Do you know the tax consequences on your retirement accounts? Today, we will be discussing 5 different types of accounts and the tax pros and cons with each.    Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-107-tax-consequences-pros-and-cons/   What we discuss today:  1:00 – Tax-deferred 3:11 – Tax-free accounts 6:00 – Taxable accounts 7:47 – CDs 9:43 – Life Insurance

Phil's Tax Hacks

Ep 107: Tax Consequences – Pros and Cons

Everyone is different when it comes to risk tolerance. A lot of us think we are risk-averse, but we may be taking on more risk than we realize. On today’s episode, Phil is going to discuss risk aversion and how it affects our retirement plan.   Read more and get additional financial information: https://philstaxhacks.com/podcast/what-is-risk-aversion/   What we discuss today:  0:28 – Enjoying the fall 1:27 – California’s new law 2:38 - $600 IRS Report 6:00 – Being risk-averse 7:14 – Risk of inflation 9:33 – Market risk 12:00 – Why are we at risk? 14:04 – How do we address risk?

Ep 106: What is ”Risk Averse”?

Finances can cause a lot of stress for couples. However, planning together is crucial to your overall financial plan. On today’s episode, we will highlight a few areas that couples need to focus on as a team.   Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-105-financial-planning-as-a-couple/   What we discuss today:  0:55 – The many hats Phil wears 2:03 – The Pension spousal benefit option 4:26 – Social Security strategy  6:35 – Plans for retirement 10:23 – Coordinating individual accounts 15:33 – Risk conversation

Ep 105: Financial Mistakes Couples Make

We all tend to procrastinate from time to time, even when it comes to our finances. However, there are many things that we don’t want to put off addressing in our financial plan. On today’s episode, Phil will discuss 5 financial decisions that people tend to put off and whether it is okay to do so.   Read and get additional financial information: https://philstaxhacks.com/podcast/ep-104-can-you-put-off-these-financial-decisions/   What we discuss today:  0:39 – Catching up with Phil 1:59 – Deferring taxes 4:50 – Waiting to eliminate debt 6:48 – Legal and estate documents 9:30 – Delaying the start of social security 11:57 – Getting a plan  

Ep 104: Can You Put Off These Financial Decisions?

If the recent tax proposals were to pass, how would it affect your financial plan? Some things we may want to look out for include changes in capital gains and Roth conversions. Phil talks about who could be most impacted if these proposals became a reality.    Read and get additional financial information: https://philstaxhacks.com/podcast/ep-103-what-do-you-need-to-know-about-the-recent-tax-proposal/   What we discuss today:  0:12 - Let’s talk about tax proposals in Congress. 3:23 - How could job creation be impacted? 6:23 - How will this affect your retirement? 8:17 - Numbers seem to be going back to Obama-era taxes. 9:57 - What are the possible changes for capital gains?   12:20 - What other provisions may happen?  

Ep 103: What Do You Need To Know About the Recent Tax Proposal?

There may be a few gaps that we might not notice when we are working on our retirement plan. So, to better prepare you for the future, we will be discussing some of the gaps you need to keep an eye out for and how you can address them.    Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-102-5-ways-to-mind-the-gap/   Watch the video podcast: https://youtu.be/i7Tmeomyw7A   What we discuss on this episode:  0:32 - What inspired today’s podcast? 1:25 - What’s the paycheck gap? 3:35 - What challenges would you face when retiring early? 8:22 - The inflation gap is apparent right now. 10:22 - What’s the long-term care gap? 13:15 - How do you cover the widow gap?

Ep 102: 5 Ways to Mind the Gap

Are you worried you’re missing some red flags in your financial plan? Let’s talk through what you need to know and where you should better prepare.   Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-101-red-flags-in-your-financial-plan/   Watch the video podcast: https://youtu.be/-8SUd_vExGo   What we discuss on this episode:  0:27 - Marc has a new studio set-up! 1:05 - How is Phil? 1:32 - What red flags should you look for? 2:05 - Can you name all the investments in your portfolio? 3:51 - How often should you talk with your advisor? 7:48 - Are your accounts going up and down? 9:40 - How much do you need to maintain your lifestyle? 12:14 - Could you describe your financial plan?  

Ep 101: Red Flags in Your Financial Plan

Let’s talk about one of the primary benefits of aging: wisdom. Phil shares some of the key things to consider in order to make wise decisions as you age and near retirement.   Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-100-age-wisdom/   Watch the video podcast: https://youtu.be/-x5lDhWYZPw    Key Points:  0:13 - It’s our 100th episode! 1:36 - What has Phil seen in the industry? 2:39 - What’s the difference between now and 20 years ago? 5:57 - Do people wish they started sooner? 8:03 - What kind of advice did Phil give his kids? 10:20 - Do people worry more or less about financial issues as they get older? 12:02 - Have people changed their opinions about legacy? 14:06 - Are you being smart with your risk?

