Phil's Tax Hacks
Financial, tax and retirement planning guidance from Phil Putney. Each week Phil will talk about the keys to building a sound financial strategy that can survive throughout the ups and downs of the market. We'll have plenty of tax hacks along the way and other retirement facts!
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Episodes
Thursday May 25, 2023
Thursday May 25, 2023
In the complex world of retirement planning, there are countless pitfalls one could fall into. In this episode, we've distilled it down to what we believe are the top 10 mistakes to watch out for. In part one of this two-part episode, we’re going to discuss the first 5 money mistakes that Phil often sees in retirement planning.
Here are some of the things we’ll address in this episode:
2:30 – Ignoring future tax implications of your retirement savings
5:51 – Starting Social Security too early
9:59 – Focusing on returns instead of income
12:01 – Being too aggressive or conservative
16:02 – Taking investing advice from family or friends
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Thursday May 18, 2023
Thursday May 18, 2023
Are you ready to take control of your finances during life's most pivotal moments? In this episode, we dive into the complex world of financial decision-making during key life events. From the excitement of getting remarried or entering retirement to the challenges of divorce and the loss of a loved one, we'll provide practical tips and guidance to help you make informed decisions and maintain financial stability.
Here are some of the things we’ll address in this episode:
1:21 – Financial decisions during remarriage
4:13 – Financial decisions during divorce
7:43 – Financial decisions during job changes
10:37 – Planning for retirement
12:31 – Severe medical issues and disabilities
18:13 – Financial decisions during the loss of a loved one
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Thursday May 11, 2023
Thursday May 11, 2023
In today’s episode, we’re going to focus on the three categories that many clients fall into when starting their retirement planning journey: The unsure, the confident, and the certain. Whether you have no idea if you can retire or if you’re positive that you have sufficient funds to retire, we’ll cover some critical areas of retirement planning that you need to pay attention to.
Here are some of the things we’ll address in this episode:
1:10 – The “I have no idea if I can retire” client
5:24 – The “I think I have enough money” client
7:25 – What is a reasonable rate of return?
11:33 – The “I know I have enough money to retire” client
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Thursday May 04, 2023
Thursday May 04, 2023
Today, we'll be discussing some challenges of moving amidst the current climate, particularly for pre-retirees and retirees. We recently came across a Vanguard article that proposes a way to potentially add $100,000 to one's retirement savings by selling and relocating to a different state. Is this a feasible strategy? We’ll answer that question and more about relocating in this episode.
Here are some of the things we’ll address in this episode:
1:06 – Some things to think about if you’re considering moving in the current economy.
4:31 – Understanding the pros and cons of the real estate market you’re in right now compared to where you are moving.
8:48 – The importance of looking at the bigger picture when making the decision to move.
12:01 – The challenges of moving right now.
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Thursday Apr 27, 2023
Thursday Apr 27, 2023
Have you ever wondered why you handle money the way you do? It turns out your financial behaviors can be traced back to your formative memories. In this episode, we examine how significant market crashes of the past might be impacting your current money management habits.
Here are some of the things we’ll address in this episode:
1:32 – The ripple effects of the Great Depression
3:29 – Soaring interest rates
8:21 – Black Monday to the Dotcom bubble
16:15 – The impact of the Great Recession
18:57 – The quick downturn of the pandemic
22:03 – Finding balance in your investment strategy
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Thursday Apr 20, 2023
Thursday Apr 20, 2023
We’re back for part two of this two-part series! In episode one, we debunked the first five common Social Security misconceptions and set the record straight. Today, we'll take on the next five myths that have been causing confusion and misinformation about Social Security.
Here are some of the things we’ll address in this episode:
1:28 – Can I work and still receive Social Security benefits?
5:09 – You don’t have to be a U.S. citizen to receive benefits.
6:35 – If I have a pension, will I not be eligible for Social Security?
8:37 – Social Security is not based on your total assets.
10:20 – Social Security benefits are based on your highest 35 years of earnings.
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
Thursday Apr 13, 2023
Thursday Apr 13, 2023
Have you ever wondered if the Social Security system will run out of money before you retire? Or if claiming benefits as soon as you're eligible is the best decision for your financial future? In this two-part episode, we'll be debunking common myths about Social Security and answering the questions you've been curious about.
Here are some of the things we’ll address in this episode:
1:40 – Why Phil doesn’t recommend turning to the Social Security Administration for benefit strategies.
4:26 – Even if you’re a stay-at-home mom, you may still be eligible for Social Security benefits through spousal benefits.
8:16 – Depending on your income, you may have to pay taxes on your Social Security benefits.
13:16 – Why Phil doesn’t think Social Security will run out of money.
16:48 – Why claiming your benefit as early as possible isn’t always the best strategy.
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
Thursday Apr 06, 2023
Thursday Apr 06, 2023
Are you a golfer? Even if you're not, the game of golf can teach us valuable lessons about retirement planning. For example, hitting a hole-in-one might be thrilling, but it won't necessarily guarantee your overall success. And just like you need different clubs in your golf bag to play a round, you need a well-balanced approach to your investments in retirement. Tune in to this episode to learn more about how the game of golf can help you plan for a successful retirement.
Here are some of the things we’ll take a swing at in this episode:
0:00 – Intro
1:37 – The financial lesson risk-takers can learn from hitting a hole-in-one.
8:30 – The importance of being intentional with your financial plan before looking at investments.
11:14 – True professionals have a caddy to help them along the way. Financial advisors can help you most efficiently use the different clubs in your financial golf bag.
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.
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
Thursday Mar 30, 2023
Thursday Mar 30, 2023
Are you aware that not all retirement accounts are created equal? In this episode, we'll delve into the different types of retirement accounts, including 401(k)s, IRAs, Roths, and several other examples. We’ll help you weigh the pros and cons of each and give you insights into the purposes they serve so that you can choose the best account for you.
Here are some of the things we’ll address in this episode:
1:01 – What are the pros and cons of company-sponsored retirement plans?
5:02 – The advantages and limitations of Roth and traditional IRAs.
8:09 – What is the difference between a Simple IRA and a SEP-IRA and who are these options for?
11:15 – The pros and cons of HAS and FSAs.
15:10 – What is the difference between annuities and CDs?
18:34 – How to choose the right retirement plan for your situation.
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
Thursday Mar 23, 2023
Thursday Mar 23, 2023
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