Phil's Tax Hacks

The Universal Truths in Retirement Planning (Part 2)

Retirement is a unique journey for each of us. The thought that there's a one-size-fits-all solution is a myth, but what if we told you there are certain universal truths that can guide every retiree?
Dive deep in this two-part series, where we juxtapose the individuality of retirement plans with the foundational principles that remain consistent across the board.
In part one, we covered income planning, long term care, investing, longevity and inflation. Today we’ll round out our 10 universal truths with diversification, taxes, estate planning, and more!
 
Here are some of the things we’ll address in this episode:
0:00 – Intro
1:26 – Diversification for risk management
4:36 – Emotions can be our worst enemy
8:43 – Tax implications matter
13:08 – Retirement doesn’t mean work completely ends
16:42 – Estate planning isn’t just for the wealthy
 
If you have any questions about what we discussed in this episode, reach out and we'll be happy to set up a time to talk.
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

The Universal Truths in Retirement Planning (Part 1)

Retirement is a unique journey for each of us. The thought that there's a one-size-fits-all solution is a myth, but what if we told you there are certain universal truths that can guide every retiree?
Dive deep in this two-part series, where we juxtapose the individuality of retirement plans with the foundational principles that remain consistent across the board. Each of the things we discuss on these two episodes should be accounted for in your plan. The way you approach it might be different than someone else, but these planning items will likely impact your retirement.
 
Here are some of the things we’ll address in this episode:
0:00 – Intro
2:18 – Everybody needs an income plan
4:55 – Plan for long term care issues
8:17 – Timing the stock market
10:33 – How long will you live?
14:42 – Cash isn’t keeping up with inflation
 
If you have any questions about what we discussed in this episode, reach out and we'll be happy to set up a time to talk.
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Navigating Finances After Losing a Spouse: Strategies & Mistakes to Avoid

Losing a spouse is an unimaginably tough life event, but the financial implications can add another layer of stress to the grieving process. In this episode, we delve deep into the most common financial issues faced by widows and widowers, from dealing with income gaps to navigating tax changes as a single filer.
 
Here are some of the things we’ll address in this episode:
0:00 – Intro
2:02 – The two main financial issues you face  
5:24 – Solving for the income gap
10:16 – Taking care of kids and grandkids
14:55 – Why you have a trust
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Understanding RMDs: A Guide For Retirees & The Soon-to-Retire

Are you over 55 and pondering retirement? Dive into the world of Required Minimum Distributions (RMDs) with us. In this episode, we demystify the reasons behind mandatory withdrawals from your retirement savings.
Discover strategies to potentially avoid them and understand the risks of not preparing in advance. And for those fortunate to not rely on RMDs for income, we'll explore impactful ways to utilize those funds.
Here are some of the things we’ll address in this episode:
2:21 – What is an RMD?
4:26 – Can I avoid RMDs?
7:34 – Risks of not planning
14:50 – Revisit your plan
IRS RMD table:
https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/UniformLifetimeTable.pdf
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Retirement: Ready Or Not, Here It Comes

Are you nearing “retirement age?” If so, let’s explore that pivotal question you’ll soon face: Should you retire or continue working? We’ll unravel the intricacies of this decision, addressing both financial and emotional aspects, and help you find out if you’re truly ready to retire.
 
Here are some of the things we’ll address in this episode:
2:03 – Common reasons for not retiring
5:21 – Financially able to retire, but lacking confidence
9:10 – Ready to retire but not financially prepared
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Breaking Up is Hard: Navigating the Transition to a New Financial Advisor

In today's episode, we'll explore the sensitive and significant process of transitioning from one financial advisor to another. We'll cover how to recognize when your current advisor may no longer be serving your financial needs effectively, the right questions to ask, and crucial factors to consider when searching for a new financial partner.
 
Here are some of the things we’ll address in this episode:
1:40 – Reasons one might want to change advisors
6:38 – Consequences of changing advisors
10:40 – Questions to ask a new advisor
17:28 – Making the switch + After the switch
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Till Debt Do Us Part: Resolving Financial Tension Between Couples (Part 2)

Welcome back to part two of our discussion on resolving financial tension between couples. In this episode, we'll explore five more common areas of financial tensions: emergency fund size, charitable contributions, handling inheritances, insurance needs, and financial management style. Stay tuned to learn how advisors like Phil work to resolve conflicts in these areas as they arise. 
 
 
Here are some of the things we’ll address in this episode:
1:48 – How much should we have in the emergency fund?
4:39 – Getting on the same page about charitable contributions
6:09 – Disagreeing on how to use an inheritance
8:41 – Deciding on insurance and long-term care
11:54 – How will we handle financial management in retirement?
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 

Till Debt Do Us Part: Resolving Financial Tension Between Couples (Part 1)

Money can't buy love, but it can certainly start some spicy debates between you and your better half. In this episode, we're digging into the financial face-offs that make Monopoly fights look like child's play and exploring some money minefields that can test even the most solid relationships. Listen in as we explore how to resolve some of the most common financial sources of tension between couples.
 
Here are some of the things we’ll address in this episode:
1:57 – Disagreeing on risk tolerance in investments
4:24 – Figuring out what ages to retire
7:44 – Determining how much to leave behind for your children
9:54 – Do you want to downsize/move in retirement?
11:46 – Getting on the same page about your retirement lifestyle
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 

Spotting Problematic Personalities of Rogue Advisors (Part 2)

Finding a trustworthy and competent financial advisor is essential for securing your financial future. After all, they play a vital role in helping you make informed decisions about your money, investments, and long-term financial goals. But how can you separate the wheat from the chaff? How can you identify problematic personalities that might indicate an advisor isn't the right fit for you?
In part two of this two-part series, we’ll explore how to identify five more of these advisor personalities, including “The Armageddon Prophet,” “The Fee-First Scoundrel,” “The Chameleon” and more. 
 
Here are some of the things we’ll address in this episode:
1:33 – “The Armageddon Prophet” who uses scare tactics to make profits
5:38 – “The Avoider” who dances around the details
10:05 – “The Fee-First Scoundrel” who might just be looking for sale
15:05 – “The Tortoise” that sticks to the same strategies year after year, displaying a lack of innovative thinking
18:32 – “The Chameleon” who adapts their advice to match what the client wants to hear
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Spotting Problematic Personalities of Rogue Advisors (Part1)

Finding a trustworthy and competent financial advisor is essential for securing your financial future. After all, they play a vital role in helping you make informed decisions about your money, investments, and long-term financial goals. But how can you separate the wheat from the chaff? How can you identify problematic personalities that might indicate an advisor isn't the right fit for you?
 
Here are some of the things we’ll address in this episode:
2:56 – “The Ghost” who disappears after the initial deal
6:10 – “The One-Trick Pony” with limited capabilities
8:15 – “The Jargon Juggler” who overuses complicated terms
11:38 – “The Conversation Hog” who doesn’t listen or ask questions
14:40 – “The Expensive, But Empty, Suit” who appears impressive but lacks substance and expertise
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts