Phil's Tax Hacks

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 In the financial world, there’s no shortage of shiny objects, and most of them look a lot better than they actually are. Phil talks about the key signs of a reputable advisor and how to avoid the most common traps, no matter how enticing they may seem. When you focus on your long-term goals instead of the quick-hit promises, you help protect yourself from costly detours. Here’s some of what we discuss in this episode: 🎓 Credentials & Titles: Separating meaningful designations from marketing fluff 🏆 Awards & Recognition: Why many accolades don’t benefit clients ⏳ Urgency Traps: Limited-time offers and pressure-based pitches 🚀 Trendy Investments: Crypto, fads, and “set-it-and-forget-it” promises 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 If you’re weighing a Roth versus Traditional 401(k), you’re not alone and the right choice isn’t nearly as simple as it sounds. Phil breaks down the key factors that should drive the decision based on your long-term goals. Instead of leaning on generic rules of thumb, the focus is on understanding the math and the tradeoffs involved. There’s no one-size-fits-all answer, but guessing without a plan is almost always the wrong one. Here’s some of what we discuss in this episode: 🌱 Roth Benefits – Paying tax now for future freedom 📊 Tax Brackets – Why today’s rate still matters 🧠 Decision Strategy – Running the math, not guessing 🔄 Contribution Flexibility – Adjusting elections as circumstances change 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 One of the biggest retirement decisions people make has nothing to do with the stock market, it’s buried inside their pension paperwork. In this episode, Phil walks through a common but high-stakes choice: trading monthly income for lifelong protection for a spouse. When you see the options clearly, the right decision usually becomes much easier to live with. Here’s some of what we discuss in this episode: 💍 Spousal Protection: Choosing income that lasts beyond one lifetime ⏳ Longevity Risk: Planning for the unknown timeline 📊 Big-Picture Fit: How this choice affects the rest of your plan ⚖️ Income vs. Peace of Mind: Weighing certainty against higher payouts 🧠 Informed Decisions: Understanding consequences before locking in 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

A new year doesn’t just bring new headlines, it brings new rules that can quietly impact your money. Phil walks through the most important financial changes coming in 2026, and shares what you need to know if you want to start the new year informed instead of surprised. Here’s some of what we discuss in this episode: 📈 COLA & Inflation: What the Social Security adjustment really means 🏥 Medicare Costs: Premium increases and the give-and-take effect 🧾 Senior Deductions: New opportunities for Roth conversions 🏛️ SALT Deduction: Expanded limits and who benefits most ❤️ Charitable Giving: New above-the-line deductions 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 Daycare costs are out of control, and for many families, grandparents feel like the only safety net left. But should your retirement plan be the thing that fills the gap? Today, Phil walks through a real-life question that blends love, money, timing, and long-term consequences. Daycare may last a few years, but retirement can last 30, so the goal is building a plan that supports both generations. Here’s some of what we discuss in this episode: 🧸 Grandparent Childcare: the impact of stepping in as family safety net 🔄 Middle Ground: exploring compromises and shared solutions 📉 Long-Term Impact: early retirement affects lifetime income 🧭 Practical Steps: how to run the numbers before deciding For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

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 Turning 62 might not feel like a milestone birthday until you realize the Social Security clock just started ticking. Filing now could put money in your pocket sooner, or it could cost you tens of thousands of dollars over your lifetime. In this episode, Phil breaks down how to think through one of the biggest retirement decisions you’ll ever make without letting emotion lead the way. Before you file, make sure you’re choosing the strategy that supports your long-term retirement, not just the date on the calendar. Here’s some of what we discuss in this episode: 🎂 Filing at 62: temptation to claim benefits early ❤️ Emotional Decisions: how fear and advice are driving choices ⏳ Waiting Advantage: higher lifetime benefits at full retirement age 📉 Early Impact: permanent reduction in monthly payments 👫 Spousal Strategy: survivor benefits affected by timing 📊 Client Examples: real scenarios reveal best-fit strategies For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

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 It’s easy to feel behind when you compare your savings to your brother, your coworkers, or the YouTube guy claiming he retired at 38. But the truth is that “only” having $1 million doesn’t tell you anything without understanding your lifestyle, income sources, and retirement vision. Today, Phil explains why the comparison game is misleading and how defining your own target brings far more confidence than chasing someone else’s number. Here’s some of what we discuss in this episode: 📊 Comparison Trap: why measuring yourself against others is so misleading 🎯 Define Your Target: how to build a retirement number that fits your life 🏖️ Lifestyle Drives the Math: expenses, goals, and expectations shape the plan ⏫ Catch-Up Strategies: saving more, adjusting timelines, or shifting risk thoughtfully For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

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 A lot happened in 2025… Big political swings, stubborn inflation, new tax rules, and even a historic government shutdown. But what actually matters for your financial life? Today, we’re breaking down the year’s biggest headlines and what they may mean for your plan moving forward. Here’s some of what we discuss in this episode: 📉 Why Liberation Day’s tariff panic wasn’t worth the fear 📈 How markets performed despite constant volatility 💸 Inflation’s real impact- and what must be built into every plan 🧰 Lessons from the government shutdown about emergency funds 🧭 Why long-term planning beats reacting to headlines For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

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 How do you know when an advisor just isn’t the right fit? Phil shares all the subtle (and not-so-subtle) red flags to watch out for when you’re evaluating a financial professional, whether you’re meeting with someone new or reconsidering your current advisor. A great advisor should make you feel informed, heard, and confident about your plan. If something feels off, trust your gut and keep looking. Here’s some of what we discuss in this episode: 🚩 One-size-fits-all planning: the danger of getting plugged into a generic investment model 🚫 Always in sales mode: when “planning” is really just a product pitch 📉 Little to no information gathering: advice without understanding your situation 📞 Lack of communication: only hearing from your advisor when they want to sell something 💬 No tax or Social Security conversations: missing key pieces of real retirement planning For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

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 Getting married in your 50s often means you’re combining lives but not necessarily combining finances. How do you build a retirement plan together when you’ve both already built your own? In this episode, Phil answers a listener’s question about navigating financial and emotional security in later-life marriages. Financial independence and emotional connection aren’t opposites, you can keep your accounts separate, but your retirement plan should still be built together. Here’s some of what we discuss in this episode: 💍 Combining Lives & Assets: unique financial challenges in later marriages 💵 Separate Yet Secure: how to plan for retirement with independent savings 📊 Money Management: different approaches to handling finances together 🏛️ Legacy Planning: using trusts to protect family wealth ❤️ Emotional Dynamics: maintaining trust and communication about money 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

Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment Giving Tuesday (Dec 2, 2025) and year-end donations are just around the corner. But before you hit that “donate” button, let’s talk about how to give with both your heart and your head. Today, Phil shares how to make generosity part of a smart financial plan, because generosity feels even better when it’s part of a bigger plan. Give with purpose, plan with wisdom, and let your generosity ripple far beyond this season. Here’s some of what we discuss in this episode: ❤️ Purposeful Giving: How to give with intention and align your generosity with your values 💸 Maximize Tax Benefits: Timing and strategy to make your gifts go further 🏦 Donor-Advised Funds: A powerful tool for flexible, long-term giving 📜 QCDs Explained: Using Qualified Charitable Distributions for tax-smart generosity 📆 Timing Is Everything: How to bunch deductions and plan donations efficiently For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment Most people think financial planning is about calculators, spreadsheets, and strategies. But that’s only half the story. The truth is, your feelings about money can have just as much impact on your retirement as the numbers do. Today, Phil explores the emotional side of planning. At the end of the day, numbers give us the framework, but your feelings help define the plan that truly fits you. Here’s some of what we discuss in this episode: 🧠 Head vs. Heart: Balancing logic, math, and emotion in your plan 🗣️ Communication & Advice: Balancing client preferences with sound financial guidance 💳 Debt Decisions: The emotional side of staying in or getting out of debt in retirement 📈 Market Volatility: Managing fear, confidence, and risk tolerance 👥 Couple Dynamics: Navigating different money mindsets between partners For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment Some people believe having two financial advisors means double the wisdom, but it often means double the confusion. Phil explains why splitting your money between advisors can lead to conflicting advice, missed tax opportunities, and unnecessary complexity. He shares a real listener question about this exact dilemma and breaks down when it might make sense to have multiple specialists on your team. Here’s some of what we discuss in this episode: 🥚 Eggs in One Basket Myth: the truth about “diversifying” advisors ⚖️ Conflicting Advice: how different strategies can cancel each other out 📉 Investment Overlap: how duplication of funds can lead to unintended risk 💬 Who’s in Charge? you become the quarterback when no one else is For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment Health care costs are rising faster than almost every other expense in retirement, and the latest numbers prove it. Phil breaks down Fidelity’s 2025 estimate showing that a 65-year-old couple retiring today can expect to spend around $172,500 on health care alone, not including long-term care. With Medicare premiums increasing and more retirees unprepared, Phil shares proactive strategies to stay in control of your retirement budget before medical expenses take a bigger bite than expected. Here’s some of what we discuss in this episode: 📈 Healthcare Inflation: Growing faster than the cost of living 🏥 Medicare Myths: What Parts A & B really cover (and what they don’t) 🧾 Long-Term Care: The major expense not included in most estimates 💡 HSA Advantage: Using triple-tax-free savings for future care For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment If you suddenly had a million dollars to invest, where would you put it, and how would you decide? That was the question put to three financial advisors in a recent Financial Advisor Magazine article. Today, Phil reacts to their strategies and adds on several important layers that are often overlooked, but could make or break your plan. Here’s some of what we discuss in this episode: ⚖️ Risk vs. Reward: How personality drives portfolio choices 🤖 Innovation Bets: AI, tech stocks, and global ETFs 🪙 Alternative Assets: Gold, Bitcoin, and energy exposure 💬 Age Matters: Why advice changes in your 40s vs. 60s 💰 Tax Awareness: Why investment structure matters as much as return For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

