Phil's Tax Hacks

Your Guide To Medicare’s Open Enrollment Period

The Medicare Open Enrollment Period will be here before we know it! But what does this mean for you? How does the process work, and who should be paying close attention? In this episode, we’ll break down everything you need to know about navigating this crucial period.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
2:01 – What is Medicare Open Enrollment?
5:02 – What kind of changes can you make during this period?
7:26 – Items to consider during this time
11:13 – What if I miss Open Enrollment?
13:43 – Medicare Reforms taking place in 2025
16:16 – Making Open Enrollment less overwhelming
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

How Kids and Grandkids Affect Retirement

Kids and grandkids play a crucial role in shaping financial plans, often in ways that can significantly impact your retirement strategy. In this episode, we'll dive into the most common scenarios where future generations influence retirement planning. From funding college education to creating lasting financial legacies, we'll explore how to balance your retirement goals with the needs of your family.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
1:30 – Adult kids that are still on the payroll
5:35 - Parents who had kids later in life
8:23 – Grandparents who want to help with education costs
9:45 – Relying on your kids to take care of you in old age
11:40 – Cultivating financial literacy in your family
15:22 – Children with disabilities
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 
 

Understanding Recent Market Volatility and Its Impact on Your Retirement

It’s been a wild start to August in the financial markets. You might’ve heard of the significant drops in the Nasdaq, which has left many investors feeling uneasy. In this episode, Phil and Marc discuss some reasons behind the recent global market volatility and what it could mean for your retirement plan.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
1:14 – What triggered recent global volatility
6:49 – Potential impacts on the U.S. economy
12:17 – Having a plan and long-term perspective
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 
 

Could Home Equity Conversion Mortgages Unlock Retirement Wealth?

Is the Home Equity Conversion Mortgage for Purchase (H4P) the game changer it promises to be, or just another potential pitfall? Historically, reverse mortgages have had a bad reputation due to a lack of regulation and unfavorable terms. However, the landscape has changed significantly.
So, what exactly is H4P? What are its advantages for retirees? Phil and Marc are here to answer your questions and share the pros and cons of this tool in today’s episode.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
0:36 – What is the H4P and its benefits?
5:56 – Reverse mortgages with rising housing prices
7:26 – Is this a viable retirement strategy?
 
A Loan Product Poised to Revolutionize Retirement Article
https://www.nar.realtor/magazine/real-estate-news/sales-marketing/a-loan-product-poised-to-revolutionize-retirement
 
For more, visit us online: http://philstaxhacks.com
 
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Avoiding Scandal: Lessons from the James McDonald Fraud Case

In this episode, we explore the case of James McDonald, a former CNBC analyst, whose risky investment strategies with client money led to serious legal and financial repercussions. After being on the run for three years, he’s been arrested.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
0:45 – Article Recap
3:03 – Know who you’re working with
6:20 – Impact on industry
7:10 – Preventative measures
 
For more, visit us online: http://philstaxhacks.com
 
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

The S&P 500 and The Mag 6?

The S&P 500 is often thought of as a broad market index, but today's reality is quite different. In fact, the index is heavily dominated by a few tech companies- Nvidia, Apple, Microsoft, Amazon, Alphabet, and Meta. These six companies alone make up more than 30% of the S&P 500's market cap, which can be misleading for investors who believe they are diversified simply by investing in the S&P 500. 
Tune in as Phil and Marc discuss the implications of this market shift and how to make informed decisions that align with your financial goals.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
1:36 – Looking at the S&P 500
5:00 – Understanding your investments
10:57 – Making decisions aligned with your goals
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Be Careful Who You Listen To (Getting The Right Financial Advice)

When it comes to your financial future, who you listen to can make all the difference. In this episode, Phil shares the story of a long-time client who was swayed by a pushy insurance agent into making a potentially detrimental financial decision. Despite having a well-thought-out plan and a balanced portfolio, the client was convinced to move all their assets into annuities by an agent who played on their fears about market volatility.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
1:08 – Client story
6:09 – Working with an advisor who understands your needs
8:51 – Having a comprehensive plan
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Retirement Planning “Aha” Moments

Have you ever experienced an "aha” moment that changed your perspective on something important? These are the moments when the light bulb goes off, and everything starts to make sense. This week on Phil’s Tax Hacks, we talk about some revelations that clients experience when working with a financial advisor.  
 
Here’s some of what we discuss in this episode:
0:00 – Intro
4:29 – Some common doubts and hesitations from clients
9:01 – The importance of trust between advisor and client
11:13 – Starting planning early and making informed decisions
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

To Trust Or Not To Trust... Are They Right for You?

To trust or not to trust… that is the question we’re tackling in this week’s episode. Trusts are often surrounded by misconceptions. Many believe they are only for the wealthy or that they complicate financial planning. But what’s the truth of the matter? Should you have one?
 
Here’s some of what we discuss in this episode:
0:00 – Intro
1:17 – Reasons to have a trust
11:06 – Downsides of a trust
15:37 – Making an informed decision
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Financial Fees - Getting to the Bottom Line

When it comes to managing your finances and planning for retirement, one of the most dreaded topics is fees. Whether you're investing in mutual funds or working with a financial advisor, fees are an inevitable part of the process. In this episode, Phil takes a deep dive into the world of financial fees, breaking down their types and explaining their impact on your investments.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
1:12 – Investment vehicle fees and advisor fees
3:05 – Considering net of fees
5:34 – Advisor fees and the value they bring
10:08 – Considering factors beyond fees
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts