SUBSCRIBE
Enter your Name and Email address to get
the newsletter delivered to your inbox.
Please include name of person that directed you to my online newsletter so I can thank them personally.
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
March/April 2020
Reviving Your Retirement Strategy
Few people would argue about the wisdom of putting money away for retirement, yet many of us either don’t start, take time out from contributing or abandon this strategy altogether when financial obstacles hit. But most people can revive their retirement savings strategy at almost any age by making a few changes in how they deal with money.
That’s Life
It’s easy to fall behind when saving for retirement, if only because it may seem so far away. We may know that time and compounding make a powerful combination, but we let other financial obstacles get in the way of saving. We buy first homes, have children, pay for their education, deal with parents’ long-term care and more, so we put saving for retirement on the back burner. So, let’s say you let some time slip by. While it’s difficult to catch up, every little bit helps.For starters, consolidate your retirement plan assets if you have contributed to 401(k) plans from many jobs. Ask your current employer if that’s doable, and benefit from the ease of having all your retirement assets in one place with potentially lower overall fees. Also take advantage of any automatic tools your plan offers, including automatic contributions, rebalancing and escalation. The latter feature increases your contribution when you earn a pay increase.
More Money
If you have a 401(k) plan, know that IRS contribution limits are generous. If your plan allows, you can contribute up to $19,000 annually for 2019, plus another $6,000 in catch-up contributions if you’re at least age 50. You might also consider opening a traditional IRA, which may help you put away a little more tax-deferred money for the future.Looking for extra money to put toward retirement? Find more money to invest by cutting back on expenses, such as dining out. Consider gigging, where you can earn extra money in addition to your main income. And think about delaying retirement, because even a couple of years of extra contributions and potential growth can make a difference.
Most important, talk to your financial professional to learn about these and other ways to help get your retirement savings back on track.
CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
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.
Meaglia Financial Consulting and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.