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 For years, bonds were the “boring” part of a portfolio, but with higher yields, many investors are asking if bonds are finally back. In this milestone 300th episode, Phil breaks down what’s really happening in the bond market, why values fell so sharply in 2022, and how rising rates are changing today’s opportunities. Here’s some of what we discuss in this episode: 💼 Why investors are suddenly talking about bonds again 🔁 “Timing” the bond market rarely works 💬 Quotes from U.S. Bank and Fidelity on 2025 bond trends 🎯 How to use bonds wisely within a balanced portfolio For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

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 Forget polished advice. If you want the truth about retirement, read the YouTube comments. In this episode, Phil reacts to the fears, frustrations, and strategies that real people are posting online. He highlights the recurring themes that show up again and again: claiming Social Security early, bridging healthcare gaps and the psychology of money. Here’s some of what we discuss in this episode: 💬 YouTube comments ≠ your personalized plan 🛠️ A DIY financial plan may end up costing you 🕒 Claiming Social Security early has lasting consequences 💰 Retirement income is about more than averages Erin Talks Money YouTube Channel: https://www.youtube.com/watch?v=3uLpg-GaUC8 For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

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 Well, you’re retired. Now what? Some people subscribe to the “first year rule,” which says that the majority of your best retirement months will take place in the first year. How can you be strategic during that time and set the tone both emotionally and financially? In this episode, Phil walks through five essential steps for making your first year of retirement a success. Here’s some of what we discuss in this episode: 💵 Establish a withdrawal strategy 🧭 Pursue purpose so retirement feels meaningful, not empty 🏃‍♂️ Prioritize health and movement while you can 🎯 Test-drive financial and lifestyle choices to see if they’re a good fit 📆 Use year one to set habits that last For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

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 Downsizing in retirement seems like a no-brainer, but it’s not that simple. In this episode, Phil tests some of the most common beliefs about downsizing and whether they really hold up. Is moving to a smaller home always cheaper? Does it automatically lower your taxes? Will it actually simplify your life, or just trade one set of challenges for another? Here’s some of what we discuss in this episode: 🏠 Downsizing isn’t always cheaper than staying put 💰 Property taxes can jump when you reset your tax base 📉 Transaction costs (commissions, moving, new furniture) cut into equity 👨‍👩‍👧 Family dynamics and emotional ties play a big role 🧭 Lead with lifestyle goals, not just financial ones For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

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 Think Medicare is free at 65? Think again. Many retirees are shocked to learn about IRMAA- the Income-Related Monthly Adjustment Amount- a hidden surcharge that can quietly add thousands of dollars a year to Medicare costs. In this episode, Phil explains how IRMAA works, who’s most at risk, and which types of income can trigger it. Here’s some of what we discuss in this episode: 💸 IRMAA can add thousands to Medicare costs ⏳ Why premiums are tied to your income from two years ago 🧾 The role of RMDs, capital gains, and pensions in triggering IRMAA 🛠️ Smart planning moves like Roth conversions to lower exposure For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96