Traditional IRA and Roth IRA Syracuse NY

Given the significant market downturn it may not be a bad time to convert your traditional IRA to a Roth IRA in Syracuse. Right now, anyone with modified adjusted gross income of less than $100,000 a year (individual or joint income) can convert a traditional IRA account to a Roth IRA. Higher-income Americans are scheduled to get the same break in 2010.

Anthony Farella
Rockbridge Investment Management, LLC
(315) 671-0588 X222
101 South Salina Street, Suite 400
Syracuse, NY
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Retirement Plan Investment Advice, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®

Mr. Peter L. Derrenbacker, CFP®
(315) 434-8800
PO Box 4718
Syracuse, NY
Firm
Northwestern Mutual Financial

Data Provided by:
Mr. Patrick Eugene Rohe, CFP®
(315) 671-0588
101 S Salina St Ste 400
Syracuse, NY
Firm
Rockbridge Investment Management, LLC
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Estate Planning, General Financial Planning, Investment Management, Investment Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Mr. Raymond V. Grimaldi, CFP®
(315) 476-4004
432 N Franklin St Ste 60
Syracuse, NY
Firm
GRIMALDI & NELKIN CPAs, P.L.L.
Areas of Specialization
Accounting, Business Succession Planning, Charitable Giving, Employee and Employer Plan Benefits, Estate Planning, General Financial Planning, Insurance Planning
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Joel T. Redmond, CFP®
(315) 425-8602
221 S Warren St
Syracuse, NY
Firm
Key Private Bank
Areas of Specialization
General Financial Planning, Investment Management, Investment Planning, Retirement Income Management, Retirement Planning, Securities, Social Security Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

Average Income: $50,001 - $100,000

Profession: Service Professionals

Data Provided by:
Mr. John J. Kenney, CFP®
(315) 671-1831
PO Box 4718
Syracuse, NY
Firm
Northwestern Mutual
Areas of Specialization
Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning, General Financial Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

Average Income: $100,001 - $250,000

Profession: Not Applicable

Data Provided by:
Mr. Jon A. Law, CFP®
(315) 449-3000
432 North Franklin St.
Syracuse, NY
Firm
Mass Mutual Financial Group

Data Provided by:
Mr. Brent T Schleicher, CFP®
(315) 425-6337
120 Madison St Ste 1900
Syracuse, NY
Firm
AXA Advisors
Areas of Specialization
Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Insurance Planning, Investment Management
Key Considerations
Average Net Worth: $250,001 - $500,000

Average Income: $100,001 - $250,000

Profession: Not Applicable

Data Provided by:
Mr. Joseph M. Lazzaro Jr., CFP®
(315) 425-6362
120 Madison St STE 1900
Syracuse, NY
Firm
AXA Advisors, LLC
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, General Financial Planning

Data Provided by:
Mr. Anthony R. Farella, CFP®
(315) 671-0588
101 S Salina St Ste 400
Syracuse, NY
Firm
Rockbridge Investment Management
Areas of Specialization
Asset Allocation, Employee and Employer Plan Benefits, Investment Management, Investment Planning, Retirement Income Management
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Data Provided by:

Traditional IRA and Roth IRA

Given the significant market downturn it may not be a bad time to convert your traditional IRA to a Roth IRA. Right now, anyone with modified adjusted gross income of less than $100,000 a year (individual or joint income) can convert a traditional IRA account to a Roth IRA. Higher-income Americans are scheduled to get the same break in 2010.

Remember that when you do a conversion, you must pay income tax on the amount you are converting, which can be all of the funds in the traditional IRA or just a portion of those assets. But, subject to certain restrictions, you won’t pay tax when you finally need to withdraw your money. That’s where the silver lining comes in for you or for your heirs if you pass that money on to them.

Take another look at your statements and how much your investments are down. Assuming that the markets perform historically and fight their way back, your tax-free amount available for withdrawal could accumulate significantly under that Roth status.

Things to consider:

1) Time to retirement matters: If you have more than five years until you plan to withdraw your retirement funds, conversion of traditional IRA assets to a Roth IRA might make sense. The longer the time span where earnings can grow tax deferred, the greater the benefit of being able to withdraw those earnings without paying tax on them.

2) Your tax rate at retirement is important: Many people, such as business owners, may be paying taxes now at a fairly low rate. So they might pay higher taxes at retirement. If that’s the case, converting to a Roth might make a lot of sense. Additionally, with Social Security benefits being taxable at certain income levels, Roth IRAs can allow you to limit or eliminate such taxes.

3) A Roth conversion can be expensive: You’ll have to pay taxes on contributions that you previously deducted, as well as taxes on the accumulated earnings. Also, you need to be aware that conversion could push you into a higher tax bracket, especially if you’ve accumulated sizeable earnings over the years. This is why a conversion needs to be planned with a tax expert. Why? It may trigger the Alternative Minimum Tax (AMT) due to those high earnings.

Click here to read more from TheAdvice.com