"You may have spent years saving for retirement—but have you thought of the best way to use the money you saved? How you withdraw from your IRA, 401(k), and other accounts can have a major impact on how much you will pay in federal income taxes during retirement. After searching in vain for helpful information on retirement withdrawal strategies, I decided to create a retirement tax simulator I call the Retirement Tax Saver tool. The tool shows that how and when money is withdrawn from retirement accounts can have an enormous impact on taxes. I thought the information was important enough to share that I interrupted my attempt at early semi-retirement to write the book, From Savvy Saver to Smart Spender: How to Pick a Tax-Wise Retirement Withdrawal Strategy."
EP 1,182B - Stress & Money
Daniel W. McDonald
Daniel McDonald is a semi-retired lawyer, author of From Savvy Saver to Smart Spender, and creator of the www.retirementtaxsaver.com website and retirement calculator. He is also a certified Dave Ramsey financial coach. Get social with Dan on FaceBook | YouTube | Linkedin Dan has a B.S. in Electrical Engineering and a law degree, both from the University of Minnesota. Dan has been an attorney for over 36 years, admitted in Minnesota, Georgia, and various federal district courts, appellate courts, and the U.S. Supreme Court. He is also a registered patent agent authorized to practice before the U.S. Patent and Trademark Office. He has been recognized for many years as a SuperLawyer® and U.S. News and World Report Best Lawyer®, as well as Minnesota Lawyer's 2015 Attorney of the Year. Dan has successfully presented and defended against dozens of multi-million-dollar claims. He has volunteered in many roles at the University of Minnesota, including Chair of the Alumni Association, and received the University’s Alumni Service Award. Dan resides in Naples, Florida and enjoys bicycling, kick boxing, time with his five children and their significant others, and traveling with his wife Kim.