Retirement Planning Expert Explains the Basic Facts about the Roth IRA at Meeting in Detroit

Troy, MI (PressExposure) October 13, 2009 -- Michael McGee explains the benefits to choosing the Roth IRA over the Traditional IRA

People are hesitant to invest their money in the stock market today for fear of their investment losing value and not recovering when they need it. Michael McGee is a financial planner who specializes in retirement planning. He recently spoke at a real estate investor’s meeting to explain the advantages of choosing a Roth IRA over the traditional IRA.

Michael began his lecture, “The Roth IRA became available on January 1, 1998 as a result of the Taxpayer Relief Act of 1997. It is named after the late Senator William V. Roth, Jr.”

Hands went up immediately; people couldn’t wait to ask the important question, “What are the advantages to a Roth IRA?” Michael explained, “Unlike the Traditional IRA, the Roth IRA does not allow a deduction for contributions but it does provide other benefits not available under the Traditional IRA. In most cases all earnings are tax free when you withdraw the funds. There are other benefits unique to the Roth IRA including no need to take minimum distributions at the age of 70-1/2 and no distribution penalty on certain withdrawals.”

The next question asked was “What are the requirements to being eligible to contribute to a Roth IRA?” Michael answered, “Almost any one can contribute to a Roth IRA. The contribution amount can be up to $5,000 for the year 2009 ($6,000 for those who will be 50 years old or older by the end of the year). You must have earned income of at least the amount you contribute and your adjusted gross income must be less than $105,000 for a single person and $166,000 for married couples filing a joint tax return. If your income is higher, the amount allowed for a contribution is reduced; the more you make, the greater the reduction.”

As the meeting came to a close people were left with a lot to think about. Retirement planning can be overwhelming with the many options available and the various individual circumstances of different people. As Michael’s assistant passed out his business card, Michael said, “No matter how you look at it, most people are better off with the Roth IRA because it is an investment of after-tax money with no taxes to be paid on the interest it earns. Maximizing your contribution will add greater tax leverage to your retirement savings. I would be happy to set an appointment with you to discuss your options and advise you as to what would work best for you.”

Michael McGee provides retirement planning and financial advice to people of all ages and income levels, including young families, business owners and entrepreneurs. Michael can help you with everything from college planning to retirement planning, establishing a 529 college savings plan, traditional IRA, Roth IRA, SEP IRA, 401-K, family savings and more. Learn more at http://financialplanningwaynecounty.blogspot.com/

Contact: Michael S. McGee, MBA Financial Advisor 888 West Big Beaver Suite 850 Troy, MI 48084 248-720-0300 Email: mcgeeaug@comcast.net This press release was submitted by Right Now Marketing Group, LLC

About Michael S. McGee

Michael S. McGee provides financial planning, retirement planning and financial advice everyone, including average people who work hourly rate jobs, small business owners, self-employed entrepreneurs, affluent individuals, corporations, associations and foundations. Michael works with young families to establish college plans for their children and savings and retirement plans for their own futures. He helps people of all ages with investment savings and retirement plans without paying a lot in taxes. Michael McGee provides advice as to the type of account(s) individuals should have including a traditional IRA, Roth IRA, SEP IRA, 401-K, 529 college savings plan and more.

Press Release Source: http://PressExposure.com/PR/Michael_S._McGee.html

Press Release Submitted On: October 13, 2009 at 1:20 am
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