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The tax and IRA expert weighs in on tax-savvy retirement planning, Roth conversions, and the new rules for inherited IRAs.

Ed Slott, founder of Ed Slott and Company, sits down with InvestmentNews anchor Gregg Greenberg to recommend end-of-year tips to save on taxes and maximize retirement accounts.

President-elect Donald Trump is expected to extend his 2017 tax cuts, which expire at the end of 2025. Ed Slott & Company Founder and CEO Ed Slott joins Wealth! to discuss what this means for retirement accounts and provide tips for retirement savings.

The year is flying by, and before we know it, 2025 will be here. With the arrival of the new year, several new provisions from the 2022 SECURE 2.0 law that impact retirement plans will become effective. One of the changes allows certain older participants in company savings plans and SIMPLE IRAs to make higher catch-up contributions.

No matter your age or your income, financial experts there’s a place in your investment planning for the retirement savings tool known as the Roth IRA. And right now is the ideal time to contribute to one.

Tax considerations are an important factor in long-term investing, whether the goal is preparing for retirement or maximizing a charitable giving legacy. That said, investors also need to be careful not to “let the tax tail wag the investment dog.”

At one time, it was possible to pass down a traditional IRA to an heir without creating added tax complexity. That’s because beneficiaries, by law, could make gradual withdrawals over their lifetime, which not only allowed those accounts to grow but limited the annual income they’d have to report.

A recent report by the Investment Company Institute revealed that U.S. retirement assets climbed to a staggering $40 trillion as of the end of the second quarter. This growth was led by an increase in IRA assets to $14.5 trillion. In addition, a good chunk of the remainder of the $40 trillion is sitting in 401(k) and other company plans, most of which will eventually end up in IRAs.

If you were born in 1959, what is the first year that you must start taking required minimum distributions (RMDs)? That would seem like an easy question to answer, but because of a snafu by Congress, it isn’t quite so clear.

America’s IRA expert, Ed Slott, shares his thoughts on whether we should continue to contribute to 401(k) plans and IRAs during this entertaining conversation.

Ed also explains his preferred investment vehicle and why, discusses tax risk and offers some year-end strategies for retirement planning.