Retire Secure!

James Lange

John Wiley & Sons, Ltd.

On September 21, 2016, the Senate Committee on Finance voted 26-0 to effectively kill the stretch IRA . The ax has fallen and retirement and estate planning for individuals with large IRAs will never be the same. Though nothing is 100% certain, the chances of this vote becoming law is very high because the Finance Committee gave it unanimous bipartisan support. What the proposed law says is that if you die on or after December 31, 2016 and leave your IRA to your children or grandchildren (or anyone other than your spouse), your beneficiary will, with some possible exceptions, be required to pay income tax on the inherited IRA within five years of your death. This change is in sharp contrast to the current law that allows your beneficiary to stretch the Required Minimum Distributions from an inherited IRA over their lifetime, and continue benefitting from its tax-deferred growth. Not only will the proposed new law accelerate income taxes, but if the inherited IRA is large enough, the accelerated distributions are likely to be taxed at a very high income tax rate. For the last several years, James Lange, a best-selling author in the IRA and retirement plan world, has known this day would come. Though references to the death of the stretch IRA have rarely been found in literature, Jim kept insisting this day was coming. He wrote two peer-reviewed articles that were published in the January and February 2016 editions of Trusts and Estates Magazine, and has given talks about it for the last several years. Most recently, he was asked to make a presentation about the death of the stretch IRA to an audience of 400 estate attorneys and other professionals at the prestigious Retirement and Estate Planning Forum in San Diego. His message has been to prepare IRA owners and their advisors on the coming change and more importantly, what they should do about it right now. The Ultimate Retirement and Estate Plan for Your Million Dollar IRA was written to let IRA owners know about the proposed change to the law. It has a detailed explanation of the current law and compares it to the proposition that Congress is voting on right now. More importantly, it provides an action plan for IRA owners that they can follow now and after the new law passes. It also distils the best classic advice from Jim s 402-page best-selling book Retire Secure!. The book was written and went to press before the Committee vote on September 21, 2016. In general, the specifics of their proposition were remarkably similar to what Jim has outlined in this book. There is, however, one significant difference between what he anticipated the law would look like and the proposal that the Finance Committee passed unanimously and presented to Congress. Their proposition contains an exclusion of $450,000 (indexed for inflation) per IRA owner. This means that the non-spousal beneficiaries of an inherited IRA can still take advantage of the old stretch IRA laws for up to $450,000 of the account s value, but will be required to pay income taxes on any amounts over and above the $450,000 within five years of the original owner s death. This exclusion opens up the door to additional planning techniques that are not covered in this book. The author wrote a special addendum to the book that is available at no cost and can be found at paytaxeslater.com/addendum. This is a short book. If you would like a full explanation of all the recommendations and the reasoning behind them, please read the 402 pageRetire Secure! and the addendum mentioned below. The Ultimate Retirement and Estate Plan for Your Million Dollar IRA is an important book for all IRA owners, but it is critical for married IRA owners with an IRA or retirement plan valued at more than $450,000.

The Ultimate Retirement and Estate Plan for Your Million-Dollar IRA: Including How to Protect Your Nest Egg from the Pending Death of the Stretch IRA Legislation

Business & Money

Personal Finance

Retire Secure Press

This Book Can Help You Collect Larger Social Security Checks!There were two married couples, the Rushers and the Planners, with identical earnings records and investments. The Rushers didn't read this book and during retirement, they ran out of money. Bad news. The Planners, however, took the time to read this short little book, implemented the recommended strategies, and when the Rushers were barely scraping by, the Planners were living comfortable in retirement.
If you want to be a Planner and not a Rusher, please read this book.
Why?
Because a certain provision buried in the fine print of the Bipartisan Budget Act of 2015 eliminates the two strategies: Apply and Suspend and Restricted Applications for Benefits.
The first strategy, Apply &amp; Suspend has already been eliminated.
However, the second strategy, called a Restricted Application for Benefits, is still available and it allows you to file for benefits and specify that you only want to receive whatever spousal benefit to which you might be entitled. If you were at least 62 years old as of December 31, 2015, you will be able to file a Restricted Application for Benefits until December 31, 2019.
Clearly, maximizing Social Security benefits is to your advantage. What many people do not realize is just how important it can be to the surviving spouse. If you are the higher earner and you make the right choices, your spouse will be eligible to receive a survivor s benefit which, at maximum, will be as high as your own benefit amount.
Get specific advice on: 
<ul>
<li>The easy way to increase your Social Security check 8% a year. See page 10.</li>
<li>Providing your spouse with a 32% increase (plus the cost of living) in her survivor s benefits for the rest of her life. See page 24.</li>
<li>Using the claim now, claim more later method (also known as a restricted application). See page 33.</li>
<li>Making larger Roth IRA conversions in a lower tax bracket. See page 47.</li>
</ul>
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The Little Black Book of Social Security Secrets, Couples Ages 62-70: Act Now, Retire Secure Later

