Good Tax Planning Can Save You HOW Much?! Find Out From IRA Guru Ed Slott, CPA - 489
Your Money, Your Wealth
Your Money, Your Wealth
2.3 • 681 Ratings
🗓️ 6 August 2024
⏱️ 49 minutes
🧾️ Download transcript
Summary
The single biggest retirement planning mistake to avoid, the problem with tax professionals, and answers to some of the most frequently asked retirement questions we get on YMYW: should you name a trust as beneficiary on your retirement accounts? What’s the break-even point on a Roth conversion? What if you don’t have the money to pay the tax when you convert to Roth? Plus, find out the eye-opening amount of money good tax planning can save you! Someone has to be very knowledgeable, entertaining, and special to make it as a guest on YMYW these days, and today on Your Money, Your Wealth® podcast 489, “the IRA guru” Ed Slott, CPA from IRAHelp.com joins Joe Anderson, CFP® and Big Al Clopine, CPA to discuss all of these topics, along with changes to stretch IRAs and required minimum distributions from the SECURE Act and SECURE 2.0 Act. Free financial resources and transcript: https://bit.ly/ymyw-489
50 people will receive a free copy of Ed Slott’s new book, The Retirement Savings Time Bomb Ticks Louder, just for having a free financial assessment with Pure Financial Advisors. (10 of those 50 will be randomly selected to receive a copy of the book, signed by Ed Slott!) Schedule your assessment ASAP!
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Final Regulations for Required Minimum Distributions
Timestamps:
00:00 - Introducing Ed Slott, CPA from IRAHelp.com
01:28 - SECURE Act: Clarity on RMD Rules?
04:31 - How Golf and Football Are Like Retirement
06:25 - The Biggest Retirement Planning Mistake
09:37 - The Value of Ed Slott's Books
14:14 - The Problem With Tax Professionals: Short-Term Tax Planning
17:36 - "I Love Roths Because I Love Tax-Free"
20:50 - What's the Break-Even Point on a Roth Conversion?
21:45 - Can We Trust That Roth IRAs Will Always Be Tax-Free?
24:11 - Your Chance at a $100 Amazon e-Gift Card: Complete the YMYW Podcast Survey
25:04 - SECURE 2.0 Act: Stretch IRA Changes
27:03 - Naming a Trust as Beneficiary of Your Retirement Account: Good Idea?
32:13 - Unnecessary and Excessive Taxes: Why Ed Slott Became the IRA Expert
38:22 - How Much Money Can You Save in Taxes With Good Tax Planning?
43:16 - What About People Who Don't Have the Money to Pay the Tax on a Roth Conversion?
43:50 - Ed Slott's PBS Specials on Retirement
46:28 - How to Get a Free Copy of the Latest Ed Slott Book, The Retirement Savings Time-Bomb Ticks Louder
Transcript
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| 0:00.0 | If you Google, who is the IRA guru? Ed Slot CPA is the entire first page of results. |
| 0:08.4 | Ed is the nation's leading authority on retirement account and tax planning and has authored several popular bestselling books. |
| 0:15.1 | His new book is called The Retirement Savings Time Bomb Ticks Louder, and it includes the latest retirement planning updates for |
| 0:22.0 | 2024, including the latest provisions implemented since the Secure 2.0 Act was signed into law. |
| 0:28.5 | Ed Slot, CPA, welcome to your money, your wealth. Thank you for joining us today. |
| 0:32.9 | Well, thank you for that introduction. I think you took away my secret weapon. Low expectations. |
| 0:40.6 | Well, may I please introduce to you the hosts of your money, your wealth, Joe Anderson, CFP, and Big Al-Clopine CPA. |
| 0:47.3 | Thank you. How you doing, man? |
| 0:48.8 | And it's great to have you. You know, Al and I for the last several years I've been doing this show. And a lot of us |
| 0:56.2 | call us The Roth Show because, you know, you taught us a long time ago, like 15, 16 years ago, |
| 1:03.1 | Alan and I went to these two-day, three-day courses that Ed Slout would put on. And he would |
| 1:08.5 | have an encyclopedia of, I mean, the Bible of the IRA rules in the |
| 1:14.1 | regs and the planning opportunities that people have. So for the last several years, Ed, |
| 1:18.5 | we appreciate all the learnings and the teachings that you have given us in a lot of our |
| 1:25.1 | listeners. So, but to start things off, something just came out |
| 1:30.3 | just this week. Finally, we have some clarity on the RMD rules. It just took them several |
| 1:37.7 | years to figure this stuff out or what's going on? Well, the Secure Act came out, was effective, came out the end of 19, effective in |
| 1:47.7 | 2020. So here, four and a half years later, they tell us what the rules are. That's a problem. |
| 1:55.8 | I got to tell you, the Secure Act, never go by what a tax law is called. I learned years ago that whenever |
| 2:03.8 | Congress creates a new law, you can almost always bet that whatever they name it, it will do |
| 2:09.9 | exactly the opposite. Now, how's that Budget Reconciliation Act turn out like years ago? |
| 2:17.1 | So when I saw the Secure Act, I said to |
... |
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