Well, maybe.
Damian J. Sylvia
Managing Partner
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07719
Saturday, June 27, 2015
When Should You Take Social Security Retirement Benefits?
For a lot of folks, the title question is a no-brainer: take the money and run. Why, you’ve been paying into this system all your life, so you should begin taking it back out as soon as you can, right?
Well, maybe.
Well, maybe.
Thursday, June 25, 2015
Behind on Retirement? Here's How to Catch Up
It's hard to believe, but according to a recent report by Forbes, 68% of Americans aren't saving for retirement in an employee-sponsored plan. What's more 69% of Americans under the age of 30 and a full third of those between 30 and 49 have nothing put away for retirement. If retirement is looming and you have nothing saved up, you don't have a lot of options. Still, you have a few things that you can do if you have even a decade left before your last day on the job.
Damian Sylvia
Managing Partner
Retirement Income Solutions
3 ways to get retirement ready in your 20s
As a 20-year-old, saving for retirement can easily fall to the bottom of the priorities list.
College graduates must focus on repaying their loans and paying rent wherever they may have moved for a career, although several would rather backpack and see the world before making their next career moves. Add to all of those ambitions potentially accrued debt and it could spell a recipe for disaster.
However, despite all of their immediate financial needs and responsibilities, 20-year-olds have the greatest opportunity to ensure a successful retirement if they start on the right path.
College graduates must focus on repaying their loans and paying rent wherever they may have moved for a career, although several would rather backpack and see the world before making their next career moves. Add to all of those ambitions potentially accrued debt and it could spell a recipe for disaster.
However, despite all of their immediate financial needs and responsibilities, 20-year-olds have the greatest opportunity to ensure a successful retirement if they start on the right path.
Damian Sylvia
Managing Partner
Retirement Income Solutions
5 Ways Retirement Will Pleasantly Surprise You
Most worker bees who are grinding away at a day job will tell you they can't wait to retire. However, those who have saved enough money to retire sometimes don't quit right away, even if they don't like going to work. Many savers develop a bit of anxiety about hanging up their work hat and choose to suffer the obvious because they are afraid of the unknown. Fortunately, there are many wonderful aspects of retirement, so the unknown isn't always all bad. For the workaholics among us, here are some reasons to plunge into retirement.
Damian J. Sylvia
Managing Partner
Retirement Income Solutions
You should break these six retirement rules. Here's why.
Are there right and wrong ways to retire? While that's a relative question, there are retirement rules that are in your best interest to follow — and those you might want to break. Consider these six retirement rules you might be better off ignoring.
1. Depending on a Pension or Social Security
Damian J. Sylvia
Managing Partner
Retirement Income Solutions
1. Depending on a Pension or Social Security
Counting on a pension or Social Security to help you ride out your retirement years? That's probably not the best strategy to have, considering that very few companies still offer pensions (though you'd know if yours does) and Social Security is still in crisis (so much so that it might be bankrupt and not even exist by the time you retire). That's not to mention that inflation is likely to outpace your per-month payouts in the off chance that you do receive these income sources.Continue reading source article at CSmonitor.com.
Damian J. Sylvia
Managing Partner
Retirement Income Solutions
Self-employed? Start saving for retirement
If you’re self-employed, retirement may be the last thing on your mind.
When financial gurus recommend setting aside 15-20 percent of your income toward retirement, your eyes may glaze over. After all, as an independent contractor or small business owner, you know income is often sporadic. Clients don’t always pay on time. Markets tend to move in cycles. Seasonal fluctuations may pinch your company’s cash flow.
You also know bills need to be paid – every month. Once you’ve settled up with suppliers, utility companies, lenders, and all those other folks clamoring for your money, most of your remaining cash may need to be pumped back into the business to keep it afloat. Contributing to a retirement account can seem like a luxury you can’t afford.
When financial gurus recommend setting aside 15-20 percent of your income toward retirement, your eyes may glaze over. After all, as an independent contractor or small business owner, you know income is often sporadic. Clients don’t always pay on time. Markets tend to move in cycles. Seasonal fluctuations may pinch your company’s cash flow.
You also know bills need to be paid – every month. Once you’ve settled up with suppliers, utility companies, lenders, and all those other folks clamoring for your money, most of your remaining cash may need to be pumped back into the business to keep it afloat. Contributing to a retirement account can seem like a luxury you can’t afford.
Damian J. Sylvia
Managing Partner
Retirement Income Solutions
When Is the Ideal (and Actual) Retirement Age?
The ideal age to retire falls somewhere between the ages of 60 to 65, according to a new Allstate/National Journal Heartland Monitor Poll.
The ideal age to retire falls somewhere between the ages of 60 to 65, according to a new Allstate/National Journal Heartland Monitor Poll. Retiring then works best, poll respondents say, because it's the sweet spot for both age and finances. People are young, healthy, and financially secure enough then to enjoy their time.
Damian Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
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