Phil's Tax Hacks

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