Phil's Tax Hacks
Financial, tax and retirement planning guidance from Phil Putney. Each week Phil will talk about the keys to building a sound financial strategy that can survive throughout the ups and downs of the market. We'll have plenty of tax hacks along the way and other retirement facts!
Episodes
5 days ago
5 days ago
We know you shouldn’t put all your money into a single stock. But what about putting a lot of it into a strong market sector, diversified among different companies? Would it ever make sense to do that? In today’s episode of Phil’s Tax Hacks, we’re answering that question.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:11 – The reality of sectors
3:40 – The importance of a financial plan
6:42 – Working with multiple advisors
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Thursday May 23, 2024
The IRS Gave Us A Gift (Or Did They?)
Thursday May 23, 2024
Thursday May 23, 2024
In today’s episode, we’re going to discuss the ongoing confusion surrounding inherited IRAs and Required Minimum Distributions (RMDs). The SECURE Act introduced a 10-year rule for withdrawing inherited IRA funds, replacing the old stretch IRA rules that allowed beneficiaries to spread distributions over their lifetime. However, the IRS has yet to finalize the regulations on whether beneficiaries need to take annual RMDs if the original account owner had already started them.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:09 – The SECURE Act changes/confusion around RMDs
5:16 – The potential consequences of delaying distributions
7:54 – Proactive planning with your financial advisor about IRA distributions
CNBC Article:
https://www.cnbc.com/2024/04/19/irs-waives-required-withdrawals-from-some-inherited-ira-for-2024.html
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Thursday May 16, 2024
Long-Term Care and Life Insurance: The Basics You Must Know!
Thursday May 16, 2024
Thursday May 16, 2024
While you dream about the leisurely days ahead of you in retirement, it’s also important to think about some of the less glamorous items, including insurance. So, what types of coverage should you be considering for your golden years? What do you need to keep in mind as you prep for the transition?
We’re going to walk you through the fundamentals in this two-part series. While we covered the basics you must know about health insurance in our last episode, today’s episode will focus on long-term care and life insurance.
Here’s some of what we discuss in this episode:
0:00 – Intro
2:33 – The reality and “why” of long-term care
6:40 – What does long-term care cover?
8:20 – Running the math with long-term care
11:36 – Alternatives to traditional long-term care
14:04 – Do retirees need life insurance?
16:05 – Determining how much life insurance you’ll need
Get Your Copy of The Tax-Smart Retiree
https://www.amazon.com/Tax-Smart-Retiree-Guide-Thriving-Golden-ebook/dp/B0D356X36Q
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Thursday May 09, 2024
Retiree Health Insurance: The Basics You Must Know!
Thursday May 09, 2024
Thursday May 09, 2024
While you dream about the leisurely days ahead of you in retirement, it’s also important to think about some of the less glamorous items, including insurance. In this new season of life, your old policies may no longer suit your needs or may come to an end.
So, what types of coverage should you be considering for your golden years? What do you need to keep in mind as you prep for the transition? Stay tuned as we chat about retiree health insurance in part one of this conversation!
Here’s some of what we discuss in this episode:
0:00 – Intro
2:00 – The transition from employer-provided insurance
6:26 – Supplemental coverage
8:27 – Medigap vs Medicare Advantage
11:56 – Enrollment periods and avoiding penalties
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Thursday May 02, 2024
How Is Technology Redefining Retirement Planning?
Thursday May 02, 2024
Thursday May 02, 2024
In a world where technology touches every aspect of our lives, it's no surprise that it has also made its mark on the financial industry. So, in today’s episode, we’re going to unpack the toolbox of technology that's promising to redefine retirement planning. From robo-advisors to online calculators, we’ll discuss whether certain tools truly simplify the planning process or introduce new complexities.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:45 – Google has made life easier, but can lead to misformation
5:50 – Online calculators can provide a great starting point
7:52 – The benefits and drawbacks of do-it-yourself trading platforms
11:35 – Thinking about the end game with online courses and webinars
15:19 – Being careful with online advice from financial influencers
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Friday Apr 26, 2024
The Rise of Retiree Healthcare Costs
Friday Apr 26, 2024
Friday Apr 26, 2024
The future of retiree health care costs is on the rise. In fact, the Employee Benefit Research Institute released numbers for 2023 showing an 8% increase in retiree healthcare costs for the year. Stay tuned as Phil and Marc unpack these latest figures, which suggest that a typical U.S. couple may need upwards of $413,000 to cover their healthcare expenses in retirement.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:20 – The 8% increase in healthcare costs in the U.S.
4:56 – Pros and cons of Medigap and Advantage plans
8:37 – How Phil’s office helps clients with healthcare
11:17 – Understanding the costs and complexities of Medicare and Medicaid
Resources for this episode:
https://www.fa-mag.com/news/retiree-healthcare-costs-increased-8--in-2023-76822.html
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Thursday Apr 18, 2024
Steering Clear of Retirement Stress
Thursday Apr 18, 2024
Thursday Apr 18, 2024
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 – The major lifestyle changes that come with retirement
3:34 – Embracing new challenges
6:16 – Keeping your options open
9:16 – Keeping your sense of perspective
12:08 – Finding a good financial advisor
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Thursday Apr 11, 2024
Is Retiring at 65 Crazy?
Thursday Apr 11, 2024
Thursday Apr 11, 2024
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 retirement planning and saving
10:37 – Increased life expectancy in retirement planning
12:53 – Getting a personalized plan for you
Yahoo Finance Article: https://finance.yahoo.com/news/billionaire-calls-retirement-age-65-111627794.html
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Thursday Apr 04, 2024
Tax Mistakes to AVOID in 2024 (Part 2)
Thursday Apr 04, 2024
Thursday Apr 04, 2024
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 breaks
9:45 – Forgetting deadlines
Fidelity Article:
https://www.fidelity.com/learning-center/personal-finance/tax-pitfalls?ccsource=email_monthly&mbox3rdPartyId=&mboxConvType=VPEmailClick&mboxCID=VM0224&pixelType=vpm&sfip=&sfCampaignId=16797&sfCellCode=169
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Thursday Mar 28, 2024
Tax Mistakes to AVOID in 2024 (Part 1)
Thursday Mar 28, 2024
Thursday Mar 28, 2024
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 losses
Fidelity Article:
https://www.fidelity.com/learning-center/personal-finance/tax-pitfalls?ccsource=email_monthly&mbox3rdPartyId=&mboxConvType=VPEmailClick&mboxCID=VM0224&pixelType=vpm&sfip=&sfCampaignId=16797&sfCellCode=169
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts