As a CERTIFIED FINANCIAL PLANNER™, Michael J. Shea has gladly served the people of Nashville with their financial planning needs since moving to the Music City in 2014. He enjoys listening and learning about client’s needs, aspirations, and goals to create and deliver tailored solutions for their specific needs.
Born and raised in Atlanta, Georgia, Michael received his B.B.A. in Finance from Kennesaw State University’s Coles College of Business. He began his career in financial services working for a large mortgage corporation where he collaborated with various banks and borrowers on their residential home loans. While working in the mortgage industry Michael obtained his certificate in financial planning from University of Georgia’s Terry College of Business. He made the transition into wealth management in 2014 when he moved from Atlanta to Nashville, where he worked for a registered investment advisory firm in Brentwood, TN serving mass affluent and high net worth clients.
Michael has experience working with various clients such as retirees, doctors, business executives, small business owners, and millennials. He is diligent in understanding their specific needs and creating a course of action to help get their financial house in order. This is done through the financial planning process with analyzing cash flow, debt management, portfolio and investment analysis, retirement planning, tax planning, and estate planning.
In October 2015 Michael graduated from the FPA Residency program. The highly acclaimed Financial Planning Residency Program builds experience in real financial planning scenarios and establishes mentor relationships with preeminent thought leaders in the profession for newly certified financial planners or soon-to-be CFP® professionals. He is a member of the Middle Tennessee Chapter of the Financial Planning Association (FPA). In addition to his CFP®, Michael is a series 65 licensed Investment Adviser Representative and always acts in his client’s best interest by adhering to the fiduciary standard. He also has his health and life insurance license.
Michael and his wife Mary live in West Nashville. They enjoy spending time with family and friends, playing sports, traveling, and seeing live music around town. Mary is a registered nurse at Centennial Hospital and works in the ICU.
BBA, Finance, Kennesaw State University’s Coles College of Business
Assets Under Management:
Yes, but there is a caveat depending on your age and situation.
If you are under age 59.5, you must pay attention to the 60-day IRS rule pertaining to Traditional IRAs. You can take a distribution penalty and tax free if the funds are put back into the account within 60 days. This can possibly be useful for short term cash needs, but is usually recommended on a last resort basis, as there is risk involved if you don't put the money back in the IRA.
The main thing to think through is the need for the money, if there are other resources for funds, and if you will be able to replenish the money within the 60 day time frame. Lastly, you are only allowed one 60-day rollover per year.
If you are over age 59.5 you could technically take a regular distribution, include it income for the tax year, and then make a deductible or non-deductible contribution to the Traditional IRA, depending on your AGI.
It depends. You can elect to make deductible or non-deuctible contributions to a Traditional IRA. Should you choose to make deductible contributions you can contribute up to $5,500, or $6,500 if you are over the age of 50, which will reduce your AGI by the respective amount.
The deductibility is based on if you or your spouse, if you're married, are covered by a retirement plan at work:
- If you are married and covered by an employer retirement plan then the MAGI phaseout begins at $99,000 and ends at $119,000 where you will receive no deduction. If you are single the phaseout is less.
- If you are married and your spouse is covered by an employer retirement plan then the phaseout increases to $186,000 to $196,000. If you are single with no employer retirement plan there is no phaseout for deducibility.
I hope this helps with your situation.
- Michael Shea, CFP®