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Elite IRA Advisor Group Consumer Page

Retirement Money is One of Your Largest Assets to Protect.  Are You Working with The Right Advisor?

Your hard-earned money is at high risk for being lost taxes and fees if your advisor doesn't know to ask you the right questions, isn't aware of changes to the turbulent tax code, and/or hasn’t been trained in high-level retirement planning strategies.

Are you making the right moves with your retirement or are you building a savings account for Uncle Sam? The answer lies in education and working with a qualified advisor.

Members of Ed Slott's Elite IRA Advisor GroupSM train with Ed Slott and Company on a continuous basis, have completed requisite training, passed a background check, attend required workshops and complete mandatory exams. They are immediately notified of changes to the tax code and updates on retirement planning, so you can be sure your retirement dollars are safe from unnecessary taxes and fees.

Retirement planning is complicated and you need an IRA specialist in this area.  It is a personal and situational endeavor with possible pitfalls in the way of success. Work with a financial professional who invests in his / her education to eliminate risk and keep more of your retirement dollars for you and your family.

There are currently close to 400 members throughout the country armed with current, cutting-edge IRA information to help service their clients and clients’ families.

What makes a member of Ed Slott’s Elite IRA Advisor GroupSM different?

  • Our group encompasses a range of financial advisors, CPAs, EAs, estate planning attorneys and insurance agents
  • These high-caliber advisors are investing over $6,000 per year toward IRA education to help their clients
  • Members are specialists in the retirement distribution planning

Membership in Ed Slott’s Elite IRA Advisor GroupSM  means having:

  • Biannual IRA educational workshops per year with Ed Slott and his team of IRA Technical Experts, along with guest speakers from Ed Slott and Company's network of expert colleagues
  • Instant access to a wealth of resources ONLY for members of Ed Slott’s Elite IRA Advisor Group, including Ed Slott and Company's custom-designed modules - diagnostic checklists that advisors can use to ensure their clients' IRAs are set up and maintained correctly
  • Immediate updates via email, webcasts and videos on the latest changes to IRA tax laws
  • 24/7 access to our IRA technical experts to confer with on complex cases
  • A network of the top financial advisors in the country

Ed Slott is a consumer advocate and retirement and tax expert and educator.

Ed Slott and Company, known as “America’s IRA Experts,” provides timely and accurate IRA education to hundreds of thousands of financial advisors and consumers throughout the year.  We are on a mission to match consumers with competent, educated financial advisors.

Ed Slott was named “The Best Source for IRA Advice” by the Wall Street Journal and called "America's IRA Expert" by Mutual Funds Magazine. He is a nationally recognized IRA-distribution expert, a professional speaker, and the creator of several public television specials, including the most recent, Ed Slott’s Retirement Rescue!

Ed is the author of the best-selling books, The Retirement Savings Time Bomb and How to Defuse It (Penguin, 2012), Ed Slott’s Retirement Decisions Guide: 2014 Edition (IRAHelp, 2014), Fund Your Future: A Tax-Smart Savings Plan in Your 20s and 30s (IRAHelp, 2012), Stay Rich for Life! (Ballantine Books, 2009), Parlay Your IRA into a Family Fortune (Penguin, 2008) and Your Complete Retirement Planning Road Map (Ballantine Books, 2007). He is also a personal finance columnist for numerous financial publications and websites.

Ed has been quoted in The New York Times, Newsday, The Wall Street Journal, The Washington Post, Money Magazine, and Forbes. He has appeared on NBC, ABC, CBS, CNBC, CNN, FOX, PBS, Public Television, NPR, and Bloomberg TV and radio.

Ed Slott and Company regularly presents continuing professional-education seminars on IRA distribution planning for financial advisor firms, mutual fund companies, brokerage firms, insurance professionals, financial planners, banks, CPAs, and attorneys all across the country. Our diverse client list includes Fidelity Investments, Nationwide Financial, New York Life, Jackson National, Transamerica, Met Life, Northwestern Mutual, Sammons Securities Company, Genworth Financial, Brokers International as well as a host of other major financial companies.

Click each question for corresponding answer.

1. Can I make a contribution to an IRA or Roth IRA?

You must have earned income in order to make a contribution. The safe harbor definition of earned income is W-2 income. You can contribute the amount of your earned income or the contribution limit, whichever is less. Any taxpayer with earned income can make an IRA contribution with the following two exceptions. If you are 70 ½ or older during the year, you cannot make a traditional IRA contribution. If your income exceeds certain limits you will not be able to make a Roth IRA contribution. The income limits will increase each year for inflation. See IRS Publication 590 for the current contribution and income limits. If you are age 50 or over you are eligible to make an additional catch-up contribution in the amount of $1,000.

2. Can I contribute to an IRA or Roth IRA on behalf of my spouse who does not work or who makes less than the contribution limits?

Yes, you can contribute on behalf of a non-working spouse. The contribution rules are the same for the non-working spouse as they are for the working spouse (see above).

3. When can I take money out of my Roth IRA? Will I have to pay any taxes or penalties on what I withdraw?

You can take your basis out of a Roth IRA at any time. Your basis is amounts you have contributed, amounts you have converted, or certain amounts you have rolled over from a Roth 401(k), Roth 403(b), or Roth 457(b). Distributions of your basis will not be taxed as you paid tax on those amounts when they went into your Roth. A distribution from your Roth is considered to first come from contributions, then converted amounts, and lastly from earnings. You cannot take a tax free distribution of earnings before you have had any Roth IRA for 5 years AND are over the age of 59 ½, are dead, disabled, or are taking out the funds under the first time home buyer exception. In addition, if you are under the age of 59 ½, the 10% early distribution penalty will apply. You could also be subject to the 10% early distribution penalty on the distribution of converted amounts if the conversion was done less than five years ago AND you are under the age of 59 ½ at the time of the withdrawal. The penalty will be owed on the amount of the converted dollars withdrawn, not on the total converted amount (unless you withdraw the total converted amount).

 

Questions?  Contact Member Relations Manager, Ilana Slott, at (516) 536-8282