions
Thursday, April 2, 2015
How much should you really set aside for retirement?
It's true that many Americans are ill-prepared for retirement, but the situation isn't as dire as some may think.
About half of U.S. workers are actually on track to retire comfortably, according to research from the Center for Retirement Research at Boston College. What are they doing right?
About half of U.S. workers are actually on track to retire comfortably, according to research from the Center for Retirement Research at Boston College. What are they doing right?
Tuesday, March 31, 2015
The Best Places to Work in Retirement
Just over a quarter (26.2 percent) of people age 60 and older remain employed. But in some cities, nearly a third of the population continues to work during the traditional retirement years, according to 2012 Census Bureau data. Here are the places those age 60 and older are the most likely to be employed.
Damian Sylvia
Managing Partner
Retirement Income Solutions
Saturday, March 28, 2015
The 3 Secrets to Maxing out Social Security Spousal Benefits
When it comes to social security there are many combinations available. If you need help planning for social security, contact my office at 732-508-6044.
To review a few different scenarios highlighted on TimeMagazine.com, click here.
Damian J. Sylvia
Managing Partner
Retirement Income Solutions
To review a few different scenarios highlighted on TimeMagazine.com, click here.
Damian J. Sylvia
Managing Partner
Retirement Income Solutions
How Social Security Funding Affects Your Retirement
The first person to receive a monthly Social Security retirement benefit, Ida May Fuller of Ludlow, Vermont, earned quite a return on her tax dollars.
Fuller paid $24.75 in payroll taxes, which is used to fund Social Security, over three years while working as a legal secretary. She retired at age 65 in November 1939. On Jan. 31, 1940, she received her first Social Security check of $22.54. From then until 1970 when she died at age 100, Fuller collected a total of $22,888.92 in Social Security retirement benefits, according to the Social Security Administration (SSA).
Fuller paid $24.75 in payroll taxes, which is used to fund Social Security, over three years while working as a legal secretary. She retired at age 65 in November 1939. On Jan. 31, 1940, she received her first Social Security check of $22.54. From then until 1970 when she died at age 100, Fuller collected a total of $22,888.92 in Social Security retirement benefits, according to the Social Security Administration (SSA).
Damian Sylvia
Managing Partner
Retirement Income Solutions
The Secrets to Making a $1 Million Retirement Stash Last
More and more Americans are on target to save seven figures. The next challenge is managing that money once you reach retirement.
More than three decades after the creation of the 401(k), this workplace plan has become the No. 1 way for Americans to save for retirement. And save they have. The average plan balance has hit a record high, and the number of million-dollar-plus 401(k)s has more than doubled since 2012.
More than three decades after the creation of the 401(k), this workplace plan has become the No. 1 way for Americans to save for retirement. And save they have. The average plan balance has hit a record high, and the number of million-dollar-plus 401(k)s has more than doubled since 2012.
Damian Sylvia
Managing Partner
Retirement Income Solutions
Why putting off retirement savings until you make more money is a big mistake
People in their 20s have a list of excuses for putting off saving for retirement: Their paychecks are too small. They don’t know how long they’ll stay with a company. Why worry now about something that feels a million years away?
But a report from the Employee Benefit Research Institute drives home the point that waiting until you’re older and making more money to start saving for retirement could be a bad call.
But a report from the Employee Benefit Research Institute drives home the point that waiting until you’re older and making more money to start saving for retirement could be a bad call.
Damian Sylvia
Managing Partner
Retirement Income Solutions
Thursday, March 26, 2015
Why post-retirement planning is harder than ever
You have heard the exhortations to save, save, save. Perhaps you have even managed to sock away a decent retirement nest egg. If so, good for you.
But do you have a plan for how to draw down that money?
For millions of Americans, the answer is no. While 401(k) plans usually offer a defined array of investment choices, online tools and other guidance, there is no such system in place for when workers retire.
But do you have a plan for how to draw down that money?
For millions of Americans, the answer is no. While 401(k) plans usually offer a defined array of investment choices, online tools and other guidance, there is no such system in place for when workers retire.
Damian J. Sylvia
Managing Partner
Retirement Income Solutions
Subscribe to:
Posts (Atom)