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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.

Ed Slott, the founder of IRAhelp.com, returns to the show to discuss his new book, out this week, “The Retirement Savings Time Bomb Ticks Louder,” suggesting that converting traditional retirement accounts to tax-free Roth accounts is going to be worth it for most investors, noting that paying the taxes now is a form of insurance against Congress changing laws and raising taxes in the future.

The Labor Department is “going all-in on the IRA rollovers” with its final fiduciary rule, according to Ed Slott of Ed Slott and Co.

When it comes to teens and money, there is often a disconnect.

Overall, teenagers are taking a greater interest in their long-term financial health — although far fewer understand basic retirement planning.

A majority, or 83%, of 13- to 18-year-olds, said they had already thought about their retirement, according to the results of a survey from Junior Achievement and MissionSquare.

In our headline segment we’re visited by another star….this one in the tax planning world. Ed Slott is back, and he’s fired up about your retirement accounts. His take: stop saving into pre-tax 401k plans and IRAs! Why? Here during tax season Ed joins us to dive into what we SHOULD be focusing on this tax season….and reminding us what we should ignore.

Withdrawing money from retirement accounts will have consequences on your 2024 return.