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Tom Meaglia, ChFC®

Chartered Financial Consultant

AEP®, CLU®, MSFS

Investment Advisor Representative

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: meaglia@earthlink.net

Website: www.meagliafinancialconsulting.com

March/April 2020

Reviving Your Retirement Strategy

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.


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Investment advisory services offered through Fusion Capital Management, an SEC Registered Investment Advisor. 9111 Cypress Waters Blvd., Ste 140, Dallas, TX 75019.
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