golf page a day 2011
Slot discussions about Ed Roth IRA conversions and life insurance second to die
Jim Lange, JD / CPA is a nationally recognized expert and speaker of the services requested by the IRA's financial industry. presentation by Jim offers not one but two themes to counselors. Not only is unleashed best background information on the Roth IRA conversion, but also reveals a step-by-step how to use these proven strategies to dramatically increase production. If you're in business management consultants, wholesalers and insurance professionals, hire Jim Lange to manage your business. For ore information, visit or contact Nicole http://www.retiresecure.com/speakertour.php demartino, director of marketing, 412.521.2732 / 1.800.387.1129 or nicole@paytaxeslater.com.
"Expert IAR United States," Ed Slott joins Jim Lange, CPA JD / response to the IRA Roth and the second to die life insurance
the country's most acclaimed IRA expert Ed Slott, describes the benefits of Roth IRA, Roth IRA conversions and the second to die life insurance through a collection of true stories and fun for hungry investors.
Welcome time money Lange: Where Smart Money Talks, organized by Beth Bershok, expert advice by Jim Lange at Pittsburgh, CPA, lawyer and expert in retirement planning succession. Jim is also the author of Retirement Security taxes pay later. To learn more about his book, practice, Lange Financial Group and how protect Jim as a speaker for your next event, visit their website at paytaxeslater. com. Now ready to talk money smart.
Bershok Beth: We talk about the money wisely today, wow, this is a show full of information. Thank you very much to join us. And today, I'm Beth Bershok not one but two nationally recognized experts. First, of course, Jim Lange. Jim is a staunch defender CPA, who wrote the bestseller Secure Retirement, pay more tax and, in fact, the second edition came out last month and a week after his departure, Jim has been a bestseller in several categories at Amazon.com. So congratulations on that. And we also have with us Ed Slott, IRA experts to United States and you saw Ed on PBS, because first Instead, the special was rich stay forever, which was the number one collection fund public television nationwide. You now have a new, a new PBS special called stay rich life. There is also, of course, a book and a book to stay rich for life – Growing and Protecting your money in turbulent times. And thank you very much for taking the time to join us today, Ed
Ed Slott: I am happy to be here.
Bershok Beth: I think this is the first time the two of you, the niche is Jim Roth IRA, the IRA is yours. I think this is the first time two of you were together in a forum as well, am I right?
Jim Lange: Yes, yes.
Ed Slott: Must be a presidential debate or something.
Jim Lange: I do not want debate, but I would like to add a few words of introduction.
Beth Bershok: A summit, I
Ed Slott: A top IRA
Jim Lange: Information Read Ed Slott really critical of. I mean, I read Natalie Choate, Bob Keebler, Seymour Goldberg, Bruce Steinberg, Steve Leimberg, Gary Minor, and others. But Ed is probably more popular than any of them and he, more than anyone, weaves great stories, humor and relationships in critical lessons and I think it's just great. Your new package to stay rich for life irahelp.com, which is your website is a great resource. But Ed, the back stories, because I think it's a wonderful way to learn and do well and a story that recalls particular, and it was six years old when I read The savings account Retirement Time Bomb. Before I ask you to remember this history, I will mention that Pittsburgh is a great baseball city. In fact, if we lose over half our games this season we will set a new record for most consecutive losses a major sports team ever.
Beth Bershok: I really wanted, in fact I think it will happen
Ed Slott: I no sympathy for you, I'm a Mets fan and have not missed many games, they have not always existed, but the way he loses a lot better!
Bershok Beth: That dramatic
Jim Lange: Well, I think we'll come back in a minute actually. However, in Pittsburgh, nearly 50 years Bill Mazeroski has homered in the ninth inning to win the World Series favorite "New York Yankees, but, remember that for stroke circuit, but that's what many people do not remember is that it was just a ball player 0.260 and was really a great gardener and here's my question for you, Ed, because this story just sticks in my mind so clearly. Could you talk about Bill Buckner and the lessons that our listeners can have Bill Buckner?
