"When it comes to pay taxes, less is less". That's according to Ed Slott, CPA, Ed Slott and Company LLC, who gave the keynote address at TheStreet's Retirement, Taxes, and Income Strategies symposium held recently in New York.
"Taxes are the single biggest factor that will separate you from your retirement savings," according to Slott. "if you don't have a plan -- like most people -- you'll get a plan, said Slott. "I call it the government plan," he said. "That's not a good plan because that's the default plan. That's what everybody gets."
Slott likened saving for and living in retirement to a football game. The first half is the period is the period in which you save for retirement and the second half is the period in which you withdraw money from all your retirement accounts.
"People work, save and invest -- that's what I call the first half of the game, and finally they get to retirement and they say, 'Look at me, I have retirement money. I've saved. I've done it,'" he said. "They pat themselves on the back, walk into the locker room, they're done."
Meanwhile, Slott said, the IRS comes out in the second half. "They're playing the third and fourth quarter. They're playing nobody, so they win," he said. "The point is now we have to move into the second half of the game when the money comes out."
Want to learn how to use the tax code to your advantage, with strategies you can use right now. Watch the full keynote above and you'll learn how to have more, keep more and make it last!