Phil's Tax Hacks

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

The Tax Proposals of 2024’s Candidates

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  

How Advisors Get Paid And Why It Matters

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  

For Couples, Retirement is a Team Sport

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  

5 Common Retirement Regrets

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 

Target Date Funds: The Good, The Bad, The Ugly

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

Your Guide To Medicare’s Open Enrollment Period

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

How Kids and Grandkids Affect Retirement

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