"The real way to determine whether to place investment dollars in a Roth IRA or traditional 401K is to consider your current tax bracket vs. what you think your future (at the time you will withdraw money) tax bracket will be." - Ryan Morrissey
In today’s episode, we welcome Ryan Morrissey to the podcast. Ryan is the founder of Morrissey Wealth Management, where he partners with individuals to help them plan their retirement by reducing taxes, investing smarter, and optimizing their income.
Today, Ryan talks about the reason why he got into the investment business, as well as the options available for people who are looking to invest for retirement.
Listen in!
- I'm a wealth advisor, focused on helping people within five years of retirement to figure out how they can retire and manage their wealth.
- I studied economics at the University of Delaware and later got a job with Morgan Stanley, and that's what launched me into doing what I do now.
- My why is to try to help people make the best of their situation and not be in a bad situation due to either not knowing what they're doing or just getting bad advice.
- When referring to Roth money, you pay tax on that money as you earn it.
- Upon qualification, you can put your Roth Money into the Roth account where it grows tax-deferred, and as long as the tax rates stay the way they are, the money comes out tax free.
- The real way to determine on whether to go for a Roth account or a traditional 401K is by looking at what your current tax bracket is, and what you think your future tax brackets are.
- Most people that make it to retirement age will need some type of long-term care help, and therefore health insurance is important to cater for the cost.
Connect with Ryan
www.retirewithryan.com
www.morrisseywealthmanagement.com
https://www.facebook.com/morrisseywealthmanagement
http://www.linkedin.com/in/ryan-morrissey-cfp-46714810
https://twitter.com/ryanrmorrissey
As always, if you are interested in complete “peace of mind” about your personal finances, visit us at: www.personalfinancialstrategy.com