Ed Slott: Well, Bill Buckner, for baseball fans, is notorious, with, you know, failure at the critical moment. But without through all their stats, it appears that he was one of the greatest baseball players who ever played. But when was the end of the game and is why I use the analogy with the planning of their retirement savings, which is what I maintain this account, the score late in the game not the score at halftime, if baseball is not in the handle 7 or 8 input – which is how to end the game. So, when Bill Mazeroski was probably much player was Bill Buckner, Bill Mazeroski in the Hall of Fame, because at the end of the game, came the great success and as everyone knows, in Pittsburgh, but I must say, many people across the country when he uses the story of Bill Mazeroski not know that he is the only one who has never reached a seventh game World Series win ski Homer. When I say that all rural people, baseball fans say "Oh, no, this is not true. Joe Carter did. Joe Carter did not just questionnaires baseball, he was in the sixth game. Bill Mazeroski is the only one still walking in World Series the seventh game. Thus, poor Bill Buckner had a tremendous career, more than 2,000 visits. In fact, there were over 500 visits Joe DiMaggio. Had more success that people like Mickey Mantle and Ernie Banks and several times won the title of commissioning, has won the batting championship of the National League. But when necessary and that the error against the "Mets in the World Series of 86, you know that almost ended in Boston. In fact, the year Last, I put for the first time in more than 20 years of throwing the first step and I think he's forgiven because they won the Series World since. Bill Buckner will probably never be in the Hall of Fame, although he had a career of Hall of Fame. We examine the statistics people who have more results than 70% of players already in the Hall of Fame.
Bershok Beth: Actually this is the first time I heard Bill Buckner – here in this program.
Ed Slott: The fact is that there was a great race and the analogy with retirement savings. You may great career saves, construction and investment and more. But if you delete or drop the ball like Bill Buckner was the end game, distribution strategies, planning, his family remembers the same thing you remember Bill Buckner – he dropped the ball, it exploded when it counted, despite 30 years is entitled to everything and that is the great problem of retirement planning. People do not plan what I call the first Half the money game buildup, and you know you really do not have much control over half of the game. You might think to do with investment, but no more, as we learned, major forces at work that you can not control how Wall Street and all this. But all I can control is to put money and hope for the best. Even with an investment advisor to discover that his great really have much control over how it grows, but can be set and you can control the back end of the game it is for me, half for the win match, is what I call half to win the match in my new book to stay rich for life. You can control that because that's all about taxes and that is what people have to focus now that you can control. You can not control the stock market, greed, fraud and all that. But you can control the mining tax code and making tax planning for the grand finale of the game when needed like when Bill Mazeroski hit that home run.
Bershok Beth: Well, I think many people are worried about it. I gotta go because I saw him in his last newsletter that Ed has a slogan for today's economy that I love. You call the economy of Yo-Yo.
Ed Slott: Yes, we are in an economy-Yo I call it. A YO-YO means you're on your own. Never before have people felt so helpless, even with advisers Financial is now actually just sellers, brokers selling stocks and bonds. I think Warren Buffet said the better. There was a saying: When the tide low quickly find who is in a swimsuit. And that is what is happening, we find out the curtain. Many of these people who call themselves financial wizards or gurus, brokers and banks and many of them did not really know what they were doing. They come to sell your company told them sold. Have you lost your money, which has links if you have to stop and it is one of the things I talk about in my book. How to find competent advisors, financial actually make real tax planning, distribution planning in business results at the end of the game. What you can control.
Bershok Beth: You know, knowing they would be today, Ed, who had a few listeners who sent us questions and we'll get to that in a minute, but I know it was something Jim wanted to ask first.
Jim Lange: Well, I attended a seminar professional and met a guy named Bill Nelson, who sang his praises.
Ed Slott: Yeah, Bill
Jim Lange: And he says the secret one of the most important things about planning IRA bomb was at the time of retirement savings and gave me the page is the question of age still have the old edition because it is all set and I have the new edition too. But I use the old edition, because, once again highlighted and checked, etc. If you remember, was not the case of Ralph and Sadie, who had $ 1,000,000 in an IRA account and had a girl named Ruby 40 years and had made some recommendations to Ralph and Sadie and I was wondering if you could tell our listeners what they would recommend Ralph and Sadie who has $ 1,000,000 in an IRA and a girl named Ruby 40 years.
Ed Slott: Well, it's funny that you speak, because I brought back and put this story Update for my stay new public television special to enrich his life – the same name as the book and I understand what you and I said has been operating in Pittsburgh.
Bershok Beth: Yes, WQED.
