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Tom Meaglia, ChFC®, AEP®, CLU®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

January/February 2022

Your Retirement Countdown

Your Retirement Countdown

You’ve saved for this day since you started working. Now, your retirement is around the corner. If you expect to leave the workforce in the next five years or so, planning will make for a smooth transition.


Check Your Account Balances
Ideally, you’ve been monitoring your investments to determine whether they’re performing the way you expected. If you’re falling short of your goals, work to make up the difference. At age 50 or older, you can begin making catch-up contributions to your account. Your financial professional can discuss other options for making up a shortfall.


How Much Will You Need?
You’ve already set a goal for your retirement savings. Estimate what your retirement expenses will be and create a spending plan that will cover the basics but still leave room for extras, like travel, hobbies and unexpected expenses. Keep in mind that some expenses you have while you’re working may be eliminated, or at least reduced, once you’re retired.


Retire Debt Free
Carrying too much debt can prevent you from enjoying your retirement years. Before you retire, come up with a plan to pay off your credit cards and personal loans and, if possible, your mortgage and home equity loans.


Social Security Options
You can begin taking Social Security benefits as early as age 62 or as late as age 70. The longer you wait, up to age 70, the larger your monthly benefit will be. However, there are several factors to consider, and your personal circumstances should guide your decision. Your financial professional can help you make the best choice.


Your Health Care
There are strict rules governing when you must sign up for Medicare and failing to follow them can result in stiff penalties. The coverage provided by Medicare is limited, so you’ll probably want a supplemental health insurance plan.


Your Lifestyle
What will your retirement lifestyle look like? Will you work part-time? Travel? Start a business? Do you want to downsize or relocate? Plan and budget for any changes before you retire.


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Investment advisory services are offered through Fusion Capital Management, an SEC Registered Investment Advisor. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. SEC registration is not an endorsement of the firm by the commission and does not mean that the advisor has attained a specific level of skill or ability. All investment strategies have the potential for profit or loss.
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