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Tom Meaglia, ChFC®, AEP®,


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




January/February 2024

Can You Be Too Confident About Retirement?

Rear view of a couple relaxing on a sofa at home and looking outside a green background through the window of the living room

Not that anyone should stay awake nights worrying about their retirement security, but overconfidence in the assets you project you’ll have for retirement can be your disadvantage. A 2023 study from the Center for Retirement Research at Boston College examined households’ self-assessed retirement preparedness and how it can influence retirement saving habits. The study used households in the National Retirement Risk Index.

Key Findings
Most households in the study had a good sense of whether they were on track for retirement, with 40% in good shape and knowing it and 20% in trouble and knowing it. That leaves another 40% in the “too worried” (mostly lower-income households) or "overconfident” categories. Both these groups aren’t saving enough. And it may come as a surprise that a third of higher-income families fell in the “overconfident” group. Why? Primarily, they’re misjudging how much their retirement income their assets can provide.

Mistakes Made by Higher Income Households
Relying too Heavily on Home Value— The mistake is looking at the rising value of their home without considering how much they still owe on it. This was especially true for higher-earning households with more expensive houses. 23.8% of high-income households were affected by this factor, compared to only 7.6% of middle-income households.

Discounting the Importance of Both Spouses Saving— If you and your spouse are employed and want to continue your standard of living into retirement, you’ll have to replace both incomes. Even if one of you works part-time, both of you need to participate in a retirement plan—either at work, if eligible, or with a traditional IRA. This factor is most prevalent among high-income households. With the start of the new year, it may be a good time to contact your financial professional to review your retirement planning for overconfidence or retirement investment opportunities you may be missing.


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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.
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