Ed Slott: So in the second act of this show to tell this story, that may have changed names. I do not think they use names. But the point I wanted to do it again, fiscal management, planning, taking advantage what I call the gold nuggets in the tax code, most people do not. Most people will lose their retirement savings. When I say Retirement savings, I mean your 401 (k), 403 (b) its business plan, your IRA because the money has not yet been imposed. So now that have to do something to make proactive planning in advance, before, I think it's a huge tax increase to come. Look at the economy, after the rescue Rescue – Who will save the U.S.? Are the same people who did everything right – the money put into a 401 (k) of the IRA and, but the whole world to this type of planning that you just mention the name and with more benefits in the tax code, and you know I do not sell insurance, stocks, bonds, mutual funds, annuities, but I believe in taking advantage of the tax code – I am a tax advisor. The reason why I said that because the benefit of one, with is far from life insurance, tax exemption for insurance life. Said the reason is because as soon as I say people should consider life insurance to sell or something, I'm not! I tell you that the use to leverage your money when you can use the tax code to turn $ 1 into $ 10, tax money is passive without a good deal. I'd do all day.
Bershok Beth: You know actually, we'll come back in a second. We have to take a short break, Lange hours is money: Where Smart Money Talks. Jim Lange and our special guest today Ed Slott. Money when Lange: When Smart Money talks.
Beth Bershok: Money when Lange: When Smart Money talks. Bershok Beth and I have two very well have a guest today, Ed Slott, an IRA expert from the United States, and Jim Lange course. We are in the midst of a story that Jim Ed was talking and whether to continue with the idea of it Ed.
Jim Lange: Well, we were talking about Ralph and Sadie who has $ 1,000,000 in an IRA and a girl named Ruby 40 years and Ed was mentioning a little about some of the benefits of the tax code, because he is very concerned about the future talked about taxes and life insurance.
Ed Slott: I'm too concerned about future taxes! I think we're all going to hit a large number of higher taxes, so we must do something to move our money now accounts free Tax and the point that history has been, a spouse is generally better to get free money and of course – All the money tax free. What, nothing better than a life insurance policy. There are no required distributions and children and grandchildren are generally better with the IRA, since you can stretch or extend its life distributions. So that was the point in history instead of what many people might think, well, I want my wife or husband to have the IRA, it is better to have a life insurance policy are taxable – the inheritance tax or income, and leave the IRA to your children tax free heritage, you can still better since the exemption of property taxes have increased $ 3,500,000. This opens a lot more money if you are good. You know that the child has the more important it is to protect what you have, even if you have a lot more than you can give a $ 3,500,000 or should I go ie, $ 3,500,000 IRA for children and grandchildren, and products tax free.
Jim Lange: Ed, let me ask you this question. So basically, if you say the husband is the one who the sum of 1,000,000 in the IRA, you say to consider life insurance for the husband.
Ed Slott: Well, in the example the husband said $ 1,000,000 had an IRA and, generally, when someone comes, probably the same thing with their customers, if someone came up with this scenario, the woman is the beneficiary because the whole world what is said in the IRA. I say that the change of beneficiary for the girl, but the woman say, "Well, what do I live?" and that is where life insurance comes into play, but usually they end up doing is IRA beneficiary change back to the woman anyway, but adding that the daughter may qualify for the way the woman is in total control. What a woman really wants, not so much of the IRA, which wants financial security. It looks like the IRA financial security, but actually is not a secure future when you do not know how that will be taxed when you need it most. When there hand when it is most vulnerable and need more, taxes can eat up 50% to 60% of it, as on future income tax rate rates and property taxes. It is best that life insurance is a sure thing – you're free and clear, and you can get it if the IRA wants, but on behalf of the child quota has the ability to reject this inheritance, another advantage in the tax code, called the liability, where he was able to climb up the child after the death anyway. I know that was a mouthful.
Ed Slott: That why I'm getting to this story. But the point is to look at the collection of life insurance funds quo. Even pay for withdrawing money your IRA now, pay tax at low rates – which are at very low prices now and take advantage of life insurance.
Jim Lange: Ed, by the way, and I was much the same wavelength in many areas. I am a big fan of warnings as you know, cascading beneficiary Lange Plan is essentially a succession plan in place with exemptions, so I'm a little more comfortable naming the surviving spouse, and that the decision is who gets what ..
Ed Slott: Yes, that's what I wanted to do, which can have both. It is best life insurance against an IRA. She has Life is not hoping for much of the IRA and life insurance eliminates the uncertainty of this tax rate future can be.
Beth Bershok: Basically, the idea behind this is to pay less tax, to save taxes at the end ..
Ed Slott: For me, financial security is having money free and clear. The higher you need at retirement handy when you need it most and the government owns 70% of it, which is the time you need to keep 100% of it.
Beth Bershok: Our client is Ed Slott and are you ready for a question that was thrown from a listener?
Ed Slott: I'm ready.
Bershok Beth: Oh Jim says it is another question. We'll let Jim do his first question and then move to other issues.
Jim Lange: Okay, Ed, I was also an advocate of combining life insurance and IRA and pension plans and has been for over 20 years. A I things I do in my practice, which is perhaps a little different and I thought I would ask him to respond. I often do is Second to Die policies. In fact, I run numbers and how they work best and I am the first to admit it. When running a number that works best for people in terms of total household wealth to do what you propose, which is to ensure the life of the husband, they basically go to the woman, then the IRA have children and grandchildren. I did and maybe think that is conservative, his is more conservative, the mine could be a little different, because it could be a premium reduction, it is often the use of the second to die or the survival of life insurance not paid on the first death, but the second death and I tend to use security policies so that there is no doubt that there is a situation of life that depends on investment, etc. I was wondering if the results could not comment on that, I know this is not your way to do.
Ed Slott: I'm actually all different ways, depending on what is best for the client. It depends on how much money might be needed in the first death. The problem with my situation, sometimes you never know who will die first, too. In the second death, of course, if you do not need the money, if they have enough other assets to live without life insurance, then, of course, the second to die, because you are spreading risk more than two lives if it depends on each case. But when there is a case in which he is concerned about security Financial spouse if the IRA owner, you know you have a large IRA and say he did nothing, then you want absolutely it go a little money is tax free as long as possible in the first death.
Jim Lange: I think it sounds good. So if you're interested in that both parents might consider a traditional policy of the IRA owner and if there has more than enough to make the second to die. Sometimes I say no gifts on a budget and want to earn money for the children, just old regular donations, some money for 529 plans and also some money for life insurance as well.
Ed Slott: If both have enough to live, then it is probably more of an advantage to have a second to die policy. If neither spouse wonders if there will be money when the first dies.
Beth Bershok: Ed Slott, our guest today, experts from the United States and IRA money Lange Jim Lange Duration: When Smart Money talks. We have a few questions from listeners and we'll be back with you in a minute. Money when Lange: When Smart Money talks.
Beth Bershok: Speaking of money smarter money Lange hours: In the case of Smart Money Talks. Jim Lange and a great guest today IRA expert Ed Slott U.S., the author, and is a PBS television special called rich are always a source of life and if you want to check all your data is irahelp.com. What Ed site irahelp.com and again thank you very much, Ed, for joining us today.
Ed Slott: No problem, happy to be here.
Bershok Beth: We have so many questions from listeners via e-mail that we knew they would be in the program and found a theme in these emails. All world seems to be completely confused about the suspension of RMD for the year 2009 and I guess, Ed, who is also using this as a strategy. I know Jim has been used as a strategy to convert to the Roth IRA. But here's the thing, and he is a retired dentist in Indiana. Your question is, is skipping the distribution of 2009, but you want to convert your IRA to a Roth IRA, and wants to know if you miss the distribution is still allowed to do?
Ed Slott: Yes, that provided they comply with the requirements. In 2009, their income can not exceed 100,000 $, Which is the only restriction. But a better strategy that I use for some clients who are willing to do, although it has nothing to see, this customer is 70 ½ years are normally required distribution. Now, not having to take them. Now, on the surface, appears to be a good thing, but I say it is better to have money when you know what the current tax rate, they are very very low – almost the lowest they were in the lives of most people. Therefore, it is best to take the money anyway, and if your income exceeds $ 100,000. Say you can convert to a Roth, you are eligible to convert to a Roth you must convert. Normally not be able to convert to a Roth, since taking distributions mandatory distributions are not eligible to become Roth, but now this year alone, since these distributions are entirely voluntary and is not necessary, you can convert to a Roth. Therefore, it is a real window of opportunity to convert to a Roth now.
Bershok Beth: Actually, Jim, you want disturbing? Since Jim has used this as a strategy.
Jim Lange: Well, I agree with you 100% and the reason I am a big fan of making Roth IRA conversions in 2009 for people who qualify because it is the year of lower taxes and lower tax bracket is likely to be still, we have to say 70 years or more, you have money in an IRA and, in general, say you have social security, pensions, interest, dividends – what you have. Normally, the minimum distribution required from an IRA grows a higher tax bracket. So if you were to convert to Roth IRA to pay taxes at higher rates. Now he has to take a required minimum distribution, your Roth IRA can be converted less than you ever will. I would say that the Roth conversion does IRA after retirement, but before the required minimum distribution when you're in a lower tax bracket. 2009 is now a very special year because it can become the lowest rate we will probably never
Ed Slott: Yes, I agree with that. I do not think people think, you know there is much to complain about taxes all the time, but most people do not realize how much I really now. In my book, are rich for life, if you're interested, you can put it on my site irahelp.com. It's my site, you can even ask questions, you can write in questions if you listen now, you can write good questions on the main page of the site and respond with real experts. And if you do scroll down you'll see a photo of stay rich for life – we're talking about the book and clicking on it will only be entitled to Amazon.com and probably the best price for that. But the price you get where you're worth it if you read it. Page 7 of this book, I give you a history of tax rates.
