Today Phil’s talking about Type A personalities. If you’re driven, competitive, and goal-oriented then you’re part of the club that often struggles during difficult markets. When things get tough, your instinct is to work harder, push more, and fix the problem. But in investing, that instinct can sometimes backfire. In this episode, Phil unpacks the tension between action and restraint when markets get choppy. He explores why high achievers often feel anxious during downturns, even when their long-term plans are sound. Here’s some of what we discuss in this episode: 🧠 Why Type A investors struggle with staying still 💥 The hidden risks Type A personalities often overlook 🔍 How over-managing can backfire in volatile markets 🤝 Why the right advisor should match your mindset   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Today Phil’s kicking off his new Financial Book Club with The Psychology of Money by Morgan Housel. This book isn’t just about money strategies. It’s about why we make the choices we make, even when they don’t seem to make sense. You might find that your mindset is a bigger advantage than any investment tip. If you’ve ever wondered why it’s so hard to stick to the “smart” plan, this conversation might hit closer to home than you expect. In this episode, Phil explores four powerful ideas from the book, starting with the bold claim that no one is crazy when it comes to money. Here’s some of what we discuss in this episode: 💭 Why your money story begins in childhood 🏠 The emotional math behind paying off your house 😬 “Never enough” syndrome in retirement planning 📉 Planning for market volatility and life’s curveballs 🚧 Why your retirement roadmap needs flexibility   The Psychology of Money by Morgan Housel: https://shorturl.at/bjzCl For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Can real estate actually boost your retirement plan? Is renting a property a reliable source of income, or just added stress? The short answer: it depends. In this episode, Phil breaks down the many ways real estate can support- or complicate- your retirement strategy. From rental properties and house flipping to reverse mortgages, REITs, and home equity lines of credit (HELOCs), this episode covers the most common approaches people consider and the mistakes they don’t always see coming.   Here’s some of what we discuss in this episode: 📉 Rental property pros, cons, and tenant trouble 🔁 What to know about 1031 exchanges 🏦 HELOCs as an emergency tool 📊 REITs: real estate investing without the property headaches   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

You’ve worked hard, saved diligently, and now you’ve got a solid 401(k) and a few other accounts... but now what? In this episode, Phil answers a common question submitted by one our listener’s: How do I turn my savings into a real retirement plan? We’ll walk through how to shift from accumulation to distribution, and explains how to organize your financial "stuff," take inventory, and define what retirement will look like for you. Here’s some of what we discuss in this episode: 🗂️ Why a financial inventory is the first step 🛠️ How to use your savings as tools—not the plan itself 📆 When to start serious retirement planning (hint: it’s not the year you retire) 💵 Why income—not your total savings—is the number to watch   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Thinking about retiring in 2025? You're not alone, but the timing might feel a little... complicated. With stock market swings, whispers of a recession, economic uncertainty, federal layoffs, and tariffs making headlines, it's no wonder many are feeling uneasy. But what if you had 2025 circled on the calendar long before all this? Is it still a smart time to step away, or could it be the worst possible moment? Here’s some of what we discuss in this episode: 🔄 Market dips, rebounds, and what they really mean for retirees 📊 Why your 401(k) settings from 20 years ago might need a fresh look 🛑 The risk of panic-selling and how to avoid it 💼 The value of advisor conversations in times of uncertainty   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

How much support is too much when it comes to helping your adult children financially? A growing number of retirees are facing the dilemma of supporting adult kids at the expense of their own retirement goals. Let’s talk about how to prioritize your finances and why keeping your kids on the payroll could erode away everything you’ve worked for. Here’s some of what we discuss in this episode: 👨‍👧‍👦 Supporting adult kids? It might be more than you realize 📉 Unplanned help can quietly erode your retirement savings 💸 “Little things” like phone bills and insurance can add up fast 📊 Build financial support into your retirement plan on purpose 💬 Open conversations with your kids—and your advisor—are essential   Check out the Fortune article: https://fortune.com/2025/03/26/millennial-gen-z-adult-children-parents-monthly-payments-retirement/   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Caring for aging parents is something many of us will face—but few are fully prepared for the financial, emotional, and logistical challenges that come with it. In this episode, we will tackle this common scenario for Baby Boomers and discuss what happens when you're part of the “sandwich generation”—caring for both kids and aging parents. Our question today comes from someone whose 93-year-old mom has fallen twice in the past month, and he’s weighing two options: bring her to live with him or pay for in-home care out of his own pocket. Which choice makes the most sense, both financially and for his family’s well-being? Here’s some of what we discuss in this episode: 🏡 In-Home vs. Facility Care – What’s cheaper, safer, and more sustainable? 💸 Tax Implications & Medicaid – What you need to know before paying expenses 📉 The Retirement Impact – How caregiving can affect your financial future ⚠️ Asset Transfer Risks – Why giving away the house can backfire without a plan   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Are HSAs one of the best tax-advantaged accounts out there? Can you really stockpile a massive balance and use it tax-free in retirement? This is what a listener wants to know so we’ll analyze whether that’s a potential pitfall or if she’s maximizing this planning tool. Here’s some of what we discuss in this episode: 💰 HSA = A Supercharged Roth IRA? – Why it’s better than traditional retirement accounts 🧾 Save Your Receipts! – The secret to accessing tax-free funds later 📊 Investing Your HSA Funds – Should you keep it in cash or invest it? ⚠️ Avoid Common HSA Mistakes – Withdrawal rules & penalties explained   0:00 – Intro 1:19 – Today’s question 1:46 – Yes, it’s true 3:36 – Better than a Roth? 7:25 – Investing HSA contributions 10:44 – What are qualified medical expenses? 12:22 – Other considerations   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Gold prices are surging, JPMorgan is making a massive $4 billion gold delivery, and people are wondering if they should invest in gold. Gold has long been promoted as a safe haven in times of uncertainty, but with markets shifting, inflation concerns lingering, and a possible trade war on the horizon, is now the right time to add it to your retirement portfolio? Here are some of the key topics discussed: 📈 Gold at record highs – Is it too late to invest? 💰 Physical gold vs. ETFs – Pros, cons & key differences ⚠️ FOMO investing – Why jumping in now could be risky 🔄 Gold as a hedge – Smart ways to use it in your portfolio   0:00 – Intro 1:03 – Gold on the rise 4:04 – Downsides 8:55 – Owning gold 9:56 – Portfolio diversification 12:35 – Final thoughts     For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

With so much happening domestically and abroad from a financial standpoint, this week’s show is going to look into the implications of Trade War 2.0 and its potential effects on the economy and markets. Phil will break down the latest economic data, tariff announcements, and which sectors might respond positively to the changes. Here’s what we discuss in this episode: 0:00 – Intro 1:08 – Market instability & tariffs 5:23 – Apple’s $500 Billion Investment 7:23 – Reactions to tariffs 13:11 – Tariff winners 16:46 – Gold 18:37 – Final thoughts   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

For some people, the idea of retiring and then getting another job is detestable. For others, they can’t sit still and have to go find some other job. For the latter crowd, there are plenty of popular “side gig” jobs for retirees. This week on the podcast, Phil discusses the shifting mindset surrounding retirement. We explore the various avenues available for retirees to engage in rewarding side activities that not only provide financial benefits but also fulfill personal passions. Many individuals are not merely seeking to retire from their jobs; they are looking for ways to stay engaged and active in their communities. Here’s what we discuss in this episode: 0:00 – Intro 1:05 – Consulting 2:54 – Teaching 3:43 – Online marketplace 5:41 – Retiring to something 8:40 – What it means for planning   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96  

If you’ve spent years successfully managing your own investments, do you really need a financial advisor? That’s the question we’ve heard from a number of different people. So, is working with an advisor just an extra expense, or could it actually add real value? In this episode, we break down when and why even experienced investors might benefit from professional guidance and when they’re probably fine on their own. Here’s what we discuss in this episode: 0:00 – Intro 2:15 – What is a financial advisor? 3:51 – More than investing   7:40 – DIY blindspots 12:05 – Value of an advisor   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

With the recent political landscape, tariffs have become a hot topic, often surrounded by confusion and misinformation. How do you sit through the noise to find out how this might impact you? In this episode, Phil breaks down what tariffs are and how they can affect your investment portfolio as you near retirement. Here’s what we discuss in this episode: 0:00 – Intro 1:42 – What is a tariff? 2:48 – Will costs rise? 7:02 – Has this happened before? 9:20 – Impact on economy 10:40 – Effect on the market   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

This week on Phil’s Tax Hacks, Phil and Marc dive into the current state of the stock market with a particular focus on the tech sector. They discuss the growing concerns around tech companies being overweighted in the S&P 500, and how recent news, including competition from a Chinese AI company, is shaking up the market. Phil highlights key issues like price-to-earnings ratios, the potential risks of tech-heavy investments, and the challenges this new AI could bring to companies like Nvidia. We’ll also touch on the Federal Reserve's stance on interest rates and the impact of ongoing tariffs. Here’s some of what we discuss in this episode: 0:00 – Intro 1:25 – Tech sector performance 5:00 – Price-to-earnings ratio and market valuation 8:43 – Comparison to past market bubbles 13:21 – Fed policy and interest rates For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96  

A recent article on Fortune highlights a growing trend among baby boomers: continuing to work well into their 60s and 70s. Surprisingly, this is not out of necessity, but for the mental stimulation, social connections, and fulfillment that work provides. With nearly 20% of Americans over 65 still employed, this shift is challenging traditional views of retirement and sparking important conversations about what it means to truly retire. Here’s some of what we discuss in this episode: 0:00 – Intro 2:20 – Loneliness and loss of purpose 4:53 – The impact of working in retirement on financial plans 8:09 – Generational differences toward work and retirement 11:21 – Technology and remote work in retirement 12:44 – Takeaways The article that inspired this week’s show: https://fortune.com/article/the-new-retirement-is-no-retirement-baby-boomers-are-keeping-jobs-well-into-their-sixties-and-seventies-because-they-like-going-to-work/   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

President Donald Trump wasted little time taking action once he returned to office, and people are wondering how these long list of Executive orders will reshape the economic and financial landscape. Join CPA and financial specialist Phil Putney as he breaks down the implications of these changes on inflation, energy costs, tariffs, and more. Here’s some of what we discuss in this episode: 0:00 – Intro 2:07 – Addressing inflation & cost of living 3:43 – Energy 5:53 – Trade and Tariffs 9:42 – EV mandate 14:05 – DOGE 15:37 – Stock market 20:26 – Technology   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Staying informed about Social Security changes is crucial for maximizing your benefits, and recent legislation will change benefits for a significant number of Americans. Today we’re going to bring you up to speed on the Social Security Fairness Act and explain how this legislation will be retroactive to 2024, potentially offering a financial windfall for affected retirees. Here’s some of what we discuss in this episode: 0:00 – Intro 0:48 – The Social Security Fairness Act 5:42 – Claiming strategies 10:22 – Strategies for dual-income households 14:03 – Previous marriages 18:31 – SSDI and SSI   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

It’s the beginning of a new year – a time when many of us make resolutions to improve our lives. But how often do we resolve to improve the way we feel about our finances? In the latest episode, Phil explores the crucial transition from saving to confidently spending your hard-earned funds. Here’s what we discuss in this episode: 0:00 – Intro 1:51 – Spending with confidence 8:41 – Spending guardrails 12:02 – Tips for those who are afraid to spend For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA

Are ​future ​retirement ​worries ​causing ​you ​mental ​health ​issues ​today? ​That's ​happening ​to ​a ​lot ​of ​folks ​right ​now. ​There's ​so ​much ​stress ​going ​on ​out ​there ​that ​we ​certainly ​​panic ​about ​some ​of ​these ​things ​and ​maybe ​sometimes it’s justifiable. ​So ​let's ​talk ​about the mental health challenges tied to future retirement worries and the ​ways ​we ​can ​hopefully ​avoid ​them. Here’s what we discuss in this episode: 0:00 – Intro 1:10 – Diving into the stats 4:59 – Charitable giving 9:13 – Fear of never being able to fully retire 12:01 – Average 401k contribution 14:12 – Target date funds 16:12 – Mental health   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA 

One of the most difficult scenarios for investing is what to do with money you know you’re going to need within a few years for a large expense. You don’t want that money to be stagnant during that time but you also can’t afford to take on much risk either. Today we’re going to talk about strategic planning for short-term needs and explore the best ways to invest money you’ll need in the next three years. Here’s some of what we discuss in this episode: 0:00 – Intro 1:35 – Larger planned expenses 3:05 – Things to think about 5:55 – What tools are out there? 8:10 – Strategizing for expenses you know are coming but aren’t sure when 10:24 – Final thoughts   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

