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PODCAST

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!

business investing

All Episodes

18:39

Ep 171: 5 Beneficiary Mistakes - Are You Accidentally...

Phil"s Tax Hacks ·

2023/02/16

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 ones dearly. Some of the simplest mistakes can completely spoil an otherwise well done retirement

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23:32

Ep 170: 2023 Retirement Preparedness Checklist (#6-10)

Phil"s Tax Hacks ·

2023/02/09

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 parts so we could take enough time for each of these items on the checklist. In part one, we worked through

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17:02

Ep 169: 2023 Retirement Preparedness Checklist (#1-5)

Phil"s Tax Hacks ·

2023/02/02

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 you’ll face in retirement. Here’s some of what you’ll learn in this episode: Why most people don’t

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13:19

Ep 168: Back to Basics - Income Planning

Phil"s Tax Hacks ·

2023/01/26

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 really have a retirement plan. (0:42) Where are you pulling the income from and when? (3:11) Why most

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20:34

Ep 167: SECURE Act 2.0 – Retirement Changes to Know...

Phil"s Tax Hacks ·

2023/01/19

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 contributions getting an inflation adjustment. (0:50) The Starter 401(k) (4:44) The ability to get a company

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19:50

Ep 166: SECURE Act 2.0 - RMD & Roth Changes (Part 1)

Phil"s Tax Hacks ·

2023/01/12

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 others. (1:05) The RMD penalty has been reduced. (3:35) There are no longer RMDs for any Roth account

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17:38

Ep 165: Top 401(k) Mistakes to Avoid

Phil"s Tax Hacks ·

2023/01/05

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 you don’t want to forget to rebalance your 401(k). (4:16) Do you understand Target Date Funds? Are

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16:56

Ep 164: Dividend-Only Retirement Plans

Phil"s Tax Hacks ·

2022/12/21

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 funds pay out a percentage of their earnings through dividends. (5:39) How much of a pay cut are you

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16:36

Ep 163: The Market Outlook for 2023

Phil"s Tax Hacks ·

2022/12/15

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 articles and share our thoughts with you. Join us on today’s episode as we break down these major

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19:01

Ep 162: Will it Take a Miracle to Retire?

Phil"s Tax Hacks ·

2022/12/08

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 hitting a certain net worth. (3:12) How our bucket plans can help you plan effectively. (13:06) Your

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19:18

Ep 161: Making Smart Decisions During Major Life Events

Phil"s Tax Hacks ·

2022/12/01

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 down these major topics: What to think about when you’re forced into retirement or change careers close to

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17:06

Ep 160: Should You Follow the 60-40 Rule?

Phil"s Tax Hacks ·

2022/11/22

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 portfolio. (2:36) What alternative to bonds could you use in a 60-40 portfolio? (7:05) For more, visit us

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15:58

Ep 159: Is the Grass Really Greener on the Other Side?

Phil"s Tax Hacks ·

2022/11/17

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 too quickly. Join us on today’s episode as we break down these major topics: If your advisor made a

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18:42

Ep 158: The Retirement Marathon: Finishing the Race

Phil"s Tax Hacks ·

2022/11/10

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 days with long runs that simulate the marathon, and other days with shorter, faster runs. Planning for

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19:00

Ep 157: Common Questions About Taxes in Retirement

Phil"s Tax Hacks ·

2022/11/03

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 will revert to the Obama administration era of taxes if there are no changes. Will there be as many

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19:39

Ep 156: What You Need to Know About Forced Retirement

Phil"s Tax Hacks ·

2022/10/27

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 best to cover all of the bases from pension options to healthcare. Let’s dive in! Join us on today’s

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21:03

Ep 155: Are Health Savings Accounts ‘Super Roths’?

Phil"s Tax Hacks ·

2022/10/20

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 mistakes to avoid. Join us on today’s episode as we break down these major topics: What is an HSA? Is it

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16:27

Ep 154: The ABC’s of Bonds

Phil"s Tax Hacks ·

2022/10/13

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 be something you should consider. Join us on today’s episode as we break down these major topics: Why

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18:22

Ep 153: Fine Print Fiasco

Phil"s Tax Hacks ·

2022/10/06

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? Let’s find out. Join us on today’s episode as we break down these major topics: Have you been caught

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20:34

Ep 152: Can’t Get No Satisfaction… Or Can You?

Phil"s Tax Hacks ·

2022/09/29

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 how you can retire with confidence in your financial future. Join us on today’s episode as we break down

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