Phil's Tax Hacks

Ep 175: Moving Your Retirement Goalpost - Is It Worth The Risk?

Do you ever feel like your retirement planning goals are always moving? You're not alone. We’ve found that people often move the goalposts in their own retirement planning, often to their detriment. In this episode, we're diving deep into the psychology of retirement planning and the dangers of moving the goalposts.

Here are some of the things we’ll address in this episode:

• Why cash does not work for long-term goals and investment. (1:51)
• The danger of the “I’ll get serious about saving next year” attitude. (5:45)
• Why it’s crucial to determine what market risks you are comfortable with understand how to position those risks in your financial plan. (8:48)
• How having a solid plan in place will allow you to retire on a flexible schedule. (11:09)

If you have any questions about what we discussed in this episode, reach out and we'll be happy to set up a time to talk.

 

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

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

 

Ep 174: Lessons Learned from the Silicon Valley Bank Collapse

The Silicon Valley Bank situation has gotten all of the financial headlines over the past week, and rightfully so. The event immediately triggered worries that another 2008 event might happen again, but is that concern justified? In this episode, we’ll explain why this run on SVB happened, what it really means, and what lessons we can learn from this.

 

Here are some of the things we’ll address in this episode:

• The details of what really happened with SVB. (1:16)
• What are the ripple effects of this collapse? (4:53)
• Some of the key points from this story. (7:15)
• How is this different from what happened to banks in 2008? (10:15)
• How this reminds us about the importance diversification. (12:00)
• Why this shouldn’t affect most Americans unless something drastically changes. (14:36)

 

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

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

Ep 173: The Incomplete Financial Plan

On this episode, we'll be pointing out the most common areas people overlook when planning and provide actionable tips to ensure that your plan is as comprehensive as possible. The good news for anyone that feels they’ve overlooked any of these items is that they are all correctable by taking the time with an advisor to do some proper planning.

 

Here are some of the things we’ll address in this episode:

• How prepared are you for a market downturn early in retirement? (1:24)
• Inflation is on everyone’s radar now but is your plan prepared for the effects it will have over a long retirement? (4:21)
• Medical costs are more expensive than what many people prepare for. (6:53)
• Getting prepared for the likelihood of a tax increase in the future. (7:52)
• Most of us just don’t want to face the possibility of long-term care so we don’t build it into our plan. (12:00)

 

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

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

 

Ep 172: Top 10 Tax Questions for Retirees in 2023

On today’s episode, we’ll break down the top ten tax questions retirees are asking in 2023. Before you file your 2022 taxes and plan ahead for the rest of the year, make sure to listen to this episode as we’ll discuss some important tax questions that retirees should ask themselves to ensure they're making the most of their retirement savings and minimizing their tax burden.

 

Here are some of the tax questions we’ll address in this episode:

• What are the tax implications of withdrawing money from your retirement accounts? (1:01)
• How is pension income taxed? (4:23)
• How will your taxes change if you decide to move states in retirement? (6:55)
• What are the tax considerations for gifting money to children or grandchildren? (11:00)
• Knowing how your income will impact Medicare premiums. (13:56)

 

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

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

Ep 171: 5 Beneficiary Mistakes - Are You Accidentally Spoiling Your Retirement Plan?

For some people, leaving a legacy is one of the most important goals for their financial plan. Not only do they want to leave as much as possible, but they also want to make sure those assets go to their intended beneficiaries.

On this episode, we’ll address five, unfortunately, common beneficiary mistakes. Are you making one of these beneficiary mistakes? If so, it could cost you and your loved ones dearly. Some of the simplest mistakes can completely spoil an otherwise well done retirement plan.

 

Here are some of the mistakes we’ll discuss in this episode:

• Naming minors as beneficiaries. (1:37)
• Not naming an alternate or successor beneficiary. (3:00)
• Not coordinating your beneficiary designations with your will. (6:10)
• Naming your estate as a beneficiary. (9:42)
• Having errors on the application. (15:49)

 

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

Ep 170: 2023 Retirement Preparedness Checklist (#6-10)

Another year is upon us and it’s a great time to ask yourself some critical questions to assess how ready you are for retirement to kick off 2023.

If you’re retiring this year, it’s essential to have some concrete answers to these questions. If you’re still a few years from the milestone, tune in so you can start thinking about these critical conversations.

We broke this discussion up into two parts so we could take enough time for each of these items on the checklist. In part one, we worked through #1-5 on the list, which included a lot of income planning items. This episode will focus on the final five items on the list and many of these are out of our control.

 

Here’s some of what you’ll learn in this episode:

• Do you have a plan to combat inflation? (1:36)
• Are you prepared for the possibility of future tax increases? (6:48)
• Healthcare costs are outpacing just about everything. Do you have a plan to cover medical needs? (13:08)
• Do you have any kind of legacy plan in place? (15:34)
• Do you know how you intend to spend your time in retirement? (18:08)

 

Check out part one for #1-5 on the list: https://philstaxhacks.com/podcast/ep-169-2023-retirement-preparedness-checklist-1-5/ 

 

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

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

Ep 169: 2023 Retirement Preparedness Checklist (#1-5)

Another year is upon us and it’s a great time to ask yourself some critical questions to assess how ready you are for retirement to kick off 2023.

Since we have a lot to tackle on the checklist, we’ll run through the first five on this episode and the second five on the next show. Today’s focus will primarily be on the all-important income planning piece of the puzzle along with some of the risks you’ll face in retirement.

