Phil’s Tax Hacks

Ep 134: Countdown to Retirement

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.


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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


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Ep 133: Can I Retire at 55?

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.  


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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


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Ep 132: Reasons You SHOULD Get Life Insurance

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.


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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

Ep 131: The Most Important Retirement Birthdays

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.



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



Ep 130: Common Housing Questions from Retirees

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.



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?



Ep 129: Financial Jargon: Designations and Education

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?



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



Ep 128: Financial Jargon: Terms & Definitions

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.



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



Ep 127: Recognizing the Voice of Greed

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.



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



Ep 126: Guessing in Retirement Planning

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.



0:38 – Guessing in these times

2:44 – Inflation

8:56 – Income

13:10 – Big purchases

16:25 – Health care costs



Ep 125: Murky Issues in Retirement

What are most Americans confused about when it comes to retirement planning? On today's episode, we discuss 3 murky issues that may be making retirement planning harder for you.

USA Today Article: Retirement planning: These 3 issues are making it extra hard right now (



1:22 – USA Today Article

2:37 – Confused about income growth

8:14 – How much Social Security will provide

13:23 – Withdrawal rates are a mystery

16:29 – Simple approach or making a plan



Ep 124: State of the Market and Current Inflation

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?



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?



Ep 123: What is the Most Important Part of Retirement Planning?

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. 



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 




Ep 122: Values-Based Planning

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. 



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!



Ep 121: Planning for the Things We Can’t Predict

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. 



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?



Ep 120: How Much Are Your Money Biases Costing You?

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.



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 Article98% of Americans have at least 1 money bias, research finds — and it's costing them (



Ep 119: How Do Kids Factor into Retirement Planning?

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.



1:46 – College expenses

4:58 – Trouble with the job market

7:10 – Grandkid expenses

11:42 – Special needs expenses

14:12 – Generational wealth



Ep 118: Don’t Fumble in the Retirement Red Zone

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.



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



Ep 117: What They’re Saying - 2022 Economic Predictions

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.



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 



Ep 116: How “The Great Resignation” Could Impact You

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?


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Check out the Forbes article:


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

Ep 115: 22 Money Resolutions for 2022 Part 2

2022 is almost here! On today’s episode, we’ll finish our 22 money resolutions for 2022. How many of these can you accomplish?


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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!

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