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.
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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.
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Show Notes: RetireWithPurpose.com/483
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Retire With Purpose - The Retirement Podcast 