Phil's Tax Hacks

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

Retirement Planning’s “Hidden” Questions

The retirement planning world is filled with plenty of advice and suggestions, but there are critical questions lurking in the shadows – the unasked, the overlooked. These are the questions that can help define the comfort and security of your retirement future. In this episode, we unearth and tackle these hidden, but essential questions about retirement.
 
Here’s some of what we discuss in this episode:
1:46 – How much are my tax-deferred savings going to cost?
5:21 – How much can I withdrawal from my savings each year?
8:39 – Should I have life insurance in retirement?
12:57 – Medical insurance beyond Medicare
15:21 – Fees and commissions
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Retirement Planning for High-Net-Worth Individuals

In today's episode, we're taking a close look at high-net-worth individuals - those who have accumulated significant wealth and face unique challenges and opportunities when planning for retirement. Unlike the average person, their financial considerations go beyond the basics. We'll explore the distinct strategies and factors that come into play when securing a comfortable and prosperous retirement.
 
Here’s some of what we discuss in this episode:
2:57 – Planning complexities for high-net-worth individuals
5:56 – Tax planning for high-net-worth individuals
7:29 – Estate planning for high-net-worth individuals
9:03 – Liabilities for high-net-worth individuals
11:48 –Retirement planning myths for high-net-worth individuals
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 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