Phil's Tax Hacks

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/