The Retirement Savings Time Bomb . . . and How to Defuse It: A Five-Step Action Plan for Protecting Your Iras, 401(k)S, and Other Retirementplans from

by Ed Slott

Book Overview

For baby boomers reaching retirement age and the millions of other Americans who keep most of their assets invested in IRAs, 401(k)s, and similar retirement plans, financial expert Ed Slott’s eye-opening guide is a must-have resource to help protect those savings from the IRS. Through his simple 5-Step Action Plan, Ed Slott’s down-to-earth, clear-cut, and often humorous approach shows everyday investors how to distribute, roll over, withdraw, and...

• Format: Paperback
• Language: English
• ISBN: 0142003778
• ISBN13: 9780142003770
• Release Date: December 2003
• Publisher: Penguin Group
• Length: 384 Pages
• Weight: 0.90 lbs.
• Dimensions: 0.8" x 5.6" x 8.4"
• Age Range: 18 years and up
• Grade Range: Postsecondary and higher

Customer Reviews

Excellent advice for sophisticated investors

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, we highly recommend 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.

EXCELLENT BOOK - ABSOLUTE MUST READ

This book is an absolute must for anyone who has an IRA. Not only is it very understandable but it actually saved me thousands upon thousands of dollars. Ed Slott mentioned a deduction that many accountants miss re: IRA beneficiaries ( page 246). In a nutshell, it explained that if a beneficiary IRA was taxed as part of the estate you are entitled to a deduction on your tax return every year for the beneficiary IRA since you cant be taxed twice. Sure enough my acccountant (who is excellent) had missed this deduction which turned out the be worth thousands of dollars over a lifetime for each of four children. This book is worth its weight in gold. I cant recommend it too highly.

Excellent book!

This book ought to be required reading for everyone who has a retirement plan. While many books and magazines cover how to build wealth, you can never really do that without considering taxes which are the ultimate bottom line. Mr. Slott deftly handles the subject of preserving wealth in a straightforward and quick witted style. Just as the vagaries of the IRS rules have you almost dozing off, Slott's sharp sense of humor snaps you back to the reality that hey-- it's your money, no one should, or will care more about it than you! If you're happy to see more of it go to the IRS rather than to yourself or to your heirs, then the IRS will be happy to accommodate you! Mr. Slott's five step plan is an alternative to that, which I'm sure most people would prefer. I feel so strongly about the value of this book, I bought extra copies to give to family members and friends. (I'm not parting with mine!)Thank you, Mr. Slott.

The Tax Man Cometh - unless you heed this vital advice

Teaching the reader how to keep the IRS from taking almost all of his reirement savings. That is the goal of this important book. This danger is no idle threat, as Ed Slott provides the scary story of what can happen when people do not adequately prepare to fend off the goverment tax collectors. Almost all of us need the advice offered, but there are two main problems: Most are not aware of the dangers. Many would deny that need, claiming they have already been careful in providing for their heirs.By carelully explaing the pitfalls that lie in wait, the author gives us the simple steps to take to make certain that it is our heirs, and not the IRS, who collect the money we have carefully saved for so long. He breaks his advice into 5 strategies and tells the reader how to accomplish the desired goal of salvaging his nest egg. Slott is a big fan of the Roth IRA, calling it the best gift the government has ever given to taxpayers.Protect your assets and read this book. It is appropriate for all ages, and not just those nearing retirement. Early planning is the best strategy of all.

Clever treatment of a complex subject! A must read.

"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."