Tom Meaglia photo

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

July/August 2019

Halftime Review

Halftime Review

As summer settles in, now is a good time to review your retirement savings strategy and fine-tune it if necessary. Here’s a look at some key areas to review:


Your Goals
Ask yourself if your retirement date, health and anticipated spending in retirement have changed. Perhaps you’re willing to live on less in order to retire earlier. Or maybe you believe you will travel more in retirement, which may require greater savings or a later retirement. If your goals are fluid, your strategy should adapt to them.


Your Contributions
How much are you putting away toward retirement? Is the amount sufficient to help you reach your financial goals in retirement? If you are coming up short, contribute a little extra to your retirement plan. In 2019, you may contribute up to $19,000 annually (if your plan allows), plus an extra $6,000 if you are at least age 50. And if you contribute to a 401(k) plan, your contributions are tax-deferred.


Your Investment Mix
Many near-retirees take a more conservative approach with their investments as they near their magic date. You may want to work with a financial professional to make sure your investment mix remains in line with your goals, attitude toward risk and time horizon.

Your Debt
One important way to increase your disposable retirement income is to shed as much debt as you can leading up to your big date, starting with credit card balances. If you’re used to buying a new vehicle every few years, try keeping it a while after paying it off. The money you save can go toward paying down other debt.


Your Retirement Income
How much you put away for retirement and how much of it you can spend are two different animals. That’s because taxes can have a significant impact on your disposable income. Downsizing your home and even renting can reduce the real estate taxes you’ll pay. If you’re open to moving, you might want to examine states that treat the taxation of retirement income and Social Security payments favorably. Or, if you qualify by income, consider opening a Roth IRA with its tax-free withdrawals in 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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