Phil's Tax Hacks

Ep 57: Retirement Ready...or Not?

Whether you are less than a decade away from retirement or at the beginning of your career, it’s important to have a saving mindset. How can you make sure you are retirement ready?
 
Read more and get additional financial resources: https://philstaxhacks.com/podcast/ep-57-retirement-ready-or-not/ 
 
Watch the video podcast: https://youtu.be/7sF9WLpknd0 
 
What we discuss on this show: 
0:25 - What’s one of the latest coronavirus-related hot ticket items? 
1:24 - What can younger clients keep in mind when saving for retirement?
3:15 - Most of us don’t have a good savings mindset.
7:26 - We have to pay our future selves.
10:54 - Ramp up the discipline.

Ep 56: Financial Stuff You Should Know

From the global bond market to living benefits, there are several important financial concepts you might not yet know about. Today’s episode will cover four things you should know when it comes to finances.
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-56-financial-stuff-you-should-know/ 
 
Watch the video podcast here: https://youtu.be/evWGvRxgA_g 
 
What we discuss on this show: 
0:27 - The market is currently back up.
1:20 - The global bond market is way bigger than people realize.
4:09 - Tax rates are very low right now.
5:17 - Living benefits could help provide for long-term care.
7:06 - The biggest impediment to our finances is our own emotion.

Ep 55: Hindsight is 20/20 in Financial Planning

Ever wish you knew then what you know now? That’s especially true in the year 2020. We discuss areas where hindsight could help and what to do about those financial decisions today.
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-55-hindsight-is-20-20-in-financial-planning/ 
 
Watch the video podcast: https://youtu.be/qefGxAbekjs 
 
What we discuss on this show: 
0:34 - What does fall fashion look like for Phil and Marc?
1:35 - Do you wish you had done things differently with your finances?
1:54 - As the election approaches, what should you keep in mind?
3:31 - Should you make some big financial moves now?
5:15 - How much risk are you exposed to?
6:31 - Do you know your options with Social Security?
9:45 - Should you be taking advantage of the Roth?
11:30 - Are you regretting retiring too early?

Ep 54: Do You Need a Trust?

Is a trust something everyone has or just the really wealthy? Do you need it as a part of your estate plan?
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-54-do-you-need-a-trust/ 
 
Watch the video podcast: https://www.youtube.com/watch?v=mEKpQjU43uE&feature=youtu.be 
 
What we discuss on this show: 
0:39 - We’re going to talk about estate planning gone wrong.
1:30 - How does your advisor potentially help with estate planning?
2:18 - What is an estate plan? 
4:15 - What purpose does a trust serve?
7:05 - Real estate is a big reason why some choose to get a trust.
8:47 - What changed in 2020?
10:13 - When does a trust make it more complicated?

Ep 53: This One is On The House

How should you approach your home from a financial standpoint in retirement? Pay it off? Downsize? Rent it out? Let’s talk about real estate and how it fits into your plan.
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-53-this-one-is-on-the-house/ 
 
Watch the video podcast here: https://youtu.be/b_apvElPm8Q 
 
What we discuss on the show: 
0:37 - Paying off the house as quick as you can or enjoy low rates and pay it off slowly?
1:47 - What is equity in a home vs. the value of a home?
3:16 - Why would you want a mortgage with additional liquid assets?
4:36 - There are two rules that apply to any decision.
5:17 - Should you downsize?
7:51 - Are rental properties a good investment?
11:09 - What are some estate and legacy planning mistakes that people make?
 

Ep 52: Are These Financial Rules Legit?

We all hear various financial rules from time to time, but are they legit? Or are they full of it? Which of these are good rules of thumb and which are better to ignore? On today’s podcast we discuss seven financial rules to see what’s what and help you better plan for retirement.
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-52-are-these-financial-rules-legit-or-full-of-bull/ 
 
Watch the video podcast: https://youtu.be/Sb6dpmV2r90 
 
What we discuss on this episode:
0:32 - Are these rules legit or full of it?
0:45 - Is the 10 percent rule legit?
1:37 - Is the 4 percent rule based on reality?
3:09 - What is the 25x rule?
4:50 - Do you only need 80 percent of your income in retirement?
5:43 - What’s the math behind the rule of 72?
6:48 - What does the rule of 2.67 mean?
9:06 - How does the rule of 100 relate to your age?

Ep 51: Simple Mistakes That Could Ruin Retirement

Many of the things you read or watch about finance will talk about the things you need to do to grow your portfolio. It’s not too often that you hear about the ways your retirement gets put in jeopardy, but it’s important to be aware of these mistakes. Today we’ll list five different errors people make that could ruin retirement so that you can make sure to do the opposite.  
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-51-simple-mistakes-that-could-ruin-retirement/ 
 
Watch the video podcast: https://youtu.be/4kypfPPFE1Y
 
On today's show: 
0:21 – Treating retirement as the destination.
2:30 – Believing that retirement will solve all your problems.
4:40 – Assuming spending habits
8:36 – You stop being active
9:50 – Investing habits don’t change with age.
 

Ep 50: The Financial Risks to Living Longer

We all want to live a long and good life, but what does that mean from a financial standpoint? What kind of financial plan do you need to prepare and how can you plan appropriately for an unknown lifespan?
 
Read more on the topic here: https://philstaxhacks.com/podcast/ep-50-the-financial-risks-to-living-longer/ 
 
Watch the video podcast: https://youtu.be/kef-ksH57ds 
 
On today's show: 
0:55 - Dunkin’ Donuts is planning to close hundreds of stores.
3:10 - What’s the average lifespan look like?
5:22 - Are you planning for living a long life?
6:37 - What is a risk multiplier?
7:51 - How old is Phil’s oldest client?
9:06 - What is the probability one of you in a marriage will live to a certain age?
12:02 - How effectively does the average person plan for longevity?
12:56 - What happens if you need long-term care?
15:15 - Mailbag: Which account should you withdraw from first when you retire?

Ep 49: Building Your Financial House

For some people, the idea of putting together a financial plan is pretty daunting. For others, the idea of building and designing a house is a lot more exciting. On today’s podcast, we consider what kind of building would go into creating a financial house.
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-49-building-your-financial-house/ 
 
Watch the video podcast: https://youtu.be/T9sWzDtOLFg 
 
1:11 - Did you ever build structures as a kid?
1:55 - What does it mean to build a financial house?
3:17 - What is the foundation of a financial plan?
6:38 - What are the walls of financial plan?
8:30 - The roof provides protection.
11:43 - What are the finishing touches?
1:11 - Did you ever build structures as a kid?
1:55 - What does it mean to build a financial house?
3:17 - What is the foundation of a financial plan?
6:38 - What are the walls of financial plan?
8:30 - The roof provides protection.
11:43 - What are the finishing touches?

Ep 48: Financial Planning Following the Loss of a Spouse

What happens to your financial plan once one spouse passes away? Is your plan organized and prepared or will the surviving spouse be left with a mess? Let’s talk about all the financial decisions you’ll be faced with during this difficult life event.
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-48-financial-planning-following-the-loss-of-a-spouse/ 
 
Watch the video podcast: https://youtu.be/qKlXF5Zd7gc 
 
On today's show: 
0:40 - Losing a loved one is inevitable.
2:09 - What’s the biggest immediate concern financially?   
3:34 - What challenges are the remaining spouse left to deal with?
5:44 - Did you realize the tax bracket may change?
7:53 - Are all of the beneficiaries and estate documents in place?
8:53 - Does your financial plan include a list of what to expect later on?
11:40 - Are your children privy to some of your financial information?
14:13 - Mailbag: Is it typical to work with a financial advisor who doesn’t talk about Social Security or life insurance?