(PDF/EPUB) [The Retirement Savings Time Bomband How to Defuse It] á Ed Slott

The Retirement Savings Time Bomband How to Defuse It


The author doesn t say that the 401k was all in company stock but whatever The punch line See the IRS treats you just the same whether you re a genius or not HUH How did the IRS become the villain in this scenarioIt appears that the author is a one trick pony taxes are evil and one trick pony taxes are evil and re the only thing you need to worry about Personally while I certainly want to protect my retirement assets I m just as concerned with the other threats to it such as the Wall Street greed that already cost so much And Paradox Bound frankly I m not ready to sit around and weep about people who don t manage to inherit as muchrom Mom and Dad as they d like I m concerned about the seniors who are having trouble paying or basic needs like ood and shelter and medicine The book is very comprehensive on the subject of IRAs 401ks etc Besides retirement uite a bit of the book is ocused on estate planning This may not be so important if your estate is under 1 million However even if your estate is modest Slott has some very good suggestions to maximize your retirement savings and pass the maximum to your heirs He also covers what you should know to manage an IRA or other type of plan you inherit The books does a good job explainingshowing IRAs are not simple to use An excellent book read to get the acts on how to manage retirement savings accounts before and after excellent book read to get the acts on how to manage retirement savings accounts before and after retire I Syncopated: An Anthology of Nonfiction Picto-Essays felt I needed toind out what Mr Slott had to say about our Retirement Savings but after seeing him on PBS I wasn t poised to like the book in spite of its enticing title Very specific directions into how you can protect your wealth just as the very wealthy protect theirs For the rest of us there was literally one line in the book that suggested I do not have enough money to convert to Roth IRAs But that one line was worth the rea. Nd often humorous approach shows everyday investors how to distribute roll over withdraw and secure their retirement savings and their inherited nest eggs against Uncle Sam. Rt to collect it Ed gives us valuable information that will help protect us Are All Guys Assholes?: More Than 1,000 Guys in 10 Cities Reveal Why They're Not, Why They Sometimes Act Like They Are, and How Understanding Their ... Will Solve Your Guy Drama Once and For All from excessiveees and taxation What a Lass Wants from the IRS Ed gives usive tactics that can save you thousands of dollars He shows you how to stretch your IRA to create a inancial legacy so your heirs can benefit rom their inheritance Estate planning Roth IRA s are topics that he offers Great On This Is Not Light Reading So Go advice This is not light reading so go reread and digest it because this is good Material That Will Keep A that will keep a percentage of your estate out of the clutches of Uncle Sam Having read the book I Mexican Hooker feel confident and better euipped to understand the complicities of these issues Inact I believe it should be reuired reading The League for the Suppression of Celery for everyone who has a retirement plan This book lost me in theirst couple chapters or several reasonsFirst the author appears to assert that the only problem with keeping your retirement assets is taxes Sorry buddy that may be the accepted view in your world government bad taxes bad but I saw a lot of the value of my 401k get wiped out in 2008 and that had nothing to do with the IRSSecond the author gives us a couple scary anecdotes about people losing much of the value of their inherited IRAs Then he says that of course the tax laws have changed since then but still Ridiculous Don t try to scare me and then tell me that the monster isn t actually under the bed any but has already been captured and defangedThird the anecdote that made me close the book was an elaborate tale about a genius who was too stupid to listen to the author s advice and rolled his IRA over into his new company s 401k plan Then DISASTER STRIKES The IRS comes after him No no the Enron mess happens his new company is somehow involved and his 401k is somehow wiped out or seriously reduced Not clear why this happened. Ert Ed Slotts eye opening guide is a must have resource to help protect those savings rom the IRS Through his simple 5 Step Action Plan Ed Slotts down to earth clear cut I normally avoid self help books hyped with scary sounding titles but the Slott book is excellent There is so much meaty and practical information here One thing I did not uite get was the insurance recommendation He makes it sound like an insurance policy is ound moneyNotes82 Roths not subject to reuired minimum distributions122 You do not want a trust to be the beneficiary of an regular IRA because it is not an individual so the RMD cannot be applied which means it has to be cashed out124 Spouse survivor can roll IRA of deceased to their IRA without penalty The non spouse beneficiary must leave it in their parent s name but change the tax ID Be sure To Do This Or You Might Get A Big Tax do this or you might get a big tax A rollover is usually best when a spouse inherits an IRA179 Make sure it is s designated beneficiary not just beneficiary193 Stretch IRA lets you specify a younger beneficiary who can Protract RMDs Over Their Lifetime Note That With Multiple Beneficiaries RMDs over their lifetime Note that with multiple beneficiaries eldest one determines the RMD timeline203 But you can get around this by immediately splitting the IRA into the number of beneficiaries upon death of the owner Then the respective owner timelines applies100 Be sure to make paper or pdf copies of beneficiaries in case inancial institution loses them For many people the subject of retirement means little Some people will have to work the Rest Of Their Lives of their lives the high cost of retirement is to much to handle Many people can t retire because all they have is Social Security and that program will just not cut it or all of us even if it is still around by the time we want to collect on it Yet some of us out there have done a great job of contributing to our 401k IRA s and I think this book The Retirement Savings Bomb by Ed Slott will help us understand it when we sta. For baby boomers reaching retirement age and the millions of other Americans who keep most of their assets invested in IRAs 401ks and similar retirement plans inancial exp. .