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Jim Lange: By all objective measures, Ed Slott is America’s favorite IRA expert. He’s sold more books, charges higher fees for his speaking, and is well-loved by both consumers and financial advisors. Ed agreed to be on the show, and actually has been on every year, and he starts with some general advice about getting your plan.
Ed Slott: In my book, my theme is to take control of your money, of the things you can control, and you can control your tax liability, and the planning for what I consider the most important part of the game, which I call in my book, Stay Rich for Life, the winning half of the game. And those are things you can control, and it’s time to take control. Don’t just leave everything to advisors. You’re going to have to step in and get educated so you can demand more from your financial advisors and get your plan.
Doing nothing now is not an option. If you don’t do anything, you’ll get a plan, but it’ll be the government plan, which, let’s face it, our tax system is a penalty on savers. The government plan will wipe you out, so you either make a plan now by taking action or you get a plan. The plan will be done by you, or to you, and it’s your choice. I’m saying to act now. Take action in small consistent steps.