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Follow on Google News | Retirement Planning Expert Explains the Basic Facts about the Roth IRA at Meeting in DetroitMichael McGee explains the benefits to choosing the 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; 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@ This press release was submitted by Right Now Marketing Group, LLC # # # Right Now Marketing LLC, a company designed to both provide press release and internet marketing services for a wide variety of companies and products, and to educate the general public on how to do press releases yourself. End
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