483: The Future of Tax Rates: How to Keep More of Your Money and Pay Less Taxes with Ed Slott
Retire With Purpose - The Retirement Podcast
Casey Weade
4.7 • 564 Ratings
🗓️ 10 February 2025
⏱️ 63 minutes
🔗️ Recording | Apple Podcasts | RSS
🧾️ Download transcript
Summary
Today, I'm joined by one of the country's most renowned tax and retirement distribution experts—Ed Slott. Ed is a CPA, best-selling author, and the founder of Ed Slott and Company. He's also the Professor of Practice at the American College of Financial Services and The Wall Street Journal has named him the best source for IRA advice.
We discussed his latest book, The Retirement Savings Time Bomb Ticks Louder, which is the ultimate guide to reclaim control of your financial future. We also discussed how to navigate taxes in retirement, Roth conversion strategies, the future of tax rates, and why IRAs may be the worst asset to pass on to your beneficiaries.
In our conversation, Ed weighs in on whether the new administration will extend the TCJA (Tax Cuts & Jobs Acct), the potential downsides of the extension, and why worrying about timing the market on Roth conversions isn't worth the stress. He always shares his expertise on why investors should take advantage of historically low tax rates while you can.
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In this podcast interview, you'll learn:
- Why most investors and advisors don't realize how much tax they'll owe on their retirement savings.
- The critical difference between tax preparation and tax planning—and why ignoring tax planning can cost thousands of dollars.
- The "sweet spot" years for Roth conversions—before RMDs kick in at age 73.
- The biggest mistakes people make with IRAs and 401(k)s and how to avoid unnecessary tax landmines.
- What Ed predicts will happen to the Tax Cuts & Jobs Acct and tax rates in the coming years.
- The power of life insurance as a tax-free legacy tool and why Ed personally uses it in his own planning.
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Show Notes: Howardbailey.com/483
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Transcript
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| 0:00.0 | Most CPAs that do tax preparation, it's still true today, are really just history teachers. |
| 0:05.8 | They tell you what already happened. |
| 0:08.0 | You can't do anything about that anymore. |
| 0:10.6 | Instead of looking in the rearview mirror doing reactive planning, things I can't change. |
| 0:16.0 | Why don't I look forward and do proactive planning so the bigger things can change in the future. |
| 0:26.6 | Today we focus in on taxes, the future of tax rates, the impact of a Republican trifecta, Roth conversion strategies, |
| 0:39.9 | and more with the one and only Ed Slot, CPA, and the nationally renowned IRA and retirement |
| 0:47.5 | distribution expert. He is the president and founder of Ed Slot and company, a leading resource |
| 0:53.2 | for advisory firms like ourselves to level up our tax game. |
| 0:58.1 | He's also the professor of practice at the American College of Financial Services and has been named the best source for IRA advice by the Wall Street Journal. |
| 1:07.4 | And I bet if you're listening, you own an IRA. |
| 1:10.3 | You're going to want to |
| 1:11.0 | listen to this content. I'm truly excited to bring on one of the biggest experts and biggest names |
| 1:16.6 | in retirement advice. He is also the co-host of the Great Retirement Debate podcast with Jeffrey |
| 1:23.5 | Levine, who we've also had on the show. And he's the author of several different financial |
| 1:28.8 | books, many financial books over the years, most recently, and the one that will be the focus |
| 1:33.6 | for our discussion today is the retirement savings time bomb ticks louder, how to avoid |
| 1:39.3 | unnecessary tax landmines, defuse the latest threats to your retirement savings, and ignite your financial |
| 1:45.8 | freedom. |
| 1:46.5 | We're also partnering up with Ed to give away his book for free to you. |
| 1:51.4 | If you want a free copy of the book, it's super easy. |
| 1:54.9 | All you have to do is write an honest rating or review of the podcast over on iTunes, |
... |
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