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The Retirement Savings Time Bomb...and How to Defuse It
Book

The Retirement Savings Time Bomb...and How to Defuse It

A 5 Step Action Plan for Protecting your IRAs, 401(k)s, and Other Retirement Plans from Near Annihilation by the Taxman

Ed Slott
Penguin, 2003

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Editorial Rating

9

Qualities

  • Innovative
  • Applicable

Recommendation

Despite grand claims, most business books do not really provide specific plans for saving or making money. In contrast, Ed Slott recommends five tactics that could save you thousands of dollars. Even better, he shows you how to use a "stretch IRA" to create a financial legacy, so your heirs in future generations can gain a financial benefit from their inheritance. He defines key concepts in estate planning and offers great advice about the benefits of Roth IRAs. Even though this book is not light reading, getAbstract highly recommends it to sophisticated investors and any American taxpayer who is serious about keeping a large percentage of his or her estate from the clutches of Uncle Sam. One caveat: verify his advice with your tax professional. Slott published this book in 2003, and some tax laws have changed since then.

Take-Aways

  • Baby boomers face a huge potential tax liability on inherited assets and retirement funds.
  • IRA stands for "Individual Retirement Arrangement." These savings plans were supposedly named after the IRS actuary who invented them, Ira Cohen.
  • Workers who retire with money in a company plan can roll it into an IRA, keep it in the company plan, roll it into a new employer’s plan or take the money immediately.

About the Author

Ed Slott is a CPA and consultant who has worked with many well-known firms. He is the author of Your Tax Questions Answered and the publisher of a newsletter, Ed Slott’s IRA Advisor.

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