Phil's Tax Hacks

Retirement is often painted as a serene, stress-free period of life where the worries of the working world fade away. However, psychologists have determined that retirement is one of the most stressful events that some people will experience in life. In this episode, we’ll look at the ways to proactively deal with the stress surrounding the retirement process.

Here’s some of what we discuss in this episode:

0:00 – Intro

1:02 – Th...

Is retiring at 65 crazy? One billionaire thinks so. In this episode, Phil and Marc unpack a recent Yahoo Finance article where BlackRock CEO Larry Fink challenges the conventional notion of retiring at 65 and encourages investors to consider delaying retirement.

Here’s some of what we discuss in this episode:

0:00 – Intro

1:46 – The current state of Social Security

5:02 – The shift to self-funded retirement plans

7:44 – Early ret...

It’s that time of year! With tax season right around the corner, it’s the perfect time to dive into some tax tips on the podcast. Tune into this two-part series where we dive into a fidelity article titled “8 Tax Pitfalls to Avoid,” and get Phil’s thoughts as a CPA.

Here’s some of what we discuss in this episode:

0:00 – Intro

1:15 – Waiting too long to strategize

4:08 – Engaging in wash sales

8:15 – Not taking advantage of tax br...

It’s that time of year! With tax season right around the corner, it’s the perfect time to dive into some tax tips on the podcast. Tune into this two-part series where we dive into a fidelity article titled “8 Tax Pitfalls to Avoid,” and get Phil’s thoughts as a CPA.

Here’s some of what we discuss in this episode:

0:00 – Intro

1:43 – Missing investment income

3:30 – Selling too soon

5:33 – Poor record-keeping

7:56 – Forgetting los...

Just like any other threat, learning to recognize and avoid scams has become crucial for today's retirees. Join us as we discuss essential steps you can take to protect yourself against the increasing prevalence of scams and identity theft. Phil will offer real-life stories and practical advice to help you keep your finances safe in today’s digital age.

Here’s some of what we discuss in this episode:

• 1:35 – Real stories of fi...

You’ve probably heard some mixed opinions on annuities in your lifetime. But before you get swayed one way or another, it’s important to understand what exactly an annuity is and how they work. Listen in as Phil breaks down the difference between immediate and deferred annuities and offers insights into their benefits and drawbacks.

Here’s some of what we discuss in this episode:

• 1:08 – What is an annuity?
• 10:04 – When might ...

Many retirees find themselves at a crossroads when deciding what to do with their existing property as they move into their dream home. Would it be best to sell, or should you consider becoming a landlord? Drawing from personal experiences and real client scenarios, Phil and Marc will explore the pros and cons of turning a home into a rental property in this episode.

Here’s some of what we discuss in this episode:

• 1:50 – Pros...

Navigating financial decisions, especially as retirement approaches, can be a challenging terrain for many investors. Whether it's the anxiety around making the right choices or grappling with an overload of information, it can be tempting to push off important retirement planning conversations. It's a familiar scenario – putting things off to "next week," only to find that "next week" turns into a long period of indecision.

Here...

Every generation likes to talk about how much harder things used to be when they were kids. Like all of the people who used to have to walk five miles to school, in the snow, uphill both ways. But they had at least one thing that was EASIER…and that was retirement planning.

Here’s some of what we discuss in part 2:

1:25 – Lower healthcare costs

5:31 – Fewer sandwich generation...

Every generation likes to talk about how much harder things used to be when they were kids. Like all of the people who used to have to walk five miles to school, in the snow, uphill both ways. But they had at least one thing that was EASIER…and that was retirement planning.

Here’s some of what we discuss in this episode:

2:03 – Job Stability & Company Loyalty

4:33 – Less Reliance on Personal Savings

9:55 – Housing Market Stab...

In today’s show, we’re going to answer some email questions from listeners just like you. These questions cover a range of topics from investing to retirement planning, and Phil is here to provide some expert insights.

Remember, while we offer general advice on the show, it's always best to consult with a financial professional to tailor solutions to your unique situation. Stay tuned as we explore common financial dilemmas and unco...

Everyone wants to know. Will the economy boom or bust in 2024? Join us as we explore a range of expert predictions, from the shifting trends in housing prices to the looming question of a potential recession or stock market crash.

Here’s some of what we discuss in this episode:

2:18 – Housing market in 2024

6:56 – Recession in 2024

12:50 – Stock market in 2024

Housing Prices Articles:

https://www.newsweek.com/will-housing-marke...

This episode might be a bit counterintuitive. We’re going to question the real impact of common financial habits. Are the strategies you consider beneficial working in your favor? 

We explore the pros and cons of practices like paying off debt early and keeping up with the financial news. Are your good money habits holding you back?

Here’s some of what we discuss in this episode:

2:04 – Paying off debt early

8:41 – Keeping up wit...

This two-part conversation might be a bit counterintuitive. We’re going to question the real impact of common financial habits. Are the strategies you consider beneficial actually working in your favor?

Here’s some of what we discuss in this episode:

1:49 – Ignoring account statements

5:14 – Keeping a strict budget

11:17 – Investing in familiar stocks

14:42 – Embracing automation

18:05 – Patience getting into the stock market

F...

In today's episode, we'll be looking at the eye-opening findings of the 2023 Mercer CFA Institute Global Pension Index, which has ranked the Netherlands as the world's leader in retirement systems. Where does the U.S. stand? 22nd among the 47 countries that were ranked. Why so low?

Join us as we analyze some of the intricacies of the U.S. retirement system, breaking down its strengths and weaknesses through the discerning lens of a...

Is 'Lazy Money' still a concern in 2024's higher interest rate landscape? In this episode, we explore this question, examining how the recent rise in interest rates affects the money sitting in savings accounts, CDs, and conservative investments.

Here’s some of what we discuss in this episode:

6:07 – What is lazy money?

7:42 – Finding the right amount for your emergency fund

10:42 – An advisor’s role with lazy money

17:10 – Havin...

In this festive episode, we’ll sift through a sleigh-full of financial products and strategies to find out which ones deserve a spot in your financial stocking this year, and which ones are the proverbial lumps of coal. This will be an educational episode for all investors, whether you’ve been financially naughty or nice this year...

Here’s some of what we discuss in this episode:

2:11 – Fiduciary advisor

5:46 – Variable annuity

...

Have you ever wondered what questions to ask your financial advisor, or why those questions are crucial? In today’s episode, we’re tackling exactly that. We're discussing the vital questions that bring transparency and depth to your financial advisory relationship.

It's about getting clarity on how advisors work, what they specialize in, and how they align with your financial goals. These are the questions you MUST ask your financi...

In today's episode, we're focusing on a critical aspect of retirement planning: healthcare costs. How well-prepared are you to handle medical expenses after you retire? Join Phil and Marc as they discuss the common pitfalls pre-retirees face when it comes to healthcare preparedness and offer insights into how to navigate the evolving landscape of healthcare options.

Here’s som...