Summary of The Retirement Savings Time Bomb...and How to Defuse It

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The Retirement Savings Time Bomb...and How to Defuse It book summary
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Rating

9 Overall

10 Applicability

8 Innovation

8 Style

Recommendation

Despite grand claims, most business books do not really provide specific plans for saving or making money. In contrast, Ed Slott recommends five tactics that could save you thousands of dollars. Even better, he shows you how to use a "stretch IRA" to create a financial legacy, so your heirs in future generations can gain a financial benefit from their inheritance. He defines key concepts in estate planning and offers great advice about the benefits of Roth IRAs. Even though this book is not light reading, getAbstract highly recommends it to sophisticated investors and any American taxpayer who is serious about keeping a large percentage of his or her estate from the clutches of Uncle Sam. One caveat: verify his advice with your tax professional. Slott published this book in 2003, and some tax laws have changed since then.

In this summary, you will learn

  • How to avoid "the retirement savings time bomb;"
  • How to implement five steps to protect your assets from high taxation; and
  • Why a Roth IRA is better than a traditional IRA.
 

About the Author

Ed Slott is a CPA and consultant who has worked with many well-known firms. He is the author of Your Tax Questions Answered and the publisher of a newsletter, Ed Slott’s IRA Advisor.

 

Summary

The Retirement Bomb Explodes
The greatest wealth transfer in human history is now taking place. The generation that fought in World War II is dying and passing its assets to the next generation, the baby boomers, who are entering retirement. During their working lives, the boomers focused...

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