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Retire Secure! James Lange

Retire Secure! By James Lange

Retire Secure! by James Lange


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Summary

Explains the tax advantages and long term wealth building strategies of selectively and strategically putting money into IRAs, Roth IRAs, 401(k)s, Roth 401(k)s and the myriad other retirement plan options available to individuals working in the corporate world, the non-profit sector, as well as individual proprietors.

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Retire Secure! Summary

Retire Secure!: Pay Taxes Later - The Key to Making Your Money Last as Long as You Do by James Lange

Retire Secure! tackles the number one fear facing most IRA and retirement plan owners: running out of money too soon. Lange, a nationally recognized IRA expert, offers specific and practical strategies to successfully navigate the three stages of retirement planning: accumulation, distribution, and estate planning. Retire Secure! explains the tax advantages and long term wealth building strategies of selectively and strategically putting money into IRAs, Roth IRAs, 401(k)s, Roth 401(k)s and the myriad other retirement plan options available to individuals working in the corporate world, the non-profit sector, as well as individual proprietors. The book proves that putting money into tax advantaged retirement plans beats traditional saving in the after-tax environment. The book sheds new light on best practices for spending your IRA and retirement plan dollars and your traditional savings.Many readers will be surprised to discover that the order in which assets are spent is not a trivial consideration-it can make or break the bank. It also outlines Lange's exceptional estate plan - a plan that has been featured in the Wall Street Journal and many other fine financial journals. The book offers financial planning strategies and tactics in plain English that everyone can understand - and using humor and interesting characters in real life situations the book escapes the dreaded dry financial tome tone. For example, Chapter 1 offers a great mini case study that charts the financial destiny of Mr. Pay Taxes Later and Mr. Pay Taxes Now. Both start saving when they are age 30, but when Mr. Pay Taxes Now reaches age 90, he is broke, while Mr. Pay Taxes Later has $1,946,949 left. Chapter 8 is devoted to a complete case study of Eddie's and Emily's entire retirement decision making process.The book is endorsed by more than 31 leading financial experts, including Charles Schwab, and Roger G. Ibbotson, Yale Professor and perhaps the world's foremost authority on asset allocation. As a bonus, readers who purchase this book can receive a free information-packed CD.'Retire Secure! is your playbook for winning the retirement game and beyond. It shows you how to capitalize on little known provisions of the tax law that will make your retirement savings last several lifetimes, leveraging your hard earned money into a family legacy. Best of all, you can rely on the advice here since it is written by one of the nation's leading retirement tax planning authorities' - Ed Slott, Author of Parlay Your IRA into a Family Fortune and The Retirement Savings Time Bomb...and How to Defuse It. James Lange (Pittsburgh, PA), an attorney and CPA, is a nationally known IRA, 401(k), and retirement plan distribution expert with over 27 years of experience. His recommendations have appeared 23 times in the Wall Street Journal, as well as the New York Times, Newsweek, Kiplinger's, and many other prestigious financial publications.

About James Lange

JAMES LANGE, CPA/Attorney, is a nationally respected IRA, 401(k), and retirement plan distribution expert with twenty-seven years of hands-on experience. In Newsweek, Jane Bryant Quinn introduced the entire country to Jim's mantra, Pay Taxes Later! His advice has been cited twenty times in the Wall Street Journal, and his articles appear frequently in other prestigious financial and tax journals. Jim's signature estate plan, Lange's Cascading Beneficiary PlanTM, is earning widespread acclaim as readers and financial professionals alike want Jim's solution for their own families. Jim lives in Pittsburgh, Pennsylvania, with his wife, Cindy, and their daughter, Erica. [email protected] www.paytaxeslater.com

Table of Contents

Foreword.Acknowledgments.How to Read This Book.What Retire Secure! Does Not Cover.Additional Resources for the Reader.A Note Specifi cally for Financial Professionals.The Big Retirement Question.A Summary of Tax Reduction Strategies.The Clear Advantage of IRA and Retirement Plan Savings during the Accumulation Stage.Spend Your After-Tax (Nonretirement or Non-IRA) Money First during the Distribution Stage.My Best Advice-Read Th is Book.An Outline Overview of the Whole Process.What's New for 2006.The Roth 401(k) and Roth 403(b).For Tax Years after 2009 Roth IRA Conversions Will Be Open to All IRA Owners Regardless of Income.Th e Roth IRA Changes in a Nutshell.What Happens when You Make a Roth IRA Conversion?Important Roth IRA Conversion Considerations.Will Making a Roth IRA Conversion Stop the Required Minimum Distribution Rules of a Regular IRA when I reach 70 ?Part One: THE ACCUMULATION YEARS: The Best Way to Save for Retirement.1. Fund Retirement Plans to the Maximum.Why Contributing the Maximum to a Retirement Plan Is So Valuable.Mini Case Study 1.1: Th e Clear Advantage of Pre-Tax IRA and Retirement Plan Savings.Make Th ose Non-Matched Contributions to Retirement Accounts.The Employer Matching Retirement Plan.The Cardinal Rule of Saving for Retirement.Mini Case Study 1.2: Running the Numbers for Employer-Matched Retirement Plans.Two Categories of Retirement Plans.How Many Plans Are Available to You?Mini Case Study 1.3: Contributing the Maximum to Multiple Retirement Plans.When You Th ink You Can't Aff ord to Make the Maximum Contributions.Mini Case Study 1.4: Changing Your IRA and Retirement-Plan Strategy after a Windfall or an Inheritance.A Key Lesson from Th is Chapter.2. Traditional IRAs and Nonmatched Retirement Plan Contributions versus Roth IRAs.What Is the Diff erence between an IRA and a Roth IRA?What Makes a Roth IRA So Great?Roth IRA Eligibility Rules.Traditional IRA Eligibility Rules.Contribution Limits for Both Roth and Traditional IRAs.Should I Open a Roth IRA (or Roth 401(k)) or Should I Make a Deductible Nonmatched 401(k) Plan Contribution?Th e Eff ect of Lower Tax Brackets in Retirement.Comments on Your Actual Tax Brackets: Subtle Point for the Advanced Reader.Distribution Rules for Roth IRAs.Advanced Distribution Rules for Traditional IRAs.A Key Lesson from Th is Chapter.Part Two: THE DISTRIBUTION YEARS: Spend the Right Funds First.3. Approaching Retirement and During Retirement.Which Assets Should I Spend First?Mini Case Study 3.1: Spend Your After-Tax Money First.Mini Case Study 3.2: A Note to Th ose Who Fear Capital Gains Tax.Mini Case Study 3.3: Th e Optimal Order for Spending Classes of Assets.Mini Case Study 3.4: Figuring the Tax Bracket Advantage into the Spending Order.A Key Lesson from Th is Chapter.4. Minimum Required Distribution Rules.Eventually Everyone Must Draw from Retirement Savings.Calculating Your MRD after Age 70 .Timing Your First Required Distribution.Special Rule for Qualifi ed Plan Owners Who Are Still Working Past Age 70 .Mini Case Study 4.3: MRDs If Still Working Past Age 70 .Special Rule for 403(b) Participants.When Should You Schedule Taking Your MRD?A Key Lesson from Th is Chapter.5. Critical Decisions You Face at Retirement: Rollovers versus Trustee-to-Trustee Transfers and Other Strategies.Lump Sum Distribution.Ten-Year Averaging Is a Hellish Calculation.Rolling Over to an IRA.Tax Advantages of Transferring a 401(k) or Other Retirement Plan into an IRA.Mini Case Study 5.1: True Story of the Disastrous Consequences of Not Making a 401(k) Rollover to an IRA (details adapted).Investment Reasons to Transfer to an IRA.Advantages of Leaving the Money Where It Is.Weighing the Investment Advantages versus the Threat of Income Tax Acceleration.Additional Advantages of Retaining a 401(k) Rather Than Rolling into an IRA.Music to the Ears of a CD Investor.The Mechanics of IRA Rollovers and Trustee-to-Trustee Transfers.What You May Roll Over and What You May Not.Special Exception for 403(b) Owners with Pre-1987 Balances.Inexact Language on a Benefi ciary Form Spells Disaster.Mini Case Study 5.2: Th e Diff erence between Proper and Sloppy Language on a Benefi ciary Form.Choosing an Investment Institution after the Death of the IRA Owner.A Key Lesson from Th is Chapter.6. Annuitizing Your Financial Accumulations: Does It Make Sense for You?What Is Annuitizing?Payment Schedules.Annuitizing: A Conservative Strategy?Mini Case Study 6.1: When Annuitizing the Majority of Your Assets Is a Good Choice.Annuitizing Retirement Accumulations.Mini Case Study 6.2: When Annuitizing a Portion of the Retirement Plan Is Appropriate.Annuitizing Has Worked Out Well for Many Investors.Annuitizing: A Risky Strategy?Special Idea: Using Annuities for Spendthrift Children.Mini Case Study 6.3: Using an Annuity in Lieu of a Spendthrift