117: How to Pick a Tax-Wise Retirement Withdrawal Strategy with Daniel McDonald

In this episode of Saving With Steve, host Steve Sexton is joined by Daniel McDonald, who is a semi-retired lawyer, the author of "From Savvy Saver to Smart Spender," and the creator of the www.retirementtaxsaver.com website and retirement calculator.

Today's guest, Daniel McDonald, discusses how to pick a tax-wise retirement withdrawal strategy. He explains how one simple change to your retirement withdrawal strategy can save thousands of dollars in federal income taxes over your retirement years, and how you can implement the change without new investments, purchases, or fees—just using your existing accounts.

Daniel talks about evaluating whether you can save in taxes by using an online Retirement Tax Saver tool, and how you can use the Retirement Tax Saver tool to pick your winning withdrawal strategy and estimate how much you could save over the course of your retirement years. 

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.

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.