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

September/October 2018

Boost Your Savings

3d render concept of boosting energy levels

If you’re approaching your 50th birthday or have passed this milestone, now is the time to supercharge your retirement savings efforts. Here are some things you can do today to potentially plump up your retirement income.


Max Out Your 401(k)
If you have a company-sponsored 401(k), contribute up to $18,500 or up to plan limits, if lower. If your employer matches a portion of your contributions, make sure to contribute at least the amount your company will match. If you find you don’t have enough dollars to contribute the maximum allowed, look for debt to cut, starting with credit cards sporting the highest interest rates. Reducing debt should be a twin goal with saving more, because both actions will help to increase your retirement income.


Explore IRAs
Another way to potentially increase your retirement income is by contributing to a traditional or Roth IRA. If you qualify by income, contributions to a traditional IRA are tax-deferred along with potential growth.


While anyone can open a traditional IRA, eligibility to contribute to a Roth IRA depends on your income. The income phase-out range for single taxpayers and heads of households making contributions to a Roth is $120,000 to $135,000, while the income phase-out range is $189,000 to $199,000 for those who are married and file their taxes jointly. Contributions to all IRAs you own are limited to $5,500 annually.


To Your Health
If your company offers a Health Savings Account (HSA), contribute as much as allowed. Contributions, potential growth and qualified distributions are all tax-free. At age 65, you may take distributions without penalty for any reason, paying ordinary income tax on the amount of unqualified distributions.


Age Pays
You can contribute even more to these retirement vehicles if you’re at least age 50. Contribute an extra $6,000 to a 401(k), $1,000 to an IRA and, if you’re over 55, $1,000 to an HSA.


Nearing the final lap of your retirement savings efforts? Talk to a financial professional to learn how you can make the most of your final contribution push.


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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.
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.

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