Phil's Tax Hacks

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/ 
 
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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)
 
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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)
 
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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