Phil's Tax Hacks

"I'm 60, probably retiring in 5-6 years, and I just learned about Roth conversions. Is this something I should be doing?" This is a listener question we hear a lot, and the honest answer is: it depends.

Phil digs into what it actually depends on. Roth conversions aren't right for everyone, and they're not wrong for everyone either. The only way to know is to run the numbers on your specific situation, not someone else's.

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

📈 Future RMDs: How larger balances can create bigger taxable distributions later

🚫 Tax-Free Myth: Why Roth conversions still require paying taxes somewhere

👤 Widow’s Penalty: How a surviving spouse can face higher tax brackets

🏥 Medicare Impact: Why higher income can affect IRMAA premiums

👨‍👩‍👧 Beneficiary Taxes: What inherited traditional IRAs can mean for heirs

💵 Paying the Tax: Why outside funds can improve conversion efficiency

For more, visit us online: http://philstaxhacks.com

Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome

Some people place a lot of emphasis on their net worth. Other people never think about it at all. Today, Phil talks about how to calculate it, how you stack up by age, and how much you should actually pay attention to it. Net worth is a useful snapshot, but it's still just a snapshot. What matters more is whether the number you've built actually works the way you need it to when the time comes.

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

💰 Net Worth: Understanding total wealth versus investable assets

📊 By Age: Looking at average and median net worth across different decades

📈 Growth Years: Why net worth often accelerates in your 40s, 50s, and 60s

💧 Liquid Assets: Focusing on money that can actually be spent in retirement

🧮 Retirement Planning: Building income around investable, spendable assets

For more, visit us online: http://philstaxhacks.com

Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome

Being named the executor of someone's will can feel like an honor. It can also feel like a lot of pressure. It's more than handing out inheritances. It's paperwork, accounts, taxes, property, creditors, and sometimes family dynamics, stretched out over months or even years. A lot of clients end up in this role without ever planning to, and we're often the first call they make.

Today, Phil talks through how he helps. We're not estate attorneys, and we're not trying to be. But when a client is staring down this role for the first time, having someone who can help them make sense of it makes a real difference.

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

📜 Executor Role: What the responsibility actually involves

🗂️ Key Documents: Why locating wills and trusts matters

📋 Asset Inventory: Identifying what belongs to the estate

🧭 Preparation: What executors can do before they’re needed

👨‍👩‍👧‍👦 Family Dynamics: How disagreements can complicate things

💵 Distributions: Why executors shouldn’t rush payments

For more, visit us online: http://philstaxhacks.com

Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome

Want to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV

Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment

Talking about money can be hard for some people, and sometimes it just takes the right question to get things rolling. Phil walks through five questions that have very little to do with dollars on the surface but can reveal a lot about what someone actually wants from retirement. Sometimes the best way into a financial conversation is to start somewhere else entirely.

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

🕙 Picture Retirement: What does 10:45 on a Tuesday look like?

🎯 Retire To Something: Give retirement a sense of purpose

❤️ Find Your Passion: What would you do without the paycheck?

🔄 Past Regrets: What would you change if you could?

🪣 Bucket List: Identify what you still want to do

🧭 Build Around Life: Let the financial plan support the lifestyle

For more, visit us online: http://philstaxhacks.com

Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome

Want to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV

Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment

Today, Phil walks through a potential retirement story- one chapter at a time. As new details come to light, he reacts in real time, just as a financial advisor would during an actual meeting.

Ron is 64 and has figured out much of his retirement planning on his own. This is his first time sitting down with a professional. Together, we'll see what he’s done well, what we uncover along the way, and what he might want to do differently from here. Ron always thought he’d know when he was ready to retire. But sometimes, retirement has a way of making that decision for you.

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

⚠️ Unexpected Layoff: Retirement timeline changes quickly

📊 Flexible Planning: Test earlier retirement dates

🏥 Healthcare Gap: Bridge coverage until Medicare

💼 Consulting Income: Part-time work adds flexibility

💵 Social Security: Avoid rushed claiming decisions

🔄 Stress Testing: Adjust spending when needed

⏳ Early Planning: Prepare before problems arrive

For more, visit us online: http://philstaxhacks.com

Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome

Want to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV

Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment

Somewhere in a drawer, a filing cabinet, or a shoebox in the closet, most of us are holding onto financial paperwork we don't actually need. And we’re probably missing a few things we do need. Today, Phil sorts out what stays, what goes, and where it all belongs. Nobody loves paperwork, but a little bit of organization now saves a lot of scrambling later for you and for whoever has to help sort it out someday. When in doubt, ask us before you shred it.

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

📄 Document Storage: Some records are worth keeping while others can be regularly cleared out

🧾 Tax Records: Phil generally recommends keeping returns and supporting documents for seven years

⚖️ Estate Documents: Wills, trusts, and powers of attorney should be safely stored and accessible

🛡️ Insurance Records: Current policies should be retained, with some older coverage kept temporarily

✂️ Secure Disposal: Sensitive paperwork should be shredded rather than simply thrown away

💻 Digital Storage: Electronic backups can improve access, but old devices and drives should also be disposed of securely

For more, visit us online: http://philstaxhacks.com

Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome

More people in their 60s and 70s are staying on the job than ever before, and it's not always about the money. Today, Phil digs into the real reasons retirees keep showing up to work. Working longer isn't automatically the wrong call. Sometimes it's exactly right. The real question is whether it's a choice or a fallback. That's worth figuring out before you assume the answer.

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

🤝 Social Connection: Work can provide relationships, routine, and identity

🏠 Retirement Adjustment: Suddenly spending more time at home can require some adjustment

🦠 COVID Perspective: The pandemic gave many couples a preview of retirement life

💵 Financial Necessity: Some retirees work because they need the additional income

🎯 Retire to Something: Hobbies, volunteering, and interests can help fill the work void

🤝 Advisor Guidance: Professional planning can replace uncertainty with informed decisions

For more, visit us online: http://philstaxhacks.com

Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome

When it comes to financial planning, everybody has something that bothers them. Today, Phil’s walking through some of the most common pain points we see and the real conversations that happen around them. Nobody walks into retirement without at least one of these in the back of their mind. The good news is that most of them have real answers. And all of them are worth talking about. If any of these hit close to home, that's exactly where our conversation should start.

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

💸 Running Out: Planning can reduce lifelong money fears

🧾 Tax Surprises: Retirement taxes may be higher than expected

💵 Replacing Paychecks: Savings must become reliable retirement income

😟 Spending Guilt: A plan can create permission to enjoy

💑 Spousal Tension: Different priorities require shared financial understanding

For more, visit us online: http://philstaxhacks.com

Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome

Want to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV

Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment

There's an entire television network dedicated to doing things yourself — home renovation, landscaping, interior design, all of it. And the DIY mentality is genuinely admirable. But when it comes to retirement planning, Phil says that the stakes of a bad install are a little higher than a crooked backsplash. DIY has its place. But some projects are worth calling a professional, especially when the cost of getting it wrong follows you for the next thirty years.

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

🛠️ DIY Pitfalls: Retirement involves more than choosing investments

⚖️ Professional Advice: Guidance can reveal overlooked planning opportunities

💵 Income Management: Retirement withdrawals require coordinated long-term decisions

💻 Technology Preferences: Available information does not guarantee clarity

💑 Spousal Differences: Both partners need confidence in the plan

🧭 Professional Guidance: Experience helps connect every retirement decision

For more, visit us online: http://philstaxhacks.com

Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome

According to a recent Kiplinger article, there are five keys to a retirement plan that hold up over time. They all happen to start with the same letter, which either means it's a great framework or someone really wanted it to work out that way. In this episode, Phil walks through the “5 D’s” of retirement planning and how each one plays a role in helping retirees build a plan that can hold up over time.

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

📊 Smart Diversification: Separate growth and income assets

🧾 Tax Diversification: Build flexibility across tax buckets

⏳ Plan Duration: Make retirement income last longer

🛡️ Downside Protection: Guard withdrawals during market declines

💳 Discretionary Spending: Account for lifestyle beyond essentials

How to Turn a $1 Million Nest Egg Into a Lifetime Income Machine

https://www.kiplinger.com/retirement/retirement-plans/how-to-turn-a-usd1-million-nest-egg-into-a-lifetime-income-machine

For more, visit us online: http://philstaxhacks.com

Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome