The Retirement Savings Time Bomband How to Defuse It PDF

The Retirement Savings Time Bomband How to Defuse It [Reading] ➶ The Retirement Savings Time Bomband How to Defuse It Author Ed Slott – 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 financial expert Ed Slotts eye opening gu For baby boomers Savings Time eBook ↠ reaching retirement age and the millions of other Americans who keep most of their assets invested in IRAs ks and similar retirement plans financial expert Ed Slotts eye The Retirement Kindle - opening guide is a must have resource to help protect those savings from the IRS Through his simple Step Action Plan Ed Slotts down to earth clear cut and often humorous Retirement Savings Time eBook ´ approach shows everyday investors how to distribute roll over withdraw and secure their retirement savings and their inherited nest eggs against Uncle Sam.

10 thoughts on “The Retirement Savings Time Bomband How to Defuse It

  1. Hunter McCleary Hunter McCleary says:

    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 found 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 hit140 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 the 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 financial institution loses them

  2. Holly Holly says:

    Wellthe five steps are legit in terms of stretching your money lowering income taxes and avoiding estate taxes However I found the read to be very complicated and hard to follow It was as if the author wanted to explain every possible variation of scenarios in all of their possible complexities But I’m really only giving the book two stars because I thought the title of the book was misleading It’s not about your retirement and how much money you will have The book is really about how to leave your family the largest inheritance possible which might be nice to do but is not my primary goal

  3. Michael Michael says:

    For many people the subject of retirement means little Some people will have to work the rest of their lives because 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 for 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 start to collect it Ed gives us valuable information that will help protect us from excessive fees and taxation from the IRS Ed gives us five tactics that can save you thousands of dollars He shows you how to stretch your IRA to create a financial legacy so your heirs can benefit from their inheritance Estate planning Roth IRA's are topics that he offers great advice on This is not light reading so go slow reread and digest it because this is good material that will keep a large percentage of your estate out of the clutches of Uncle Sam Having read the book I feel confident and better euipped to understand the complicities of these issues In fact I believe it should be reuired reading for everyone who has a retirement plan

  4. Michael Smith Michael Smith says:

    I’m an historian and archivist with a “humanities mind” whereas my wife is a mathematician with a knack for anything financial Our arrangement has long been that she keeps track of our investments also those of her parents and most of her siblings works out what to do about them and then explains it all to me and them But she still insists that I make an attempt to understand what’s going on and to that end she hands me books like this one I have to say that except for a sense of humor that tries too hard Slott is better at providing a clear explanation of tax law and financial decision making than many similar books I’ve waded through His specialty is IRAs and similar retirement arrangements and since I’ve just turned sixty I’m paying attention to this stuff After an introductory section explaining the jargon and describing the theory behind traditional and Roth IRAs he launches into the details of his “Five Easy Steps” Timing when and how much to take out of your IRA including both the legal reuirements and your own strategic needs life insurance to cover the taxes your beneficiaries will have to pay when they inherit your IRA stretching the payout period selecting a child as a beneficiary can keep the distributions going for decades after you’re gone allowing your beuest to keep growing converting to a Roth IRA if possible a great tax deal especially for the beneficiaries and avoiding estate taxesAlthough he calls it “death taxes” a partisan pejorative term I despise; there’s far too much concentration of wealth in this country already He also waxes on about the unfairness of the IRS and the tax code forgetting the basic principal Taxes aren’t intended to be “fair” they’re intended to raise money for the governmentAnyway he does a good job of explaining the options the retiree faces at each step and in each new or variant situation and he does it without resorting much to unexplained bizspeak which certainly increases its accessibility for most of us I’m told the regulars on Morningstar’s Vanguard discussion board a group which has included John Bogle Larry Swedroe Rick Ferri and other Big Names think highly of Slott’s take on things and you probably can’t do badly if you follow their advice

  5. Sandy Sandy says:

    This book lost me in the first couple chapters for 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 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 scenario?It appears that the author is a one trick pony taxes are evil and they'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 frankly I'm not ready to sit around and weep about people who don't manage to inherit as much from Mom and Dad as they'd like I'm concerned about the seniors who are having trouble paying for basic needs like food and shelter and medicine

  6. Jay Jay says:

    You have to wonder reading a book like this whether the author is aiming to make dealing with IRAs easy or if he's trying to make it hard enough to go to an IRA specialist which it so happens he certifies and is himself This book actually worked both ways The first thing to realize about the book is that a majority the most complex part is about the estate what happens to the subseuent owner of an IRA If you don't care you can skim about half of the book Keep in mind that you might be the recipient of an inherited IRA then these rules will be important to know and even plan for the book has plenty of suggestions for this The first part of the book is about setting up the proper IRA and 401k etc to ensure you follow the regulations so you don't get tax penalized I found the book easy enough to understand even though covering a very complex topic and I will do a Roth conversion and start keeping copious records because of the lines of reasoning in the book The book spends plenty of ink on the many situations that you could run into both common and rare These can be frighteningly complex and I believe I now understand enough to know when I would need an advisor to help configure my options I enjoyed the writing style with Slott's dry accountant wit making this complex topic easier to read Seems to be uite complete

  7. Rex Rex says:

    The book is very comprehensive on the subject of IRAs 401ks etc Besides retirement uite a bit of the book is focused 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 facts on how to manage retirement savings accounts before and after you retire

  8. Read Ng Read Ng says:

    A great book that you should own as part of you estate planning Okay I most recently read an older 2007 edition otherwise i would give it a higher rating Things have changed and Slott updated this in Jan 2012 Unfortunately tax laws changed yet again in 2013 I will be buying this book after it is updated again for 2013 Yes you end up constantly having to upgrade to the latest edition but it is a topic that has very important long term impacts to your estate You owe it to yourself and your loved ones to keep abreast of the current rules Go get informed

  9. Diane Diane says:

    I felt I needed to find 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 read

  10. Jay Jay says:

    I read this book shortly after my retirement and I found it very enlightening as I planned for my financial future When I presented Slott's ideas to my financial planner he was in total agreement I took the author's advice and am glad I did Possibly reading Slott's book earlier would have been a good idea

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