Phil's Tax Hacks

There are a ton of opinions out there on the market right now. Many are wondering what the next year has in store for us after market volatility became the norm in 2022. Are we in for more of the same in 2023?
In this episode, we’ll talk about the market outlook for the next 12 months, plus share tips on how you can best prepare for potential future volatility. We will also discuss a few published articles and share our thoughts with you.
 
Join us on today’s episode as we break down these major topics:
Mergers & Acquisitions says “signs point to more market volatility in 2023”. (1:17)
Morgan Stanley’s Mike Wilson says the markets in 2023 will face “extreme volatility”. He relates the market struggles to a 1940s-style boom-bust inflation cycle, and here are our thoughts. (2:44)
How should you react when you check on your investments during a volatile market and start to feel anxious? (6:44)
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 

In this episode, we will be discussing this article that cites 35% of millionaires saying it’s “going to take a miracle” to be ready for retirement. Why are Americans feeling less confident? Is it realistic that millionaires can’t feel sure about their retirement futures? Listen to find out.
 
Join us on today’s episode as we break down these major topics:
Getting to retirement requires more than hitting a certain net worth. (3:12)
How our bucket plans can help you plan effectively. (13:06)
Your lifestyle factors into how possible retirement is. (14:12)
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 

Some major life events catch us by surprise, and others are more anticipated. No matter the circumstance, it’s imperative to make wise financial decisions when navigating these life changes.
Let’s explore some of the things you should be thinking about to make smart financial decisions when you encounter some of the most significant events in your life.
 
Join us on today’s episode as we break down these major topics:
What to think about when you’re forced into retirement or change careers close to retirement. (2:00)
Keep an eye on these things in a divorce. (6:10)
How becoming an empty nester can impact your finances. (10:10)
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 

People have used the 60-40 rule for investments for years. It typically works well enough, but is it most effective?
In this episode, we will break down the 60-40 rule and help you understand how to expand this concept to diversify your investments.
 
Join us on today’s episode as we break down these major topics:
What is a 60-40 portfolio? (1:41)
Phil’s thoughts on the challenges of a 60-40 portfolio. (2:36)
What alternative to bonds could you use in a 60-40 portfolio? (7:05)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 

Sometimes you need to find a new financial advisor. Other times, you might think you need a new advisor, but really, you’re just guilty of thinking that the grass is greener on the other side.
In this episode, we will discuss some possible scenarios, like business changes, mistakes made, and more. Let’s see how these scenarios could impact your decision-making and why you may not want to jump ship too quickly.
 
Join us on today’s episode as we break down these major topics:
If your advisor made a mistake, should you immediately find a new one? (0:58)
Your advisor’s business seems to have grown substantially and you rarely see him or talk to them. Is this a good reason to switch? (3:02)
If you attend a dinner seminar with a financial advisor and find them to be more personable/interesting, is it worth thinking about hiring them instead? (7:11)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 

Getting through retirement can be a lot like running a marathon. In this episode, we will discuss some similarities between getting to the finish line in racing and retirement.
A lot of people assume that training for a marathon consists of long runs every day, when it actually involves a lot of planning. Most marathoners spend at least six months in training…mixing in days with light runs, some days with long runs that simulate the marathon, and other days with shorter, faster runs.
Planning for retirement is similar. You should have money invested in different ways to accomplish different tasks and your portfolio should have some planning behind it, not just haphazard investment choices.
 
Join us on today’s episode as we break down these major topics:
In sports, you have to strategize your training to set yourself up for success. Listen to hear how retirement works the same way. (1:49)
How a training diet relates to retirement planning. (6:00)
Why you don’t want to start too fast in a race, or in retirement. (10:18)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 

With tax season around the corner, we get a lot of questions about taxes. Many don’t understand that their tax strategy completely changes in retirement.
In this episode, we will cover some of the key points about your taxes in retirement.
Join us on today’s episode as we break down these major topics:
How should my tax strategy change as I transition into retirement? (1:14)
In 2026 taxes codes will revert to the Obama administration era of taxes if there are no changes. Will there be as many deductions in retirement with that code? (3:43)
How effective is it to move to a state with no income taxes? (14:30)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 

Unfortunately, there are times people are forced into retirement before they are ready. Today we are going to go over what that may look like and common questions people ask when faced with this difficult situation.
The first thing to know is that this isn't an uncommon position to be in so don't feel like you're alone. Dealing with a forced retirement is not always straightforward, so we do our best to cover all of the bases from pension options to healthcare. Let’s dive in!
Join us on today’s episode as we break down these major topics:
Should I accept the retirement severance package I was offered? (1:33)
Should you take your pension as a stream of income or a lump sum? (3:37)
How you claim your pension could affect your tax bracket. (10:00)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 

A great tool you could utilize for your financial plan is a Health Savings Account. Though it may be an underserved tool in some financial advisors’ tool belts, it has some amazing benefits.
In this episode, you will learn about HSAs and why they are sometimes referred to as ‘Super Roths’ (Spoiler alert: They are triple tax-free!). Listen to find out the ways to make the most of an HSA and some mistakes to avoid.
Join us on today’s episode as we break down these major topics:
What is an HSA? Is it tax-free? (1:25)
Who qualifies for an HSA? (3:09)
The advantages of a Health Savings Account. (8:00)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 

When we have bad markets, traditional investing points to bonds. What if they aren’t the safe and secure investment that everyone thinks they are? In our current 2022 market, you may be considering bonds yourself.
Today we are going to go over the ABC’s of bonds. There are many ways to get into bonds and we will go over the different options available and help you determine if they may or may not be something you should consider.
Join us on today’s episode as we break down these major topics:
Why are there so many misunderstandings surrounding bonds? (1:18)
What is the difference between a bond fund and individual bonds? (3:18)
In 2022, are individual bonds still safe, effective investments? (7:59)
What is the best strategy for you in this market? (10:28)
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts