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
Thursday Jan 30, 2025
The New Retirement: Why Many Are Choosing Work Over Leisure
Thursday Jan 30, 2025
Thursday Jan 30, 2025
A recent article on Fortune highlights a growing trend among baby boomers: continuing to work well into their 60s and 70s. Surprisingly, this is not out of necessity, but for the mental stimulation, social connections, and fulfillment that work provides. With nearly 20% of Americans over 65 still employed, this shift is challenging traditional views of retirement and sparking important conversations about what it means to truly retire.
Here’s some of what we discuss in this episode:
0:00 – Intro
2:20 – Loneliness and loss of purpose
4:53 – The impact of working in retirement on financial plans
8:09 – Generational differences toward work and retirement
11:21 – Technology and remote work in retirement
12:44 – Takeaways
The article that inspired this week’s show:
https://fortune.com/article/the-new-retirement-is-no-retirement-baby-boomers-are-keeping-jobs-well-into-their-sixties-and-seventies-because-they-like-going-to-work/
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Thursday Jan 23, 2025
How Will Trump’s Executive Orders Reshape the Economic Landscape
Thursday Jan 23, 2025
Thursday Jan 23, 2025
President Donald Trump wasted little time taking action once he returned to office, and people are wondering how these long list of Executive orders will reshape the economic and financial landscape. Join CPA and financial specialist Phil Putney as he breaks down the implications of these changes on inflation, energy costs, tariffs, and more.
Here’s some of what we discuss in this episode:
0:00 – Intro
2:07 – Addressing inflation & cost of living
3:43 – Energy
5:53 – Trade and Tariffs
9:42 – EV mandate
14:05 – DOGE
15:37 – Stock market
20:26 – Technology
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Thursday Jan 16, 2025
Social Security Claiming Tips + New Legislation
Thursday Jan 16, 2025
Thursday Jan 16, 2025
Staying informed about Social Security changes is crucial for maximizing your benefits, and recent legislation will change benefits for a significant number of Americans. Today we’re going to bring you up to speed on the Social Security Fairness Act and explain how this legislation will be retroactive to 2024, potentially offering a financial windfall for affected retirees.
Here’s some of what we discuss in this episode:
0:00 – Intro
0:48 – The Social Security Fairness Act
5:42 – Claiming strategies
10:22 – Strategies for dual-income households
14:03 – Previous marriages
18:31 – SSDI and SSI
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Thursday Dec 26, 2024
Retirement Spending Strategies That Could Change Your Life!
Thursday Dec 26, 2024
Thursday Dec 26, 2024
It’s the beginning of a new year – a time when many of us make resolutions to improve our lives. But how often do we resolve to improve the way we feel about our finances? In the latest episode, Phil explores the crucial transition from saving to confidently spending your hard-earned funds.
Here’s what we discuss in this episode:
0:00 – Intro
1:51 – Spending with confidence
8:41 – Spending guardrails
12:02 – Tips for those who are afraid to spend
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Thursday Dec 19, 2024
Are Future Retirement Worries Harming Your Mental Health TODAY?
Thursday Dec 19, 2024
Thursday Dec 19, 2024
Are future retirement worries causing you mental health issues today? That's happening to a lot of folks right now. There's so much stress going on out there that we certainly panic about some of these things and maybe sometimes it’s justifiable. So let's talk about the mental health challenges tied to future retirement worries and the ways we can hopefully avoid them.
Here’s what we discuss in this episode:
0:00 – Intro
1:10 – Diving into the stats
4:59 – Charitable giving
9:13 – Fear of never being able to fully retire
12:01 – Average 401k contribution
14:12 – Target date funds
16:12 – Mental health
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA
Thursday Dec 05, 2024
How Should You Invest Money That You’ll Need in 3 Years?
Thursday Dec 05, 2024
Thursday Dec 05, 2024
One of the most difficult scenarios for investing is what to do with money you know you’re going to need within a few years for a large expense. You don’t want that money to be stagnant during that time but you also can’t afford to take on much risk either.
Today we’re going to talk about strategic planning for short-term needs and explore the best ways to invest money you’ll need in the next three years.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:35 – Larger planned expenses
3:05 – Things to think about
5:55 – What tools are out there?
8:10 – Strategizing for expenses you know are coming but aren’t sure when
10:24 – Final thoughts
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Tuesday Nov 26, 2024
What Financial Advisors With Every Investor Knew (Part 3)
Tuesday Nov 26, 2024
Tuesday Nov 26, 2024
We’ve finally reached the final part of our three-part series on what financial advisors wish every investor knew. Phil will discuss four more big things that will make planning for retirement with their advisor even smoother.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:25 – Know what you are paying
4:22 – Understanding that there will be some risk involved
8:03 – The risks that come with the internet
14:52 – The big name doesn’t necessarily mean the best fit
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Thursday Nov 21, 2024
What Financial Advisors With Every Investor Knew (Part 2)
Thursday Nov 21, 2024
Thursday Nov 21, 2024
Today is part two on the things financial advisors wish investors knew. These are the things that can set you up for success in retirement but most people don’t have a great grasp on.
Here’s some of what we discuss in this episode:
0:00 – Intro
2:10 – Financial decisions are emotional
6:03 – The true significance of diversification
9:17 – Having an advisor is for everyone
13:48 – The importance of updates and reviews
16:53 – Work with the right person for the right time
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Thursday Nov 14, 2024
Tariffs, Tax Cuts & Immigration: Financial Forecasting For 2025
Thursday Nov 14, 2024
Thursday Nov 14, 2024
This week, Phil and Marc dive into the potential financial impacts of tariffs, tax cuts, and immigration policies following the 2024 election. While early speculation should be taken with caution, they’ll discuss what could be in store for 2025. With changes in policy possibly affecting everything from taxes to housing, the duo breaks down what these shifts could mean for your financial future.
Throughout this conversation, Phil stresses the importance of sticking to your financial plan until the dust settles. As we move forward, it’s crucial to stay focused, maintain your long-term strategy, and be patient as we navigate this evolving landscape.
Here’s some of what we discuss in this episode:
0:00 – Intro
2:00 – A Tax Cuts and Jobs Act extension?
5:51 – Corporate tax rate and Social Security tax proposals
8:12 – Tariffs and their economic impact
13:33 – Immigration and it’s economic implications
17:17 – Having a long-term vision
Helpful resources for this conversation:
https://time.com/7095898/donald-trump-economy-plan-2024/
https://www.npr.org/2024/11/06/nx-s1-5181327/trump-election-economy-tariffs-deportations
https://wellsfargo.bluematrix.com/links2/html/5fd93977-359f-4bff-8db1-42935f3e8f45
Get our Tax-Smart Retiree book: https://www.thetaxsmartretireebook.com/welcome
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Thursday Nov 07, 2024
What Financial Advisors Wish Every Investor Knew (Part 1)
Thursday Nov 07, 2024
Thursday Nov 07, 2024
Imagine you could read your financial advisor’s mind before you even walked through the door for the first time. What would they want you to know? This week, we kick off a three-part series on the things we wish people knew about investing and planning.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:48 – Setting realistic financial goals
6:37 – Long-term vs short-term planning
8:26 – One-size-fits-all approach
10:55 – More than investing
Get our Tax-Smart Retiree book: https://www.thetaxsmartretireebook.com/welcome
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts