For decades there’s been a festering retirement crisis in America.
Congress has repeatedly tried to resolve the retirement crisis via stop-gap, incremental efforts. It has created new retirement accounts, like Roth IRAs to benefit lower income workers, as well as tax-advantaged health savings accounts (HSAs) to help pay healthcare costs.
With little more than a week left to take tax-friendly withdrawals from individual retirement accounts and 401(k)s under the Cares Act, people stung financially or physically by Covid-19 are making last-minute decisions while wading through a thicket of rules that could have an impact on future taxes.
The end of the year is fast approaching, yet there is still time to take charge of your taxes.
While that might seem like something only the wealthy would do, there are also ways for the average American to save money — even if you are part of the 90% who take the standard deduction (which is $12,400 for single filers in 2020).
IRA guru Ed Slott doesn’t trust politicians with his taxes—and doesn’t think you should, either.
A well-known retirement expert (and a recovering certified public accountant), Slott leads seminars for financial planners, advises regular folks on how to retire securely and recently updated his 2003 classic, “The New Retirement Savings Time Bomb,” to address Congress’ latest indiscretions.