Author Daniel McDonald is a semi-retired intellectual property lawyer who created the website retirementtaxsaver.com with the aim of providing a tax simulation tool and full information on beneficial tax strategies for those approaching retirement age. FROM SAVVY SAVER TO SMART SPENDER is a companion book to the website and lays out guidance on how retirees can benefit most from their money, particularly with regard to withdrawal of savings from tax-deferred accounts.
The book has a very specific target audience of those who are retired or are rapidly approaching retirement age. It is also geared towards individuals who have amassed substantial savings. The author suggests those who have in the region of a few hundred thousand dollars in their 401 (K) and other accounts are in the “sweet spot” to obtain maximum benefit from the book. For these readers McDonald offers ways to save thousands or potentially tens of thousands of dollars in tax over their retirement years. McDonald wrote the book and created the website as he realized that financial institutions were very good at encouraging people to put money away but rather lax in explaining the best way to take money out. One of the key benefits of his strategy is that it can be adapted to work with whatever accounts the reader already holds and there is no need to buy new insurance plans or investment products.
FROM SAVVY SAVER TO SMART SPENDER is divided into short chapters each addressing certain questions regarding retirement taxes, explaining the status of taxes at time of publication and any future announced increases and how they will impact on savings. McDonald illustrates his strategies with well referenced examples. Though the writing is clear and precise some level of financial literacy would be beneficial to readers. This is not a book for absolute beginners. As with most books offering financial advice, this one ends with numerous disclaimers as McDonald cannot guarantee that his strategies will work in all cases and nor, of course, can he predict future government interventions regarding tax status in the retirement years. Used in tandem with the website the book offers an opportunity to investigate whether McDonald’s plans could work for an individual and if it did prove to be viable then the cost of the book would be repaid thousands of times over.
Though targeted at a very niche audience, Daniel W. McDonald’s FROM SAVVY SAVER TO SMART SPENDER is a clearly written and comprehensive guide to personal taxation which could potentially save certain retirees thousands of dollars.
~Kirk Lane for IndieReader