Jim Lange: The page that I am right now
Beth Bershok: It is literally life.
Ed Slott: That's really something to open eyes when you see prices in the 70, 80 and 90. If you told people, people now believe that tax rates are higher! Back in the year, I just want to isolate the baby boom years were from 1946 to 1964. The tax rate on the federal government, which is the marginal rate of attention to the richest 90%, 9 0 if you hit on the radio now. You said 90? How can this be? What remains? Nothing! More than 90% each of those years the baby boomers, with the exception of the last year '64 when he was a miserable 77%. Now the point I am saying is that these years are the years of the baby boomers born. They do not need a lot of people. Now they are on the other side of the collection up close. The first baby boomer has just started collecting Social Security last year 2008. They will be above all our other fiscal and economic problems and rescue. The baby boomers 80000000 strong will need more government in one way or another, will not be a sort of dependency that will increase the pressure on tax rates to rise further. That's my point, the tax rate grow and now is the time to act. It is now time for these Roth IRA, withdrawals, even if you do not need. Influence of Insurance life and get tax money now. I call it purchases from sales tax because that is what they are today.
Bershok Beth: I think it should be noted the change in the tax law of 2010 as we talk about these Roth.
Ed Slott: Everyone can have a conversion Roth in 2010 – everyone qualifies.
Jim Lange: I think this is an excellent opportunity for taxpayers who now have incomes over $ 100,000 and one of the things I like to do in my practice, we call it running on the numbers. If they really try to reach a conversion plan Roth IRA long term, usually over several years, and I think 2009 is great because we're in a low tax bracket for people who are 70 years or more. 2010 will be for millions of people who previously were not eligible for a Roth IRA conversion.
Bershok Beth And there seems to be some confusion about this too. I sent some questions even in the office. Is this the year 2010 alone, it will able to whom? At the moment is endless, which is 2010, 2011
Ed Slott: The provision is repealed for good, but the big problem to do it now rather than waiting until 2010, now you know what the tax rates. Now what I say, if people do not receive, pay taxes now. If it goes against the grain, I am a counter for each counter is born. Each counter was connected to pay taxes always late, but I must say I am worried about what our tax rate could be the future. So I guess now that I am an accountant recover because I think it's better to pay taxes now and the government back in forever.
Beth Bershok: With the Roth?
Slott Ed: Yes.
Jim Lange: With Roth and life insurance.
Ed Slott: There is only taxes are for sale is a sale Roth IRA double
Bershok Beth: Is this the bogo, buy one get one.
Ed Slott: Yes, it is preferable. This is a double sales, rates are low and values are low. Are depressed because of the purse – enjoy!
Bershok Beth: We also mention that when we give all this information there are some people trying to do all this without talking to a financial advisor.
Ed Slott: No no no
Beth Bershok: You really should take a look to finance professional for the first time.
Ed Slott: This is one of the main themes of my Book to stay rich life. The goal is to educate people. I want people to be educated to be able to know how stronger need to know and to demand more from their financial advisors, but do not do yourself. Want to know what his advisers know and not enough in this book, and other resources, and that's what you should do. You have to learn to demand more, make better decisions – people who are more educated to always keep more money.
Beth Bershok: You said that you mentioned in your book choosing an adviser is very important, but honestly, how to choose a good one?
Ed Slott: Well, I'll give you some guidelines there. For me, the first test I see a counselor, if I am a consumer who wants to know if a director has invested in their education and many advisers say they know all about it. In fact, when I launched many programs, probably the same thing with Jim in the conduct of programs, I have consultants who come from programs, and many of them think they know everything, but what anyway. Usually in my programs and plans for several days 2, 3, 4-day programs in the first two hours days that advisers have told me that I do not know how much I do not know. The problem with most advisors who have little education to help protect your money – tax planning, it is essential that they do not know that I speak do not know. And if you ask your agent or banker "Do you know what is it? "" Oh, yes know everything. "You know, nobody says that, because nobody can know everything. I study full time I'm not sure if Jim and I have some questions about all the days to come up. You want an advisor who went to the course. In fact, the book accompanying stay rich for the Book of life, not a book for the company. In fact, you are giving me issues as financial advisors to see whether they know it. You might say, "Well, what can you ask a lawyer?" How do you know if you answer correctly? Because it would be natural. It like asking a doctor for a medical procedure, one could say that desire, no one knows the answer. So I created questions here Do you know if your advisor knows. For example, I'll give you a simple, "When was the last time I went to a seminar on the ARI or distribution plan?
Bershok Beth: That's a question for your advisor?
Ed Slott: Yes.
Bershok Beth: Yes.
Ed Slott: You could say oh, we're going all the time and that's what I call BS detectors.
Ed Slott: Very innocently say Oh, it's interesting. Could you show me the textbook program?
Ed Slott: You know there are so you see a loved one in the headlights look you know you need a man, and tell you to take education must be very careful. When I say I want that the teaching of education on how to sell their products – sales training. This is something completely different. I speak education in financial planning. Or a good question "Is it a book on this subject?" And we can say "Oh, yes, I have a book. I have the book by Jim Lange secure retirement. "So in my BS detector would Oh, good – we ask you to open. If cracks open book when you know that this is the first time the book was opened – I ran! There are some questions to get that sixth sense, this feeling like this guy really on top of your game or is it a seller, a stock jockey? These are the guys to leave. Many banks and brokers do not know, I'm sure Jim would agree with me. And not just banks and brokers, some listeners, like me, and lawyers, you know what I know. It is more dangerous, even with the CPA, and I imagine that if you go to the PCA for info on taxes, because children are children of taxes. But it is a specialized area of tax planning for retirement distributions. Most are not in the APC things and make many mistakes. So you need a counselor who is trained in the second half of the game so I can hit that homerun that Mazeroski for you. You do not touch that blows circuit, you will need a consultant to do it for you.
Bershok Beth: And that's in the book.
Ed Slott: That the book. Even on our site, you will find trained counselors across the country, there are about 500 or 600 advisors who have received extensive training with our firm. But this is not the be and end. If you feel comfortable with your bank or broker, many of these brokers are not even close to anything else.
Beth Bershok: Ed and Jim take a little break. We're back with Ed Slott, IRA U.S. experts and Jim Lange. Money is the Lange Time: When Smart Money talks.
Beth Bershok: Speaking Smarter Money Money hours Lange: If Smart Money Talks. Beth am Bershok, Jim Lange and our very special guest of the day – U.S. experts Ed Slott IRA. Only a moment ago we were left with something I think is in everyone's minds. The economy has been so rough and you're wondering what my advisor knows what he do? Ed book and stay rich for life that comes with a book to give Ed some questions you can ask advice, just to sit on to see if they know what they're talking and we were talking earlier that. How do you know? Ed and I then book 'm sure Jim feels the same way, there are people who advise now that are probably not at the top of his game.
Jim Lange: Well, one thing I noticed and gives me a lot of conversations with financial advisers who earn credits for education is that I am a bit surprised the level and I do not want the top level. But lack of knowledge on IRA and pension plans of many of these advisers and I worry sometimes some of its customers because I wonder if you really get the best advice. Sometimes I think my own seminars to help educate consumers consumers are not so different from those proposed by the consultants at least two conversations in one hour and sometimes ask me questions as well or better for consumers.
Bershok Beth: And I really want to go from here because you have to come up Saturday. His two new tax laws that create great opportunities for heritage preservation. We're running out of time to confirm their presence, but he can still do well to give me the phone number. Is 1-800-748-1571. It's going to Pittsburgh in Squirrel Hill Golf Club and two. 9:30-11:30 and 1-3. It should also tell us one of those who want to go. 1-800-748-1571 and you can also visit the Web site that is retiresecure.com. Ed, the advice you want to add, in turn, what you should look for in an advisor?
Ed Slott: Well, again, I agree with everything said Jim, but even more to train counselors and consumers. What you should know is is not a blow to those people who sell stocks and bonds – part of the game, helping to earn money. What I am saying is that you Need a consultant as a doctor you go to a specialist for different things, perhaps a better analogy. When you know you've retired and you are the accumulation of this money, you must go to a counselor who has specialized knowledge on how to get that money in tax planning can be more efficient tax. The problem with most people who call themselves financial advisers, because they do not really know or even address this. They think that if you do a lot of money is good, and it's great. But keep it, is the result at the end of the game. Bill Buckner, back to the story of Bill Buckner had great stats. The cumulative tons of statistics very well, but After the game he lost everything because it exploded. He blew by not being able to accomplish at this key moment. You need an advisor you can do in the second half of the game – the distribution phase. Things you can control – tax planning. Most are not too bad, I'd say about 99% of advisors do not have this knowledge.
Beth Bershok: 99%, is that what you say?
Ed Slott: Yes, you may think that Eddy only 1% of advisors know nothing about it?
Bershok Beth: That's what we say.
Ed Slott: No, it is much less
Jim Lange: You are very strong, Ed
Bershok Beth: Wow!
Ed Slott: I can say with my advisors and training programs and go to Jim's training.
Jim Lange: Ed programs are certainly wonderful. His two-day programs and each of them.
Ed Slott: I admire advisers and those are the best of the best, because at least they invest in their education to benefit their customers. These days, where there is a lack of confidence, which has to two things. Expect more from your adviser, you need to make sure they are educated, have this expertise and put their interests first.
Bershok Beth: I think the book you in this exercise is excellent. You can check irahelp.com and clicking on that site where you can buy guide. "I can you take another question MDM?
Ed Slott: Yes
Bershok Beth: Because it and I find really interesting. This coming from a man named Bob in Pittsburgh, is a retired engineer, but here is the question and what happens, no doubt many people with the suspension RMD for 2009. Some people do not know not what happened at the end of the year in which they could suspend your RMD for 2009, and had taken in January. Then, when they took the do not have to take the distribution to be arrested, but the question is Bob, can you go back and give the money to January?
Ed Slott: Only if it is within 60 days.
Bershok: Oh, 60 days, which is the limit?
Ed Slott: Yes, is the only way to return the money and then only if they have not made a previous transfer of the IRA in the past 12 months.
Beth Bershok: Any other strategies you want to protect these economic times private. It is a moment that hits everyone really.
Ed Slott: Well in my book, my theme is to take control of your money, the things you can control, and you can control your tax payable and planning what I consider the most important of all, I called in my book to remain rich for life, "Half Winning the 'Game. That's what Bill Mazeroski played and what are things you can control, and it is time to take control. Do you not just leave everything to the evaluators who will be involved and trained to demand more from their financial advisors and get your plan. If they doing nothing, doing nothing is not an option now. If you do nothing that you have a plan, but will the plan of government, let's face it, our tax system is a penalty on savers. The government's plan to end what is now making a plan of action and get a plan. The plan will be realized by you or for you, and it is your choice. "To say that you act now m, consistent with small steps.
Beth Bershok: Jim, any strategy that add?
Jim Lange: Well, I was a fan of Roth IRA conversion for many years, but I would say that 2009 and 2010 will be the best year so far because a) if you are 70 years or older has not required minimum distribution for 2009 to be put in a tax bracket low. So I think it will be a good year to have a look at a Roth IRA conversion. 2010, when everyone, regardless of income, be able to make Roth IRA conversion. I think this will be a large plate, and the other thing is, I would say that these two factors alone would be good to have Roth IRA conversions. We have two factors, however, that make it even more attractive. Number 1 is, I agree with Ed, I think we're in an environment low taxes but can not feel like it, and if you look at the past, we have no doubt, and if you look at what's happening in the economy, you can not see how they could have no more tax later, and you can literally create a dynasty tax-free for yourself, children, grandchildren. So I want to make Roth IRA conversions. The other reason, so I would be, if I think long term the market will return and be taxed at a low rate and a low amount, so it's even better, and you because of me again, Ed point of having a good counselor. Last year we did a lot of Roth IRA conversions. For each customer who made a conversion Roth IRA called and said: "Hey, if your Roth IRA has been more candid when they did, we would characterize as Roth IRA, so I think you have that protection extra if you're afraid we'll have a Roth IRA conversion and it still decrease.
Bershok Beth: We'll be back in a minute here. Money Lange is the Time: When Smart Money talks. Jim Lange, and special guest, Ed Slott, who wrote about how to stay rich for life. Lange money when: When Smart Money talks.
Beth Bershok: Speaking of smart money. The Lange Time Money: When Smart Money talks. Our guest today is special Expert U.S. IRA, Ed Slott, who is also the author of stay rich for life is also a special PBS. The time spent so fast! Ed, Jim, we're at our last minute! I think we could have done this show for 10 hours and not be material!
Bershok Beth: I have a question that I I wanted to shoot you. This comes from a listener named Fred and this is a matter of Fred. He just retired the end of 2008 and the question is subject to limitation – can all the money in an after-tax 401 (k) becomes a Roth IRA, while all pre-tax 401 (K) money is converted to a traditional IRA.
Ed Slott: The answer is yes, if you do it the right way. Depends on the 401 (k) if you are ready to share control. You must first remove the passive and roll over money into an IRA and then all I had left some money is this tax, or if you have two controls, which is the best way. You put money in person and the IRA money after tax goes directly to a Roth tax free.
Bershok Beth: This is the second part of your question. He said that if I can really do this, it means no more taxes due to the conversion?
Ed Slott: Yes, but on the other hand, if you receive a check and put it in an IRA then you have to do a proportional, not any after-tax money can go tax free. So the first way is getting money from taxpayers of the 401 (k) of the IRA – which is a tax-free roll. Then, after tax dollars from 401 (k) and when I have been saying could give two checks if you're willing to do. Then you can go to the IRA, Roth IRA, which is tax-free 401 (k).
Bershok Beth: So, also depends on what your plan is ready to do?
Ed Slott: While it was not planned. Remember, this is one of the areas of tax law and IRS rules, believe or not, are much more liberal and flexible than the rules of the plan itself. The problem is that planning law is the law of the land.
Jim Lange: I think Ed is a great analysis by two things I chime. When someone retires, is really essential to take stock, see what all your options. They must obtain NUA we have not even talked about today – the added value that could benefit from treatment of capital gains, which is even more favorable.
Ed Slott: I did not use the word recognition in the program.
Jim Lange: It's a good point.
Ed Slott: People think I'm out of true!
Jim Lange: Certainly the numbers are going to say that there is $ 50,000 in cash. Indeed, after-tax dollars in a 401 (k) is essentially Conceptually, the same as a non-deductible IRA and many of our listeners have not deductible IRA, and if you can do this conversion and to isolate and simply make the conversion as an example, if you make 50,000 $. 40 years, your family will be more than $ 500,000.
Beth Bershok: Currently we have charts to show as a matter of fact.
Jim Lange: Yes, it is one of my favorites. If this happens and is effective after tax dollars and dollars before tax, for example in an IRA there are techniques very interesting and I see you shake hands. I will not have time to explain them completely, which can isolate this particular if you have some kind of work in retirement.
Bershok Beth: Well, I think it boils down to, because both spoke at the second, complex sounds. It seems that once again we must return to what you need competent counsel. It is not possible, you can try it yourself or you should try to do.
Ed Slott: Remember that even the smartest advisers must work hard to keep up with that knowledge, but that's their business – not in this area. What you need to do is to inform you so you can learn both to see if you have the right adviser for you guide.
Bershok Beth: I really hate to stop it, too bad it was wonderful. Ed Slott, Jim Lange together for the first time and I want to give your site again. It irahelp.com, the book is to stay rich for life, but comes with a book, which I think could be very, very helpful for people. Can you buy it separately?
Ed Slott: Yes, but is consistent with the theory of structure. But yes, if you separate. The objective the book is to put your ideas and knowledge into action, everything has to take action.
Bershok Beth: And also a PBS special stay rich for life, irahelp.com site. Jim retiresecure.com site and want you to see that. The reason why we have the audio of this show was also published. So if you want to spend review all the ideas that Jim and Ed have spoken, and will retiresecure.com Jim Roth has a seminar coming this weekend. 9:30-11:30 or 1:00-3:00 at Eastern Golf Club Pittsburgh, Squirrel Hill. 1-800-748-1571 to confirm their presence really have limited space in which time and again or you can go to retiresecure.com irahelp.com. Ed, thank you very much, very much for being with us. I really like it was ….
Ed Slott: I think it was great, I'm happy to be with Jim.
Bershok Beth: We have very good information, thank you for sharing this. Money is the Lange Time: When he speaks of Smart Money. Real quick, I mean, our next show will be tax-week delay, which is April 8. One week after the deadline, we'll talk about taxes in the next program. Money Time Lange: When Smart Money talks.
Jim Lange, JD / CPA is a nationally recognized IRA 401 (k) and Roth IRA conversion expert. Jim's bestseller, Secure Retirement! Pay taxes later in its second edition and has glowing testimonials best in the industry, including Ed Slott, and Natalie Choate Bob Keebler. To request information, please go to www.retiresecure.com. Impossible to obtain information about Jim Lange, Secure Retirement "And the availability of speaker Jim. You can also access our treasure radio program files. Download files Lange hours Price: When Smart Money talks.
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