Phil's Tax Hacks

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...

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...