To coincide with his new public television special, airing on PBS stations starting in March 2009, Ed Slott’s proven plan for generating enough personal wealth to last you the rest of your life Given the challenging economic times, we will all welcome Ed Slott’s concrete advice for generating enormous wealth. In this must-have book you’ll learn how to:• Retire with more money than you ever could have imagined and still take care of your loved ones• Move your money from FORE…
Buy Stay Rich for Life!: Growing & Protecting Your Money in Turbulent Times at Amazon
Slott asserts that Americans not only need to accumulate a nest-egg while working, but take good care of it after retirement so it will last through their retirement.
High taxes and huge medical expenses (prior to qualifying for Medicare, nursing-home care at any age) stand as challenges to those wanting to preserve their retirement. Exploding deficits caused by multi-billion-dollar bailouts, skyrocketing health care and entitlement costs, failing pension plans will push government to sharply increase taxes. Slott notes that today’s top tax rate (35%) is far lower than it bas been for most of the years income taxes have been levied – most years it was at least 70% or higher.
Retirement funds will be a tempting target – there was $17.4 trillion in them mid-year 2007, almost 40% of all household financial assets.
Slott then goes on to advice on picking an accountant and attorney (I’d rather see basic advice allowing one to avoid their high fees), and the details of “the first half of the game” (saving and investment strategies – especially Roth IRAs), and then the “second half” (withdrawal strategies, estate-planning basics).
When Slott talked of strategies for turbulent times I was hoping he had macro-level strategies dealing with the current deflation we are in, followed by subsequent inflation. Examples might be buying a home(s) at auction (which cities, price range, areas), or which areas of the stock market are most likely to revive in the next few years. Lacking those, the book focuses at too low a level to be of much use.
Stay Rich for Life!: Growing & Protecting Your Money in Turbulent Times
Mostly easy to understand for the non-CPA. It is a rapid read and gives useful tips and scenarios for distributing savings built up in a retirement savings account with tax efficiency. The author points out pitfalls to avoid, especially in designating IRA beneficiaries. Am also reading a related book by Mr. Slott, “The Retirement Savings Time Bomb. and How to defuse it.”
I’ve always felt I was informed about investing, but learned a lot with this book. I highly recommend it – excellent info!