Phil's Tax Hacks

With tax season around the corner, we get a lot of questions about taxes. Many don’t understand that their tax strategy completely changes in retirement. In this episode, we will cover some of the key points about your taxes in retirement. Join us on today’s episode as we break down these major topics: How should my tax strategy change as I transition into retirement? (1:14) In 2026 taxes codes wi...

Unfortunately, there are times people are forced into retirement before they are ready. Today we are going to go over what that may look like and common questions people ask when faced with this difficult situation. The first thing to know is that this isn't an uncommon position to be in so don't feel like you're alone. Dealing with a forced retirement is not always straightforward, so we do our b...

A great tool you could utilize for your financial plan is a Health Savings Account. Though it may be an underserved tool in some financial advisors’ tool belts, it has some amazing benefits. In this episode, you will learn about HSAs and why they are sometimes referred to as ‘Super Roths’ (Spoiler alert: They are triple tax-free!). Listen to find out the ways to make the most of an HSA and some mi...

When we have bad markets, traditional investing points to bonds. What if they aren’t the safe and secure investment that everyone thinks they are? In our current 2022 market, you may be considering bonds yourself. Today we are going to go over the ABC’s of bonds. There are many ways to get into bonds and we will go over the different options available and help you determine if they may or may not...

Who reads the fine print? It’s one of those things most people skim over or ignore entirely. In this episode, we will go over some fine prints that can be easily missed. Listen to hear real-life scenarios that were sent in for us to share with you. Should the fine prints be explained to us more thoroughly or should we be paying more attention? When we hear “no fees”, do we take that at face value?...

Want to know the secrets to experience satisfaction in retirement? We’ve discovered five key situations in which your financial plan needs to lead you. If you can key in on these five points, you’ll have a high chance to achieve retirement satisfaction. Making sure you have all your bases covered isn’t always an easy feat with so many things to consider. In this episode, we will discuss exactly ho...

We’re bombarded with ads each day in all forms of media. But have you ever taken a closer look at these messages? If we unpack some of these headlines and ads a little bit more, we’re able to clearly understand what emotions they’re trying to elicit. More importantly, we can figure out what companies are trying to sell us. For this episode, we perused the internet for a couple of hours and kept tr...

There are plenty of decisions that you’ll make in the retirement planning process that can’t be undone, so you want to make sure that you make the right call. In this episode, we’ll explain why these decisions are so important and can’t be undone. It can be tough to know exactly how much risk you should be taking as you prepare your financial plan, but it helps to know what you need to get right t...

People have many reasons for procrastinating when it comes to putting a retirement plan together. Let’s explore some of those excuses and why they can be dangerous, and talk about how to overcome them… Join us on today’s episode as we break down these major topics: Why you should still plan for retirement if your parents didn’t, and they turned out fine. (2:40) How to know which advice to believe....

Being a good advisor isn’t about winning a popularity contest or just saying the same things that everyone else in the industry says. It’s about giving the best advice that you can for each individual situation. On today’s show, we’re going to peel back the curtain to discuss some areas where a good financial advisor’s opinions might go against the grain with mainstream ideas in the industry. Join...

Everyone we’re working with for a retirement plan has to keep an eye on the age of 72 because that’s when the required minimum distributions begin. While we all know money has to come out of our retirement accounts, it’s not as simple to understand all the requirements and then execute that efficiently. Today we’ll continue our deep dive with part two focused on the inherited account side of thing...

Everyone we’re working with for a retirement plan has to keep an eye on the age of 72 because that’s when the required minimum distributions begin. While we all know money has to come out of our retirement accounts, it’s not as simple to understand all the requirements and then execute that efficiently. Today we’ll provide you a deep dive into RMD starting with the accounts you own in part one.  ...

We’re going to have a tough conversation about retirement and divorce on today’s episode. How does this difficult decision impact your retirement financially?   Join us on today’s episode as we break down these major topics: Why is working with a financial advisor essential during a divorce? (6:10) You don’t want to ignore tax implications of breaking up retirement accounts. (7:04) Rolling a spous...

Are you ready for a pop quiz? Today we’re going to do a retirement planning pop quiz. Can you ace these questions?   Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA   Key points:  1:24 – At what age should people start saving for retirement? 4:14 – How much do you need for income in retirement? 9:25 – Which do retirees fear the most? 11:17 – What best represents a...

We are opening up the mailbag today to answer various questions from listeners and clients. We’ll explore the average rate of return, blue-chip stocks, TSP investments, and much more on today’s show.   Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA   Key points:  1:29 – What rate of return should I be getting? 5:02 – Should I move out of blue-chip stocks? 8:22 –...

What do pre-retirees and retirees need to know about surviving this bear market and a possible recession? On today’s episode, we’ll explore some expert advice on surviving a bear market and whether we agree or disagree with these opinions.   Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA   Key points:  1:33 – Value stocks over growth stocks  5:23 – The bear marke...

A recent article in The Hill paints the EARN Act (Enhancing American Retirement Now), the Senate’s version of the House’s Secure Act 2.0 bill, in a negative light as primarily a tool to give a tax break to rich Americans in a way that ultimately adds to the national deficit and only circumvents problems instead of solving them. We’ll break down the article on today’s episode and share our opinion...

With the volatility in the market many of us are looking to start working with an advisor. What should we keep an eye out for when shopping around for an advisor? What red flags do we need to be aware of?   Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA   Key points:  2:09 – Spotting red flags 2:44 – Works with everyone 6:25 – Good news and certainty 10:35 – Too...

Do you take a lot of risk or are you a conservative investor? On today’s episode, we’ll explore why risk tolerance matters and how understanding our own risk tolerance level can protect our assets and future.   Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA   Key points:  0:25 – The current stock market 2:20 – Increasing inflation and retirement 3:56 – Do most pe...

Let’s continue our conversation on financial debates today. From deferring taxes to using credit cards, what is your opinion on these common financial debates?   Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA   Key points:  2:45 – Defer or don’t defer taxes 10:24 – You should never use credit cards 15:53 – Mutual funds or individual stocks 25:03 – Start Social Se...

Should you pay the house off before retirement? Do you need to keep your life insurance once retired? Do annuities deserve their bad reputation? On today’s episode, we’ll break down some famous financial debates and how each side approaches these topics. Who do you agree with?   Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA   Key points:  1:05 – To pay off the h...

We are breaking down some retirement statistics on today’s episode. Are these numbers encouraging or discouraging?   Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA   Key points:  1:29 – Women have less saved than men 7:00 - You need $1.04 million to retire 9:29 – 55% of workers plan to continue to work 10:47 - 25% of Americans increased their savings 13:46 – 70 m...

So, what really is the secret to retirement success? While it may be harsh, the reality is we are often our own worst enemy when it comes to planning. On today’s episode, we are going to discuss how we, as investors, can get out of our own way in order to have a successful retirement.   Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA   Key points:  1:09 – We aren’...

As you count down to the days of retirement there are some important things, you’ll want to cross off your to-do list. On today’s episode, we’re going to break down some of the things you’ll want to get done before this next chapter of life.   Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA   Key points:  0:38 – Counting down the days 1:28 – Getting healthy and st...

It’s a question more and more people are asking, especially as the workplace continues to change following the pandemic. But are you in a position to step away from a consistent paycheck at age 55? Phil will provide a great look at the reality of early retirement in today’s environment and apply some real-world examples to the discussion.     Watch the video podcast:  https://youtu.be/cuahFzcAFlw...