Phil's Tax Hacks

Understanding Annuities: The Good, Bad & Ugly

You’ve probably heard some mixed opinions on annuities in your lifetime. But before you get swayed one way or another, it’s important to understand what exactly an annuity is and how they work. Listen in as Phil breaks down the difference between immediate and deferred annuities and offers insights into their benefits and drawbacks.
 
Here’s some of what we discuss in this episode:
1:08 – What is an annuity?
10:04 – When might an annuity be appropriate?
13:20 – The misunderstood features of annuities
18:31 – Working with a fiduciary that has your best interest in mind
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 

The Retiree Dilemma: To Sell Or To Rent?

Many retirees find themselves at a crossroads when deciding what to do with their existing property as they move into their dream home. Would it be best to sell, or should you consider becoming a landlord? Drawing from personal experiences and real client scenarios, Phil and Marc will explore the pros and cons of turning a home into a rental property in this episode.
 
Here’s some of what we discuss in this episode:
1:50 – Pros and cons of renting out a property in retirement
4:39 – Managing rental properties and dealing with tenants
9:41 – Understanding the potential downsides of rental properties
11:55 – What’s the right option for you?
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 

Retirement Planning Fear, Procrastination, and Indecision

Navigating financial decisions, especially as retirement approaches, can be a challenging terrain for many investors. Whether it's the anxiety around making the right choices or grappling with an overload of information, it can be tempting to push off important retirement planning conversations. It's a familiar scenario – putting things off to "next week," only to find that "next week" turns into a long period of indecision.
 
Here’s some of what we discuss in this episode:
1:31 – Struggling with paralysis analysis
2:58 – Procrastinating
4:40 – Information overload
7:32 – Is there a better option for you?
8:59 – Phil’s new book, “The Retirement Trifecta”
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 

Retirement Planning Is Harder Than It Used To Be (Part 2)

Every generation likes to talk about how much harder things used to be when they were kids. Like all of the people who used to have to walk five miles to school, in the snow, uphill both ways. But they had at least one thing that was EASIER…and that was retirement planning.
 
Here’s some of what we discuss in part 2:
1:25 – Lower healthcare costs
5:31 – Fewer sandwich generation challenges
7:36 – Shorter life expectancies
9:41 – More contributors to Social Security
17:48 – Easier to achieve financial literacy
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Retirement Planning Is Harder Than It Used To Be (Part 1)

Every generation likes to talk about how much harder things used to be when they were kids. Like all of the people who used to have to walk five miles to school, in the snow, uphill both ways. But they had at least one thing that was EASIER…and that was retirement planning.
 
Here’s some of what we discuss in this episode:
2:03 – Job Stability & Company Loyalty
4:33 – Less Reliance on Personal Savings
9:55 – Housing Market Stability
12:08 – Simpler Investment Landscape
15:34 – Higher Interest Rates
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Mailbag: Adjusting to Retirement, Company Stock & More

In today’s show, we’re going to answer some email questions from listeners just like you. These questions cover a range of topics from investing to retirement planning, and Phil is here to provide some expert insights.
Remember, while we offer general advice on the show, it's always best to consult with a financial professional to tailor solutions to your unique situation. Stay tuned as we explore common financial dilemmas and uncover some general strategies to navigate them effectively!
 
Here’s some of what we discuss in this episode:
2:48 – Adjusting to retirement
6:59 – Social Security now or later?
10:07 – Company stock in 401(k)
13:27 – Selling property to pay off debt
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Will The Economy Boom Or Bust In 2024?

Everyone wants to know. Will the economy boom or bust in 2024? Join us as we explore a range of expert predictions, from the shifting trends in housing prices to the looming question of a potential recession or stock market crash.
 
Here’s some of what we discuss in this episode:
2:18 – Housing market in 2024
6:56 – Recession in 2024
12:50 – Stock market in 2024
 
Housing Prices Articles:
https://www.newsweek.com/will-housing-market-crash-2024-realtors-share-predictions-1851540
https://www.financialsamurai.com/2024-housing-market-price-predictions-by-industry-experts/#:~:text=The%20real%20estate%20industry%20average,market%20rather%20than%20a%20crash.
Recession Article:
https://cals.ncsu.edu/news/you-decide-will-2024-be-a-year-of-two-economies/
Stock Market Articles:
https://www.cnbc.com/2023/12/19/2024-market-predictions-bumpy-landing-for-the-economy.html
https://markets.businessinsider.com/news/stocks/stocks-crypto-house-prices-dent-market-outlook-bubble-crash-recession-2023-12
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 

Are Your Good Money Habits Holding You Back? (Part 2)

This episode might be a bit counterintuitive. We’re going to question the real impact of common financial habits. Are the strategies you consider beneficial working in your favor? 
We explore the pros and cons of practices like paying off debt early and keeping up with the financial news. Are your good money habits holding you back?
 
Here’s some of what we discuss in this episode:
2:04 – Paying off debt early
8:41 – Keeping up with financial news
11:26 – Global diversification
12:58 – Building an emergency fund
17:17 – Patience in making financial decisions
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 

Are Your Good Money Habits Holding You Back? (Part 1)

This two-part conversation might be a bit counterintuitive. We’re going to question the real impact of common financial habits. Are the strategies you consider beneficial actually working in your favor?
 
Here’s some of what we discuss in this episode:
1:49 – Ignoring account statements
5:14 – Keeping a strict budget
11:17 – Investing in familiar stocks
14:42 – Embracing automation
18:05 – Patience getting into the stock market
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

The U.S. Retirement System On The Global Stage

In today's episode, we'll be looking at the eye-opening findings of the 2023 Mercer CFA Institute Global Pension Index, which has ranked the Netherlands as the world's leader in retirement systems. Where does the U.S. stand? 22nd among the 47 countries that were ranked. Why so low?
Join us as we analyze some of the intricacies of the U.S. retirement system, breaking down its strengths and weaknesses through the discerning lens of a seasoned financial advisor.
 
Here’s some of what we discuss in this episode:
1:55 – The grading system + The U.S.’ score
5:15 – Personal responsibility in the U.S. retirement system
16:12 – Suggestions for improvement
19:29 – Reducing retirement leakage + improving income stream
21:58 – Takeaways
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts