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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

March/April 2021

Millennials: Saving Is Up to You

Millennials Saving Is Up to You

The oldest Millennials are nearing 40; the youngest are in their early 20s. They've surpassed their Baby Boomer parents in sheer numbers. Collectively, they have significant more student loan debt than their previous generation. The demise of pension plans and the uncertainty of Social Security mean Millennials may need to save more money than their parents saved to fund their retirement years. Getting an early start can make a big difference.


The Goal: Financial Security
Financial independence means having enough income to pay your expenses throughout your lifetime. Saving as much of your salary as possible — especially during your early working years when you may not have the financial responsibilities of a family or mortgage – can help you get there. Establish goals for different stages of your life – a down payment on a house, college for your children, funding your retirement. Although your objectives may change as you reach some goals and add others, your priority is to have enough money to live comfortably.


Create an Emergency Fund
At every stage of life, make sure you have enough money in an emergency fund to cover at least six months’ worth of living expenses or an unexpected bill. Having money in a dedicated fund can eliminate the need to sell investments or use a high-interest credit card to cover the expense.


Join the Plan
Start contributing to your employer’s 401(k) or other tax-deferred retirement plan as soon as you’re eligible. Plan contributions come out of your pay before taxes are taken out, and you won’t owe taxes on contributions or earnings until you withdraw the funds, typically at retirement. Your employer may match your contributions up to a certain percentage, so be sure to take advantage of this “free money.”


Open an IRA
If your employer doesn’t offer a retirement plan, consider putting money into a traditional or Roth individual retirement account (IRA). A traditional IRA’s earnings grow tax-deferred while qualified withdrawals from a Roth IRA are tax-free. Having an IRA can be beneficial even when you have a retirement plan at work. (Contribution limits apply.)


Your financial professional can help you work toward your budget and investment goals.


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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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