Phil's Tax Hacks

The idea of a podcast on life insurance might not sound like the most exciting topic, but we’re going to put a positive spin on it today and tell you why you should get it. Or at the least, consider adding it to your portfolio. Life insurance can serve many different purposes for financial needs and we’ll share a few you might not have thought of on this episode.   Watch the video podcast: https:/...

Birthdays might not be as exciting as they once were, but they are still important. On today’s episode, we are going to break down some retirement birthday milestones you need to be aware of when planning for the future.   TIMESTAMPS:  0:23 – Wonky weather! 1:21 – Age 50 3:42 – Age 55 5:47 – Age 59 ½ 6:50 – Age 62 9:06 – Age 65 12:44 – Age 66 or 67 14:42 – Age 70 15:49 – Age 72   ADDITIONAL INFORM...

Let’s talk about the house today! We are going to explore some common retiree questions we get about housing. Should you downsize? Should you use equity as an emergency fund? Find out on today's show.   TIMESTAMPS:  0:44 – Do we get questions about housing? 1:41 – Should you pay off the house? 4:49 – Should you downsize? 8:17 – Should you pull out equity? 11:10 – Signing the house over to the kids...

Let’s continue our conversation on financial jargon today. We’ll dive into the different designations and licenses you may see when shopping around for a financial advisor. What do they all mean?   TIMESTAMPS:  0:52 – Having proper qualifications 2:22 – RIA or IAR 3:35 – The C’s  5:35 – Series license 11:49 – Education  15:30 – Do your homework   ADDITIONAL INFORMATION: https://philstaxhacks.com/

There is a lot of financial jargon out there that can be confusing when you are trying to plan for retirement. So, on today’s episode, we’ll explore a variety of different terms and definitions and how they apply to the financial planning process.   TIMESTAMPS:  0:41 – We don’t lack jargon 1:28 – Bear or bull 4:02 – Inflation   6:50 – Recession 10:42 – Volatility 12:09 – Risk tolerance 14:31 – 60-...

When it comes to our money there are several ways, we tend to get greedy. So on today’s episode, we are going to discuss how to recognize the voice of greed and how we can fight against it.   TIMESTAMPS:  0:15 – Voice of greed 2:07 – Being aggressive 5:57 – Following what you hear 7:15 – Keeping up with the Joneses 10:05 – Emergency fund in the bank 12:48 – Doing it yourself   ADDITIONAL INFORMATI...

What could go wrong if you end up guessing when planning for retirement? Today, we explore some areas in retirement planning you don’t want to guess at.   TIMESTAMPS:  0:38 – Guessing in these times 2:44 – Inflation 8:56 – Income 13:10 – Big purchases 16:25 – Health care costs   ADDITIONAL INFORMATION: https://philstaxhacks.com/

What are most Americans confused about when it comes to retirement planning? On today's episode, we discuss 3 murky issues that may be making retirement planning harder for you. USA Today Article: Retirement planning: These 3 issues are making it extra hard right now (usatoday.com)   TIMESTAMPS:  1:22 – USA Today Article 2:37 – Confused about income growth 8:14 – How much Social Security will prov...

The current state of the market and the rate of inflation may be making you nervous. How do we expect current events to impact your retirement plan and what can we do to protect our financial future?   TIMESTAMPS:  0:38 – It’s tax time! 1:01 – Russia’s impact on the market 3:36 – The energy conversation 4:48 – DOW has fallen 1,000 points 7:23 – Inflation is also overdue 12:20 – What defines a bear...

The most important part of retirement planning is going to look different for everyone. On today’s show, we discuss some expert claims about the most important part of planning and whether Phil agrees or disagrees.    TIMESTAMPS:  1:00 – The most important part to you 2:14 – Deciding what to do with your time 3:57 – The best time to start saving is now  5:19 – How much income do you need? 6:53 – H...

How do we incorporate our values into our financial plan? On today’s episode, we discuss some common values and how they fit into your overall retirement plan.    TIMESTAMPS:  0:25 – Happy Valentine’s Day! 1:44 – Family 2:46 – Faith 6:22 – Education 9:05 – Career 12:13 – Charitable giving 13:44 – Having fun!   ADDITIONAL INFORMATION: https://philstaxhacks.com/

You can’t predict a lot of things: how long you’ll live, the next market crash, healthcare costs, tax rates. But you still have to plan for these things. On today’s episode, we’ll explore how you should handle planning for the things you can't predict.    TIMESTAMPS:  2:01 – When will the next market crash be? 4:59 – What will healthcare costs be? 6:51 – What are tax rates going to look like?  9:5...