We’ve finally reached the final part of our three-part series on what financial advisors wish every investor knew. Phil will discuss four more big things that will make planning for retirement with their advisor even smoother.   Here’s some of what we discuss in this episode: 0:00 – Intro 1:25 – Know what you are paying 4:22 – Understanding that there will be some risk involved 8:03 – The risks that come with the internet 14:52 – The big name doesn’t necessarily mean the best fit   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Today is part two on the things financial advisors wish investors knew. These are the things that can set you up for success in retirement but most people don’t have a great grasp on. Here’s some of what we discuss in this episode: 0:00 – Intro 2:10 – Financial decisions are emotional 6:03 – The true significance of diversification 9:17 – Having an advisor is for everyone 13:48 – The importance of updates and reviews 16:53 – Work with the right person for the right time   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

This week, Phil and Marc dive into the potential financial impacts of tariffs, tax cuts, and immigration policies following the 2024 election. While early speculation should be taken with caution, they’ll discuss what could be in store for 2025. With changes in policy possibly affecting everything from taxes to housing, the duo breaks down what these shifts could mean for your financial future. Throughout this conversation, Phil stresses the importance of sticking to your financial plan until the dust settles. As we move forward, it’s crucial to stay focused, maintain your long-term strategy, and be patient as we navigate this evolving landscape. Here’s some of what we discuss in this episode: 0:00 – Intro 2:00 – A Tax Cuts and Jobs Act extension? 5:51 – Corporate tax rate and Social Security tax proposals 8:12 – Tariffs and their economic impact 13:33 – Immigration and it’s economic implications 17:17 – Having a long-term vision Helpful resources for this conversation: https://time.com/7095898/donald-trump-economy-plan-2024/ https://www.npr.org/2024/11/06/nx-s1-5181327/trump-election-economy-tariffs-deportations https://wellsfargo.bluematrix.com/links2/html/5fd93977-359f-4bff-8db1-42935f3e8f45    Get our Tax-Smart Retiree book: https://www.thetaxsmartretireebook.com/welcome For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts  

Imagine you could read your financial advisor’s mind before you even walked through the door for the first time. What would they want you to know? This week, we kick off a three-part series on the things we wish people knew about investing and planning. Here’s some of what we discuss in this episode: 0:00 – Intro 1:48 – Setting realistic financial goals 6:37 – Long-term vs short-term planning 8:26 – One-size-fits-all approach 10:55 – More than investing   Get our Tax-Smart Retiree book: https://www.thetaxsmartretireebook.com/welcome For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Dividend investing has long been a staple in retirement planning, providing a predictable income stream for many retirees. However, the landscape is shifting. The concept of incidental income, which relies on the rebalancing of a portfolio and the cash flows it generates, is gaining attention. This week we want to tackle the question: Is dividend investing dead? A recent article came out explaining that in today’s economy, it’s possible that dividends may not be the ideal way to invest so we want to explore that idea.   Here’s some of what we discuss in this episode: 0:00 – Intro 1:20 – Incidental income 4:14 – Tax implications 7:38 – More active management 10:40 – Corporate taxes   Read the article referenced in this episode: https://seekingalpha.com/article/4723299-incidental-income-makes-dividend-investing-unnecessary-in-retirement   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Social Security is the backbone of retirement for millions of Americans, but big changes may be coming. There’s plenty of speculation about what might change to improve the solvency of the program, and one simple fix would be to change the retirement age. On this episode, we dive into the recently released proposal to raise the full retirement age from 67 to 69 and what it means for your benefits, your future, and your financial security. Read the report from the Congressional Budget Office: https://www.cbo.gov/publication/60516  Here’s some of what we discuss in this episode: 0:00 – Intro 1:56 – Phil’s opening thoughts 3:30 – Who could be impacted 5:19 – How benefits could change 10:18 – Funding your own retirement to stay on the safe side 11:54 – Don’t panic!   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts    

Every firm has distinct principles that guide its approach to financial planning. When searching for an advisor, you want to find someone who aligns with your needs. In this episode, we take you behind the scenes to explore the core values and unique processes that set AFS Financial Group apart.    Here’s some of what we discuss in this episode: 0:00 – Intro 0:54 – Phil’s core values 2:34 – Being a CPA and financial advisor 5:11 – Education 8:51 – How does Phil measure success?   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

