Phil's Tax Hacks

Ep 122: Values-Based Planning

How do we incorporate our values into our financial plan? On today’s episode, we discuss some common values and how they fit into your overall retirement plan. 
 
TIMESTAMPS: 
0:25 – Happy Valentine’s Day!
1:44 – Family
2:46 – Faith
6:22 – Education
9:05 – Career
12:13 – Charitable giving
13:44 – Having fun!
 
ADDITIONAL INFORMATION: https://philstaxhacks.com/

Ep 121: Planning for the Things We Can’t Predict

You can’t predict a lot of things: how long you’ll live, the next market crash, healthcare costs, tax rates. But you still have to plan for these things. On today’s episode, we’ll explore how you should handle planning for the things you can't predict. 
 
TIMESTAMPS: 
2:01 – When will the next market crash be?
4:59 – What will healthcare costs be?
6:51 – What are tax rates going to look like? 
9:51 – How long are you going to live?
 
ADDITIONAL INFORMATION: https://philstaxhacks.com/

Ep 120: How Much Are Your Money Biases Costing You?

Most of us have some biases when it comes to money. Are you afraid of risk? Are you thinking far enough into the future? On today’s episode, we discuss the different types of money biases and whether they could be costing you financially.
 
TIMESTAMPS: 
1:11 – January market closing
1:39 – Morning Star study
2:26 – Key Points of study
2:50 – Present Bias
4:48 – Overconfidence
5:51 – Loss Aversion
7:17 – Low levels of money bias
10:10 – Avoiding biases with a plan
11:00 – Build speed bumps
14:00 – Setting rules
15:22 – Most common biases
17:39 – Value with an advisor
 
CNBC Article: 98% of Americans have at least 1 money bias, research finds — and it's costing them (cnbc.com)
 
ADDITIONAL INFORMATION: https://philstaxhacks.com/

Ep 119: How Do Kids Factor into Retirement Planning?

What role do our kids or grandkids play in our retirement plans? A lot of people want to save for their children and help them with big expenses like college. Doing so is great, but you have to incorporate that into your plan.
 
TIMESTAMPS: 
1:46 – College expenses
4:58 – Trouble with the job market
7:10 – Grandkid expenses
11:42 – Special needs expenses
14:12 – Generational wealth
 
ADDITIONAL INFORMATION: https://philstaxhacks.com/

Ep 118: Don’t Fumble in the Retirement Red Zone

Winning a football game is a lot like planning for retirement. As you enter the red zone, you don’t want to fumble the ball. When you’re getting close to retirement, you certainly don’t want to fumble your retirement. On today’s episode, we’ll discuss how to keep your retirement protected as you enter the retirement red zone.
 
TIMESTAMPS: 
1:39 – What is the financial red zone?
2:36 – Being cautious in the red zone
5:40 – Real consequences of inflation
8:32 – Top mistakes people make
10:10 – Coaching you through retirement
12:28 – Making retirement planning easier
14:37 – Having a clear picture
16:33 – Running the clock down for victory
 
ADDITIONAL INFORMATION: https://philstaxhacks.com/

Ep 117: What They’re Saying - 2022 Economic Predictions

A lot of economic predictions are floating around about 2022. On today’s show, we’ll ask Phil his opinion on these predictions regarding GDP, inflation, the housing market, and more.
  
TIMESTAMPS: 
0:38 – Settling into the New Year 
2:15 – The GDP growing by 3.9%
4:58 – Will the housing market cool off? 
7:30 – Inflation won’t end anytime soon 
9:17 – 2022 will see significant inflation 
11:11 – “The Great Resignation” in 2022 
17:41 – Consumers, COVID, and price increases 
 
ADDITIONAL INFORMATION: https://philstaxhacks.com/

Ep 116: How “The Great Resignation” Could Impact You

Millions of people are leaving their jobs. They are pausing work, retiring early, or changing career paths. What is “The Great Resignation” and how could it impact your retirement plan?
 
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-116-how-the-great-resignation-could-impact-you/
 
Check out the Forbes article: https://www.forbes.com/advisor/retirement/great-resignation/
 
What we discuss today: 
0:29 – Welcome to 2022!
1:05 – “The Great Resignation” article
2:05 – 4.2 million people quit
2:52 – Has Phil had any clients retire early?
4:41 – Taking a break from Social Security
7:07 – Is a 401(k) a rainy-day fund?
8:39 – Taking a loan out against your 401(k)
10:18 – Taking your 401(k) with you
13:33 – Things to consider if you retire early

Ep 115: 22 Money Resolutions for 2022 Part 2

2022 is almost here! On today’s episode, we’ll finish our 22 money resolutions for 2022. How many of these can you accomplish?
 
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-115-22-money-resolutions-for-2022-part-2/
 
What we discuss today: 
1:00 – Check your credit
2:48 – Check your fees
5:12 – Share your knowledge
6:45 – Donation opportunities
7:44 – Review your tax bracket
8:14 – Think about Roth conversions
11:11 – Update paycheck withholdings
12:34 – Rebalancing your portfolio
13:48 – Plan your retirement transition
15:21 – Consolidate your accounts
17:22 – Listen to more episodes!

Ep 114: 22 Money Resolutions for 2022 Part 1

As we ring in the new year, what are some money resolutions we should be thinking about? From reducing your debt to getting more organized we’ll discuss the first 11 of 22 resolutions for 2022.
 
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-114-22-money-resolutions-for-2022-part-1/
 
What we discuss today: 
1:16 – Reduce your debt
2:07 – Boost retirement savings
3:26 – Emergency fund
5:02 – Don’t overreact to headlines
6:57 – Implement a budget
9:13 – Meet with an advisor
11:10 – Check your beneficiary designations
12:41 – Carve out time for tough conversations
14:10 – Audit your insurance
15:34 – Refinancing your home
17:28 – Get organized!

Ep 113: Mailbag – Retiring Early, Risk, and More

Are you thinking of retiring early? Is a budget necessary in retirement? Today, we are opening up the mailbag to answer some listener questions about retiring early, risk, pensions, budgets, and more.
 
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-113-mailbag-retiring-early-risk-and-more/
 
What we discuss today: 
1:42 – “What key things should we know about retiring early?”
5:39 – “What kind of risks should I be aware of at 65?”
8:21 – “Should I take the lump sum of my pension or wait till I retire?”
11:57 – “Is a budget necessary in retirement?” 
15:45 – “Is having two brokers a bad idea?”