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Posted March 12, 2005
Excellent strategic planning
Ed Slott has produced a gem of a book. His message is targeted to those of us who don¿t plan to use up our entire IRA savings account during our own lifetimes, but plan to leave some of those savings for our heirs. If you can make that money grow by investing wisely, Slott shows you the secret of making that money last (he calls it `stretching¿) for the lifetime of your beneficiary (and even longer). It really is possible to convert your IRA into a family fortune. There are three important steps to take. The first is converting to a Roth IRA. The next is to carefully choose the correct beneficiary. It must be one person. More than one beneficiary is OK, but it¿s crucial to set up a new IRA account for each. Be certain that your beneficiaries understand the steps necessary to stretch their IRAs to last the lifetime of their heirs. The third step involves hiring an IRA advisor. The laws are tricky and things must be done just right. Fortunately, Slott provides directions on just how to get started. Although I was reluctant to take this step, he points out the importance of hiring an IRA advisor and how to go about finding one who is competent. It¿s too important to trust just anyone. By carefully reading this book and following the instructions, you can arrange for your savings to continue to compound ¿ tax deferred ¿ for years. If I found one fault with the book, it¿s that it lacks advice on just how to get the money in your IRA account to grow at a satisfactory rate. These are not the 1990¿s and one cannot simply park money in the stock market and watch it increase in value daily. Fortunately, I recently came across another new book that fills the gap. CREATE YOUR OWN HEDGE FUND describes a method of investing that taught me how to hedge (reduce the risk of owning) a portfolio of index funds (ETFs). The book is a tutorial on how and why this method is suitable for most investors. I recommend both books as a way to build your IRA account and make it last for generations.
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Posted March 3, 2009
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