Phil’s Tax Hacks

Ep 112: Retirement Late Bloomers

A lot of people feel behind when it comes to saving for retirement. What are some ways we can catch up? Even if you don’t feel behind these are great tips to keep in mind to save a bit more as you get closer to retirement.

 

Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-112-retirement-late-bloomers/

 

What we discuss today: 

0:54 – How do you know you are behind?

2:24 – Catch-up contributions

5:12 – Kids are coming off the payroll

7:01 – Eliminating debt

9:30 – Downsizing

13:28 – Twilight career

Ep 111: Dropping the Ball Financially

If your advisor seems to only be interested in discussing investments and growth, it may be time to take a step back and make sure all of your retirement pieces are being addressed. On today’s show, we will discuss 5 areas advisors can drop the ball and how you can stay vigilant in protecting your retirement plan.

 

Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-111-dropping-the-ball-financially/

 

 

What we discuss today: 

0:35 – Looking forward to Thanksgiving

1:04 – Reviewing tax returns

5:09 – Fees and costs in investments

7:31 – Income needs

9:23 – Clarifying the job of your money

11:47 – Discussing your legacy

Ep 110: 4 Unreasonable Requests

Although you may never ask something unreasonable of your advisor, it’s important to know where that line is. It will help you manage your expectations. On today’s episode, we will discuss 4 unreasonable things to ask of or expect from your financial advisor. 

 

Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-110-4-unreasonable-requests/

 

What we discuss today: 

0:41 – We’re into mid-November

1:31 – I want big returns, but no risk

5:56 – Can you reduce your fees for me?

8:40 – How do I get out of paying taxes on my IRA or 401(k)?

11:13 – Can you just do it for me?

Ep 109: Living the Dream

Retirement planning is not all about finances, we also need to think about our lifestyles and what activities will make us happy from day to day. Today, we’ll discuss what it means to live the dream and hopefully inspire you to plan out your unique goals.

 

Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-109-living-the-dream/

 

What we discuss today: 

0:44 – We are into November!

2:00 – Our social circle

3:54 – Couples in retirement

6:30 – Going out or staying home

8:45 – Remodeling the house

11:56 – Finding something to do

13:58 – Funding your lifestyle

Ep 108: Overconfidence in Financial Planning

We want confidence and stability in our retirement plans but overconfidence can cause us to make financial mistakes. Today we are discussing some common areas of overconfidence in financial planning and how we can manage these areas. 

 

Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-108-overconfidence-in-financial-planning/

 

What we discuss today: 

0:55 – Happy Halloween

2:36 – Stock market

5:50 – A certain number

8:48 - Rules of thumb

11:12 – Understanding and decision making

Ep 107: Tax Consequences – Pros and Cons

Do you know the tax consequences on your retirement accounts? Today, we will be discussing 5 different types of accounts and the tax pros and cons with each. 

 

Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-107-tax-consequences-pros-and-cons/

 

What we discuss today: 

1:00 – Tax-deferred

3:11 – Tax-free accounts

6:00 – Taxable accounts

7:47 – CDs

9:43 – Life Insurance

Ep 106: What is ”Risk Averse”?

Everyone is different when it comes to risk tolerance. A lot of us think we are risk-averse, but we may be taking on more risk than we realize. On today’s episode, Phil is going to discuss risk aversion and how it affects our retirement plan.

 

Read more and get additional financial information: https://philstaxhacks.com/podcast/what-is-risk-aversion/

 

What we discuss today: 

0:28 – Enjoying the fall

1:27 – California’s new law

2:38 - $600 IRS Report

6:00 – Being risk-averse

7:14 – Risk of inflation

9:33 – Market risk

12:00 – Why are we at risk?

14:04 – How do we address risk?

Ep 105: Financial Mistakes Couples Make

Finances can cause a lot of stress for couples. However, planning together is crucial to your overall financial plan. On today’s episode, we will highlight a few areas that couples need to focus on as a team.

 

Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-105-financial-planning-as-a-couple/

 

What we discuss today: 

0:55 – The many hats Phil wears

2:03 – The Pension spousal benefit option

4:26 – Social Security strategy 

6:35 – Plans for retirement

10:23 – Coordinating individual accounts

15:33 – Risk conversation

Ep 104: Can You Put Off These Financial Decisions?

