Christine Benz: Hi, I'm Christine Benz from Morningstar. With prospective tax changes on the horizon, is now the right time to start gifting assets and pursuing other such strategies? Joining me to discuss that topic is tax- and retirement-planning expert Ed Slott.
IRA data released from the Joint Committee on Taxation revealing some mega-million dollar IRA and Roth IRA balances has set off alarm bells, with Congress citing shock and “abuse” and looking for something to do about this. But there is really no story here when you look at the numbers. This is a non-issue. Here’s why.
F is for Fun. And we have a ton of fun today talking to Rob Phelan about his new children’s book M is for Money. He was inspired by reading with his own son and realizing there weren’t any books on the market that teach basic personal finance to kids. Even if you don’t have kids yourself, this book might be a great gift for a kid in your family. We also dive into financial literacy in general and why so few programs are successful. If you have any interest in improving the money habits of the people around you, we’ve got you covered.
CPA and IRA expert Ed Slott joins host J.R. Whalen to explain the "Mega Backdoor Roth IRA Conversion," a little-known technique allowing people to make annual tax-free retirement account contributions above government-imposed limits. The tactic gained attention after PayPal founder Peter Thiel amassed $5 billion in his Roth IRA account.