Phil's Tax Hacks: Recent Episodes
Phil Putney
Financial, tax and retirement planning guidance from Phil Putney. Each week Phil will talk about the keys to building a sound financial strategy that can survive throughout the ups and downs of the market. We'll have plenty of tax hacks along the way and other retirement facts!
When it comes to financial planning, everybody has something that bothers them. Today, Phil’s walking through some of the most common pain points we see and the real conversations that happen around them. Nobody walks into retirement without at least one of these in the back of their mind. The good news is that most of them have real answers. And all of them are worth talking about. If any of these hit close to home, that's exactly where our conversation should start.
Here’s some of what we discuss in this episode:
💸 Running Out: Planning can reduce lifelong money fears
🧾 Tax Surprises: Retirement taxes may be higher than expected
💵 Replacing Paychecks: Savings must become reliable retirement income
😟 Spending Guilt: A plan can create permission to enjoy
💑 Spousal Tension: Different priorities require shared financial understanding
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome
Want to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV
Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment
There's an entire television network dedicated to doing things yourself — home renovation, landscaping, interior design, all of it. And the DIY mentality is genuinely admirable. But when it comes to retirement planning, Phil says that the stakes of a bad install are a little higher than a crooked backsplash. DIY has its place. But some projects are worth calling a professional, especially when the cost of getting it wrong follows you for the next thirty years.
Here’s some of what we discuss in this episode:
🛠️ DIY Pitfalls: Retirement involves more than choosing investments
⚖️ Professional Advice: Guidance can reveal overlooked planning opportunities
💵 Income Management: Retirement withdrawals require coordinated long-term decisions
💻 Technology Preferences: Available information does not guarantee clarity
💑 Spousal Differences: Both partners need confidence in the plan
🧭 Professional Guidance: Experience helps connect every retirement decision
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome
According to a recent Kiplinger article, there are five keys to a retirement plan that hold up over time. They all happen to start with the same letter, which either means it's a great framework or someone really wanted it to work out that way. In this episode, Phil walks through the “5 D’s” of retirement planning and how each one plays a role in helping retirees build a plan that can hold up over time.
Here’s some of what we discuss in this episode:
📊 Smart Diversification: Separate growth and income assets
🧾 Tax Diversification: Build flexibility across tax buckets
⏳ Plan Duration: Make retirement income last longer
🛡️ Downside Protection: Guard withdrawals during market declines
💳 Discretionary Spending: Account for lifestyle beyond essentials
How to Turn a $1 Million Nest Egg Into a Lifetime Income Machine
https://www.kiplinger.com/retirement/retirement-plans/how-to-turn-a-usd1-million-nest-egg-into-a-lifetime-income-machine
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome
Dave Ramsey has built one of the most recognized brands in personal finance. Millions of people have followed his advice out of debt and into savings. But when it comes to how much you should pull from your retirement accounts each year, Ramsey takes a position that some financial professionals find hard to get behind. Today, we break it down: what Dave says, what the research says, and what Phil thinks.
Here’s some of what we discuss in this episode:
⚖️ Rate Debate: Comparing two very different approaches
📉 Market Reality: Withdrawals become harder during downturns
📏 Rule Limits: Simple guidelines cannot replace strategy
🤝 Advisor Guidance: Make honest changes as life evolves
Ramsey’s 8% Retirement Rule Sounds Nuts At First
https://finance.yahoo.com/news/ramsey-8-retirement-rule-sounds-170209842.html
The 4% Rule May Be Costing Retirees Money, Morningstar Says
https://www.fa-mag.com/news/the-4--rule-may-be-costing-retirees-money--morningstar-says-87521.html
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome
Financial information has never been more available — TV, podcasts, YouTube, Reddit, and now AI that will answer any question in about three seconds. And yet some of the worst financial decisions we see come from people who did a ton of research first. Today Phil’s talking about why this happens and what good research actually looks like. Being informed is a good thing. Being confidently misinformed is a different thing entirely. Reach out, and let’s have a frank conversation about your financial future.
Here’s some of what we discuss in this episode:
📺 Finfluencers: Separating expertise from entertainment
🤖 AI Shift: New ways people research
👤 Personal Advice: Your situation is unique
🔐 Build Trust: Relationships drive better outcomes
✅ Vet Carefully: Credentials and experience matter
🎯 Take Action: Don't get stuck researching
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome
Over the past year, one retirement video on YouTube pulled in 3.7 million views. The title: "Sell These 5 Things Before You Retire." We thought it was worth a conversation, not to tear it apart, but to react honestly. Does Phil agree? Let's get into it: 3.7 million people watched this video for a reason. It touches something real. Retirement isn't just about what you've accumulated. Sometimes it's about what you're willing to let go of.
Here’s some of what we discuss in this episode:
🏡 Downsizing Debate: Bigger homes aren't always better
👨👩👧 Family Support: Helping kids versus retirement security
🚤 Costly Toys: When hobbies become burdens
🚗 Second Car: Freedom versus financial efficiency
💼 Work Identity: Life beyond your career
🔄 New Perspective: Reframing retirement tradeoffs
Sell These 5 Things BEFORE You Retire: https://www.youtube.com/watch?v=IltvyKpy8Z4
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome
What happens when retirement arrives sooner than expected? In this episode, Phil and Marc walk through the real-life scenario of “Fran,” a former teacher whose career change and unexpected job restructuring forced her into retirement earlier than planned. They discuss the financial decisions many people make under pressure, including claiming Social Security early, relying on part-time work, and tapping retirement savings. Along the way, Phil explains how proper planning, budgeting, and stress-testing retirement income can help avoid costly mistakes and create a more sustainable retirement strategy.
Here’s some of what we discuss in this episode:
📚 Retiring earlier than expected
💵 Claiming Social Security at 62
📊 Building a retirement income plan
🏠 The impact of rent and rising expenses
🔍 Why retirement stress testing matters
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome
Summer's here. And somewhere between the excitement of planning a big trip and the anxiety of what it costs, a lot of retirees end up doing something that surprises us… they feel guilty about it. They worked hard, they saved, they planned for decades, and then they second-guess a beach vacation. Today, Phil talks about how travel fits into a real retirement plan and how to enjoy it without guilt. You didn't save for decades so you could sit home and protect every dollar. Give yourself permission to go. Just take your plan with you.
Here’s some of what we discuss in this episode:
🏖️ Guilt-Free Travel: Spending confidently in retirement
💰 Travel Budgets: Separating fun from everyday expenses
❤️ Couples & Money: Navigating travel disagreements together
✈️ Long-Term Planning: Preparing for major bucket-list trips
⚖️ Finding Balance: Enjoying today without jeopardizing tomorrow
👨👩👧👦 Making Memories: Travel, family, and lasting experiences
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome
A larger pension check today can look incredibly tempting, but what happens if your spouse outlives you? Phil breaks down one of the biggest pension decisions couples face and explains the tradeoffs between maximizing monthly income and protecting a surviving spouse. This is a permanent retirement decision and deserves much more thought than most people give it.
Here’s some of what we discuss in this episode:
💵 Pension Choices: Bigger checks create tradeoffs
🛡️ Survivor Protection: Spousal income matters deeply
📉 Invest-the-Difference Risk: Timing can ruin the strategy
📊 Run The Math: Permanent decisions need planning
💰 Lump Sum Options: Flexibility changes the equation
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome
Want to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV
Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment
We're doing something a little different today. Three listeners wrote in with variations of the same question- am I ready to retire in 2026? Same question, three very different situations, three very different answers.
Here’s some of what we discuss in this episode:
📉 Market fears vs retirement reality
🧮 Why “run the math” matters
🏌️ Retiring to something meaningful
🩺 Healthcare gaps before Medicare
💰 Pension timing and vesting decisions
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome
Want to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV
Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment
Phil gives the full scoop on what it actually feels like to work with a financial advisor, pulling back the curtain on the entire experience. From the first conversation to ongoing guidance, he walks through what makes a planning relationship truly valuable, centered on building a plan that fits your life, not just your investments.
Here’s some of what we discuss in this episode:
🧭 Plan Before Investing: A strong strategy starts with a clear roadmap
🤝 Fit Matters First: The right advisor relationship starts with alignment
🧩 Build It Together: Great plans are developed collaboratively over time
⚖️ Balance Logic + Comfort: Good decisions blend math with personal confidence
🔄 Ongoing Partnership: Planning evolves as life and goals change
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome
Want to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV
Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment
In this episode, Phil explores what financial protection really means beyond investments and returns. You’ll hear about how planning decisions impact the people you care about most and why preparation matters when life takes an unexpected turn. He highlights the key areas that often get overlooked until it’s too late, and what you can do now to avoid a potential disaster down the road.
Here’s some of what we discuss in this episode:
🛡️ Protection First: Retirement planning is about protecting people, not just money
🏥 Life Insurance Role: Coverage can still matter even later in life
📄 Details Matter: Beneficiaries and documents must stay up to date
⏳ Longevity Risk: Care costs can impact both finances and family
🧭 Ongoing Guidance: A plan should be reviewed and adjusted over time
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome
You’ve done a great job managing your money, so why change anything now? That’s the question Phil’s tackling in this episode. As retirement approaches, decisions get more permanent, and the margin for error gets smaller. This conversation is about understanding how the game changes and what it looks like to have the right kind of support in place. Because doing well up to this point doesn’t guarantee the next phase will be just as simple.
Here’s some of what we discuss in this episode:
🎯 This is a Different Game: Saving vs retirement income requires new strategy
⚠️ Higher Stakes: Mistakes matter more when income depends on it
🔄 More Complexity: Taxes, Social Security, and timing all interact
🤝 Advisor Role: Guidance helps navigate unfamiliar decisions
🔍 Vetting Matters: Finding the right fit is critical
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome
In honor of National Volunteer Week (April 19-25), Phil talks about why volunteering is an important part of life, especially in retirement. Retirement isn’t just about stepping away from work. It's an opportunity to step toward the things you've always cared about, with more time and freedom than you've had in decades. National Volunteer Week is a good reminder that all of it can keep doing good long after your last day of work.
Here’s some of what we discuss in this episode:
🇺🇸 National Volunteer Week: Celebrating the importance of volunteering
👐Volunteering Time: How giving your time can fill a void in retirement
🧠 Using Talents: Leveraging your skills in volunteering
🎁 Role of Treasure: How financial contributions fit into volunteering
📊 Tax-Efficient Volunteering: Strategies to maximize your giving
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome
Want to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV
Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment
A new proposal out of Washington is adding a fresh angle to the Social Security solvency debate. Today, Phil’s breaking down what's proposed, if it might cost you money in the future, and what questions it raises for anyone planning around Social Security right now. This proposal isn't law, and it may never be. But regarding Social Security… something has to give.
Here’s some of what we discuss in this episode:
🔍 The Details: Caps would primarily affect higher-income earners
👥 Who It Impacts: Most retirees may not feel any change at all
⚖️ Fairness Debate: Raises questions about equity vs sustainability
🌍 Bigger Picture: Social Security is already more generous than many countries
💡 Planning Insight: Your plan shouldn’t rely solely on government benefits
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome
Want to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV
Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment
Most retirement conversations focus on saving enough, but very few talk about what happens next. What if you’ve done everything right and still can’t bring yourself to spend the money? It’s more common than people admit, and it can quietly take away from the retirement you worked so hard to build. Phil breaks down why spending in retirement can feel so difficult- and how a well-built plan doesn’t just protect your money, it gives you permission to enjoy it.
Here’s some of what we discuss in this episode:
😟 Fear Factor: The fear of running out can override even a strong plan
🔄 Income Shift: Transitioning from earning to drawing income takes adjustment
🧠 Behavioral Side: Habits built over decades don’t just switch off overnight
❤️ Emotional Weight: Guilt and uncertainty can impact spending decisions
🔁 Mindset Shift: Moving from saving to spending is a major transition
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome
Want to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV
Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment
A listener recently made a career move that looks great on paper, but it left them wondering if their retirement savings strategy could keep up. The truth is, variable income and retirement savings can absolutely coexist, but it requires more intentionality, not less. Phil shares tips on how to build discipline around irregular income, navigate plan rules, and set realistic expectations so your retirement strategy stays on track.
Here’s some of what we discuss in this episode:
🔄 Career changes: Income shifts can impact retirement contribution consistency
📊Plan discipline: Rules and structure matter more with variable income
⚠️ Risk awareness: Avoid over-relying on uncertain bonuses and commissions
💰 Variable strategies: Use lump sums intentionally for retirement savings
🧭 Next steps: Build a plan that prioritizes consistency and accountability
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome
Want to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV
Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment
Life insurance isn’t one-size-fits-all- and for many people in their 50s, it raises more questions than answers. In this episode, Phil breaks down the key differences between term, whole, and universal life insurance, and how each fits into a broader retirement plan. More importantly, he explains how to determine if you even need coverage at this stage.
Here’s some of what we discuss in this episode:
🛡️ Purpose First: Insurance should solve a specific financial problem
⏳ Term Coverage: Best for temporary, defined needs
💼 Permanent Policies: Offer cash value but come with trade-offs
⚠️ Flexibility Risk: Universal life requires active monitoring
📊 Plan Before Product: Decisions should follow a modeled plan
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome
Want to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV
Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment
You've seen the headlines. The IMF says AI is hitting the labor market "like a tsunami." Elon Musk says work will be "optional" within 20 years. Sam Altman says superintelligence could outperform top executives. It's a lot. And if you're within ten years of retirement, it's hard not to lose a little sleep over the implications of it all. Today, Phil tries to bring some sanity and reason to the emotional headlines.
Here’s some of what we discuss in this episode:
🤖 Job Disruption Fears – AI as tool, not replacement
📊 AI Market Bubble? – Dot-com comparisons and caution
💼 Hidden Exposure – AI inside index funds
🔁 History Repeats – Automation changed jobs, not work
🧑💻 Human Still Matters – Advisors remain essential
CNBC article: https://www.cnbc.com/2026/01/20/ai-impacting-labor-market-like-a-tsunami-as-layoff-fears-mount.html
Yale’s Budget Lab article: https://budgetlab.yale.edu/research/evaluating-impact-ai-labor-market-current-state-affairs
World Economic Forum article: https://www.weforum.org/press/2025/01/future-of-jobs-report-2025-78-million-new-job-opportunities-by-2030-but-urgent-upskilling-needed-to-prepare-workforces/
Goldman Sachs article: https://www.goldmansachs.com/insights/articles/how-will-ai-affect-the-global-workforce
Fortune article: https://finance.yahoo.com/news/morgan-stanley-predicts-ai-won-073000488.html
Brookings article: https://www.brookings.edu/articles/measuring-us-workers-capacity-to-adapt-to-ai-driven-job-displacement/
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome
Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment
Nobody likes tax season, but for new retirees, the rules can feel completely different. Income changes, required withdrawals begin, and decisions that once lowered taxes can create bigger bills later. Phil unpacks some of the most common retirement tax mistakes and how they show up in real life. A little forward planning can make a dramatic difference over the long run.
Here’s some of what we discuss in this episode:
💡 Future Tax Shock – RMDs can spike taxes
📆 RMD Rule Changes – Ages 73–75 and penalties
🔄 Roth Strategy – Coordinated long-term conversion planning
🧮 Social Security Taxes – Income mix affects taxation
👪 Spouse & Heirs – Widow’s penalty and inherited IRAs
Read The 5 Biggest Tax Mistakes New Retirees Make in the First 5 Years
https://www.kiplinger.com/taxes/tax-planning/biggest-tax-mistakes-new-retirees-make-in-first-years
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome
Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment
For many business owners, the company isn’t just work; it’s the retirement plan. No 401(k). No diversified portfolio. Just years of sweat equity tied up in one asset. So, what happens when you finally sell? Phil explains what really happens during a business sale and tackles an even bigger question: once the check clears, how do you turn that lump sum into sustainable retirement income?
Here’s some of what we discuss in this episode:
📑 Transaction Structure: Asset vs stock sale
💵 Tax Implications: Capital gains impact
📊 Retirement Planning: Income from proceeds
🧭 No Investing Experience? The learning curve is steep
📈 Diversification: Avoid concentration risk
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome
Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment
Financial media loves simple answers: always do this or never do that. But real financial planning doesn’t work that way. Most of the biggest decisions people face in retirement live in the gray. Phil pulls back the curtain on the sensational advice dominating YouTube and financial media. Instead of chasing rigid rules, he explains why thoughtful coordination across multiple planning areas produces better outcomes.
Here’s some of what we discuss in this episode:
💰 Roth Conversions: Tax bracket timing matters
📊 Social Security: Math vs comfort decision
🛡 Life Insurance: Term vs permanent purpose
🏠 Mortgage Question: Numbers vs emotions
🧠 DIY Planning: Experience changes outcomes
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome
Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment
Inheriting a home often brings more questions than answers, especially when taxes enter the conversation. Many families delay decisions because they’re afraid of making an expensive mistake. Phil clears up common misconceptions and explains why the tax outcome is often very different than people expect. If an inherited property is creating stress or uncertainty in your family, Phil shares some much-needed clarity.
Here’s some of what we discuss in this episode:
🏠 Property Value Basics: How inherited homes are valued
💸 Capital Gains Reality: Why the tax fear is often overstated
🧠 Beyond the Numbers: Emotional and logistical challenges families face
📜 Estate Planning Tools: How trusts and ownership structure matter
⚖️ Legal & Financial Considerations: What to think through before selling
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome
Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment
Big-name financial personalities make bold claims that sound smart, but should you actually follow them? Phil reacts to some of the most talked-about money advice from well-known figures and puts it under a real-world lens. What happens when headline advice meets real people, real risk, and real retirement timelines? If you’ve ever wondered whether popular financial wisdom actually applies to you, this conversation will make you think twice before taking it at face value.
Here’s some of what we discuss in this episode:
💰 Bold Investment Claims: All-or-nothing retirement bets
🛡️ Extreme Safety Buffers: Cash comfort with hidden costs
🔥 Aggressive Withdrawal Rates: High risk in retirement
🤖 AI Utopian Promises: Betting retirement on future tech
🧭 Professional Perspective: Context beats headlines
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome
Want to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV
Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment
In the financial world, there’s no shortage of shiny objects, and most of them look a lot better than they actually are. Phil talks about the key signs of a reputable advisor and how to avoid the most common traps, no matter how enticing they may seem. When you focus on your long-term goals instead of the quick-hit promises, you help protect yourself from costly detours.
Here’s some of what we discuss in this episode:
🎓 Credentials & Titles: Separating meaningful designations from marketing fluff
🏆 Awards & Recognition: Why many accolades don’t benefit clients
⏳ Urgency Traps: Limited-time offers and pressure-based pitches
🚀 Trendy Investments: Crypto, fads, and “set-it-and-forget-it” promises
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome
Want to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV
Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment
If you’re weighing a Roth versus Traditional 401(k), you’re not alone and the right choice isn’t nearly as simple as it sounds. Phil breaks down the key factors that should drive the decision based on your long-term goals. Instead of leaning on generic rules of thumb, the focus is on understanding the math and the tradeoffs involved. There’s no one-size-fits-all answer, but guessing without a plan is almost always the wrong one.
Here’s some of what we discuss in this episode:
🌱 Roth Benefits – Paying tax now for future freedom
📊 Tax Brackets – Why today’s rate still matters
🧠 Decision Strategy – Running the math, not guessing
🔄 Contribution Flexibility – Adjusting elections as circumstances change
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome
Want to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV
Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment
One of the biggest retirement decisions people make has nothing to do with the stock market, it’s buried inside their pension paperwork. In this episode, Phil walks through a common but high-stakes choice: trading monthly income for lifelong protection for a spouse. When you see the options clearly, the right decision usually becomes much easier to live with.
Here’s some of what we discuss in this episode:
💍 Spousal Protection: Choosing income that lasts beyond one lifetime
⏳ Longevity Risk: Planning for the unknown timeline
📊 Big-Picture Fit: How this choice affects the rest of your plan
⚖️ Income vs. Peace of Mind: Weighing certainty against higher payouts
🧠 Informed Decisions: Understanding consequences before locking in
For more, visit us online: http://philstaxhacks.com
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A new year doesn’t just bring new headlines, it brings new rules that can quietly impact your money. Phil walks through the most important financial changes coming in 2026, and shares what you need to know if you want to start the new year informed instead of surprised.
Here’s some of what we discuss in this episode:
📈 COLA & Inflation: What the Social Security adjustment really means
🏥 Medicare Costs: Premium increases and the give-and-take effect
🧾 Senior Deductions: New opportunities for Roth conversions
🏛️ SALT Deduction: Expanded limits and who benefits most
❤️ Charitable Giving: New above-the-line deductions
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
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Daycare costs are out of control, and for many families, grandparents feel like the only safety net left. But should your retirement plan be the thing that fills the gap? Today, Phil walks through a real-life question that blends love, money, timing, and long-term consequences. Daycare may last a few years, but retirement can last 30, so the goal is building a plan that supports both generations.
Here’s some of what we discuss in this episode:
🧸 Grandparent Childcare: the impact of stepping in as family safety net
🔄 Middle Ground: exploring compromises and shared solutions
📉 Long-Term Impact: early retirement affects lifetime income
🧭 Practical Steps: how to run the numbers before deciding
For more, visit us online: http://philstaxhacks.com
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Turning 62 might not feel like a milestone birthday until you realize the Social Security clock just started ticking. Filing now could put money in your pocket sooner, or it could cost you tens of thousands of dollars over your lifetime. In this episode, Phil breaks down how to think through one of the biggest retirement decisions you’ll ever make without letting emotion lead the way. Before you file, make sure you’re choosing the strategy that supports your long-term retirement, not just the date on the calendar.
Here’s some of what we discuss in this episode:
🎂 Filing at 62: temptation to claim benefits early
❤️ Emotional Decisions: how fear and advice are driving choices
⏳ Waiting Advantage: higher lifetime benefits at full retirement age
📉 Early Impact: permanent reduction in monthly payments
👫 Spousal Strategy: survivor benefits affected by timing
📊 Client Examples: real scenarios reveal best-fit strategies
For more, visit us online: http://philstaxhacks.com
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It’s easy to feel behind when you compare your savings to your brother, your coworkers, or the YouTube guy claiming he retired at 38. But the truth is that “only” having $1 million doesn’t tell you anything without understanding your lifestyle, income sources, and retirement vision. Today, Phil explains why the comparison game is misleading and how defining your own target brings far more confidence than chasing someone else’s number.
Here’s some of what we discuss in this episode:
📊 Comparison Trap: why measuring yourself against others is so misleading
🎯 Define Your Target: how to build a retirement number that fits your life
🏖️ Lifestyle Drives the Math: expenses, goals, and expectations shape the plan
⏫ Catch-Up Strategies: saving more, adjusting timelines, or shifting risk thoughtfully
For more, visit us online: http://philstaxhacks.com
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A lot happened in 2025… Big political swings, stubborn inflation, new tax rules, and even a historic government shutdown. But what actually matters for your financial life? Today, we’re breaking down the year’s biggest headlines and what they may mean for your plan moving forward.
Here’s some of what we discuss in this episode:
📉 Why Liberation Day’s tariff panic wasn’t worth the fear
📈 How markets performed despite constant volatility
💸 Inflation’s real impact- and what must be built into every plan
🧰 Lessons from the government shutdown about emergency funds
🧭 Why long-term planning beats reacting to headlines
For more, visit us online: http://philstaxhacks.com
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How do you know when an advisor just isn’t the right fit? Phil shares all the subtle (and not-so-subtle) red flags to watch out for when you’re evaluating a financial professional, whether you’re meeting with someone new or reconsidering your current advisor. A great advisor should make you feel informed, heard, and confident about your plan. If something feels off, trust your gut and keep looking.
Here’s some of what we discuss in this episode:
🚩 One-size-fits-all planning: the danger of getting plugged into a generic investment model
🚫 Always in sales mode: when “planning” is really just a product pitch
📉 Little to no information gathering: advice without understanding your situation
📞 Lack of communication: only hearing from your advisor when they want to sell something
💬 No tax or Social Security conversations: missing key pieces of real retirement planning
For more, visit us online: http://philstaxhacks.com
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Getting married in your 50s often means you’re combining lives but not necessarily combining finances. How do you build a retirement plan together when you’ve both already built your own? In this episode, Phil answers a listener’s question about navigating financial and emotional security in later-life marriages. Financial independence and emotional connection aren’t opposites, you can keep your accounts separate, but your retirement plan should still be built together.
Here’s some of what we discuss in this episode:
💍 Combining Lives & Assets: unique financial challenges in later marriages
💵 Separate Yet Secure: how to plan for retirement with independent savings
📊 Money Management: different approaches to handling finances together
🏛️ Legacy Planning: using trusts to protect family wealth
❤️ Emotional Dynamics: maintaining trust and communication about money
For more, visit us online: http://philstaxhacks.com
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Giving Tuesday (Dec 2, 2025) and year-end donations are just around the corner. But before you hit that “donate” button, let’s talk about how to give with both your heart and your head. Today, Phil shares how to make generosity part of a smart financial plan, because generosity feels even better when it’s part of a bigger plan. Give with purpose, plan with wisdom, and let your generosity ripple far beyond this season.
Here’s some of what we discuss in this episode:
❤️ Purposeful Giving: How to give with intention and align your generosity with your values
💸 Maximize Tax Benefits: Timing and strategy to make your gifts go further
🏦 Donor-Advised Funds: A powerful tool for flexible, long-term giving
📜 QCDs Explained: Using Qualified Charitable Distributions for tax-smart generosity
📆 Timing Is Everything: How to bunch deductions and plan donations efficiently
For more, visit us online: http://philstaxhacks.com
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Most people think financial planning is about calculators, spreadsheets, and strategies. But that’s only half the story. The truth is, your feelings about money can have just as much impact on your retirement as the numbers do. Today, Phil explores the emotional side of planning. At the end of the day, numbers give us the framework, but your feelings help define the plan that truly fits you.
Here’s some of what we discuss in this episode:
🧠 Head vs. Heart: Balancing logic, math, and emotion in your plan
🗣️ Communication & Advice: Balancing client preferences with sound financial guidance
💳 Debt Decisions: The emotional side of staying in or getting out of debt in retirement
📈 Market Volatility: Managing fear, confidence, and risk tolerance
👥 Couple Dynamics: Navigating different money mindsets between partners
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
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Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment
Some people believe having two financial advisors means double the wisdom, but it often means double the confusion. Phil explains why splitting your money between advisors can lead to conflicting advice, missed tax opportunities, and unnecessary complexity. He shares a real listener question about this exact dilemma and breaks down when it might make sense to have multiple specialists on your team.
Here’s some of what we discuss in this episode:
🥚 Eggs in One Basket Myth: the truth about “diversifying” advisors
⚖️ Conflicting Advice: how different strategies can cancel each other out
📉 Investment Overlap: how duplication of funds can lead to unintended risk
💬 Who’s in Charge? you become the quarterback when no one else is
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
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Health care costs are rising faster than almost every other expense in retirement, and the latest numbers prove it. Phil breaks down Fidelity’s 2025 estimate showing that a 65-year-old couple retiring today can expect to spend around $172,500 on health care alone, not including long-term care. With Medicare premiums increasing and more retirees unprepared, Phil shares proactive strategies to stay in control of your retirement budget before medical expenses take a bigger bite than expected.
