Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Monday, May 16, 2016
Buying a Home With Retirement Savings: Pros and Cons
If you've been socking money away in a retirement account and are ready to buy a home, you could tap into that savings to boost your buying power. There are several ways to use retirement funds to put a down payment on a home.
40 states with an income tax include retirement income, but not Illinois, and that's not about to change.
Most of us don’t like to pay taxes, but it’s our legal and civic obligation in a democratic society.
It’s also galling in states like Illinois, where real estate, sales and gasoline taxes are among the highest in the country, and there’s too much waste, inefficiency and dishonesty in government to feel our money is being well spent.
But the beat goes on.
Last year Cook County raised sales and hotel taxes, and the City of Chicago passed the largest properly tax in history.
It’s also galling in states like Illinois, where real estate, sales and gasoline taxes are among the highest in the country, and there’s too much waste, inefficiency and dishonesty in government to feel our money is being well spent.
But the beat goes on.
Last year Cook County raised sales and hotel taxes, and the City of Chicago passed the largest properly tax in history.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, May 11, 2016
Meet the "feel free" retirement spending plan
How much can you safely spend each year from your retirement savings without worrying about running out of money? Do you really have enough money saved for retirement? These are critical questions for older workers and retirees to answer, particularly those who don't have substantial pension benefits and are relying on Social Security, 401(k) balances and IRAs for retirement income.
There's evidence that many people are struggling with these questions. For example, a recent survey showed that more than half of all respondents were too optimistic about a safe withdrawal rate. Almost one-third of were wildly overoptimistic and would spend their savings at a rate that would ensure they would almost surely deplete it during their lifetime.
There's evidence that many people are struggling with these questions. For example, a recent survey showed that more than half of all respondents were too optimistic about a safe withdrawal rate. Almost one-third of were wildly overoptimistic and would spend their savings at a rate that would ensure they would almost surely deplete it during their lifetime.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, April 29, 2016
Why You Should Have An Annuity In Your Retirement Plan
Annuities are a big business, both for advisors and the insurance companies and other channels who sell them. But just because there is money to be made selling annuity products, it doesn’t negate the benefits that consumers receive from these products as well. In an article for Main Street, Mark Henricks says that “Buying an Annuity Should be Part of Your Retirement Strategy.” From 2010 to 2015, individuals bought more than $1 trillion worth of annuities. 2015 was an especially good year for fixed indexed annuity products, one branch of the fixed annuity market. In addition to all of the individuals planning for retirement with annuity products, corporations are also buying annuities at record levels to lower the risks and costs associated with offering pension benefits.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
How To Not Run Out Of Money In Retirement
Investing for retirement doesn't have to be hard. You read up on how to put together a diverse mix of low-cost index funds, bonds, etc. Then keep setting aside all you can into that retirement account. Easy.
But when you actually retire and start spending that money, that's like going from playing checkers to playing chess. It can get a lot harder.
Here's the big pickle: You don't want to run out of money. But how can you know how much it's safe to spend when you might live for another five years — or 25 years?
But when you actually retire and start spending that money, that's like going from playing checkers to playing chess. It can get a lot harder.
Here's the big pickle: You don't want to run out of money. But how can you know how much it's safe to spend when you might live for another five years — or 25 years?
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Friday, April 22, 2016
6 Ways to Fix Social Security’s Finances
The Social Security program currently has enough resources to pay out all promised benefits for nearly two decades. However, the Old-Age and Survivors Insurance Trust Fund is projected to be depleted in 2035. After that, the program expects to have enough tax revenue coming in to continue to provide about 77 percent of scheduled benefits. There are several Social Security tweaks that would correct the problem. A recent Government Accountability Office report examined several Social Security changes and how far they would go toward fixing Social Security's long-term projected deficit. Here's a look at how several potential Social Security solutions would change the system's finances.
Continue reading source article here.
Continue reading source article here.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Thursday, April 21, 2016
Want To Retire Early? 5 Reasons It May Not Happen For You
Many people seek our financial planning services to get a better handle on their over all financial situation and to better understand what they need to do to better meet their future goals.
A very common goal is to retire early and lead the “easy, good life”! Normal retirement age is defined by Social Security as the full retirement age for those born after 1960 would be age 67. Many of these folks are disappointed to learn that an early retirement may not be in their future and here are the 5 most common reasons:
A very common goal is to retire early and lead the “easy, good life”! Normal retirement age is defined by Social Security as the full retirement age for those born after 1960 would be age 67. Many of these folks are disappointed to learn that an early retirement may not be in their future and here are the 5 most common reasons:
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Subscribe to:
Posts (Atom)