Staying informed about Social Security changes is crucial for maximizing your benefits, and recent legislation will change benefits for a significant number of Americans. Today we’re going to bring you up to speed on the Social Security Fairness Act and explain how this legislation will be retroactive to 2024, potentially offering a financial windfall for affected retirees.

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

0:00 – Intro

0:48 – The Social Security Fairness Act

5:42 – Claiming strategies

10:22 – Strategies for dual-income households

14:03 – Previous marriages

18:31 – SSDI and SSI

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

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

It’s the beginning of a new year – a time when many of us make resolutions to improve our lives. But how often do we resolve to improve the way we feel about our finances? In the latest episode, Phil explores the crucial transition from saving to confidently spending your hard-earned funds.

Here’s what we discuss in this episode:

0:00 – Intro

1:51 – Spending with confidence

8:41 – Spending guardrails

12:02 – Tips for those who are afraid to spend

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

Watch the video podcast on YouTube: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA

Are ​future ​retirement ​worries ​causing ​you ​mental ​health ​issues ​today? ​That's ​happening ​to ​a ​lot ​of ​folks ​right ​now. ​There's ​so ​much ​stress ​going ​on ​out ​there ​that ​we ​certainly ​​panic ​about ​some ​of ​these ​things ​and ​maybe ​sometimes it’s justifiable. ​So ​let's ​talk ​about the mental health challenges tied to future retirement worries and the ​ways ​we ​can ​hopefully ​avoid ​them.

Here’s what we discuss in this episode:

0:00 – Intro

1:10 – Diving into the stats

4:59 – Charitable giving

9:13 – Fear of never being able to fully retire

12:01 – Average 401k contribution

14:12 – Target date funds

16:12 – Mental health

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

Watch the video podcast on YouTube: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA 

One of the most difficult scenarios for investing is what to do with money you know you’re going to need within a few years for a large expense. You don’t want that money to be stagnant during that time but you also can’t afford to take on much risk either.

Today we’re going to talk about strategic planning for short-term needs and explore the best ways to invest money you’ll need in the next three years.

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

0:00 – Intro

1:35 – Larger planned expenses

3:05 – Things to think about

5:55 – What tools are out there?

8:10 – Strategizing for expenses you know are coming but aren’t sure when

10:24 – Final thoughts

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

Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

We’ve finally reached the final part of our three-part series on what financial advisors wish every investor knew. Phil will discuss four more big things that will make planning for retirement with their advisor even smoother.

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

0:00 – Intro

1:25 – Know what you are paying

4:22 – Understanding that there will be some risk involved

8:03 – The risks that come with the internet

14:52 – The big name doesn’t necessarily mean the best fit

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

Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Today is part two on the things financial advisors wish investors knew. These are the things that can set you up for success in retirement but most people don’t have a great grasp on.

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

0:00 – Intro

2:10 – Financial decisions are emotional

6:03 – The true significance of diversification

9:17 – Having an advisor is for everyone

13:48 – The importance of updates and reviews

16:53 – Work with the right person for the right time

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

Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

This week, Phil and Marc dive into the potential financial impacts of tariffs, tax cuts, and immigration policies following the 2024 election. While early speculation should be taken with caution, they’ll discuss what could be in store for 2025. With changes in policy possibly affecting everything from taxes to housing, the duo breaks down what these shifts could mean for your financial future.

Throughout this conversation, Phil stresses the importance of sticking to your financial plan until the dust settles. As we move forward, it’s crucial to stay focused, maintain your long-term strategy, and be patient as we navigate this evolving landscape.

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

0:00 – Intro

2:00 – A Tax Cuts and Jobs Act extension?

5:51 – Corporate tax rate and Social Security tax proposals

8:12 – Tariffs and their economic impact

13:33 – Immigration and it’s economic implications

17:17 – Having a long-term vision

Helpful resources for this conversation:

https://time.com/7095898/donald-trump-economy-plan-2024/

https://www.npr.org/2024/11/06/nx-s1-5181327/trump-election-economy-tariffs-deportations

https://wellsfargo.bluematrix.com/links2/html/5fd93977-359f-4bff-8db1-42935f3e8f45 

Get our Tax-Smart Retiree book: https://www.thetaxsmartretireebook.com/welcome

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

Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Imagine you could read your financial advisor’s mind before you even walked through the door for the first time. What would they want you to know? This week, we kick off a three-part series on the things we wish people knew about investing and planning.

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

0:00 – Intro

1:48 – Setting realistic financial goals

6:37 – Long-term vs short-term planning

8:26 – One-size-fits-all approach

10:55 – More than investing

Get our Tax-Smart Retiree book: https://www.thetaxsmartretireebook.com/welcome

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

Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Dividend investing has long been a staple in retirement planning, providing a predictable income stream for many retirees. However, the landscape is shifting. The concept of incidental income, which relies on the rebalancing of a portfolio and the cash flows it generates, is gaining attention.

This week we want to tackle the question: Is dividend investing dead? A recent article came out explaining that in today’s economy, it’s possible that dividends may not be the ideal way to invest so we want to explore that idea.

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

0:00 – Intro

1:20 – Incidental income

4:14 – Tax implications

7:38 – More active management

10:40 – Corporate taxes

Read the article referenced in this episode: https://seekingalpha.com/article/4723299-incidental-income-makes-dividend-investing-unnecessary-in-retirement

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

Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Social Security is the backbone of retirement for millions of Americans, but big changes may be coming. There’s plenty of speculation about what might change to improve the solvency of the program, and one simple fix would be to change the retirement age. On this episode, we dive into the recently released proposal to raise the full retirement age from 67 to 69 and what it means for your benefits, your future, and your financial security.

Read the report from the Congressional Budget Office: https://www.cbo.gov/publication/60516 

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

0:00 – Intro

1:56 – Phil’s opening thoughts

3:30 – Who could be impacted

5:19 – How benefits could change

10:18 – Funding your own retirement to stay on the safe side

11:54 – Don’t panic!

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

Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts