Apr 21, 2021
A lot of people mistake “tax-deferred” for “tax-free.” This can be beneficial in the short term, but can ultimately leave you owing more on higher balances at higher rates. But what if, in some cases, the best course of action is to take advantage of the low tax rates available right now, so you can grow your money 100% for you - and not Uncle Sam - for the rest of your life?
My guest, Ed Slott, makes the case for this in his new book, The New Retirement Savings Time Bomb: How to Take Financial Control, Avoid Unnecessary Taxes, and Combat the Latest Threats to Your Retirement Savings. He’s created an easy-to-follow plan that helps you place your assets to avoid traps and keep your hard-earned money, no matter what.
As a CPA for over 40 years, Ed is uniquely qualified to tackle this problem. He knows the ins and outs of IRAs better than just about anyone and works tirelessly to help people put more of their hard-earned dollars back in their pocket. At his Elite IRA Advisor Group (of which I am one), he trains a select team of 450 advisors to turn his research into practice for their clients.
Today, Ed returns to the podcast to talk about the benefits of paying taxes at the record lows we’re experiencing right now, how tax-deferred assets can hurt us when we’re most vulnerable if we’re not careful, and how laws passed in the wake of COVID-19 may affect your retirement planning for years or decades to come.
In this podcast interview, you’ll learn:
Interview Resources