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 Jul 14, 2022
Thursday Jul 14, 2022
What do pre-retirees and retirees need to know about surviving this bear market and a possible recession? On today’s episode, we’ll explore some expert advice on surviving a bear market and whether we agree or disagree with these opinions.
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Key points:
1:33 – Value stocks over growth stocks
5:23 – The bear market is a great opportunity for investors
7:10 – Be aware of emotional decision making
13:14 – I would delay my retirement in the current environment
17:31 - Stop digging when you’re in a hole
Read more and get additional financial resources here: http://philstaxhacks.com
Thursday Jul 07, 2022
Thursday Jul 07, 2022
A recent article in The Hill paints the EARN Act (Enhancing American Retirement Now), the Senate’s version of the House’s Secure Act 2.0 bill, in a negative light as primarily a tool to give a tax break to rich Americans in a way that ultimately adds to the national deficit and only circumvents problems instead of solving them. We’ll break down the article on today’s episode and share our opinion on what it gets right, and wrong…
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Key points:
1:17 – RMDs at age 75
5:34 – Additional $10,000 in savings
8:23 – Are Roth conversions are bad?
Read more and get additional financial resources here: http://philstaxhacks.com
Thursday Jun 23, 2022
Thursday Jun 23, 2022
With the volatility in the market many of us are looking to start working with an advisor. What should we keep an eye out for when shopping around for an advisor? What red flags do we need to be aware of?
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Key points:
2:09 – Spotting red flags
2:44 – Works with everyone
6:25 – Good news and certainty
10:35 – Too much jargon
15:02 – More talking than listening
Read more and get additional financial resources here: http://philstaxhacks.com
Thursday Jun 16, 2022
Thursday Jun 16, 2022
Do you take a lot of risk or are you a conservative investor? On today’s episode, we’ll explore why risk tolerance matters and how understanding our own risk tolerance level can protect our assets and future.
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Key points:
0:25 – The current stock market
2:20 – Increasing inflation and retirement
3:56 – Do most people know their risk tolerance level?
5:31 – Are we panicking too much?
8:00 – How often does risk match their portfolio?
11:30 – Should we adjust our risk level now?
13:11 – Bucket strategy to mitigate risk
14:53 – Taking unnecessary amounts of risk
17:49 – Adjusting your risk strategy in retirement
20:40 – Can you reduce risk without giving up growth?
Read more and get additional financial resources here: http://philstaxhacks.com
Thursday Jun 09, 2022
Thursday Jun 09, 2022
Let’s continue our conversation on financial debates today. From deferring taxes to using credit cards, what is your opinion on these common financial debates?
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Key points:
2:45 – Defer or don’t defer taxes
10:24 – You should never use credit cards
15:53 – Mutual funds or individual stocks
25:03 – Start Social Security as soon as possible
28:31 – Can you DIY retirement planning?
Read more and get additional financial resources here: http://philstaxhacks.com
Thursday Jun 02, 2022
Thursday Jun 02, 2022
Should you pay the house off before retirement? Do you need to keep your life insurance once retired? Do annuities deserve their bad reputation? On today’s episode, we’ll break down some famous financial debates and how each side approaches these topics. Who do you agree with?
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Key points:
1:05 – To pay off the house or to not pay off
7:50 - Individual bonds vs. bond funds
11:18 – Nobody needs life insurance after retirement
17:47 – Annuities are a rip-off
25:08 – Fee-based advisor vs. commissioned broker
Read more and get additional financial resources here: http://philstaxhacks.com
Thursday May 26, 2022
Thursday May 26, 2022
We are breaking down some retirement statistics on today’s episode. Are these numbers encouraging or discouraging?
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Key points:
1:29 – Women have less saved than men
7:00 - You need $1.04 million to retire
9:29 – 55% of workers plan to continue to work
10:47 - 25% of Americans increased their savings
13:46 – 70 million people are taking Social Security
Read more and get additional financial resources here: http://philstaxhacks.com
Thursday May 19, 2022
Thursday May 19, 2022
So, what really is the secret to retirement success? While it may be harsh, the reality is we are often our own worst enemy when it comes to planning. On today’s episode, we are going to discuss how we, as investors, can get out of our own way in order to have a successful retirement.
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Key points:
1:09 – We aren’t being harsh
3:44 – Fear and greed
6:40 – Investing for taxes
9:55 – Too much cash
14:03 – Not doing anything
Read more and get additional financial resources here: http://philstaxhacks.com
Thursday May 12, 2022
Thursday May 12, 2022
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.
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
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
Read more and get additional financial resources here: http://philstaxhacks.com
Thursday May 05, 2022
Thursday May 05, 2022
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.
Watch the video podcast: https://youtu.be/cuahFzcAFlw
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
Read more and get additional financial resources here: http://philstaxhacks.com