Phil's Tax Hacks

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

With Higher Interest Rates, Is “Lazy Money” Still A Concern In 2024?

Is 'Lazy Money' still a concern in 2024's higher interest rate landscape? In this episode, we explore this question, examining how the recent rise in interest rates affects the money sitting in savings accounts, CDs, and conservative investments.
 
Here’s some of what we discuss in this episode:
6:07 – What is lazy money?
7:42 – Finding the right amount for your emergency fund
10:42 – An advisor’s role with lazy money
17:10 – Having a 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
 

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