Review of From Savvy Saver to Smart Spender
Posted: 07 Sep 2022, 14:07
[Following is an official OnlineBookClub.org review of "From Savvy Saver to Smart Spender" by Daniel W. McDonald.]
From Savvy Saver to Smart Spender: How to Pick a Tax-Wise Retirement Withdrawal Strategy is a retirement financial guidebook written by Daniel W. McDonald, an experienced intellectual property lawyer and tax expert. It targets US citizens who are about to retire and have accumulated retirement savings in accounts such as 401(k) and IRA. This book is based on the fact that the withdrawal plan you choose has a direct correlation to the amount of money you can save--or the lack thereof. Looking at both tax-deferred and already taxed accounts and combining various strategies and approaches, the author aims to help readers ease their tax burden and make savings just by employing a tax-smart withdrawal plan for their accumulated hard-earned retirement money, and this involves no additional risks or investments. I immensely enjoyed it.
There were several things I liked about this book. First, I liked the short, precise chapters. The information is condensed and presented without unnecessary details, making it easy to follow. Second, the strategies and approaches discussed were also laced with specific examples and relatable personal experiences. Third, I also loved the summaries at the end of the chapters, as they reinforced what the readers had learned so far. Fourth, recaps at the beginning of the chapters also further enhanced my understanding of the previously presented concepts. Fifth, this book has citations provided as footnotes with active weblinks; should need be, readers can click them for further reference. This book also provides readers with a Tax Saver tool, a web resource that readers can use to run simulations of various withdrawal strategies. Therefore, one does not need to be a "numbers guy" to benefit fully from this book. Provided you have the inputs for your specific retirement circumstances, you are well sorted out, as the simulator does the calculations for you. I also liked that this book not only talks about the strategies but also takes readers through the implementation and review processes. This means it is not just empty guidance, making it both practical and useful.
My favorite aspect of this book were the specific examples and a wide variety of scenarios presented in this book. Individuals with unique income levels, sources of income, ages, and circumstances were all covered. Adding to the usefulness was the fact that the approaches even take into account factors such as inflation and appreciation. Moreover, singles and couples who file tax returns jointly were also given special coverages. All this, together with the author's apparent enthusiasm and knowledge of the subject matter, added to my enjoyment of this work.
Overall, I didn't find anything to dislike about this book. I believe it was professionally edited, as I found only one error. Therefore, I am pleased to give it four out of four stars. This book deserves the highest rating for its sound advice, impeccable presentation, and professional editing.
I highly recommend this guide to the young Baby Boomer savers, as they are the biggest beneficiaries of the strategies discussed in the book. They are in the prime position to benefit from the approaches and strategies discussed herein since they have a few years before they reach the age of 72, and there are reasons to begin implementing your tax-smart withdrawal plan before that age. This book will save you from unnecessarily losing your hard-earned retirement money to federal taxes, and the earlier you read it before 2026 (when there is a scheduled tax increase), the better.
******
From Savvy Saver to Smart Spender
View: on Bookshelves | on Amazon
From Savvy Saver to Smart Spender: How to Pick a Tax-Wise Retirement Withdrawal Strategy is a retirement financial guidebook written by Daniel W. McDonald, an experienced intellectual property lawyer and tax expert. It targets US citizens who are about to retire and have accumulated retirement savings in accounts such as 401(k) and IRA. This book is based on the fact that the withdrawal plan you choose has a direct correlation to the amount of money you can save--or the lack thereof. Looking at both tax-deferred and already taxed accounts and combining various strategies and approaches, the author aims to help readers ease their tax burden and make savings just by employing a tax-smart withdrawal plan for their accumulated hard-earned retirement money, and this involves no additional risks or investments. I immensely enjoyed it.
There were several things I liked about this book. First, I liked the short, precise chapters. The information is condensed and presented without unnecessary details, making it easy to follow. Second, the strategies and approaches discussed were also laced with specific examples and relatable personal experiences. Third, I also loved the summaries at the end of the chapters, as they reinforced what the readers had learned so far. Fourth, recaps at the beginning of the chapters also further enhanced my understanding of the previously presented concepts. Fifth, this book has citations provided as footnotes with active weblinks; should need be, readers can click them for further reference. This book also provides readers with a Tax Saver tool, a web resource that readers can use to run simulations of various withdrawal strategies. Therefore, one does not need to be a "numbers guy" to benefit fully from this book. Provided you have the inputs for your specific retirement circumstances, you are well sorted out, as the simulator does the calculations for you. I also liked that this book not only talks about the strategies but also takes readers through the implementation and review processes. This means it is not just empty guidance, making it both practical and useful.
My favorite aspect of this book were the specific examples and a wide variety of scenarios presented in this book. Individuals with unique income levels, sources of income, ages, and circumstances were all covered. Adding to the usefulness was the fact that the approaches even take into account factors such as inflation and appreciation. Moreover, singles and couples who file tax returns jointly were also given special coverages. All this, together with the author's apparent enthusiasm and knowledge of the subject matter, added to my enjoyment of this work.
Overall, I didn't find anything to dislike about this book. I believe it was professionally edited, as I found only one error. Therefore, I am pleased to give it four out of four stars. This book deserves the highest rating for its sound advice, impeccable presentation, and professional editing.
I highly recommend this guide to the young Baby Boomer savers, as they are the biggest beneficiaries of the strategies discussed in the book. They are in the prime position to benefit from the approaches and strategies discussed herein since they have a few years before they reach the age of 72, and there are reasons to begin implementing your tax-smart withdrawal plan before that age. This book will save you from unnecessarily losing your hard-earned retirement money to federal taxes, and the earlier you read it before 2026 (when there is a scheduled tax increase), the better.
******
From Savvy Saver to Smart Spender
View: on Bookshelves | on Amazon
, however, after seeing the superb breakdown of the book in this well-written review, I think I could actually read this book and come away much more educated -- thankfully so, as the husband and I are closing in on 50 
, and we can sure use some guidance 
with the "game of retirement."