Phil's Tax Hacks
Financial, tax and retirement planning guidance from Phil Putney. Each week Phil will talk about the keys to building a sound financial strategy that can survive throughout the ups and downs of the market. We'll have plenty of tax hacks along the way and other retirement facts!
Episodes
3 days ago
3 days ago
Target-date funds seem like the ultimate “set it and forget it” retirement strategy, but are they really as simple and safe as advertised? In today's episode, Phil unpacks these popular, automatic investment options that now hold over $4 trillion in assets. If you’re like many people, your 401k automatically funnels your money into these funds based on your retirement date. Convenient? Definitely. Optimal? Maybe not.
Here’s some of what we discuss in this episode:
🎯 How target-date funds became the default 401k option
⚖️ How they automatically rebalance, but not always in your favor
📉 Why your funds might be more aggressive than you think
🧐 When a “set it and forget it” approach could cost you
💡 Why target-date funds might not fit your complete financial picture
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Thursday May 29, 2025
Key Things For Parents & Grandparents To Teach A New Graduate
Thursday May 29, 2025
Thursday May 29, 2025
Graduation season is an exciting milestone, not just for the grads, but for parents and grandparents who have supported them along the way. Today, Phil wants to share practical ways you can help your graduate make smart financial decisions early, along with actions that could have a lasting impact on their future.
Here’s some of what we discuss in this episode:
📊 The tools that make budgeting easier
📈 How Roth IRAs offer lifelong tax benefits
🔧 Debt management without shame or fear
💰 Why early saving beats bigger saving later
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Thursday May 22, 2025
5 Ways Wishful Thinking Can Damage Your Retirement
Thursday May 22, 2025
Thursday May 22, 2025
A little hope is good for the soul, but when it comes to retirement planning, wishful thinking can lead to serious financial mistakes. Today, Phil is walking through five common examples of wishful thinking that can quietly damage your retirement and how you can build a plan that protects your future instead of relying on luck.
Here’s some of what we discuss in this episode:
💸 The hidden cost of "I'll spend less in retirement"
🕰️ The risk of assuming you’ll work forever
🍀 Why “I’ll just get lucky in the market” is a losing bet
🛑 The danger of assuming your kids will take care of you
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Thursday May 15, 2025
A Market Strategy for Type A Investors: Why Doing Less Might Be Your Best Move
Thursday May 15, 2025
Thursday May 15, 2025
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
Thursday May 08, 2025
Why The Psychology of Money Says Your Emotions Matter More Than Math
Thursday May 08, 2025
Thursday May 08, 2025
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
Thursday Apr 24, 2025
Can Real Estate Boost Your Retirement Plan?
Thursday Apr 24, 2025
Thursday Apr 24, 2025
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
Thursday Apr 17, 2025
Turn Your Savings Into a Real Retirement Plan
Thursday Apr 17, 2025
Thursday Apr 17, 2025
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
Thursday Apr 10, 2025
Is 2025 a Bad Time to Retire?
Thursday Apr 10, 2025
Thursday Apr 10, 2025
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
Thursday Apr 03, 2025
Stop Sacrificing Your Future For Your Adult Kids
Thursday Apr 03, 2025
Thursday Apr 03, 2025
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
Thursday Mar 27, 2025
Caring for an Aging Parent: Financially Smart or Emotionally Costly?
Thursday Mar 27, 2025
Thursday Mar 27, 2025
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