As you gear up for the final push on tax season and work with your clients on their tax decisions, we thought it was a great opportunity to talk with IRA guru Ed Slott and find out the opportunities out there for advisors.
Slott spends much of his time on the road bringing his IRA expertise to the people, but we were lucky to find him at home working on his latest book.
The following are highlights from our conversation. For a more detailed account of our discussion, keep a lookout next month for the April issue of Senior Market Advisor.
SMA: What are the opportunities for advisors and IRA rollovers?
SLOTT: Greater than ever. The opportunities are greater than ever. There are more people in transition, and they are the right people. Just look at the demographics. There are 10,000 baby boomers a day hitting retirement age. Also, the other demographic is the economy. When people lose a job, there’s a transition taking place. That’s a big rollover opportunity.
SMA: What about current tax laws?
SLOTT: Good question. In addition to the large demographic of baby boomers, the time to strike is now before any new tax laws take effect. Currently, taxes are historically low. So there is additional opportunity for advisors. But the money is going to be taxed because the government is broken. These low taxes are unsustainable. You have a two-year window before taxes will change. The time is now to take advantage.