Phil's Tax Hacks

To Trust Or Not To Trust... Are They Right for You?

To trust or not to trust… that is the question we’re tackling in this week’s episode. Trusts are often surrounded by misconceptions. Many believe they are only for the wealthy or that they complicate financial planning. But what’s the truth of the matter? Should you have one?
 
Here’s some of what we discuss in this episode:
0:00 – Intro
1:17 – Reasons to have a trust
11:06 – Downsides of a trust
15:37 – Making an informed decision
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Financial Fees - Getting to the Bottom Line

When it comes to managing your finances and planning for retirement, one of the most dreaded topics is fees. Whether you're investing in mutual funds or working with a financial advisor, fees are an inevitable part of the process. In this episode, Phil takes a deep dive into the world of financial fees, breaking down their types and explaining their impact on your investments.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
1:12 – Investment vehicle fees and advisor fees
3:05 – Considering net of fees
5:34 – Advisor fees and the value they bring
10:08 – Considering factors beyond fees
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

It’s Time To Talk Crypto

Cryptocurrency has been a buzzword for over a decade, but what exactly is it? In today’s episode, Phil is here to answer your questions. Fresh from a conference focused on this digital frontier, he shares his insights on what crypto is, its underlying technology, and its potential place in your investment portfolio.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
1:55 – What is cryptocurrency?
7:01 – How has cryptocurrency gained legitimacy
10:58 – Should you own cryptocurrency?
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

All In One Basket? The Risks of Sector Investing

We know you shouldn’t put all your money into a single stock. But what about putting a lot of it into a strong market sector, diversified among different companies? Would it ever make sense to do that? In today’s episode of Phil’s Tax Hacks, we’re answering that question.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
1:11 – The reality of sectors
3:40 – The importance of a financial plan
6:42 – Working with multiple advisors
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

The IRS Gave Us A Gift (Or Did They?)

In today’s episode, we’re going to discuss the ongoing confusion surrounding inherited IRAs and Required Minimum Distributions (RMDs). The SECURE Act introduced a 10-year rule for withdrawing inherited IRA funds, replacing the old stretch IRA rules that allowed beneficiaries to spread distributions over their lifetime. However, the IRS has yet to finalize the regulations on whether beneficiaries need to take annual RMDs if the original account owner had already started them.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
1:09 – The SECURE Act changes/confusion around RMDs
5:16 – The potential consequences of delaying distributions
7:54 – Proactive planning with your financial advisor about IRA distributions
 
CNBC Article:
https://www.cnbc.com/2024/04/19/irs-waives-required-withdrawals-from-some-inherited-ira-for-2024.html
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 

Long-Term Care and Life Insurance: The Basics You Must Know!

While you dream about the leisurely days ahead of you in retirement, it’s also important to think about some of the less glamorous items, including insurance. So, what types of coverage should you be considering for your golden years? What do you need to keep in mind as you prep for the transition?
We’re going to walk you through the fundamentals in this two-part series. While we covered the basics you must know about health insurance in our last episode, today’s episode will focus on long-term care and life insurance.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
2:33 – The reality and “why” of long-term care
6:40 – What does long-term care cover?
8:20 – Running the math with long-term care
11:36 – Alternatives to traditional long-term care
14:04 – Do retirees need life insurance?
16:05 –  Determining how much life insurance you’ll need
 
Get Your Copy of The Tax-Smart Retiree
https://www.amazon.com/Tax-Smart-Retiree-Guide-Thriving-Golden-ebook/dp/B0D356X36Q
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Retiree Health Insurance: The Basics You Must Know!

While you dream about the leisurely days ahead of you in retirement, it’s also important to think about some of the less glamorous items, including insurance. In this new season of life, your old policies may no longer suit your needs or may come to an end.
So, what types of coverage should you be considering for your golden years? What do you need to keep in mind as you prep for the transition? Stay tuned as we chat about retiree health insurance in part one of this conversation!
 
Here’s some of what we discuss in this episode:
0:00 – Intro
2:00 – The transition from employer-provided insurance
6:26 – Supplemental coverage
8:27 – Medigap vs Medicare Advantage
11:56 – Enrollment periods and avoiding penalties
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

How Is Technology Redefining Retirement Planning?

In a world where technology touches every aspect of our lives, it's no surprise that it has also made its mark on the financial industry. So, in today’s episode, we’re going to unpack the toolbox of technology that's promising to redefine retirement planning. From robo-advisors to online calculators, we’ll discuss whether certain tools truly simplify the planning process or introduce new complexities.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
1:45 – Google has made life easier, but can lead to misformation
5:50 – Online calculators can provide a great starting point
7:52 – The benefits and drawbacks of do-it-yourself trading platforms
11:35 – Thinking about the end game with online courses and webinars
15:19 – Being careful with online advice from financial influencers
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 

The Rise of Retiree Healthcare Costs

The future of retiree health care costs is on the rise. In fact, the Employee Benefit Research Institute released numbers for 2023 showing an 8% increase in retiree healthcare costs for the year. Stay tuned as Phil and Marc unpack these latest figures, which suggest that a typical U.S. couple may need upwards of $413,000 to cover their healthcare expenses in retirement.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
1:20 – The 8% increase in healthcare costs in the U.S.
4:56 – Pros and cons of Medigap and Advantage plans
8:37 – How Phil’s office helps clients with healthcare
11:17 – Understanding the costs and complexities of Medicare and Medicaid
 
Resources for this episode:
https://www.fa-mag.com/news/retiree-healthcare-costs-increased-8--in-2023-76822.html
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Steering Clear of Retirement Stress

Retirement is often painted as a serene, stress-free period of life where the worries of the working world fade away. However, psychologists have determined that retirement is one of the most stressful events that some people will experience in life. In this episode, we’ll look at the ways to proactively deal with the stress surrounding the retirement process.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
1:02 – The major lifestyle changes that come with retirement
3:34 – Embracing new challenges
6:16 – Keeping your options open
9:16 – Keeping your sense of perspective
12:08 – Finding a good financial advisor
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts