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 May 13, 2021
Thursday May 13, 2021
With the latest changes and spending proposals, we discuss how the economy might be impacted. What should you do now to prepare?
Read more and get additional financial resources: https://philstaxhacks.com/podcast/ep-85-financial-planning-in-president-bidens-america/
Watch the video podcast: https://youtu.be/KrqNfL2aEqc
What we discuss on this episode:
0:29 - Got gas?
1:11 - What’s going on with the nation right now?
1:52 - Coronavirus response caused a lot of spending.
2:45 - What impacts has the stimulus caused?
4:32 - What is happening with capital gains?
11:46 - How does corporate tax play a part?
20:09 - Mailbag: What happens to my 401(k) money after I retire?
Thursday May 06, 2021
Thursday May 06, 2021
How much do you know about bonds? We’ll share some frequently asked questions and answers in today’s show.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-84-frequently-asked-questions-about-bonds/
Check out our video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA/featured
What we discuss on this episode:
0:28 – What is a bond?
1:46 – Bond funds vs. individual bond
5:05 – Cost of bond fund vs. individual bond
6:02 – Bonds are risky now?
8:17 – What percentage of assets in bond?
11:37 – Alternatives to bonds
Thursday Apr 22, 2021
Thursday Apr 22, 2021
What’s fact and what’s fiction when it comes to these financial planning concepts? Phil sets the record straight in order for you to plan accordingly.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-83-financial-fact-or-fiction/
Watch the video podcast: https://youtu.be/DY69Ko0EGA8
What we discuss on this episode:
0:50 - Listen for Phil to say “run the numbers” on the podcast.
2:11 - “Your Social Security can be taxable.”
4:00 - “Your taxes will likely be lower in retirement.”
8:01 - “Term life insurance is better than whole life insurance.”
9:45 - “Medicare will cover most of your medical needs in retirement.”
13:33 - “As we get older, we should gradually shift from stocks to bonds.”
Thursday Apr 15, 2021
Thursday Apr 15, 2021
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?
Thursday Apr 08, 2021
Thursday Apr 08, 2021
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.”
Thursday Apr 01, 2021
Thursday Apr 01, 2021
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.
Thursday Mar 25, 2021
Thursday Mar 25, 2021
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?
Thursday Mar 18, 2021
Thursday Mar 18, 2021
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.
Thursday Mar 11, 2021
Thursday Mar 11, 2021
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?
Thursday Mar 04, 2021
Thursday Mar 04, 2021
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…”