Retirement Tax Saver - Daniel W. McDonald

I am thrilled to see my book is Book of the Day at OnlineBookClub.org! The low kindle price and year-end timing make now a great time to read the book and use my calculator for tax planning.

Book of the Day, December 6th—Nonfiction, Rated 5 Stars

Temporarily Discounted on Kindle! Get your copy below:
https://forums.onlinebookclub.org/shelves/book.php?id=562408

From Savvy Saver to Smart Spender: How to Pick a Tax-Wise Retirement Withdrawal Strategy by Daniel W. McDonald
Connect with the Author: Retirement Tax Saver - Daniel W. McDonald

This book has earned a perfect 5-star rating from an Official Onlinebookclub.org reviewer, and 17 five-star reviews on Amazon!
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By reading this book and using the Retirement Tax Saver tool, you can learn how to Implement a simple withdrawal strategy for retirement that could save you thousands, or even tens of thousands, of dollars in taxes.

"This book deserves the highest rating for its sound advice, impeccable presentation, and professional editing...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." ~ OBC reviewer
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https://forums.onlinebookclub.org/shelves/book.php?id=562408

I am excited that my book is today’s Book of the Day at OnlineBookClub.org! There is no better time that now to pick up a copy. The ebook is at a low price on Amazon, and there is still time for year-end tax planning!

Book of the Day, December 6th—Nonfiction, Rated 5 Stars

Temporarily Discounted on Kindle! Get your copy below:
https://forums.onlinebookclub.org/shelves/book.php?id=562408

From Savvy Saver to Smart Spender: How to Pick a Tax-Wise Retirement Withdrawal Strategy by Daniel W. McDonald
Connect with the Author: Retirement Tax Saver - Daniel W. McDonald

This book has earned a perfect 5-star rating from an Official Onlinebookclub.org reviewer, and 17 five-star reviews on Amazon!
----------
By reading this book and using the Retirement Tax Saver tool, you can learn how to Implement a simple withdrawal strategy for retirement that could save you thousands, or even tens of thousands, of dollars in taxes.

"This book deserves the highest rating for its sound advice, impeccable presentation, and professional editing...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." ~ OBC reviewer
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https://forums.onlinebookclub.org/shelves/book.php?id=562408

Looking for a good excuse to avoid exercising to work off that pumpkin pie etc. etc.? If you are near retirement and over 59 1/2 years old, now is a great time for a year-end review of how much to withdraw from tax-deferred accounts before year-end. A higher 401k/IRA balances could mean a bigger withdrawal makes sense. On the other hand, more interest income and capital gains, and the election’s likely impact on tax rates, could mean scaling back your withdrawal this year is the better play. Upcoming personal changes like getting married or moving to a lower-tax state might also be factors. Check out my blog at https://retirementtaxsaver.com/year-end-withdrawal-planning-and-the-2024-election-results/ to learn more. The blog also has a link to my calculator where you can run numbers to find the right withdrawal for you.
Or, have your cake and eat it too by exercising *after* you save on taxes. On second thought, maybe skip the cake.

Year-End Withdrawal Planning (and the 2024 Election Results) Withdrawals from tax-deferred IRA and 401k accounts after age 59 1/2 and before Required Minimum Distributions begin may save taxes in the long run. Year end planning for withdrawals from tax-deferred IRA and 401k accounts allows up to date decisions based on your current circumstances. The election...

Repurposing the cash value of whole life insurance through a tax-free exchange
Do you have any whole life insurance policies? Do you have less need for life insurance now that you are retired?

If so, there is a tax-efficient way to convert the cash value of old whole life insurance policies that may be worth a look: a 1035 exchange.
A 1035 exchange of life insurance for an annuity could, for example, provide a guaranteed future fixed income source for a 65-year-old who may live into his or her 80’s or 90’s.The guarantee may be appealing, especially if you win the longevity lottery and keep the ticker going past 90. As my book, Savvy Saver’s Guide to Deferred Annuities discusses, however, the guaranteed nature of payments comes at a price. That price includes not only fees and devaluation of future payments due to inflation, but the lost opportunity to participate in potential stock market gains over the long term.

A deferred variable annuity is another potential candidate for a 1035 exchange. It provides a chance to participate in the stock market. For example, Fidelity offers the Fidelity Personal Retirement Annuity® which offers the opportunity to invest in a family of over 65 mutual funds, including several stock and bond index funds.
No taxes are due until there is a withdrawal or an income payment. Even then, the taxable portion will exclude after-tax premiums paid into the former insurance product.

One interesting feature of the variable annuity is that it is NOT subject to Required Minimum Distributions (RMDs). This means that 100% of the value can work for you for as many years as the annuity contract allows—even into your 90’s, without any requirement that you start draining the account earlier to give the IRS its cut. This feature provides more flexibility and control over taxable events than does an IRA or 401(k) subject to RMDs.

What is the catch? There is a fee in addition to the normal fees charged by the mutual fund providers. In Fidelity’s case, the annuity fee is relatively low: 0.25% of the annuity value each year.

Any conversion should be handled by the financial institution receiving the converted funds. Make sure that you have a complete understanding of any fees and commissions assessed against the new product.

Consulting with an advisor might reveal that an alternative type of annuity or insurance product is a better fit for the insured.

Exchanging whole life insurance for a low-cost variable annuity, with a significant percentage invested in the stock market, may provide long-term benefits for someone living longer than average. Sure, the value will fluctuate. But as a potential inflation hedge and source of income in the 20-plus year range, the chances of seeing the value increase more in the variable annuity than as cash value of whole life insurance may be appealing.

Consider talking to a financial advisor about whether a 1035 exchange makes sense for you, and if so, about how to find your best exchange option. Nothing herein is to be construed as providing financial advice.
Get the book at https://www.amazon.com/Savvy-Savers-Guide-Deferred-Annuities/dp/B0D3BRTHX3

Savvy Saver's Guide to Deferred Annuities is now available in paperback and ebook at https://www.amazon.com/Savvy-Savers-Guide-Deferred-Annuities/dp/B0D3BRTHX3 Low price today!

Savvy Saver's Guide to Deferred Annuities: Hidden Costs and Alternatives You Didn't Know You Had Savvy Saver's Guide to Deferred Annuities: Hidden Costs and Alternatives You Didn't Know You Had

The pig is back! Plan for retirement and fight inflation with my new book.
Many of you supported the launch of my first book, From Savvy Saver to Smart Spender, helping it reach #1 on Amazon. You even helped pick the cover, featuring a cute piggy bank pig. I’m pleased to report the pig is again a cover girl (Boy?) for my new book, Savvy Saver’s Guide to Deferred Annuities, launching May 20. This book also helps with retirement financial planning. If you have wondered whether annuities are a savvy choice for your retirement income planning, this book is for you.
As a thanks for your past support, I am offering special low pricing on the May 20 launch date: $4.99 kindle and $9.99 paperback. You can preorder the kindle version on May 19, but you’ll have to wait to May 20 to order the paperback version (I’ll send the link on May 20). The discount price is one day only on May 20.
I hope you like it enough to post a review on Amazon. Readers' Favorite reviewed an advance copy and gave if five stars (out of five), calling it “a refreshing take on retirement income planning, with a common-sense approach.” But *your* review is the one that really matters. Thank you!
Preorder the kindle version at https://www.amazon.com/Savvy-Savers-Guide.../dp/B0D3CMKMLC

Save taxes while you workout or walk the dog! The audio version of From Savvy Saver to Smart Spender (edited for easier listening) is available at Apple at

‎Retire with Confidence: Mastering Tax-Wise Wealth Preservation (Unabridged) ‎Business & Personal Finance · 2024

My book, "From Savvy Saver to Smart Spender," caught the eye of Mandy Connell of KOA Radio Denver. That led to a fun interview about retirement finances, pickleball, and--well, other stuff.
Link here:

03-21-24 Interview - Dan McDonald - We Talk A Lot About Saving For Retirement - The Mandy Connell Podcast | iHeart WE TALK A LOT ABOUT SAVING FOR RETIREMENT But once you've saved and retired how do you spend your money so it lasts and doesn't run out while also making sure you aren't taxed to death? I'm talking to Dan McDonald, author of From Savvy Saver to Smart Spender: How to Pick a Tax-Wise Retirement...

Excited that "From Savvy Saver to Smart Spender" made The BookShop Holiday Book List! And why not-- a great gift for the aspiring or newbie retiree on your gift list.
See it/buy it here: https://bookshop.org/lists/new-year-s-personal-finance?

New Year's Personal Finance Check out this list on Bookshop

Savvy Saver? Smart Spender? Saving with Steve Sexton? All that alliteration and more on this fun podcast (with video) about my book and saving taxes in retirement. https://www.youtube.com/watch?v=OXRTg_Os5bU
Don't forget you can find the book and some reviews at amazon here: https://www.amazon.com/Savvy-Saver-Smart-Spender-Retirement/dp/B09V8CNYTB/

From Savvy Saver to Smart Spender: How to Pick a Tax-Wise Retirement Withdrawal Strategy From Savvy Saver to Smart Spender: How to Pick a Tax-Wise Retirement Withdrawal Strategy