Product Description

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 secure their retirement savings (and their inherited nest eggs) against Uncle Sam.

Product Details

• Amazon Sales Rank: #197243 in Books
• Published on: 2003-12-30
• Released on: 2003-12-30
• Original language: English
• Number of items: 1
• Binding: Paperback
• 384 pages

From Publishers Weekly
As if the stock market hadn’t been bad enough lately, sinking and taking the nation’s retirement funds along with it, now IRA expert Slott has news of an additional nightmare: the IRS is eager to take a monstrous chunk out of whatever’s left. Slott asserts the importance of recognizing what he calls playing the back nine, or understanding that however much you’ve saved over the years, it won’t matter much if you haven’t protected it from the taxman. Indeed, the author shares the story of one schoolteacher whose heroic efforts to stash away $1.2 million for her two children went for naught when the IRS claimed all but $150,000 for each child. A few of Slott’s prescriptions: take your required distributions so you don’t get hit with additional taxes; buy life insurance to offset the estate taxes that will bite into your IRA upon your death; and take advantage of the Roth IRA, which hands you your money tax-free upon retirement. Though 401(k)s, IRAs and taxes in general are notoriously complicated subjects, Slott distills the morass of information into useful strategies while striking a note that’s alarmist enough to scare anyone with a retirement fund.
Copyright 2003 Reed Business Information, Inc.

From Booklist
As if the income tax code wasn't confusing enough, the tax law that governs the distribution of retirement accounts is even more incomprehensible. Our IRA or 401(k) accounts are often our most valuable asset, yet most people just assume these funds will be there when they're needed. But ignoring this part of your life could mean a costly loss to you or your beneficiaries, as a multitude of taxes could strip up to 90 percent of your retirement funds if some precautions are not taken. Slott is a real tax wizard, and has managed to decipher the code that lawmakers have thrown at us, where "to simplify" really means "to complicate." He spells out in fairly understandable terms the repercussions of IRA rollovers, Required Minimum Distributions, insurance, "Stretch IRAs," the "Death Tax," and other oh-so-boring yet absolutely essential information that can keep us legally one step ahead of the taxman. After taking these simple steps now to protect your wealth, keep this volume as a handy reference whenever major life changes occur that could affect your finances. David Siegfried
Copyright © American Library Association. All rights reserved

Review
“Why allow your retirement savings to become a windfall for Uncle Sam when the money should go to you and your heirs? Slott’s book will show you how to keep your cash all in the family.” (USA Today)

Customer Reviews

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.

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.

No one knows IRAs like Ed Slott
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.