Reviewer Conny Withay:Operating her own business in office management since 1991, Conny is an avid reader, volunteers reading the Bible to the elderly, and makes handmade jewelry. A cum laude graduate with a degree in art living in the Pacific Northwest, she is married with two sons, two daughter-in-laws, and one granddaughter.
Author: Rick Rodgers
Publisher: Marketplace Books
In Matthew 22:21, Jesus said “Render therefore unto Caesar the things which are Caesar's.” Based on our tax laws today, each American should render only what is due to our government and not a penny more. In Rick Rodgers’ book, The New Three-Legged Stool – A Tax Efficient Approach to Retirement Planning, the idea of paying the minimal required taxes in our retired years is explained, analyzed and strategized.
At two hundred and two pages, this hardbound book is written by a seasoned Certified Financial Planner who has been in the industry over twenty-five years. The book is geared toward those approaching or in retirement age but can be a resourceful tool to young people entering the workforce who want to plan early for a successful, stress-free retirement. Since the book was written in 2009, some of the tax laws, percentages, rates and even plans may have been changed or altered, producing different outcomes based on the author’s possibly now-outdated recommendations.
Rodgers relates his financial strategy to a three-legged stool that needs to be well balanced to sit on, be strongly supported and not totter. The three “legs” of the stool are tax-deferred savings strategies, after-tax savings strategies and tax-free savings strategies. Based on these three venues to hold money for the future, one must carefully select the proper balance for his or her lifestyle and consider the different tax ramifications which cost the least amount. With the current faltering Social Security system and the myriad of ever-changing tax laws, one can learn how to maximize profits without paying absorbent taxes or penalties when they retire.
The author gives client scenarios on how money is lost by not planning, protecting and profiting from retirement savings and paying too much to the government. A fan of the Roth IRA, asset allocation and positioning oneself to pay as little tax that Social Security rules permit, Rodgers gives simple step by step instructions applicable to one’s own circumstances, based on his Retirement Distribution Factor goal of fifty points. Discussed in detail are not only the different IRA, SEP, 401(k), and 72(t) plans, but also tax penalties before or after required retirement, stocks and bonds, figuring your monthly Social Security benefit, estate planning and how to choose a qualified planner.
With the book’s well-thought out, organized format with each chapter including case studies, charts, Rick’s tips and closing bullet points, it is a great tool to force one to start thinking or even rethinking a comfortable yet effective retirement future.
Follow Here To Purchase The New Three-Legged Stool: A Tax Efficient Approach to Retirement Planning (Wiley Trading)