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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
If your kids are grown and have grabbed control of their financial lives, now is a good time to refocus on your financial prospects and strategies for achieving your goals. Pay attention to the areas that can most affect your retirement readiness:
Estimate how much you’ll need, and work with a financial professional to learn how to increase your retirement contributions, reduce debt and create an asset mix that meets your risk tolerance and timeframe. Use the extra money an empty nest may bring to help increase your retirement savings.
These two vehicles, along with SIMPLE and Simplified Employee Pension (SEP) plans if you own a business, offer tax-deductible contributions, although the traditional IRA has income limits to qualify. You pay ordinary income tax on eventual distributions from these vehicles, but qualified distributions from a Roth 401(k) and Roth IRA are generally tax-free.*
If you have a Health Savings Account, increase your contributions there, too. Healthcare costs are typically a top expense in retirement, which a triple tax-free HSA can help alleviate. An HSA features tax-deductible contributions, tax-deferred potential growth and tax-free qualified withdrawals. Your financial professional can help determine if an HSA is right for you.
As you near retirement, pay close attention to your portfolio mix to ensure it has the combination of safety and growth you’ll need. Change will happen, and staying flexible can help you to adapt.
*Withdrawals/distributions from your IRA/401(K) accounts will be included in as part of your taxable income and may be subject to a 10% additional tax penalty if you’re under age 59 1/2.
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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.
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.