Guess how expensive teacher retirement costs are

According to new data from the Bureau of Labor Statistics, teacher retirement costs are at an all-time high.

As of March 2016, retired public school teachers receive $6.67 per hour worked during their careers. Compare that to March 2006, when they received less than half that amount: $3.26 per hour worked.

Continue reading source article here.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

Millennials challenged by funding modern retirement

Today's 20-somethings face some challenging dilemmas when it comes to saving for retirement.

Not only must they fund their own retirements due to the near evaporation of company pensions, they also are saddled with more student-loan debt, stagnant wages and higher living expenses compared to a generation ago. And at the same time — in another departure from their parents' and grandparents' experience at the same age — they want to ... well, spend more time enjoying life.

Continue reading source article here.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

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.

Continue reading source article here. 

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

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.

Continue reading source article here.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

 

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.

Continue reading source article here.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755 

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.

Continue reading source article here.

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?

Continue reading source article here.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755