As you count down to the days of retirement there are some important things, you’ll want to cross off your to-do list. On today’s episode, we’re going to break down some of the things you’ll want to get done before this next chapter of life.
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Key points:
0:38 – Counting down the days
1:28 – Getting healthy and staying healthy
4:07 – What are you going to do?
9:36 – Catch up and save more
10:31 – Paying off debt
15:04 – Look at the risk
16:39 – Working with an advisor
21:07 – Finding the right person
Read more and get additional financial resources here: http://philstaxhacks.com
It’s a question more and more people are asking, especially as the workplace continues to change following the pandemic. But are you in a position to step away from a consistent paycheck at age 55? Phil will provide a great look at the reality of early retirement in today’s environment and apply some real-world examples to the discussion.
Watch the video podcast: https://youtu.be/cuahFzcAFlw
Key points:
1:09 – Background on this topic
3:20 – How many clients want this?
4:05 – Immediate challenges
5:14 – Retiring at 65
7:48 – Retirement lifestyle
9:06 – Running the math
11:38 – Challenges in this environment
13:18 – Mailbag question on retiring early
15:08 – Mailbag question with another scenario
16:36 – Bear market coming?
17:46 – Conversation with your advisor
19:43 – Mailbag question about paying house off
Read more and get additional financial resources here: http://philstaxhacks.com
The idea of a podcast on life insurance might not sound like the most exciting topic, but we’re going to put a positive spin on it today and tell you why you should get it. Or at the least, consider adding it to your portfolio. Life insurance can serve many different purposes for financial needs and we’ll share a few you might not have thought of on this episode.
Watch the video podcast: https://youtu.be/dEGFLe0qJFU
Read more and get additional financial resources here: http://philstaxhacks.com
Today's Key Points:
0:58 – Income Replacement
3:55 – Estate Liquidity
5:11 – Transferring family wealth
7:28 – Business succession
9:01 – Tax-free benefits
12:39 – Long-term care coverage
14:23 – Using all the tools at your disposal
Birthdays might not be as exciting as they once were, but they are still important. On today’s episode, we are going to break down some retirement birthday milestones you need to be aware of when planning for the future.
TIMESTAMPS:
0:23 – Wonky weather!
1:21 – Age 50
3:42 – Age 55
5:47 – Age 59 ½
6:50 – Age 62
9:06 – Age 65
12:44 – Age 66 or 67
14:42 – Age 70
15:49 – Age 72
ADDITIONAL INFORMATION: https://philstaxhacks.com/
Let’s talk about the house today! We are going to explore some common retiree questions we get about housing. Should you downsize? Should you use equity as an emergency fund? Find out on today's show.
TIMESTAMPS:
0:44 – Do we get questions about housing?
1:41 – Should you pay off the house?
4:49 – Should you downsize?
8:17 – Should you pull out equity?
11:10 – Signing the house over to the kids
13:42 – Is a reverse mortgage a good idea?
ADDITIONAL INFORMATION: https://philstaxhacks.com/
Let’s continue our conversation on financial jargon today. We’ll dive into the different designations and licenses you may see when shopping around for a financial advisor. What do they all mean?
TIMESTAMPS:
0:52 – Having proper qualifications
2:22 – RIA or IAR
3:35 – The C’s
5:35 – Series license
11:49 – Education
15:30 – Do your homework
ADDITIONAL INFORMATION: https://philstaxhacks.com/
There is a lot of financial jargon out there that can be confusing when you are trying to plan for retirement. So, on today’s episode, we’ll explore a variety of different terms and definitions and how they apply to the financial planning process.
TIMESTAMPS:
0:41 – We don’t lack jargon
1:28 – Bear or bull
4:02 – Inflation
6:50 – Recession
10:42 – Volatility
12:09 – Risk tolerance
14:31 – 60-40 portfolio
15:58 – Dollar-cost averaging
17:46 – Bonds vs stocks
19:44 – ETFs vs mutual funds
22:00 – Target-date fund
ADDITIONAL INFORMATION: https://philstaxhacks.com/
When it comes to our money there are several ways, we tend to get greedy. So on today’s episode, we are going to discuss how to recognize the voice of greed and how we can fight against it.
TIMESTAMPS:
0:15 – Voice of greed
2:07 – Being aggressive
5:57 – Following what you hear
7:15 – Keeping up with the Joneses
10:05 – Emergency fund in the bank
12:48 – Doing it yourself
ADDITIONAL INFORMATION: https://philstaxhacks.com/
What could go wrong if you end up guessing when planning for retirement? Today, we explore some areas in retirement planning you don’t want to guess at.
TIMESTAMPS:
0:38 – Guessing in these times
2:44 – Inflation
8:56 – Income
13:10 – Big purchases
16:25 – Health care costs
ADDITIONAL INFORMATION: https://philstaxhacks.com/
The current state of the market and the rate of inflation may be making you nervous. How do we expect current events to impact your retirement plan and what can we do to protect our financial future?
TIMESTAMPS:
0:38 – It’s tax time!
1:01 – Russia’s impact on the market
3:36 – The energy conversation
4:48 – DOW has fallen 1,000 points
7:23 – Inflation is also overdue
12:20 – What defines a bear market?
13:52 – Having an emergency fund
16:17 – Is 2022 still hopeful?
18:03 – Is this hyperinflation?
ADDITIONAL INFORMATION: https://philstaxhacks.com/
The most important part of retirement planning is going to look different for everyone. On today’s show, we discuss some expert claims about the most important part of planning and whether Phil agrees or disagrees.
TIMESTAMPS:
1:00 – The most important part to you
2:14 – Deciding what to do with your time
3:57 – The best time to start saving is now
5:19 – How much income do you need?
6:53 – How much do you want to spend?
9:30 – Balancing risk and return
12:36 – Enjoying your retirement!
13:53 – Picking the right advisor
ADDITIONAL INFORMATION: https://philstaxhacks.com/
How do we incorporate our values into our financial plan? On today’s episode, we discuss some common values and how they fit into your overall retirement plan.
TIMESTAMPS:
0:25 – Happy Valentine’s Day!
1:44 – Family
2:46 – Faith
6:22 – Education
9:05 – Career
12:13 – Charitable giving
13:44 – Having fun!
ADDITIONAL INFORMATION: https://philstaxhacks.com/
You can’t predict a lot of things: how long you’ll live, the next market crash, healthcare costs, tax rates. But you still have to plan for these things. On today’s episode, we’ll explore how you should handle planning for the things you can't predict.
TIMESTAMPS:
2:01 – When will the next market crash be?
4:59 – What will healthcare costs be?
6:51 – What are tax rates going to look like?
9:51 – How long are you going to live?
ADDITIONAL INFORMATION: https://philstaxhacks.com/
Most of us have some biases when it comes to money. Are you afraid of risk? Are you thinking far enough into the future? On today’s episode, we discuss the different types of money biases and whether they could be costing you financially.
TIMESTAMPS:
1:11 – January market closing
1:39 – Morning Star study
2:26 – Key Points of study
2:50 – Present Bias
4:48 – Overconfidence
5:51 – Loss Aversion
7:17 – Low levels of money bias
10:10 – Avoiding biases with a plan
11:00 – Build speed bumps
14:00 – Setting rules
15:22 – Most common biases
17:39 – Value with an advisor
CNBC Article: 98% of Americans have at least 1 money bias, research finds — and it's costing them (cnbc.com)
ADDITIONAL INFORMATION: https://philstaxhacks.com/
What role do our kids or grandkids play in our retirement plans? A lot of people want to save for their children and help them with big expenses like college. Doing so is great, but you have to incorporate that into your plan.
TIMESTAMPS:
1:46 – College expenses
4:58 – Trouble with the job market
7:10 – Grandkid expenses
11:42 – Special needs expenses
14:12 – Generational wealth
ADDITIONAL INFORMATION: https://philstaxhacks.com/
Winning a football game is a lot like planning for retirement. As you enter the red zone, you don’t want to fumble the ball. When you’re getting close to retirement, you certainly don’t want to fumble your retirement. On today’s episode, we’ll discuss how to keep your retirement protected as you enter the retirement red zone.
TIMESTAMPS:
1:39 – What is the financial red zone?
2:36 – Being cautious in the red zone
5:40 – Real consequences of inflation
8:32 – Top mistakes people make
10:10 – Coaching you through retirement
12:28 – Making retirement planning easier
14:37 – Having a clear picture
16:33 – Running the clock down for victory
ADDITIONAL INFORMATION: https://philstaxhacks.com/
A lot of economic predictions are floating around about 2022. On today’s show, we’ll ask Phil his opinion on these predictions regarding GDP, inflation, the housing market, and more.
TIMESTAMPS:
0:38 – Settling into the New Year
2:15 – The GDP growing by 3.9%
4:58 – Will the housing market cool off?
7:30 – Inflation won’t end anytime soon
9:17 – 2022 will see significant inflation
11:11 – “The Great Resignation” in 2022
17:41 – Consumers, COVID, and price increases
ADDITIONAL INFORMATION: https://philstaxhacks.com/
Millions of people are leaving their jobs. They are pausing work, retiring early, or changing career paths. What is “The Great Resignation” and how could it impact your retirement plan?
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-116-how-the-great-resignation-could-impact-you/
Check out the Forbes article: https://www.forbes.com/advisor/retirement/great-resignation/
What we discuss today:
0:29 – Welcome to 2022!
1:05 – “The Great Resignation” article
2:05 – 4.2 million people quit
2:52 – Has Phil had any clients retire early?
4:41 – Taking a break from Social Security
7:07 – Is a 401(k) a rainy-day fund?
8:39 – Taking a loan out against your 401(k)
10:18 – Taking your 401(k) with you
13:33 – Things to consider if you retire early
2022 is almost here! On today’s episode, we’ll finish our 22 money resolutions for 2022. How many of these can you accomplish?
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-115-22-money-resolutions-for-2022-part-2/
What we discuss today:
1:00 – Check your credit
2:48 – Check your fees
5:12 – Share your knowledge
6:45 – Donation opportunities
7:44 – Review your tax bracket
8:14 – Think about Roth conversions
11:11 – Update paycheck withholdings
12:34 – Rebalancing your portfolio
13:48 – Plan your retirement transition
15:21 – Consolidate your accounts
17:22 – Listen to more episodes!
