Ed Slott, 54

Ed Slott's IRA Advisor Newsletter

When Ed Slott started as an accountant in his 20s, he heeded his boss' advice and opened an IRA a few years after those accounts were established in 1975. Now the 54-year-old accountant and author spreads the gospel of retirement tax planning via publications like "Ed Slott's IRA Advisor Newsletter" and trains financial advisers on tax distribution planning for retirement.

As you'd expect, Slott emphasizes that "it's about managing both ends—investments on the way in and taxes on the way out. " He has a Simplified Employee Pension plan (SEP) and plans to convert it to a Roth IRA when the income caps disappear next year. He plans to finance his later years out of cash flow from business earnings and to pass his retirement money to his children when he dies.

Slott's fee-only financial adviser has helped him build a diversified portfolio of mutual funds and annuities, he says, and he doesn't trade stocks. Even so, Slott, a diligent saver (who carries no debt), has been rattled by the turmoil in the stock market. When the Dow average fell to around 6,500 in March, he gave himself a pep talk to sit tight and remember his long time horizon: "The mistake now is people get scared and stop contributing [to retirement plans]—that just guarantees you'll have less."