Phil’s Tax Hacks

Ep 160: Should You Follow the 60-40 Rule?

People have used the 60-40 rule for investments for years. It typically works well enough, but is it most effective?

In this episode, we will break down the 60-40 rule and help you understand how to expand this concept to diversify your investments.

 

Join us on today’s episode as we break down these major topics:

  • What is a 60-40 portfolio? (1:41)
  • Phil’s thoughts on the challenges of a 60-40 portfolio. (2:36)
  • What alternative to bonds could you use in a 60-40 portfolio? (7:05)

For more, visit us online: http://philstaxhacks.com

Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

 

Ep 159: Is the Grass Really Greener on the Other Side?

Sometimes you need to find a new financial advisor. Other times, you might think you need a new advisor, but really, you’re just guilty of thinking that the grass is greener on the other side.

In this episode, we will discuss some possible scenarios, like business changes, mistakes made, and more. Let’s see how these scenarios could impact your decision-making and why you may not want to jump ship too quickly.

 

Join us on today’s episode as we break down these major topics:

  • If your advisor made a mistake, should you immediately find a new one? (0:58)
  • Your advisor’s business seems to have grown substantially and you rarely see him or talk to them. Is this a good reason to switch? (3:02)
  • If you attend a dinner seminar with a financial advisor and find them to be more personable/interesting, is it worth thinking about hiring them instead? (7:11)

For more, visit us online: http://philstaxhacks.com

Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

 

Ep 158: The Retirement Marathon: Finishing the Race

Getting through retirement can be a lot like running a marathon. In this episode, we will discuss some similarities between getting to the finish line in racing and retirement.

A lot of people assume that training for a marathon consists of long runs every day, when it actually involves a lot of planning. Most marathoners spend at least six months in training…mixing in days with light runs, some days with long runs that simulate the marathon, and other days with shorter, faster runs.

Planning for retirement is similar. You should have money invested in different ways to accomplish different tasks and your portfolio should have some planning behind it, not just haphazard investment choices.

 

Join us on today’s episode as we break down these major topics:

  • In sports, you have to strategize your training to set yourself up for success. Listen to hear how retirement works the same way. (1:49)
  • How a training diet relates to retirement planning. (6:00)
  • Why you don’t want to start too fast in a race, or in retirement. (10:18)

For more, visit us online: http://philstaxhacks.com

Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

 

Ep 157: Common Questions About Taxes in Retirement

With tax season around the corner, we get a lot of questions about taxes. Many don’t understand that their tax strategy completely changes in retirement.

In this episode, we will cover some of the key points about your taxes in retirement.

Join us on today’s episode as we break down these major topics:

  • How should my tax strategy change as I transition into retirement? (1:14)
  • In 2026 taxes codes will revert to the Obama administration era of taxes if there are no changes. Will there be as many deductions in retirement with that code? (3:43)
  • How effective is it to move to a state with no income taxes? (14:30)

For more, visit us online: http://philstaxhacks.com

Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

 

Ep 156: What You Need to Know About Forced Retirement

Unfortunately, there are times people are forced into retirement before they are ready. Today we are going to go over what that may look like and common questions people ask when faced with this difficult situation.

The first thing to know is that this isn't an uncommon position to be in so don't feel like you're alone. Dealing with a forced retirement is not always straightforward, so we do our best to cover all of the bases from pension options to healthcare. Let’s dive in!

Join us on today’s episode as we break down these major topics:

  • Should I accept the retirement severance package I was offered? (1:33)
  • Should you take your pension as a stream of income or a lump sum? (3:37)
  • How you claim your pension could affect your tax bracket. (10:00)

For more, visit us online: http://philstaxhacks.com

Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

 

Ep 155: Are Health Savings Accounts ‘Super Roths’?

A great tool you could utilize for your financial plan is a Health Savings Account. Though it may be an underserved tool in some financial advisors’ tool belts, it has some amazing benefits.

In this episode, you will learn about HSAs and why they are sometimes referred to as ‘Super Roths’ (Spoiler alert: They are triple tax-free!). Listen to find out the ways to make the most of an HSA and some mistakes to avoid.

Join us on today’s episode as we break down these major topics:

  • What is an HSA? Is it tax-free? (1:25)
  • Who qualifies for an HSA? (3:09)
  • The advantages of a Health Savings Account. (8:00)

For more, visit us online: http://philstaxhacks.com

Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

 

Ep 154: The ABC’s of Bonds

When we have bad markets, traditional investing points to bonds. What if they aren’t the safe and secure investment that everyone thinks they are? In our current 2022 market, you may be considering bonds yourself.

Today we are going to go over the ABC’s of bonds. There are many ways to get into bonds and we will go over the different options available and help you determine if they may or may not be something you should consider.

Join us on today’s episode as we break down these major topics:

  • Why are there so many misunderstandings surrounding bonds? (1:18)
  • What is the difference between a bond fund and individual bonds? (3:18)
  • In 2022, are individual bonds still safe, effective investments? (7:59)
  • What is the best strategy for you in this market? (10:28)

For more, visit us online: http://philstaxhacks.com

Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

 

Ep 153: Fine Print Fiasco

Who reads the fine print? It’s one of those things most people skim over or ignore entirely. In this episode, we will go over some fine prints that can be easily missed.

Listen to hear real-life scenarios that were sent in for us to share with you. Should the fine prints be explained to us more thoroughly or should we be paying more attention? When we hear “no fees”, do we take that at face value? Let’s find out.

Join us on today’s episode as we break down these major topics:

  • Have you been caught off guard by rate increases on insurance? (2:19)
  • Have unexpected fees got you down? (6:21)
  • Past performance does NOT guarantee future results. (9:03)
  • What you should know about Real Estate Investment Trusts. (11:24)

For more, visit us online: http://philstaxhacks.com

Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

 

Ep 152: Can’t Get No Satisfaction… Or Can You?

Want to know the secrets to experience satisfaction in retirement? We’ve discovered five key situations in which your financial plan needs to lead you. If you can key in on these five points, you’ll have a high chance to achieve retirement satisfaction.

Making sure you have all your bases covered isn’t always an easy feat with so many things to consider. In this episode, we will discuss exactly how you can retire with confidence in your financial future.

Join us on today’s episode as we break down these major topics:

  • How you can achieve peace of mind in retirement. (3:37)
  • How diversifying your income can help you achieve better financial security. (5:32)
  • Do you have confidence that you will be able to enjoy your retirement? (7:55)
  • Do you have the security of a plan for long-term care if needed? (11:59)

For more, visit us online: http://philstaxhacks.com

Watch the video podcast: https://youtu.be/fTyjpHL5VjI

 

Ep 151: How Money Ads Get Your Attention

We’re bombarded with ads each day in all forms of media. But have you ever taken a closer look at these messages? If we unpack some of these headlines and ads a little bit more, we’re able to clearly understand what emotions they’re trying to elicit. More importantly, we can figure out what companies are trying to sell us.

For this episode, we perused the internet for a couple of hours and kept track of various financial planning, investing and retirement ads we came across. Let’s pick apart these messages that popped up and see if it helps us become savvier savers.

Join us on today’s episode as we break down these major topics:

  • When you see someone advertise “Invest like the 1%”, what do you think their goal really is? (1:28)
  • The same strategies don’t work for every investor. (3:09)
  • “Become a Market Master”, you say? But can you really master the market? (4:46)
  • The difference between a financial advisor and a get-rich-quick scheme. (6:50)

For more, visit us online: http://philstaxhacks.com

Watch the video podcast: https://youtu.be/fTyjpHL5VjI

 

Ep 150: Getting Your Financial Decisions Right the First Time

There are plenty of decisions that you’ll make in the retirement planning process that can’t be undone, so you want to make sure that you make the right call. In this episode, we’ll explain why these decisions are so important and can’t be undone.

It can be tough to know exactly how much risk you should be taking as you prepare your financial plan, but it helps to know what you need to get right the first time. For example, you may have put off getting life insurance, but it’s more affordable the younger you are.

Listen to learn more on life insurance and some other tips that will help set you up for a smoother retirement.

Join us on today’s episode as we break down these major topics:

  • When should you start social security? (2:04)
  • Everything you need to know about the Spousal Benefit through a Pension. (7:38)
  • Here are the reasons you should start life insurance as early as possible. (11:17)
  • What if you retire…then end up needing to go back to work? (13:57)

For more, visit us online: http://philstaxhacks.com

Watch the video podcast: https://youtu.be/YwCTfVEAxNw 

 

Ep 149: How Procrastination Dooms Your Financial Future

People have many reasons for procrastinating when it comes to putting a retirement plan together. Let’s explore some of those excuses and why they can be dangerous, and talk about how to overcome them…

Join us on today’s episode as we break down these major topics:

  • Why you should still plan for retirement if your parents didn’t, and they turned out fine. (2:40)
  • How to know which advice to believe. (5:00)
  • Money problems don’t go away, so stress is not a good reason to avoid planning. (8:22)
  • Being too busy to plan for retirement will catch up with you. (11:10)
  • Is perfectionism preventing you from reaching out to an advisor? (20:00)

For more, visit us online: http://philstaxhacks.com

Watch the video podcast: https://youtu.be/YwCTfVEAxNw 

 

Ep 148: Going Against the Grain

Being a good advisor isn’t about winning a popularity contest or just saying the same things that everyone else in the industry says. It’s about giving the best advice that you can for each individual situation. On today’s show, we’re going to peel back the curtain to discuss some areas where a good financial advisor’s opinions might go against the grain with mainstream ideas in the industry.

Join us on today’s episode as we break down these major topics:

  • How much risk is too much risk for you? (1:52)
  • The benefits of life insurance (3:29)
  • Managing debt- is all debt bad? (7:12)
  • Using annuities as a tool (9:19)
  • All about mutual funds (13:40)
  • Should you keep cash in the bank, other than your emergency fund)? (16:10)

For more, visit us online: http://philstaxhacks.com

 

Ep 147: A Deep Dive Into RMDs (Part 2)

Everyone we’re working with for a retirement plan has to keep an eye on the age of 72 because that’s when the required minimum distributions begin. While we all know money has to come out of our retirement accounts, it’s not as simple to understand all the requirements and then execute that efficiently. Today we’ll continue our deep dive with part two focused on the inherited account side of things.   

 

Listen to part 1: https://philstaxhacks.com/podcast/ep-146-a-deep-dive-into-rmds-part-1/ 

 

Join us on today’s episode as we break down these major topics:

  • What two options you have as a surviving spouse. (1:15)
  • Understanding the changes that came down when the SECURE Act was introduced on January 1, 2020. (3:27)
  • The rules that apply to children who inherit your IRA and the caveats that come with those.  (7:40)
  • Do the rules change at all when you are leaving multiple accounts? (14:36)
  • Roth IRAs do fall under the 10-year RMD rule but remain tax-free. (18:04)

 

For more, visit us online: http://philstaxhacks.com

 

Ep 146: A Deep Dive Into RMDs (Part 1)

Everyone we’re working with for a retirement plan has to keep an eye on the age of 72 because that’s when the required minimum distributions begin. While we all know money has to come out of our retirement accounts, it’s not as simple to understand all the requirements and then execute that efficiently. Today we’ll provide you a deep dive into RMD starting with the accounts you own in part one.  

Join us on today’s episode as we break down these major topics:

  • What you need to know and what’s changed about RMDs on your own accounts. (2:02)
  • The big difference between a Roth IRA and Roth 401(k). (4:09)
  • What can you do with your RMDs if you don’t need to use the money immediately? (13:30)
  • What has to happen at age 72 and what can be done after. (17:47)
  • The penalty if you miss your RMDs and how the IRS handles that. (19:56)

 

Watch the video podcast here: https://youtu.be/eGucxamg3KM

 

Visit us online: http://philstaxhacks.com 

Ep 145: A Tough Conversation – Retirement and Divorce

We’re going to have a tough conversation about retirement and divorce on today’s episode. How does this difficult decision impact your retirement financially?

 

Join us on today’s episode as we break down these major topics:

  • Why is working with a financial advisor essential during a divorce? (6:10)
  • You don’t want to ignore tax implications of breaking up retirement accounts. (7:04)
  • Rolling a spouse’s retirement account into a new IRA immediately after divorce. (9:33)
  • How divorce can impact Social Security payments. (15:56)

 

Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA

 

Read more and get additional financial resources here: http://philstaxhacks.com 

Ep 144: Retirement Pop Quiz – Can You Get an A+?

Are you ready for a pop quiz? Today we’re going to do a retirement planning pop quiz. Can you ace these questions?

 

Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA

 

Key points: 

1:24 – At what age should people start saving for retirement?

4:14 – How much do you need for income in retirement?

9:25 – Which do retirees fear the most?

11:17 – What best represents a diversified plan?

16:42 – To avoid running out of money, only take out how much?

 

Read more and get additional financial resources here: http://philstaxhacks.com 

Ep 143: Mailbag - Rates of Return, TSP Investments, and More

We are opening up the mailbag today to answer various questions from listeners and clients. We’ll explore the average rate of return, blue-chip stocks, TSP investments, and much more on today’s show.

 

Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA

 

Key points: 

1:29 – What rate of return should I be getting?

5:02 – Should I move out of blue-chip stocks?

8:22 – Should I move the money in my TSP?

11:49 – Is it time to load up on stocks?

16:24 – Can I make it the rest of the way without an advisor?

 

Read more and get additional financial resources here: http://philstaxhacks.com 

Ep 142: Surviving a Bear Market - What Do the Experts Say?

What do pre-retirees and retirees need to know about surviving this bear market and a possible recession? On today’s episode, we’ll explore some expert advice on surviving a bear market and whether we agree or disagree with these opinions.

 

Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA

 

Key points: 

1:33 – Value stocks over growth stocks 

5:23 – The bear market is a great opportunity for investors

7:10 – Be aware of emotional decision making

13:14 – I would delay my retirement in the current environment

17:31 -  Stop digging when you’re in a hole

 

Read more and get additional financial resources here: http://philstaxhacks.com 

Ep 141: The Enhance Your Retirement Now Act

A recent article in The Hill paints the EARN Act (Enhancing American Retirement Now), the Senate’s version of the House’s Secure Act 2.0 bill, in a negative light as primarily a tool to give a tax break to rich Americans in a way that ultimately adds to the national deficit and only circumvents problems instead of solving them. We’ll break down the article on today’s episode and share our opinion on what it gets right, and wrong…

 

Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA

 

Key points: 

1:17 – RMDs at age 75

5:34 – Additional $10,000 in savings

8:23 – Are Roth conversions are bad?

 

Read more and get additional financial resources here: http://philstaxhacks.com 

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