The $214,000 Mistake -- How to Double Your Social Security and Maximize Your IRAs: Proven Strategies for Couples Age 62-70 helps married taxpayers get the most out of their Social Security benefits: more money for you and less for Uncle Sam. Ninety-seven percent (97%) of Social Security recipients don t receive the benefits they are entitled to? Do you know why? Because, they don t know how to optimize their benefits. With clear examples and uncomplicated language, the book shows you how to implement proven strategies that will prevent married couples from losing hundreds of thousands of dollars. The $214,000 difference referred to in the book title is shown in Figure 3, on page 19. The math for doubling your Social Security can be found on page 20. The book also covers how to combine optimal Roth IRA conversion strategies with the best Social Security strategies. The timing of Roth IRA conversions and Social Security distributions can easily make a difference of $1,000,000 or more. Under the newly passed Trump tax bill, the difference could be $1,500,000 or more. (See page 5). Furthermore, getting Social Security right is a woman s issue. Getting Social Security wrong not only hurts the primary wage earner of the couple, but could be devastating for the dependent spouse, usually the wife. For example, if the primary- wage-earning-husband collects too early, not only will his benefit be less than half of what it could be, his wife will get less than half if he dies first. And, since statistically women live on average seven years longer than men, a man making the wrong decision about his Social Security could unnecessarily doom his wife to a life of poverty after he dies. Critical strategies covered in this book include: <ul>
<li>Why you should delay claiming your benefits don t forfeit $214,000 for all the wrong reasons.</li> <li>How to receive larger monthly checks with Cost of Living Adjustments (COLAs) and guaranteed annual 8% raises. </li> <li>How maximizing your benefit can provide your surviving spouse with a long-term security life-line.</li> <li>Optimal marital strategies including filing a restricted application.</li> <li>The financial synergy between Social Security and Roth IRA conversions especially under the new laws.</li> 
</ul> All proceeds from this book go to charity: water, a non-profit organization working in partnership with local organizations to bring clean and safe drinking water to people around the world. What Others are Saying: Read James Lange s excellent book and learn how and when to take your Social Security and retirement accounts. Doing so will pay for itself hundreds if not thousands of times over. --Laurence Kotlikoff, Boston University Economist, co-author of Get What s Yours: Revised &amp; Updated: The Secrets To Maxing Out Your Social Security Social Security is the best income stream available to retirees -- and you want to get as much of this income as possible. But how? To find out, make it a priority to read Jim Lange s brief but fabulously insightful new book. --Jonathan Clements, author of How to Think About Money and former personal-finance columnist for The Wall Street Journal If you spend 60 minutes with this book, you may be able to increase your lifetime income from Social Security by tens of thousands or even hundreds of thousands of dollars. --Paul Merriman, author of Financial Fitness Forever

The $214,000 Mistake: How to Double Your Social Security & Maximize Your IRAs, Proven Strategies for Couples Ages 62-70

The Setting Every Community Up for Retirement Enhancement Act (SECURE Act), which became law effective January 1, 2020, contains a provision that could be financially devastating for the children and grandchildren of IRA, 401(k) and other retirement plan owners\nThe ticking time bomb is the provision that radically modifies the required minimum distribution (RMD) rules for Inherited IRAs and retirement accounts. Subject to some exceptions, an Inherited IRA or retirement plan will have to be distributed and taxed within 10 years of the original owner’s death. This forced income tax acceleration will decimate the savings and undermine the long-term financial plans of many hard-working retirement plan owners and their families.\nWhat might it mean to you?\nConsider the following scenario: On the morning of December 31, 2019, two elderly men in poor health who each have exactly $1,000,000 in their IRAs are admitted to the hospital. The first man dies within an hour of being admitted to the hospital. The man second dies the following afternoon—January 1, 2020. Each of the men bequeathed his $1 million IRA to his 45-year-old daughter. Both of these women earn the same amount of money. They retire at exactly the same time. They receive identical Social Security benefits. They even have identical annual expenses. In fact, in terms of income and spending, these women behave identically. However, at age 86 the first man’s daughter has $2,236,583, and the second man’s daughter is broke.\nThat jaw-dropping difference—in our hypothetical example—is an all-too-real possibility for the children of millions of IRA and retirement plan owners (see Graph 0.1 for more details). What a difference a day makes.\nThe IRA and Retirement Plan Owner’s Guide to Beating the New Death Tax, draws on Mr. Lange’s more than thirty years’ experience as a practicing estate attorney and CPA and his depth of research and analysis. For all those years, Jim has trained his laser focus on the unique planning requirements and opportunities for IRA and retirement plan owners. He clearly identifies the problems and opportunities generated by the passage of the SECURE Act and offers his exceptional strategic solutions to these challenges. In response to the ongoing and unprecedented COVID-19 global health crisis, the book has been updated to include tax-savvy responses to the recent economic downturn and the Coronavirus Aid, Relief, and Economic Security Act (CARES).\nRetirement plan owners can use these practical, proven, and strategic defenses to protect their financial legacies. Through the use of real-world questions and answers, examples, and illustrations, the reader will discover:\n• How to use Roth conversions to minimize taxes on your IRA income for decades -- for both you and your family.\n• How to optimize Social Security strategies in light of the SECURE Act.\n• How to use gifting strategies to adroitly maximize family wealth under the SECURE Act.\n• How to update your wills and trusts for greater flexibility and protection against the SECURE Act.\n• How to ensure financial security for your surviving spouse after you pass.\n• Why leaving your IRA to a charitable remainder trust (CRT) can be more beneficial to your children than leaving the IRA to them outright -- as bizarre as that may sound.\n• Why owning investments in jointly held accounts with your spouse is probably a bad idea after the SECURE Act.\n• How to combine multiple tax-reduction methods for maximum benefit.\n• And more...\nImplementing some, or all, of these timely strategies could save IRA and retirement plan owners and their families hundreds of thousands of dollars. This book is a must read for all IRA and retirement plan owners, financial planners, and tax professionals.\nSECURE Act, CARES Act, Retirement Planning, Roth IRA, IRAs, 401k, Money, Investing, Tax Planning, Estate Planning, Finance

The IRA and Retirement Plan Owner's Guide to Beating the New Death Tax: 6 Proven Strategies to Protect Your Family from The SECURE Act

JAMES LANGE

AARP Retire Secure!: Pay Taxes Later--The Key to Making Your Money Last

wiley

In essence, a Roth IRA conversion requires paying taxes on the portion of your IRA or 401(k) that you convert, but then that money can grow income tax-free for the rest of your, your spouse’s, your children's and grandchildren's lives. The advantage of a tax-savvy long term Roth IRA conversion is often measured in the millions. The real eye-opener, however, is that Roth IRA conversions are great for older IRA owners, regardless of the benefits to future generations. "The Roth Revolution" addresses the following topics clearly and objectively: * Whether, how much, and when to convert * Costs and benefits of a Roth IRA conversion * Advice for taxpayers in each income tax bracket * The impact of future tax increases * Synergy of delaying (or returning) Social Security and Roth IRA conversions * Combining charitable gifts and Roth IRA conversions * Tax-free conversions of after-tax dollars in IRAs and retirement plans * Converting and recharacterizing strategies You may be asking, “Who in their right mind would pay taxes before they have to?” The answer is James Lange and thousands of his readers and clients, all the top IRA experts, and after reading "The Roth Revolution", hopefully you too.

The Roth Revolution: Pay Taxes Once and Never Again

Investing

Morgan James Publishing

Retire Secure for Parents of a Child with a Disability

Julieanne E. Steinbacher

Deborah L. McFadden

Retire Secure for Professors and TIAA Participants

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Books by James Lange