As the election season heats up, understanding the tax proposals of the presidential candidates is important. While we don’t talk politics on this show, policies can have a direct impact on our finances. In this episode, we dive into the contrasting tax proposals of Donald Trump and Kamala Harris.   Here’s some of what we discuss in this episode: 0:00 – Intro 1:36 – Trump’s corporate taxes 4:01 – Kamala’s corporate taxes 5:51 – Trump’s individual income taxes 10:06 – Kamala’s individual income taxes 18:24 – Trump’s other tax proposals 19:46 – Kamala’s other tax proposals 21:27 – Potential long-term economic impacts   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA  

Ever wonder how your financial advisor really gets paid and what that means for you? Whether it’s a fee, a commission, or a salary, the way your advisor earns money could be influencing the advice they give you. In today’s episode, we’re talking about the different pay structures of financial advisors, revealing the benefits, the potential biases, and what you need to know to make sure your money is truly working for you.   Here’s some of what we discuss in this episode: 0:00 – Intro 1:33 – Fee-only, commission-based & fee-based 5:44 – Salary-based advisors 7:08 – Pros and cons of each model 12:23 – Phil’s advice for your advisor search   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA  

Are you and your spouse on the same page when it comes to what retirement is going to look like? If not, it’s time to talk. Phil has all kinds of experience helping couples work together on their retirement plans because, after all, retirement is a team sport. You and your spouse are a team, and while you might not agree on everything when it comes to money, you still need to be on the same page.   Here’s some of what we discuss in this episode: 0:00 – Intro 2:20 – Getting on the same page 4:00 – Starting the conversation 6:13 – What needs to be discussed before sitting down with an advisor 7:00 – Resolving risk tolerance differences 10:02 – What each party needs to know 13:14 – Final thoughts   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA  

A YouTube video about retirement regrets has been getting a lot of attention lately and it showcases retirees sharing their biggest regret so far. It might be surprising to hear people wanting to do things much differently, but we see and hear these things often when folks are prepared for retirement. Today we’re going to share five of the biggest regrets and talk about how you can avoid looking back and having those same feelings.   Here’s some of what we discuss in this episode: 0:00 – Intro 1:19 – Wishing they had retired sooner. 4:18 – Wishing they had spent more when they first retired. 7:19 -Wishing they had taken better care of their health. 9:20 – Wishing they had picked up more hobbies. 11:42 – Wishing they had traveled more.   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA 

When planning for retirement, one of the most common investment options you'll come across is the target date fund. These funds are designed to simplify investing, especially for those who might not have extensive financial knowledge. But are they truly the best choice for your retirement savings? This week on Phil’s Tax Hacks, we’re bringing you the target date fund 101.    Here’s some of what we discuss in this episode: 0:00 – Intro 1:00 – What is a target date fund? 4:41 – Misconceptions about target date funds 7:11 – Pricing 9:00 – Are target date funds a good option? 11:11 – Final thoughts   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

The Medicare Open Enrollment Period will be here before we know it! But what does this mean for you? How does the process work, and who should be paying close attention? In this episode, we’ll break down everything you need to know about navigating this crucial period.   Here’s some of what we discuss in this episode: 0:00 – Intro 2:01 – What is Medicare Open Enrollment? 5:02 – What kind of changes can you make during this period? 7:26 – Items to consider during this time 11:13 – What if I miss Open Enrollment? 13:43 – Medicare Reforms taking place in 2025 16:16 – Making Open Enrollment less overwhelming   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Kids and grandkids play a crucial role in shaping financial plans, often in ways that can significantly impact your retirement strategy. In this episode, we'll dive into the most common scenarios where future generations influence retirement planning. From funding college education to creating lasting financial legacies, we'll explore how to balance your retirement goals with the needs of your family.   Here’s some of what we discuss in this episode: 0:00 – Intro 1:30 – Adult kids that are still on the payroll 5:35 - Parents who had kids later in life 8:23 – Grandparents who want to help with education costs 9:45 – Relying on your kids to take care of you in old age 11:40 – Cultivating financial literacy in your family 15:22 – Children with disabilities   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts    

It’s been a wild start to August in the financial markets. You might’ve heard of the significant drops in the Nasdaq, which has left many investors feeling uneasy. In this episode, Phil and Marc discuss some reasons behind the recent global market volatility and what it could mean for your retirement plan.   Here’s some of what we discuss in this episode: 0:00 – Intro 1:14 – What triggered recent global volatility 6:49 – Potential impacts on the U.S. economy 12:17 – Having a plan and long-term perspective   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts    

Is the Home Equity Conversion Mortgage for Purchase (H4P) the game changer it promises to be, or just another potential pitfall? Historically, reverse mortgages have had a bad reputation due to a lack of regulation and unfavorable terms. However, the landscape has changed significantly. So, what exactly is H4P? What are its advantages for retirees? Phil and Marc are here to answer your questions and share the pros and cons of this tool in today’s episode.   Here’s some of what we discuss in this episode: 0:00 – Intro 0:36 – What is the H4P and its benefits? 5:56 – Reverse mortgages with rising housing prices 7:26 – Is this a viable retirement strategy?   A Loan Product Poised to Revolutionize Retirement Article https://www.nar.realtor/magazine/real-estate-news/sales-marketing/a-loan-product-poised-to-revolutionize-retirement   For more, visit us online: http://philstaxhacks.com   Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

In this episode, we explore the case of James McDonald, a former CNBC analyst, whose risky investment strategies with client money led to serious legal and financial repercussions. After being on the run for three years, he’s been arrested.   Here’s some of what we discuss in this episode: 0:00 – Intro 0:45 – Article Recap 3:03 – Know who you’re working with 6:20 – Impact on industry 7:10 – Preventative measures   For more, visit us online: http://philstaxhacks.com   Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

The S&P 500 is often thought of as a broad market index, but today's reality is quite different. In fact, the index is heavily dominated by a few tech companies- Nvidia, Apple, Microsoft, Amazon, Alphabet, and Meta. These six companies alone make up more than 30% of the S&P 500's market cap, which can be misleading for investors who believe they are diversified simply by investing in the S&P 500.  Tune in as Phil and Marc discuss the implications of this market shift and how to make informed decisions that align with your financial goals.   Here’s some of what we discuss in this episode: 0:00 – Intro 1:36 – Looking at the S&P 500 5:00 – Understanding your investments 10:57 – Making decisions aligned with your goals   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

When it comes to your financial future, who you listen to can make all the difference. In this episode, Phil shares the story of a long-time client who was swayed by a pushy insurance agent into making a potentially detrimental financial decision. Despite having a well-thought-out plan and a balanced portfolio, the client was convinced to move all their assets into annuities by an agent who played on their fears about market volatility.   Here’s some of what we discuss in this episode: 0:00 – Intro 1:08 – Client story 6:09 – Working with an advisor who understands your needs 8:51 – Having a comprehensive plan   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Have you ever experienced an "aha” moment that changed your perspective on something important? These are the moments when the light bulb goes off, and everything starts to make sense. This week on Phil’s Tax Hacks, we talk about some revelations that clients experience when working with a financial advisor.     Here’s some of what we discuss in this episode: 0:00 – Intro 4:29 – Some common doubts and hesitations from clients 9:01 – The importance of trust between advisor and client 11:13 – Starting planning early and making informed decisions   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

To trust or not to trust… that is the question we’re tackling in this week’s episode. Trusts are often surrounded by misconceptions. Many believe they are only for the wealthy or that they complicate financial planning. But what’s the truth of the matter? Should you have one?   Here’s some of what we discuss in this episode: 0:00 – Intro 1:17 – Reasons to have a trust 11:06 – Downsides of a trust 15:37 – Making an informed decision   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

When it comes to managing your finances and planning for retirement, one of the most dreaded topics is fees. Whether you're investing in mutual funds or working with a financial advisor, fees are an inevitable part of the process. In this episode, Phil takes a deep dive into the world of financial fees, breaking down their types and explaining their impact on your investments.   Here’s some of what we discuss in this episode: 0:00 – Intro 1:12 – Investment vehicle fees and advisor fees 3:05 – Considering net of fees 5:34 – Advisor fees and the value they bring 10:08 – Considering factors beyond fees   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Cryptocurrency has been a buzzword for over a decade, but what exactly is it? In today’s episode, Phil is here to answer your questions. Fresh from a conference focused on this digital frontier, he shares his insights on what crypto is, its underlying technology, and its potential place in your investment portfolio.   Here’s some of what we discuss in this episode: 0:00 – Intro 1:55 – What is cryptocurrency? 7:01 – How has cryptocurrency gained legitimacy 10:58 – Should you own cryptocurrency?   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

We know you shouldn’t put all your money into a single stock. But what about putting a lot of it into a strong market sector, diversified among different companies? Would it ever make sense to do that? In today’s episode of Phil’s Tax Hacks, we’re answering that question.   Here’s some of what we discuss in this episode: 0:00 – Intro 1:11 – The reality of sectors 3:40 – The importance of a financial plan 6:42 – Working with multiple advisors   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

In today’s episode, we’re going to discuss the ongoing confusion surrounding inherited IRAs and Required Minimum Distributions (RMDs). The SECURE Act introduced a 10-year rule for withdrawing inherited IRA funds, replacing the old stretch IRA rules that allowed beneficiaries to spread distributions over their lifetime. However, the IRS has yet to finalize the regulations on whether beneficiaries need to take annual RMDs if the original account owner had already started them.   Here’s some of what we discuss in this episode: 0:00 – Intro 1:09 – The SECURE Act changes/confusion around RMDs 5:16 – The potential consequences of delaying distributions 7:54 – Proactive planning with your financial advisor about IRA distributions   CNBC Article: https://www.cnbc.com/2024/04/19/irs-waives-required-withdrawals-from-some-inherited-ira-for-2024.html   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts  

While you dream about the leisurely days ahead of you in retirement, it’s also important to think about some of the less glamorous items, including insurance. So, what types of coverage should you be considering for your golden years? What do you need to keep in mind as you prep for the transition? We’re going to walk you through the fundamentals in this two-part series. While we covered the basics you must know about health insurance in our last episode, today’s episode will focus on long-term care and life insurance.   Here’s some of what we discuss in this episode: 0:00 – Intro 2:33 – The reality and “why” of long-term care 6:40 – What does long-term care cover? 8:20 – Running the math with long-term care 11:36 – Alternatives to traditional long-term care 14:04 – Do retirees need life insurance? 16:05 –  Determining how much life insurance you’ll need   Get Your Copy of The Tax-Smart Retiree https://www.amazon.com/Tax-Smart-Retiree-Guide-Thriving-Golden-ebook/dp/B0D356X36Q   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

While you dream about the leisurely days ahead of you in retirement, it’s also important to think about some of the less glamorous items, including insurance. In this new season of life, your old policies may no longer suit your needs or may come to an end. So, what types of coverage should you be considering for your golden years? What do you need to keep in mind as you prep for the transition? Stay tuned as we chat about retiree health insurance in part one of this conversation!   Here’s some of what we discuss in this episode: 0:00 – Intro 2:00 – The transition from employer-provided insurance 6:26 – Supplemental coverage 8:27 – Medigap vs Medicare Advantage 11:56 – Enrollment periods and avoiding penalties   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

In a world where technology touches every aspect of our lives, it's no surprise that it has also made its mark on the financial industry. So, in today’s episode, we’re going to unpack the toolbox of technology that's promising to redefine retirement planning. From robo-advisors to online calculators, we’ll discuss whether certain tools truly simplify the planning process or introduce new complexities.   Here’s some of what we discuss in this episode: 0:00 – Intro 1:45 – Google has made life easier, but can lead to misformation 5:50 – Online calculators can provide a great starting point 7:52 – The benefits and drawbacks of do-it-yourself trading platforms 11:35 – Thinking about the end game with online courses and webinars 15:19 – Being careful with online advice from financial influencers   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts  

The future of retiree health care costs is on the rise. In fact, the Employee Benefit Research Institute released numbers for 2023 showing an 8% increase in retiree healthcare costs for the year. Stay tuned as Phil and Marc unpack these latest figures, which suggest that a typical U.S. couple may need upwards of $413,000 to cover their healthcare expenses in retirement.   Here’s some of what we discuss in this episode: 0:00 – Intro 1:20 – The 8% increase in healthcare costs in the U.S. 4:56 – Pros and cons of Medigap and Advantage plans 8:37 – How Phil’s office helps clients with healthcare 11:17 – Understanding the costs and complexities of Medicare and Medicaid   Resources for this episode: https://www.fa-mag.com/news/retiree-healthcare-costs-increased-8--in-2023-76822.html   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts