Phil's Tax Hacks

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 – Financi...

In today's episode, we'll explore the sensitive and significant process of transitioning from one financial advisor to another. We'll cover how to recognize when your current advisor may no longer be serving your financial needs effectively, the right questions to ask, and crucial factors to consider when searching for a new financial partner.   Here are some of the things we’ll address in this ep...

Welcome back to part two of our discussion on resolving financial tension between couples. In this episode, we'll explore five more common areas of financial tensions: emergency fund size, charitable contributions, handling inheritances, insurance needs, and financial management style. Stay tuned to learn how advisors like Phil work to resolve conflicts in these areas as they arise.      Here are...

Money can't buy love, but it can certainly start some spicy debates between you and your better half. In this episode, we're digging into the financial face-offs that make Monopoly fights look like child's play and exploring some money minefields that can test even the most solid relationships. Listen in as we explore how to resolve some of the most common financial sources of tension between coup...

Finding a trustworthy and competent financial advisor is essential for securing your financial future. After all, they play a vital role in helping you make informed decisions about your money, investments, and long-term financial goals. But how can you separate the wheat from the chaff? How can you identify problematic personalities that might indicate an advisor isn't the right fit for you? In p...

Finding a trustworthy and competent financial advisor is essential for securing your financial future. After all, they play a vital role in helping you make informed decisions about your money, investments, and long-term financial goals. But how can you separate the wheat from the chaff? How can you identify problematic personalities that might indicate an advisor isn't the right fit for you?   He...

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...

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 – Diversif...

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 su...

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 someon...

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 housin...

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...

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...

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 – Ig...

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 fin...

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 o...

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 ar...

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 i...

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...

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...

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 m...

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...

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...

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...

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 e...