Reader's Responses:

1. Philip F. Quinn says:

   May 14, 2010 at 1:15 pm

   Review by Philip F. Quinn for The Retirement Savings Time Bomb…And How to Defuse It
   Rating:
   This book ought to be required reading for everyone who has a retirement plan. While many books and magazines cover how to build wealth, you can never really do that without considering taxes which are the ultimate bottom line. Mr. Slott deftly handles the subject of preserving wealth in a straightforward and quick witted style. Just as the vagaries of the IRS rules have you almost dozing off, Slott’s sharp sense of humor snaps you back to the reality that hey– it’s your money, no one should, or will care more about it than you! If you’re happy to see more of it go to the IRS rather than to yourself or to your heirs, then the IRS will be happy to accommodate you! Mr. Slott’s five step plan is an alternative to that, which I’m sure most people would prefer. I feel so strongly about the value of this book, I bought extra copies to give to family members and friends. (I’m not parting with mine!)
   Thank you, Mr. Slott.
2. Rolf Dobelli says:

   May 14, 2010 at 1:36 pm

   Review by Rolf Dobelli for The Retirement Savings Time Bomb…And How to Defuse It
   Rating:
   Despite grand claims, most business books do not really provide specific plans for saving or making money. In contrast, Ed Slott recommends five tactics that could save you thousands of dollars. Even better, he shows you how to use a “stretch IRA” to create a financial legacy, so your heirs in future generations can gain a financial benefit from their inheritance. He defines key concepts in estate planning and offers great advice about the benefits of Roth IRAs. Even though this book is not light reading, we highly recommend it to sophisticated investors and any American taxpayer who is serious about keeping a large percentage of his or her estate from the clutches of Uncle Sam. One caveat: verify his advice with your tax professional. Slott published this book in 2003, and some tax laws have changed since then.
3. Jets Fan says:

   May 14, 2010 at 2:01 pm

   Review by Jets Fan for The Retirement Savings Time Bomb…And How to Defuse It
   Rating:
   No one on the planet knows IRAs better than Ed Slott. Congress has made the rules so complicated, that IRA owner ARE sitting on a Time Bomb — a tax bomb.Without the proper tax planning, your heirs could stand to lose 70% due to the combined income and estate taxes. If you are fortunate enough that the annual minimum required IRA distributions are not your only source of income, hence you are leaving a bulk of the account intact each year for future growth, you could be doing a disservice to your children or grandchildren. Read Ed Slot’s book.Even your favorite charity could receive less than you expected. Read Ed Slott’s book.And by the way, whether your hard earned retirement savings is in an IRA, 401K or other similar deferred account, you should be reading Ed Slott’s book.I am a practicing CPA and I have read Ed Slott’s book.
4. Michael K. Smith says:

   May 14, 2010 at 2:43 pm

   Review by Michael K. Smith for The Retirement Savings Time Bomb…And How to Defuse It
   Rating:
   I’m an historian and archivist with a “humanities mind,” whereas my wife is a mathematician with a knack for anything financial. Our arrangement has long been that she keeps track of our investments (also those of her parents and most of her siblings), works out what to do about them, and then explains it all to me (and them). But she still insists that I make an attempt to understand what’s going on, and to that end she hands me books like this one. I have to say that, except for a sense of humor that tries too hard, Slott is better at providing a clear explanation of tax law and financial decision-making than many similar books I’ve waded through. His specialty is IRAs and similar retirement arrangements, and since I’ve just turned sixty, I’m paying attention to this stuff. After an introductory section explaining the jargon and describing the theory behind traditional and Roth IRAs, he launches into the details of his “Five Easy Steps”: Timing (when and how much to take out of your IRA, including both the legal requirements and your own strategic needs), life insurance (to cover the taxes your beneficiaries will have to pay when they inherit your IRA), stretching the payout period (selecting a child as a beneficiary can keep the distributions going for decades after you’re gone, allowing your bequest to keep growing), converting to a Roth IRA if possible (a great tax deal, especially for the beneficiaries), and avoiding estate taxes. Although he calls it “death taxes,” a partisan pejorative term I despise; there’s far too much concentration of wealth in this country already. He also waxes on about the unfairness of the IRS and the tax code, forgetting the basic principal: Taxes aren’t intended to be “fair,” they’re intended to raise money for the government. Anyway, he does a good job of explaining the options the retiree faces at each step and in each new or variant situation, and he does it with resorting (much) to unexplained bizspeak, which certainly increases its accessibility for most of us. I’m told the regulars on Morningstar’s Vanguard discussion board — a group which has included John Bogle, Larry Swedroe, Rick Ferri, and other Big Names — think highly of Slott’s take on things, and you probably can’t do badly if you follow their advice.
5. Mark D. Wolfinger says:

   May 14, 2010 at 3:06 pm

   Review by Mark D. Wolfinger for The Retirement Savings Time Bomb…And How to Defuse It
   Rating:
   Teaching the reader how to keep the IRS from taking almost all of his reirement savings. That is the goal of this important book. This danger is no idle threat, as Ed Slott provides the scary story of what can happen when people do not adequately prepare to fend off the goverment tax collectors. Almost all of us need the advice offered, but there are two main problems: Most are not aware of the dangers. Many would deny that need, claiming they have already been careful in providing for their heirs.By carelully explaing the pitfalls that lie in wait, the author gives us the simple steps to take to make certain that it is our heirs, and not the IRS, who collect the money we have carefully saved for so long. He breaks his advice into 5 strategies and tells the reader how to accomplish the desired goal of salvaging his nest egg. Slott is a big fan of the Roth IRA, calling it the best gift the government has ever given to taxpayers.Protect your assets and read this book. It is appropriate for all ages, and not just those nearing retirement. Early planning is the best strategy of all.