For the millions of Americans fast approaching, or already in, retirement, the biggest question they now face is simply: "Do I have enough money to last for the rest of my life?" While no one can answer that question with absolute certainty, you can do two things to significantly improve your odds—develop an appropriate retirement portfolio and take action to reduce your taxes. The Second Edition of Retire Secure! explains how you can use IRAs, retirement plans, Roth IRAs, Roth 401(k)s, and Roth IRA conversions as well as other tax-favored investments to let Uncle Sam help subsidize your and your family's lifestyle and increase the odds that you will have sufficient income for the rest of your and your spouse's life, and perhaps beyond.
Drawing on the experience garnered from his thirty years as a practicing CPA and twenty-five years as an estate attorney, James Lange provides critical advice for all stages of IRA and retirement plan saving and spending, covering the best strategies for accumulating wealth while you are working, and spending down or distributing IRAs and retirement plans when you are retired and planning for your family. Lange explains how to maximize tax-deferred savings during the accumulation phase. He reveals the most tax-efficient ways to withdraw money from your accounts during retirement, and tells how to develop an estate plan that continues the tax-favored status of your IRA or retirement plan long after your death—so your heirs will enjoy tax benefits as well.
This revised edition of Retire Secure! contains all-new material covering several important laws passed over the last few years that offer new tax-advantaged opportunities. Lange offers advice on establishing a one-person 401(k) plan and information on the Roth IRA conversions available to everyone in 2010; details the new Roth 401(k) and 403(b) plans; and describes how your heirs can benefit from a stretch IRA and/or an inherited Roth IRA. In addition, he reveals the most certain way to provide financial security for your children: using survivorship life insurance—a classic tax-favored, leveraged form of a gift that can be an excellent tool for creating and preserving wealth.
Virtually every chapter of Retire Secure! contains recommendations that have come from "running the numbers" and are proven to work. Read this book and make your retirement and estate planning the best it can be for your future and your family's security.