Phil's Tax Hacks

Navigating financial decisions, especially as retirement approaches, can be a challenging terrain for many investors. Whether it's the anxiety around making the right choices or grappling with an overload of information, it can be tempting to push off important retirement planning conversations. It's a familiar scenario – putting things off to "next week," only to find that "next week" turns into...

Every generation likes to talk about how much harder things used to be when they were kids. Like all of the people who used to have to walk five miles to school, in the snow, uphill both ways. But they had at least one thing that was EASIER…and that was retirement planning.   Here’s some of what we discuss in part 2: 1:25 – Lower healthcare costs 5:31 – Fewer sandwich generation challenges 7:36 –...

Every generation likes to talk about how much harder things used to be when they were kids. Like all of the people who used to have to walk five miles to school, in the snow, uphill both ways. But they had at least one thing that was EASIER…and that was retirement planning.   Here’s some of what we discuss in this episode: 2:03 – Job Stability & Company Loyalty 4:33 – Less Reliance on Personal...

In today’s show, we’re going to answer some email questions from listeners just like you. These questions cover a range of topics from investing to retirement planning, and Phil is here to provide some expert insights. Remember, while we offer general advice on the show, it's always best to consult with a financial professional to tailor solutions to your unique situation. Stay tuned as we explore...

Everyone wants to know. Will the economy boom or bust in 2024? Join us as we explore a range of expert predictions, from the shifting trends in housing prices to the looming question of a potential recession or stock market crash.   Here’s some of what we discuss in this episode: 2:18 – Housing market in 2024 6:56 – Recession in 2024 12:50 – Stock market in 2024   Housing Prices Articles: https://...

This episode might be a bit counterintuitive. We’re going to question the real impact of common financial habits. Are the strategies you consider beneficial working in your favor?  We explore the pros and cons of practices like paying off debt early and keeping up with the financial news. Are your good money habits holding you back?   Here’s some of what we discuss in this episode: 2:04 – Paying o...

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 – Patienc...

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 weakness...

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...

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 – Fiducia...

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...

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 discus...

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...

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:...

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 i...

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 mo...

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.   He...

“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: 1:3...

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...

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 e...

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 retireme...

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 pl...

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...

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...

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...