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Title: The Retirement Savings Time Bomb ...and How to Defuse It by Ed Slott ISBN: 0-670-03236-0 Publisher: Viking Press Pub. Date: February, 2003 Format: Hardcover Volumes: 1 List Price(USD): $24.95 |
Average Customer Rating: 4.3 (10 reviews)
Rating: 5
Summary: Clever treatment of a complex subject! A must read.
Comment: "If you have an IRA, 401k, or 403b, read this book to protect yourself from making unnecessary tax mistakes," says Julie Jason, JD, LLM, financial columnist and author of You & Your 401(k), The 401(k) Plan Handbook, and Strategic Investing After 50.
"The Retirement Savings Time Bomb does two things: 1) it teaches you the essentials you need to know about how taxes affect your retirement plans. 2) It tells you what to do through a simple five step plan. A clever way to cover a complex subject."
Rating: 5
Summary: No one knows IRAs like Ed Slott
Comment: No one on the planet knows IRAs better than Ed Slott. Congress has made the rules so complicated, that IRA owner ARE sitting on a Time Bomb -- a tax bomb.
Without the proper tax planning, your heirs could stand to lose 70% due to the combined income and estate taxes. If you are fortunate enough that the annual minimum required IRA distributions are not your only source of income, hence you are leaving a bulk of the account intact each year for future growth, you could be doing a disservice to your children or grandchildren. Read Ed Slot's book.
Even your favorite charity could receive less than you expected. Read Ed Slott's book.
And by the way, whether your hard earned retirement savings is in an IRA, 401K or other similar deferred account, you should be reading Ed Slott's book.
I am a practicing CPA and I have read Ed Slott's book.
Rating: 5
Summary: Fire you advisor
Comment: I am in the financial services industry. If your current advisor does not understand the IRA, 401K, etc. rules, you need to find one that does.
Recently I did an informal survey of my coworkers. I tested their knowledge of retirement plan. Almost all of them failed! If it scares me, and it should frighten all of their clients.
If you want to give away a lot of your hard earned money to the government, do not read this book. Otherwise, read the book and find a competent advisor to help you implement the strategies.
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