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!
Listen on:
Episodes
Thursday Jun 17, 2021
Thursday Jun 17, 2021
As we approach Father’s Day, we’re thinking about dear old Dad. Maybe he was your hero or maybe you never really knew the real him. One thing’s for sure, your retirement is certainly going to be different than his.
Read more: https://philstaxhacks.com/podcast/ep-90-not-your-fathers-retirement/
Watch the video podcast: https://youtu.be/WsGZ_zSVR-A
What we discuss on this episode:
0:17 - Let’s talk about Dad.
2:05 - Retirement is different these days.
7:06 - Retirement might be more expensive than expected.
9:04 - There is a lot to plan for in retirement.
12:50 - You’ve got to fund for longevity.
16:02 - We’re living longer and are more active.
17:15 - Mailbag: Capture the gains or keep taxes low?
Thursday Jun 10, 2021
Thursday Jun 10, 2021
Where should your money go? First you need to understand the three worlds of money: banking, insurance, and Wall Street (or stock investing). On today’s episode of the podcast, Phil shares more about each world and striking the right balance of them in your financial plan.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-89-the-three-worlds-of-money/
Watch the video podcast: https://youtu.be/JpnFWdPuxzk
What we discuss on this episode:
0:27 - It’s getting hotter out here!
0:49 - What are the three worlds of money?
1:32 - What are the pros and cons of the banking world?
5:14 - What do you get with the insurance world?
11:16 - We have to understand how all three worlds fit.
13:40 - Do you have the right tool for what you need?
16:46 - What’s the proper mix?
18:14 - Mailbag: How can I save and plan for a wedding?
Thursday Jun 03, 2021
Thursday Jun 03, 2021
The MIT AgeLab did a study a couple of years ago asking people for five words to describe what retirement looked like. They came back with 928 words, but on today’s episode of the podcast, we’ll talk through the top words mentioned. What does retirement look like or mean to you?
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-88-5-words-that-describe-retirement/
Watch the video podcast: https://youtu.be/Cpk9i9U8bfw
What we discuss on this episode:
0:18 - How would you describe retirement?
2:09 - How was the study broken down?
6:11 - What words does Phil hear from clients the most?
7:33 - How does the financial plan fit into your retirement?
9:22 - How can you find alignment with your spouse about retirement?
Thursday May 27, 2021
Thursday May 27, 2021
There’s a lot we can’t control, but we can prepare for what might happen in different “what if” scenarios. On today’s episode of the podcast, we discuss a number of “what if” scenarios (some more likely than others) to see how we could prepare for them today.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-87-playing-the-what-if-financial-game/
Watch the video podcast: https://youtu.be/IOSP7yQ2p-Q
What we discuss on this episode:
0:20 - Today we are playing the “what if…?” game.
2:00 - What if… interest rates double?
5:46 - What if… the U.S. gets involved in a major war?
8:34 - What if… college education becomes free?
12:15 - What if… we experience another economic downturn?
15:57 - What if…various taxes and inflation go up?
Thursday May 20, 2021
Thursday May 20, 2021
Typically, we think of life insurance for a young family to care for your spouse and kids if the worst were to happen. Do you really need life insurance though once the kids are grown? Should you have life insurance in retirement?
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/do-retirees-really-need-life-insurance/
Watch the video podcast: https://youtu.be/swozJJza9Ds
What we discuss on this episode:
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.”