The Tax Risks That Could Blow Up Your Retirement Plan, with Ed Slott

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.7 • 3.6K Ratings

🗓️ 24 March 2021

⏱️ 83 minutes

🔗️ Recording | iTunes | RSS

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Summary

#307: “Taxes are the single biggest factor that separates people from their retirement dreams.” That’s a quote from today’s guest, Ed Slott, a nationally recognized IRA distribution expert, practicing CPA, and bestselling author. He argues that there’s a high likelihood that tax rates could rise in the future, and as a result, we need to shovel more money into tax-exempt accounts like Roth IRA and Roth 401k’s. Ed says taxes are one of the biggest threats to our retirement plans, and draws attention to tax events that catch seniors by surprise, such as the so-called “widow/widower” tax. If you’re wondering how taxes could derail your retirement -- and what you should do about it -- you’ll learn an enormous amount from this episode. For more information, visit the show notes at https://affordanything.com/episode307 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	You can afford anything but not everything.
0:10.7	Every choice that you make is a trade-off against something else and that doesn't just
0:13.5	apply to your money, that applies to your time, your focus, your energy, your attention,
0:18.5	anything in your life that the scarce or limited resource.
0:21.6	And that opens up two questions, first, what matters most to you.
0:25.0	And second, how do you align your daily, weekly, monthly annual decisions to reflect that
0:31.1	which matters most?
0:32.8	Answering those two questions is a lifetime practice and that is what this podcast is
0:37.2	here to explore.
0:39.1	My name is Paula Pan.
0:40.1	I am the host of the Afford Anything Podcast and today we are going to hear from a nationally
0:45.4	renowned IRA distribution expert on the surprising case in favor of Roth IRAs and Roth 401Ks.
0:54.9	Roth tax exempt retirement accounts.
0:59.0	The case for them is stronger than you may realize and we are going to hear that argument.
1:03.5	Put forth by today's guest, Ed Slot.
1:06.8	Ed is a practicing CPA, a best-selling author and, as I mentioned, an IRA distribution
1:12.2	expert.
1:13.2	The Wall Street Journal calls him, quote, the best source for IRA advice.
1:18.5	Ed is often quoted in the New York Times, The Wall Street Journal, Forbes USA Today,
1:22.4	Shiplinger, Investors Business Daily, and numerous additional national publications and
1:26.6	financial publications.
1:28.4	He provides a monthly Q&A column to AARP and he is a contributing columnist to financial
	...

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