Most of us have some biases when it comes to money. Are you afraid of risk? Are you thinking far enough into the future? On today’s episode, we discuss the different types of money biases and whether they could be costing you financially.   TIMESTAMPS:  1:11 – January market closing 1:39 – Morning Star study 2:26 – Key Points of study 2:50 – Present Bias 4:48 – Overconfidence 5:51 – Loss Aversion...

What role do our kids or grandkids play in our retirement plans? A lot of people want to save for their children and help them with big expenses like college. Doing so is great, but you have to incorporate that into your plan.   TIMESTAMPS:  1:46 – College expenses 4:58 – Trouble with the job market 7:10 – Grandkid expenses 11:42 – Special needs expenses 14:12 – Generational wealth   ADDITIONAL IN...

Winning a football game is a lot like planning for retirement. As you enter the red zone, you don’t want to fumble the ball. When you’re getting close to retirement, you certainly don’t want to fumble your retirement. On today’s episode, we’ll discuss how to keep your retirement protected as you enter the retirement red zone.   TIMESTAMPS:  1:39 – What is the financial red zone? 2:36 – Being cauti...

A lot of economic predictions are floating around about 2022. On today’s show, we’ll ask Phil his opinion on these predictions regarding GDP, inflation, the housing market, and more.    TIMESTAMPS:  0:38 – Settling into the New Year  2:15 – The GDP growing by 3.9% 4:58 – Will the housing market cool off?  7:30 – Inflation won’t end anytime soon  9:17 – 2022 will see significant inflation  11:11 –...

Millions of people are leaving their jobs. They are pausing work, retiring early, or changing career paths. What is “The Great Resignation” and how could it impact your retirement plan?   Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-116-how-the-great-resignation-could-impact-you/   Check out the Forbes article:  https://www.forbes.com/advisor/retirement/...

2022 is almost here! On today’s episode, we’ll finish our 22 money resolutions for 2022. How many of these can you accomplish?   Read more and get additional financial information:  https://philstaxhacks.com/podcast/ep-115-22-money-resolutions-for-2022-part-2/   What we discuss today:  1:00 – Check your credit 2:48 – Check your fees 5:12 – Share your knowledge 6:45 – Donation opportunities 7:44 –...

As we ring in the new year, what are some money resolutions we should be thinking about? From reducing your debt to getting more organized we’ll discuss the first 11 of 22 resolutions for 2022.   Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-114-22-money-resolutions-for-2022-part-1/   What we discuss today:  1:16 – Reduce your debt 2:07 – Boost retirement...

Are you thinking of retiring early? Is a budget necessary in retirement? Today, we are opening up the mailbag to answer some listener questions about retiring early, risk, pensions, budgets, and more.   Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-113-mailbag-retiring-early-risk-and-more/   What we discuss today:  1:42 – “What key things should we know a...

A lot of people feel behind when it comes to saving for retirement. What are some ways we can catch up? Even if you don’t feel behind these are great tips to keep in mind to save a bit more as you get closer to retirement.   Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-112-retirement-late-bloomers/   What we discuss today:  0:54 – How do you know you are...

If your advisor seems to only be interested in discussing investments and growth, it may be time to take a step back and make sure all of your retirement pieces are being addressed. On today’s show, we will discuss 5 areas advisors can drop the ball and how you can stay vigilant in protecting your retirement plan.   Read more and get additional financial information: https://philstaxhacks.com/podc...

Although you may never ask something unreasonable of your advisor, it’s important to know where that line is. It will help you manage your expectations. On today’s episode, we will discuss 4 unreasonable things to ask of or expect from your financial advisor.    Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-110-4-unreasonable-requests/   What we discuss t...

Retirement planning is not all about finances, we also need to think about our lifestyles and what activities will make us happy from day to day. Today, we’ll discuss what it means to live the dream and hopefully inspire you to plan out your unique goals.   Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-109-living-the-dream/   What we discuss today:  0:44...

We want confidence and stability in our retirement plans but overconfidence can cause us to make financial mistakes. Today we are discussing some common areas of overconfidence in financial planning and how we can manage these areas.    Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-108-overconfidence-in-financial-planning/   What we discuss today:  0:55 –...