Phil's Tax Hacks

Would You Trade $600 a Month to Protect Your Spouse?

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One of the biggest retirement decisions people make has nothing to do with the stock market, it’s buried inside their pension paperwork. In this episode, Phil walks through a common but high-stakes choice: trading monthly income for lifelong protection for a spouse. When you see the options clearly, the right decision usually becomes much easier to live with.
Here’s some of what we discuss in this episode:
💍 Spousal Protection: Choosing income that lasts beyond one lifetime
⏳ Longevity Risk: Planning for the unknown timeline
📊 Big-Picture Fit: How this choice affects the rest of your plan
⚖️ Income vs. Peace of Mind: Weighing certainty against higher payouts
🧠 Informed Decisions: Understanding consequences before locking in
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome

What’s Changing in 2026 (And Why It Matters to Your Money)

A new year doesn’t just bring new headlines, it brings new rules that can quietly impact your money. Phil walks through the most important financial changes coming in 2026, and shares what you need to know if you want to start the new year informed instead of surprised.
Here’s some of what we discuss in this episode:
📈 COLA & Inflation: What the Social Security adjustment really means
🏥 Medicare Costs: Premium increases and the give-and-take effect
🧾 Senior Deductions: New opportunities for Roth conversions
🏛️ SALT Deduction: Expanded limits and who benefits most
❤️ Charitable Giving: New above-the-line deductions
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome

“Should I Retire Early to Watch My Grandkids?”

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Daycare costs are out of control, and for many families, grandparents feel like the only safety net left. But should your retirement plan be the thing that fills the gap? Today, Phil walks through a real-life question that blends love, money, timing, and long-term consequences. Daycare may last a few years, but retirement can last 30, so the goal is building a plan that supports both generations.
 
Here’s some of what we discuss in this episode:
🧸 Grandparent Childcare: the impact of stepping in as family safety net
🔄 Middle Ground: exploring compromises and shared solutions
📉 Long-Term Impact: early retirement affects lifetime income
🧭 Practical Steps: how to run the numbers before deciding
 
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I’m 62: Should I File For Social Security Or Wait?

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Turning 62 might not feel like a milestone birthday until you realize the Social Security clock just started ticking. Filing now could put money in your pocket sooner, or it could cost you tens of thousands of dollars over your lifetime. In this episode, Phil breaks down how to think through one of the biggest retirement decisions you’ll ever make without letting emotion lead the way. Before you file, make sure you’re choosing the strategy that supports your long-term retirement, not just the date on the calendar.
 
Here’s some of what we discuss in this episode:
🎂 Filing at 62: temptation to claim benefits early
❤️ Emotional Decisions: how fear and advice are driving choices
⏳ Waiting Advantage: higher lifetime benefits at full retirement age
📉 Early Impact: permanent reduction in monthly payments
👫 Spousal Strategy: survivor benefits affected by timing
📊 Client Examples: real scenarios reveal best-fit strategies
 
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Watch the video podcast on YouTube: https://bit.ly/3WdDG96

What If I Retire With “Only” $1M?

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It’s easy to feel behind when you compare your savings to your brother, your coworkers, or the YouTube guy claiming he retired at 38. But the truth is that “only” having $1 million doesn’t tell you anything without understanding your lifestyle, income sources, and retirement vision. Today, Phil explains why the comparison game is misleading and how defining your own target brings far more confidence than chasing someone else’s number.
Here’s some of what we discuss in this episode:
📊 Comparison Trap: why measuring yourself against others is so misleading
🎯 Define Your Target: how to build a retirement number that fits your life
🏖️ Lifestyle Drives the Math: expenses, goals, and expectations shape the plan
⏫ Catch-Up Strategies: saving more, adjusting timelines, or shifting risk thoughtfully
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96

How 2025 Changed Your Financial Plan: Year In Review

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A lot happened in 2025… Big political swings, stubborn inflation, new tax rules, and even a historic government shutdown. But what actually matters for your financial life? Today, we’re breaking down the year’s biggest headlines and what they may mean for your plan moving forward.
 
Here’s some of what we discuss in this episode:
📉 Why Liberation Day’s tariff panic wasn’t worth the fear
📈 How markets performed despite constant volatility
💸 Inflation’s real impact- and what must be built into every plan
🧰 Lessons from the government shutdown about emergency funds
🧭 Why long-term planning beats reacting to headlines
 
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Watch the video podcast on YouTube: https://bit.ly/3WdDG96

5 Red Flags When Looking for a Financial Advisor

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How do you know when an advisor just isn’t the right fit? Phil shares all the subtle (and not-so-subtle) red flags to watch out for when you’re evaluating a financial professional, whether you’re meeting with someone new or reconsidering your current advisor. A great advisor should make you feel informed, heard, and confident about your plan. If something feels off, trust your gut and keep looking.
Here’s some of what we discuss in this episode:
🚩 One-size-fits-all planning: the danger of getting plugged into a generic investment model
🚫 Always in sales mode: when “planning” is really just a product pitch
📉 Little to no information gathering: advice without understanding your situation
📞 Lack of communication: only hearing from your advisor when they want to sell something
💬 No tax or Social Security conversations: missing key pieces of real retirement planning
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Love, Marriage & Money: The Second (or Third) Time Around

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Getting married in your 50s often means you’re combining lives but not necessarily combining finances. How do you build a retirement plan together when you’ve both already built your own? In this episode, Phil answers a listener’s question about navigating financial and emotional security in later-life marriages. Financial independence and emotional connection aren’t opposites, you can keep your accounts separate, but your retirement plan should still be built together.
Here’s some of what we discuss in this episode:
💍 Combining Lives & Assets: unique financial challenges in later marriages
💵 Separate Yet Secure: how to plan for retirement with independent savings
📊 Money Management: different approaches to handling finances together
🏛️ Legacy Planning: using trusts to protect family wealth
❤️ Emotional Dynamics: maintaining trust and communication about money
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome
 

Charitable Giving in Retirement: How to Give and Save on Taxes

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Giving Tuesday (Dec 2, 2025) and year-end donations are just around the corner. But before you hit that “donate” button, let’s talk about how to give with both your heart and your head. Today, Phil shares how to make generosity part of a smart financial plan, because generosity feels even better when it’s part of a bigger plan. Give with purpose, plan with wisdom, and let your generosity ripple far beyond this season.
Here’s some of what we discuss in this episode:
❤️ Purposeful Giving: How to give with intention and align your generosity with your values
💸 Maximize Tax Benefits: Timing and strategy to make your gifts go further
🏦 Donor-Advised Funds: A powerful tool for flexible, long-term giving
📜 QCDs Explained: Using Qualified Charitable Distributions for tax-smart generosity
📆 Timing Is Everything: How to bunch deductions and plan donations efficiently
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome

Do Your Feelings Belong in Your Financial Plan?

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Most people think financial planning is about calculators, spreadsheets, and strategies. But that’s only half the story. The truth is, your feelings about money can have just as much impact on your retirement as the numbers do. Today, Phil explores the emotional side of planning. At the end of the day, numbers give us the framework, but your feelings help define the plan that truly fits you.
Here’s some of what we discuss in this episode:
🧠 Head vs. Heart: Balancing logic, math, and emotion in your plan
🗣️ Communication & Advice: Balancing client preferences with sound financial guidance
💳 Debt Decisions: The emotional side of staying in or getting out of debt in retirement
📈 Market Volatility: Managing fear, confidence, and risk tolerance
👥 Couple Dynamics: Navigating different money mindsets between partners
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome