Get this book! It’s that simple. If there is one book you need in your financial books library it’s this one and I’ll explain why below but this book feels like an A to Z manual for understanding all types of retirement accounts, the IRS tax codes and definitions, estate taxation and planning and so much more. Think of this book as your “one man band” book to financial retirement guidance.
What I Liked
The best part of this book from start to finish is the introduction of topics, the key terms and definitions used by the topic, clear explanations and examples of how they impact you.
I learned quite a few things that I did not know before such as beneficiary vs designated beneficiary vs eligible designated beneficiary. The difference between IRC and TRA86 or the difference between Regs vs PLRs vs Revenue rulings. I’ve received more educational knowledge from this book on topics most other financial books have never discussed.
What I Didn’t Like
Like the criticism I had about David McKnight’s books here and here, Ed Slott has too much gloom and doom about future changes to the tax code. I’m not saying Ed isn’t correct about the dire financial situation the United States government is in but using scare tactics isn’t ever a great way to motivate people into doing something.
What I REALLY Liked
There is a Resources section in the book starting on pages 377 – 388 that have links to places where you get can more detailed information about various topics and stay up to date on changes on changes to the tax code and IRA rules and regulations.
I highly recommend the book to anyone who cares about planning for retirement. It will be a handy reference and has some useful strategy considerations.