We all tend to procrastinate from time to time, even when it comes to our finances. However, there are many things that we don’t want to put off addressing in our financial plan. On today’s episode, Phil will discuss 5 financial decisions that people tend to put off and whether it is okay to do so.

 

Read and get additional financial information: https://philstaxhacks.com/podcast/ep-104-can-you-put-off-these-financial-decisions/

 

What we discuss today: 

0:39 – Catching up with Phil

1:59 – Deferring taxes

4:50 – Waiting to eliminate debt

6:48 – Legal and estate documents

9:30 – Delaying the start of social security

11:57 – Getting a plan

 

Ep 103: What Do You Need To Know About the Recent Tax Proposal?

If the recent tax proposals were to pass, how would it affect your financial plan? Some things we may want to look out for include changes in capital gains and Roth conversions. Phil talks about who could be most impacted if these proposals became a reality. 

 

Read and get additional financial information: https://philstaxhacks.com/podcast/ep-103-what-do-you-need-to-know-about-the-recent-tax-proposal/

 

What we discuss today: 

0:12 - Let’s talk about tax proposals in Congress.

3:23 - How could job creation be impacted?

6:23 - How will this affect your retirement?

8:17 - Numbers seem to be going back to Obama-era taxes.

9:57 - What are the possible changes for capital gains?  

12:20 - What other provisions may happen?

 

Ep 102: 5 Ways to Mind the Gap

There may be a few gaps that we might not notice when we are working on our retirement plan. So, to better prepare you for the future, we will be discussing some of the gaps you need to keep an eye out for and how you can address them. 

 

Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-102-5-ways-to-mind-the-gap/

 

Watch the video podcast: https://youtu.be/i7Tmeomyw7A

 

What we discuss on this episode: 

0:32 - What inspired today’s podcast?

1:25 - What’s the paycheck gap?

3:35 - What challenges would you face when retiring early?

8:22 - The inflation gap is apparent right now.

10:22 - What’s the long-term care gap?

13:15 - How do you cover the widow gap?

Ep 101: Red Flags in Your Financial Plan

Are you worried you’re missing some red flags in your financial plan? Let’s talk through what you need to know and where you should better prepare.

 

Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-101-red-flags-in-your-financial-plan/

 

Watch the video podcast: https://youtu.be/-8SUd_vExGo

 

What we discuss on this episode: 

0:27 - Marc has a new studio set-up!

1:05 - How is Phil?

1:32 - What red flags should you look for?

2:05 - Can you name all the investments in your portfolio?

3:51 - How often should you talk with your advisor?

7:48 - Are your accounts going up and down?

9:40 - How much do you need to maintain your lifestyle?

12:14 - Could you describe your financial plan?

 

Ep 100: How Age & Wisdom Effect Retirement

Let’s talk about one of the primary benefits of aging: wisdom. Phil shares some of the key things to consider in order to make wise decisions as you age and near retirement.

 

Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-100-age-wisdom/

 

Watch the video podcast: https://youtu.be/-x5lDhWYZPw 

 

Key Points: 

0:13 - It’s our 100th episode!

1:36 - What has Phil seen in the industry?

2:39 - What’s the difference between now and 20 years ago?

5:57 - Do people wish they started sooner?

8:03 - What kind of advice did Phil give his kids?

10:20 - Do people worry more or less about financial issues as they get older?

12:02 - Have people changed their opinions about legacy?

14:06 - Are you being smart with your risk?

Ep 99: Breaking Down Economic News in Bits and Pieces

How can what’s happening this year shape our financial plans moving forward? We talk through several current events in the economy and what impact it could have on the future.

 

Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-99-breaking-down-economic-news-in-bits-and-pieces/ 

 

Watch the video podcast: https://youtu.be/0fKc8iPYNdg 

 

What we discuss on this episode: 

1:35 - 2021 is still a challenge.

2:06 - The housing market may have peaked.

7:06 - Unemployment numbers have fallen.

8:56 - What kind of recession was caused by the pandemic?

12:43 - Industries are still not back.

Ep 98: What Makes Phil Tick?

To get to know Phil a bit more, we ask a few questions to find out how he got to where he is today. From his influences and hobbies to what he likes most about the job, today’s podcast is all about what makes Phil tick.

 

Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-98-what-makes-phil-tick/ 

 

Watch the video podcast: https://youtu.be/tdzheuWPHY0 

 

What we discuss on this episode:

1:09 - Who shaped Phil’s view of money?

2:48 - What’s the biggest lesson from watching his family?

4:07 - How did Phil end up in the financial business?

5:57 - What is it like to have a financial advisor who is also a CPA?  

8:14 - Who in the industry influenced Phil?

10:15 - If Phil had a magic wand, what would he change in the industry?

12:09 - What’s the most gratifying thing in his job? 

16:04 - What’s Phil’s favorite hobby?

Ep 97: Why You Need Retirement Customization

Retirement is not one-size-fits-all. Just like your bank account, family size, job, and home, you have a number of factors to add up to create a unique situation. On today’s podcast we talk through some of the areas of your retirement that you need to make sure is decided based on your needs and goals.

 

Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-97-why-you-need-retirement-customization/ 

 

Watch the video podcast: https://youtu.be/Wx3794GHO2g 

 

What we discuss on this episode: 

0:53 - We all face unique factors in our retirement.

1:30 - How important is a planned retirement age?

4:08 - What is your risk tolerance?

9:13 - What’s your family history of longevity?

13:10 - What’s your legacy?

 

Ep 96: The SECURE Act 2.0

The SECURE Act was passed in 2019, but is now facing possible amendments being added for the SECURE Act 2.0. On today’s episode of the podcast, we talk through these proposed changes and what that means for you.

 

Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-96-the-secure-act-2-0/ 

 

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

 

What we discuss on this episode: 

1:35 - The SECURE Act is facing possible new amendments.

1:59 - The RMD age could change again.   

6:11 - Employers could auto-enroll you into a 401(k).

8:08 - Catch-up contributions could increase.

11:19 - Matching funds on student loan payoffs are being proposed.

13:58 - A database will be created to find older 401(k)s.

Ep 95: Things That Don’t Matter…Until They Do

There are a lot of things that don’t feel important, until you suddenly need them. What items do you need to be thinking about now, before it’s too late? On today’s podcast, Phil talks through the four things you want to take care of sooner rather than later.

 

Read more and get additional financial resources here: https://philstaxhacks.com/podcast/things-that-dont-matteruntil-they-do/ 

 

What we discuss on this episode: 

0:25 - What’s lake life like for Phil?

1:24 - What doesn’t matter financially?

2:55 - Legal documents are important.

6:18 - Guarding against long-term care expenses.

10:45 - Do you have life insurance?

12:26 - What are your lifetime income streams?

Ep 94: What Retirement Are You Living For?

Have you started daydreaming about what retirement looks like? Let’s talk today about what it takes to make that retirement dream a reality.

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

 

Watch the video podcast: https://youtu.be/X7eECbIY9_A

 

What we discuss on this episode: 

0:45 - Summer time is vacation time.

1:40 - Retirement could include spending time with family. 

3:23 - How do you structure your spending and retirement income?

5:32 - People are ready to start traveling more.

8:40 - What makes people feel locked into a particular structure or plan?

12:11 - What kind of lifestyle do you want in retirement?

13:15 - Are you structured the right way when giving to charity?

Ep 93: 5 Things to Know About Decumulation

How hard or easy is it to spend your retirement savings? On today’s show we talk about the process and how to get it right.

 

Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-93-5-things-to-know-about-decumulation/ 

 

Watch the video podcast: https://youtu.be/xzRUgJBaV-g

 

What we discuss on this episode: 

0:24 - Today we are on location: on vacation!

1:19 - Let’s talk about decumulation.

2:06 - Do you have the proper support?

6:13 - Do you have the confidence in your plan, even with the risks?

7:30 - How do your taxes fit in?

8:42 - Having an income structure is key.

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