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Ed Slott’s Instant IRA Success Exclusive 2-Day IRA Workshop For Financial Advisors

Recently several of our team members attended Ed Slott’s Instant IRA Success Exclusive 2-Day IRA Workshop For Financial Advisors in Nashville, TN. Not only did most of our investment team make the trip, but several of our tax preparers and our Medicare Benefits Specialist, Ruth Hoffman, also attended this educational event. At Storen Financial, we put a heavy emphasis on education and find so much value in Ed Slott’s team and their approach to retirement planning. (Click here to learn more about this commitment to education.)

The event had a focus of how to go the extra mile. Clients, especially those coming into retirement, are looking for someone to help keep their money, preserve it, and protect it from the uncertainty of what future higher taxes could do to their savings when the paychecks stop. They want stability, they want financial security and tax planning is a key part. Ed is quoted as saying “Taxes are the biggest single factor that will separate people from their retirement dreams,” and we firmly believe in this philosophy. Incorporating tax-saving strategies into a client’s overall retirement plan is what Ed refers to as going the extra mile.

During this training workshop, we reviewed the latest retirement tax law changes, including the SECURE Act and new 2022 RMD (required minimum distribution) rules from IRA, and the even more complicated inherited IRA tax laws. Answers to questions such as “can I stretch”, “do I follow the 10-year payout rule”, “do I have to take annual RMDs”, and “whose life time is it based on” were all addressed. Additional highlights from the event included…

Workshop highlights included…

  • SECURE Act – Key Changes
    • Stretch IRA eliminated for most beneficiaries and replaced with a 10-year payout for deaths after 2019. There are exceptions for “Eligible Designated Beneficiaries”, a new category of beneficiaries created under the law for those who inherited after 2019.
    • 70 ½ age limit for making Traditional IRA contributions eliminated. If your are still working, you may be eligible to continue to contribute.
    • RMD age raised to age 72
  • 2022 RMDs after the SECURE Act and what the new IRS RMD rules mean for beneficiaries
  • RMDs with the new IRS 2022 Life Expectancy Tables
  • Importance of beneficiaries being up to date on all financial accounts and retirement plans, especially after life changing events, such as divorce or death
  • SECURE Act effect on IRA trust planning – most trusts are now subject to 10-year post death payout
  • Roth conversions – Take advantage of low, favorable tax rates NOW – move retirement savings from accounts that are forever taxed to never taxed

Not only did our entire team take away valuable information that will help us better serve our clients, we had a great time in the process! If you have questions about any of this information, we’d be glad to help. Please contact any member of our team for more details. (Click here for contact information.)


Our team was even featured on Ed Slott’s social media…

Ed Slott is not affiliated with Storen Financial and LPL Financial.


Blog by Laura Frey – Financial Assistant

Learn more about Laura and the rest of the Storen Financial team here.