Year-end tax planning tips usually zero in on what advisors should be telling their clients to do, but IRA and tax expert Ed Slott of Ed Slott & Co. is offering some advice to advisors this year on what their clients shouldn’t do.
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.
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.
