Troy, MI (PressExposure) October 13, 2009 -- The Roth IRA has grown in popularity because of its unique tax benefits; many people who have a traditional IRA wish they would have chosen the Roth IRA instead. Michael McGee, financial planner specializing in retirement planning was recently interviewed. He explained how one can convert their traditional IRA to a Roth IRA to enjoy the benefits.
Some people are under the impression that they have to wait until 2010 to convert their IRA. Michael explained, âThis is not true unless your adjusted gross income is over $100,000 for a married couple filing jointly. The 2010 Roth IRA Conversion allows anyone, no matter what their income is, to convert.â
When asked if now is a good time to convert, or if there is a reason to wait until 2010, Michael said, âThere is a conversion tax to pay when you convert your traditional IRA to a Roth IRA but there may be advantages to converting now. If youâre one of the many people who have noticed a significant drop in your IRA due to the stock market and economy then this would be a great time to convert as you would have less to pay in taxes.â
Michael went on to explain the advantages to converting in 2010, âThe advantage to waiting until 2010 to convert is the opportunity to pay the conversion tax in two payments; half in 2011 and the balance in 2012.â
Michael understands how complicated and overwhelming retirement planning can be with the many different investing options available and the constantly changing tax laws. âI recommend spending some time with your income tax professional or financial advisor before implementing the conversion strategy to see if it works to your advantage,â said McGee.
Michael McGee is a financial advisor who understands all the terms and conditions and income tax advantages to investing in a retirement plan. Michael is well-qualified to analyze your financial situation and to advise you as to what type of investment account to have to secure your future. Visit Michaelâs blog at http://retirementplanningoaklandcounty.blogspot.com/ for more information on retirement planning and investing.
Contact: Michael S. McGee, MBA Financial Advisor 888 West Big Beaver Suite 850 Troy, MI 48084 248-720-0300 Email: email@example.com This press release was submitted by Right Now Marketing Group, LLC