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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
July/August 2021
Income for a Comfortable Retirement
A comfortable retirement isn’t just your favorite chair close to the fire and your slippers near by. A comfortable retirement means you have sufficient funds to pay your living expenses and still do the things you’ve dreamed of doing. Financial security and independence are key when it comes to a happy retirement. That’s why having a plan for generating income can help you work toward achieving your goal.
Count Your Income Sources
You’ve probably been saving for retirement for a long time, so you may have money in a variety of savings vehicles — a 401(k) plan, traditional and/or Roth individual retirement account and other investments. Maybe you have a pension. And you’ll probably receive Social Security benefits. Creating an income stream from these sources will help cover your expenses during a retirement that could last 20 or 30 years or longer.The Three-basket Plan
Dividing your savings into three different “baskets” based on how soon you’ll need the money may prevent you from having to sell investments when the markets are down. Basket number one includes the cash you’ll need in the next year or so. Look for a high-yield savings vehicle so you can access the money without penalty.The second basket should hold fixed-income investments that offer some growth potential. Use these funds to replenish the first basket as you spend down your cash.
The third basket can hold investments with the potential for growth, such as equities, that you won’t need for several years. You may want to sell investments periodically to add to your second basket.
Delay Starting Social Security
You can maximize the amount you receive from Social Security each month by waiting beyond your full retirement age to claim benefits. Your benefit amount increases for every year that you don’t collect benefits, up to age 70.Remember that you have to pay income tax on withdrawals from any tax-deferred investments—such as traditional IRAs, 401(k)s, 403(b)s and tax-deferred annuities—in the year you take the money. Of course, this will reduce the amount you have to spend.
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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.
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