Parlay Your IRA into a Family Fortune: 3 EASY STEPS for creating a lifetime supply of tax-deferred, even tax-free, wealth for you and your family
Parlay Your IRA into a Family Fortune: 3 EASY STEPS for creating a lifetime supply of tax-deferred, even tax-free, wealth for you and your family
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Product Details:
Author:
Ed Slott
Paperback:
320 pages
Publisher:
Penguin (Non-Classics)
Publication Date:
December 27, 2005
Language:
English
ISBN:
0143036416
Package Length:
8.4 inches
Package Width:
5.4 inches
Package Height:
0.8 inches
Package Weight:
0.55 pounds
Average Customer Rating:
based on 9 reviews
Description:
Ed Slott is without a doubt “one of the country’s leading IRA experts” (Reader’s Digest). Appearing at a time when virtually everyone is concerned about retirement savings, this authoritative thoroughly accessible book presents an easy-to-follow plan for making money—a lot of money— with your IRA. Slott shows readers how to choose the right financial advisor, manage vital information and deadlines, and create a retirement fortune that will not only benefit the individual, but continue to enrich beneficiaries for generations. This powerful, straightforward tool is the book for Americans interested in creating a fiscal windfall for the future.
Customer Reviews:
Average Customer Review:
Write an online review and share your thoughts with other customers.
Financial WizardNov 03, 2008 I learned so much about inherited or stretch IRAs on the first read. Now I read selected chapters over again and really like Ed Slott's style of writing and his sincerity. A real life changer and highly recommended!
14 of 17 found the following review helpful:
Good IRA Reference, but Stretch IRA Wildly OverhypedJul 09, 2008 This is both a very good and very bad book. Slott is a CPA and his bio indicates that he specializes in IRA law and estate planning. The retirement column in the Wall St. Journal uses him as an IRA expert. If you've seen Slott on PBS, you know he is also a pitchman and showman. This book is a mixture of expert IRA info and advice and wild overselling.
On the plus side:
This book is full of IRA information and good IRA advice presented in a very readable manner. I made dozens of notes in the front cover while reading this book. An excellent IRA reference. And I think the book does a service by pointing out that the IRA code has (sort of) a loophole that allows the 'effective' taxes paid on the IRA to be greatly reduced if the IRA is passed on to younger family members who should (Slott recommends) only take out the minimum annually over their lifetimes. Slott calls this the 'stretch' IRA.
On the negative side:
Your IRA can grow into a FAMILY FORTUNE, he screams, with pages of tables showing a 100 thousand IRA growing to millions (in one case to nearly 300 million if left to grow into well into the 21 century!). Nonsense, what about the time value of money? Slott never heard of it (or pretends he never heard of it). The reality, of course, is that if your income tax rate is, say, 33% then when you withdraw IRA funds you lose 1/3rd of it to taxes. The best that even a perfect tax strategy can do is recover this 1/3rd. Nice, but hardly a fortune.
Slott provides a useful check list of features an IRA contract should have. You would think that maybe he would read the IRA contracts of top IRA providers (like Fidelity, Vanguard) and tell us how they stack up? Nope, that's our job, not his.
Convert to a Roth IRA and your money will grow TAX FREE he screams. Slott's very positive on Roth IRA's, too positive. I worked through a Roth conversion example and find that the extra shielding that a Roth IRA allows can boost your after-tax returns a little. (Calculation details are in 'Roth Primer' section of the 'Charity' essay on my home page.) I calculate in a 6% market environment that Roth IRA will yield 6% vs an after tax yield for a traditional IRA of approx 5.4%, or an extra 0.6%/yr investment gain. However, there can be a serious downside to doing a Roth conversion that Slott doesn't mention. A large Roth conversion will likely be taxed at a much higher incremental income tax rate than normal minimum withdrawals, and since Roth has only a tiny yield advantage over a traditional IRA it could easily take a decade or more just to get even.
4 of 4 found the following review helpful:
TO PARLAY OR NOT PARLAYJun 04, 2008 Ed Slott is excellent in his field. I find his other books full of good information and alwasy watch when he is on PBS. The book has good informative for leaving your money to your loved ones, but, I wonder if the loved ones will leave the money in the IRA for it to grow or automatically take it out for immediated spending once they inherient it. A lot of people are in extreme debt and would see this as an opportunity to correct some of that debt. The concept is easy to understand, but I was looking for something for those of us who plan to spend every dime before we go. I will keep the book as a reference in case I change my mind.Parlay Your IRA into a Family Fortune: 3 EASY STEPS for creating a lifetime supply of tax-deferred, even tax-free, wealth for you and your family
4 of 4 found the following review helpful:
Great StarterApr 19, 2008 [[ASIN:B000HT2P1Q Parlay Your IRA into a Family Fortune: 3 EASY STEPS for creating a lifetime supply of tax-deferred, even tax-free, wealth for you and your family].]
This is a great book. Really can be helpful if you have professionals who know what they are doing as the key is doing the correct thing at the correct time and making sure that those you bequeth the IRAs to also understand what to do.
I work in this area of financial planning/management so am not sure whether the "regular" person would understand it, but just having read this, it will be helpful if more professionals read it
7 of 8 found the following review helpful:
Parlay your IRA into a family fortuneNov 09, 2007 This book shows you basically two options. Give most of your tax deferred assets to the government after you and your wife's death, or set it up so your kids and/or grandchildren get it. It is amazing how many financial and legal types that I have shown this too that didn't know about Stretch IRA's. Great book to teach you how to keep your hard earned dollars in the family instead of sending to the government.
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based on 9 reviews
