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 Aug 25, 2022
Thursday Aug 25, 2022
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
Thursday Aug 18, 2022
Thursday Aug 18, 2022
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
Thursday Aug 11, 2022
Thursday Aug 11, 2022
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
Thursday Aug 04, 2022
Thursday Aug 04, 2022
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
Thursday Jul 28, 2022
Thursday Jul 28, 2022
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
Thursday Jul 21, 2022
Thursday Jul 21, 2022
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
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