Reported about 1 month ago
High earners should consider shifting their contributions from traditional 401(k) plans to Roth 401(k) plans, as advised by tax expert Ed Slott. This recommendation is based on the potential future tax implications tied to the 10-year rule for inherited IRAs, which can elevate beneficiaries into higher tax brackets. Strategies such as converting to a Roth IRA or utilizing life insurance can help manage tax liabilities effectively. The segment aims to provide tools and advice for better retirement planning.
Source: YAHOO