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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
Recent surveys show that younger Americans believe they will work past normal retirement age, which could become reality given the increasing amount of “retired” Americans who continue to work. But life has a way of altering the best-laid plans, so it’s important to establish a “what-if” strategy that addresses a shorter work life and longer retirement than you may plan.
While older Americans may be healthier and more active than previous generations were, you can’t apply generalizations to specific situations. For example, BLS notes that the labor force of the 75-and-older age group is expected to grow about 86% from 2014–2024. Those workers are putting a lot of faith into a future that can be uncertain.
How best to get going? Start by preparing financially with the help of a financial professional. Some older Americans continue to work to pay for healthcare, which can be expensive even when qualifying for Medicare. Make sure you have the proper health insurance beyond Medicare that covers out-of-pocket costs such as deductibles. Don’t forget about contributing to a Health Savings Account if you have a high-deductible health plan. You carry any balance until it’s exhausted without time restrictions.
As long as you’re working, increase your retirement plan and IRA contributions. If you qualify by income, contributing to a Roth IRA may also make sense because qualified distributions are tax-free. Then, if you have to stop work at 66, you have built some retirement income. If you keep working, keep building.
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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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