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How to Take Financial Control, Avoid Unnecessary Taxes, and Combat the Latest Threats to Your Retirement Savings

How to Take Financial Control, Avoid Unnecessary Taxes, and Combat the Latest Threats to Your Retirement Savings

How to Take Financial Control, Avoid Unnecessary Taxes, and Combat the Latest Threats to Your Retirement Savings

By Ed Slott

By Ed Slott

By Ed Slott
Read by Dan Woren and Ed Slott

Best Seller

Category: Personal Finance

Category: Personal Finance

Category: Personal Finance | Audiobooks

Paperback $18.00

Mar 02, 2021 | ISBN 9780143134541

Ebook $14.99

Mar 02, 2021 | ISBN 9780525506355

Audiobook Download $22.50

Mar 02, 2021 | 855 Minutes

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    About The New Retirement Savings Time Bomb

    AS SEEN ON PUBLIC TELEVISION

    The complete action plan from Ed Slott, “the best source of IRA advice” (Wall Street Journal), to help you make sure your 401(k)s, IRAs, and retirement savings aren’t depleted by taxes by the time you need to use them.

    If you’re like most Americans, your most valuable asset is your retirement fund. We diligently save money for years, yet most of us don’t know how to avoid the costly mistakes that cause a good chunk of those savings to be lost to needless and excessive taxation. Now, in the midst of a financial crisis, there is more need than ever to protect your assets. The New Retirement Savings Time Bomb, by renowned tax advisor Ed Slott, shows you in clear-cut layman’s terms how to take control over your retirement savings plan. This easy-to-follow plan helps you place your assets to avoid the latest traps set out by congress in addition to any that might be set down the road, so you can keep your hard-earned money no matter what. And, it’s fully up-to date with information on the SECURE Act and everything you need to know about how the coronavirus relief bills will affect your savings down the road. This book is required reading for every American with savings and investments who is planning to retire, be it five years from now or fifty.

    About The New Retirement Savings Time Bomb

    AS SEEN ON PUBLIC TELEVISION

    The complete action plan from Ed Slott, “the best source of IRA advice” (Wall Street Journal), to help you make sure your 401(k)s, IRAs, and retirement savings aren’t depleted by taxes by the time you need to use them.

    If you’re like most Americans, your most valuable asset is your retirement fund. We diligently save money for years, yet most of us don’t know how to avoid the costly mistakes that cause a good chunk of those savings to be lost to needless and excessive taxation. Now, in the midst of a financial crisis, there is more need than ever to protect your assets. The New Retirement Savings Time Bomb, by renowned tax advisor Ed Slott, shows you in clear-cut layman’s terms how to take control over your retirement savings plan. This easy-to-follow plan helps you place your assets to avoid the latest traps set out by congress in addition to any that might be set down the road, so you can keep your hard-earned money no matter what. And, it’s fully up-to date with information on the SECURE Act and everything you need to know about how the coronavirus relief bills will affect your savings down the road. This book is required reading for every American with savings and investments who is planning to retire, be it five years from now or fifty.

    About The New Retirement Savings Time Bomb

    A complete action plan from Ed Slott, “the best source of IRA advice” (Wall Street Journal), to help you make sure your 401(k)s, IRAs, and retirement savings aren’t depleted by taxes by the time you need to use them.

    If you’re like most Americans, your most valuable asset is your retirement fund. We diligently save money for years, yet most of us don’t know how to avoid the costly mistakes that cause a good chunk of those savings to be lost to needless and excessive taxation. Now, in the midst of a financial crisis, there is more need than ever to protect your assets. The Retirement Savings Time Bomb, by renowned tax advisor Ed Slott, shows you in clear-cut layman’s terms how to take control over your retirement savings plan. This easy-to-follow plan helps you place your assets to avoid the latest traps set out by congress in addition to any that might be set down the road, so you can keep your hard-earned money no matter what. This book is required reading for every American with savings and investments who is planning to retire, be it five years from now or fifty.

