IRAHelp.com’s Founder Ed Slott joins The Final Round to to discuss the steps you can take to utilize tax laws to maximize your retirement and tax benefits.
“As you get closer to retirement, income is more important than savings because savings — especially if they’re in the market — are not guaranteed, and savings can run out,” Slott tells Yahoo Finance.
Account holders over the age of 70 1/2 are subject to RMDs — required minimum distributions — which is the amount they’re obligated to withdraw from their tax-deferred retirement accounts and pay taxes on.“The government wants its money back,” retirement expert Ed Slott tells Yahoo Finance
“It’s the same principle as a reverse mortgage, where the money you owe will be deferred until you die or sell,” says Ed Slott, a certified public accountant and retirement expert based in New York.
"You pay the tax on the way in so you don't have to pay the tax on the way out," says Ed Slott, a certified public accountant and founder of Ed Slott and Company and irahelp.com.