Here’s some of what we discuss in this episode:
📈 Healthcare Inflation: Growing faster than the cost of living
🏥 Medicare Myths: What Parts A & B really cover (and what they don’t)
🧾 Long-Term Care: The major expense not included in most estimates
💡 HSA Advantage: Using triple-tax-free savings for future care
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
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If you suddenly had a million dollars to invest, where would you put it, and how would you decide? That was the question put to three financial advisors in a recent Financial Advisor Magazine article. Today, Phil reacts to their strategies and adds on several important layers that are often overlooked, but could make or break your plan.
Here’s some of what we discuss in this episode:
⚖️ Risk vs. Reward: How personality drives portfolio choices
🤖 Innovation Bets: AI, tech stocks, and global ETFs
🪙 Alternative Assets: Gold, Bitcoin, and energy exposure
💬 Age Matters: Why advice changes in your 40s vs. 60s
💰 Tax Awareness: Why investment structure matters as much as return
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
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For years, bonds were the “boring” part of a portfolio, but with higher yields, many investors are asking if bonds are finally back. In this milestone 300th episode, Phil breaks down what’s really happening in the bond market, why values fell so sharply in 2022, and how rising rates are changing today’s opportunities.
Here’s some of what we discuss in this episode:
💼 Why investors are suddenly talking about bonds again
🔁 “Timing” the bond market rarely works
💬 Quotes from U.S. Bank and Fidelity on 2025 bond trends
🎯 How to use bonds wisely within a balanced portfolio
For more, visit us online: http://philstaxhacks.com
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Forget polished advice. If you want the truth about retirement, read the YouTube comments. In this episode, Phil reacts to the fears, frustrations, and strategies that real people are posting online. He highlights the recurring themes that show up again and again: claiming Social Security early, bridging healthcare gaps and the psychology of money.
Here’s some of what we discuss in this episode:
💬 YouTube comments ≠ your personalized plan
🛠️ A DIY financial plan may end up costing you
🕒 Claiming Social Security early has lasting consequences
💰 Retirement income is about more than averages
Erin Talks Money YouTube Channel:
https://www.youtube.com/watch?v=3uLpg-GaUC8
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Well, you’re retired. Now what? Some people subscribe to the “first year rule,” which says that the majority of your best retirement months will take place in the first year. How can you be strategic during that time and set the tone both emotionally and financially? In this episode, Phil walks through five essential steps for making your first year of retirement a success.
Here’s some of what we discuss in this episode:
💵 Establish a withdrawal strategy
🧭 Pursue purpose so retirement feels meaningful, not empty
🏃♂️ Prioritize health and movement while you can
🎯 Test-drive financial and lifestyle choices to see if they’re a good fit
📆 Use year one to set habits that last
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
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Downsizing in retirement seems like a no-brainer, but it’s not that simple. In this episode, Phil tests some of the most common beliefs about downsizing and whether they really hold up. Is moving to a smaller home always cheaper? Does it automatically lower your taxes? Will it actually simplify your life, or just trade one set of challenges for another?
Here’s some of what we discuss in this episode:
🏠 Downsizing isn’t always cheaper than staying put
💰 Property taxes can jump when you reset your tax base
📉 Transaction costs (commissions, moving, new furniture) cut into equity
👨👩👧 Family dynamics and emotional ties play a big role
🧭 Lead with lifestyle goals, not just financial ones
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
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Think Medicare is free at 65? Think again. Many retirees are shocked to learn about IRMAA- the Income-Related Monthly Adjustment Amount- a hidden surcharge that can quietly add thousands of dollars a year to Medicare costs. In this episode, Phil explains how IRMAA works, who’s most at risk, and which types of income can trigger it.
Here’s some of what we discuss in this episode:
💸 IRMAA can add thousands to Medicare costs
⏳ Why premiums are tied to your income from two years ago
🧾 The role of RMDs, capital gains, and pensions in triggering IRMAA
🛠️ Smart planning moves like Roth conversions to lower exposure
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After years in the corporate world, you’re ready for something different. Something hands-on, flexible, or more meaningful. But the big question looms: will it wreck your retirement plan? In this episode, Phil dives into the financial and personal realities of changing jobs at 55, showing how to make the leap thoughtfully while still protecting your long-term goals.
Here’s some of what we discuss in this episode:
📈 Why rerunning your numbers can save your future plans
💸 The real risks of dipping into retirement accounts early
⚕️ Surprising costs you face when you lose employer benefits
💡 Smart business planning for your second-act career
For more, visit us online: http://philstaxhacks.com
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Inflation may no longer dominate headlines like it did in 2022, but it’s still a top concern for many Americans planning for retirement. A recent Schwab survey shows how inflation affects confidence and preparedness for the future. In this episode, Phil explains why the psychological impact of inflation often feels worse than the actual numbers and how perspective matters for long-term planning.
Here’s some of what we discuss in this episode:
🔥 Why inflation headlines feel worse than reality
🤔 How “recency bias” can influence your financial decisions
⚠️ Why 401(k) loans and hardship withdrawals should be a last resort
🏦 Social Security COLAs: how cost-of-living adjustments help retirees
🎯 The importance of regularly rerunning your retirement plan
Schwab Survey
https://www.usatoday.com/story/money/personalfinance/2025/07/29/inflation-retirement-savings-survey/85413630007/
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When it comes to tax law changes, even official government summaries can get the details wrong. In this episode, Phil revisits the “Big Beautiful Bill” (BBB) discussion from a few weeks ago with important clarifications and corrections. After discovering that early government summaries included incorrect numbers and unclear explanations, Phil dug deeper using trusted tax research services to get the facts straight.
Here’s some of what we discuss in this episode:
🏠 SALT deduction changes and how the phaseout works
💵 The $6,000 per-person deduction, key updates and when it expires
🎁 New charitable giving “floor” and carryover rules
🧾 Above-the-line charitable deduction for non-itemizers
💸 Updated standard deduction amounts for those over 65
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
You’ve spent decades building your investment accounts, monitoring the markets, and contributing to your 401(k). That’s great. But here’s the truth: you’re not ready to retire if that’s all you’ve done. Retirement planning isn’t just about your portfolio; it’s about so much more. In today’s episode, Phil dives into all the non-investment decisions that can make or break your retirement.
Here’s some of what we discuss in this episode:
💰 Why your portfolio isn’t the only thing you need to focus on
📊 Making informed decisions on when to take Social Security
💡 Building a clear vision for your ideal retirement life
🏥 Are you prepared for healthcare in retirement?
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No two retirements look the same, and often clients come in with circumstances that make a cookie-cutter plan impossible. In this episode, Phil looks at some examples of these more unique and challenging scenarios and explore the solutions you’ll need to successfully retire. If you're looking for a one-size-fits-all retirement plan, you’re not going to find it here, and that’s a good thing.
Here’s some of what we discuss in this episode:
⏳ How age gaps can dramatically change retirement strategy
🧾 Early retirement and the hidden cost of health coverage
💔 How divorce reshapes your income, housing, and long-term plan
🧠 Special needs planning and estate considerations
🛠️ Why no plan is truly set-it-and-forget-it
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In this episode, Phil tackles a question many couples face: how do you plan for retirement when your finances have always been separate? Maybe one of you has a pension, the other a 401(k). Maybe you split expenses or handle totally different parts of the budget. Phil explains how to make separate money work for shared goals, whether it’s a second marriage, late-in-life partnership, or just how you’ve always handled your finances.
Here’s some of what we discuss in this episode:
💡 Why separate finances make retirement planning more complex, but not impossible
🗣️ Why communication is the foundation of any successful retirement plan
🏠 What happens when one spouse owns the house and the other holds the retirement savings
👥 How planning shifts in second marriages and blended families
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Dave Ramsey is one of the most recognized voices in personal finance. His 9-step retirement plan is simple, direct, and built for mass appeal. But is it really the best path for your retirement? On today’s show, Phil shares his professional insight into each of Ramsey’s nine steps, from saving and investing to paying off your mortgage and planning for healthcare.
Here’s some of what we discuss in this episode:
🧮 Why planning requires math, not just motivation
🏠 Should you really pay off your mortgage early?
📊 Roth vs. Traditional: It’s not one-size-fits-all
🧓 Social Security decisions aren't just about age
💼 What long-term care insurance Ramsey skips over
🧰 How real strategy fills in the gaps Ramsey leaves
For more, visit us online: http://philstaxhacks.com
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The Big Beautiful Bill has officially passed, and Phil is here to bring you everything you need to know from a tax and retirement planning perspective. He dives into what really matters, starting with why the headlines and quick Google searches can be dangerously misleading.
He walks through what the bill actually says, what’s being misreported, and how these new tax laws—however long they last—can be a major opportunity when used strategically in retirement planning.
Here’s some of what we discuss in this episode:
📉 TCJA tax rates are here to stay (at least for now)
💰 SALT deduction cap increased, but with income-based limits
👵 Seniors 65+ can claim an extra $4,000 deduction through 2028
🏥 Medicare recipients may now qualify to contribute to HSAs again
🧠 AI and headlines aren’t giving you the full story
For more, visit us online: http://philstaxhacks.com
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You’ve worked hard, saved well, and now you’re thinking about giving back—maybe to your kids, your grandkids, or a cause you care about. But should you wait and pass that wealth on later, or give while you’re still around to enjoy the impact? Let’s talk about how to make that decision with confidence.
Here’s some of what we discuss in this episode:
🎁 Why more retirees are choosing to gift now
💸 Understanding gift tax rules and exclusions
🏥 How direct payments for medical expenses avoid gift tax limits
🎓 Supporting education without triggering taxes
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
For many parents, retirement planning includes the idea of an empty nest. But what if that’s never going to be your reality? Today, Phil answers a viewer question about how to plan for retirement while continuing to care for an adult child on the autism spectrum. It’s a question more families are facing, and in this episode, we’re walking through the financial and emotional factors that come with a “forever caregiving” retirement. From budgets to housing needs, your retirement roadmap may look entirely different, but it can still be achievable with the right strategies.
Here’s some of what we discuss in this episode:
🏡 Why downsizing may not be an option in this kind of retirement
📋 What to consider when building a caregiving budget
⚖️ The role of government benefits like SSDI, SSI, and DAC
📜 Special needs trusts: when and how they fit in
💡 Creative strategies to protect care, assets, and dignity
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
The 4% rule gets talked about like gospel in retirement planning. But let’s be honest, it’s always been more of a rough guess than a golden rule. Now, its original creator is revising it to 4.7%. So, does that mean your retirement paycheck just got a raise, or is this just another headline that oversimplifies a complex decision? In a world of volatile markets, tax surprises, and rising longevity, the idea that one percentage could work for everyone isn’t always the best default approach.
Here’s some of what we discuss in this episode:
🔍 What the original 4% rule really was and why it went viral
❓The “new number” everyone’s talking about
💰 The critical difference between gross and net withdrawal needs
⏳ How timing, market swings, and income sources impact sustainability
📊 Why planning beats rules of thumb, especially in volatile times
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Target-date funds seem like the ultimate “set it and forget it” retirement strategy, but are they really as simple and safe as advertised? In today's episode, Phil unpacks these popular, automatic investment options that now hold over $4 trillion in assets. If you’re like many people, your 401k automatically funnels your money into these funds based on your retirement date. Convenient? Definitely. Optimal? Maybe not.
Here’s some of what we discuss in this episode:
🎯 How target-date funds became the default 401k option
⚖️ How they automatically rebalance, but not always in your favor
📉 Why your funds might be more aggressive than you think
🧐 When a “set it and forget it” approach could cost you
💡 Why target-date funds might not fit your complete financial picture
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Graduation season is an exciting milestone, not just for the grads, but for parents and grandparents who have supported them along the way. Today, Phil wants to share practical ways you can help your graduate make smart financial decisions early, along with actions that could have a lasting impact on their future.
Here’s some of what we discuss in this episode:
📊 The tools that make budgeting easier
📈 How Roth IRAs offer lifelong tax benefits
🔧 Debt management without shame or fear
💰 Why early saving beats bigger saving later
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
A little hope is good for the soul, but when it comes to retirement planning, wishful thinking can lead to serious financial mistakes. Today, Phil is walking through five common examples of wishful thinking that can quietly damage your retirement and how you can build a plan that protects your future instead of relying on luck.
Here’s some of what we discuss in this episode:
💸 The hidden cost of "I'll spend less in retirement"
🕰️ The risk of assuming you’ll work forever
🍀 Why “I’ll just get lucky in the market” is a losing bet
🛑 The danger of assuming your kids will take care of you
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Today Phil’s talking about Type A personalities. If you’re driven, competitive, and goal-oriented then you’re part of the club that often struggles during difficult markets. When things get tough, your instinct is to work harder, push more, and fix the problem. But in investing, that instinct can sometimes backfire.
In this episode, Phil unpacks the tension between action and restraint when markets get choppy. He explores why high achievers often feel anxious during downturns, even when their long-term plans are sound.
Here’s some of what we discuss in this episode:
🧠 Why Type A investors struggle with staying still
💥 The hidden risks Type A personalities often overlook
🔍 How over-managing can backfire in volatile markets
🤝 Why the right advisor should match your mindset
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Today Phil’s kicking off his new Financial Book Club with The Psychology of Money by Morgan Housel. This book isn’t just about money strategies. It’s about why we make the choices we make, even when they don’t seem to make sense. You might find that your mindset is a bigger advantage than any investment tip. If you’ve ever wondered why it’s so hard to stick to the “smart” plan, this conversation might hit closer to home than you expect.
In this episode, Phil explores four powerful ideas from the book, starting with the bold claim that no one is crazy when it comes to money.
Here’s some of what we discuss in this episode:
💭 Why your money story begins in childhood
🏠 The emotional math behind paying off your house
😬 “Never enough” syndrome in retirement planning
📉 Planning for market volatility and life’s curveballs
🚧 Why your retirement roadmap needs flexibility
The Psychology of Money by Morgan Housel: https://shorturl.at/bjzCl
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Can real estate actually boost your retirement plan? Is renting a property a reliable source of income, or just added stress? The short answer: it depends. In this episode, Phil breaks down the many ways real estate can support- or complicate- your retirement strategy. From rental properties and house flipping to reverse mortgages, REITs, and home equity lines of credit (HELOCs), this episode covers the most common approaches people consider and the mistakes they don’t always see coming.
Here’s some of what we discuss in this episode:
📉 Rental property pros, cons, and tenant trouble
🔁 What to know about 1031 exchanges
🏦 HELOCs as an emergency tool
📊 REITs: real estate investing without the property headaches
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
You’ve worked hard, saved diligently, and now you’ve got a solid 401(k) and a few other accounts... but now what? In this episode, Phil answers a common question submitted by one our listener’s: How do I turn my savings into a real retirement plan?
We’ll walk through how to shift from accumulation to distribution, and explains how to organize your financial "stuff," take inventory, and define what retirement will look like for you.
Here’s some of what we discuss in this episode:
🗂️ Why a financial inventory is the first step
🛠️ How to use your savings as tools—not the plan itself
📆 When to start serious retirement planning (hint: it’s not the year you retire)
💵 Why income—not your total savings—is the number to watch
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Thinking about retiring in 2025? You're not alone, but the timing might feel a little... complicated. With stock market swings, whispers of a recession, economic uncertainty, federal layoffs, and tariffs making headlines, it's no wonder many are feeling uneasy. But what if you had 2025 circled on the calendar long before all this? Is it still a smart time to step away, or could it be the worst possible moment?
Here’s some of what we discuss in this episode:
🔄 Market dips, rebounds, and what they really mean for retirees
📊 Why your 401(k) settings from 20 years ago might need a fresh look
🛑 The risk of panic-selling and how to avoid it
💼 The value of advisor conversations in times of uncertainty
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
How much support is too much when it comes to helping your adult children financially? A growing number of retirees are facing the dilemma of supporting adult kids at the expense of their own retirement goals. Let’s talk about how to prioritize your finances and why keeping your kids on the payroll could erode away everything you’ve worked for.
Here’s some of what we discuss in this episode:
👨👧👦 Supporting adult kids? It might be more than you realize
📉 Unplanned help can quietly erode your retirement savings
💸 “Little things” like phone bills and insurance can add up fast
📊 Build financial support into your retirement plan on purpose
💬 Open conversations with your kids—and your advisor—are essential
Check out the Fortune article: https://fortune.com/2025/03/26/millennial-gen-z-adult-children-parents-monthly-payments-retirement/
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Caring for aging parents is something many of us will face—but few are fully prepared for the financial, emotional, and logistical challenges that come with it. In this episode, we will tackle this common scenario for Baby Boomers and discuss what happens when you're part of the “sandwich generation”—caring for both kids and aging parents.
Our question today comes from someone whose 93-year-old mom has fallen twice in the past month, and he’s weighing two options: bring her to live with him or pay for in-home care out of his own pocket. Which choice makes the most sense, both financially and for his family’s well-being?
Here’s some of what we discuss in this episode:
🏡 In-Home vs. Facility Care – What’s cheaper, safer, and more sustainable?
💸 Tax Implications & Medicaid – What you need to know before paying expenses
📉 The Retirement Impact – How caregiving can affect your financial future
⚠️ Asset Transfer Risks – Why giving away the house can backfire without a plan
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Are HSAs one of the best tax-advantaged accounts out there? Can you really stockpile a massive balance and use it tax-free in retirement? This is what a listener wants to know so we’ll analyze whether that’s a potential pitfall or if she’s maximizing this planning tool.
Here’s some of what we discuss in this episode:
💰 HSA = A Supercharged Roth IRA? – Why it’s better than traditional retirement accounts
🧾 Save Your Receipts! – The secret to accessing tax-free funds later
📊 Investing Your HSA Funds – Should you keep it in cash or invest it?
⚠️ Avoid Common HSA Mistakes – Withdrawal rules & penalties explained
0:00 – Intro
1:19 – Today’s question
1:46 – Yes, it’s true
3:36 – Better than a Roth?
7:25 – Investing HSA contributions
10:44 – What are qualified medical expenses?
12:22 – Other considerations
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Gold prices are surging, JPMorgan is making a massive $4 billion gold delivery, and people are wondering if they should invest in gold. Gold has long been promoted as a safe haven in times of uncertainty, but with markets shifting, inflation concerns lingering, and a possible trade war on the horizon, is now the right time to add it to your retirement portfolio?
Here are some of the key topics discussed:
📈 Gold at record highs – Is it too late to invest?
💰 Physical gold vs. ETFs – Pros, cons & key differences
⚠️ FOMO investing – Why jumping in now could be risky
🔄 Gold as a hedge – Smart ways to use it in your portfolio
0:00 – Intro
1:03 – Gold on the rise
4:04 – Downsides
8:55 – Owning gold
9:56 – Portfolio diversification
12:35 – Final thoughts
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
With so much happening domestically and abroad from a financial standpoint, this week’s show is going to look into the implications of Trade War 2.0 and its potential effects on the economy and markets. Phil will break down the latest economic data, tariff announcements, and which sectors might respond positively to the changes.
Here’s what we discuss in this episode:
0:00 – Intro
1:08 – Market instability & tariffs
5:23 – Apple’s $500 Billion Investment
7:23 – Reactions to tariffs
13:11 – Tariff winners
16:46 – Gold
18:37 – Final thoughts
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
For some people, the idea of retiring and then getting another job is detestable. For others, they can’t sit still and have to go find some other job. For the latter crowd, there are plenty of popular “side gig” jobs for retirees.
This week on the podcast, Phil discusses the shifting mindset surrounding retirement. We explore the various avenues available for retirees to engage in rewarding side activities that not only provide financial benefits but also fulfill personal passions. Many individuals are not merely seeking to retire from their jobs; they are looking for ways to stay engaged and active in their communities.
Here’s what we discuss in this episode:
0:00 – Intro
1:05 – Consulting
2:54 – Teaching
3:43 – Online marketplace
5:41 – Retiring to something
8:40 – What it means for planning
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
If you’ve spent years successfully managing your own investments, do you really need a financial advisor? That’s the question we’ve heard from a number of different people. So, is working with an advisor just an extra expense, or could it actually add real value? In this episode, we break down when and why even experienced investors might benefit from professional guidance and when they’re probably fine on their own.
Here’s what we discuss in this episode:
0:00 – Intro
2:15 – What is a financial advisor?
3:51 – More than investing
7:40 – DIY blindspots
12:05 – Value of an advisor
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
With the recent political landscape, tariffs have become a hot topic, often surrounded by confusion and misinformation. How do you sit through the noise to find out how this might impact you? In this episode, Phil breaks down what tariffs are and how they can affect your investment portfolio as you near retirement.
Here’s what we discuss in this episode:
0:00 – Intro
1:42 – What is a tariff?
2:48 – Will costs rise?
7:02 – Has this happened before?
9:20 – Impact on economy
10:40 – Effect on the market
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
This week on Phil’s Tax Hacks, Phil and Marc dive into the current state of the stock market with a particular focus on the tech sector. They discuss the growing concerns around tech companies being overweighted in the S&P 500, and how recent news, including competition from a Chinese AI company, is shaking up the market.
Phil highlights key issues like price-to-earnings ratios, the potential risks of tech-heavy investments, and the challenges this new AI could bring to companies like Nvidia. We’ll also touch on the Federal Reserve's stance on interest rates and the impact of ongoing tariffs.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:25 – Tech sector performance
5:00 – Price-to-earnings ratio and market valuation
8:43 – Comparison to past market bubbles
13:21 – Fed policy and interest rates
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
A recent article on Fortune highlights a growing trend among baby boomers: continuing to work well into their 60s and 70s. Surprisingly, this is not out of necessity, but for the mental stimulation, social connections, and fulfillment that work provides. With nearly 20% of Americans over 65 still employed, this shift is challenging traditional views of retirement and sparking important conversations about what it means to truly retire.
Here’s some of what we discuss in this episode:
0:00 – Intro
2:20 – Loneliness and loss of purpose
4:53 – The impact of working in retirement on financial plans
8:09 – Generational differences toward work and retirement
11:21 – Technology and remote work in retirement
12:44 – Takeaways
The article that inspired this week’s show:
https://fortune.com/article/the-new-retirement-is-no-retirement-baby-boomers-are-keeping-jobs-well-into-their-sixties-and-seventies-because-they-like-going-to-work/
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
President Donald Trump wasted little time taking action once he returned to office, and people are wondering how these long list of Executive orders will reshape the economic and financial landscape. Join CPA and financial specialist Phil Putney as he breaks down the implications of these changes on inflation, energy costs, tariffs, and more.
Here’s some of what we discuss in this episode:
0:00 – Intro
2:07 – Addressing inflation & cost of living
3:43 – Energy
5:53 – Trade and Tariffs
9:42 – EV mandate
14:05 – DOGE
15:37 – Stock market
20:26 – Technology
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Staying informed about Social Security changes is crucial for maximizing your benefits, and recent legislation will change benefits for a significant number of Americans. Today we’re going to bring you up to speed on the Social Security Fairness Act and explain how this legislation will be retroactive to 2024, potentially offering a financial windfall for affected retirees.
Here’s some of what we discuss in this episode:
0:00 – Intro
0:48 – The Social Security Fairness Act
5:42 – Claiming strategies
10:22 – Strategies for dual-income households
14:03 – Previous marriages
18:31 – SSDI and SSI
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
It’s the beginning of a new year – a time when many of us make resolutions to improve our lives. But how often do we resolve to improve the way we feel about our finances? In the latest episode, Phil explores the crucial transition from saving to confidently spending your hard-earned funds.
Here’s what we discuss in this episode:
0:00 – Intro
1:51 – Spending with confidence
8:41 – Spending guardrails
12:02 – Tips for those who are afraid to spend
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Are future retirement worries causing you mental health issues today? That's happening to a lot of folks right now. There's so much stress going on out there that we certainly panic about some of these things and maybe sometimes it’s justifiable. So let's talk about the mental health challenges tied to future retirement worries and the ways we can hopefully avoid them.
Here’s what we discuss in this episode:
0:00 – Intro
1:10 – Diving into the stats
4:59 – Charitable giving
9:13 – Fear of never being able to fully retire
12:01 – Average 401k contribution
14:12 – Target date funds
16:12 – Mental health
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
One of the most difficult scenarios for investing is what to do with money you know you’re going to need within a few years for a large expense. You don’t want that money to be stagnant during that time but you also can’t afford to take on much risk either.
Today we’re going to talk about strategic planning for short-term needs and explore the best ways to invest money you’ll need in the next three years.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:35 – Larger planned expenses
3:05 – Things to think about
5:55 – What tools are out there?
8:10 – Strategizing for expenses you know are coming but aren’t sure when
10:24 – Final thoughts
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
We’ve finally reached the final part of our three-part series on what financial advisors wish every investor knew. Phil will discuss four more big things that will make planning for retirement with their advisor even smoother.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:25 – Know what you are paying
4:22 – Understanding that there will be some risk involved
8:03 – The risks that come with the internet
14:52 – The big name doesn’t necessarily mean the best fit
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Today is part two on the things financial advisors wish investors knew. These are the things that can set you up for success in retirement but most people don’t have a great grasp on.
Here’s some of what we discuss in this episode:
0:00 – Intro
2:10 – Financial decisions are emotional
6:03 – The true significance of diversification
9:17 – Having an advisor is for everyone
13:48 – The importance of updates and reviews
16:53 – Work with the right person for the right time
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
This week, Phil and Marc dive into the potential financial impacts of tariffs, tax cuts, and immigration policies following the 2024 election. While early speculation should be taken with caution, they’ll discuss what could be in store for 2025. With changes in policy possibly affecting everything from taxes to housing, the duo breaks down what these shifts could mean for your financial future.
Throughout this conversation, Phil stresses the importance of sticking to your financial plan until the dust settles. As we move forward, it’s crucial to stay focused, maintain your long-term strategy, and be patient as we navigate this evolving landscape.
Here’s some of what we discuss in this episode:
0:00 – Intro
2:00 – A Tax Cuts and Jobs Act extension?
5:51 – Corporate tax rate and Social Security tax proposals
8:12 – Tariffs and their economic impact
13:33 – Immigration and it’s economic implications
17:17 – Having a long-term vision
Helpful resources for this conversation:
https://time.com/7095898/donald-trump-economy-plan-2024/
https://www.npr.org/2024/11/06/nx-s1-5181327/trump-election-economy-tariffs-deportations
https://wellsfargo.bluematrix.com/links2/html/5fd93977-359f-4bff-8db1-42935f3e8f45
Get our Tax-Smart Retiree book: https://www.thetaxsmartretireebook.com/welcome
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Imagine you could read your financial advisor’s mind before you even walked through the door for the first time. What would they want you to know? This week, we kick off a three-part series on the things we wish people knew about investing and planning.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:48 – Setting realistic financial goals
6:37 – Long-term vs short-term planning
8:26 – One-size-fits-all approach
10:55 – More than investing
Get our Tax-Smart Retiree book: https://www.thetaxsmartretireebook.com/welcome
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Dividend investing has long been a staple in retirement planning, providing a predictable income stream for many retirees. However, the landscape is shifting. The concept of incidental income, which relies on the rebalancing of a portfolio and the cash flows it generates, is gaining attention.
This week we want to tackle the question: Is dividend investing dead? A recent article came out explaining that in today’s economy, it’s possible that dividends may not be the ideal way to invest so we want to explore that idea.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:20 – Incidental income
4:14 – Tax implications
7:38 – More active management
10:40 – Corporate taxes
Read the article referenced in this episode: https://seekingalpha.com/article/4723299-incidental-income-makes-dividend-investing-unnecessary-in-retirement
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Social Security is the backbone of retirement for millions of Americans, but big changes may be coming. There’s plenty of speculation about what might change to improve the solvency of the program, and one simple fix would be to change the retirement age. On this episode, we dive into the recently released proposal to raise the full retirement age from 67 to 69 and what it means for your benefits, your future, and your financial security.
Read the report from the Congressional Budget Office: https://www.cbo.gov/publication/60516
Here’s some of what we discuss in this episode:
0:00 – Intro
1:56 – Phil’s opening thoughts
3:30 – Who could be impacted
5:19 – How benefits could change
10:18 – Funding your own retirement to stay on the safe side
11:54 – Don’t panic!
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Every firm has distinct principles that guide its approach to financial planning. When searching for an advisor, you want to find someone who aligns with your needs. In this episode, we take you behind the scenes to explore the core values and unique processes that set AFS Financial Group apart.
Here’s some of what we discuss in this episode:
0:00 – Intro
0:54 – Phil’s core values
2:34 – Being a CPA and financial advisor
5:11 – Education
8:51 – How does Phil measure success?
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
As the election season heats up, understanding the tax proposals of the presidential candidates is important. While we don’t talk politics on this show, policies can have a direct impact on our finances. In this episode, we dive into the contrasting tax proposals of Donald Trump and Kamala Harris.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:36 – Trump’s corporate taxes
4:01 – Kamala’s corporate taxes
5:51 – Trump’s individual income taxes
10:06 – Kamala’s individual income taxes
18:24 – Trump’s other tax proposals
19:46 – Kamala’s other tax proposals
21:27 – Potential long-term economic impacts
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Ever wonder how your financial advisor really gets paid and what that means for you? Whether it’s a fee, a commission, or a salary, the way your advisor earns money could be influencing the advice they give you. In today’s episode, we’re talking about the different pay structures of financial advisors, revealing the benefits, the potential biases, and what you need to know to make sure your money is truly working for you.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:33 – Fee-only, commission-based & fee-based
5:44 – Salary-based advisors
7:08 – Pros and cons of each model
12:23 – Phil’s advice for your advisor search
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Are you and your spouse on the same page when it comes to what retirement is going to look like? If not, it’s time to talk.
Phil has all kinds of experience helping couples work together on their retirement plans because, after all, retirement is a team sport. You and your spouse are a team, and while you might not agree on everything when it comes to money, you still need to be on the same page.
Here’s some of what we discuss in this episode:
0:00 – Intro
2:20 – Getting on the same page
4:00 – Starting the conversation
6:13 – What needs to be discussed before sitting down with an advisor
7:00 – Resolving risk tolerance differences
10:02 – What each party needs to know
13:14 – Final thoughts
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
A YouTube video about retirement regrets has been getting a lot of attention lately and it showcases retirees sharing their biggest regret so far. It might be surprising to hear people wanting to do things much differently, but we see and hear these things often when folks are prepared for retirement. Today we’re going to share five of the biggest regrets and talk about how you can avoid looking back and having those same feelings.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:19 – Wishing they had retired sooner.
4:18 – Wishing they had spent more when they first retired.
7:19 -Wishing they had taken better care of their health.
9:20 – Wishing they had picked up more hobbies.
11:42 – Wishing they had traveled more.
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
When planning for retirement, one of the most common investment options you'll come across is the target date fund. These funds are designed to simplify investing, especially for those who might not have extensive financial knowledge. But are they truly the best choice for your retirement savings? This week on Phil’s Tax Hacks, we’re bringing you the target date fund 101.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:00 – What is a target date fund?
4:41 – Misconceptions about target date funds
7:11 – Pricing
9:00 – Are target date funds a good option?
11:11 – Final thoughts
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
The Medicare Open Enrollment Period will be here before we know it! But what does this mean for you? How does the process work, and who should be paying close attention? In this episode, we’ll break down everything you need to know about navigating this crucial period.
Here’s some of what we discuss in this episode:
0:00 – Intro
2:01 – What is Medicare Open Enrollment?
5:02 – What kind of changes can you make during this period?
7:26 – Items to consider during this time
11:13 – What if I miss Open Enrollment?
13:43 – Medicare Reforms taking place in 2025
16:16 – Making Open Enrollment less overwhelming
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Kids and grandkids play a crucial role in shaping financial plans, often in ways that can significantly impact your retirement strategy. In this episode, we'll dive into the most common scenarios where future generations influence retirement planning. From funding college education to creating lasting financial legacies, we'll explore how to balance your retirement goals with the needs of your family.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:30 – Adult kids that are still on the payroll
5:35 - Parents who had kids later in life
8:23 – Grandparents who want to help with education costs
9:45 – Relying on your kids to take care of you in old age
11:40 – Cultivating financial literacy in your family
15:22 – Children with disabilities
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
It’s been a wild start to August in the financial markets. You might’ve heard of the significant drops in the Nasdaq, which has left many investors feeling uneasy. In this episode, Phil and Marc discuss some reasons behind the recent global market volatility and what it could mean for your retirement plan.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:14 – What triggered recent global volatility
6:49 – Potential impacts on the U.S. economy
12:17 – Having a plan and long-term perspective
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Is the Home Equity Conversion Mortgage for Purchase (H4P) the game changer it promises to be, or just another potential pitfall? Historically, reverse mortgages have had a bad reputation due to a lack of regulation and unfavorable terms. However, the landscape has changed significantly.
So, what exactly is H4P? What are its advantages for retirees? Phil and Marc are here to answer your questions and share the pros and cons of this tool in today’s episode.
Here’s some of what we discuss in this episode:
0:00 – Intro
0:36 – What is the H4P and its benefits?
5:56 – Reverse mortgages with rising housing prices
7:26 – Is this a viable retirement strategy?
A Loan Product Poised to Revolutionize Retirement Article
https://www.nar.realtor/magazine/real-estate-news/sales-marketing/a-loan-product-poised-to-revolutionize-retirement
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
In this episode, we explore the case of James McDonald, a former CNBC analyst, whose risky investment strategies with client money led to serious legal and financial repercussions. After being on the run for three years, he’s been arrested.
Here’s some of what we discuss in this episode:
0:00 – Intro
0:45 – Article Recap
3:03 – Know who you’re working with
6:20 – Impact on industry
7:10 – Preventative measures
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
The S&P 500 is often thought of as a broad market index, but today's reality is quite different. In fact, the index is heavily dominated by a few tech companies- Nvidia, Apple, Microsoft, Amazon, Alphabet, and Meta. These six companies alone make up more than 30% of the S&P 500's market cap, which can be misleading for investors who believe they are diversified simply by investing in the S&P 500.
Tune in as Phil and Marc discuss the implications of this market shift and how to make informed decisions that align with your financial goals.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:36 – Looking at the S&P 500
5:00 – Understanding your investments
10:57 – Making decisions aligned with your goals
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
When it comes to your financial future, who you listen to can make all the difference. In this episode, Phil shares the story of a long-time client who was swayed by a pushy insurance agent into making a potentially detrimental financial decision. Despite having a well-thought-out plan and a balanced portfolio, the client was convinced to move all their assets into annuities by an agent who played on their fears about market volatility.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:08 – Client story
6:09 – Working with an advisor who understands your needs
8:51 – Having a comprehensive plan
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Have you ever experienced an "aha” moment that changed your perspective on something important? These are the moments when the light bulb goes off, and everything starts to make sense. This week on Phil’s Tax Hacks, we talk about some revelations that clients experience when working with a financial advisor.
Here’s some of what we discuss in this episode:
0:00 – Intro
4:29 – Some common doubts and hesitations from clients
9:01 – The importance of trust between advisor and client
11:13 – Starting planning early and making informed decisions
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
To trust or not to trust… that is the question we’re tackling in this week’s episode. Trusts are often surrounded by misconceptions. Many believe they are only for the wealthy or that they complicate financial planning. But what’s the truth of the matter? Should you have one?
Here’s some of what we discuss in this episode:
0:00 – Intro
1:17 – Reasons to have a trust
11:06 – Downsides of a trust
15:37 – Making an informed decision
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
When it comes to managing your finances and planning for retirement, one of the most dreaded topics is fees. Whether you're investing in mutual funds or working with a financial advisor, fees are an inevitable part of the process. In this episode, Phil takes a deep dive into the world of financial fees, breaking down their types and explaining their impact on your investments.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:12 – Investment vehicle fees and advisor fees
3:05 – Considering net of fees
5:34 – Advisor fees and the value they bring
10:08 – Considering factors beyond fees
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Cryptocurrency has been a buzzword for over a decade, but what exactly is it? In today’s episode, Phil is here to answer your questions. Fresh from a conference focused on this digital frontier, he shares his insights on what crypto is, its underlying technology, and its potential place in your investment portfolio.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:55 – What is cryptocurrency?
7:01 – How has cryptocurrency gained legitimacy
10:58 – Should you own cryptocurrency?
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
We know you shouldn’t put all your money into a single stock. But what about putting a lot of it into a strong market sector, diversified among different companies? Would it ever make sense to do that? In today’s episode of Phil’s Tax Hacks, we’re answering that question.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:11 – The reality of sectors
3:40 – The importance of a financial plan
6:42 – Working with multiple advisors
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
In today’s episode, we’re going to discuss the ongoing confusion surrounding inherited IRAs and Required Minimum Distributions (RMDs). The SECURE Act introduced a 10-year rule for withdrawing inherited IRA funds, replacing the old stretch IRA rules that allowed beneficiaries to spread distributions over their lifetime. However, the IRS has yet to finalize the regulations on whether beneficiaries need to take annual RMDs if the original account owner had already started them.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:09 – The SECURE Act changes/confusion around RMDs
5:16 – The potential consequences of delaying distributions
7:54 – Proactive planning with your financial advisor about IRA distributions
CNBC Article:
https://www.cnbc.com/2024/04/19/irs-waives-required-withdrawals-from-some-inherited-ira-for-2024.html
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
While you dream about the leisurely days ahead of you in retirement, it’s also important to think about some of the less glamorous items, including insurance. So, what types of coverage should you be considering for your golden years? What do you need to keep in mind as you prep for the transition?
We’re going to walk you through the fundamentals in this two-part series. While we covered the basics you must know about health insurance in our last episode, today’s episode will focus on long-term care and life insurance.
Here’s some of what we discuss in this episode:
0:00 – Intro
2:33 – The reality and “why” of long-term care
6:40 – What does long-term care cover?
8:20 – Running the math with long-term care
11:36 – Alternatives to traditional long-term care
14:04 – Do retirees need life insurance?
16:05 – Determining how much life insurance you’ll need
Get Your Copy of The Tax-Smart Retiree
https://www.amazon.com/Tax-Smart-Retiree-Guide-Thriving-Golden-ebook/dp/B0D356X36Q
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Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
While you dream about the leisurely days ahead of you in retirement, it’s also important to think about some of the less glamorous items, including insurance. In this new season of life, your old policies may no longer suit your needs or may come to an end.
So, what types of coverage should you be considering for your golden years? What do you need to keep in mind as you prep for the transition? Stay tuned as we chat about retiree health insurance in part one of this conversation!
Here’s some of what we discuss in this episode:
0:00 – Intro
2:00 – The transition from employer-provided insurance
6:26 – Supplemental coverage
8:27 – Medigap vs Medicare Advantage
11:56 – Enrollment periods and avoiding penalties
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
In a world where technology touches every aspect of our lives, it's no surprise that it has also made its mark on the financial industry. So, in today’s episode, we’re going to unpack the toolbox of technology that's promising to redefine retirement planning. From robo-advisors to online calculators, we’ll discuss whether certain tools truly simplify the planning process or introduce new complexities.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:45 – Google has made life easier, but can lead to misformation
5:50 – Online calculators can provide a great starting point
7:52 – The benefits and drawbacks of do-it-yourself trading platforms
11:35 – Thinking about the end game with online courses and webinars
15:19 – Being careful with online advice from financial influencers
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
The future of retiree health care costs is on the rise. In fact, the Employee Benefit Research Institute released numbers for 2023 showing an 8% increase in retiree healthcare costs for the year. Stay tuned as Phil and Marc unpack these latest figures, which suggest that a typical U.S. couple may need upwards of $413,000 to cover their healthcare expenses in retirement.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:20 – The 8% increase in healthcare costs in the U.S.
4:56 – Pros and cons of Medigap and Advantage plans
8:37 – How Phil’s office helps clients with healthcare
11:17 – Understanding the costs and complexities of Medicare and Medicaid
Resources for this episode:
https://www.fa-mag.com/news/retiree-healthcare-costs-increased-8--in-2023-76822.html
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Retirement is often painted as a serene, stress-free period of life where the worries of the working world fade away. However, psychologists have determined that retirement is one of the most stressful events that some people will experience in life. In this episode, we’ll look at the ways to proactively deal with the stress surrounding the retirement process.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:02 – The major lifestyle changes that come with retirement
3:34 – Embracing new challenges
6:16 – Keeping your options open
9:16 – Keeping your sense of perspective
12:08 – Finding a good financial advisor
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Is retiring at 65 crazy? One billionaire thinks so. In this episode, Phil and Marc unpack a recent Yahoo Finance article where BlackRock CEO Larry Fink challenges the conventional notion of retiring at 65 and encourages investors to consider delaying retirement.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:46 – The current state of Social Security
5:02 – The shift to self-funded retirement plans
7:44 – Early retirement planning and saving
10:37 – Increased life expectancy in retirement planning
12:53 – Getting a personalized plan for you
Yahoo Finance Article: https://finance.yahoo.com/news/billionaire-calls-retirement-age-65-111627794.html
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
It’s that time of year! With tax season right around the corner, it’s the perfect time to dive into some tax tips on the podcast. Tune into this two-part series where we dive into a fidelity article titled “8 Tax Pitfalls to Avoid,” and get Phil’s thoughts as a CPA.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:15 – Waiting too long to strategize
4:08 – Engaging in wash sales
8:15 – Not taking advantage of tax breaks
9:45 – Forgetting deadlines
Fidelity Article:
https://www.fidelity.com/learning-center/personal-finance/tax-pitfalls?ccsource=email_monthly&mbox3rdPartyId=&mboxConvType=VPEmailClick&mboxCID=VM0224&pixelType=vpm&sfip=&sfCampaignId=16797&sfCellCode=169
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
It’s that time of year! With tax season right around the corner, it’s the perfect time to dive into some tax tips on the podcast. Tune into this two-part series where we dive into a fidelity article titled “8 Tax Pitfalls to Avoid,” and get Phil’s thoughts as a CPA.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:43 – Missing investment income
3:30 – Selling too soon
5:33 – Poor record-keeping
7:56 – Forgetting losses
Fidelity Article:
https://www.fidelity.com/learning-center/personal-finance/tax-pitfalls?ccsource=email_monthly&mbox3rdPartyId=&mboxConvType=VPEmailClick&mboxCID=VM0224&pixelType=vpm&sfip=&sfCampaignId=16797&sfCellCode=169
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Just like any other threat, learning to recognize and avoid scams has become crucial for today's retirees. Join us as we discuss essential steps you can take to protect yourself against the increasing prevalence of scams and identity theft. Phil will offer real-life stories and practical advice to help you keep your finances safe in today’s digital age.
Here’s some of what we discuss in this episode:
- 1:35 – Real stories of financial scams
- 5:43 – Phishing, vishing, and smishing
- 8:20 – Examples of different scams
- 11:54 – Recognizing the signs of a scam
- 15:19 – Protections you can put in place to avoid being a victim of a scam
Resources for this episode:
CNBC article:
https://www.cnbc.com/2023/10/08/how-one-retired-woman-lost-her-life-savings-in-a-common-elder-fraud-scheme.html
Thomson Reuters article:
https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/senior-citizens-financial-scams/
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
You’ve probably heard some mixed opinions on annuities in your lifetime. But before you get swayed one way or another, it’s important to understand what exactly an annuity is and how they work. Listen in as Phil breaks down the difference between immediate and deferred annuities and offers insights into their benefits and drawbacks.
Here’s some of what we discuss in this episode:
- 1:08 – What is an annuity?
- 10:04 – When might an annuity be appropriate?
- 13:20 – The misunderstood features of annuities
- 18:31 – Working with a fiduciary that has your best interest in mind
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Many retirees find themselves at a crossroads when deciding what to do with their existing property as they move into their dream home. Would it be best to sell, or should you consider becoming a landlord? Drawing from personal experiences and real client scenarios, Phil and Marc will explore the pros and cons of turning a home into a rental property in this episode.
Here’s some of what we discuss in this episode:
- 1:50 – Pros and cons of renting out a property in retirement
- 4:39 – Managing rental properties and dealing with tenants
- 9:41 – Understanding the potential downsides of rental properties
- 11:55 – What’s the right option for you?
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Navigating financial decisions, especially as retirement approaches, can be a challenging terrain for many investors. Whether it's the anxiety around making the right choices or grappling with an overload of information, it can be tempting to push off important retirement planning conversations. It's a familiar scenario – putting things off to "next week," only to find that "next week" turns into a long period of indecision.
Here’s some of what we discuss in this episode:
1:31 – Struggling with paralysis analysis
2:58 – Procrastinating
4:40 – Information overload
7:32 – Is there a better option for you?
8:59 – Phil’s new book, “The Retirement Trifecta”
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Every generation likes to talk about how much harder things used to be when they were kids. Like all of the people who used to have to walk five miles to school, in the snow, uphill both ways. But they had at least one thing that was EASIER…and that was retirement planning.
Here’s some of what we discuss in part 2:
1:25 – Lower healthcare costs
5:31 – Fewer sandwich generation challenges
7:36 – Shorter life expectancies
9:41 – More contributors to Social Security
17:48 – Easier to achieve financial literacy
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Every generation likes to talk about how much harder things used to be when they were kids. Like all of the people who used to have to walk five miles to school, in the snow, uphill both ways. But they had at least one thing that was EASIER…and that was retirement planning.
Here’s some of what we discuss in this episode:
2:03 – Job Stability & Company Loyalty
4:33 – Less Reliance on Personal Savings
9:55 – Housing Market Stability
12:08 – Simpler Investment Landscape
15:34 – Higher Interest Rates
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
In today’s show, we’re going to answer some email questions from listeners just like you. These questions cover a range of topics from investing to retirement planning, and Phil is here to provide some expert insights.
Remember, while we offer general advice on the show, it's always best to consult with a financial professional to tailor solutions to your unique situation. Stay tuned as we explore common financial dilemmas and uncover some general strategies to navigate them effectively!
Here’s some of what we discuss in this episode:
2:48 – Adjusting to retirement
6:59 – Social Security now or later?
10:07 – Company stock in 401(k)
13:27 – Selling property to pay off debt
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Everyone wants to know. Will the economy boom or bust in 2024? Join us as we explore a range of expert predictions, from the shifting trends in housing prices to the looming question of a potential recession or stock market crash.
Here’s some of what we discuss in this episode:
2:18 – Housing market in 2024
6:56 – Recession in 2024
12:50 – Stock market in 2024
Housing Prices Articles:
https://www.newsweek.com/will-housing-market-crash-2024-realtors-share-predictions-1851540
https://www.financialsamurai.com/2024-housing-market-price-predictions-by-industry-experts/#:~:text=The%20real%20estate%20industry%20average,market%20rather%20than%20a%20crash.
Recession Article:
https://cals.ncsu.edu/news/you-decide-will-2024-be-a-year-of-two-economies/
Stock Market Articles:
https://www.cnbc.com/2023/12/19/2024-market-predictions-bumpy-landing-for-the-economy.html
https://markets.businessinsider.com/news/stocks/stocks-crypto-house-prices-dent-market-outlook-bubble-crash-recession-2023-12
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
This episode might be a bit counterintuitive. We’re going to question the real impact of common financial habits. Are the strategies you consider beneficial working in your favor?
We explore the pros and cons of practices like paying off debt early and keeping up with the financial news. Are your good money habits holding you back?
Here’s some of what we discuss in this episode:
2:04 – Paying off debt early
8:41 – Keeping up with financial news
11:26 – Global diversification
12:58 – Building an emergency fund
17:17 – Patience in making financial decisions
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
This two-part conversation might be a bit counterintuitive. We’re going to question the real impact of common financial habits. Are the strategies you consider beneficial actually working in your favor?
Here’s some of what we discuss in this episode:
1:49 – Ignoring account statements
5:14 – Keeping a strict budget
11:17 – Investing in familiar stocks
14:42 – Embracing automation
18:05 – Patience getting into the stock market
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
In today's episode, we'll be looking at the eye-opening findings of the 2023 Mercer CFA Institute Global Pension Index, which has ranked the Netherlands as the world's leader in retirement systems. Where does the U.S. stand? 22nd among the 47 countries that were ranked. Why so low?
Join us as we analyze some of the intricacies of the U.S. retirement system, breaking down its strengths and weaknesses through the discerning lens of a seasoned financial advisor.
Here’s some of what we discuss in this episode:
- 1:55 – The grading system + The U.S.’ score
- 5:15 – Personal responsibility in the U.S. retirement system
- 16:12 – Suggestions for improvement
- 19:29 – Reducing retirement leakage + improving income stream
- 21:58 – Takeaways
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Is 'Lazy Money' still a concern in 2024's higher interest rate landscape? In this episode, we explore this question, examining how the recent rise in interest rates affects the money sitting in savings accounts, CDs, and conservative investments.
Here’s some of what we discuss in this episode:
6:07 – What is lazy money?
7:42 – Finding the right amount for your emergency fund
10:42 – An advisor’s role with lazy money
17:10 – Having a long-term perspective
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
In this festive episode, we’ll sift through a sleigh-full of financial products and strategies to find out which ones deserve a spot in your financial stocking this year, and which ones are the proverbial lumps of coal. This will be an educational episode for all investors, whether you’ve been financially naughty or nice this year...
Here’s some of what we discuss in this episode:
2:11 – Fiduciary advisor
5:46 – Variable annuity
8:37 – Crypto
10:49 – HSA
12:05 – Indexed Annuity
13:59 – Long-term care insurance
15:40 – Dividends
18:02 – Roth IRA
18:43 – Risk Assessment Score
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Have you ever wondered what questions to ask your financial advisor, or why those questions are crucial? In today’s episode, we’re tackling exactly that. We're discussing the vital questions that bring transparency and depth to your financial advisory relationship.
It's about getting clarity on how advisors work, what they specialize in, and how they align with your financial goals. These are the questions you MUST ask your financial advisor.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:21 – “How do you get paid?”
7:35 – Typical client
9:29 – Investment philosophy
11:03 – “Do you have a specialty?”
14:41 – Communication style
17:57 – Educational resources
19:45 – Firm size
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
In today's episode, we're focusing on a critical aspect of retirement planning: healthcare costs. How well-prepared are you to handle medical expenses after you retire? Join Phil and Marc as they discuss the common pitfalls pre-retirees face when it comes to healthcare preparedness and offer insights into how to navigate the evolving landscape of healthcare options.
Here’s some of what we discuss in this episode:
1:44 – Gaps in planning
4:51 – Prescriptions
6:59 – Long-term care services
9:41 – What Medicare covers
12:34 – Long-term care insurance + alternatives
17:31 – Accounting for healthcare costs
Check out our episode on HSAs: https://philstaxhacks.com/podcast/ep-155-are-health-savings-accounts-super-roths/
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Sometimes it’s hard to make financial sacrifices when the reward might not be seen until several years in the future. Today we’ll talk about some of the situations where you might be inclined to take the immediate benefit, when you should really consider the delayed rewards…
Here’s some of what we discuss in this episode:
2:32 – Passing up a 401k match
5:32 – Saving only in tax-deferred accounts
8:05 – Depleting emergency fund
10:37 – Cashing out retirement plan
13:24 – Delaying home maintenance
15:28 – Social Security at age 62
18:26 – Working with wrong advisor
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Ever thought that minor tweaks in your financial plan could lead to major wins? Join us as we jump back into our conversation on the powerful world of simple financial adjustments. Stay tuned as we unpack some seemingly small steps that can bring about big, positive ripples in your financial life. If you missed part 1, you can check it out here!
Here’s some of what we discuss in this episode:
1:28 – Tax efficiency of investments
6:15 – Checking beneficiary designations
10:05 – Rebalancing your portfolio
12:55 – Emergency fund balance
17:37 – Automating your savings
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Ever thought that minor tweaks in your financial plan could lead to major wins? Join us in this episode as we unravel the surprisingly powerful world of simple financial adjustments. Stay tuned as we unpack some seemingly small steps that can bring about big, positive ripples in your financial life.
Here’s some of what we discuss in this episode:
- 1:41 – The right amount in cash
- 6:32 – Old life insurance policies
- 9:55 – Consolidate old 401Ks
- 13:06 – Reconsider managed accounts
- 14:40 – Replacing high-expense mutual funds
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Ready for an adventure? Think of retirement planning as climbing a mountain. It's not just about the climb up; it's about preparing wisely, tackling the ups and downs, and even planning your way back down.
Here’s some of what we discuss in this episode:
- 3:23 – Preparing for the climb
- 6:18 – The ascent
- 8:18 – Base camps
- 9:51 – Changing weather
- 11:22 – The summit
- 16:43 – Descending safely
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
As the year winds down, it's crucial to ensure your financial house is in order. Join us for a thoughtful episode where we unpack our 2023 edition of key year-end planning strategies for those nearing or embracing their retirement years. We'll explore the nuances of optimizing your investment portfolio, safeguarding your assets, and ensuring a stable, rewarding lifestyle in the years to come.
Here’s some of what we discuss in this episode:
- 1:44 – General planning + investment strategies
- 5:20 – Tax-loss harvesting & RMDs
- 9:21 – Insurance and health care planning
- 11:37 – Income and lifestyle
- 15:41 – Real estate and relocation
- 18:32 – Fraud and cybersecurity
- 19:41 – Generational wealth considerations
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
“Learn from the mistakes of others. You can’t live long enough to make them all yourself.” – Eleanor Roosevelt... Ever wish you could foresee financial missteps before they happen? In today’s episode, we’ll explore some real-life stories of regret and arm you with the essential dos and don'ts to ensure your money works for you, not against you.
Here’s some of what we discuss in this episode:
- 1:38 –Premature IRA withdrawals
- 4:41 – Lifestyle creep
- 7:42 – Sending too much on your children's tuition
- 11:26 – Retiring too early
- 15:39 – Exploring Roth IRAs
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
As Baby Boomers and those on the cusp of retirement search for their next chapter, Continuing Care Retirement Communities (CCRCs) or Life Plan Communities emerge as a noteworthy option. In this episode, Phil sheds light on the key aspects you should consider when determining whether these communities are a suitable choice for your retirement.
Here’s some of what we discuss in this episode:
- 1:40 – Some background on CCRCs
- 5:28 – Questions to ask when considering a CCRC
- 11:31 – Personalizing your living space + contracts
- 15:25 – Is the CCRC accredited?
- 17:12 – When should someone consider a CCRC?
- 18:05 – Potential cons of a CCRC
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
The retirement planning world is filled with plenty of advice and suggestions, but there are critical questions lurking in the shadows – the unasked, the overlooked. These are the questions that can help define the comfort and security of your retirement future. In this episode, we unearth and tackle these hidden, but essential questions about retirement.
Here’s some of what we discuss in this episode:
- 1:46 – How much are my tax-deferred savings going to cost?
- 5:21 – How much can I withdrawal from my savings each year?
- 8:39 – Should I have life insurance in retirement?
- 12:57 – Medical insurance beyond Medicare
- 15:21 – Fees and commissions
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
In today's episode, we're taking a close look at high-net-worth individuals - those who have accumulated significant wealth and face unique challenges and opportunities when planning for retirement. Unlike the average person, their financial considerations go beyond the basics. We'll explore the distinct strategies and factors that come into play when securing a comfortable and prosperous retirement.
