Phil's Tax Hacks

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/

Ep 124: State of the Market and Current Inflation

The current state of the market and the rate of inflation may be making you nervous. How do we expect current events to impact your retirement plan and what can we do to protect our financial future?
 
TIMESTAMPS: 
0:38 – It’s tax time!
1:01 – Russia’s impact on the market
3:36 – The energy conversation
4:48 – DOW has fallen 1,000 points
7:23 – Inflation is also overdue
12:20 – What defines a bear market?
13:52 – Having an emergency fund
16:17 – Is 2022 still hopeful?
18:03 – Is this hyperinflation?
 
ADDITIONAL INFORMATION: https://philstaxhacks.com/

Ep 123: What is the Most Important Part of Retirement Planning?

The most important part of retirement planning is going to look different for everyone. On today’s show, we discuss some expert claims about the most important part of planning and whether Phil agrees or disagrees. 
 
TIMESTAMPS: 
1:00 – The most important part to you
2:14 – Deciding what to do with your time
3:57 – The best time to start saving is now 
5:19 – How much income do you need?
6:53 – How much do you want to spend?
9:30 – Balancing risk and return 
12:36 – Enjoying your retirement! 
13:53 – Picking the right advisor 
 
 
ADDITIONAL INFORMATION: https://philstaxhacks.com/

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