Retirement Planning Expert in Troy, MI Suggests Tax-Free IRA Rollover to Health Savings Account

Troy, MI (PressExposure) May 20, 2009 -- The availability of health care coverage provided by employers is diminishing as the cost of health care is increasing. As people reach retirement age, they realize that they may not have enough saved for medical expenses. Using their IRA funds would result in tax penalties.

Michael McGee, financial advisor specializing in retirement planning, recently attended a meeting with other people in the finance industry. He explained how he advises his clients that they can use their IRA, tax-free, to help with medical expenses. “The solution is to do a one-time rollover, from your IRA to a Health Savings Account. To qualify, you must currently have a high-deductible health plan, where you are responsible for paying the first $1,150 for an individual plan or $2,300 for a family plan of your medical expenses. The higher deductible means lower premiums.”

Michael explained the rules and the benefits of having a health savings account. “You may move up to $3,000 to a health savings account for individual coverage or up to $5,950 for family coverage. Those who are 55 or over can contribute an extra $1,000. The benefit of having the account is being able to use the money without being forced to pay income taxes on the distribution.”

Michael reminded the group, “The IRA to HSA rollover is a once-in-a-lifetime option, so it’s a good idea to transfer the maximum allowed to establish the account. Anyone under the age of 65 who has a qualified high-deductible policy can open an HSA.”

Michael McGee is a financial planner specializing in retirement and health care planning for people of all ages and income levels. Health care costs are constantly increasing while fewer employers are offering pension plans and health care benefits. Michael can help you establish a health care plan to cover routine medical procedures and long-term health care for the future. Learn more at http://retirementplanningoaklandcounty.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, MBA

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,_MBA.html

Press Release Submitted On: May 20, 2009 at 3:00 am
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