Phil's Tax Hacks

Retirement Spending Strategies That Could Change Your Life!

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 Harming Your Mental Health TODAY?

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 

How Should You Invest Money That You’ll Need in 3 Years?

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

What Financial Advisors With Every Investor Knew (Part 3)

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

What Financial Advisors With Every Investor Knew (Part 2)

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

Tariffs, Tax Cuts & Immigration: Financial Forecasting For 2025

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
 

What Financial Advisors Wish Every Investor Knew (Part 1)

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

Is Dividend Investing Dead?

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

How Raising the Social Security Retirement Age Could Impact You

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
 
 

What Makes Financial Planning at AFS Financial Group Unique?

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