“Taxes are the single biggest factor that separates people from their retirement dreams.”
That’s a quote from today’s guest, Ed Slott, a nationally recognized IRA distribution expert, CPA, and bestselling author.
If you’re like most members of the Financial Independence Retire Early (FIRE) community, you understand the massive tax challenges inherent in retirement planning. Strategies such as the mega-backdoor Roth are popular because the FIRE community loves to optimize for taxes.
Ed does, too.
His book, The New Retirement Savings Time Bomb, is about how we can diversify and manage our tax risk so that we can achieve our financial independence and early retirement dreams.
So … what should we do?
Ed is a big proponent of Roth accounts because they’re an easy, widely-available solution. His Traditional IRA has a balance of $0.