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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 2025

IRA Mistakes You Can't Afford

IRA Mistakes You Cant Afford

With annual contributions limited by the IRS or your ability to save, your retirement security can't afford you to make missteps with your IRA. Yet many IRA investors do.


Younger people have many financial responsibilities: student loans, car loans, and the expenses of a first-time apartment or home. But that doesn't mean they should ignore saving for retirement. It may bring a modem of reassurance that while an IRA is not an emergency fund, you can access IRA money without tax or penalties for a financial emergency. Premature withdrawals aren't ideal for anyone, but they're generally better than not contributing to an IRA as early as possible.


Married couples with one earner can make annual contributions for a spouse who is not working. As long as the earning spouse has enough earned income to equal the contributions, each spouse may invest up to the annual contribution limit set by the IRS each year, but there are limitations you need to know about.


Tax-sensitive procrastinators may make IRA contributions until the April 15, 2025, tax filing deadline. However, remember that last minute contributions give your investments less time to compound, and you potentially have less money for retirement. If you can't contribute all at once at the beginning of the year for optimal compounding, use a monthly contribution strategy to contribute the most you can, the earliest you can. It makes a big difference over the years.


Like the Roth IRA, traditional IRA contributions are allowable for people of any age. So, as long as you have earned income and can afford to contribute to an IRA, you have options.


Remember that, unlike traditional IRAs, Roth IRAs do not require minimum distributions, and contributions are not tax deductible.


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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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