Don't Retire Broke: An Indispensable Guide to Tax-Efficient Retirement Planning and Financial Freedom

by Rick Rodgers

Overview

Retirement planning was simple and predictable 40 years ago. All you needed was your company pension, personal savings, and Social Security.

Those days are long gone. Most public pensions are underfunded, and private companies can't get rid of them fast enough. Social Security's own trustees predict it will run out of money in less than 20 years. And most people haven't saved even a fraction of what they should.

Retiring comfortably today is not about saving more, it's about saving smart. In Don't Retire Broke, you will learn:

Traps to avoid before you retire.

How to maximize Social Security benefits.

What to do now if you still have a pension.

How to keep the IRS out of your IRA.

Isn't it time to make sure you don't retire broke?

Product Details

ISBN-13:	9781632650856
Publisher:	Red Wheel/Weiser
Publication date:	03/20/2017
Edition description:	First Edition
Pages:	256
Product dimensions:	6.00(w) x 8.90(h) x 0.80(d)

About the Author

Rick Rodgers, CFP®, is cofounder and president of Rodgers & Associates, a wealth management firm in Lancaster, Pennsylvania. He is one of America's leading retirement specialists and has been featured in the New York Times, Smart Money, Investment News, Kiplinger's Retirement Report, and Medical Economics. He has appeared on dozens of television programs, from FOX Business to The 700 Club, and offered millions of people tips on how to plan for a successful retirement.

Table of Contents

Foreword 11

Introduction: The Un-Funniest Story Ever Told 13

Why Would the IRS Take Your Money? 18

Who Am I to Give You Advice? 19

The New Three-Legged Stool™ Approach to Financial Security 20

Chapter 1 Leg 1: Tax-Deferred Savings Strategies 25

Tax-Deferred Accounts: A Refresher Course 25

Individual Retirement Plans 26

Employer-Sponsored Retirement Plans 30

Health Savings Accounts 35

Prevent the IRS From Touching Tax-Deferred Distributions 38

New Rule for IRA Rollovers 57

Penalties 57

NUAs Keep the IRS Away From Tax-Deferred Stock Distributions 59

Chapter 2 Leg 2: After-Tax Savings Strategies 65

Transfer Highly Taxed Assets Into Tax-Deferred Accounts 65

Begin to Build Your Investment Plan Around Asset Allocation 69

5 Steps to Reducing the Wrong Kind of Investment Risk 74

How to Invest in a Tax-Efficient Way 88

Implement a Zero Tax Bracket Approach 95

Chapter 3 Leg 3: Tax-Free Savings Strategies 101

Understanding Roth Accounts 101

Roth Accounts for Younger People 104

Retirement Saver's Credit 105

Roth IRA Conversions: Better Than Any Tax Break 107

The Pro-Rata Rule for Roth Conversions 109

Estate Planning and Roth IRAs 110

Convert to Roth in Down Markets 112

Read This Before You Roll Over Your Company- Sponsored Plan! 116

Chapter 4 Distributions: Strike an Ideal Balance Among All of Your Accounts 119

The Retirement Distribution (R/D) Factor 119

How and When to Take Retirement Savings Distributions 124

The 4% Prudent Withdrawal Rule 138

Tips for Taking Early Retirement 141

Get Guidance From a Good Financial Adviser 154

Chapter 5 Understanding Social Security 163

Social Security: A History 163

Social Security Benefit Statements 166

How Your Benefits Are Calculated 166

When to Begin Taking Benefits 173

Suspending Social Security Benefits 176

Changes to Social Security Claiming Strategies 177

The Tax on Your Benefits-And How to Reduce It 179

Social Security Reform 186

Chapter 6 The Patient Protection and Affordable Care Act 195

Insurance Marketplaces 196

Medicare Surtax 198

9 Ways to Minimize the Medicare Surtax 199

Other ACA Taxes 205

Tax Penalty for the Uninsured 206

Healthcare Costs and the New Three-Legged Stool 207

Chapter 7 Curtail Effect the IRS Has On Your Estate 211

5 Reasons to Reexamine Your Estate Plan 211

Estate Tax Overview 213

Titling Assets Property 215

Gifting Strategies for Minimizing Estate Taxes 218

Trusts 221

Review Existing Trust Documents 221

Estate Planning With a Roth IRA 229

Beneficiaries: Key to Any Solid Estate Plan 232

Appendix A How to Write a Personal Financial Plan 239

Part 1 Establish Clear Adviser-Client Communication 240

Part 2 Create a Detailed Investment Plan 241

Glossary 245

Notes 248

Index 251

About Rick Rodgers 255

Editorial Reviews

"What a great read! Simple enough that most everyone should be able to understand its importance."
—Les Willson, counselor, Financial Peace University

Reviews

"What a great read! Simple enough that most everyone should be able to understand its importance."
—Les Willson, counselor, Financial Peace University

"Don't Retire Broke is not meant to be read after retirement; it has to be read, absorbed, and assimilated while you are working. I highly recommend this book be included in the curriculum of business schools."
—Ashraf Chaudhry, author, The Craft of Selling "Yourself"

"This is must read for those who are seeking advice on how best to invest for their retirement years and have yet to develop a plan for themselves and family."
—Gerard L. Glenn, past chairman of the board, SCORE Association, SCORE Foundation

From the Publisher