Phil's Tax Hacks

Ep 82: How Long Would A Million Bucks Last in Retirement?

If you had $1 million saved for retirement, how long could you live off of that? A lot of it depends on where you live. Let’s check out some possibilities across the country on today’s podcast.
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-82-how-long-would-a-million-bucks-last-in-retirement/ 
 
Watch the video podcast: https://youtu.be/DjjU0NJ9j5w 
 
What we discuss on this episode: 
0:58 - How long a million bucks last?
2:52 - San Francisco and parts of California are costly places to retire.
4:13 - What about big cities like LA, Seattle, Boston, DC, and San Diego?
5:20 - Do you like Portland, Denver, or Miami?
7:00 - Looking to stay closer to home, like in Minneapolis?
8:25 - Louisville, Kansas City, and Omaha give you more bang for your buck.
11:22 - How long should you plan for?

Ep 81: What Can We Learn From Will Rogers?

The quotes and quips from the past can shed a lot of light on the current situation when it comes to financial planning. Have you heard any of these before? How do they apply in your financial life?
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-81-what-can-we-learn-from-will-rogers/ 
 
Watch the video podcast: https://youtu.be/t5C8cbly-ZU
 
What we discuss on this episode: 
1:03 - “There are three kinds of men…”
3:12 - “The only difference between death and taxes is…”
6:50 - “When you are satisfied, you are successful…” 
8:51 - “I am more concerned with the return of my money than the return on my money.”
10:53 - “It’s not what you pay a man, but what he costs you that counts.”

Ep 80: Are You Flirtin’ with Financial Disaster?

How do you know if you’re flirting with financial disaster? On today’s episode of the podcast, Phil goes over four big areas where things can really go awry if they are not properly handled when it comes to your finances.
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-80-are-you-flirtin-with-financial-disaster/ 
 
Watch the video podcast: https://youtu.be/0oH7x8MSQqY 
 
What we discuss on this episode: 
1:28 - Outdated legal documents.
5:14 - Incorrect beneficiary designations.
9:14 - The tax time bomb.
13:09 - Sticking with the classic 60/40 portfolio, even if it’s not a good fit.

Ep 79: When Crisis Meets Opportunity

When faced with financial challenges, do you view them as a crisis or an opportunity? Phil shares how your financial advisor can help you navigate them.
 
Read more and get additional financial resources: https://philstaxhacks.com/podcast/ep-79-when-crisis-meets-opportunity/ 
 
Watch the video podcast: https://www.youtube.com/watch?v=iwkKJtqOBhI
 
What we discuss on this episode: 
0:31 - Is Phil a half empty or half full kind of guy? 
1:40 - How do you feel about empty nest syndrome?
5:32 - Is there anything good about a market crash?
7:48 - Long-term care could be in your future.
10:50 - What happens if you get laid off?

Ep 78: March Madness and Retirement Planning

March Madness is back! Have you filled out your brackets yet before the tournament starts? To have a little basketball-inspired fun today, we talk about the parallels between financial planning and March Madness.
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-78-march-madness-and-retirement-planning/ 
 
Watch the video podcast: https://youtu.be/6r6rvsmsdrU 
 
What we discuss on this episode: 
1:28 - March Madness is upon us.
1:45 - Getting an entire bracket correct is hard to predict.
5:36 - Half the fun in sports is the upset--not true with retirement planning.  
8:15 - You often want to root for the home team.  
13:42 - Coaching is key.

Ep 77: Status of the American Pension

While pensions used to be the standard retirement benefit offered by companies, that is becoming less and less common. On today’s episode of the podcast, Phil talks about what options you have with a pension, why you might still need to save for retirement outside of the pension, and what to look out for.
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-77-status-of-the-american-pension/ 
 
Watch the video podcast: https://youtu.be/QxOntOo2jig 
 
What we discuss on this episode: 
0:48 - Michigan is known for still having a lot of pension plans.
2:31 - There’s more pressure on self-saving for retirement.
3:35 - If someone has a pension, do they have an advantage in retirement?
6:01 - Should you take a lump sum or monthly payment?
9:43 - How has COVID changed company loyalty?
11:38 - How do you address inflation and taxes? 

Ep 76: Reasons to Never Assume in Retirement

You know what happens when you assume, right? We all make assumptions from time to time as humans, but what assumptions are you making from a retirement standpoint that you really shouldn’t? On today’s episode, Phil talks through the assumptions you might be making and how to adjust your thinking.
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-76-reasons-to-never-assume-in-retirement/ 
 
Watch the video podcast: https://youtu.be/qyKo4Z42kj4 
 
What we discuss on this episode: 
1:11 - Do you assume you’ll spend less money in retirement?
4:38 - Think taxes will be lower in retirement?
8:33 - Expecting to pay for your kids’ college?
12:30 - “I’ll never be able to…”

Ep 75: Saving for Retirement as a Business Owner

A lot of small business owners put so much into their business plan and into their business, that sometimes they overlook themselves. One of their biggest assets and efforts is their business itself, but what about retirement? On today’s episode of the podcast, Phil and Marc talk about the kinds of decisions business owners face, sharing personal experiences and advice for business owners trying to save for retirement.
 
Read more and get additional planning resources here: https://philstaxhacks.com/podcast/ep-75-saving-for-retirement-as-a-business-owner/ 
 
Watch the video podcast: https://youtu.be/oE6gLViu1sE   
 
What we discuss on this episode: 
0:37 - What should business owners know about retirement?
1:03 - Is a good business plan enough?   
2:25 - Are you paying yourself first?
3:59 - Your Social Security may be lower.
5:19 - Are you planning to sell your business as your retirement plan?
9:00 - What do business owners need to consider from a tax standpoint?
10:57 - There are a lot of little things to being a small business owner.

Ep 74: Getting More Involved in Retirement Planning

Are you in the know or in the dark when it comes to your financial plan? Is your spouse the one making the calls or are you doing it together? Let’s talk about the steps you can take to get more involved in your family’s finances.
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-74-getting-more-involved-in-retirement-planning/ 
 
Watch the video podcast: https://youtu.be/iNFtHkLgnHc 
 
What we discuss on this episode: 
0:21 - How do we encourage women to be more involved in financial decisions?
2:51 - How would you handle the worst-case scenario?
5:22 - If you don’t know how to access your accounts, what would you do?
8:38 - Do you have the general idea of what’s happening with your financial plan?
10:29 - When should you DIY and when can you benefit from the support of a third party?

Ep 73: Top Tax Tips for Filing in 2021

As you file your 2020 taxes, what do you need to be aware of to account for that unprecedented year? What changes were made and how should you prepare? We'll fill you in on the top tax tips.
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-73-top-tax-tips-for-filing-in-2021/ 
 
Watch the video podcast: https://youtu.be/XTHpqM3TG0s 
 
What we discuss on this episode: 
0:24 - Tax season has begun!
1:20 - Are the stimulus payments taxable?
2:53 - Any changes on the tax brackets?
3:51 - What do you need to know about charitable giving?
5:13 - What is the deal with RMDs in 2020 and 2021?
8:48 - Can you claim a home office after working from home?
10:44 - Why might a CPA be better than DIY?
12:46 - What is tax prep vs. tax planning?