 

Here’s some of what you’ll learn in this episode:

• Why most people don’t know how much money they need in retirement and why it’s critical to answer that question. (1:36)
• Once you know how much you’ll need, do you know where you’re going to withdraw from first? (4:21)
• Have you truly addressed the longevity risk for retirement? (7:54)
• How to prepare your investment strategy to deal with market volatility. (9:40)

 

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

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

Ep 168: Back to Basics - Income Planning

It’s been said that if you don’t have an income plan, you don’t really have a retirement plan. We’ll tackle that mentality on this episode to see if it’s true and further explore why so many retirees and pre-retirees don’t understand the importance of an income plan, nor how to properly construct one.

 

Here’s some of what you’ll learn on this episode:

• If you don’t have an income plan, you don’t really have a retirement plan. (0:42)
• Where are you pulling the income from and when? (3:11)
• Why most people don’t have an income plan. (5:19)
• The steps you can take to start putting an income plan in place. (8:26)

 

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

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

Ep 167: SECURE Act 2.0 – Retirement Changes to Know (Part 2)

In the first part of the series, Phil highlighted the age changes for required minimum distributions along with some Roth changes that were included. This episode will focus on an assortment of additional planning changes that you need to be aware of. Some of them are already active and a few will kick in over the next year or two.

 

Here’s some of what you’ll learn on this episode:

• Catch-up contributions getting an inflation adjustment. (0:50)
• The Starter 401(k) (4:44)
• The ability to get a company match if you’re making student loan payments. (5:48)
• Changes to qualified charitable distributions (10:04)
• Changes coming in future years. (16:30)
• Phil’s overall opinion on SECURE Act 2.0 (18:22)

 

Check out SECURE Act 2.0 (Part 1): https://philstaxhacks.com/podcast/ep-166-secure-act-2-0-rmd-roth-changes-part-1/ 

 

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

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

Ep 166: SECURE Act 2.0 - RMD & Roth Changes (Part 1)

Another round of retirement changes are on the way after President Biden signed a spending bill in December 2022 that included the SECURE Act 2.0. Retirees and pre-retirees need to understand what this legislation means, how it might impact you, and what planning opportunities this could open up.

 

Here’s some of what you’ll learn on this episode:

• RMD age extended to age 73 for some and 75 for others. (1:05)
• The RMD penalty has been reduced. (3:35)
• There are no longer RMDs for any Roth account (5:09)
• Catch-up contributions to company plans will have to do into the Roth for high-income earners. (11:22)
• The ability to move money from a 529 plan to a Roth…with restrictions. (13:31)

 

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

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

 

Ep 165: Top 401(k) Mistakes to Avoid

Saving in your 401(k) can be an easy and painless way to build your retirement savings. But because it’s so easy and painless, it can also be easy to ignore for long periods of time, which often leads to mistakes.

In this episode, we will be coving common mistakes people make in their 401(k)s.

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

• Are you a financial collector? (1:27)
• Why you don’t want to forget to rebalance your 401(k). (4:16)
• Do you understand Target Date Funds? Are they the best option? (5:46)
• Who is the client of the 401(k)? You, or your work? (8:20)

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

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

 

Ep 164: Dividend-Only Retirement Plans

Is it possible to have a “Dividends Only” Retirement? We found an interesting article that explores how to achieve the mythical “dividends only” retirement plan.

In this episode, we discuss the article and why you may want to consider some of the cons to this method of retirement planning.

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

• What is a true dividend? (1:01)
• Most mutual funds pay out a percentage of their earnings through dividends. (5:39)
• How much of a pay cut are you willing to take when companies reduce dividends? (7:26)

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

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

 

Ep 163: The Market Outlook for 2023

There are a ton of opinions out there on the market right now. Many are wondering what the next year has in store for us after market volatility became the norm in 2022. Are we in for more of the same in 2023?

In this episode, we’ll talk about the market outlook for the next 12 months, plus share tips on how you can best prepare for potential future volatility. We will also discuss a few published articles and share our thoughts with you.

 

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

• Mergers & Acquisitions says “signs point to more market volatility in 2023”. (1:17)
• Morgan Stanley’s Mike Wilson says the markets in 2023 will face “extreme volatility”. He relates the market struggles to a 1940s-style boom-bust inflation cycle, and here are our thoughts. (2:44)
• How should you react when you check on your investments during a volatile market and start to feel anxious? (6:44)

 

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

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

 

Ep 162: Will it Take a Miracle to Retire?

In this episode, we will be discussing this article that cites 35% of millionaires saying it’s “going to take a miracle” to be ready for retirement. Why are Americans feeling less confident? Is it realistic that millionaires can’t feel sure about their retirement futures? Listen to find out.

 

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

• Getting to retirement requires more than hitting a certain net worth. (3:12)
• How our bucket plans can help you plan effectively. (13:06)
• Your lifestyle factors into how possible retirement is. (14:12)

 

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

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

 

Ep 161: Making Smart Decisions During Major Life Events

Some major life events catch us by surprise, and others are more anticipated. No matter the circumstance, it’s imperative to make wise financial decisions when navigating these life changes.

Let’s explore some of the things you should be thinking about to make smart financial decisions when you encounter some of the most significant events in your life.

 

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

• What to think about when you’re forced into retirement or change careers close to retirement. (2:00)
• Keep an eye on these things in a divorce. (6:10)
• How becoming an empty nester can impact your finances. (10:10)

 

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

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

 

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