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Old 12-10-2009, 09:02 AM
 
Location: Tampa, FL
27,798 posts, read 26,213,375 times
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not sure if Ed Slott is always right.............

Even Ed Slott is wrong about Roth IRA conversions - The Wealth Preservation Institute - on ProducersWEB.com
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Old 12-10-2009, 09:25 AM
 
71,559 posts, read 71,730,589 times
Reputation: 49156
ILL read this later and see what is said. thanks
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Old 12-10-2009, 09:58 AM
 
71,559 posts, read 71,730,589 times
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I read the article but there is nothing in there that isnt known.

it would never pay to pull the money to pay the taxes from the ira itself. ed made that very clear in his book.

ed also talks about the fact that if you are going to take the money from other places to pay the taxes dont take it from sources that have gains..

in fact that should be the last place as equities that have huge gains can pass tax free via stepped up basis to your heirs and should never be tapped unless you have to or for rebalancing.

that was in eds book

the real place roths shine is in wealth passing and thats not touched upon at all in the article.

where a traditional has required distributions and become less and less each year a roth continues compounding for generations. that wasnt in the article


they didnt talk about the regular ira increasing your income with those rmds and possibly making your social security taxable,,, your deduction allowances cut such as medical deductions or education credits which go by income.,

while i found the article raised certain points they missed discussing quite a few other points...

im surprised ed declined comment.
like everything financial there is no hard and fast rules that something is for everyone.

if it was just all about whether i would be in a lower bracket or not i may not be interested in converting either as im not convinced ill be in a higher bracket with no pay check then i was with our two incomes living in the high tax state and city of new york city ..

but for us its all about the lack of having to take required distributions and the legacy benefits of compounding that roth for the next 100 years.

Last edited by mathjak107; 12-10-2009 at 10:40 AM..
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Old 11-28-2010, 10:40 PM
 
1 posts, read 870 times
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Ed is way off base on a lot of his advice, term life is the only good way to go. Other life insurance policies pay the sales folks huge commissions. Listen to Dave Ramsey for good free financial advice.
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Old 11-29-2010, 01:40 AM
 
71,559 posts, read 71,730,589 times
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no he is not wrong. term life stops at certain ages and is useless for this purpose.you can get special insurance coverage after a certain point but see what a million bucks cost you a year at 85.its crazy
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Old 11-29-2010, 06:10 AM
 
Location: Near a river
16,042 posts, read 18,975,704 times
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Ed Slott has a great video that covers a lot of what's in his book, I got mine from PBS as a contributor, you may be able to get it through your public library.
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Old 11-29-2010, 06:15 AM
 
Location: Near a river
16,042 posts, read 18,975,704 times
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Quote:
Originally Posted by mathjak107 View Post
no he is not wrong. term life stops at certain ages and is useless for this purpose.you can get special insurance coverage after a certain point but see what a million bucks cost you a year at 85.its crazy
Boy that's the truth. My term life policy ends in 5 years. When I looked up what it costs to keep it going, I nearly fainted. I'm so sorry I didn't do a whole life policy but it was pricey. The term life policy only works if you kick off before the term!
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Old 11-29-2010, 06:19 AM
 
71,559 posts, read 71,730,589 times
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Term is great when used as protection. its no good for wealth and tax planning later on in life.
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Old 11-29-2010, 04:04 PM
 
71,559 posts, read 71,730,589 times
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Quote:
Originally Posted by newenglandgirl View Post
Ed Slott has a great video that covers a lot of what's in his book, I got mine from PBS as a contributor, you may be able to get it through your public library.
i saw it on pbs. it was very informative.he is actually local to me in long island. he doesnt see clients directly though .he has underlings that do the planning based on his criteria.. i have to say there arent many that know how to play the 2nd half of the game like he does.
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