An Interview with Ed Slott, CPA about the the looming Retirement Savings Time Bomb and his new book. How to order Ed's new book: irahelp.com/ti... Financial Fast Lane: www.financialf...
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@petrao86694 ай бұрын
HSA and ROTH are the key !
@davidfolts58933 ай бұрын
If you are not willing to cut expenses, you have to increase revenue.Get ahead of the curve.
@liveandretireusa3 ай бұрын
Yes, I find it very reasonable
@avag.16403 ай бұрын
Excellent. I want his book -NOW! Thank you so much! 🎉
@johnlebrecht35774 ай бұрын
Great info, but does me no good because I have 2.5 years before I can withdraw from my IRAs penalty free. Hopefully, the tax rates will stay lower for longer, but I doubt it. I will check out the book anyway to help me build a retirement withdrawal plan.
@kerrybyers2574 ай бұрын
Can’t you start back door Roth rollover conversions at any age w/o penalty. Seek professional advice. The amt should be carefully considered in regard tax bracket impacts and source of tax $$. By age 65 you also need to also consider impact on IRMAA bracket creep. I trickle converted over a 10 yr period and finished well before I was forced to take distributions. So glad to have that tax free buffer. It’s my self insurance for LTC if needed.
@wonyoo34 ай бұрын
@@kerrybyers257 There's no penalty for Roth conversion (you just need to pay tax for the amount you convert for that year). In IRA, your SS will be taxed. And don't forget RMD, which will put you in higher tax bracket. I am almost done converting all of my IRA to Roth, I will be living $0 tax retirement, even SS will be not taxed.
@ilibertyiwoman3 ай бұрын
I'm thanking God this morning I found your channel. And Ed Slott today. I'm getting his book as soon as it launches! Update: I PREORDERED TODAY when I realized I could already do so.
@felisak60533 ай бұрын
Can you please provide me the title of the book again, please?
@FinancialFastLane3 ай бұрын
THE RETIREMENT SAVINGS TIME BOMB TICKS LOUDER
@ezcarlos13 ай бұрын
Is a Roth conversion recommended for everyone? Can you provide some examples of cases where a Roth would not be recommended? Thank you
@FinancialFastLane3 ай бұрын
It depends on your income tax bracket, the size of your accounts and many other factors that come into play. If your income tax bracket is beyond the 24%, then we would not recommend converting for most people in that scenario. It’s something that should be taken year by year and evaluated.
@ezcarlos13 ай бұрын
Thank you very much..
@joeysocks57183 ай бұрын
What about physical Gold and Silver sold at a gain?
@keithmachado-pp6fvАй бұрын
What you say is non negotiable “tax free” is absolutely true. But that is not a Roth conversion. A Roth conversion is shifting tax from the future (including a portion after you have died) to today. It is also shifting taxes from your effective tax rate paid slowly over many years to your marginal tax rate paid all up front in today’s dollars. Calling it anything else is disingenuous. Is there any reason for a Roth conversion. Yes there are 2. One is the benefit when one spouse passes away and the other spouse goes to single tax bracket. The other is when your EFECTIVE tax rate during RMD years will be higher than the marginal rate to convert today. Any other reasons are noise.
@EvanCarmichael3 ай бұрын
Your content provides much-needed guidance and encouragement to tackle this challenge head-on. Keep up the great work! -Macy (Team Evan)
@keithmachado-pp6fvАй бұрын
While I am on a roll, your catch phase “from forever tax to never tax” is not accurate. The correct statement is “from taxed later in your life and up to 10 years after to taxed in full today and then not taxed again”.
@karensummers35883 ай бұрын
Wish I had started with the ROTH through my 401k much earlier than I did but very motivated now to work with FFL to get a plan together to get it all into tax free accounts over time.
@liveandretireusa3 ай бұрын
what a surprise
@beverlybennett91643 ай бұрын
I put money into annuity for 5 years will I have to keep it there for the next 5 years Do I get taxed at 70
@FinancialFastLane3 ай бұрын
It completely depends on the type of annuity and if it was funded with qualified or non-qualified money. You can contact our office if you would like a consultation. www.martinsenwealth.com/
@beverlybennett91643 ай бұрын
I transferred my Ira into the annuity. What is qualified and non qualified money. I am 65 when do we stop paying deferred taxes(wishful thinking)
@FinancialFastLane3 ай бұрын
@@beverlybennett9164 An IRA is qualified which means iis yet to be taxed. 100% of the IRA will be taxed as ordinary income. We could likely help if you want to consider our planning services.
@beverlybennett91643 ай бұрын
Thank you mr lane
@beverlybennett91643 ай бұрын
Is there a fee for your consultation and how can I contact you