Phil's Tax Hacks

Ep 181: Should You Relocate In Retirement?

Today, we'll be discussing some challenges of moving amidst the current climate, particularly for pre-retirees and retirees. We recently came across a Vanguard article that proposes a way to potentially add $100,000 to one's retirement savings by selling and relocating to a different state. Is this a feasible strategy? We’ll answer that question and more about relocating in this episode.
 
Here are some of the things we’ll address in this episode:
1:06 – Some things to think about if you’re considering moving in the current economy.
4:31 – Understanding the pros and cons of the real estate market you’re in right now compared to where you are moving.
8:48 – The importance of looking at the bigger picture when making the decision to move.
12:01 – The challenges of moving right now.
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 
 

Ep 180: Crash Course: The Psychology of Investing in the Wake of Historic Market Crashes

Have you ever wondered why you handle money the way you do? It turns out your financial behaviors can be traced back to your formative memories. In this episode, we examine how significant market crashes of the past might be impacting your current money management habits.
 
Here are some of the things we’ll address in this episode:
1:32 – The ripple effects of the Great Depression
3:29 – Soaring interest rates
8:21 – Black Monday to the Dotcom bubble
16:15 – The impact of the Great Recession
18:57 – The quick downturn of the pandemic
22:03 – Finding balance in your investment strategy
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 

Ep 179: A Comprehensive Dismantling Of 2023’s Top Social Security Myths (Part 2)

We’re back for part two of this two-part series! In episode one, we debunked the first five common Social Security misconceptions and set the record straight. Today, we'll take on the next five myths that have been causing confusion and misinformation about Social Security.
 
Here are some of the things we’ll address in this episode:
1:28  – Can I work and still receive Social Security benefits?
5:09 – You don’t have to be a U.S. citizen to receive benefits.
6:35 – If I have a pension, will I not be eligible for Social Security?
8:37 – Social Security is not based on your total assets.
10:20 – Social Security benefits are based on your highest 35 years of earnings.
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

Ep 178: A Comprehensive Dismantling Of 2023’s Top Social Security Myths (Part 1)

Have you ever wondered if the Social Security system will run out of money before you retire? Or if claiming benefits as soon as you're eligible is the best decision for your financial future? In this two-part episode, we'll be debunking common myths about Social Security and answering the questions you've been curious about.
 
Here are some of the things we’ll address in this episode:
1:40 – Why Phil doesn’t recommend turning to the Social Security Administration for benefit strategies.
4:26 – Even if you’re a stay-at-home mom, you may still be eligible for Social Security benefits through spousal benefits.
8:16 – Depending on your income, you may have to pay taxes on your Social Security benefits.
13:16 – Why Phil doesn’t think Social Security will run out of money.
16:48 – Why claiming your benefit as early as possible isn’t always the best strategy.
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

Ep 177: Fore Your Retirement: What Golf Teaches Us About Financial Planning

Are you a golfer? Even if you're not, the game of golf can teach us valuable lessons about retirement planning. For example, hitting a hole-in-one might be thrilling, but it won't necessarily guarantee your overall success. And just like you need different clubs in your golf bag to play a round, you need a well-balanced approach to your investments in retirement. Tune in to this episode to learn more about how the game of golf can help you plan for a successful retirement. 
 
Here are some of the things we’ll take a swing at in this episode:
0:00 – Intro
1:37 – The financial lesson risk-takers can learn from hitting a hole-in-one.
8:30 – The importance of being intentional with your financial plan before looking at investments.    
11:14 – True professionals have a caddy to help them along the way. Financial advisors can help you most efficiently use the different clubs in your financial golf bag.
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.
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

Ep 176: Back to the Basics - Retirement Saving Fundamentals

Are you aware that not all retirement accounts are created equal? In this episode, we'll delve into the different types of retirement accounts, including 401(k)s, IRAs, Roths, and several other examples. We’ll help you weigh the pros and cons of each and give you insights into the purposes they serve so that you can choose the best account for you.  
 
Here are some of the things we’ll address in this episode:
1:01 – What are the pros and cons of company-sponsored retirement plans?
5:02 – The advantages and limitations of Roth and traditional IRAs.
8:09 – What is the difference between a Simple IRA and a SEP-IRA and who are these options for?
11:15 – The pros and cons of HAS and FSAs.
15:10 – What is the difference between annuities and CDs?
18:34 – How to choose the right retirement plan for your situation.
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
 

Ep 175: Moving Your Retirement Goalpost - Is It Worth The Risk?

Do you ever feel like your retirement planning goals are always moving? You're not alone. We’ve found that people often move the goalposts in their own retirement planning, often to their detriment. In this episode, we're diving deep into the psychology of retirement planning and the dangers of moving the goalposts.
Here are some of the things we’ll address in this episode:
Why cash does not work for long-term goals and investment. (1:51)
The danger of the “I’ll get serious about saving next year” attitude. (5:45)
Why it’s crucial to determine what market risks you are comfortable with understand how to position those risks in your financial plan. (8:48)
How having a solid plan in place will allow you to retire on a flexible schedule. (11:09)
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
 

Ep 174: Lessons Learned from the Silicon Valley Bank Collapse

The Silicon Valley Bank situation has gotten all of the financial headlines over the past week, and rightfully so. The event immediately triggered worries that another 2008 event might happen again, but is that concern justified? In this episode, we’ll explain why this run on SVB happened, what it really means, and what lessons we can learn from this.
 
Here are some of the things we’ll address in this episode:
The details of what really happened with SVB. (1:16)
What are the ripple effects of this collapse? (4:53)
Some of the key points from this story. (7:15)
How is this different from what happened to banks in 2008? (10:15)
How this reminds us about the importance diversification. (12:00)
Why this shouldn’t affect most Americans unless something drastically changes. (14:36)
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Ep 173: The Incomplete Financial Plan

On this episode, we'll be pointing out the most common areas people overlook when planning and provide actionable tips to ensure that your plan is as comprehensive as possible. The good news for anyone that feels they’ve overlooked any of these items is that they are all correctable by taking the time with an advisor to do some proper planning.
 
Here are some of the things we’ll address in this episode:
How prepared are you for a market downturn early in retirement? (1:24)
Inflation is on everyone’s radar now but is your plan prepared for the effects it will have over a long retirement? (4:21)
Medical costs are more expensive than what many people prepare for. (6:53)
Getting prepared for the likelihood of a tax increase in the future. (7:52)
Most of us just don’t want to face the possibility of long-term care so we don’t build it into our plan. (12:00)
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 

Ep 172: Top 10 Tax Questions for Retirees in 2023

On today’s episode, we’ll break down the top ten tax questions retirees are asking in 2023. Before you file your 2022 taxes and plan ahead for the rest of the year, make sure to listen to this episode as we’ll discuss some important tax questions that retirees should ask themselves to ensure they're making the most of their retirement savings and minimizing their tax burden.
 
Here are some of the tax questions we’ll address in this episode:
What are the tax implications of withdrawing money from your retirement accounts? (1:01)
How is pension income taxed? (4:23)
How will your taxes change if you decide to move states in retirement? (6:55)
What are the tax considerations for gifting money to children or grandchildren? (11:00)
Knowing how your income will impact Medicare premiums. (13:56)
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts