Phil's Tax Hacks

Ep #10: Busting the Myths When It Comes To Your Retirement Plan

Ever hear something that caused to you ask, “Is that really true?” There are common myths that float around all the time, so what myths are there when it comes to retirement planning?
Today's rundown: 
0:53 - School is back and AFS Wealth Management is hosting classes on taxes in retirement.
2:02 - The market seems stable right now, but is volatility ahead?
3:40 - In the News: Bernie Sanders wants to forgive student loan debt, and Elizabeth Warren has a school loan forgiveness plan as well. Is this a good idea or bad idea?
6:26 - Mailbag: In retirement and needing income, should you invest primarily in dividend-paying stocks?
9:22 - Myth or Plausible: Shifting from stocks to bonds removes volatility from your portfolio.
10:35 - Myth or Plausible: Once you retire, you no longer need life insurance.
12:04 - Myth or Plausible: You will need less income when you retire than when you are working.
13:46 - Myth or Plausible: You will be in a lower tax bracket when you retire.
15:47 - Getting to Know You: If money and time were not a factor, what hobby would you get into?
Get the show notes and additional resources by clicking here: https://philstaxhacks.com/podcast/ep-10-busting-the-myths-when-it-comes-to-your-retirement-plan/

Ep #9: Excuses We Make for Sticking With the Wrong Financial Advisor

Every decision you make in regard to your finances goes a long way to determining how much you’ll get to enjoy retirement, but using the correct advisor will have a big impact on your planning process. Despite that, investors will often make excuses for working with someone that doesn’t fit their needs and goals. Let’s talk about some of the common excuses that are used.
Today's rundown: 
0:45 – Phil just got back from a family vacation.
2:05 – In the News: Uber now experimenting with food delivery by drone.
3:47 – Email question: How important are some of the letters that some advisors have after their name? I don’t know what most of those mean.
6:18 – Main topic today: why we make excuses for sticking with the wrong advisor.  
7:03 – Excuse 1: My portfolio has done okay the last several years but my advisors a nice person and I don’t want to rock the boat.  
8:48 – Excuse 2: I don’t really understand a lot of what my advisors says to me and I’m usually confused after my meetings but money isn’t really my thing anyway.
11:24 – Excuse 3: We don’t get together for reviews and they don’t return my calls, but I’m a generational client and they’ve been servicing my family for years.
13:30 – Excuse 4: The person you work with doesn’t specialize in retirement planning but you’ve stuck with them because you have a long relationship.  
16:27 – Getting to Know Phil: Who’s someone that always makes you laugh?
Get the full show notes and additional resources here: https://philstaxhacks.com/podcast/ep-9-excuses-we-make-for-sticking-with-the-wrong-financial-advisor/

Ep #8: Financial Planning With a Sense of Urgency

No matter how well you plan, there are times in your life where things shaken up and force you to change course. All of a sudden you shift to planning with a sense of urgency. On this episode, we’ll discuss some of those scenarios and how you can prepare yourself.
Today's rundown:
1:51 – In the News: The SECURE Act could affect your retirement.
3:56 – Could changes coming to the RMD age signal changes in Social Security?
5:57 – Getting to Know Phil: What’s your greatest accomplishment in life?
7:14 – Moving to our main topic of planning with a sense of urgency.
8:05 – Scenario: The loss of a job.  
10:10 – Scenario: Your retirement date begins closing in on you.
13:07 – Scenario: The death of a spouse.
14:58 – Scenario: The market drops significantly.
17:26 – Email Question: I’ve always told I’d be in a lower tax bracket when I retire so I should be putting as much money as possible in my 401(k). Now I’m retired and I am not in a lower tax bracket and I’m being taxed quite a bit. What went wrong?
Get the full show notes and additional resources by clicking here. 

Ep #7: Are You Prepared in Case These Retirement Portfolio Disasters Strikes?

You’ve been planning for retirement by saving and investing for years but how prepared are you for negative events? Portfolio disaster could strike at any time and you need to have a plan in place to deal with it. We’ll run through the most likely scenarios and what you should do to stay retirement ready.
Click here to see the full show notes.

Ep #6: Is “Fake News” Impacting Your Finances?

Are you panicking when it comes to what’s happening with your finances after hearing the latest headline? But are these statements to be trusted? What is fake news and what is real when it comes to your financial plan? We'll discuss those questions and more in this episode.
Check out the full show notes by clicking here. 
Today's rundown:
2:16 - “Social Security is going broke.”
5:47- “The Crash of the Dollar is Imminent--Buy Gold Now!”
7:21 - “Nursing Home Costs Poised to Bankrupt Millions of Americans.”
10:24 - “Market Crash Coming Soon!”
13:04 - Mailbag: Majority of investment is in company stock, is that okay if I know my company well?
 

Ep #5: What Classic Proverbs Can Teach You About Money

A number of common proverbs you’ve probably heard all your life can easily be applied to your finances. Are you keeping these simple lessons in mind when considering your retirement planning? Join us this episode as we place meaning to those proverbs.
Check out the full show notes by clicking here. 

Ep #4: Tips for Making Tough Financial Decisions

When it comes to financial decisions, the process can become overwhelming trying to make the right one and you often stall out in the process. Sometimes you just need to decide and move forward. Fish or cut bait. One way or another, you need to keep going. We’ll highlight a few of the areas where people get stuck most often when making financial decisions and how to prevent that.
Read more about the topic and see the show notes here. 

Ep #3: How Planning Your Summer Vacation Is Like Planning Your Retirement

If you’re heading out on a road trip this summer, there’s a long list of things you’ll want to remember when planning for your vacation. In retirement planning, some of those exact same items also need to be addressed. Let’s look at some of the items that should appear on both your road trip checklist and your retirement planning checklist.
Full show notes: https://philstaxhacks.com/podcast/ep-3-how-planning-your-summer-vacation-is-like-planning-your-retirement/

Ep #2: Facing The Realities Of Retirement

The realities of retirement planning are different than they were even a decade ago. Let’s talk about some of the realities that affect how you need to plan…
 
Full show notes of today's episode: https://philstaxhacks.com/ep-2-facing-the-realities-of-retirement

Ep #1: Meet Phil Putney

Major US stock indexes fell more than 6% in May, so we'll take a quick look back at last month and discuss what brought about these changes. And to continue with the news topics, we'll talk about recent updates on Brexit, and get Don's opinion on how we should take all of these news events into account in regards to our financal plans. We'll close out with an email question about the pros and cons of gifting assets.
Check out the full show notes here: https://philstaxhacks.com/podcast/ep-1-meet-phil-putney/
Other Retirement Facts:
1:45 Why Do a Podcast?
Education is an important part of Phil’s business. He tries to provide constant educational opportunities to clients.
Today, there are a lot of decisions to make when facing retirement, so it is important to be well-informed.
2:19 What’s Behind the Comprehensive Approach?
Phil’s background is as a CPA first but came to the financial services industry by request from clients.
He believes in planning ahead of time for tax ramifications we might face in the future.
3:33 How Did the Firm Begin?
The goal was always to work with clients to best position their overall tax scenario.
He started as an independent registered representative and embraced the fiduciary standard.
Scroll down to the bottom of the post to see a short video that helps explain suitability vs. the fiduciary standard.
The firm aims to help clients understand the “why” behind their retirement plans.
5:07 Why Is Your Approach Different?
Phil Putney compares it to building a house, you need to start with the plan before running to get supplies.
Ask, what are you trying to accomplish?
You need a custom-built plan for your retirement.
8:48 Who Is Your Ideal Client?
Someone nearing retirement or about to take an early retirement and needs someone to help them walk through those decisions.
Phil wants to be a resource to clients and to prepare them for the many decisions that arise during the planning process.
Suitability vs. Fiduciary:
 
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Additional Resources:
Phone: 248.888.7530
Email: pputney@afswealthmgt.com
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