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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 2022

Start Early

Business Communication Connection People Concept

When you're just starting out in the workforce, you may be spending most of your paycheck on living expenses. So, finding extra money to contribute toward retirement might not be a priority. But the fact is, saving for retirement during the early years of your career can potentially make a big difference in the amount of money you're able to accumulate.


Your Goals
While it might be difficult to imagine what kind of lifestyle you’ll want 40 or 50 years from now, thinking about your goals can help you determine how much you should set aside for retirement. In addition to your retirement lifestyle, remember to consider the amount you might need for health care costs or unexpected life events, such as disability or job loss.


Money for Emergencies
As soon you as you begin working, start setting aside money in an emergency fund. Your goal should be to save three to six months’ worth of living expenses in an account that you can access quickly without paying a penalty on withdrawals.


Your Employer’s Plan
Contributing a portion of your earnings to your employer’s 401(k) plan (or another qualified retirement plan) allows you to save money for the future and reduces your current income tax bite. Although you’ll pay taxes when you withdraw the money, your contributions and any earnings will have many years to potentially compound and grow tax deferred. A rule of thumb is to contribute at least 15% of your income to your plan. For 2022, you can set aside up to $20,500 in a tax-deferred account. If your employer matches a percentage of your contributions, make sure you take full advantage of these matching funds.


Tax-free Growth
A Roth IRA allows you to contribute after-tax money to an individual retirement account and make tax-free withdrawals of all contributions and earnings. To withdraw the gains without penalty, you must be at least age 59½ and have held the account for at least five years. If you’re under age 50, you can contribute up to $6,000 in 2022. However, income limits apply. Consult your financial professional, who can help you set goals and choose investments to help you reach them.


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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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