    *This audiobook comes with a downloadable PDF containing reference charts and resources from the print edition.

    Listen to a sample from The New Retirement Savings Time Bomb

    Also by Ed Slott

    See all books by Ed Slott

    Also by Ed Slott

    See all books by Ed Slott

    Also by Ed Slott

    See all books by Ed Slott

    About Ed Slott

    Ed Slott is a highly sought-after professional speaker, CPA, and tax adviser. His diverse client list includes major corporations such as Fidelity Investments, American Express, Merrill Lynch, Nationwide Insurance, and Oppenheimer Funds. Ed Slott frequently appears in The Wall Street… More about Ed Slott

    About Ed Slott

    Ed Slott is a highly sought-after professional speaker, CPA, and tax adviser. His diverse client list includes major corporations such as Fidelity Investments, American Express, Merrill Lynch, Nationwide Insurance, and Oppenheimer Funds. Ed Slott frequently appears in The Wall Street… More about Ed Slott

    About Ed Slott

    Ed Slott is a highly sought-after professional speaker, CPA, and tax adviser. His diverse client list includes major corporations such as Fidelity Investments, American Express, Merrill Lynch, Nationwide Insurance, and Oppenheimer Funds. Ed Slott frequently appears in The Wall Street… More about Ed Slott

    Product Details

    Category: Personal Finance

    Paperback | $18.00
    Published by Penguin Books
    Mar 02, 2021 | 448 Pages | 5-1/2 x 8-7/16 | ISBN 9780143134541

    Category: Personal Finance

    Ebook | $14.99
    Published by Penguin Books
    Mar 02, 2021 | 448 Pages | ISBN 9780525506355

    Category: Personal Finance | Audiobooks

    Audiobook Download | $22.50
    Published by Penguin Audio
    Mar 02, 2021 | 855 Minutes | ISBN 9780593393017

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    Praise

    “Ed Slott is my go-to person for smart tax-saving advice on retirement plans. Right now, people planning for retirement especially need his help. Congress has passed a slew of new laws affecting your personal tax-favored plans, some of which make themlesssecure. This book shows you how to wring all the tax benefits possible from your plans, including smart ways of passing any remaining money to your heirs. Highly recommended!”—Jane Bryant Quinn, Author of How to Make Your Money Last: The Indispensable Retirement Guide

    “If you’re planning for or living in retirement, this book is required reading. Ed Slott is among the most trusted and knowledgeable retirement experts in the United States and the insights you will gain from reading this book will be invaluable. You’ll learn how to create tax-efficient retirement income, take advantage of the most recent tax laws, as well as pass on more of your hard-earned wealth to your loved ones. The world is filled with those who proclaim to be retirement experts, but Ed Slott is truly that – an expert who deserves your time and attention.” —Robert Powell, editor of Retirement Daily and TheStreet, USA Today columnist, editor of Retirement Management Journal and host of Exceptional Advisor podcast

    “An accountant with a sense of humor . . . Even though the subject is dry and the book is forced to deal with seemingly impenetrable I.R.S. language, Mr. Slott works hard to make it all accessible.”—The New York Times

    “Ed Slott is my go-to resource on the nuances of tax and retirement planning. His non-nonsense style makes the dizzying changes in the rules and laws surrounding these often confusing topics understandable and more importantly, actionable.” —Jill Schlesinger,CFP®,CBS News Business Analyst and author ofThe Dumb Things Smart People Do withTheir Money

    “If you need to understand the ins-and-outs of retirement, look no further than this book by Ed Slott. He is the go-to expert for reporters and media folks like myself. When I have a question, I call Ed!”—Erin Arvedlund, author Too Good to Be True: The Rise and Fall of Bernie Madoff, and financial writer, Philadelphia Inquirer

    “Congress has turned retirement savings into a quagmire of laws, regulations and acronyms that can serve as tax traps or opportunities. When advisers and journalists need help understanding the latest complexities, they often turn to Ed Slott, who can explain them with care and flair.” —Kathleen Pender, business columnist, San Francisco Chronicle

