Is the Home Equity 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 episode:

0:00 – Intro

0:36 – What is the H4P and its benefits?

5:56 – Reverse mortgages with rising housing prices

7:26 – Is this a viable retirement strategy?

A Loan Product Poised to Revolutionize Retirement Article

https://www.nar.realtor/magazine/real-estate-news/sales-marketing/a-loan-product-poised-to-revolutionize-retirement

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

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 YouTube: Phil's Tax Hacks and Other Retirement Facts

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 informed decisions that align with your financial goals.

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

0:00 – Intro

1:36 – Looking at the S&P 500

5:00 – Understanding your investments

10:57 – Making decisions aligned with your goals

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

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

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 – Intro

1:08 – Client story

6:09 – Working with an advisor who understands your needs

8:51 – Having a comprehensive plan

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

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

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 planning early and making informed decisions

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

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

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

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 – Considering net of fees

5:34 – Advisor fees and the value they bring

10:08 – Considering factors beyond fees

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

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

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

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

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 online: http://philstaxhacks.com

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

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 discuss in this episode:

0:00 – Intro

1:09 – The SECURE Act changes/confusion around RMDs

5:16 – The potential consequences of delaying distributions

7:54 – Proactive planning with your financial advisor about IRA distributions

CNBC Article:

https://www.cnbc.com/2024/04/19/irs-waives-required-withdrawals-from-some-inherited-ira-for-2024.html

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

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