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Tom Meaglia, ChFC®, AEP®,

CLU®, CRPC®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

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

May/June 2018

Retirement Readiness Checkup

Retirement Readiness Checkup

Are you saving enough for retirement? It’s easy to underestimate your retirement expenses, since you can’t know everything the future will bring. But there are ways to more accurately gauge your financial needs, especially if you’re just a few years from retirement.

Healthcare is Big

Healthcare expenses may consume the largest portion of your retirement income, so begin by checking out current costs for Medicare and Medigap health insurance policies, plus Part D prescription drug coverage. Then consider how premiums will likely increase modestly every year. Don’t forget to include deductibles, co-payments and coinsurance in your calculations.
Location, Location

Housing is often another large expense in retirement, depending on whether you have a mortgage or rent, pay real estate taxes and face higher utility expenses compared to other regions. Don’t assume you can painlessly leave everything and move to a less expensive locale, especially if you’re moving away from family. Try a new location out for a few weeks at a time in the years before you plan to retire before committing.
Do a Test Run

Another way to gauge your retirement readiness is to try living on your monthly retirement income now. If your retirement income projects to 70-80% of what you earn now, the transition may not be difficult, while a tryout may convince you that living on less than 70% doesn’t work for you.
Surprises Happen

Even when you make educated estimates, less predictable expenses could throw your retirement calculations out of whack. A change in health is a possibility as you age. Long-term care, if needed, is costly. Perhaps you plan to work part-time, but poor health could alter this plan. Or maybe you have an adult child who needs to move back in with you. Ensuring a financial cushion can help offset these and other financial surprises.
Keep On Keeping On

The good news is you still may have time before retirement. Need more cushion? Maybe you can delay retirement by a year or two. Perhaps you can delay taking retirement plan distributions, allowing them to continue to potentially grow. Talk to a licensed financial professional to learn how to best prepare for your retirement.


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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
Insurance and annuity products are not sold through Fusion Capital Management. Fusion does not endorse any annuity or insurance product, nor does it guarantee any insurance or annuity performance. Annuity and life insurance guarantees are subject to the claims-paying ability of the issuing insurance company. If you withdraw money from or surrender your contract within a certain time after investing, the insurance company may assess a surrender charge. Withdrawals may be subject to tax penalties and income taxes. Persons selling annuities and other insurance products receive compensation for these transactions. These commissions are separate and distinct from Fusion's investment advisory fees.
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