The tax and retirement expert considers Roths to be a ‘Swiss Army knife’ for tax planning.
Ed Slott & Company Director of Retirement Education Sarah Brenner joins Wealth to share the top considerations for those preparing to retire.
The tax and retirement expert shares how to get organized and implement techniques for long-term tax savings.
Sometimes in an emergency you just have to break the glass.
While tapping a retirement plan for an early withdrawal should always be a last resort, it can be unavoidable. The cause could be a job loss, a natural disaster like a wildfire, or even an opportunity like a coveted house for sale.
While most provisions of the tax overhaul known as the Tax Cuts and Jobs Act are set to expire at the end of this year, there is one important exception in the domain of retirement planning — the elimination of the so-called Roth conversion “recharacterization” rules.
The tax and retirement expert discusses whether to expect an extension of the 2017 Tax Cuts and Jobs Act and strategies to benefit from low tax rates.
“There is no downside to inheriting an IRA other than not being able to handle it,” says Ed Slott, president of Ed Slott & Co., an IRA distribution firm in New York. “I’ve worked with parents and grandparents who don’t talk to their kids about inheritance. The kids get a windfall but don’t realize it’s taxable.”
There is still time to make individual retirement account (IRA) contributions for 2024. Sarah Brenner, director of retirement education at Ed Slott & Company, joins Brad Smith on Wealth to break down what taxpayers need to know before the April 15th contribution deadline.
Robert “Bob” Powell sits down with Ed Slott, IRA Expert, Professional Speaker, and Author, who makes his case for Roth conversions. Ed goes into detail about the complexities of IRA beneficiaries and how to maximize your tax bracket. Find out how legislation such as Secure Act 2.0 impacts your retirement savings in this week’s episode of Decoding Retirement.
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.