Trust (a true story).Protection from Creditors.A Key Lesson from Th is Chapter.7. Withdrawing Retirement Plans Funded with Company Stocks and Net Unrealized Appreciation (NUA).What Is NUA, and Why Should I Care?Mini Case Study 7.1: When Checking for NUA Saves a Bundle.Mini Case Study 7.2: A Typical NUA Opportunity.A Key Lesson from Th is Chapter.Part Three: ESTATE PLANNING: It Is Never Too Early to Start.Overview.8. Eddie and Emily: A Retirement and Estate Planning Case Study.Eddie and Emily's Retirement and Estate Planning Issues.Retirement Planning.Calculating the Minimum Required Distribution (MRD).Estate Planning.Conclusions.A Key Lesson from Th is Chapter.9. How to Reduce Your Federal Estate Tax Burden.Defi ning Estate and Gift Taxes.How You Can Save Millions without Spending a Nickel on Attorney Fees: Th e Importance of Annual Gifting.Diff erent Types of Gifts.Mini Case Study 9.1: Th e Measurable Benefi ts of Simple Gifting.Gift Taxes.Mini Case Study 9.2: Gifts Th at Use the Total Applicable Exclusion Amount.Freezing the Gift Tax Exclusion Amount at $1 Million.The Importance of Having After-Tax Dollars to Pay the Estate Tax.Mini Case Study 9.3: Using Life Insurance to Pay Estate Taxes.Why Should I Care about the Applicable Exclusion Amount If I Have Less Th an $4 Million in My Estate?Th e Dreaded Double Tax on IRA Assets at Death.Avoiding Estate and Gift Taxes.Simultaneous Death.Th e Exemption Equivalent Amount Trust (the B Trust, or the Unifi ed Credit Trust).Th e Nastiest Trap of All.What If Retirement Assets Will Fund the Trust? Yuck!A Key Lesson from Th is Chapter.10. Laying the Foundation for Estate Planning: Using the Minimum Required Distribution Rules after Death.What Is a Stretch IRA?Who Can Inherit an IRA?A Key Lesson from Th is Chapter.11. The Answer to the Problem: Using Disclaimers in Estate Planning.How Disclaimers Work.Avoid Th is Mistake.Advantages of Disclaimers.Comparing the Disclaimer Approach to a Traditional approach.Applicable Exclusion Amounts.Mini Case Study 11.1: Th e Income Tax Hit of IRAs in the B Trust.Th e Problem of Estate Planning in a Nutshell.A Key Lesson from Th is Chapter.12. The Ideal Benefi ciary Designation of Your Retirement Plan.Critical Information: A Will or Living Trust Does Not Control the Distribution of an IRA or Retirement Plan.How the Plan Works.The Ultimate Cascade of a Very Flexible Plan.Jane Bryant Quinn in Newsweek.Kiplinger's Retirement Reports Writes.Are People Happy with Lange's Cascading Benefi ciary Plan?What If the Federal Estate Tax Laws Are Repealed?A Key Lesson from Th is Chapter.13. Changing Benefi ciaries for Retirement Plans and IRAs.A Caution.Filling Out the Forms.Mini Case Study 13.1: Filling Out the Forms-Simple Designation.Complex Designations: Incorporating the Perfect Cascade.One Consolidated Group Trust versus Individual Trusts for Grandchildren.The Hazards of Naming Diff erent Benefi ciaries for Diff erent Accounts.Submitting the Forms.A Key Lesson from Th is Chapter.14. Trusts as Benefi ciaries of Retirement Plans.Protecting Young Beneficiaries.Mini Case Study 14.1: Protecting Junior.The Mechanics of Naming a Minor's Trust as Beneficiary.Mini Case Study 14.2: Th e Perils of Inaccurate Beneficiary Designations.Perils of a Trust That Doesn't Meet the Five Conditions.Spendthrift Trusts.True Story Ensuring the No-Good Son-in-Law Gets Nothing.Unified Credit Shelter Trust or B Trust as Benefi ciary.The QTIP (The A Trust of the A/B Trust).An Alternative Solution to the QTIP.A Key Lesson from Th is Chapter.15. How Greedy Givers Can Benefit Their Families While Also Benefiting Charity: Doing Well by Doing Good.Charitable Estate Planning with IRA and Retirement Assets.A Simple Example of Which Dollars to Leave to Charity.Charitable Trusts in General.Mini Case Study 15.1: When a Greedy Giver Should Consider a Charitable Remainder Trust.Mini Case Study 15.2: When a Greedy Giver Should Consider a CRUT.Mini Case Study 15.3: Using a NIMCRUT-a Variation of a CRUT.Alternatives to Charitable Trusts.Mini Case Study 15.4: Testamentary Charitable Trusts.A Key Lesson from Th is Chapter.16. A Point-by-Point Summary of the Whole Process.17. A Letter to the Reader.Appendix.Index.About the Author.

Additional information

CIN0470043547G
9780470043547
0470043547
Retire Secure!: Pay Taxes Later - The Key to Making Your Money Last as Long as You Do by James Lange
Used - Good
Hardback
John Wiley and Sons Ltd
2006-08-22
320
N/A
Book picture is for illustrative purposes only, actual binding, cover or edition may vary.
This is a used book - there is no escaping the fact it has been read by someone else and it will show signs of wear and previous use. Overall we expect it to be in good condition, but if you are not entirely satisfied please get in touch with us

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