Today, I'm joined by one of the country's most renowned tax and retirement distribution experts—Ed Slott. Ed is a CPA, best-selling author, and the founder of Ed Slott and Company. He’s also the Professor of Practice at the American College of Financial Services and The Wall Street Journal has named him the best source for IRA advice.
We discussed his latest book, The Retirement Savings Time Bomb Ticks Louder, which is the ultimate guide to reclaim control of your financial future. We also discussed how to navigate taxes in retirement, Roth conversion strategies, the future of tax rates, and why IRAs may be the worst asset to pass on to your beneficiaries.
In our conversation, Ed weighs in on whether the new administration will extend the TCJA (Tax Cuts & Jobs Acct), the potential downsides of the extension, and why worrying about timing the market on Roth conversions isn't worth the stress. He always shares his expertise on why investors should take advantage of historically low tax rates while you can.
GET FREE ACCESS TO ED’S BOOK TITLED, THE RETIREMENT SAVINGS TIME BOMB TICKS LOUDER
Here's all you have to do...
- Step 1.) Subscribe to the podcast and leave an honest rating & review over on iTunes.
- Step 2.) Text the word BOOK to 866-599-4491 and we’ll make sure you get signed up for free. It’s that simple!
In this podcast interview, you’ll learn:
- Why most investors and advisors don’t realize how much tax they’ll owe on their retirement savings.
- The critical difference between tax preparation and tax planning—and why ignoring tax planning can cost thousands of dollars.
- The "sweet spot" years for Roth conversions—before RMDs kick in at age 73.
- The biggest mistakes people make with IRAs and 401(k)s and how to avoid unnecessary tax landmines.
- What Ed predicts will happen to the Tax Cuts & Jobs Acct and tax rates in the coming years.
- The power of life insurance as a tax-free legacy tool and why Ed personally uses it in his own planning.
Our Market Outlook Webinar is live! Visit https://bit.ly/4bmHkUb to register.
Show Notes: RetireWithPurpose.com/483
Rate & Review the Podcast: RetireWithPurpose.com/review
📧 WEEKEND READING FOR RETIREES: Receive CFP® insight on 4 hand-picked financial articles delivered straight to your Inbox each Friday: https://bit.ly/3OEdGgu
📅 SCHEDULE YOUR PERSONAL FINANCIAL REVIEW: Book a 15-minute call with Howard Bailey Financial to see how the topics discussed here apply to your individual situation: https://bit.ly/3z5mXIw
ABOUT HOWARD BAILEY FINANCIAL: Our mission is to help others gain clarity in purpose and elevate meaning in their lives through personal and practical financial strategies. Our Retire With Purpose™ Framework starts with establishing your unique financial philosophy — the true meaning and purpose for your money in retirement. Through continued education, one-on-one meetings, and a comprehensive team planning approach, we have helped retirees across the country secure their financial futures. And while we can't work with everyone, our goal is to provide value to everyone we meet. Our team of advisors and support specialists strive to deliver the very best experience in pre-retirement and retirement planning. Learn more about our process here: https://howardbailey.com/our-process
