Phil's Tax Hacks

Ep 152: Can’t Get No Satisfaction… Or Can You?

Want to know the secrets to experience satisfaction in retirement? We’ve discovered five key situations in which your financial plan needs to lead you. If you can key in on these five points, you’ll have a high chance to achieve retirement satisfaction.
Making sure you have all your bases covered isn’t always an easy feat with so many things to consider. In this episode, we will discuss exactly how you can retire with confidence in your financial future.
Join us on today’s episode as we break down these major topics:
How you can achieve peace of mind in retirement. (3:37)
How diversifying your income can help you achieve better financial security. (5:32)
Do you have confidence that you will be able to enjoy your retirement? (7:55)
Do you have the security of a plan for long-term care if needed? (11:59)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast: https://youtu.be/fTyjpHL5VjI
 

Ep 151: How Money Ads Get Your Attention

We’re bombarded with ads each day in all forms of media. But have you ever taken a closer look at these messages? If we unpack some of these headlines and ads a little bit more, we’re able to clearly understand what emotions they’re trying to elicit. More importantly, we can figure out what companies are trying to sell us.
For this episode, we perused the internet for a couple of hours and kept track of various financial planning, investing and retirement ads we came across. Let’s pick apart these messages that popped up and see if it helps us become savvier savers.
Join us on today’s episode as we break down these major topics:
When you see someone advertise “Invest like the 1%”, what do you think their goal really is? (1:28)
The same strategies don’t work for every investor. (3:09)
“Become a Market Master”, you say? But can you really master the market? (4:46)
The difference between a financial advisor and a get-rich-quick scheme. (6:50)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast: https://youtu.be/fTyjpHL5VjI
 

Ep 150: Getting Your Financial Decisions Right the First Time

There are plenty of decisions that you’ll make in the retirement planning process that can’t be undone, so you want to make sure that you make the right call. In this episode, we’ll explain why these decisions are so important and can’t be undone.
It can be tough to know exactly how much risk you should be taking as you prepare your financial plan, but it helps to know what you need to get right the first time. For example, you may have put off getting life insurance, but it’s more affordable the younger you are.
Listen to learn more on life insurance and some other tips that will help set you up for a smoother retirement.
Join us on today’s episode as we break down these major topics:
When should you start social security? (2:04)
Everything you need to know about the Spousal Benefit through a Pension. (7:38)
Here are the reasons you should start life insurance as early as possible. (11:17)
What if you retire…then end up needing to go back to work? (13:57)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast: https://youtu.be/YwCTfVEAxNw 
 

Ep 149: How Procrastination Dooms Your Financial Future

People have many reasons for procrastinating when it comes to putting a retirement plan together. Let’s explore some of those excuses and why they can be dangerous, and talk about how to overcome them…
Join us on today’s episode as we break down these major topics:
Why you should still plan for retirement if your parents didn’t, and they turned out fine. (2:40)
How to know which advice to believe. (5:00)
Money problems don’t go away, so stress is not a good reason to avoid planning. (8:22)
Being too busy to plan for retirement will catch up with you. (11:10)
Is perfectionism preventing you from reaching out to an advisor? (20:00)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast: https://youtu.be/YwCTfVEAxNw 
 

Ep 148: Going Against the Grain

Being a good advisor isn’t about winning a popularity contest or just saying the same things that everyone else in the industry says. It’s about giving the best advice that you can for each individual situation. On today’s show, we’re going to peel back the curtain to discuss some areas where a good financial advisor’s opinions might go against the grain with mainstream ideas in the industry.
Join us on today’s episode as we break down these major topics:
How much risk is too much risk for you? (1:52)
The benefits of life insurance (3:29)
Managing debt- is all debt bad? (7:12)
Using annuities as a tool (9:19)
All about mutual funds (13:40)
Should you keep cash in the bank, other than your emergency fund)? (16:10)
For more, visit us online: http://philstaxhacks.com
 

Ep 147: A Deep Dive Into RMDs (Part 2)

Everyone we’re working with for a retirement plan has to keep an eye on the age of 72 because that’s when the required minimum distributions begin. While we all know money has to come out of our retirement accounts, it’s not as simple to understand all the requirements and then execute that efficiently. Today we’ll continue our deep dive with part two focused on the inherited account side of things.   
 
Listen to part 1: https://philstaxhacks.com/podcast/ep-146-a-deep-dive-into-rmds-part-1/ 
 
Join us on today’s episode as we break down these major topics:
What two options you have as a surviving spouse. (1:15)
Understanding the changes that came down when the SECURE Act was introduced on January 1, 2020. (3:27)
The rules that apply to children who inherit your IRA and the caveats that come with those.  (7:40)
Do the rules change at all when you are leaving multiple accounts? (14:36)
Roth IRAs do fall under the 10-year RMD rule but remain tax-free. (18:04)
 
For more, visit us online: http://philstaxhacks.com
 

Ep 146: A Deep Dive Into RMDs (Part 1)

Everyone we’re working with for a retirement plan has to keep an eye on the age of 72 because that’s when the required minimum distributions begin. While we all know money has to come out of our retirement accounts, it’s not as simple to understand all the requirements and then execute that efficiently. Today we’ll provide you a deep dive into RMD starting with the accounts you own in part one.  
Join us on today’s episode as we break down these major topics:
What you need to know and what’s changed about RMDs on your own accounts. (2:02)
The big difference between a Roth IRA and Roth 401(k). (4:09)
What can you do with your RMDs if you don’t need to use the money immediately? (13:30)
What has to happen at age 72 and what can be done after. (17:47)
The penalty if you miss your RMDs and how the IRS handles that. (19:56)
 
Watch the video podcast here: https://youtu.be/eGucxamg3KM
 
Visit us online: http://philstaxhacks.com 

Ep 145: A Tough Conversation – Retirement and Divorce

We’re going to have a tough conversation about retirement and divorce on today’s episode. How does this difficult decision impact your retirement financially?
 
Join us on today’s episode as we break down these major topics:
Why is working with a financial advisor essential during a divorce? (6:10)
You don’t want to ignore tax implications of breaking up retirement accounts. (7:04)
Rolling a spouse’s retirement account into a new IRA immediately after divorce. (9:33)
How divorce can impact Social Security payments. (15:56)
 
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
 
Read more and get additional financial resources here: http://philstaxhacks.com 

Ep 144: Retirement Pop Quiz – Can You Get an A+?

Are you ready for a pop quiz? Today we’re going to do a retirement planning pop quiz. Can you ace these questions?
 
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
 
Key points: 
1:24 – At what age should people start saving for retirement?
4:14 – How much do you need for income in retirement?
9:25 – Which do retirees fear the most?
11:17 – What best represents a diversified plan?
16:42 – To avoid running out of money, only take out how much?
 
Read more and get additional financial resources here: http://philstaxhacks.com 

Ep 143: Mailbag - Rates of Return, TSP Investments, and More

We are opening up the mailbag today to answer various questions from listeners and clients. We’ll explore the average rate of return, blue-chip stocks, TSP investments, and much more on today’s show.
 
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
 
Key points: 
1:29 – What rate of return should I be getting?
5:02 – Should I move out of blue-chip stocks?
8:22 – Should I move the money in my TSP?
11:49 – Is it time to load up on stocks?
16:24 – Can I make it the rest of the way without an advisor?
 
Read more and get additional financial resources here: http://philstaxhacks.com