401(k) Specialist Issue 2 - 2021 - 7
401(k) NEWS YOU CAN USE
Ed Slott Defuses 'The New Retirement
Savings Time Bomb'
ED SLOTT'S MUCH-HYPED new book is out, and is billed as an
action plan to help Americans ensure their 401(k)s, IRAs, and retirement
savings aren't depleted by taxes by the time they need to use
them.
Predictably, " The New Retirement Savings Time Bomb: How to
Take Financial Control, Avoid Unnecessary Taxes, And Combat the
Latest Threats to Your Retirement Savings, " has plenty to say about
the SECURE Act's elimination of the " stretch IRA, " and what readers
can do about it.
" Taxes will be the single biggest factor that separates people from
their retirement dreams. There has been monumental legislation
in recent years that has created a major overhaul of the tax system,
affecting virtually everyone in some way with countless implications, "
Slott said.
The new book shows readers how to take back control over their
financial future by walking them through five actionable steps to
protect their retirement savings from the taxman.
" Right when you've finally made it to retirement, there is this
looming uncertainty about how much of your own money you
actually get to keep, " Slott said. " That is why it is vital that Americans
take action now to protect the assets they've spent a lifetime
building from excessive taxation. "
The Stretch IRA Went Away... But There Are
Other Options
ED SLOTT IS NOT the only one with ideas about how to deal with
the end of the " stretch IRA. "
Syed Nishat writes in a recent article on 401(k) Specialist that
for account owners who had planned to use stretch IRAs for their
own estate planning, the new rules (SECURE Act eliminating them)
presented a problem...potentially a big tax problem for their heirs.
But there are several alternatives to consider.
Nishat, a partner at Wall Street Alliance Group, covers strategies
involving Charitable Remainder Trusts, funding yourself with life
insurance, converting traditional IRAs to Roth IRAs, and spending
down IRAs first among ways to handle estate planning in a tax-efficient
manner.
Nishat's article, " The Stretch IRA Went Away With The SECURE
Act-Here Are Other Options, " can be accessed via the search tool
on the 401(k) Specialist website.
ONLINE
EXTRA
ISSUE 2 2021 | 401kSpecialist.com
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401(k) Specialist Issue 2 - 2021
Table of Contents for the Digital Edition of 401(k) Specialist Issue 2 - 2021
Table of Contents
401(k) Specialist Issue 2 - 2021 - Cover1
401(k) Specialist Issue 2 - 2021 - Table of Contents
401(k) Specialist Issue 2 - 2021 - 1
401(k) Specialist Issue 2 - 2021 - 2
401(k) Specialist Issue 2 - 2021 - 3
401(k) Specialist Issue 2 - 2021 - 4
401(k) Specialist Issue 2 - 2021 - 5
401(k) Specialist Issue 2 - 2021 - 6
401(k) Specialist Issue 2 - 2021 - 7
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401(k) Specialist Issue 2 - 2021 - 44
401(k) Specialist Issue 2 - 2021 - Cover3
401(k) Specialist Issue 2 - 2021 - Cover4
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