Ep 100: How Age & Wisdom Effect Retirement

How can what’s happening this year shape our financial plans moving forward? We talk through several current events in the economy and what impact it could have on the future.   Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-99-breaking-down-economic-news-in-bits-and-pieces/    Watch the video podcast: https://youtu.be/0fKc8iPYNdg    What we discuss on this episode:  1:35 - 2021 is still a challenge. 2:06 - The housing market may have peaked. 7:06 - Unemployment numbers have fallen. 8:56 - What kind of recession was caused by the pandemic? 12:43 - Industries are still not back.

Ep 99: Breaking Down Economic News in Bits and Pieces

To get to know Phil a bit more, we ask a few questions to find out how he got to where he is today. From his influences and hobbies to what he likes most about the job, today’s podcast is all about what makes Phil tick.   Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-98-what-makes-phil-tick/    Watch the video podcast: https://youtu.be/tdzheuWPHY0    What we discuss on this episode: 1:09 - Who shaped Phil’s view of money? 2:48 - What’s the biggest lesson from watching his family? 4:07 - How did Phil end up in the financial business? 5:57 - What is it like to have a financial advisor who is also a CPA?   8:14 - Who in the industry influenced Phil? 10:15 - If Phil had a magic wand, what would he change in the industry? 12:09 - What’s the most gratifying thing in his job?  16:04 - What’s Phil’s favorite hobby?

Ep 98: What Makes Phil Tick?

Retirement is not one-size-fits-all. Just like your bank account, family size, job, and home, you have a number of factors to add up to create a unique situation. On today’s podcast we talk through some of the areas of your retirement that you need to make sure is decided based on your needs and goals.   Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-97-why-you-need-retirement-customization/    Watch the video podcast: https://youtu.be/Wx3794GHO2g    What we discuss on this episode:  0:53 - We all face unique factors in our retirement. 1:30 - How important is a planned retirement age? 4:08 - What is your risk tolerance? 9:13 - What’s your family history of longevity? 13:10 - What’s your legacy?  

Ep 97: Why You Need Retirement Customization

The SECURE Act was passed in 2019, but is now facing possible amendments being added for the SECURE Act 2.0. On today’s episode of the podcast, we talk through these proposed changes and what that means for you.   Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-96-the-secure-act-2-0/    Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA    What we discuss on this episode:  1:35 - The SECURE Act is facing possible new amendments. 1:59 - The RMD age could change again.    6:11 - Employers could auto-enroll you into a 401(k). 8:08 - Catch-up contributions could increase. 11:19 - Matching funds on student loan payoffs are being proposed. 13:58 - A database will be created to find older 401(k)s.

Ep 96: The SECURE Act 2.0

There are a lot of things that don’t feel important, until you suddenly need them. What items do you need to be thinking about now, before it’s too late? On today’s podcast, Phil talks through the four things you want to take care of sooner rather than later.   Read more and get additional financial resources here: https://philstaxhacks.com/podcast/things-that-dont-matteruntil-they-do/    What we discuss on this episode:  0:25 - What’s lake life like for Phil? 1:24 - What doesn’t matter financially? 2:55 - Legal documents are important. 6:18 - Guarding against long-term care expenses. 10:45 - Do you have life insurance? 12:26 - What are your lifetime income streams?

Ep 95: Things That Don’t Matter…Until They Do

Have you started daydreaming about what retirement looks like? Let’s talk today about what it takes to make that retirement dream a reality. Read more and get additional financial resources here: https://philstaxhacks.com/podcast   Watch the video podcast: https://youtu.be/X7eECbIY9_A   What we discuss on this episode:  0:45 - Summer time is vacation time. 1:40 - Retirement could include spending time with family.  3:23 - How do you structure your spending and retirement income? 5:32 - People are ready to start traveling more. 8:40 - What makes people feel locked into a particular structure or plan? 12:11 - What kind of lifestyle do you want in retirement? 13:15 - Are you structured the right way when giving to charity?

Ep 94: What Retirement Are You Living For?

How hard or easy is it to spend your retirement savings? On today’s show we talk about the process and how to get it right.   Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-93-5-things-to-know-about-decumulation/    Watch the video podcast: https://youtu.be/xzRUgJBaV-g   What we discuss on this episode:  0:24 - Today we are on location: on vacation! 1:19 - Let’s talk about decumulation. 2:06 - Do you have the proper support? 6:13 - Do you have the confidence in your plan, even with the risks? 7:30 - How do your taxes fit in? 8:42 - Having an income structure is key.

Ep 93: 5 Things to Know About Decumulation

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!

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Phil's Tax Hacks

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