Phil's Tax Hacks

Ep 134: Countdown to Retirement

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 

Ep 133: Can I Retire at 55?

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 

Ep 132: Reasons You SHOULD Get Life Insurance

The idea of a podcast on life insurance might not sound like the most exciting topic, but we’re going to put a positive spin on it today and tell you why you should get it. Or at the least, consider adding it to your portfolio. Life insurance can serve many different purposes for financial needs and we’ll share a few you might not have thought of on this episode.
 
Watch the video podcast: https://youtu.be/dEGFLe0qJFU 
 
Read more and get additional financial resources here: http://philstaxhacks.com 
 
Today's Key Points: 
0:58 – Income Replacement
3:55 – Estate Liquidity
5:11 – Transferring family wealth
7:28 – Business succession
9:01 – Tax-free benefits
12:39 – Long-term care coverage
14:23 – Using all the tools at your disposal

Ep 131: The Most Important Retirement Birthdays

Birthdays might not be as exciting as they once were, but they are still important. On today’s episode, we are going to break down some retirement birthday milestones you need to be aware of when planning for the future.
 
TIMESTAMPS: 
0:23 – Wonky weather!
1:21 – Age 50
3:42 – Age 55
5:47 – Age 59 ½
6:50 – Age 62
9:06 – Age 65
12:44 – Age 66 or 67
14:42 – Age 70
15:49 – Age 72
 
ADDITIONAL INFORMATION: https://philstaxhacks.com/

Ep 130: Common Housing Questions from Retirees

Let’s talk about the house today! We are going to explore some common retiree questions we get about housing. Should you downsize? Should you use equity as an emergency fund? Find out on today's show.
 
TIMESTAMPS: 
0:44 – Do we get questions about housing?
1:41 – Should you pay off the house?
4:49 – Should you downsize?
8:17 – Should you pull out equity?
11:10 – Signing the house over to the kids
13:42 – Is a reverse mortgage a good idea?
 
ADDITIONAL INFORMATION: https://philstaxhacks.com/

Ep 129: Financial Jargon: Designations and Education

Let’s continue our conversation on financial jargon today. We’ll dive into the different designations and licenses you may see when shopping around for a financial advisor. What do they all mean?
 
TIMESTAMPS: 
0:52 – Having proper qualifications
2:22 – RIA or IAR
3:35 – The C’s 
5:35 – Series license
11:49 – Education 
15:30 – Do your homework
 
ADDITIONAL INFORMATION: https://philstaxhacks.com/

Ep 128: Financial Jargon: Terms & Definitions

There is a lot of financial jargon out there that can be confusing when you are trying to plan for retirement. So, on today’s episode, we’ll explore a variety of different terms and definitions and how they apply to the financial planning process.
 
TIMESTAMPS: 
0:41 – We don’t lack jargon
1:28 – Bear or bull
4:02 – Inflation  
6:50 – Recession
10:42 – Volatility
12:09 – Risk tolerance
14:31 – 60-40 portfolio
15:58 – Dollar-cost averaging
17:46 – Bonds vs stocks
19:44 – ETFs vs mutual funds
22:00 – Target-date fund
 
ADDITIONAL INFORMATION: https://philstaxhacks.com/

Ep 127: Recognizing the Voice of Greed

When it comes to our money there are several ways, we tend to get greedy. So on today’s episode, we are going to discuss how to recognize the voice of greed and how we can fight against it.
 
TIMESTAMPS: 
0:15 – Voice of greed
2:07 – Being aggressive
5:57 – Following what you hear
7:15 – Keeping up with the Joneses
10:05 – Emergency fund in the bank
12:48 – Doing it yourself
 
ADDITIONAL INFORMATION: https://philstaxhacks.com/

Ep 126: Guessing in Retirement Planning

What could go wrong if you end up guessing when planning for retirement? Today, we explore some areas in retirement planning you don’t want to guess at.
 
TIMESTAMPS: 
0:38 – Guessing in these times
2:44 – Inflation
8:56 – Income
13:10 – Big purchases
16:25 – Health care costs
 
ADDITIONAL INFORMATION: https://philstaxhacks.com/

Ep 125: Murky Issues in Retirement

What are most Americans confused about when it comes to retirement planning? On today's episode, we discuss 3 murky issues that may be making retirement planning harder for you.
USA Today Article: Retirement planning: These 3 issues are making it extra hard right now (usatoday.com)
 
TIMESTAMPS: 
1:22 – USA Today Article
2:37 – Confused about income growth
8:14 – How much Social Security will provide
13:23 – Withdrawal rates are a mystery
16:29 – Simple approach or making a plan
 
ADDITIONAL INFORMATION: https://philstaxhacks.com/