    “Retirement planning is more complicated than it ought to be, but that’s where Ed Slott comes in. He has a knack for providing tax- and retirement-planning guidance that’s easy to understand, up-to-the-minute current, and–dare I say it?–fun. This book will be an indispensable part of many retirees’ toolkits.” —Christine Benz, Morningstar

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    FAQs

    What is the 401k tax time bomb? ›

    What is the retirement savings bomb, why is it ticking louder? The time bomb is the tax embedded in every traditional IRA and 401(k) account that is tax-deferred. I'm not talking about Roth IRAs and 401(k)s.

    Is there a book called retirement for dummies? ›

    Retirement Planning For Dummies is a one-stop resource to get up to speed on the critical steps needed to ensure you spend your golden years living in the lap of luxury—or at least in the comfort of your own home. readers while they plan the largest financial obligation of their life.

    How do I prepare for retirement books? ›

    1. Edit Your Life.
    2. The Portfolio Life.
    3. How to Know a Person.
    4. Quitting: A Life Strategy.
    5. Next!: The Power of Reinvention in Life and Work.
    6. The Power of Saying No.
    7. The Big 100: The New World of Super-Aging.
    8. The Mindful Self-Compassion Workbook.

    How do you defuse a retirement tax bomb? ›

    Here are a few tactics that may help you defuse a ticking tax bomb.
    1. Start Saving in a Roth. ...
    2. Consider Converting to a Roth. ...
    3. Save Money in a Health Savings Account. ...
    4. Think About Your Beneficiaries. ...
    5. Meet With a Retirement Planner.
    Aug 31, 2023

    How do I avoid 401k tax penalties? ›

    Generally, the IRS will waive the penalty if these scenarios apply:
    1. You choose to receive “substantially equal periodic” payments. ...
    2. You leave your job. ...
    3. You have to divvy up a 401(k) in a divorce. ...
    4. You are a domestic abuse survivor. ...
    5. You are terminally ill.
    6. You become or are disabled.
    Jun 24, 2024

    What is the 3 rule in retirement? ›

    A 3 percent withdrawal rate works better with larger portfolios. For instance, using the above numbers, a 3 percent rule would mean withdrawing just $22,500 per year. In this case, you may need additional income, such as Social Security, to supplement your retirement.

    What is the 4 rule for retirement spending? ›

    The 4% rule says people should withdraw 4% of their retirement funds in the first year after retiring and take that dollar amount, adjusted for inflation, every year after. The rule seeks to establish a steady and safe income stream that will meet a retiree's current and future financial needs.

    What is the first thing to do before retiring? ›

    6 Things to Do If You're Nearing Retirement
    • #1: Find out where you stand.
    • #2: Boost your savings, if you need to.
    • #3: Plan ahead for Social Security.
    • #4: Consider tax-smart strategies now.
    • #5: Get a head start on future health care costs.
    • #6: Start thinking about retirement income.

    What is the tax bomb? ›

    A "tax bomb," or in this case a "student loan tax bomb," occurs when a forgiven debt becomes taxable income – meaning the borrower has to pay taxes on that amount. The IRS generally taxes all income sources, including when a creditor cancels, forgives or discharges a debt.

    What is the 401k hardship tax penalty? ›

    You must pay income tax on any previously untaxed money you receive as a hardship distribution. You may also have to pay an additional 10% tax, unless you're age 59½ or older or qualify for another exception.

    What is the after-tax 401k loophole? ›

    The mega backdoor Roth allows you to save a maximum of $69,000 in your 401(k) in 2024. How does this add up? The regular 401(k) contribution for 2024 is $23,000 ($30,500 for those 50 and older). You can put an additional $46,000 of after-tax dollars into your 401(k) account, assuming you don't get an employer match.

    What is the penalty for withdrawing 401k at tax time? ›

    The IRS imposes a 10% additional tax on early 401(k) withdrawals, and that's on top of the ordinary income taxes you'll be subject to.

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