Phil's Tax Hacks

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…”