Health savings accounts are a powerful wealth accumulation vehicle. They are one of the few account types with a triple tax benefit — tax-free paycheck deferrals, no taxes on account growth and no taxes on withdrawals for qualified medical expenses.
Retirement and tax expert Ed Slott breaks down his tips on year-end retirement planning and changes to missed RMD penalties.
With the imminent return to the White House of Donald Trump, the tax outlook is coming into focus. And the nation’s wealthiest taxpayers, who were facing a halving of the lifetime estate and gift tax exemption (currently $13.6 million) at the end of 2025, may have dodged a bullet.
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.
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.
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.
