Phil's Tax Hacks

Santa’s Naughty or Nice Investment Guide

In this festive episode, we’ll sift through a sleigh-full of financial products and strategies to find out which ones deserve a spot in your financial stocking this year, and which ones are the proverbial lumps of coal. This will be an educational episode for all investors, whether you’ve been financially naughty or nice this year...
 
Here’s some of what we discuss in this episode:
2:11 – Fiduciary advisor
5:46 – Variable annuity
8:37 – Crypto
10:49 – HSA
12:05 – Indexed Annuity
13:59 – Long-term care insurance
15:40 – Dividends
18:02 – Roth IRA
18:43 – Risk Assessment Score
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Questions You Must Ask Your Financial Advisor

Have you ever wondered what questions to ask your financial advisor, or why those questions are crucial? In today’s episode, we’re tackling exactly that. We're discussing the vital questions that bring transparency and depth to your financial advisory relationship.
It's about getting clarity on how advisors work, what they specialize in, and how they align with your financial goals. These are the questions you MUST ask your financial advisor.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
1:21 – “How do you get paid?”
7:35 – Typical client
9:29 – Investment philosophy
11:03 – “Do you have a specialty?”
14:41 – Communication style
17:57 – Educational resources
19:45 – Firm size
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Strategic Planning for Retiree Healthcare

In today's episode, we're focusing on a critical aspect of retirement planning: healthcare costs. How well-prepared are you to handle medical expenses after you retire? Join Phil and Marc as they discuss the common pitfalls pre-retirees face when it comes to healthcare preparedness and offer insights into how to navigate the evolving landscape of healthcare options.
 
Here’s some of what we discuss in this episode:
1:44 – Gaps in planning
4:51 – Prescriptions
6:59 – Long-term care services
9:41 – What Medicare covers
12:34 – Long-term care insurance + alternatives
17:31 – Accounting for healthcare costs
 
Check out our episode on HSAs: https://philstaxhacks.com/podcast/ep-155-are-health-savings-accounts-super-roths/
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Patience Pays: The Power of Delayed Gratification

Sometimes it’s hard to make financial sacrifices when the reward might not be seen until several years in the future. Today we’ll talk about some of the situations where you might be inclined to take the immediate benefit, when you should really consider the delayed rewards…
 
Here’s some of what we discuss in this episode:
2:32 – Passing up a 401k match
5:32 – Saving only in tax-deferred accounts
8:05 – Depleting emergency fund
10:37 – Cashing out retirement plan
13:24 – Delaying home maintenance
15:28 – Social Security at age 62
18:26 – Working with wrong advisor
 
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Financial Tweaks That Matter: Small Steps, Big Impact (Part 2)

Ever thought that minor tweaks in your financial plan could lead to major wins? Join us as we jump back into our conversation on the powerful world of simple financial adjustments. Stay tuned as we unpack some seemingly small steps that can bring about big, positive ripples in your financial life. If you missed part 1, you can check it out here!
 
Here’s some of what we discuss in this episode:
1:28 – Tax efficiency of investments
6:15 – Checking beneficiary designations
10:05 – Rebalancing your portfolio
12:55 – Emergency fund balance
17:37 – Automating your savings
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Financial Tweaks That Matter: Small Steps, Big Impact (Part 1)

Ever thought that minor tweaks in your financial plan could lead to major wins? Join us in this episode as we unravel the surprisingly powerful world of simple financial adjustments. Stay tuned as we unpack some seemingly small steps that can bring about big, positive ripples in your financial life.
 
Here’s some of what we discuss in this episode:
1:41 – The right amount in cash
6:32 – Old life insurance policies
9:55 – Consolidate old 401Ks
13:06 – Reconsider managed accounts
14:40 – Replacing high-expense mutual funds
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

How To Successfully Climb The Retirement Mountain

Ready for an adventure? Think of retirement planning as climbing a mountain. It's not just about the climb up; it's about preparing wisely, tackling the ups and downs, and even planning your way back down.
 
Here’s some of what we discuss in this episode:
3:23 – Preparing for the climb
6:18 – The ascent
8:18 – Base camps
9:51 – Changing weather
11:22 – The summit
16:43 – Descending safely
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

End of Year Financial Planning For 2023

As the year winds down, it's crucial to ensure your financial house is in order. Join us for a thoughtful episode where we unpack our 2023 edition of key year-end planning strategies for those nearing or embracing their retirement years. We'll explore the nuances of optimizing your investment portfolio, safeguarding your assets, and ensuring a stable, rewarding lifestyle in the years to come.
 
Here’s some of what we discuss in this episode:
1:44 – General planning + investment strategies
5:20 – Tax-loss harvesting & RMDs
9:21 – Insurance and health care planning
11:37 – Income and lifestyle
15:41 – Real estate and relocation
18:32 – Fraud and cybersecurity
19:41 – Generational wealth considerations
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Money Mistake You’ll Regret And How To Avoid Them

“Learn from the mistakes of others. You can’t live long enough to make them all yourself.” – Eleanor Roosevelt... Ever wish you could foresee financial missteps before they happen? In today’s episode, we’ll explore some real-life stories of regret and arm you with the essential dos and don'ts to ensure your money works for you, not against you.
 
Here’s some of what we discuss in this episode:
1:38 –Premature IRA withdrawals
4:41 – Lifestyle creep
7:42 – Sending too much on your children's tuition
11:26 – Retiring too early
15:39 – Exploring Roth IRAs
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Understanding Continuing Care Retirement Communities (CCRCS)

As Baby Boomers and those on the cusp of retirement search for their next chapter, Continuing Care Retirement Communities (CCRCs) or Life Plan Communities emerge as a noteworthy option. In this episode, Phil sheds light on the key aspects you should consider when determining whether these communities are a suitable choice for your retirement.
 
Here’s some of what we discuss in this episode:
1:40 – Some background on CCRCs
5:28 – Questions to ask when considering a CCRC
11:31 – Personalizing your living space + contracts
15:25 – Is the CCRC accredited?
17:12 – When should someone consider a CCRC?
18:05 – Potential cons of a CCRC
 
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts