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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!

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All Episodes

16:01

How Advisors Get Paid And Why It Matters

Phil"s Tax Hacks ·

2024/09/19

Ever wonder how your financial advisor really gets paid and what that means for you? Whether it’s a fee, a commission, or a salary, the way your advisor earns money could be influencing the advice they give you. In today’s episode, we’re talking about the different pay structures of financial advisors, revealing the benefits, the potential biases, and what you need to know to make sure your money is truly working for you.Here’s some of what we discuss in this episode: 0:00 – Intro 1:33 –

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15:46

For Couples, Retirement is a Team Sport

Phil"s Tax Hacks ·

2024/09/12

Are you and your spouse on the same page when it comes to what retirement is going to look like? If not, it’s time to talk.Phil has all kinds of experience helping couples work together on their retirement plans because, after all, retirement is a team sport. You and your spouse are a team, and while you might not agree on everything when it comes to money, you still need to be on the same page. Here’s some of what we discuss in this episode: 0:00 – Intro 2:20 – Getting on the same page 4:00 –

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15:32

5 Common Retirement Regrets

Phil"s Tax Hacks ·

2024/09/05

A YouTube video about retirement regrets has been getting a lot of attention lately and it showcases retirees sharing their biggest regret so far. It might be surprising to hear people wanting to do things much differently, but we see and hear these things often when folks are prepared for retirement. Today we’re going to share five of the biggest regrets and talk about how you can avoid looking back and having those same feelings.Here’s some of what we discuss in this episode: 0:00 – Intro 1:19

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12:46

Target Date Funds: The Good, The Bad, The Ugly

Phil"s Tax Hacks ·

2024/08/29

When planning for retirement, one of the most common investment options you'll come across is the target date fund. These funds are designed to simplify investing, especially for those who might not have extensive financial knowledge. But are they truly the best choice for your retirement savings? This week on Phil’s Tax Hacks, we’re bringing you the target date fund 101. Here’s some of what we discuss in this episode: 0:00 – Intro 1:00 – What is a target date fund? 4:41 – Misconceptions about

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19:56

Your Guide To Medicare’s Open Enrollment Period

Phil"s Tax Hacks ·

2024/08/22

The Medicare Open Enrollment Period will be here before we know it! But what does this mean for you? How does the process work, and who should be paying close attention? In this episode, we’ll break down everything you need to know about navigating this crucial period.Here’s some of what we discuss in this episode: 0:00 – Intro 2:01 – What is Medicare Open Enrollment? 5:02 – What kind of changes can you make during this period? 7:26 – Items to consider during this time 11:13 – What if I miss Open

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18:59

How Kids and Grandkids Affect Retirement

Phil"s Tax Hacks ·

2024/08/15

Kids and grandkids play a crucial role in shaping financial plans, often in ways that can significantly impact your retirement strategy. In this episode, we'll dive into the most common scenarios where future generations influence retirement planning. From funding college education to creating lasting financial legacies, we'll explore how to balance your retirement goals with the needs of your family.Here’s some of what we discuss in this episode: 0:00 – Intro 1:30 – Adult kids that are still on

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18:30

Understanding Recent Market Volatility and Its Impact...

Phil"s Tax Hacks ·

2024/08/08

It’s been a wild start to August in the financial markets. You might’ve heard of the significant drops in the Nasdaq, which has left many investors feeling uneasy. In this episode, Phil and Marc discuss some reasons behind the recent global market volatility and what it could mean for your retirement plan.Here’s some of what we discuss in this episode: 0:00 – Intro 1:14 – What triggered recent global volatility 6:49 – Potential impacts on the U.S. economy 12:17 – Having a plan and long-term

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12:18

Could Home Equity Conversion Mortgages Unlock...

Phil"s Tax Hacks ·

2024/08/01

Is the Home Conversion Mortgage for Purchase (H4P) the game changer it promises to be, or just another potential pitfall? Historically, reverse mortgages have had a bad reputation due to a lack of regulation and unfavorable terms. However, the landscape has changed significantly.So, what exactly is H4P? What are its advantages for retirees? Phil and Marc are here to answer your questions and share the pros and cons of this tool in today’s episode. Here’s some of what we discuss in this

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12:38

Avoiding Scandal: Lessons from the James McDonald...

Phil"s Tax Hacks ·

2024/07/25

In this episode, we explore the case of James McDonald, a former CNBC analyst, whose risky investment strategies with client money led to serious legal and financial repercussions. After being on the run for three years, he’s been arrested.Here’s some of what we discuss in this episode: 0:00 – Intro 0:45 – Article Recap 3:03 – Know who you’re working with 6:20 – Impact on industry 7:10 – Preventative measures For more, visit us online: http://philstaxhacks.com Watch the video podcast on

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16:07

The S&P 500 and The Mag 6?

Phil"s Tax Hacks ·

2024/07/18

The S&P 500 is often thought of as a broad market index, but today's reality is quite different. In fact, the index is heavily dominated by a few tech companies- Nvidia, Apple, Microsoft, Amazon, Alphabet, and Meta. These six companies alone make up more than 30% of the S&P 500's market cap, which can be misleading for investors who believe they are diversified simply by investing in the S&P 500. Tune in as Phil and Marc discuss the implications of this market shift and how to make

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14:12

Be Careful Who You Listen To (Getting The Right...

Phil"s Tax Hacks ·

2024/07/11

When it comes to your financial future, who you listen to can make all the difference. In this episode, Phil shares the story of a long-time client who was swayed by a pushy insurance agent into making a potentially detrimental financial decision. Despite having a well-thought-out plan and a balanced portfolio, the client was convinced to move all their assets into annuities by an agent who played on their fears about market volatility.Here’s some of what we discuss in this episode: 0:00 –

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18:34

Retirement Planning “Aha” Moments

Phil"s Tax Hacks ·

2024/06/27

Have you ever experienced an "aha” moment that changed your perspective on something important? These are the moments when the light bulb goes off, and everything starts to make sense. This week on Phil’s Tax Hacks, we talk about some revelations that clients experience when working with a financial advisor. Here’s some of what we discuss in this episode: 0:00 – Intro 4:29 – Some common doubts and hesitations from clients 9:01 – The importance of trust between advisor and client 11:13 – Starting

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19:30

To Trust Or Not To Trust... Are They Right for You?

Phil"s Tax Hacks ·

2024/06/20

To trust or not to trust… that is the question we’re tackling in this week’s episode. Trusts are often surrounded by misconceptions. Many believe they are only for the wealthy or that they complicate financial planning. But what’s the truth of the matter? Should you have one?Here’s some of what we discuss in this episode: 0:00 – Intro 1:17 – Reasons to have a trust 11:06 – Downsides of a trust 15:37 – Making an informed decision For more, visit us online: http://philstaxhacks.com Watch the

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18:04

Financial Fees - Getting to the Bottom Line

Phil"s Tax Hacks ·

2024/06/13

When it comes to managing your finances and planning for retirement, one of the most dreaded topics is fees. Whether you're investing in mutual funds or working with a financial advisor, fees are an inevitable part of the process. In this episode, Phil takes a deep dive into the world of financial fees, breaking down their types and explaining their impact on your investments.Here’s some of what we discuss in this episode: 0:00 – Intro 1:12 – Investment vehicle fees and advisor fees 3:05 –

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19:15

It’s Time To Talk Crypto

Phil"s Tax Hacks ·

2024/06/06

Cryptocurrency has been a buzzword for over a decade, but what exactly is it? In today’s episode, Phil is here to answer your questions. Fresh from a conference focused on this digital frontier, he shares his insights on what crypto is, its underlying technology, and its potential place in your investment portfolio.Here’s some of what we discuss in this episode: 0:00 – Intro 1:55 – What is cryptocurrency? 7:01 – How has cryptocurrency gained legitimacy 10:58 – Should you own cryptocurrency? For

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14:44

All In One Basket? The Risks of Sector Investing

Phil"s Tax Hacks ·

2024/05/30

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

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13:42

The IRS Gave Us A Gift (Or Did They?)

Phil"s Tax Hacks ·

2024/05/23

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

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18:36

Long-Term Care and Life Insurance: The Basics You...

Phil"s Tax Hacks ·

2024/05/16

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

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17:43

Retiree Health Insurance: The Basics You Must Know!

Phil"s Tax Hacks ·

2024/05/09

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

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23:21

How Is Technology Redefining Retirement Planning?

Phil"s Tax Hacks ·

2024/05/02

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,

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