Phil's Tax Hacks

What Do Proposed Tariffs Mean For Your Portfolio?

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

Is Tech Overweighted? Understanding The Current Market Landscape

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
 

The New Retirement: Why Many Are Choosing Work Over Leisure

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

How Will Trump’s Executive Orders Reshape the Economic Landscape

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

Social Security Claiming Tips + New Legislation

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

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