A comprehensive and easy-to-understand guide to maximizing the benefits of IRAs and retirement assets. Retire Secure! Third Edition offers unbeatable recommendations for addressing the #1 fear facing most readers: Running out of money. Retire Secure! Third Edition also shows baby boomers nearing retirement how they can save tens of thousands to over one million dollars by paying taxes later.
This practical guide, perfect for consumers, but detailed enough for financial experts, delivers straight forward accumulation and distribution strategies for IRAs, Roth IRAs, the new Roth 401(k) and other retirement plans. More specifically, Lange gives his readers tips on how to prepare for expected “death” of the stretch IRA, details on converting to Roth IRAs, Roth 401(k) and Roth 403(b) rules, and when IRA and retirement plan owners should consider second-to-die life insurance.
Further, this book describes Lange’s exceptional estate plan–a plan that has been featured in The Wall Street Journal and many other fine financial journals. This definitive guide enjoys glowing endorsements from Charles Schwab, Larry King, Ed Slott and 60 other financial authors and experts.
1. With the federal estate-tax exemption up to $10.6 million for couples, passing money to your heirs estate tax free is not a worry for your average American taxpayer. The increasing concern is minimizing income taxation for both yourselves and your heirs. Chapter 11 is essential reading as your old estate plans may be out-of-date and potentially dangerous to your planning.
2. Don’t be so sure you can count on inherited IRAs to stretch your assets for generations. Congress has tried to eliminate this lucrative planning tool in the past and may still succeed in changing the laws that make it possible. If this happens, you have to know what other courses are available to you and your family. Jim encourages readers who plan to use this strategy to read chapter 13 carefully.
3. Although many people cringe at the mention of life insurance, this tool takes on a new importance with the higher tax rates and potential death of the “stretch” IRA. Life insurance remains the most tax-efficient way to pass wealth to the next generation, efficient and tax-free! Chapter 12 discusses these vehicles in detail. One critical point for insurance cynics to understand is that insurance premiums, even if they last a long time, is almost always less expensive than the additional taxes your heirs would pay without buying the insurance.
4. Inaccurate beneficiary designations can trigger massive income taxes and family feuds that can last generations. People might know who their beneficiaries are and who they should be. But to make sure that the law agrees with who you think your beneficiary should be, read chapters 15 and 16. Some of the most massive and unnecessary tax mistakes we’ve seen are rooted in this issue.
5. Do not make the mistake of failing to invest in highly appreciated stocks due to a fear of capital gains tax. Changes to the tax laws in 2012 reduce the impact of the capital gains tax. For lower income taxpayers, capital gains tax is eliminated. The risk of keeping all of your eggs in one basket dramatically outweighs the tax liability for most people. So, if you are one of those people that have not diversified your portfolio because of this tax, please read chapter 4. You may change your mind
Here are What Experts Are Saying About Retire Secure!
“A road map for tax-efficient retirement and estate planning.”
“Retire Secure! (2nd) covers two areas particularly well—Roth IRA conversions and estate planning for IRA owners.”
“Retire Secure! is a very practical investment guide on how to defer taxes and efficiently plan for retirement and your estate.”
*These reviews are for the book, not for services. It is not known, and no inference should be made, about whether individuals reviewing the book approve or disapprove of other services offered.
|James Lange, CPA/Attorney, is the President of Lange Financial Group, LLC and has been operating his business in Pittsburgh, Pennsylvania for more than 30 years. Lange and his team help IRA and retirement plan owners get the most out of what they’ve got by integrating and applying proven strategies to personal needs, wants and financial situations of their clients. Learn more at www.paytaxeslater.com.|