Market Meltdown-Fight Back

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Market Meltdown-Fight Back


Over the last few days Wall Street has taken a beating, Wednesday, Thursday & Friday of last week saw the market fall all three days. Analyzing and pontificating as to why doesn’t help any bodies bottom lines. The outlook for health care costs, energy costs, as well as simple cost of living increases has changed the financial landscape for many soon to be retired Americans. Clearly traditional means of retirement income will most likely not be enough for most to get through. With that outlook on the horizon many soon to be retirees are looking to an old school form of supplementing their nest eggs. IRA’s are making a big comeback, whether in the traditional form or the newer Roth version, IRA’s are back in vogue.


You have two choices when it comes to IRA, the older traditional IRA and the new kid on the block ROTH IRA.


Traditional IRA’s grow tax-deferred until withdrawn. Contribution limits are currently set at $5,000 per year for adults up to age 50, and 50 or older $6,000 per year. Most taxpayers are eligible for a tax deduction, however there are some limitations regarding gross incomes. A licensed tax professional should be consulted to answer any specific questions.

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The other version is the ROTH IRA, which offers tax free growth; contributions to a ROTH IRA are made with previously taxed dollars which means contributions can be withdrawn tax-free with no penalty. As with traditional IRA’s there are certain adjusted gross income limits.


Getting started in an IRA does not require big lump sum dollars and can be set up using automatic monthly payments. Regular automatic monthly payments combined with compounding interest on those contributions makes starting an IRA particularly attractive to younger investors who have the benefits of time for the IRA to build.


Realtors, bankers, plumbers, hair dressers, it doesn’t matter what career choice you have made; either IRA opportunity is a great way to supplement long term income goals.

If you or a family are thinking of buying or selling a home, please feel free to contact me for further assistance.


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Gerry Michaels

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