Phil's Tax Hacks

Are you thinking of retiring early? Is a budget necessary in retirement? Today, we are opening up the mailbag to answer some listener questions about retiring early, risk, pensions, budgets, and more.
 
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-113-mailbag-retiring-early-risk-and-more/
 
What we discuss today: 
1:42 – “What key things should we know about retiring early?”
5:39 – “What kind of risks should I be aware of at 65?”
8:21 – “Should I take the lump sum of my pension or wait till I retire?”
11:57 – “Is a budget necessary in retirement?” 
15:45 – “Is having two brokers a bad idea?”

A lot of people feel behind when it comes to saving for retirement. What are some ways we can catch up? Even if you don’t feel behind these are great tips to keep in mind to save a bit more as you get closer to retirement.
 
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-112-retirement-late-bloomers/
 
What we discuss today: 
0:54 – How do you know you are behind?
2:24 – Catch-up contributions
5:12 – Kids are coming off the payroll
7:01 – Eliminating debt
9:30 – Downsizing
13:28 – Twilight career

If your advisor seems to only be interested in discussing investments and growth, it may be time to take a step back and make sure all of your retirement pieces are being addressed. On today’s show, we will discuss 5 areas advisors can drop the ball and how you can stay vigilant in protecting your retirement plan.
 
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-111-dropping-the-ball-financially/
 
 
What we discuss today: 
0:35 – Looking forward to Thanksgiving
1:04 – Reviewing tax returns
5:09 – Fees and costs in investments
7:31 – Income needs
9:23 – Clarifying the job of your money
11:47 – Discussing your legacy

Although you may never ask something unreasonable of your advisor, it’s important to know where that line is. It will help you manage your expectations. On today’s episode, we will discuss 4 unreasonable things to ask of or expect from your financial advisor. 
 
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-110-4-unreasonable-requests/
 
What we discuss today: 
0:41 – We’re into mid-November
1:31 – I want big returns, but no risk
5:56 – Can you reduce your fees for me?
8:40 – How do I get out of paying taxes on my IRA or 401(k)?
11:13 – Can you just do it for me?

Retirement planning is not all about finances, we also need to think about our lifestyles and what activities will make us happy from day to day. Today, we’ll discuss what it means to live the dream and hopefully inspire you to plan out your unique goals.
 
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-109-living-the-dream/
 
What we discuss today: 
0:44 – We are into November!
2:00 – Our social circle
3:54 – Couples in retirement
6:30 – Going out or staying home
8:45 – Remodeling the house
11:56 – Finding something to do
13:58 – Funding your lifestyle

We want confidence and stability in our retirement plans but overconfidence can cause us to make financial mistakes. Today we are discussing some common areas of overconfidence in financial planning and how we can manage these areas. 
 
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-108-overconfidence-in-financial-planning/
 
What we discuss today: 
0:55 – Happy Halloween
2:36 – Stock market
5:50 – A certain number
8:48 - Rules of thumb
11:12 – Understanding and decision making

Do you know the tax consequences on your retirement accounts? Today, we will be discussing 5 different types of accounts and the tax pros and cons with each. 
 
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-107-tax-consequences-pros-and-cons/
 
What we discuss today: 
1:00 – Tax-deferred
3:11 – Tax-free accounts
6:00 – Taxable accounts
7:47 – CDs
9:43 – Life Insurance

Everyone is different when it comes to risk tolerance. A lot of us think we are risk-averse, but we may be taking on more risk than we realize. On today’s episode, Phil is going to discuss risk aversion and how it affects our retirement plan.
 
Read more and get additional financial information: https://philstaxhacks.com/podcast/what-is-risk-aversion/
 
What we discuss today: 
0:28 – Enjoying the fall
1:27 – California’s new law
2:38 - $600 IRS Report
6:00 – Being risk-averse
7:14 – Risk of inflation
9:33 – Market risk
12:00 – Why are we at risk?
14:04 – How do we address risk?

Finances can cause a lot of stress for couples. However, planning together is crucial to your overall financial plan. On today’s episode, we will highlight a few areas that couples need to focus on as a team.
 
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-105-financial-planning-as-a-couple/
 
What we discuss today: 
0:55 – The many hats Phil wears
2:03 – The Pension spousal benefit option
4:26 – Social Security strategy 
6:35 – Plans for retirement
10:23 – Coordinating individual accounts
15:33 – Risk conversation

We all tend to procrastinate from time to time, even when it comes to our finances. However, there are many things that we don’t want to put off addressing in our financial plan. On today’s episode, Phil will discuss 5 financial decisions that people tend to put off and whether it is okay to do so.
 
Read and get additional financial information: https://philstaxhacks.com/podcast/ep-104-can-you-put-off-these-financial-decisions/
 
What we discuss today: 
0:39 – Catching up with Phil
1:59 – Deferring taxes
4:50 – Waiting to eliminate debt
6:48 – Legal and estate documents
9:30 – Delaying the start of social security
11:57 – Getting a plan