Phil's Tax Hacks

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...

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...

For some people, leaving a legacy is one of the most important goals for their financial plan. Not only do they want to leave as much as possible, but they also want to make sure those assets go to their intended beneficiaries. On this episode, we’ll address five, unfortunately, common beneficiary mistakes. Are you making one of these beneficiary mistakes? If so, it could cost you and your loved o...

Another year is upon us and it’s a great time to ask yourself some critical questions to assess how ready you are for retirement to kick off 2023. If you’re retiring this year, it’s essential to have some concrete answers to these questions. If you’re still a few years from the milestone, tune in so you can start thinking about these critical conversations. We broke this discussion up into two par...

Another year is upon us and it’s a great time to ask yourself some critical questions to assess how ready you are for retirement to kick off 2023. Since we have a lot to tackle on the checklist, we’ll run through the first five on this episode and the second five on the next show. Today’s focus will primarily be on the all-important income planning piece of the puzzle along with some of the risks...

It’s been said that if you don’t have an income plan, you don’t really have a retirement plan. We’ll tackle that mentality on this episode to see if it’s true and further explore why so many retirees and pre-retirees don’t understand the importance of an income plan, nor how to properly construct one.   Here’s some of what you’ll learn on this episode: If you don’t have an income plan, you don’t r...

In the first part of the series, Phil highlighted the age changes for required minimum distributions along with some Roth changes that were included. This episode will focus on an assortment of additional planning changes that you need to be aware of. Some of them are already active and a few will kick in over the next year or two.   Here’s some of what you’ll learn on this episode: Catch-up contr...

Another round of retirement changes are on the way after President Biden signed a spending bill in December 2022 that included the SECURE Act 2.0 . Retirees and pre-retirees need to understand what this legislation means, how it might impact you, and what planning opportunities this could open up.   Here’s some of what you’ll learn on this episode: RMD age extended to age 73 for some and 75 for ot...

Saving in your 401(k) can be an easy and painless way to build your retirement savings. But because it’s so easy and painless, it can also be easy to ignore for long periods of time, which often leads to mistakes. In this episode, we will be coving common mistakes people make in their 401(k)s. Join us on today’s episode as we break down these major topics: Are you a financial collector? (1:27) Why...

Is it possible to have a “Dividends Only” Retirement? We found an interesting article that explores how to achieve the mythical “dividends only” retirement plan. In this episode, we discuss the article and why you may want to consider some of the cons to this method of retirement planning. Join us on today’s episode as we break down these major topics: What is a true dividend? (1:01) Most mutual f...

There are a ton of opinions out there on the market right now. Many are wondering what the next year has in store for us after market volatility became the norm in 2022. Are we in for more of the same in 2023? In this episode, we’ll talk about the market outlook for the next 12 months, plus share tips on how you can best prepare for potential future volatility. We will also discuss a few published...

In this episode, we will be discussing this article that cites 35% of millionaires saying it’s “going to take a miracle” to be ready for retirement. Why are Americans feeling less confident? Is it realistic that millionaires can’t feel sure about their retirement futures? Listen to find out.   Join us on today’s episode as we break down these major topics: Getting to retirement requires more than...

Some major life events catch us by surprise, and others are more anticipated. No matter the circumstance, it’s imperative to make wise financial decisions when navigating these life changes. Let’s explore some of the things you should be thinking about to make smart financial decisions when you encounter some of the most significant events in your life.   Join us on today’s episode as we break dow...

People have used the 60-40 rule for investments for years. It typically works well enough, but is it most effective? In this episode, we will break down the 60-40 rule and help you understand how to expand this concept to diversify your investments.   Join us on today’s episode as we break down these major topics: What is a 60-40 portfolio? (1:41) Phil’s thoughts on the challenges of a 60-40 portf...

Sometimes you need to find a new financial advisor. Other times, you might think you need a new advisor, but really, you’re just guilty of thinking that the grass is greener on the other side. In this episode, we will discuss some possible scenarios, like business changes, mistakes made, and more. Let’s see how these scenarios could impact your decision-making and why you may not want to jump ship...

Getting through retirement can be a lot like running a marathon. In this episode, we will discuss some similarities between getting to the finish line in racing and retirement. A lot of people assume that training for a marathon consists of long runs every day, when it actually involves a lot of planning. Most marathoners spend at least six months in training…mixing in days with light runs, some d...