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!
Episodes
Jul 21, 2022
Jul 21, 2022
23 min
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
Jul 14, 2022
Jul 14, 2022
22 min
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
Jul 7, 2022
Jul 7, 2022
15 min
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
Jun 23, 2022
Jun 23, 2022
24 min
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
Jun 16, 2022
Jun 16, 2022
28 min
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
Jun 9, 2022
Jun 9, 2022
37 min
Let’s continue our conversation on financial debates today. From deferring taxes to using credit cards, what is your opinion on these common financial debates?
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Key points:
2:45 – Defer or don’t defer taxes
10:24 – You should never use credit cards
15:53 – Mutual funds or individual stocks
25:03 – Start Social Security as soon as possible
28:31 – Can you DIY retirement planning?
Read more and get additional financial resources here: http://philstaxhacks.com
Jun 2, 2022
Jun 2, 2022
30 min
Should you pay the house off before retirement? Do you need to keep your life insurance once retired? Do annuities deserve their bad reputation? On today’s episode, we’ll break down some famous financial debates and how each side approaches these topics. Who do you agree with?
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Key points:
1:05 – To pay off the house or to not pay off
7:50 - Individual bonds vs. bond funds
11:18 – Nobody needs life insurance after retirement
17:47 – Annuities are a rip-off
25:08 – Fee-based advisor vs. commissioned broker
Read more and get additional financial resources here: http://philstaxhacks.com
May 26, 2022
May 26, 2022
19 min
We are breaking down some retirement statistics on today’s episode. Are these numbers encouraging or discouraging?
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Key points:
1:29 – Women have less saved than men
7:00 - You need $1.04 million to retire
9:29 – 55% of workers plan to continue to work
10:47 - 25% of Americans increased their savings
13:46 – 70 million people are taking Social Security
Read more and get additional financial resources here: http://philstaxhacks.com
May 19, 2022
May 19, 2022
23 min
So, what really is the secret to retirement success? While it may be harsh, the reality is we are often our own worst enemy when it comes to planning. On today’s episode, we are going to discuss how we, as investors, can get out of our own way in order to have a successful retirement.
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Key points:
1:09 – We aren’t being harsh
3:44 – Fear and greed
6:40 – Investing for taxes
9:55 – Too much cash
14:03 – Not doing anything
Read more and get additional financial resources here: http://philstaxhacks.com
May 12, 2022
May 12, 2022
23 min
As you count down to the days of retirement there are some important things, you’ll want to cross off your to-do list. On today’s episode, we’re going to break down some of the things you’ll want to get done before this next chapter of life.
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Key points:
0:38 – Counting down the days
1:28 – Getting healthy and staying healthy
4:07 – What are you going to do?
9:36 – Catch up and save more
10:31 – Paying off debt
15:04 – Look at the risk
16:39 – Working with an advisor
21:07 – Finding the right person
Read more and get additional financial resources here: http://philstaxhacks.com