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

The average retirement age in every state

Choosing the right retirement age is as difficult as it is important. Retiring too early could leave you short on savings years into your retirement. A premature retirement can also cost you a chunk of your annual Social Security income.

SmartAsset's free retirement calculator can help you decide when to retire.

On the other hand, if you wait too long to retire, you may miss out on some of the experiences you have planned for your golden years. Sticking with your job once you're ready to retire can be stressful and exhausting.

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755 

How much do I really need to save for retirement?

I always thought 10% of salary was the amount you need to save for retirement. I save more than that, but a retirement calculator told me I'm not saving enough. Am I on track or is retirement just an impossible dream --Jessica, Texas.

I wish I could give you a simple-but-accurate rule of thumb that could assure you're saving enough to stay on track toward a secure retirement. But I can't because there isn't one.

The 10%-of-salary figure you cite is often tossed around as a viable benchmark -- and it might be if you start saving that amount in your early 20s and stick to it faithfully over the next 40 or so years. But few of us actually adhere to that regimen. We get a late start or have years when we save less than 10% or we may even dip into our savings occasionally. To allow for more leeway in building a nest egg, many pros suggest a higher target of 15%, which is the figure cited in recent research by the Center for Retirement Research at Boston College.

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755 

6 Ways to Prepare for Retirement in Your 20s and 30s

Compound interest works best when you start saving early in your career.

Although retirement may be decades away when you're in your 20s and 30s, it's an important milestone to start planning for. The earlier you start thinking about and preparing for it, the less likely you are to have to play a game of catch up as retirement approaches. To get yourself started with retirement planning, consider these six ways to prepare:

Open an account already. If your employer offers a savings vehicle, such as a 401(k), take advantage of it. You can also open your own traditional IRA or Roth IRA. While saving early is important, so is the habit of doing so automatically on an ongoing basis. By setting yourself up with automatic paycheck deductions or transfers to a Roth IRA, you're getting into the habit of putting money aside for your future. Aim to save at least 10 percent of your gross income and work up from there.

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Damian Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755 

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.

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

Retirement strategies based on birthday? Start savings now

Despite warnings to the contrary, many Americans aren't saving for retirement. About half of households age 55 and older have no retirement savings, according to a May report by the Government Accountability office.

But for employees being blasted with open enrollment information this October, it's never too soon to start. When it comes to retirement, it's all about the time value of money, Matt Sommer of Janus Capital Group told CNBC's "Power Lunch" Tuesday.

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

 

Why You Won’t Run Out of Money in Retirement

One prominent retirement fear is outliving your retirement savings. But this common concern seldom happens, because there are plenty of ways to adjust your spending and tighten your belt when the markets take a dive. Here's why you aren't likely to completely run out of money in retirement.

Spending has been going up and down all your life. No one actually spends a constant amount adjusted for inflation every year. You sometimes get big expense years, such as when you decide to change your car. Other years, you are too busy to take a vacation and you naturally spend less.Spending will fluctuate, which means you can easily tighten and loosen your purse strings as long as you pay attention.

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Damian J.  Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755