Phil's Tax Hacks

Countdown Clarity: Timing Your Retirement Preparations

Whether you’re close to retirement or still far from that exciting date, it’s not uncommon to wonder when you should start preparing for each aspect of it. From figuring out the right time to be debt-free and when to adjust your portfolio risk, to deciding when to plan for your Social Security benefits or healthcare coverage, this episode guides you through the ideal timeline for each. Tune in to find out how far away from retirement you should have answers to these pressing questions. 
 
Here are some of the things we’ll address in this episode:
2:12 – Tackling debt before retirement
5:29 – Having a structured income plan
7:01 – Drawing Social Security
8:35 – Should you and your spouse retire at the same time?
11:02 – Do you have too much risk for your age?
12:32 – Income and expenses in retirement
15:12 – Planning for rising taxes and inflation
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 

Mastering Retirement Cash Flow: Understanding Income

Get ready to finish up our conversation on retirement cash flow! This time, we're diving into the income side of the equation. In our first two parts, we tackled the ins and outs of your expenses in retirement. Now, it's all about understanding the crucial role of income analysis. 
 
Here are some of the things we’ll address in this episode:
1:58 – Understand your retirement income
3:21 – Diversifying income streams
6:08 – Guaranteed vs non-guaranteed income
10:24 – Paycheck vs playcheck concept
13:03 – Maximizing income and minimizing taxes
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Bad Money Habits Could Spoil Your Retirement Party

Picture this: You're at your retirement party, finally ready to enjoy your golden years, but worries caused by some bad money habits have robbed you of fully enjoying the sweetness of the day. It happens to more people than you think, which is unfortunate because, with just a little bit of modification, you can rid some of the worst money habits from your life and set yourself up for retirement success. 
 
Here are some of the things we’ll address in this episode:
2:40 – Being addicted to the rising stock market
6:05 – Financial planning procrastination
8:12 – Ignoring your retirement time horizon
11:03 – The purpose of diversification
13:16 – Working with an advisor
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Counterintuitive Advice: Why You Should NOT Invest In A 401(k)

Don’t get us wrong. In many cases, your 401(k) can be your best investment vehicle, offering numerous benefits and tax advantages and many times a 100% return on some of your contributions (also known as an employer match). However, it's important to recognize that it might not always be the optimal choice for everyone. Join us in this thought-provoking episode as we dissect the reasons why someone should NOT invest in a 401(k).
 
Here are some of the things we’ll address in this episode:
2:01 – If your employer doesn’t match contributions
3:41 – Do you have an emergency fund?
5:36 – Having high-interest debt
6:55 – If you’re worried about future tax expenses
11:09 – If you no longer work at the company
12:28 – If you're concerned about control, flexibility and limited investment options
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Mastering Retirement Cash Flow: Understanding Changing Expenses (Part 2)

In this episode, we’re back to explore many of the expenses in your life that might drastically change (one way or another) in retirement. We’ll break those expenses down further to see which ones are the top priorities and analyze some of the other factors that impact your cash flow in retirement.
In part one of this series, we covered some of the must-haves in retirement planning, such as housing, healthcare, food, and clothing costs. In this episode, Phil will discuss the importance of maintaining your current lifestyle in retirement and discuss some other critical factors that can contribute to cash flow problems. Join us as we chat about longevity, accounting for inflation, and more.
 
Here are some of the things we’ll address in this episode:
1:37 – Retirement must-haves
4:45 – Retirement nice-to-haves
7:42 – Longevity is a risk multiplier
9:36 – Planning for the future of inflation
12:03 – Not planning for a sequence of returns
14:01 – How planning works through these questions
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Mastering Retirement Cash Flow: Understanding Changing Expenses (Part 1)

In this episode, we’ll explore many of the expenses in your life that might drastically change (one way or another) in retirement. We’ll break those expenses down further to see which ones are the top priorities and analyze some of the other factors that impact your cash flow in retirement.
Whether you're approaching retirement or already enjoying it, this episode is filled with essential tips and strategies that will empower you to make informed financial choices, ensuring a comfortable and fulfilling retirement.
 
Here are some of the things we’ll address in this episode:
3:09 – How housing might change in retirement
7:03 – No more work “stuff” – gas, lunch, wardrobe
9:46 – Budgeting for healthcare in retirement
12:56 – How taxes could change in retirement
18:26 – Travel and leisure expenses
20:34 – How insurance costs might change in retirement
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Ep 185: Top Money Mistakes In Retirement (Part 2)

In the complex world of retirement planning, there are countless pitfalls one could fall into. In this episode, we've distilled it down to what we believe are the top 10 mistakes to watch out for. In part two of this two-part episode, we’re going to discuss the next 5 money mistakes that Phil often sees in retirement planning.
 
Here are some of the things we’ll address in this episode:
1:21 – Not having a clear retirement goal
4:22 – Not accounting for inflation in your retirement budget
10:50 – Failing to update your retirement plan regularly
14:28 – Assuming that you won’t live a long time
19:08 – Forgetting about sequence of returns risk
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Ep 184: Top Money Mistakes In Retirement (Part 1)

In the complex world of retirement planning, there are countless pitfalls one could fall into. In this episode, we've distilled it down to what we believe are the top 10 mistakes to watch out for. In part one of this two-part episode, we’re going to discuss the first 5 money mistakes that Phil often sees in retirement planning.
 
Here are some of the things we’ll address in this episode:
2:30 – Ignoring future tax implications of your retirement savings
5:51 – Starting Social Security too early
9:59 – Focusing on returns instead of income
12:01 – Being too aggressive or conservative
16:02 – Taking investing advice from family or friends
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Ep 183: Key Finance Decisions During Major Life Events Like Marriage, Divorce, Job Loss & More

Are you ready to take control of your finances during life's most pivotal moments? In this episode, we dive into the complex world of financial decision-making during key life events. From the excitement of getting remarried or entering retirement to the challenges of divorce and the loss of a loved one, we'll provide practical tips and guidance to help you make informed decisions and maintain financial stability.
 
Here are some of the things we’ll address in this episode:
1:21 – Financial decisions during remarriage
4:13 – Financial decisions during divorce
7:43 – Financial decisions during job changes
10:37 – Planning for retirement
12:31 – Severe medical issues and disabilities
18:13 – Financial decisions during the loss of a loved one
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Ep 182: Unsure, Confident or Certain: Retirement Planning Next Steps

In today’s episode, we’re going to focus on the three categories that many clients fall into when starting their retirement planning journey: The unsure, the confident, and the certain. Whether you have no idea if you can retire or if you’re positive that you have sufficient funds to retire, we’ll cover some critical areas of retirement planning that you need to pay attention to.
 
Here are some of the things we’ll address in this episode:
1:10 – The “I have no idea if I can retire” client
5:24 – The “I think I have enough money” client
7:25 – What is a reasonable rate of return?
11:33 – The “I know I have enough money to retire” client
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts