Everything You Always Wanted to Know about IRAs
I know it’s Memorial Day weekend, but being the compulsive tax lawyer that I am, I just finished reading two books by CPA and IRA expert Ed Slott – The Retirement Savings Time Bomb…and How to Defuse It and Parlay Your IRA Into a Family Fortune. The books are well-written, (relatively easy to understand, and chock full of information about IRAs, including crucial Do’s and Don’ts. Particularly interesting are the tables detailing the amazing results of a “Stretch IRA,” and the “Supersize” Stretch Roth IRA.
These books are a “Must-Read” for anyone with an IRA or qualified retirement plan and every professional who deals with IRAs – estate attorneys, CPAs, financial planners, etc. A lay person who reads these books will know more about IRAs than most professionals.
However, be aware that some of the information in the books is out-dated due to tax law changes – for example, as of 2007, non-spouse beneficiaries of qualified plans (401(k)s, 403(b)s, etc.) can rollover the accounts to an IRA, which means the beneficiary is not limited to the sometimes restrictive rules of such plans.