Here’s some of what we discuss in this episode:
- 2:57 – Planning complexities for high-net-worth individuals
- 5:56 – Tax planning for high-net-worth individuals
- 7:29 – Estate planning for high-net-worth individuals
- 9:03 – Liabilities for high-net-worth individuals
- 11:48 –Retirement planning myths for high-net-worth individuals
If you have any questions about what we discussed in this episode, reach out and we'll be happy to set up a time to talk.
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Retirement is a unique journey for each of us. The thought that there's a one-size-fits-all solution is a myth, but what if we told you there are certain universal truths that can guide every retiree?
Dive deep in this two-part series, where we juxtapose the individuality of retirement plans with the foundational principles that remain consistent across the board.
In part one, we covered income planning, long term care, investing, longevity and inflation. Today we’ll round out our 10 universal truths with diversification, taxes, estate planning, and more!
Here are some of the things we’ll address in this episode:
0:00 – Intro
1:26 – Diversification for risk management
4:36 – Emotions can be our worst enemy
8:43 – Tax implications matter
13:08 – Retirement doesn’t mean work completely ends
16:42 – Estate planning isn’t just for the wealthy
If you have any questions about what we discussed in this episode, reach out and we'll be happy to set up a time to talk.
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Retirement is a unique journey for each of us. The thought that there's a one-size-fits-all solution is a myth, but what if we told you there are certain universal truths that can guide every retiree?
Dive deep in this two-part series, where we juxtapose the individuality of retirement plans with the foundational principles that remain consistent across the board. Each of the things we discuss on these two episodes should be accounted for in your plan. The way you approach it might be different than someone else, but these planning items will likely impact your retirement.
Here are some of the things we’ll address in this episode:
0:00 – Intro
2:18 – Everybody needs an income plan
4:55 – Plan for long term care issues
8:17 – Timing the stock market
10:33 – How long will you live?
14:42 – Cash isn’t keeping up with inflation
If you have any questions about what we discussed in this episode, reach out and we'll be happy to set up a time to talk.
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Losing a spouse is an unimaginably tough life event, but the financial implications can add another layer of stress to the grieving process. In this episode, we delve deep into the most common financial issues faced by widows and widowers, from dealing with income gaps to navigating tax changes as a single filer.
Here are some of the things we’ll address in this episode:
0:00 – Intro
2:02 – The two main financial issues you face
5:24 – Solving for the income gap
10:16 – Taking care of kids and grandkids
14:55 – Why you have a trust
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Are you over 55 and pondering retirement? Dive into the world of Required Minimum Distributions (RMDs) with us. In this episode, we demystify the reasons behind mandatory withdrawals from your retirement savings.
Discover strategies to potentially avoid them and understand the risks of not preparing in advance. And for those fortunate to not rely on RMDs for income, we'll explore impactful ways to utilize those funds.
Here are some of the things we’ll address in this episode:
- 2:21 – What is an RMD?
- 4:26 – Can I avoid RMDs?
- 7:34 – Risks of not planning
- 14:50 – Revisit your plan
IRS RMD table:
https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/UniformLifetimeTable.pdf
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Are you nearing “retirement age?” If so, let’s explore that pivotal question you’ll soon face: Should you retire or continue working? We’ll unravel the intricacies of this decision, addressing both financial and emotional aspects, and help you find out if you’re truly ready to retire.
Here are some of the things we’ll address in this episode:
- 2:03 – Common reasons for not retiring
- 5:21 – Financially able to retire, but lacking confidence
- 9:10 – Ready to retire but not financially prepared
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
In today's episode, we'll explore the sensitive and significant process of transitioning from one financial advisor to another. We'll cover how to recognize when your current advisor may no longer be serving your financial needs effectively, the right questions to ask, and crucial factors to consider when searching for a new financial partner.
Here are some of the things we’ll address in this episode:
- 1:40 – Reasons one might want to change advisors
- 6:38 – Consequences of changing advisors
- 10:40 – Questions to ask a new advisor
- 17:28 – Making the switch + After the switch
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Welcome back to part two of our discussion on resolving financial tension between couples. In this episode, we'll explore five more common areas of financial tensions: emergency fund size, charitable contributions, handling inheritances, insurance needs, and financial management style. Stay tuned to learn how advisors like Phil work to resolve conflicts in these areas as they arise.
Here are some of the things we’ll address in this episode:
- 1:48 – How much should we have in the emergency fund?
- 4:39 – Getting on the same page about charitable contributions
- 6:09 – Disagreeing on how to use an inheritance
- 8:41 – Deciding on insurance and long-term care
- 11:54 – How will we handle financial management in retirement?
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Money can't buy love, but it can certainly start some spicy debates between you and your better half. In this episode, we're digging into the financial face-offs that make Monopoly fights look like child's play and exploring some money minefields that can test even the most solid relationships. Listen in as we explore how to resolve some of the most common financial sources of tension between couples.
Here are some of the things we’ll address in this episode:
- 1:57 – Disagreeing on risk tolerance in investments
- 4:24 – Figuring out what ages to retire
- 7:44 – Determining how much to leave behind for your children
- 9:54 – Do you want to downsize/move in retirement?
- 11:46 – Getting on the same page about your retirement lifestyle
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Finding a trustworthy and competent financial advisor is essential for securing your financial future. After all, they play a vital role in helping you make informed decisions about your money, investments, and long-term financial goals. But how can you separate the wheat from the chaff? How can you identify problematic personalities that might indicate an advisor isn't the right fit for you?
In part two of this two-part series, we’ll explore how to identify five more of these advisor personalities, including “The Armageddon Prophet,” “The Fee-First Scoundrel,” “The Chameleon” and more.
Here are some of the things we’ll address in this episode:
- 1:33 – “The Armageddon Prophet” who uses scare tactics to make profits
- 5:38 – “The Avoider” who dances around the details
- 10:05 – “The Fee-First Scoundrel” who might just be looking for sale
- 15:05 – “The Tortoise” that sticks to the same strategies year after year, displaying a lack of innovative thinking
- 18:32 – “The Chameleon” who adapts their advice to match what the client wants to hear
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Finding a trustworthy and competent financial advisor is essential for securing your financial future. After all, they play a vital role in helping you make informed decisions about your money, investments, and long-term financial goals. But how can you separate the wheat from the chaff? How can you identify problematic personalities that might indicate an advisor isn't the right fit for you?
Here are some of the things we’ll address in this episode:
- 2:56 – “The Ghost” who disappears after the initial deal
- 6:10 – “The One-Trick Pony” with limited capabilities
- 8:15 – “The Jargon Juggler” who overuses complicated terms
- 11:38 – “The Conversation Hog” who doesn’t listen or ask questions
- 14:40 – “The Expensive, But Empty, Suit” who appears impressive but lacks substance and expertise
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Whether you’re close to retirement or still far from that exciting date, it’s not uncommon to wonder when you should start preparing for each aspect of it. From figuring out the right time to be debt-free and when to adjust your portfolio risk, to deciding when to plan for your Social Security benefits or healthcare coverage, this episode guides you through the ideal timeline for each. Tune in to find out how far away from retirement you should have answers to these pressing questions.
Here are some of the things we’ll address in this episode:
- 2:12 – Tackling debt before retirement
- 5:29 – Having a structured income plan
- 7:01 – Drawing Social Security
- 8:35 – Should you and your spouse retire at the same time?
- 11:02 – Do you have too much risk for your age?
- 12:32 – Income and expenses in retirement
- 15:12 – Planning for rising taxes and inflation
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Get ready to finish up our conversation on retirement cash flow! This time, we're diving into the income side of the equation. In our first two parts, we tackled the ins and outs of your expenses in retirement. Now, it's all about understanding the crucial role of income analysis.
Here are some of the things we’ll address in this episode:
- 1:58 – Understand your retirement income
- 3:21 – Diversifying income streams
- 6:08 – Guaranteed vs non-guaranteed income
- 10:24 – Paycheck vs playcheck concept
- 13:03 – Maximizing income and minimizing taxes
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Picture this: You're at your retirement party, finally ready to enjoy your golden years, but worries caused by some bad money habits have robbed you of fully enjoying the sweetness of the day. It happens to more people than you think, which is unfortunate because, with just a little bit of modification, you can rid some of the worst money habits from your life and set yourself up for retirement success.
Here are some of the things we’ll address in this episode:
- 2:40 – Being addicted to the rising stock market
- 6:05 – Financial planning procrastination
- 8:12 – Ignoring your retirement time horizon
- 11:03 – The purpose of diversification
- 13:16 – Working with an advisor
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Don’t get us wrong. In many cases, your 401(k) can be your best investment vehicle, offering numerous benefits and tax advantages and many times a 100% return on some of your contributions (also known as an employer match). However, it's important to recognize that it might not always be the optimal choice for everyone. Join us in this thought-provoking episode as we dissect the reasons why someone should NOT invest in a 401(k).
Here are some of the things we’ll address in this episode:
- 2:01 – If your employer doesn’t match contributions
- 3:41 – Do you have an emergency fund?
- 5:36 – Having high-interest debt
- 6:55 – If you’re worried about future tax expenses
- 11:09 – If you no longer work at the company
- 12:28 – If you're concerned about control, flexibility and limited investment options
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
In this episode, we’re back to explore many of the expenses in your life that might drastically change (one way or another) in retirement. We’ll break those expenses down further to see which ones are the top priorities and analyze some of the other factors that impact your cash flow in retirement.
In part one of this series, we covered some of the must-haves in retirement planning, such as housing, healthcare, food, and clothing costs. In this episode, Phil will discuss the importance of maintaining your current lifestyle in retirement and discuss some other critical factors that can contribute to cash flow problems. Join us as we chat about longevity, accounting for inflation, and more.
Here are some of the things we’ll address in this episode:
- 1:37 – Retirement must-haves
- 4:45 – Retirement nice-to-haves
- 7:42 – Longevity is a risk multiplier
- 9:36 – Planning for the future of inflation
- 12:03 – Not planning for a sequence of returns
- 14:01 – How planning works through these questions
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
In this episode, we’ll explore many of the expenses in your life that might drastically change (one way or another) in retirement. We’ll break those expenses down further to see which ones are the top priorities and analyze some of the other factors that impact your cash flow in retirement.
Whether you're approaching retirement or already enjoying it, this episode is filled with essential tips and strategies that will empower you to make informed financial choices, ensuring a comfortable and fulfilling retirement.
Here are some of the things we’ll address in this episode:
- 3:09 – How housing might change in retirement
- 7:03 – No more work “stuff” – gas, lunch, wardrobe
- 9:46 – Budgeting for healthcare in retirement
- 12:56 – How taxes could change in retirement
- 18:26 – Travel and leisure expenses
- 20:34 – How insurance costs might change in retirement
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
In the complex world of retirement planning, there are countless pitfalls one could fall into. In this episode, we've distilled it down to what we believe are the top 10 mistakes to watch out for. In part two of this two-part episode, we’re going to discuss the next 5 money mistakes that Phil often sees in retirement planning.
Here are some of the things we’ll address in this episode:
- 1:21 – Not having a clear retirement goal
- 4:22 – Not accounting for inflation in your retirement budget
- 10:50 – Failing to update your retirement plan regularly
- 14:28 – Assuming that you won’t live a long time
- 19:08 – Forgetting about sequence of returns risk
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
In the complex world of retirement planning, there are countless pitfalls one could fall into. In this episode, we've distilled it down to what we believe are the top 10 mistakes to watch out for. In part one of this two-part episode, we’re going to discuss the first 5 money mistakes that Phil often sees in retirement planning.
Here are some of the things we’ll address in this episode:
- 2:30 – Ignoring future tax implications of your retirement savings
- 5:51 – Starting Social Security too early
- 9:59 – Focusing on returns instead of income
- 12:01 – Being too aggressive or conservative
- 16:02 – Taking investing advice from family or friends
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Are you ready to take control of your finances during life's most pivotal moments? In this episode, we dive into the complex world of financial decision-making during key life events. From the excitement of getting remarried or entering retirement to the challenges of divorce and the loss of a loved one, we'll provide practical tips and guidance to help you make informed decisions and maintain financial stability.
Here are some of the things we’ll address in this episode:
- 1:21 – Financial decisions during remarriage
- 4:13 – Financial decisions during divorce
- 7:43 – Financial decisions during job changes
- 10:37 – Planning for retirement
- 12:31 – Severe medical issues and disabilities
- 18:13 – Financial decisions during the loss of a loved one
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
In today’s episode, we’re going to focus on the three categories that many clients fall into when starting their retirement planning journey: The unsure, the confident, and the certain. Whether you have no idea if you can retire or if you’re positive that you have sufficient funds to retire, we’ll cover some critical areas of retirement planning that you need to pay attention to.
Here are some of the things we’ll address in this episode:
- 1:10 – The “I have no idea if I can retire” client
- 5:24 – The “I think I have enough money” client
- 7:25 – What is a reasonable rate of return?
- 11:33 – The “I know I have enough money to retire” client
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Today, we'll be discussing some challenges of moving amidst the current climate, particularly for pre-retirees and retirees. We recently came across a Vanguard article that proposes a way to potentially add $100,000 to one's retirement savings by selling and relocating to a different state. Is this a feasible strategy? We’ll answer that question and more about relocating in this episode.
Here are some of the things we’ll address in this episode:
- 1:06 – Some things to think about if you’re considering moving in the current economy.
- 4:31 – Understanding the pros and cons of the real estate market you’re in right now compared to where you are moving.
- 8:48 – The importance of looking at the bigger picture when making the decision to move.
- 12:01 – The challenges of moving right now.
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Have you ever wondered why you handle money the way you do? It turns out your financial behaviors can be traced back to your formative memories. In this episode, we examine how significant market crashes of the past might be impacting your current money management habits.
Here are some of the things we’ll address in this episode:
- 1:32 – The ripple effects of the Great Depression
- 3:29 – Soaring interest rates
- 8:21 – Black Monday to the Dotcom bubble
- 16:15 – The impact of the Great Recession
- 18:57 – The quick downturn of the pandemic
- 22:03 – Finding balance in your investment strategy
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
We’re back for part two of this two-part series! In episode one, we debunked the first five common Social Security misconceptions and set the record straight. Today, we'll take on the next five myths that have been causing confusion and misinformation about Social Security.
Here are some of the things we’ll address in this episode:
- 1:28 – Can I work and still receive Social Security benefits?
- 5:09 – You don’t have to be a U.S. citizen to receive benefits.
- 6:35 – If I have a pension, will I not be eligible for Social Security?
- 8:37 – Social Security is not based on your total assets.
- 10:20 – Social Security benefits are based on your highest 35 years of earnings.
If you have any questions about what we discussed in this episode, reach out and we'll be happy to set up a time to talk.
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Have you ever wondered if the Social Security system will run out of money before you retire? Or if claiming benefits as soon as you're eligible is the best decision for your financial future? In this two-part episode, we'll be debunking common myths about Social Security and answering the questions you've been curious about.
Here are some of what you’ll learn in this episode:
- 1:40 – Why Phil doesn’t recommend turning to the Social Security Administration for benefit strategies.
- 4:26 – Even if you’re a stay-at-home mom, you may still be eligible for Social Security benefits through spousal benefits.
- 8:16 – Depending on your income, you may have to pay taxes on your Social Security benefits.
- 13:16 – Why Phil doesn’t think Social Security will run out of money.
- 16:48 – Why claiming your benefit as early as possible isn’t always the best strategy.
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Are you a golfer? Even if you're not, the game of golf can teach us valuable lessons about retirement planning. For example, hitting a hole-in-one might be thrilling, but it won't necessarily guarantee your overall success. And just like you need different clubs in your golf bag to play a round, you need a well-balanced approach to your investments in retirement. Tune in to this episode to learn more about how the game of golf can help you plan for a successful retirement.
Here are some of the things we’ll take a swing at in this episode:
- 0:00 – Intro
- 1:37 – The financial lesson risk-takers can learn from hitting a hole-in-one.
- 8:30 – The importance of being intentional with your financial plan before looking at investments.
- 11:14 – True professionals have a caddy to help them along the way. Financial advisors can help you most efficiently use the different clubs in your financial golf bag.
- If you have any questions about what we discussed in this episode, reach out and we'll be happy to set up a time to talk.
If you have any questions about what we discussed in this episode, reach out and we'll be happy to set up a time to talk.
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Are you aware that not all retirement accounts are created equal? In this episode, we'll delve into the different types of retirement accounts, including 401(k)s, IRAs, Roths, and several other examples. We’ll help you weigh the pros and cons of each and give you insights into the purposes they serve so that you can choose the best account for you.
Here are some of the things we’ll address in this episode:
- 1:01 – What are the pros and cons of company-sponsored retirement plans?
- 5:02 – The advantages and limitations of Roth and traditional IRAs.
- 8:09 – What is the difference between a Simple IRA and a SEP-IRA and who are these options for?
- 11:15 – The pros and cons of HAS and FSAs.
- 15:10 – What is the difference between annuities and CDs?
- 18:34 – How to choose the right retirement plan for your situation.
If you have any questions about what we discussed in this episode, reach out and we'll be happy to set up a time to talk.
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Do you ever feel like your retirement planning goals are always moving? You're not alone. We’ve found that people often move the goalposts in their own retirement planning, often to their detriment. In this episode, we're diving deep into the psychology of retirement planning and the dangers of moving the goalposts.
Here are some of the things we’ll address in this episode:
- Why cash does not work for long-term goals and investment. (1:51)
- The danger of the “I’ll get serious about saving next year” attitude. (5:45)
- Why it’s crucial to determine what market risks you are comfortable with understand how to position those risks in your financial plan. (8:48)
- How having a solid plan in place will allow you to retire on a flexible schedule. (11:09)
If you have any questions about what we discussed in this episode, reach out and we'll be happy to set up a time to talk.
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
The Silicon Valley Bank situation has gotten all of the financial headlines over the past week, and rightfully so. The event immediately triggered worries that another 2008 event might happen again, but is that concern justified? In this episode, we’ll explain why this run on SVB happened, what it really means, and what lessons we can learn from this.
Here are some of the things we’ll address in this episode:
- The details of what really happened with SVB. (1:16)
- What are the ripple effects of this collapse? (4:53)
- Some of the key points from this story. (7:15)
- How is this different from what happened to banks in 2008? (10:15)
- How this reminds us about the importance diversification. (12:00)
- Why this shouldn’t affect most Americans unless something drastically changes. (14:36)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
On this episode, we'll be pointing out the most common areas people overlook when planning and provide actionable tips to ensure that your plan is as comprehensive as possible. The good news for anyone that feels they’ve overlooked any of these items is that they are all correctable by taking the time with an advisor to do some proper planning.
Here are some of the things we’ll address in this episode:
- How prepared are you for a market downturn early in retirement? (1:24)
- Inflation is on everyone’s radar now but is your plan prepared for the effects it will have over a long retirement? (4:21)
- Medical costs are more expensive than what many people prepare for. (6:53)
- Getting prepared for the likelihood of a tax increase in the future. (7:52)
- Most of us just don’t want to face the possibility of long-term care so we don’t build it into our plan. (12:00)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
On today’s episode, we’ll break down the top ten tax questions retirees are asking in 2023. Before you file your 2022 taxes and plan ahead for the rest of the year, make sure to listen to this episode as we’ll discuss some important tax questions that retirees should ask themselves to ensure they're making the most of their retirement savings and minimizing their tax burden.
Here are some of the tax questions we’ll address in this episode:
- What are the tax implications of withdrawing money from your retirement accounts? (1:01)
- How is pension income taxed? (4:23)
- How will your taxes change if you decide to move states in retirement? (6:55)
- What are the tax considerations for gifting money to children or grandchildren? (11:00)
- Knowing how your income will impact Medicare premiums. (13:56)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
For some people, leaving a legacy is one of the most important goals for their financial plan. Not only do they want to leave as much as possible, but they also want to make sure those assets go to their intended beneficiaries.
On this episode, we’ll address five, unfortunately, common beneficiary mistakes. Are you making one of these beneficiary mistakes? If so, it could cost you and your loved ones dearly. Some of the simplest mistakes can completely spoil an otherwise well done retirement plan.
Here are some of the mistakes we’ll discuss in this episode:
- Naming minors as beneficiaries. (1:37)
- Not naming an alternate or successor beneficiary. (3:00)
- Not coordinating your beneficiary designations with your will. (6:10)
- Naming your estate as a beneficiary. (9:42)
- Having errors on the application. (15:49)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Another year is upon us and it’s a great time to ask yourself some critical questions to assess how ready you are for retirement to kick off 2023.
If you’re retiring this year, it’s essential to have some concrete answers to these questions. If you’re still a few years from the milestone, tune in so you can start thinking about these critical conversations.
We broke this discussion up into two parts so we could take enough time for each of these items on the checklist. In part one, we worked through #1-5 on the list, which included a lot of income planning items. This episode will focus on the final five items on the list and many of these are out of our control.
Here’s some of what you’ll learn in this episode:
- Do you have a plan to combat inflation? (1:36)
- Are you prepared for the possibility of future tax increases? (6:48)
- Healthcare costs are outpacing just about everything. Do you have a plan to cover medical needs? (13:08)
- Do you have any kind of legacy plan in place? (15:34)
- Do you know how you intend to spend your time in retirement? (18:08)
Check out part one for #1-5 on the list: https://philstaxhacks.com/podcast/ep-169-2023-retirement-preparedness-checklist-1-5/
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Another year is upon us and it’s a great time to ask yourself some critical questions to assess how ready you are for retirement to kick off 2023.
Since we have a lot to tackle on the checklist, we’ll run through the first five on this episode and the second five on the next show. Today’s focus will primarily be on the all-important income planning piece of the puzzle along with some of the risks you’ll face in retirement.
Here’s some of what you’ll learn in this episode:
- Why most people don’t know how much money they need in retirement and why it’s critical to answer that question. (1:36)
- Once you know how much you’ll need, do you know where you’re going to withdraw from first? (4:21)
- Have you truly addressed the longevity risk for retirement? (7:54)
- How to prepare your investment strategy to deal with market volatility. (9:40)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
It’s been said that if you don’t have an income plan, you don’t really have a retirement plan. We’ll tackle that mentality on this episode to see if it’s true and further explore why so many retirees and pre-retirees don’t understand the importance of an income plan, nor how to properly construct one.
Here’s some of what you’ll learn on this episode:
- If you don’t have an income plan, you don’t really have a retirement plan. (0:42)
- Where are you pulling the income from and when? (3:11)
- Why most people don’t have an income plan. (5:19)
- The steps you can take to start putting an income plan in place. (8:26)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
In the first part of the series, Phil highlighted the age changes for required minimum distributions along with some Roth changes that were included. This episode will focus on an assortment of additional planning changes that you need to be aware of. Some of them are already active and a few will kick in over the next year or two.
Here’s some of what you’ll learn on this episode:
- Catch-up contributions getting an inflation adjustment. (0:50)
- The Starter 401(k) (4:44)
- The ability to get a company match if you’re making student loan payments. (5:48)
- Changes to qualified charitable distributions (10:04)
- Changes coming in future years. (16:30)
- Phil’s overall opinion on SECURE Act 2.0 (18:22)
Check out SECURE Act 2.0 (Part 1): https://philstaxhacks.com/podcast/ep-166-secure-act-2-0-rmd-roth-changes-part-1/
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Another round of retirement changes are on the way after President Biden signed a spending bill in December 2022 that included the SECURE Act 2.0. Retirees and pre-retirees need to understand what this legislation means, how it might impact you, and what planning opportunities this could open up.
Here’s some of what you’ll learn on this episode:
- RMD age extended to age 73 for some and 75 for others. (1:05)
- The RMD penalty has been reduced. (3:35)
- There are no longer RMDs for any Roth account (5:09)
- Catch-up contributions to company plans will have to do into the Roth for high-income earners. (11:22)
- The ability to move money from a 529 plan to a Roth…with restrictions. (13:31)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Saving in your 401(k) can be an easy and painless way to build your retirement savings. But because it’s so easy and painless, it can also be easy to ignore for long periods of time, which often leads to mistakes.
In this episode, we will be coving common mistakes people make in their 401(k)s.
Join us on today’s episode as we break down these major topics:
- Are you a financial collector? (1:27)
- Why you don’t want to forget to rebalance your 401(k). (4:16)
- Do you understand Target Date Funds? Are they the best option? (5:46)
- Who is the client of the 401(k)? You, or your work? (8:20)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Is it possible to have a “Dividends Only” Retirement? We found an interesting article that explores how to achieve the mythical “dividends only” retirement plan.
In this episode, we discuss the article and why you may want to consider some of the cons to this method of retirement planning.
Join us on today’s episode as we break down these major topics:
- What is a true dividend? (1:01)
- Most mutual funds pay out a percentage of their earnings through dividends. (5:39)
- How much of a pay cut are you willing to take when companies reduce dividends? (7:26)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
There are a ton of opinions out there on the market right now. Many are wondering what the next year has in store for us after market volatility became the norm in 2022. Are we in for more of the same in 2023?
In this episode, we’ll talk about the market outlook for the next 12 months, plus share tips on how you can best prepare for potential future volatility. We will also discuss a few published articles and share our thoughts with you.
Join us on today’s episode as we break down these major topics:
- Mergers & Acquisitions says “signs point to more market volatility in 2023”. (1:17)
- Morgan Stanley’s Mike Wilson says the markets in 2023 will face “extreme volatility”. He relates the market struggles to a 1940s-style boom-bust inflation cycle, and here are our thoughts. (2:44)
- How should you react when you check on your investments during a volatile market and start to feel anxious? (6:44)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
In this episode, we will be discussing this article that cites 35% of millionaires saying it’s “going to take a miracle” to be ready for retirement. Why are Americans feeling less confident? Is it realistic that millionaires can’t feel sure about their retirement futures? Listen to find out.
Join us on today’s episode as we break down these major topics:
- Getting to retirement requires more than hitting a certain net worth. (3:12)
- How our bucket plans can help you plan effectively. (13:06)
- Your lifestyle factors into how possible retirement is. (14:12)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Some major life events catch us by surprise, and others are more anticipated. No matter the circumstance, it’s imperative to make wise financial decisions when navigating these life changes.
Let’s explore some of the things you should be thinking about to make smart financial decisions when you encounter some of the most significant events in your life.
Join us on today’s episode as we break down these major topics:
- What to think about when you’re forced into retirement or change careers close to retirement. (2:00)
- Keep an eye on these things in a divorce. (6:10)
- How becoming an empty nester can impact your finances. (10:10)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
People have used the 60-40 rule for investments for years. It typically works well enough, but is it most effective?
In this episode, we will break down the 60-40 rule and help you understand how to expand this concept to diversify your investments.
Join us on today’s episode as we break down these major topics:
- What is a 60-40 portfolio? (1:41)
- Phil’s thoughts on the challenges of a 60-40 portfolio. (2:36)
- What alternative to bonds could you use in a 60-40 portfolio? (7:05)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Sometimes you need to find a new financial advisor. Other times, you might think you need a new advisor, but really, you’re just guilty of thinking that the grass is greener on the other side.
In this episode, we will discuss some possible scenarios, like business changes, mistakes made, and more. Let’s see how these scenarios could impact your decision-making and why you may not want to jump ship too quickly.
Join us on today’s episode as we break down these major topics:
- If your advisor made a mistake, should you immediately find a new one? (0:58)
- Your advisor’s business seems to have grown substantially and you rarely see him or talk to them. Is this a good reason to switch? (3:02)
- If you attend a dinner seminar with a financial advisor and find them to be more personable/interesting, is it worth thinking about hiring them instead? (7:11)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Getting through retirement can be a lot like running a marathon. In this episode, we will discuss some similarities between getting to the finish line in racing and retirement.
A lot of people assume that training for a marathon consists of long runs every day, when it actually involves a lot of planning. Most marathoners spend at least six months in training…mixing in days with light runs, some days with long runs that simulate the marathon, and other days with shorter, faster runs.
Planning for retirement is similar. You should have money invested in different ways to accomplish different tasks and your portfolio should have some planning behind it, not just haphazard investment choices.
Join us on today’s episode as we break down these major topics:
- In sports, you have to strategize your training to set yourself up for success. Listen to hear how retirement works the same way. (1:49)
- How a training diet relates to retirement planning. (6:00)
- Why you don’t want to start too fast in a race, or in retirement. (10:18)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
With tax season around the corner, we get a lot of questions about taxes. Many don’t understand that their tax strategy completely changes in retirement.
In this episode, we will cover some of the key points about your taxes in retirement.
Join us on today’s episode as we break down these major topics:
- How should my tax strategy change as I transition into retirement? (1:14)
- In 2026 taxes codes will revert to the Obama administration era of taxes if there are no changes. Will there be as many deductions in retirement with that code? (3:43)
- How effective is it to move to a state with no income taxes? (14:30)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Unfortunately, there are times people are forced into retirement before they are ready. Today we are going to go over what that may look like and common questions people ask when faced with this difficult situation.
The first thing to know is that this isn't an uncommon position to be in so don't feel like you're alone. Dealing with a forced retirement is not always straightforward, so we do our best to cover all of the bases from pension options to healthcare. Let’s dive in!
Join us on today’s episode as we break down these major topics:
- Should I accept the retirement severance package I was offered? (1:33)
- Should you take your pension as a stream of income or a lump sum? (3:37)
- How you claim your pension could affect your tax bracket. (10:00)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
A great tool you could utilize for your financial plan is a Health Savings Account. Though it may be an underserved tool in some financial advisors’ tool belts, it has some amazing benefits.
In this episode, you will learn about HSAs and why they are sometimes referred to as ‘Super Roths’ (Spoiler alert: They are triple tax-free!). Listen to find out the ways to make the most of an HSA and some mistakes to avoid.
Join us on today’s episode as we break down these major topics:
- What is an HSA? Is it tax-free? (1:25)
- Who qualifies for an HSA? (3:09)
- The advantages of a Health Savings Account. (8:00)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
When we have bad markets, traditional investing points to bonds. What if they aren’t the safe and secure investment that everyone thinks they are? In our current 2022 market, you may be considering bonds yourself.
Today we are going to go over the ABC’s of bonds. There are many ways to get into bonds and we will go over the different options available and help you determine if they may or may not be something you should consider.
Join us on today’s episode as we break down these major topics:
- Why are there so many misunderstandings surrounding bonds? (1:18)
- What is the difference between a bond fund and individual bonds? (3:18)
- In 2022, are individual bonds still safe, effective investments? (7:59)
- What is the best strategy for you in this market? (10:28)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Who reads the fine print? It’s one of those things most people skim over or ignore entirely. In this episode, we will go over some fine prints that can be easily missed.
Listen to hear real-life scenarios that were sent in for us to share with you. Should the fine prints be explained to us more thoroughly or should we be paying more attention? When we hear “no fees”, do we take that at face value? Let’s find out.
Join us on today’s episode as we break down these major topics:
- Have you been caught off guard by rate increases on insurance? (2:19)
- Have unexpected fees got you down? (6:21)
- Past performance does NOT guarantee future results. (9:03)
- What you should know about Real Estate Investment Trusts. (11:24)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Want to know the secrets to experience satisfaction in retirement? We’ve discovered five key situations in which your financial plan needs to lead you. If you can key in on these five points, you’ll have a high chance to achieve retirement satisfaction.
Making sure you have all your bases covered isn’t always an easy feat with so many things to consider. In this episode, we will discuss exactly how you can retire with confidence in your financial future.
Join us on today’s episode as we break down these major topics:
- How you can achieve peace of mind in retirement. (3:37)
- How diversifying your income can help you achieve better financial security. (5:32)
- Do you have confidence that you will be able to enjoy your retirement? (7:55)
- Do you have the security of a plan for long-term care if needed? (11:59)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast: https://youtu.be/fTyjpHL5VjI
We’re bombarded with ads each day in all forms of media. But have you ever taken a closer look at these messages? If we unpack some of these headlines and ads a little bit more, we’re able to clearly understand what emotions they’re trying to elicit. More importantly, we can figure out what companies are trying to sell us.
For this episode, we perused the internet for a couple of hours and kept track of various financial planning, investing and retirement ads we came across. Let’s pick apart these messages that popped up and see if it helps us become savvier savers.
Join us on today’s episode as we break down these major topics:
- When you see someone advertise “Invest like the 1%”, what do you think their goal really is? (1:28)
- The same strategies don’t work for every investor. (3:09)
- “Become a Market Master”, you say? But can you really master the market? (4:46)
- The difference between a financial advisor and a get-rich-quick scheme. (6:50)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast: https://youtu.be/fTyjpHL5VjI
There are plenty of decisions that you’ll make in the retirement planning process that can’t be undone, so you want to make sure that you make the right call. In this episode, we’ll explain why these decisions are so important and can’t be undone.
It can be tough to know exactly how much risk you should be taking as you prepare your financial plan, but it helps to know what you need to get right the first time. For example, you may have put off getting life insurance, but it’s more affordable the younger you are.
Listen to learn more on life insurance and some other tips that will help set you up for a smoother retirement.
Join us on today’s episode as we break down these major topics:
- When should you start social security? (2:04)
- Everything you need to know about the Spousal Benefit through a Pension. (7:38)
- Here are the reasons you should start life insurance as early as possible. (11:17)
- What if you retire…then end up needing to go back to work? (13:57)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast: https://youtu.be/YwCTfVEAxNw
People have many reasons for procrastinating when it comes to putting a retirement plan together. Let’s explore some of those excuses and why they can be dangerous, and talk about how to overcome them…
Join us on today’s episode as we break down these major topics:
- Why you should still plan for retirement if your parents didn’t, and they turned out fine. (2:40)
- How to know which advice to believe. (5:00)
- Money problems don’t go away, so stress is not a good reason to avoid planning. (8:22)
- Being too busy to plan for retirement will catch up with you. (11:10)
- Is perfectionism preventing you from reaching out to an advisor? (20:00)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast: https://youtu.be/YwCTfVEAxNw
Being a good advisor isn’t about winning a popularity contest or just saying the same things that everyone else in the industry says. It’s about giving the best advice that you can for each individual situation. On today’s show, we’re going to peel back the curtain to discuss some areas where a good financial advisor’s opinions might go against the grain with mainstream ideas in the industry.
Join us on today’s episode as we break down these major topics:
- How much risk is too much risk for you? (1:52)
- The benefits of life insurance (3:29)
- Managing debt- is all debt bad? (7:12)
- Using annuities as a tool (9:19)
- All about mutual funds (13:40)
- Should you keep cash in the bank, other than your emergency fund)? (16:10)
For more, visit us online: http://philstaxhacks.com
Everyone we’re working with for a retirement plan has to keep an eye on the age of 72 because that’s when the required minimum distributions begin. While we all know money has to come out of our retirement accounts, it’s not as simple to understand all the requirements and then execute that efficiently. Today we’ll continue our deep dive with part two focused on the inherited account side of things.
Listen to part 1: https://philstaxhacks.com/podcast/ep-146-a-deep-dive-into-rmds-part-1/
Join us on today’s episode as we break down these major topics:
- What two options you have as a surviving spouse. (1:15)
- Understanding the changes that came down when the SECURE Act was introduced on January 1, 2020. (3:27)
- The rules that apply to children who inherit your IRA and the caveats that come with those. (7:40)
- Do the rules change at all when you are leaving multiple accounts? (14:36)
- Roth IRAs do fall under the 10-year RMD rule but remain tax-free. (18:04)
For more, visit us online: http://philstaxhacks.com
Everyone we’re working with for a retirement plan has to keep an eye on the age of 72 because that’s when the required minimum distributions begin. While we all know money has to come out of our retirement accounts, it’s not as simple to understand all the requirements and then execute that efficiently. Today we’ll provide you a deep dive into RMD starting with the accounts you own in part one.
Join us on today’s episode as we break down these major topics:
- What you need to know and what’s changed about RMDs on your own accounts. (2:02)
- The big difference between a Roth IRA and Roth 401(k). (4:09)
- What can you do with your RMDs if you don’t need to use the money immediately? (13:30)
- What has to happen at age 72 and what can be done after. (17:47)
- The penalty if you miss your RMDs and how the IRS handles that. (19:56)
Watch the video podcast here: https://youtu.be/eGucxamg3KM
Visit us online: http://philstaxhacks.com
We’re going to have a tough conversation about retirement and divorce on today’s episode. How does this difficult decision impact your retirement financially?
Join us on today’s episode as we break down these major topics:
- Why is working with a financial advisor essential during a divorce? (6:10)
- You don’t want to ignore tax implications of breaking up retirement accounts. (7:04)
- Rolling a spouse’s retirement account into a new IRA immediately after divorce. (9:33)
- How divorce can impact Social Security payments. (15:56)
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Read more and get additional financial resources here: http://philstaxhacks.com
Are you ready for a pop quiz? Today we’re going to do a retirement planning pop quiz. Can you ace these questions?
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Key points:
1:24 – At what age should people start saving for retirement?
4:14 – How much do you need for income in retirement?
9:25 – Which do retirees fear the most?
11:17 – What best represents a diversified plan?
16:42 – To avoid running out of money, only take out how much?
Read more and get additional financial resources here: http://philstaxhacks.com
We are opening up the mailbag today to answer various questions from listeners and clients. We’ll explore the average rate of return, blue-chip stocks, TSP investments, and much more on today’s show.
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Key points:
1:29 – What rate of return should I be getting?
5:02 – Should I move out of blue-chip stocks?
8:22 – Should I move the money in my TSP?
11:49 – Is it time to load up on stocks?
16:24 – Can I make it the rest of the way without an advisor?
Read more and get additional financial resources here: http://philstaxhacks.com
What do pre-retirees and retirees need to know about surviving this bear market and a possible recession? On today’s episode, we’ll explore some expert advice on surviving a bear market and whether we agree or disagree with these opinions.
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Key points:
1:33 – Value stocks over growth stocks
5:23 – The bear market is a great opportunity for investors
7:10 – Be aware of emotional decision making
13:14 – I would delay my retirement in the current environment
17:31 - Stop digging when you’re in a hole
Read more and get additional financial resources here: http://philstaxhacks.com
A recent article in The Hill paints the EARN Act (Enhancing American Retirement Now), the Senate’s version of the House’s Secure Act 2.0 bill, in a negative light as primarily a tool to give a tax break to rich Americans in a way that ultimately adds to the national deficit and only circumvents problems instead of solving them. We’ll break down the article on today’s episode and share our opinion on what it gets right, and wrong…
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Key points:
1:17 – RMDs at age 75
5:34 – Additional $10,000 in savings
8:23 – Are Roth conversions are bad?
Read more and get additional financial resources here: http://philstaxhacks.com
With the volatility in the market many of us are looking to start working with an advisor. What should we keep an eye out for when shopping around for an advisor? What red flags do we need to be aware of?
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Key points:
2:09 – Spotting red flags
2:44 – Works with everyone
6:25 – Good news and certainty
10:35 – Too much jargon
15:02 – More talking than listening
Read more and get additional financial resources here: http://philstaxhacks.com
Do you take a lot of risk or are you a conservative investor? On today’s episode, we’ll explore why risk tolerance matters and how understanding our own risk tolerance level can protect our assets and future.
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Key points:
0:25 – The current stock market
2:20 – Increasing inflation and retirement
3:56 – Do most people know their risk tolerance level?
5:31 – Are we panicking too much?
8:00 – How often does risk match their portfolio?
11:30 – Should we adjust our risk level now?
13:11 – Bucket strategy to mitigate risk
14:53 – Taking unnecessary amounts of risk
17:49 – Adjusting your risk strategy in retirement
20:40 – Can you reduce risk without giving up growth?
Read more and get additional financial resources here: http://philstaxhacks.com
Let’s continue our conversation on financial debates today. From deferring taxes to using credit cards, what is your opinion on these common financial debates?
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Key points:
2:45 – Defer or don’t defer taxes
10:24 – You should never use credit cards
15:53 – Mutual funds or individual stocks
25:03 – Start Social Security as soon as possible
28:31 – Can you DIY retirement planning?
Read more and get additional financial resources here: http://philstaxhacks.com
Should you pay the house off before retirement? Do you need to keep your life insurance once retired? Do annuities deserve their bad reputation? On today’s episode, we’ll break down some famous financial debates and how each side approaches these topics. Who do you agree with?
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Key points:
1:05 – To pay off the house or to not pay off
7:50 - Individual bonds vs. bond funds
11:18 – Nobody needs life insurance after retirement
17:47 – Annuities are a rip-off
25:08 – Fee-based advisor vs. commissioned broker
Read more and get additional financial resources here: http://philstaxhacks.com
We are breaking down some retirement statistics on today’s episode. Are these numbers encouraging or discouraging?
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Key points:
1:29 – Women have less saved than men
7:00 - You need $1.04 million to retire
9:29 – 55% of workers plan to continue to work
10:47 - 25% of Americans increased their savings
13:46 – 70 million people are taking Social Security
Read more and get additional financial resources here: http://philstaxhacks.com
So, what really is the secret to retirement success? While it may be harsh, the reality is we are often our own worst enemy when it comes to planning. On today’s episode, we are going to discuss how we, as investors, can get out of our own way in order to have a successful retirement.
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Key points:
1:09 – We aren’t being harsh
3:44 – Fear and greed
6:40 – Investing for taxes
9:55 – Too much cash
14:03 – Not doing anything
Read more and get additional financial resources here: http://philstaxhacks.com
As you count down to the days of retirement there are some important things, you’ll want to cross off your to-do list. On today’s episode, we’re going to break down some of the things you’ll want to get done before this next chapter of life.
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Key points:
0:38 – Counting down the days
1:28 – Getting healthy and staying healthy
4:07 – What are you going to do?
9:36 – Catch up and save more
10:31 – Paying off debt
15:04 – Look at the risk
16:39 – Working with an advisor
21:07 – Finding the right person
Read more and get additional financial resources here: http://philstaxhacks.com
It’s a question more and more people are asking, especially as the workplace continues to change following the pandemic. But are you in a position to step away from a consistent paycheck at age 55? Phil will provide a great look at the reality of early retirement in today’s environment and apply some real-world examples to the discussion.
Watch the video podcast: https://youtu.be/cuahFzcAFlw
Key points:
1:09 – Background on this topic
3:20 – How many clients want this?
4:05 – Immediate challenges
5:14 – Retiring at 65
7:48 – Retirement lifestyle
9:06 – Running the math
11:38 – Challenges in this environment
13:18 – Mailbag question on retiring early
15:08 – Mailbag question with another scenario
16:36 – Bear market coming?
17:46 – Conversation with your advisor
19:43 – Mailbag question about paying house off
Read more and get additional financial resources here: http://philstaxhacks.com
The idea of a podcast on life insurance might not sound like the most exciting topic, but we’re going to put a positive spin on it today and tell you why you should get it. Or at the least, consider adding it to your portfolio. Life insurance can serve many different purposes for financial needs and we’ll share a few you might not have thought of on this episode.
Watch the video podcast: https://youtu.be/dEGFLe0qJFU
Read more and get additional financial resources here: http://philstaxhacks.com
Today's Key Points:
0:58 – Income Replacement
3:55 – Estate Liquidity
5:11 – Transferring family wealth
7:28 – Business succession
9:01 – Tax-free benefits
12:39 – Long-term care coverage
14:23 – Using all the tools at your disposal
Birthdays might not be as exciting as they once were, but they are still important. On today’s episode, we are going to break down some retirement birthday milestones you need to be aware of when planning for the future.
TIMESTAMPS:
0:23 – Wonky weather!
1:21 – Age 50
3:42 – Age 55
5:47 – Age 59 ½
6:50 – Age 62
9:06 – Age 65
12:44 – Age 66 or 67
14:42 – Age 70
15:49 – Age 72
ADDITIONAL INFORMATION: https://philstaxhacks.com/
Let’s talk about the house today! We are going to explore some common retiree questions we get about housing. Should you downsize? Should you use equity as an emergency fund? Find out on today's show.
TIMESTAMPS:
0:44 – Do we get questions about housing?
1:41 – Should you pay off the house?
4:49 – Should you downsize?
8:17 – Should you pull out equity?
11:10 – Signing the house over to the kids
13:42 – Is a reverse mortgage a good idea?
ADDITIONAL INFORMATION: https://philstaxhacks.com/
Let’s continue our conversation on financial jargon today. We’ll dive into the different designations and licenses you may see when shopping around for a financial advisor. What do they all mean?
TIMESTAMPS:
0:52 – Having proper qualifications
2:22 – RIA or IAR
3:35 – The C’s
5:35 – Series license
11:49 – Education
15:30 – Do your homework
ADDITIONAL INFORMATION: https://philstaxhacks.com/
There is a lot of financial jargon out there that can be confusing when you are trying to plan for retirement. So, on today’s episode, we’ll explore a variety of different terms and definitions and how they apply to the financial planning process.
TIMESTAMPS:
0:41 – We don’t lack jargon
1:28 – Bear or bull
4:02 – Inflation
6:50 – Recession
10:42 – Volatility
12:09 – Risk tolerance
14:31 – 60-40 portfolio
15:58 – Dollar-cost averaging
17:46 – Bonds vs stocks
19:44 – ETFs vs mutual funds
22:00 – Target-date fund
ADDITIONAL INFORMATION: https://philstaxhacks.com/
When it comes to our money there are several ways, we tend to get greedy. So on today’s episode, we are going to discuss how to recognize the voice of greed and how we can fight against it.
TIMESTAMPS:
0:15 – Voice of greed
2:07 – Being aggressive
5:57 – Following what you hear
7:15 – Keeping up with the Joneses
10:05 – Emergency fund in the bank
12:48 – Doing it yourself
ADDITIONAL INFORMATION: https://philstaxhacks.com/
What could go wrong if you end up guessing when planning for retirement? Today, we explore some areas in retirement planning you don’t want to guess at.
TIMESTAMPS:
0:38 – Guessing in these times
2:44 – Inflation
8:56 – Income
13:10 – Big purchases
16:25 – Health care costs
ADDITIONAL INFORMATION: https://philstaxhacks.com/
What are most Americans confused about when it comes to retirement planning? On today's episode, we discuss 3 murky issues that may be making retirement planning harder for you.
USA Today Article: Retirement planning: These 3 issues are making it extra hard right now (usatoday.com)
TIMESTAMPS:
1:22 – USA Today Article
2:37 – Confused about income growth
8:14 – How much Social Security will provide
13:23 – Withdrawal rates are a mystery
16:29 – Simple approach or making a plan
ADDITIONAL INFORMATION: https://philstaxhacks.com/
The current state of the market and the rate of inflation may be making you nervous. How do we expect current events to impact your retirement plan and what can we do to protect our financial future?
TIMESTAMPS:
0:38 – It’s tax time!
1:01 – Russia’s impact on the market
3:36 – The energy conversation
4:48 – DOW has fallen 1,000 points
7:23 – Inflation is also overdue
12:20 – What defines a bear market?
13:52 – Having an emergency fund
16:17 – Is 2022 still hopeful?
18:03 – Is this hyperinflation?
ADDITIONAL INFORMATION: https://philstaxhacks.com/
The most important part of retirement planning is going to look different for everyone. On today’s show, we discuss some expert claims about the most important part of planning and whether Phil agrees or disagrees.
TIMESTAMPS:
1:00 – The most important part to you
2:14 – Deciding what to do with your time
3:57 – The best time to start saving is now
5:19 – How much income do you need?
6:53 – How much do you want to spend?
9:30 – Balancing risk and return
12:36 – Enjoying your retirement!
13:53 – Picking the right advisor
ADDITIONAL INFORMATION: https://philstaxhacks.com/
How do we incorporate our values into our financial plan? On today’s episode, we discuss some common values and how they fit into your overall retirement plan.
TIMESTAMPS:
0:25 – Happy Valentine’s Day!
1:44 – Family
2:46 – Faith
6:22 – Education
9:05 – Career
12:13 – Charitable giving
13:44 – Having fun!
ADDITIONAL INFORMATION: https://philstaxhacks.com/
You can’t predict a lot of things: how long you’ll live, the next market crash, healthcare costs, tax rates. But you still have to plan for these things. On today’s episode, we’ll explore how you should handle planning for the things you can't predict.
TIMESTAMPS:
2:01 – When will the next market crash be?
4:59 – What will healthcare costs be?
6:51 – What are tax rates going to look like?
9:51 – How long are you going to live?
ADDITIONAL INFORMATION: https://philstaxhacks.com/
Most of us have some biases when it comes to money. Are you afraid of risk? Are you thinking far enough into the future? On today’s episode, we discuss the different types of money biases and whether they could be costing you financially.
TIMESTAMPS:
1:11 – January market closing
1:39 – Morning Star study
2:26 – Key Points of study
2:50 – Present Bias
4:48 – Overconfidence
5:51 – Loss Aversion
7:17 – Low levels of money bias
10:10 – Avoiding biases with a plan
11:00 – Build speed bumps
14:00 – Setting rules
15:22 – Most common biases
17:39 – Value with an advisor
CNBC Article: 98% of Americans have at least 1 money bias, research finds — and it's costing them (cnbc.com)
ADDITIONAL INFORMATION: https://philstaxhacks.com/
What role do our kids or grandkids play in our retirement plans? A lot of people want to save for their children and help them with big expenses like college. Doing so is great, but you have to incorporate that into your plan.
TIMESTAMPS:
1:46 – College expenses
4:58 – Trouble with the job market
7:10 – Grandkid expenses
11:42 – Special needs expenses
14:12 – Generational wealth
ADDITIONAL INFORMATION: https://philstaxhacks.com/
Winning a football game is a lot like planning for retirement. As you enter the red zone, you don’t want to fumble the ball. When you’re getting close to retirement, you certainly don’t want to fumble your retirement. On today’s episode, we’ll discuss how to keep your retirement protected as you enter the retirement red zone.
TIMESTAMPS:
1:39 – What is the financial red zone?
2:36 – Being cautious in the red zone
5:40 – Real consequences of inflation
8:32 – Top mistakes people make
10:10 – Coaching you through retirement
12:28 – Making retirement planning easier
14:37 – Having a clear picture
16:33 – Running the clock down for victory
ADDITIONAL INFORMATION: https://philstaxhacks.com/
A lot of economic predictions are floating around about 2022. On today’s show, we’ll ask Phil his opinion on these predictions regarding GDP, inflation, the housing market, and more.
TIMESTAMPS:
0:38 – Settling into the New Year
2:15 – The GDP growing by 3.9%
4:58 – Will the housing market cool off?
7:30 – Inflation won’t end anytime soon
9:17 – 2022 will see significant inflation
11:11 – “The Great Resignation” in 2022
17:41 – Consumers, COVID, and price increases
ADDITIONAL INFORMATION: https://philstaxhacks.com/
Millions of people are leaving their jobs. They are pausing work, retiring early, or changing career paths. What is “The Great Resignation” and how could it impact your retirement plan?
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-116-how-the-great-resignation-could-impact-you/
Check out the Forbes article: https://www.forbes.com/advisor/retirement/great-resignation/
What we discuss today:
0:29 – Welcome to 2022!
1:05 – “The Great Resignation” article
2:05 – 4.2 million people quit
2:52 – Has Phil had any clients retire early?
4:41 – Taking a break from Social Security
7:07 – Is a 401(k) a rainy-day fund?
8:39 – Taking a loan out against your 401(k)
10:18 – Taking your 401(k) with you
13:33 – Things to consider if you retire early
2022 is almost here! On today’s episode, we’ll finish our 22 money resolutions for 2022. How many of these can you accomplish?
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-115-22-money-resolutions-for-2022-part-2/
What we discuss today:
1:00 – Check your credit
2:48 – Check your fees
5:12 – Share your knowledge
6:45 – Donation opportunities
7:44 – Review your tax bracket
8:14 – Think about Roth conversions
11:11 – Update paycheck withholdings
12:34 – Rebalancing your portfolio
13:48 – Plan your retirement transition
15:21 – Consolidate your accounts
17:22 – Listen to more episodes!
As we ring in the new year, what are some money resolutions we should be thinking about? From reducing your debt to getting more organized we’ll discuss the first 11 of 22 resolutions for 2022.
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-114-22-money-resolutions-for-2022-part-1/
What we discuss today:
1:16 – Reduce your debt
2:07 – Boost retirement savings
3:26 – Emergency fund
5:02 – Don’t overreact to headlines
6:57 – Implement a budget
9:13 – Meet with an advisor
11:10 – Check your beneficiary designations
12:41 – Carve out time for tough conversations
14:10 – Audit your insurance
15:34 – Refinancing your home
17:28 – Get organized!
Are you thinking of retiring early? Is a budget necessary in retirement? Today, we are opening up the mailbag to answer some listener questions about retiring early, risk, pensions, budgets, and more.
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-113-mailbag-retiring-early-risk-and-more/
What we discuss today:
1:42 – “What key things should we know about retiring early?”
5:39 – “What kind of risks should I be aware of at 65?”
8:21 – “Should I take the lump sum of my pension or wait till I retire?”
11:57 – “Is a budget necessary in retirement?”
15:45 – “Is having two brokers a bad idea?”
A lot of people feel behind when it comes to saving for retirement. What are some ways we can catch up? Even if you don’t feel behind these are great tips to keep in mind to save a bit more as you get closer to retirement.
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-112-retirement-late-bloomers/
What we discuss today:
0:54 – How do you know you are behind?
2:24 – Catch-up contributions
5:12 – Kids are coming off the payroll
7:01 – Eliminating debt
9:30 – Downsizing
13:28 – Twilight career
If your advisor seems to only be interested in discussing investments and growth, it may be time to take a step back and make sure all of your retirement pieces are being addressed. On today’s show, we will discuss 5 areas advisors can drop the ball and how you can stay vigilant in protecting your retirement plan.
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-111-dropping-the-ball-financially/
What we discuss today:
0:35 – Looking forward to Thanksgiving
1:04 – Reviewing tax returns
5:09 – Fees and costs in investments
7:31 – Income needs
9:23 – Clarifying the job of your money
11:47 – Discussing your legacy
Although you may never ask something unreasonable of your advisor, it’s important to know where that line is. It will help you manage your expectations. On today’s episode, we will discuss 4 unreasonable things to ask of or expect from your financial advisor.
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-110-4-unreasonable-requests/
What we discuss today:
0:41 – We’re into mid-November
1:31 – I want big returns, but no risk
5:56 – Can you reduce your fees for me?
8:40 – How do I get out of paying taxes on my IRA or 401(k)?
11:13 – Can you just do it for me?
Retirement planning is not all about finances, we also need to think about our lifestyles and what activities will make us happy from day to day. Today, we’ll discuss what it means to live the dream and hopefully inspire you to plan out your unique goals.
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-109-living-the-dream/
What we discuss today:
0:44 – We are into November!
2:00 – Our social circle
3:54 – Couples in retirement
6:30 – Going out or staying home
8:45 – Remodeling the house
11:56 – Finding something to do
13:58 – Funding your lifestyle
We want confidence and stability in our retirement plans but overconfidence can cause us to make financial mistakes. Today we are discussing some common areas of overconfidence in financial planning and how we can manage these areas.
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-108-overconfidence-in-financial-planning/
What we discuss today:
0:55 – Happy Halloween
2:36 – Stock market
5:50 – A certain number
8:48 - Rules of thumb
11:12 – Understanding and decision making
Do you know the tax consequences on your retirement accounts? Today, we will be discussing 5 different types of accounts and the tax pros and cons with each.
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-107-tax-consequences-pros-and-cons/
What we discuss today:
1:00 – Tax-deferred
3:11 – Tax-free accounts
6:00 – Taxable accounts
7:47 – CDs
9:43 – Life Insurance
Everyone is different when it comes to risk tolerance. A lot of us think we are risk-averse, but we may be taking on more risk than we realize. On today’s episode, Phil is going to discuss risk aversion and how it affects our retirement plan.
Read more and get additional financial information: https://philstaxhacks.com/podcast/what-is-risk-aversion/
What we discuss today:
0:28 – Enjoying the fall
1:27 – California’s new law
2:38 - $600 IRS Report
6:00 – Being risk-averse
7:14 – Risk of inflation
9:33 – Market risk
12:00 – Why are we at risk?
14:04 – How do we address risk?
Finances can cause a lot of stress for couples. However, planning together is crucial to your overall financial plan. On today’s episode, we will highlight a few areas that couples need to focus on as a team.
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-105-financial-planning-as-a-couple/
What we discuss today:
0:55 – The many hats Phil wears
2:03 – The Pension spousal benefit option
4:26 – Social Security strategy
6:35 – Plans for retirement
10:23 – Coordinating individual accounts
15:33 – Risk conversation
We all tend to procrastinate from time to time, even when it comes to our finances. However, there are many things that we don’t want to put off addressing in our financial plan. On today’s episode, Phil will discuss 5 financial decisions that people tend to put off and whether it is okay to do so.
Read and get additional financial information: https://philstaxhacks.com/podcast/ep-104-can-you-put-off-these-financial-decisions/
What we discuss today:
0:39 – Catching up with Phil
1:59 – Deferring taxes
4:50 – Waiting to eliminate debt
6:48 – Legal and estate documents
9:30 – Delaying the start of social security
11:57 – Getting a plan
If the recent tax proposals were to pass, how would it affect your financial plan? Some things we may want to look out for include changes in capital gains and Roth conversions. Phil talks about who could be most impacted if these proposals became a reality.
Read and get additional financial information: https://philstaxhacks.com/podcast/ep-103-what-do-you-need-to-know-about-the-recent-tax-proposal/
What we discuss today:
0:12 - Let’s talk about tax proposals in Congress.
3:23 - How could job creation be impacted?
6:23 - How will this affect your retirement?
8:17 - Numbers seem to be going back to Obama-era taxes.
9:57 - What are the possible changes for capital gains?
12:20 - What other provisions may happen?
There may be a few gaps that we might not notice when we are working on our retirement plan. So, to better prepare you for the future, we will be discussing some of the gaps you need to keep an eye out for and how you can address them.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-102-5-ways-to-mind-the-gap/
Watch the video podcast: https://youtu.be/i7Tmeomyw7A
What we discuss on this episode:
0:32 - What inspired today’s podcast?
1:25 - What’s the paycheck gap?
3:35 - What challenges would you face when retiring early?
8:22 - The inflation gap is apparent right now.
10:22 - What’s the long-term care gap?
13:15 - How do you cover the widow gap?
Are you worried you’re missing some red flags in your financial plan? Let’s talk through what you need to know and where you should better prepare.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-101-red-flags-in-your-financial-plan/
Watch the video podcast: https://youtu.be/-8SUd_vExGo
What we discuss on this episode:
0:27 - Marc has a new studio set-up!
1:05 - How is Phil?
1:32 - What red flags should you look for?
2:05 - Can you name all the investments in your portfolio?
3:51 - How often should you talk with your advisor?
7:48 - Are your accounts going up and down?
9:40 - How much do you need to maintain your lifestyle?
12:14 - Could you describe your financial plan?
Let’s talk about one of the primary benefits of aging: wisdom. Phil shares some of the key things to consider in order to make wise decisions as you age and near retirement.
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-100-age-wisdom/
Watch the video podcast: https://youtu.be/-x5lDhWYZPw
Key Points:
0:13 - It’s our 100th episode!
1:36 - What has Phil seen in the industry?
2:39 - What’s the difference between now and 20 years ago?
5:57 - Do people wish they started sooner?
8:03 - What kind of advice did Phil give his kids?
10:20 - Do people worry more or less about financial issues as they get older?
12:02 - Have people changed their opinions about legacy?
14:06 - Are you being smart with your risk?
How can what’s happening this year shape our financial plans moving forward? We talk through several current events in the economy and what impact it could have on the future.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-99-breaking-down-economic-news-in-bits-and-pieces/
Watch the video podcast: https://youtu.be/0fKc8iPYNdg
What we discuss on this episode:
1:35 - 2021 is still a challenge.
2:06 - The housing market may have peaked.
7:06 - Unemployment numbers have fallen.
8:56 - What kind of recession was caused by the pandemic?
12:43 - Industries are still not back.
To get to know Phil a bit more, we ask a few questions to find out how he got to where he is today. From his influences and hobbies to what he likes most about the job, today’s podcast is all about what makes Phil tick.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-98-what-makes-phil-tick/
Watch the video podcast: https://youtu.be/tdzheuWPHY0
What we discuss on this episode:
1:09 - Who shaped Phil’s view of money?
2:48 - What’s the biggest lesson from watching his family?
4:07 - How did Phil end up in the financial business?
5:57 - What is it like to have a financial advisor who is also a CPA?
8:14 - Who in the industry influenced Phil?
10:15 - If Phil had a magic wand, what would he change in the industry?
12:09 - What’s the most gratifying thing in his job?
16:04 - What’s Phil’s favorite hobby?
Retirement is not one-size-fits-all. Just like your bank account, family size, job, and home, you have a number of factors to add up to create a unique situation. On today’s podcast we talk through some of the areas of your retirement that you need to make sure is decided based on your needs and goals.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-97-why-you-need-retirement-customization/
Watch the video podcast: https://youtu.be/Wx3794GHO2g
What we discuss on this episode:
0:53 - We all face unique factors in our retirement.
1:30 - How important is a planned retirement age?
4:08 - What is your risk tolerance?
9:13 - What’s your family history of longevity?
13:10 - What’s your legacy?
The SECURE Act was passed in 2019, but is now facing possible amendments being added for the SECURE Act 2.0. On today’s episode of the podcast, we talk through these proposed changes and what that means for you.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-96-the-secure-act-2-0/
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
What we discuss on this episode:
1:35 - The SECURE Act is facing possible new amendments.
1:59 - The RMD age could change again.
6:11 - Employers could auto-enroll you into a 401(k).
8:08 - Catch-up contributions could increase.
11:19 - Matching funds on student loan payoffs are being proposed.
13:58 - A database will be created to find older 401(k)s.
There are a lot of things that don’t feel important, until you suddenly need them. What items do you need to be thinking about now, before it’s too late? On today’s podcast, Phil talks through the four things you want to take care of sooner rather than later.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/things-that-dont-matteruntil-they-do/
What we discuss on this episode:
0:25 - What’s lake life like for Phil?
1:24 - What doesn’t matter financially?
2:55 - Legal documents are important.
6:18 - Guarding against long-term care expenses.
10:45 - Do you have life insurance?
12:26 - What are your lifetime income streams?
Have you started daydreaming about what retirement looks like? Let’s talk today about what it takes to make that retirement dream a reality.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast
Watch the video podcast: https://youtu.be/X7eECbIY9_A
What we discuss on this episode:
0:45 - Summer time is vacation time.
1:40 - Retirement could include spending time with family.
3:23 - How do you structure your spending and retirement income?
5:32 - People are ready to start traveling more.
8:40 - What makes people feel locked into a particular structure or plan?
12:11 - What kind of lifestyle do you want in retirement?
13:15 - Are you structured the right way when giving to charity?
How hard or easy is it to spend your retirement savings? On today’s show we talk about the process and how to get it right.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-93-5-things-to-know-about-decumulation/
Watch the video podcast: https://youtu.be/xzRUgJBaV-g
What we discuss on this episode:
0:24 - Today we are on location: on vacation!
1:19 - Let’s talk about decumulation.
2:06 - Do you have the proper support?
6:13 - Do you have the confidence in your plan, even with the risks?
7:30 - How do your taxes fit in?
8:42 - Having an income structure is key.
Do you know your spending type? What about your spouse’s spending type? How does that impact your financial plan? Phil talks us through the different types and how they pair with others.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-92-what-kind-of-a-spender-are-you/
Watch the video podcast: https://youtu.be/MGqTUBHOzeE
What we discuss on this episode:
0:30 - The 4th of July is here!
1:06 - Let’s talk about the four different types of spenders.
1:47 - The emotional spender.
3:46 - The YOLO spender.
7:23 - The savvy spender.
8:42 - The miserly spender.
Do you ever think you’re doing it right but then find out it’s all wrong? Let’s talk uncommon sense in financial planning and what you should be doing.
Read more:
https://philstaxhacks.com/podcast/ep-91-uncommon-sense/
Watch the video podcast: https://www.youtube.com/watch?v=etE_AX6_E3M
What we discuss on this episode:
0:19 - What’s the latest with Phil?
0:57 - Cryptocurrency took a hit.
6:20 - Buy low, sell high.
10:30 - Paying more in taxes than we have to.
13:34 - Keeping costs low.
15:28 - Don’t put all your eggs in one basket.
17:42 - Don’t try to time the market.
As we approach Father’s Day, we’re thinking about dear old Dad. Maybe he was your hero or maybe you never really knew the real him. One thing’s for sure, your retirement is certainly going to be different than his.
Read more: https://philstaxhacks.com/podcast/ep-90-not-your-fathers-retirement/
Watch the video podcast: https://youtu.be/WsGZ_zSVR-A
What we discuss on this episode:
0:17 - Let’s talk about Dad.
2:05 - Retirement is different these days.
7:06 - Retirement might be more expensive than expected.
9:04 - There is a lot to plan for in retirement.
12:50 - You’ve got to fund for longevity.
16:02 - We’re living longer and are more active.
17:15 - Mailbag: Capture the gains or keep taxes low?
Where should your money go? First you need to understand the three worlds of money: banking, insurance, and Wall Street (or stock investing). On today’s episode of the podcast, Phil shares more about each world and striking the right balance of them in your financial plan.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-89-the-three-worlds-of-money/
Watch the video podcast: https://youtu.be/JpnFWdPuxzk
What we discuss on this episode:
0:27 - It’s getting hotter out here!
0:49 - What are the three worlds of money?
1:32 - What are the pros and cons of the banking world?
5:14 - What do you get with the insurance world?
11:16 - We have to understand how all three worlds fit.
13:40 - Do you have the right tool for what you need?
16:46 - What’s the proper mix?
18:14 - Mailbag: How can I save and plan for a wedding?
The MIT AgeLab did a study a couple of years ago asking people for five words to describe what retirement looked like. They came back with 928 words, but on today’s episode of the podcast, we’ll talk through the top words mentioned. What does retirement look like or mean to you?
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-88-5-words-that-describe-retirement/
Watch the video podcast: https://youtu.be/Cpk9i9U8bfw
What we discuss on this episode:
0:18 - How would you describe retirement?
2:09 - How was the study broken down?
6:11 - What words does Phil hear from clients the most?
7:33 - How does the financial plan fit into your retirement?
9:22 - How can you find alignment with your spouse about retirement?
There’s a lot we can’t control, but we can prepare for what might happen in different “what if” scenarios. On today’s episode of the podcast, we discuss a number of “what if” scenarios (some more likely than others) to see how we could prepare for them today.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-87-playing-the-what-if-financial-game/
Watch the video podcast: https://youtu.be/IOSP7yQ2p-Q
What we discuss on this episode:
0:20 - Today we are playing the “what if…?” game.
2:00 - What if… interest rates double?
5:46 - What if… the U.S. gets involved in a major war?
8:34 - What if… college education becomes free?
12:15 - What if… we experience another economic downturn?
15:57 - What if…various taxes and inflation go up?
Typically, we think of life insurance for a young family to care for your spouse and kids if the worst were to happen. Do you really need life insurance though once the kids are grown? Should you have life insurance in retirement?
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/do-retirees-really-need-life-insurance/
Watch the video podcast: https://youtu.be/swozJJza9Ds
What we discuss on this episode:
With the latest changes and spending proposals, we discuss how the economy might be impacted. What should you do now to prepare?
Read more and get additional financial resources: https://philstaxhacks.com/podcast/ep-85-financial-planning-in-president-bidens-america/
Watch the video podcast: https://youtu.be/KrqNfL2aEqc
What we discuss on this episode:
0:29 - Got gas?
1:11 - What’s going on with the nation right now?
1:52 - Coronavirus response caused a lot of spending.
2:45 - What impacts has the stimulus caused?
4:32 - What is happening with capital gains?
11:46 - How does corporate tax play a part?
20:09 - Mailbag: What happens to my 401(k) money after I retire?
How much do you know about bonds? We’ll share some frequently asked questions and answers in today’s show.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-84-frequently-asked-questions-about-bonds/
Check out our video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA/featured
What we discuss on this episode:
0:28 – What is a bond?
1:46 – Bond funds vs. individual bond
5:05 – Cost of bond fund vs. individual bond
6:02 – Bonds are risky now?
8:17 – What percentage of assets in bond?
11:37 – Alternatives to bonds
What’s fact and what’s fiction when it comes to these financial planning concepts? Phil sets the record straight in order for you to plan accordingly.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-83-financial-fact-or-fiction/
Watch the video podcast: https://youtu.be/DY69Ko0EGA8
What we discuss on this episode:
0:50 - Listen for Phil to say “run the numbers” on the podcast.
2:11 - “Your Social Security can be taxable.”
4:00 - “Your taxes will likely be lower in retirement.”
8:01 - “Term life insurance is better than whole life insurance.”
9:45 - “Medicare will cover most of your medical needs in retirement.”
13:33 - “As we get older, we should gradually shift from stocks to bonds.”
If you had $1 million saved for retirement, how long could you live off of that? A lot of it depends on where you live. Let’s check out some possibilities across the country on today’s podcast.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-82-how-long-would-a-million-bucks-last-in-retirement/
Watch the video podcast: https://youtu.be/DjjU0NJ9j5w
What we discuss on this episode:
0:58 - How long a million bucks last?
2:52 - San Francisco and parts of California are costly places to retire.
4:13 - What about big cities like LA, Seattle, Boston, DC, and San Diego?
5:20 - Do you like Portland, Denver, or Miami?
7:00 - Looking to stay closer to home, like in Minneapolis?
8:25 - Louisville, Kansas City, and Omaha give you more bang for your buck.
11:22 - How long should you plan for?
The quotes and quips from the past can shed a lot of light on the current situation when it comes to financial planning. Have you heard any of these before? How do they apply in your financial life?
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-81-what-can-we-learn-from-will-rogers/
Watch the video podcast: https://youtu.be/t5C8cbly-ZU
What we discuss on this episode:
1:03 - “There are three kinds of men…”
3:12 - “The only difference between death and taxes is…”
6:50 - “When you are satisfied, you are successful…”
8:51 - “I am more concerned with the return of my money than the return on my money.”
10:53 - “It’s not what you pay a man, but what he costs you that counts.”
How do you know if you’re flirting with financial disaster? On today’s episode of the podcast, Phil goes over four big areas where things can really go awry if they are not properly handled when it comes to your finances.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-80-are-you-flirtin-with-financial-disaster/
Watch the video podcast: https://youtu.be/0oH7x8MSQqY
What we discuss on this episode:
1:28 - Outdated legal documents.
5:14 - Incorrect beneficiary designations.
9:14 - The tax time bomb.
13:09 - Sticking with the classic 60/40 portfolio, even if it’s not a good fit.
When faced with financial challenges, do you view them as a crisis or an opportunity? Phil shares how your financial advisor can help you navigate them.
Read more and get additional financial resources: https://philstaxhacks.com/podcast/ep-79-when-crisis-meets-opportunity/
Watch the video podcast: https://www.youtube.com/watch?v=iwkKJtqOBhI
What we discuss on this episode:
0:31 - Is Phil a half empty or half full kind of guy?
1:40 - How do you feel about empty nest syndrome?
5:32 - Is there anything good about a market crash?
7:48 - Long-term care could be in your future.
10:50 - What happens if you get laid off?
March Madness is back! Have you filled out your brackets yet before the tournament starts? To have a little basketball-inspired fun today, we talk about the parallels between financial planning and March Madness.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-78-march-madness-and-retirement-planning/
Watch the video podcast: https://youtu.be/6r6rvsmsdrU
What we discuss on this episode:
1:28 - March Madness is upon us.
1:45 - Getting an entire bracket correct is hard to predict.
5:36 - Half the fun in sports is the upset--not true with retirement planning.
8:15 - You often want to root for the home team.
13:42 - Coaching is key.
While pensions used to be the standard retirement benefit offered by companies, that is becoming less and less common. On today’s episode of the podcast, Phil talks about what options you have with a pension, why you might still need to save for retirement outside of the pension, and what to look out for.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-77-status-of-the-american-pension/
Watch the video podcast: https://youtu.be/QxOntOo2jig
What we discuss on this episode:
0:48 - Michigan is known for still having a lot of pension plans.
2:31 - There’s more pressure on self-saving for retirement.
3:35 - If someone has a pension, do they have an advantage in retirement?
6:01 - Should you take a lump sum or monthly payment?
9:43 - How has COVID changed company loyalty?
11:38 - How do you address inflation and taxes?
You know what happens when you assume, right? We all make assumptions from time to time as humans, but what assumptions are you making from a retirement standpoint that you really shouldn’t? On today’s episode, Phil talks through the assumptions you might be making and how to adjust your thinking.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-76-reasons-to-never-assume-in-retirement/
Watch the video podcast: https://youtu.be/qyKo4Z42kj4
What we discuss on this episode:
1:11 - Do you assume you’ll spend less money in retirement?
4:38 - Think taxes will be lower in retirement?
8:33 - Expecting to pay for your kids’ college?
12:30 - “I’ll never be able to…”
A lot of small business owners put so much into their business plan and into their business, that sometimes they overlook themselves. One of their biggest assets and efforts is their business itself, but what about retirement? On today’s episode of the podcast, Phil and Marc talk about the kinds of decisions business owners face, sharing personal experiences and advice for business owners trying to save for retirement.
Read more and get additional planning resources here: https://philstaxhacks.com/podcast/ep-75-saving-for-retirement-as-a-business-owner/
Watch the video podcast: https://youtu.be/oE6gLViu1sE
What we discuss on this episode:
0:37 - What should business owners know about retirement?
1:03 - Is a good business plan enough?
2:25 - Are you paying yourself first?
3:59 - Your Social Security may be lower.
5:19 - Are you planning to sell your business as your retirement plan?
9:00 - What do business owners need to consider from a tax standpoint?
10:57 - There are a lot of little things to being a small business owner.
Are you in the know or in the dark when it comes to your financial plan? Is your spouse the one making the calls or are you doing it together? Let’s talk about the steps you can take to get more involved in your family’s finances.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-74-getting-more-involved-in-retirement-planning/
Watch the video podcast: https://youtu.be/iNFtHkLgnHc
What we discuss on this episode:
0:21 - How do we encourage women to be more involved in financial decisions?
2:51 - How would you handle the worst-case scenario?
5:22 - If you don’t know how to access your accounts, what would you do?
8:38 - Do you have the general idea of what’s happening with your financial plan?
10:29 - When should you DIY and when can you benefit from the support of a third party?
As you file your 2020 taxes, what do you need to be aware of to account for that unprecedented year? What changes were made and how should you prepare? We'll fill you in on the top tax tips.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-73-top-tax-tips-for-filing-in-2021/
Watch the video podcast: https://youtu.be/XTHpqM3TG0s
What we discuss on this episode:
0:24 - Tax season has begun!
1:20 - Are the stimulus payments taxable?
2:53 - Any changes on the tax brackets?
3:51 - What do you need to know about charitable giving?
5:13 - What is the deal with RMDs in 2020 and 2021?
8:48 - Can you claim a home office after working from home?
10:44 - Why might a CPA be better than DIY?
12:46 - What is tax prep vs. tax planning?
Wondering what just happened with GameStop stock? Wish you had jumped on that bandwagon? Phil gives some information on what happened and what he thinks about it.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-72-the-gamestop-stock-story/
Watch the video podcast: https://youtu.be/fRTjDrrucrU
What we discuss on this episode:
1:19 - What happened with GameStop stock?
2:42 - What is shorting a stock?
3:44 - What was different about GameStop?
5:57 - Who is in the right and who is in the wrong?
8:09 - Was this a smart thing to do?
11:14 - Was this investing or gambling?
14:28 - What other companies has this happened to recently?
15:30 - Did the “little guys” win?
No one likes bad news and sometimes the good news doesn’t outweigh the bad. On today’s podcast, we talk about a few financial topics that come with good news and bad news.
Read more and get additional resources here: https://philstaxhacks.com/podcast/good-news-bad-news-in-financial-planning/
Watch the video podcast: https://youtu.be/6j5R4FVKzeo
What we discuss on this episode:
0:40 - Do you want the good news or the bad news?
1:28 - Bad news is you have debt, the good news is the interest is tax-deductible?
3:40 - The fund isn’t performing well…but the fees are low.
5:09 - Bad news: you don’t have enough money to pay for medical care, but there’s Medicaid.
7:49 - Social Security is running out of money, will it get fixed?
11:42 - The good news with the market is that a loss usually comes back eventually.
Have you stopped to reflect on yourself and your feelings when it comes to finances? When you meet with an advisor, it’s important to be true to yourself. Today on the podcast, we’ll ask the questions you should sit with when it comes to making financial decisions and a financial plan.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/know-thyself-how-looking-inward-can-lead-to-major-financial-impacts/
Watch the video podcast: https://youtu.be/wwNggc1nNaY
What we discuss on this episode:
0:38 - What’s the winter weather felt like so far?
2:11 - Looking inward can lead to major financial impacts.
3:09 - What financial issues do I worry about?
5:14 - What do you desire most from a financial standpoint?
6:58 - Am I biased against something?
10:24 - What do you want to accomplish with your money?
What are the three qualities of money that everyone wants? How can you get all of them within your portfolio? Phil talks through the key three qualities and what you need to make it happen.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-69-the-three-qualities-of-money/
Watch the video podcast: https://youtu.be/ZC_9a-K3b0g
What we discuss on this episode:
0:35 - Why are so many people interested in getting a camper?
3:46 - What are the qualities of money?
5:10 - What are the qualities of cash?
6:19 - What qualities does the market provide?
7:44 - What do you get from an annuity?
9:44 - Is real estate worthwhile to have?
13:50 - Do people put too much of their money in one area?
Retirement planning will be different for every person, but it’s interesting to look at the averages to get a general guide on where you stand. Today we’ll share some retirement statistics that will give you a good idea of how the average American prepares for retirement and where the shortcomings might be.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-68-retirement-statistics-that-might-surprise-you/
Watch the video podcast here: https://youtu.be/p4xSLm0Qs_k
What we discuss on this episode:
0:37 – Happy 2021
2:15 – 17% of American workers very confident they’ll have enough in retirement
3:31 – Lottery as a retirement plan
7:27 – The average woman will live to near 85 years old
11:14 – 16.5% of the country’s population is over 65
15:00 – 90% of people over 60 believe a written retirement plan is important, but 20% actually do it
As we finish off the year, we’re all dreaming about a lifestyle that looks a bit different than this one. What are your retirement lifestyle goals?
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/which-retirement-lifestyle-is-right-for-you/
Watch the video podcast: https://www.youtube.com/watch?v=YAgPduaRT74
What we discuss on this show:
1:11 - What are Phil’s end of the year plans?
1:54 - What’s your retirement lifestyle plan?
2:34 - Snowbirds: the two-house solution.
6:06 - RV Life: hitting the road.
11:50 - Front Porch Life: sticking close to home.
14:23 - College Life: filling your social calendar.
15:45 - God’s Waiting Room: enjoying the Florida life.
17:37 - Golf: plan for your pastimes.
19:18 - Follow your passions in retirement.
What financial moves should you make before the year is over? Have you talked with your financial advisor about these strategies? Let’s review the items that are most important at the end of the year.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-66-end-of-year-financial-planning/
Watch the video podcast: https://www.youtube.com/watch?v=2p7Vl6w2TvM&feature=youtu.be
What we discuss on this show:
1:51 - Should we be maxing out retirement contributions as the year winds down?
3:17 - How does the CARES Act factor into your year-end planning?
6:43 - Did you explore tax-loss harvesting?
9:26 - Are you planning to make a charitable donation?
14:12 - What kind of purchases qualify for tax credits?
15:25 - Have you looked into a Roth conversion?
The Tax Foundation released a detailed analysis of Biden's tax proposals and this week we look at a few of the items that caught Phil's attention. Are there tax changes ahead? Anything different you should do with your plan now? We'll try to help you answer those questions today.
Read more and get additional financial resources: https://philstaxhacks.com/podcast/ep-65-what-to-know-about-bidens-tax-proposals/
What we discuss on this show:
0:20 - Let’s review Biden’s tax proposals.
1:39 - What will the Social Security tax look like?
3:05 - What will change for high earners?
4:08 - What will happen with long-term capital gains?
4:45 - The step-up in basis may be eliminated.
6:39 - Under the new proposal, what added taxes would we have?
10:45 - At what point does the estate tax come into play?
13:24 - What would the first-time homebuyer’s tax credit be?
14:24 - The corporate tax rate would go back.
16:52 - What does it mean to equalize the tax benefits of traditional retirement accounts?
20:33 - Will the SECURE Act face potential revisions?
How do you pick the right advisor? Often we get caught up in finding the right investments and making sure the portfolio is balanced. But what about finding the right person to help you facilitate that plan?
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-64-finding-the-right-advisor/
Watch the video podcast here: https://youtu.be/qLffTFZSlm0
What we discuss on this show:
1:25 - How do you pick the right advisor?
2:30 - What’s your expectation for the advisor?
3:47 - What kind of credentials should the advisor have?
5:37 - How do you know if it’s time to find a new advisor?
10:58 - What could go wrong if we stay with the wrong advisor?
12:14 - How do you feel about it?
13:42 - What should you consider in the interview process?
18:47 - What are Phil’s Thanksgiving favorites?
We’ve all heard the saying, “the customer is always right”, but are they? When it comes to financial planning, you are going to see an advisor to hear their guidance and wisdom. So, if there’s a disagreement, are you right or are they? That's what we'll talk about on today's show.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-63-dont-assume-the-customer-is-always-right/
Watch the video podcast here: https://youtu.be/ZcCIc3MYb58
What we discuss on this show:
1:45 - Would you have the same response with your doctor?
2:28 - Is now the time to get out or in the market?
5:06 - How do you pick what to be invested in?
7:53 - I don’t need/want that.
10:31 - What happens when the client gets impatient or the market is down?
13:59 - Are you aligned with your financial advisor
Is your portfolio diversified? Should it be? What does true diversification look like? We’ll tell you on this episode.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-62-is-diversification-just-for-suckers/
Watch the video podcast: https://youtu.be/69LkNzJHE3w
What we discuss on this show:
2:00 - Is diversification for suckers?
2:50 - How does the average person define diversification?
5:14 - How does Phil describe diversification?
8:06 - How much should your portfolio be diversified?
9:13 - Can you be too diversified?
11:56 - What does a conversation about diversification look like?
How do you know if you’re ready for retirement? Whether you plan to retire soon or years from now, taking this quiz will help you understand what you need to do to prepare.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-61-would-you-pass-this-retirement-preparedness-quiz/
Watch the video podcast: https://youtu.be/VSs7liueo0o
What we discuss on this show:
0:21 - Ready to take the quiz?
2:21 - Do you know how much you have?
5:35 - Do you know how much you spend?
7:37 - What is your risk?
9:59 - Do you know what you’re paying in fees?
11:46 - What are your retirement income streams?
Many of us have a 401(k), but how much do you really know about it? What frequently asked questions does Phil get when it comes to investing wisely?
Read more and get additional resources here: https://philstaxhacks.com/podcast/ep-60-answering-your-401k-faqs/
Watch the video podcast: https://youtu.be/E5LyPiJcQW8
What we discuss on this show:
1:44 - What frequently asked questions does Phil hear about 401(k)s?
2:08 - Should you take the free advice offered through your employer’s plan?
3:43 - Are 401(k) loans good or bad?
5:41 - When does a 401(k) rollover make sense?
8:14 - Should you use target date funds?
10:50 - What should your contribution amount be?
11:52 - Which is better, the traditional or Roth?
Whenever you have questions or concerns about your financial situation, you should reach out to a financial advisor. Today we’re going to answer several questions from listeners to hear what Phil has to say regarding everything from a long-term care policy to tax refunds.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/484/
Watch the video podcast: https://www.youtube.com/watch?v=xNd5iEw5tkY&feature=youtu.be
What we discuss on this show:
0:31 - Ever fight with technology?
1:45 - Mailbag: Should I share my inheritance with my adult son?
3:31 - Mailbag: Can I really get half of my ex-husband’s Social Security?
7:14 - Mailbag: Are these 401(k) estimates reliable?
9:33 - Mailbag: Do I have enough coverage in my long-term care policy?
11:32 - Mailbag: Should I move my investments to cash?
14:55 - Mailbag: Is a big tax refund good?
Are you understanding all of the options when it comes to Social Security? Or do you feel like retirement and Social Security always coincide? Today we take a look at this important piece of retirement income.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-58-reframing-the-social-security-conversation/
Watch the video podcast here: https://youtu.be/C_LugOpTQck
What we discuss on this show:
0:36 - Let’s reframe your Social Security decision.
3:25 - How much money can you get from Social Security?
5:27 - It’s hard to predict your life expectancy.
7:00 - Are you still working?
9:59 - What are the taxes?
10:58 - What assets should you use first?
Whether you are less than a decade away from retirement or at the beginning of your career, it’s important to have a saving mindset. How can you make sure you are retirement ready?
Read more and get additional financial resources: https://philstaxhacks.com/podcast/ep-57-retirement-ready-or-not/
Watch the video podcast: https://youtu.be/7sF9WLpknd0
What we discuss on this show:
0:25 - What’s one of the latest coronavirus-related hot ticket items?
1:24 - What can younger clients keep in mind when saving for retirement?
3:15 - Most of us don’t have a good savings mindset.
7:26 - We have to pay our future selves.
10:54 - Ramp up the discipline.
From the global bond market to living benefits, there are several important financial concepts you might not yet know about. Today’s episode will cover four things you should know when it comes to finances.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-56-financial-stuff-you-should-know/
Watch the video podcast here: https://youtu.be/evWGvRxgA_g
What we discuss on this show:
0:27 - The market is currently back up.
1:20 - The global bond market is way bigger than people realize.
4:09 - Tax rates are very low right now.
5:17 - Living benefits could help provide for long-term care.
7:06 - The biggest impediment to our finances is our own emotion.
Ever wish you knew then what you know now? That’s especially true in the year 2020. We discuss areas where hindsight could help and what to do about those financial decisions today.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-55-hindsight-is-20-20-in-financial-planning/
Watch the video podcast: https://youtu.be/qefGxAbekjs
What we discuss on this show:
0:34 - What does fall fashion look like for Phil and Marc?
1:35 - Do you wish you had done things differently with your finances?
1:54 - As the election approaches, what should you keep in mind?
3:31 - Should you make some big financial moves now?
5:15 - How much risk are you exposed to?
6:31 - Do you know your options with Social Security?
9:45 - Should you be taking advantage of the Roth?
11:30 - Are you regretting retiring too early?
Is a trust something everyone has or just the really wealthy? Do you need it as a part of your estate plan?
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-54-do-you-need-a-trust/
Watch the video podcast: https://www.youtube.com/watch?v=mEKpQjU43uE&feature=youtu.be
What we discuss on this show:
0:39 - We’re going to talk about estate planning gone wrong.
1:30 - How does your advisor potentially help with estate planning?
2:18 - What is an estate plan?
4:15 - What purpose does a trust serve?
7:05 - Real estate is a big reason why some choose to get a trust.
8:47 - What changed in 2020?
10:13 - When does a trust make it more complicated?
How should you approach your home from a financial standpoint in retirement? Pay it off? Downsize? Rent it out? Let’s talk about real estate and how it fits into your plan.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-53-this-one-is-on-the-house/
Watch the video podcast here: https://youtu.be/b_apvElPm8Q
What we discuss on the show:
0:37 - Paying off the house as quick as you can or enjoy low rates and pay it off slowly?
1:47 - What is equity in a home vs. the value of a home?
3:16 - Why would you want a mortgage with additional liquid assets?
4:36 - There are two rules that apply to any decision.
5:17 - Should you downsize?
7:51 - Are rental properties a good investment?
11:09 - What are some estate and legacy planning mistakes that people make?
We all hear various financial rules from time to time, but are they legit? Or are they full of it? Which of these are good rules of thumb and which are better to ignore? On today’s podcast we discuss seven financial rules to see what’s what and help you better plan for retirement.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-52-are-these-financial-rules-legit-or-full-of-bull/
Watch the video podcast: https://youtu.be/Sb6dpmV2r90
What we discuss on this episode:
0:32 - Are these rules legit or full of it?
0:45 - Is the 10 percent rule legit?
1:37 - Is the 4 percent rule based on reality?
3:09 - What is the 25x rule?
4:50 - Do you only need 80 percent of your income in retirement?
5:43 - What’s the math behind the rule of 72?
6:48 - What does the rule of 2.67 mean?
9:06 - How does the rule of 100 relate to your age?
Many of the things you read or watch about finance will talk about the things you need to do to grow your portfolio. It’s not too often that you hear about the ways your retirement gets put in jeopardy, but it’s important to be aware of these mistakes. Today we’ll list five different errors people make that could ruin retirement so that you can make sure to do the opposite.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-51-simple-mistakes-that-could-ruin-retirement/
Watch the video podcast: https://youtu.be/4kypfPPFE1Y
On today's show:
0:21 – Treating retirement as the destination.
2:30 – Believing that retirement will solve all your problems.
4:40 – Assuming spending habits
8:36 – You stop being active
9:50 – Investing habits don’t change with age.
We all want to live a long and good life, but what does that mean from a financial standpoint? What kind of financial plan do you need to prepare and how can you plan appropriately for an unknown lifespan?
Read more on the topic here: https://philstaxhacks.com/podcast/ep-50-the-financial-risks-to-living-longer/
Watch the video podcast: https://youtu.be/kef-ksH57ds
On today's show:
0:55 - Dunkin’ Donuts is planning to close hundreds of stores.
3:10 - What’s the average lifespan look like?
5:22 - Are you planning for living a long life?
6:37 - What is a risk multiplier?
7:51 - How old is Phil’s oldest client?
9:06 - What is the probability one of you in a marriage will live to a certain age?
12:02 - How effectively does the average person plan for longevity?
12:56 - What happens if you need long-term care?
15:15 - Mailbag: Which account should you withdraw from first when you retire?
For some people, the idea of putting together a financial plan is pretty daunting. For others, the idea of building and designing a house is a lot more exciting. On today’s podcast, we consider what kind of building would go into creating a financial house.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-49-building-your-financial-house/
Watch the video podcast: https://youtu.be/T9sWzDtOLFg
1:11 - Did you ever build structures as a kid?
1:55 - What does it mean to build a financial house?
3:17 - What is the foundation of a financial plan?
6:38 - What are the walls of financial plan?
8:30 - The roof provides protection.
11:43 - What are the finishing touches?
1:11 - Did you ever build structures as a kid?
1:55 - What does it mean to build a financial house?
3:17 - What is the foundation of a financial plan?
6:38 - What are the walls of financial plan?
8:30 - The roof provides protection.
11:43 - What are the finishing touches?
What happens to your financial plan once one spouse passes away? Is your plan organized and prepared or will the surviving spouse be left with a mess? Let’s talk about all the financial decisions you’ll be faced with during this difficult life event.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-48-financial-planning-following-the-loss-of-a-spouse/
Watch the video podcast: https://youtu.be/qKlXF5Zd7gc
On today's show:
0:40 - Losing a loved one is inevitable.
2:09 - What’s the biggest immediate concern financially?
3:34 - What challenges are the remaining spouse left to deal with?
5:44 - Did you realize the tax bracket may change?
7:53 - Are all of the beneficiaries and estate documents in place?
8:53 - Does your financial plan include a list of what to expect later on?
11:40 - Are your children privy to some of your financial information?
14:13 - Mailbag: Is it typical to work with a financial advisor who doesn’t talk about Social Security or life insurance?
As you get closer to retirement, you might be prone to make these mistakes. We’ll talk through the key areas to be aware of so you can make better decisions as you near retirement.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-47-classic-pre-retiree-mistakes-to-avoid/
Watch the video podcast: https://www.youtube.com/watch?v=JfkNfw6YBc8
Today's show schedule:
0:18 - Phil and Marc talk summer heat and summer critters.
5:00 - We tend to make financial mistakes when we overreact.
6:35 - How should you invest as you near retirement?
8:59 - When should you start Social Security?
11:29 - Are you confusing tax planning with tax prep?
13:11 - Do you understand your potential healthcare needs?
What will happen to your portfolio when the market crashes next? Will you be ready or will your plans be wrecked? Let’s run through a list of the lessons we’ve learned that can be applied to the next bit downturn.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-46-survival-guide-preparing-for-the-next-market-crash/
Watch the video podcast here: https://youtu.be/1nsZp3hbkQM
Today's show schedule:
0:14 - Phil shares about his summer so far.
1:34 - What are five different rules to survive a market crash?
2:10 - Understand how much risk you’re exposed to.
7:23 - Protect the gains as you go.
9:01 - Be sure you are diversified appropriately.
12:20 - Don’t try to time the market.
15:31 - Have a well-conceived plan in place.
What can we learn from geniuses? How can we apply those same principles when making investment decisions? On this episode of Phil’s Tax Hacks, we’ll discover what it means to invest like a genius as well as answer a question from the mailbag.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-45-investing-like-a-genius/
Watch the video podcast here: https://youtu.be/4eunf0wBC8g
Today's show schedule:
1:06 - Geniuses are highly adaptable.
3:23 - There will always be bumps along the way.
5:17 - Geniuses understand what they do not know.
10:29 - Geniuses learn from the experiences of others.
12:40 - Mailbag: Should you have a trust?
Are you risk-averse but then find out your portfolio is riskier than you want? Or do you say you want to retire but haven’t really prepared to do so? What other instances do you say one thing but do another?
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-44-do-you-say-one-thing-then-do-another/
Watch the video podcast here: https://youtu.be/JizfY4AgWo0
Today's show schedule:
0:24 - Phil is gearing up for their first camping trip this summer.
1:38 - When do we say one thing but do another?
2:37 - How do change our mentality from always finding the “best” deal?
4:30 - Do you say you don’t want risk but your portfolio is full of it?
7:40 - Is your spouse actually taken care of if something were you happen to you?
10:31 - After the initial hurdle, it’s easier to maintain your plan over time.
11:54 - How are you preparing to retire?
Are you prepared for retirement? Reaching these milestones before you get there will ensure you transition to retirement with ease.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-43-4-financial-pre-retirement-milestones/
Watch the video podcast here: https://www.youtube.com/watch?v=F9seLztVTbc
Today's show schedule:
0:49 - Four milestones that signify you are ready for retirement.
1:37 - #1: You can budget confidently.
3:35 - #2: You have control over your spending.
8:00 - #3: Have an emergency fund.
10:13 - #4: Have no revolving debt.
12:39 - Bonus: Have a plan!
Are you investing in a traditional IRA or a Roth IRA? Which one is better? What pros and cons should you be aware about? Find out on this episode.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-42-traditional-ira-vs-roth-ira/
Watch the video podcast here: https://youtu.be/ITCkfeqBp4c
Today's show schedule:
0:30 - Phil is back in the office, by appointment only.
2:51 - What is the deal with the market?
4:13 - What is the difference between traditional vs. Roth IRAs?
5:17 - The traditional is what more people have used.
6:32 - Is taking the tax benefit now worthwhile?
7:16 - Is now a good time to do a Roth conversion?
9:05 - Is there a specific person that fits best in one vs. the other?
12:09 - Mailbag: Should we leave a surprise inheritance or tell them ahead of time?
From the debt snowball to perfectly following his baby steps, what does Phil think of Dave Ramsey’s advice? Is it something you should incorporate into your own financial plan or something to steer clear of?
Show Notes & Resources: https://philstaxhacks.com/podcast/ep-41-should-you-follow-dave-ramseys-advice/
Watch the Video Podcast here: https://youtu.be/zbxrhLXNu1Y
Timestamps:
0:23 - What’s the latest in terms of what’s opening up?
1:10 - Should we be wary of Dave Ramsey’s advice?
1:55 - Is the debt snowball a good plan?
3:22 - Should you just invest in mutual funds?
5:47 - Does Dave set unrealistic expectations about investment returns?
9:41 - Should you cut off your retirement savings while paying off debt?
13:01 - Do the baby steps work?
16:24 - Mailbag: Is 33 different mutual funds adequate diversification?
What are some of the big critical mistakes that people are prone to make when retirement planning? How can you avoid them? Find out on today’s episode.
Read more and get additional resources here: https://philstaxhacks.com/podcast/ep-40-critical-retirement-planning-mistakes/
Today's show schedule:
0:54 - What’s available in stores and what’s hard to find these days?
4:41 - Are bonds a safe investment?
7:06 - Has there been a shift in bonds due to coronavirus lately?
8:39 - Long-term care needs to be discussed.
12:18 - Don’t get caught thinking one particular tool is always bad.
14:01 - Having individual pieces and financial products does not equal a financial plan.
17:35 - Mailbag: Can you earn income while claiming Social Security benefits?
What do you call what just happened in the market? Do you know what tax loss harvesting is? Should you be rebalancing? Find out in today’s show!
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-39-financial-terms-you-should-know-during-a-pandemic/
Today's show schedule:
1:55 - What to call “what happened” in the market?
3:44 - What are the different shapes of the market and what do they mean?
4:59 - Does the market directly correlate with the economy?
6:38 - What is a depression?
8:43 - What is a VIX?
9:38 - What is tax loss harvesting?
12:35 - Do index funds help people avoid some of the problems?
17:26 - What is rebalancing and how often should we do it?
When you complete a crossword puzzle, every letter and word needs to be right in order to achieve success. Similarly, a financial plan has a lot of intersecting parts that need to be aligned in order to achieve your goals. Are you ready to play?
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-38-playing-the-financial-crossword-puzzle/
Today's show schedule:
0:45 - Financial planning is a lot like doing a crossword puzzle.
2:27 - Puzzle line #1: Determining how much income we need in retirement.
6:17 - Puzzle line #2: Determining the proper amount of risk.
10:33 - Puzzle line #3: Should you have life insurance?
13:42 - Puzzle line #4: Addressing long-term care expenses.
16:35 - Puzzle line #5: Taxes won’t stay the same as right now in the long-term.
19:32 - Puzzle line #6: How much can you realistically withdraw from savings?
21:02 - Mailbag: Selling the farm and about to retire. What should you do with the money?
As you try to make the best decisions, you may get a lot of bad advice--even from people with good intentions. How do you know who to listen to? Whose advice is bad and whose is good? We'll look at four common people we turn to and explain why you should be careful.
Read more and get additional resources here: https://philstaxhacks.com/podcast/ep-37-best-intentions-but-bad-advice/
Today's show schedule:
3:15 - Are you getting some bad advice from well-meaning family members?
7:39 - Are you afraid of using new technology?
11:59 - What are CPAs supposed to give you advice about?
17:18 - What should you do with financial information in the media?
20:08 - Should you listen to everything Dave Ramsey says?
What financial truths can you depend on to always be true? While some financial statements may be more opinion than fact, these financial truths are ones you’ll want to hang on to.
Read more and get additional resources here: https://philstaxhacks.com/podcast/ep-36-financial-truths-you-can-depend-on/
Today's rundown:
0:50 - Are Americans taking out their retirement funds too early?
4:10 - What are absolute truths in the financial realm?
4:56 - Is watching too much news or TV bad for your financial plan?
6:23 - Emotions can impact our financial decisions.
9:15 - The market will move up and down.
12:46 - We are not as risk tolerant as we think we are.
17:47 - There is no magic answer.
20:21 - Mailbag: When should I find a new financial advisor?
Due to coronavirus, the CARES Act has outlined several provisions to relieve the financial burden on the economy right now. If you are allowed to take money out of your retirement accounts without penalty, should you?
Read more and get additional resources here: https://philstaxhacks.com/podcast/ep-35-should-you-take-money-out-of-retirement-accounts-while-its-penalty-free/
Today's rundown:
2:03 - What should you do about tapping into retirement accounts?
4:50 - Are these provisions in the CARES Act helpful?
6:54 - Could this hurt your retirement?
7:56 - What happens when someone is furloughed?
10:26 - In “normal” times, does it work when people take out money from their retirement or 401(k) as a loan?
13:46 - What is the current state of the market and economy?
15:24 - When is the new tax deadline for 2020?
17:16 - Mailbag: If I sell rental properties, how should I invest the equity money once I sell them?
Retirement planning and financial goals can be tricky to navigate. Instead of getting lost and going down the wrong path, here’s what to look out for and how to head in the right direction in the financial world.
Read more and get additional resources here: https://philstaxhacks.com/podcast/ep-34-how-to-avoid-getting-lost-in-the-financial-world/
Today's rundown:
2:31 - In the News: What’s happening with COVID-19?
8:09 - What are the reasons people get lost in the financial world?
8:23 - Bad tools can make finances difficult to understand.
9:57 - Bad directions and bad advice can steer you in the wrong direction.
11:32 - Not paying attention can get you in trouble.
13:46 - What can you do to get back on track?
15:04 - Do you know where you want to go with retirement?
19:19 - Mailbag: How much long-term coverage is recommended?
How is the coronavirus impacting the market, your financial plan, and your taxes? Find out in today’s coronavirus update.
Read more and get additional resources here: https://philstaxhacks.com/podcast/ep-33-coronavirus-update-cares-act-and-taxes/
Today's rundown:
1:50 - Coronavirus Update: What is the market doing now?
4:44 - What is our new reality?
8:40 - How have Phil’s clients been?
10:16 - What will the stimulus package do for those on Social Security?
13:44 - With taxes pushed back, should you still pay quarterly?
20:28 - Adjustments may need to be made.
Depending on how far away you are from retirement, you may have a different thing to focus on with your retirement plan. What should you be doing right now and how has the current market volatility impacted that?
Read more and get additional resources here: https://philstaxhacks.com/podcast/ep-32-preparing-…up-to-retirement/
Today's rundown:
1:40- Mailbag: Is it wise to own gold?
5:06- Mailbag: Should you move everything to cash now?
8:07- What should you look at fifteen years before retirement?
9:37- Is right now an opportunity to invest for some?
12:01- Ten years before retirement, what do you visualize with retirement?
13:35- Are you feeling like the coronavirus will set you back a few years?
16:12- What should you do five years before retiring?
17:20- Do you have a strategic plan?
19:06- What do you do when you retire?
Do you feel like your world just changed overnight with the coronavirus? How about your portfolio and your financial situation? Today we'll discuss the fallout in the market and what it means to retirement planning.
Read more and get additional resources: https://philstaxhacks.com/podcast/ep-31-coronavirus-market-update/
Today's rundown:
3:54- The market has dropped, but will it bounce back fast?
6:45- What are Phil’s clients concerned about
7:50- What strategies does Phil recommend implementing?
9:17- Are bonds a safer bet right now?
10:54- Every situation is different, so how do you position yourself for this?
12:55- Did the oil trade war carry as much weight as the coronavirus in the market?
15:20- What can we do now?
How close are you to being ready to retire? Are your plans in place to act accordingly? Let’s talk about the different levels of desire to retire and what each means for planning
Read more and get additional resources here: https://philstaxhacks.com/podcast/ep-30-whats-your-desire-to-retire/
Today's rundown:
0:41 - Phil shares what’s been keeping him busy lately at work.
2:07 - Where do you stand in terms of retirement readiness?
2:18 - Level 1: I don’t see myself retiring; I love what I do.
4:58 - Level 2: Maybe I could retire, but the pay at work is good.
5:59 - Level 3: I’d like to retire soon, but I’m not sure when I can.
7:31 - Level 4: Retirement is really starting to look good.
8:07 - Level 5: I have to retire now.
11:54 - Mailbag: Rolled over a 401k to an advisor who put it all into American funds. Is this okay or should I invest it somewhere else?
14:45 - Getting to Know You: What’s the worst punishment Phil got as a kid?
While it may seem like your financial decisions are all about the numbers, emotions play a big part in what you do with your money! How much should you let your emotions decide and when should you turn more towards logic? We’ll discuss that on this episode.
Read more on this topic and get additional resources here: https://philstaxhacks.com/podcast/ep-29-considering-your-emotions-when-making-financial-decisions/
Today's show rundown:
0:54 - Phil shares his latest big purchase.
2:58 - In the News: Wells Fargo CEO banned from banking industry.
5:48 - What emotions drive people to make financial decisions?
7:16 - What mistakes do people make with emotional decisions?
8:34 - Are there times to let your emotions factor in?
11:28 - Understanding what taxes look like long-term may mean addressing some emotional vs. logical decisions.
13:44 - Mailbag: Any problems with selling company stock in order to buy land?
Do you have financial and retirement goals set? How do you know if those goals are doable or simply unrealistic? Let’s talk about goal-setting and how we approach it with our clients to make sure they stay on track for retirement.
Check out the show notes and get additional resources here: https://philstaxhacks.com/podcast/ep-28-how-to-set-realistic-financial-retirement-goals/
Today's show rundown:
1:30 - In the News: Student loan debt is at $1.6 trillion.
6:43 - How do you set financial and retirement goals?
7:06 - What general financial rules should you follow?
8:28 - How do you narrow down the specific goals for retirement?
10:03 - What are unrealistic goals people make in retirement?
11:47 - How do you get the most out of investments without losing anything?
14:04 - How can you know if a financial goal is realistic and achievable?
16:45 - Mailbag: Should you work with one financial advisor or work with multiple?
Chances are you’ve heard a lot more people talking about Roth conversions over the past couple of years. That’s because tax rates are low and many individuals are choosing to pay now rather than waiting when they might be much higher. Is this a strategy that might work for you? Let’s try to cover everything you need to know before converting.
Show notes and additional resources: https://philstaxhacks.com/podcast/ep-27-understanding-the-pros-cons-of-roth-conversions/
Today's rundown:
1:49 – In the News: A study found CEOs and CFOs are pessimistic about the economy while consumers remain optimistic in 2020.
3:54 – The Coronavirus could be the trigger for the economy to drop.
6:02 – We’re talking about Roth conversions today because that’s been a hot topic with the current state of taxes.
7:08 – Let’s begin with what is a Roth conversion.
9:07 – Is this especially helpful if you’re a high-income earner?
10:02 – The assumption is you’ll be in a lower tax bracket in retirement but that’s not always the case.
10:56 – The common mistakes that Phil sees clients make with conversions.
12:37 – With the SECURE Act eliminating the Strech IRA, will this strategy become more popular?
14:55 – Is there a type of person that might not benefit from a Roth conversion?
16:15 – Are there ages that Roths make sense or is that too generalized?
17:50 – Cash Connection email question: I just looked at my Social Security breakdown and I’m blown away by how much more I’ll get at 70. I’m inclined to wait until then to start my Social Security even though I’m planning to retire at 67. What do you think?
19:50 – Getting to Know Phil: Are you native Michigander? Where did you grow up?
Financial advisors come in many different forms with varying degrees of experience, but every advisor you choose to work with should have a set of traits that will give your retirement plan the best chance of success. We’re going to take a look at five you should make sure your advisor or future advisor possess.
Show notes and additional resources: https://philstaxhacks.com/podcast/ep-26-traits-your-advisor-should-have/
Today's rundown:
1:07 – In the News: A banana taped to the wall was sold for $120,000. Phil shares his thoughts on the purchase.
1:45 – Let’s break down the cost of this artwork versus what it was sold for before it was eaten.
3:16 – Time to talk about traits an advisor needs to have. Be on the lookout for these things with your current advisor or someone you’re considering working with.
4:04 – First trait: Areas of expertise – there are many stages of planning and you want someone that meets your needs.
5:43 – There are licenses that are going to determine where an advisor’s expertise is.
7:34 – Second trait: Trustworthy – so how can you determine whether an advisory has this trait?
8:38 – Third trait: Likeability – you want to enjoy the relationship.
10:39 – Fourth trait: Listening ability – an advisor should be meeting your goals and needs rather than pushing specific products.
11:53 – Remember that this is your retirement, not an advisor’s.
12:59 – Final Trait: Problem-solver – is the advisor finding problems you might even know exist and helping you find solutions for your retirement needs?
15:41 – Email Question: Due to a mutual friend, I have a chance to work with an advisor who primarily works with accounts of $5 million or more. I don’t have that much but I’d love to get the advice of a big-time advisor. Do you think this is a good opportunity?
18:12 – Getting to Know Phil: Are you a Valentine’s Day kind of guy?
For a long time most people have targeted 65 for retirement, which is older than most countries, but that might even go higher in the next few years. Those ages are already rising in countries like France and Spain as they move towards 67. Should you expect a later retirement date? And how does that impact planning? That’s what we’ll discuss today.
Show notes and additional resources: https://philstaxhacks.com/podcast/ep-25-will-retirement-age-continue-to-rise/
Today's rundown:
1:34 – Betty White turned 98 years old and attributes it to vodka and hot dogs.
2:40 – IRS increased contribution limits. What is Phil’s reaction to the news?
4:23 – Mailbag Question: I could sell the house for $500,000 and I only owe $100,00. I’m 57 and I’m thinking about getting a smaller place and using that cash to retire early. What are your thoughts?
8:07 – Let’s talk about this article in CNBC on retiring age.
8:45 – Countries around the world are already raising retirement age.
10:13 – Is Phil seeing this trend of working longer from his clients?
11:55 – Is there a major planning difference from 65 to 67?
13:28 – It might only seem like two or three years but there’s a bigger compounding effect longterm.
13:53 – Then there’s the Social Security factor to shifting age.
15:30 – Mailbag Question #2: I’d really like to hire an advisor but my husband wants to do it himself. Is it okay to do this without help?
18:40 – Getting to Know Phil: What’s your favorite TV channel?
Do you believe you need to be completely debt free to retire successfully? Or are you comfortable carrying some balances beyond your working years? Having a strategy for managing your debt along with the amount of cash you possess are two key pieces to a successful retirement.
Show notes and additional resources: https://philstaxhacks.com/podcast/ep-24-managing-cash-debt-in-retirement/
Today's rundown:
0:42 – It’s that time of the year for brutal weather.
3:01 – We’re talking about cash and debt and how they can get us into a retirement predicament.
3:30 – We all love cash but is too much of it a bad thing?
4:19 – What are the best uses for cash? Phil uses a three bucket structure.
5:57 – With cash you give up growth because inflation.
6:56 – How much cash to you recommend someone having?
8:11 – What about people that are comfortable having a lot of cash?
9:35 – How many months should your emergency fund cover?
12:51 – Do you need to be debt free when you retire?
16:15 – Is debt management a part of the plan when we work with clients?
19:58 – Mailbag Question: I have about $50K in cash value in an old life insurance policy. I don’t really need the insurance anymore. Should I cash it out and invest the money some place else?
How closely do you pay attention to the sources that provide you with information about investing? Just like other outlets of media, financial news is not immune from bias. Let’s discuss the landscape today and how you can protect yourself from being misled by incorrect information.
Show notes and additional resources: https://philstaxhacks.com/podcast/ep-23-beware-of-bias-in-financial-media/
Today's rundown:
1:17 – We’re well into 2020 at this point but make sure you’re writing out the full year to prevent scams.
1:58 – The Stretch IRA has been eliminated as part of the SECURE Act. How important is this?
6:30 – Let’s talk about our main topic: financial media bias.
7:19 – Today it seems like you have to look at multiple sources of information to get the complete picture.
8:40 – Financial news is no exception. There often seems to be a motive or an angle to a headline.
9:32 – Be aware of paid placement material.
11:42 – Every advisor has their own opinion and investors should expect that.
12:38 – It also could be good advice but maybe it’s intended from someone else and not applicable to you.
14:24 – Another thing to keep in mind is someone providing the info just might not be up-to-date on a specific product.
18:14 – Mailbag Question: I told myself that once I hit $1 million in my portfolio, I’d move that money to cash. But now that I’m there, I’m wondering if I can get to $1.2 million first. What do you think?
Have you ever heard someone tell you they don’t want to retire? Sometimes they might mean it, but other times it’s just a defense mechanism for the fact that they don’t feel prepared for retirement. Let’s take a look at some of the most common excuses and what they might actually mean.
Show Notes and Additional Resources: https://philstaxhacks.com/podcast/ep-22-are-these-excuses-keeping-your-from-retirement/
Today's Rundown:
1:19 – Happy new year! Should be an interesting year.
2:31 – Let’s talk about excuses that may keep us from retiring.
3:49 – Excuse: ‘I love my career.’
6:08 – Excuse: ‘I would be bored if I retired.’
11:17 – Excuse: ‘We don’t have enough money to retire.’
13:29 – Excuse: ‘I don’t have enough confidence in my plan to walk away from work.’
15:55 – Planning for retirement is like planning a road trip.
19:25 – Mailbag Question: My husband’s military pension has been a very nice benefit but I’ll no longer get a penny of that after he passes away. This was a mistake in retrospect but what can we do moving forward?
Mutual Funds have long been a very popular way for people to invest, but is that landscape changing? Let’s explore this investment option, explain some key terminology, and determine what the future might hold for mutual funds.
Show Notes and Additional Resources: https://philstaxhacks.com/podcast/ep-21-the-ins-and-outs-of-mutual-funds/
Today's Rundown:
1:19 – Getting ready for the holidays and the new year.
2:49 – In the News: President Trump recently made Florida his permanent residence. Do you see that often from your clients in Michigan?
5:26 – Mutual funds have been a popular investment option but is that trend changing?
6:08 – What percentage of your clients own mutual funds when they first come to see you?
6:53 – Explain ‘expense rations’ for us.
8:29 – What does the term ‘loaded’ mean?
11:18 – What tax considerations do you have to keep in mind for mutual funds?
12:45 – Do you feel like mutual funds are going away?
15:33 – Mailbag Question: I’ll be retiring in exactly one year. What’s on the list of things I need to do before I walk away?
Myths, rumors, and misunderstandings are pervasive in the world of Social Security. How do you know what to believe and what to ignore? On this show, we’ll clear up the top 5 misunderstandings about Social Security.
Show Notes: https://philstaxhacks.com/podcast/ep-20-5-biggest-social-security-misunderstandings/
Today's Rundown:
0:52 – Is Phil ready for Christmas?
2:26 – On to our main topic on Social Security Misunderstandings
2:39 – No. 1: Social Security is going broke
6:42 – No. 2 and 3: Starting early is best. Waiting as long as possible is your best strategy.
8:53 – No. 4: The folks at the SSA office can help you choose the best claiming strategy or yourself.
10:42 – No. 5: You don’t have to pay taxes on Social Security.
12:36 – Mailbag question: I’m selling one of my rental properties soon and don’t have plans to buy another one. What’s the best thing to do with the money from that sale?
14:12 – Mailbag question: My parents bought a whole life insurance policy when she was born and we’ve been paying for it since they passed away. Now she’s about to graduate college. Should we keep paying for this because it’s not cheap?
Not everyone wants to leave behind a financial legacy, but for those that do, it’s important to eliminate some of the common estate planning mistakes. Today we’ll identify five of those and explain what you need to do to keep your plan on track.
Show Notes: https://philstaxhacks.com/podcast/ep-19-are-you-making-these-critical-estate-planning-errors/
Today's Rundown:
0:43 – Excited for the holidays and getting some time with family.
1:45 – In the News: Any market effects from the impeachment hearings?
3:38 – Moving into our main topic this week and that’s estate planning mistakes.
4:00 – Failing to plan for expenses that you can expect to happen, like healthcare.
5:34 – When is the last time you’ve updated your beneficiary designations?
8:02 – Failing to take steps to avoid conflict for your heirs and family.
10:17 – We had a family that held an auction with fake money that family could bid on items.
11:11 – Don’t make the mistake of transferring real estate while living rather than at death.
13:12 – Don’t forget to consider the tax implications of your estate.
Life never goes as planned but how you react to each situation determines how your affected. Let’s look at a handful of negative scenarios that retirees and pre-retirees face and find the silver lining that can help you make the best of a bad situation.
Show Notes: https://philstaxhacks.com/podcast/ep-18-finding-silver-linings-in-unfortunate-financial-situations/
On This Episode:
1:21 – Getting ready for the holiday season.
2:47 – In the news: A baggage handler in Nevada just got a cease and desist letter from the SEC for pretending to be an investment advisor.
4:19 – Moving into our main topic this week: finding silver linings in difficult situations.
5:18 – Situation: Company is forcing you into early retirement. How can we turn this into a positive?
7:41 – Situation: You find out the life insurance premiums are going up.
8:42 – Situation: The company is doing away with pensions and giving you a lump sum instead.
10:07 – Situation: Your company is being bought out and you have to adjust to management changes.
12:47 – Mailbag question: I’m in my mid-50s and don’t have much saved toward retirement. I own my own business and I’m having a huge year. I’ll have some profits to invest. Can you give me some ideas where to start?
With so many aspects of the financial world out of your control, why would you sabotage your portfolio by not controlling what you can? Let’s discuss the ways in which people hurt their own financial health so you can keep from making the same mistakes.
Show Notes: https://philstaxhacks.com/podcast/ep-17-5-ways-we-sabotage-our-own-retirement/
On This Episode:
1:36 – In the news: Social Security Administration announced retirees will get a 1.6% cost of living increase. How much of a difference will this make?
3:04 – Sometimes that increase gets offset by Medicare costs.
3:55 – Turning to our main topic today: sabotaging our own retirement.
4:50 – Obsessing over the ups and downs of the market.
7:51 – Starting Social Security at the wrong time can cost you.
10:23 – Ignoring the potential for a need to use nursing home care.
11:59 – You just assume that you’ll still love your job as much in 10 years as you do now.
13:15 – Underestimating how much income you’ll actually need in retirement.
16:12 – Mailbag Question: Are there really no tax implications to rolling over my 401k?
Your financial plan is more than just the numbers. Having these sometimes awkward conversations now could save you a lot of trouble later on and provide clarity in a tough situation.
Show Notes: https://philstaxhacks.com/podcast/ep-16-how-to-have-those-awkward-financial-conversations/
Today's Rundown:
1:36 - Quote: “Time is more valuable than money. You can get more money, but you can’t get more time.” - Jim Rohn
4:58 - How do you handle the financial plan when the first spouse passes away?
7:50 - What will you do if someone needs long-term care?
11:01 - What if you have to work longer than you wanted to?
15:12 - What kind of legacy do you want to leave (and do you agree)?
18:42 - What do you do if you feel like you’ve got the wrong financial advisor?
Retirement planning is all about finding the right mix of investments that fit your needs and your situation. There’s no such thing as a ‘one-size-fits-all’ approach, but there are factors that will impact every single on of us in retirement. Understanding these constants and planning for them will put your portfolio in a great position.
On this episode:
0:46 – We’re not happy about the officiating in the Lions’ game.
2:37 – What’s Phil’s opinion on how to handle health insurance costs?
6:02 – Here’s our main topic for today’s show: retirement constants.
7:16 – Retirement constant: Inflation
8:42 – How does Phil plan for inflation with his clients?
11:12 – Retirement constant: Taxes
12:22 – Ronald Reagan used to make just two movies a year because of tax brackets.
13:04 – Retirement constant: Healthcare
13:23 – Retirement constant: Fees and Commissions
15:56 – Mailbag question: My employer is going to stop matching 401k contributions to offset rising healthcare costs. Without the match, should I continue contributing to my 401k or look at other options?
Get the full show notes and additional resources here: https://philstaxhacks.com/podcast/ep-15-retirement-constants-that-will-affect-everyone/
You work hard and deserve the chance to enjoy your retirement to the fullest. No one wants to reach that next chapter with regrets on how you invested and planned along the way. Make the right decisions now and you won’t have that worry in retirement, and we’ll give you advice to rid your portfolio of regrets.
On this episode:
1:31 – In the News: Health insurance is a major issue in the upcoming 2020 election and every candidate has an idea of how they want to handle. What does Phil think about healthcare?
2:38 – We have to get the payment of the services back in the hand of the person using it.
3:55 – Let’s move to our main topic this week: retiring without regret.
4:31 – Advice: Don’t make sudden decisions.
6:03 – Outside of the market, this advice also applies to life decisions as well as investing.
7:25 – Social Security is an area where there could be big consequences for making the wrong decision.
8:44 – Advice: Don’t jump into investments you don’t understand.
10:16 – If you are a speculative person, how much can you ‘gamble’ with?
11:39 – Does Phil see many clients that like taking the risk or are people more conservative?
12:56 – Advice: Know what retirement means to you.
13:29 – Advice: Work with a professional.
16:27 – Mailbag Question: Most of my 401k is invested in company stock. Is that bad?
20:05 – Getting to Know Phil: What’s your favorite movie genre?
Get the full show notes and additional resources here: https://philstaxhacks.com/podcast/ep-14-how-to-live-a-retirement-without-regret/
Retirement is a unique experience for every person with many different factors determining what yours looks like and how you get there. What we do know, however, is that there are five key variables that will have a major impact on your plan. Understanding these and strategizing for them will give you control of your future.
On this episode:
1:25 – In the news: We’ve seen a bit of a slide in the market. How much does politics weigh on the market and what do you make of this recent trend?
3:00 – Don’t worry about who the next president will be. Have a plan that is built for the ups and downs.
4:03 – No matter the candidate, expect taxes to increase. Structure your plan to keep that in mind and puts you in a better position from a tax standpoint.
6:33 – The first variable: retirement income. It’s different for everyone and your retirement plan won’t work if you don’t get this number right.
8:39 – The next variable: taxes. You have more control over this than you think.
10:35 – Should we be considering conversions for our 401(k) to take advantage of current tax rates?
12:00 – The next variable: longevity. We don’t know how long we’ll live but we have to plan for longevity.
14:48 – Another variable: Social Security. Determining the age to take it depends on many factors.
15:59 – Many of our clients want to take Social Security as early as possible.
17:01 – The final variable: risk. It’s important to both understand your risk tolerance and also plan to handle volatility.
20:44 – Email Question: How often should I be meeting with or talking with my advisor?
Show notes and additional resources: https://philstaxhacks.com/podcast/ep-13-the-variables-that-shape-your-retirement-plan/
Being as prepared as possible before you reach retirement will ensure you’re able to enjoy the next chapter of your life to the fullest. To do that, you need to get your numbers in order, understand what you want out of retirement, and make sure you have healthcare covered. Let’s go through each of these items you need to take care of during your final years of work.
On this episode:
1:09 – Phil is getting ready to take a trip to Disney with the grandkids.
2:01 – In the news: Rates have dropped and they might get trimmed again. What are Phil’s thoughts?
4:30 – Introducing this week’s main topic of where to focus during your final decade of work.
5:26 – The first thing to do is figure out what’s important to you.
6:58 – Once you know what you want it to look like, you need to understand the numbers.
7:55 – To maintain a certain lifestyle, budgeting is important.
10:38 – Next item is estimating your income streams.
11:58 – Now you need to get a handle on healthcare.
15:33 - The final piece is understanding that needs will evolve as you go through retirement.
18:08 - Email question: I’m retiring in six months and I’m worried what will happen if we have a market crash before I get to the finish line. Will I be okay?
Show Notes: https://philstaxhacks.com/podcast/ep-12-preparing-…l-decade-of-work/
We look to many different places for help with retirement planning, but have you ever considered what flying can teach us about investing? You might be surprised to hear that there are a number of parallels between the two and we’ll lay them out for your on this episode.
Today's rundown:
1:22 – In the News: A new study shows 37% of households are ‘free and clear’ meaning they are mortgage-free.
3:10 – Introducing the show’s main topic on flying and retirement.
3:53 – First thing is the flight plan.
7:03 – We all handle turbulence differently, much like volatility.
9:13 – It’s important to understand how you feel about risk.
10:18 – Advisors are a lot like air traffic control to help you along the journey.
12:44 – Mailbag: I’ve been planning to sell some investment property to move that money into something else but I just discovered how much I’ll owe in taxes because of the increased property value. Should I just hold onto it?
14:17 – Getting to Know Phil: What’s a job you’d be terrible at?
Get the full show notes and additional resources by clicking here: https://philstaxhacks.com/podcast/ep-11-what-can-we-learn-about-retirement-from-flying/
Ever hear something that caused to you ask, “Is that really true?” There are common myths that float around all the time, so what myths are there when it comes to retirement planning?
Today's rundown:
0:53 - School is back and AFS Wealth Management is hosting classes on taxes in retirement.
2:02 - The market seems stable right now, but is volatility ahead?
3:40 - In the News: Bernie Sanders wants to forgive student loan debt, and Elizabeth Warren has a school loan forgiveness plan as well. Is this a good idea or bad idea?
6:26 - Mailbag: In retirement and needing income, should you invest primarily in dividend-paying stocks?
9:22 - Myth or Plausible: Shifting from stocks to bonds removes volatility from your portfolio.
10:35 - Myth or Plausible: Once you retire, you no longer need life insurance.
12:04 - Myth or Plausible: You will need less income when you retire than when you are working.
13:46 - Myth or Plausible: You will be in a lower tax bracket when you retire.
15:47 - Getting to Know You: If money and time were not a factor, what hobby would you get into?
Get the show notes and additional resources by clicking here: https://philstaxhacks.com/podcast/ep-10-busting-the-myths-when-it-comes-to-your-retirement-plan/
Every decision you make in regard to your finances goes a long way to determining how much you’ll get to enjoy retirement, but using the correct advisor will have a big impact on your planning process. Despite that, investors will often make excuses for working with someone that doesn’t fit their needs and goals. Let’s talk about some of the common excuses that are used.
Today's rundown:
0:45 – Phil just got back from a family vacation.
2:05 – In the News: Uber now experimenting with food delivery by drone.
3:47 – Email question: How important are some of the letters that some advisors have after their name? I don’t know what most of those mean.
6:18 – Main topic today: why we make excuses for sticking with the wrong advisor.
7:03 – Excuse 1: My portfolio has done okay the last several years but my advisors a nice person and I don’t want to rock the boat.
8:48 – Excuse 2: I don’t really understand a lot of what my advisors says to me and I’m usually confused after my meetings but money isn’t really my thing anyway.
11:24 – Excuse 3: We don’t get together for reviews and they don’t return my calls, but I’m a generational client and they’ve been servicing my family for years.
13:30 – Excuse 4: The person you work with doesn’t specialize in retirement planning but you’ve stuck with them because you have a long relationship.
16:27 – Getting to Know Phil: Who’s someone that always makes you laugh?
Get the full show notes and additional resources here: https://philstaxhacks.com/podcast/ep-9-excuses-we-make-for-sticking-with-the-wrong-financial-advisor/
No matter how well you plan, there are times in your life where things shaken up and force you to change course. All of a sudden you shift to planning with a sense of urgency. On this episode, we’ll discuss some of those scenarios and how you can prepare yourself.
Today's rundown:
1:51 – In the News: The SECURE Act could affect your retirement.
3:56 – Could changes coming to the RMD age signal changes in Social Security?
5:57 – Getting to Know Phil: What’s your greatest accomplishment in life?
7:14 – Moving to our main topic of planning with a sense of urgency.
8:05 – Scenario: The loss of a job.
10:10 – Scenario: Your retirement date begins closing in on you.
13:07 – Scenario: The death of a spouse.
14:58 – Scenario: The market drops significantly.
17:26 – Email Question: I’ve always told I’d be in a lower tax bracket when I retire so I should be putting as much money as possible in my 401(k). Now I’m retired and I am not in a lower tax bracket and I’m being taxed quite a bit. What went wrong?
Get the full show notes and additional resources by clicking here.
You’ve been planning for retirement by saving and investing for years but how prepared are you for negative events? Portfolio disaster could strike at any time and you need to have a plan in place to deal with it. We’ll run through the most likely scenarios and what you should do to stay retirement ready.
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Today's rundown:
1:57 – News headline reaction: Will the financial advisor role become unnecessary with the advent of automation?
4:30 – Getting to know Phil: What’s the most danger you ever put yourself into?
6:01 – Mailbag question: I’m retiring early from my state job. Do I need to find a new job since I’m too young for Social Security or my IRA?
7:36 – Main topic on portfolio disasters begins.
8:37 – Scenario 1: Your spouse passes away early and you never took part in financial planning. Now you’re left figuring it out.
10:09 – Scenario 2: The market crashes and you didn’t have a plan in place.
12:46 – Scenario 3: The family legacy that gets wiped out by a long-term care expense.
15:06 – Mailbag question: I’ve always handled my retirement planning with no help, but are there any items that I might be missing?
Are you panicking when it comes to what’s happening with your finances after hearing the latest headline? But are these statements to be trusted? What is fake news and what is real when it comes to your financial plan? We'll discuss those questions and more in this episode.
Check out the full show notes by clicking here.
Today's rundown:
2:16 - “Social Security is going broke.”
5:47- “The Crash of the Dollar is Imminent--Buy Gold Now!”
7:21 - “Nursing Home Costs Poised to Bankrupt Millions of Americans.”
10:24 - “Market Crash Coming Soon!”
13:04 - Mailbag: Majority of investment is in company stock, is that okay if I know my company well?
A number of common proverbs you’ve probably heard all your life can easily be applied to your finances. Are you keeping these simple lessons in mind when considering your retirement planning? Join us this episode as we place meaning to those proverbs.
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Here's the rundown for this episode:
1:30 - Upcoming event: When to shred your documents.
3:29 - “A bird in the hand is worth two in the bush.” Don’t overchase growth, especially in early retirement.
4:56 - “A rising tide lifts all boats.” If you’re in the market, you flow with the market.
5:52 - “If it sounds too good to be true, it probably is.” The market has maintained a similar process for years.
6:49 - “Don’t put all your eggs in one basket.” Diversification is key.
9:12 - “One man’s trash, another man’s treasure.” Understand the source of your advice.
11:15 - Mailbag: A totaled car means needing some liquid cash, where should it come from?
When it comes to financial decisions, the process can become overwhelming trying to make the right one and you often stall out in the process. Sometimes you just need to decide and move forward. Fish or cut bait. One way or another, you need to keep going. We’ll highlight a few of the areas where people get stuck most often when making financial decisions and how to prevent that.
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Here's the full rundown for this episode:
1:52 – When there’s too many decisions to make.
- Clients face this all of the time because retirement decisions can be complex.
- Where retirement planning can get complicated.
- How financial advisors and research can benefit you.
3:10 – Can you do too much research?
- Make sure you work with somebody you trust and follow their advice.
4:03 – Dealing with general confusion around a subject.
- We’re all gifted in different areas so finances and math are not loved by everyone.
- Don’t bury your head in the sand because a lot of these decisions you’re making are lifetime decisions.
4:57 – What about those that don’t like talking about money?
- How married couples often handle this.
- It’s vital to get involved in the process to understand at least a base level of how it works.
6:05 – Dealing with traumatic life events.
- Handling the emotions that come along with it.
- When a spouse dies.
- Looking ahead to prepare for yourself and others.
9:32 – Mailbag: Stretch IRAs
- Arnold says his financial advisor once told him to consider a “stretch IRA” but heard that Congress might end that option.
- What is a Stretch IRA?
- Explaining the latest proposal.
If you’re heading out on a road trip this summer, there’s a long list of things you’ll want to remember when planning for your vacation. In retirement planning, some of those exact same items also need to be addressed. Let’s look at some of the items that should appear on both your road trip checklist and your retirement planning checklist.
Full show notes: https://philstaxhacks.com/podcast/ep-3-how-planning-your-summer-vacation-is-like-planning-your-retirement/
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Other Retirement Facts: 2:30 Decide where you’re going * One of the biggest mistakes people make when planning retirement is just jumping in without any considerations. * Understand what does retirement look like and what do you want to accomplish? * How do you plan a trip if you don’t know where you’re going?
3:16 Determine your route * You have to map out how you are getting to where you are going. * Where will you get your income to fit your needs? * Which accounts will you pull from first? * What happens with the taxes and how can you minimize them?
4:08 Decide what you’re going to listen to * For a road trip, you might create a playlist or figure out what tunes you want to hear along the way. * Likewise, with retirement, there is so much information available, and you need to figure out what kind of information you’ll want to rely on. * Everyone’s view of retirement planning is a little different, so you need to decide if you’ll listen to an advisor or the internet or a friend.
5:12 Use cruise control when possible * On the road, it’s nice to use cruise control whenever you can. * In your financial life, it’s also nice to have some things on cruise control with a steady stream of income to plan on. * You don’t want to wonder every month where your income will come from in retirement, but you also want flexibility if you need it.
Mailbag 8:01 Vera: Down market * Vera from Plymouth says it seems like we are about to head into a down market soon. What strategies are best for someone in their 60s vs. someone in their 30s? * What worked while you were saving for retirement is not the same thing as what will work into retirement. * Money that will be needed in a shorter time frame is put into a bucket that is less volatile. It’s a balance, of course, because you still need growth to keep up with inflation, which is for long-term planning.
The realities of retirement planning are different than they were even a decade ago. Let’s talk about some of the realities that affect how you need to plan…
Full show notes of today's episode: https://philstaxhacks.com/ep-2-facing-the-realities-of-retirement
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Other Retirement Facts: 2:47 People are living longer.
- Back in the ‘30s, the average life expectancy was 60 for a man and 64 for a woman. Today, if you live to 65, you can expect to live another 20 years. 25% of us will live to 90.
- And because people are living longer, they’re also working longer than they used to. So, don’t feel like you have to retire at a certain age just because your parents did.
5:38 Retirement is an active stage of life.
- Phil shares a story about some clients who travel in retirement to follow their favorite baseball teams.
- Playing shuffleboard or sitting on the front porch in a rocking chair is no longer the dream retirement for most people. Instead, retirement today usually involves things like volunteering for a favorite cause, traveling, developing a new skill, or helping raise grandchildren.
- And while being active is more fun, it can also be more expensive, so it’s important to have a realistic income plan for retirement.
- Whatever your passion or vision is, make sure you’ve got a plan to accomplish that as you get into retirement. An active retirement may cost more money than a passive one.
8:55 The current investing environment is more challenging than it used to be.
- Phil explains why you have to be careful in how you withdraw money due to something called sequence-of-returns.
- The stock market is more volatile than it’s ever been. Interest rates are as low as they’ve ever been. If you’re retired or close to retirement, this isn’t the best time in history to be investing without a plan or without a good advisor.
In The News: 11:47 Tax Change Update
- First year of the inaugural tax change had mixed reviews.
- Overall taxes have been lowered.
Mailbag: 11:47 Lou's assumption
- Lou: “I’ve always assumed that I’ll be in a lower tax bracket in retirement, but now I’m questioning whether or not that’s true. What do you normally see?
- A lot of clients think this way, which is why an IRA or 401(k) is a common vehicle to save for retirement.
- That assumption is often false because people like to continue their same level of lifestyle and will need similar income to support it.
Getting To Know Phil: 14:53 The most beautiful view
- We ask Phil what’s the most beautiful view he’s ever seen?
- Hint: He’s looking at a photo of it right now!
Subscribe To The Podcast: * Apple Podcasts * Google Podcasts * Google Play * Spotify * Stitcher * TuneIn
Additional Resources: * Phone: 248.888.7530 * Email: pputney@afswealthmgt.com * Schedule A Visit With Phil
Major US stock indexes fell more than 6% in May, so we'll take a quick look back at last month and discuss what brought about these changes. And to continue with the news topics, we'll talk about recent updates on Brexit, and get Don's opinion on how we should take all of these news events into account in regards to our financal plans. We'll close out with an email question about the pros and cons of gifting assets.
Check out the full show notes here: https://philstaxhacks.com/podcast/ep-1-meet-phil-putney/
Other Retirement Facts: 1:45 Why Do a Podcast?
- Education is an important part of Phil’s business. He tries to provide constant educational opportunities to clients.
- Today, there are a lot of decisions to make when facing retirement, so it is important to be well-informed.
2:19 What’s Behind the Comprehensive Approach?
- Phil’s background is as a CPA first but came to the financial services industry by request from clients.
- He believes in planning ahead of time for tax ramifications we might face in the future.
3:33 How Did the Firm Begin?
- The goal was always to work with clients to best position their overall tax scenario.
- He started as an independent registered representative and embraced the fiduciary standard.
- Scroll down to the bottom of the post to see a short video that helps explain suitability vs. the fiduciary standard.
- The firm aims to help clients understand the “why” behind their retirement plans.
5:07 Why Is Your Approach Different?
- Phil Putney compares it to building a house, you need to start with the plan before running to get supplies.
- Ask, what are you trying to accomplish?
- You need a custom-built plan for your retirement.
8:48 Who Is Your Ideal Client?
- Someone nearing retirement or about to take an early retirement and needs someone to help them walk through those decisions.
- Phil wants to be a resource to clients and to prepare them for the many decisions that arise during the planning process.
Suitability vs. Fiduciary:
Subscribe To The Podcast: * Apple Podcasts * Google Podcasts * Google Play * Spotify * Stitcher * TuneIn
Additional Resources: * Phone: 248.888.7530 * Email: pputney@afswealthmgt.com * Schedule A Visit With Phil
Just around the corner is a new podcast called Phil's Tax Hacks (and other retirement facts) with Phil Putney of AFS Wealth Management. As a CPA and personal financial specialist Phil brings almost three decades of experience to each show to help you better prepare for retirement. Learn about creating tax-efficient financial plans and making sure you're well-prepared for your financial future. This episode gives you a quick little preview of what's to come. Episode 1 launches in June 2019!
Check out the podcast website: https://philstaxhacks.com/