The IRS’ final rules on required minimum distributions for beneficiaries under the 10-year rule, released Thursday, have created ”an unnecessary complication” that only Congress can fix, according to IRA and tax expert Ed Slott of Ed Slott & Co.
While an IRA rollover is the best move for most people when distributing money from a 401(k) plan, there is a special case when a lump-sum distribution makes sense — and the justification for one is “bigger than ever,” according to tax and IRA expert Ed Slott of Ed Slott & Co.
Tax and IRA expert Ed Slott runs down the key options for managing your retirement accounts.
Tax and IRA expert Ed Slott says there’s a small positive with higher inflation: greater Roth conversion opportunities.
When you were a kid, and your mom asked you clean your room or pause your video game or come in for dinner, you likely told her some variation of, “in a minute” or “I’ll do it later.”
What do you do to diffuse the retirement time bomb? The government has a plan, and you won’t like it. Joe was the emcee recently for maybe the biggest name in tax planning — Ed Slott — and his book launch event. We’re replaying as our mentor segment today Joe’s interview with Ed from that event because there are so many “a-ha” moments and good direction toward ensuring that your tax time bomb doesn’t go off all over your retirement.
It would almost be malpractice for any financial or tax advisor to ignore the coming tax storm,” according to Ed Slott of Ed Slott & Co.
That’s one of the central themes in his new book, “The Retirement Savings Time Bomb Ticks Louder,” Slott told ThinkAdvisor in a recent email exchange. “The taxes growing in the IRAs are what my book title refers to, a ticking tax time bomb.”
As of June 6, 2024, the total debt of the U.S. government was $34.67 trillion, up from $32 trillion only a year ago. In fact, the federal government spent $658 billion on net interest costs on the national debt in 2023, or about 2.4% of GDP. This was the largest amount ever spent on interest in the budget, reflecting a 38% increase from 2022.
Ed Slott, author of ‘The Retirement Savings Time Bomb Ticks Louder’, sits down with InvestmentNews anchor Gregg Greenberg to explain how to avoid unnecessary tax landmines and secure your retirement accounts.
Whether a client’s retirement dreams are five years away or 50, the single greatest threat standing in their way is taxes, warns Ed Slott of Ed Slott & Co.
The right tax management strategy can save clients hundreds of thousands of dollars, while the wrong strategy — or no strategy at all — can bring undue hardship during their golden years.
