Phil's Tax Hacks

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

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 After years in the corporate world, you’re ready for something different. Something hands-on, flexible, or more meaningful. But the big question looms: will it wreck your retirement plan? In this episode, Phil dives into the financial and personal realities of changing jobs at 55, showing how to make the leap thoughtfully while still protecting your long-term goals. Here’s some of what we discuss in this episode: 📈 Why rerunning your numbers can save your future plans 💸 The real risks of dipping into retirement accounts early ⚕️ Surprising costs you face when you lose employer benefits 💡 Smart business planning for your second-act career 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 Inflation may no longer dominate headlines like it did in 2022, but it’s still a top concern for many Americans planning for retirement. A recent Schwab survey shows how inflation affects confidence and preparedness for the future. In this episode, Phil explains why the psychological impact of inflation often feels worse than the actual numbers and how perspective matters for long-term planning. Here’s some of what we discuss in this episode: 🔥 Why inflation headlines feel worse than reality 🤔 How “recency bias” can influence your financial decisions ⚠️ Why 401(k) loans and hardship withdrawals should be a last resort 🏦 Social Security COLAs: how cost-of-living adjustments help retirees 🎯 The importance of regularly rerunning your retirement plan Schwab Survey https://www.usatoday.com/story/money/personalfinance/2025/07/29/inflation-retirement-savings-survey/85413630007/ 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 When it comes to tax law changes, even official government summaries can get the details wrong. In this episode, Phil revisits the “Big Beautiful Bill” (BBB) discussion from a few weeks ago with important clarifications and corrections. After discovering that early government summaries included incorrect numbers and unclear explanations, Phil dug deeper using trusted tax research services to get the facts straight. Here’s some of what we discuss in this episode: 🏠 SALT deduction changes and how the phaseout works 💵 The $6,000 per-person deduction, key updates and when it expires 🎁 New charitable giving “floor” and carryover rules 🧾 Above-the-line charitable deduction for non-itemizers 💸 Updated standard deduction amounts for those over 65 For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

You’ve spent decades building your investment accounts, monitoring the markets, and contributing to your 401(k). That’s great. But here’s the truth: you’re not ready to retire if that’s all you’ve done. Retirement planning isn’t just about your portfolio; it’s about so much more. In today’s episode, Phil dives into all the non-investment decisions that can make or break your retirement. Here’s some of what we discuss in this episode: 💰 Why your portfolio isn’t the only thing you need to focus on 📊 Making informed decisions on when to take Social Security 💡 Building a clear vision for your ideal retirement life 🏥 Are you prepared for healthcare in retirement? 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 No two retirements look the same, and often clients come in with circumstances that make a cookie-cutter plan impossible. In this episode, Phil looks at some examples of these more unique and challenging scenarios and explore the solutions you’ll need to successfully retire. If you're looking for a one-size-fits-all retirement plan, you’re not going to find it here, and that’s a good thing. Here’s some of what we discuss in this episode: ⏳ How age gaps can dramatically change retirement strategy 🧾 Early retirement and the hidden cost of health coverage 💔 How divorce reshapes your income, housing, and long-term plan 🧠 Special needs planning and estate considerations 🛠️ Why no plan is truly set-it-and-forget-it 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 this episode, Phil tackles a question many couples face: how do you plan for retirement when your finances have always been separate? Maybe one of you has a pension, the other a 401(k). Maybe you split expenses or handle totally different parts of the budget. Phil explains how to make separate money work for shared goals, whether it’s a second marriage, late-in-life partnership, or just how you’ve always handled your finances. Here’s some of what we discuss in this episode: 💡 Why separate finances make retirement planning more complex, but not impossible 🗣️ Why communication is the foundation of any successful retirement plan 🏠 What happens when one spouse owns the house and the other holds the retirement savings 👥 How planning shifts in second marriages and blended families Want to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV

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 Dave Ramsey is one of the most recognized voices in personal finance. His 9-step retirement plan is simple, direct, and built for mass appeal. But is it really the best path for your retirement? On today’s show, Phil shares his professional insight into each of Ramsey’s nine steps, from saving and investing to paying off your mortgage and planning for healthcare. Here’s some of what we discuss in this episode: 🧮 Why planning requires math, not just motivation 🏠 Should you really pay off your mortgage early? 📊 Roth vs. Traditional: It’s not one-size-fits-all 🧓 Social Security decisions aren't just about age 💼 What long-term care insurance Ramsey skips over 🧰 How real strategy fills in the gaps Ramsey leaves For more, visit us online: http://philstaxhacks.com

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 The Big Beautiful Bill has officially passed, and Phil is here to bring you everything you need to know from a tax and retirement planning perspective. He dives into what really matters, starting with why the headlines and quick Google searches can be dangerously misleading. He walks through what the bill actually says, what’s being misreported, and how these new tax laws—however long they last—can be a major opportunity when used strategically in retirement planning. Here’s some of what we discuss in this episode: 📉 TCJA tax rates are here to stay (at least for now) 💰 SALT deduction cap increased, but with income-based limits 👵 Seniors 65+ can claim an extra $4,000 deduction through 2028 🏥 Medicare recipients may now qualify to contribute to HSAs again 🧠 AI and headlines aren’t giving you the full story For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

You’ve worked hard, saved well, and now you’re thinking about giving back—maybe to your kids, your grandkids, or a cause you care about. But should you wait and pass that wealth on later, or give while you’re still around to enjoy the impact? Let’s talk about how to make that decision with confidence. Here’s some of what we discuss in this episode: 🎁 Why more retirees are choosing to gift now 💸 Understanding gift tax rules and exclusions 🏥 How direct payments for medical expenses avoid gift tax limits 🎓 Supporting education without triggering taxes For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

For many parents, retirement planning includes the idea of an empty nest. But what if that’s never going to be your reality? Today, Phil answers a viewer question about how to plan for retirement while continuing to care for an adult child on the autism spectrum. It’s a question more families are facing, and in this episode, we’re walking through the financial and emotional factors that come with a “forever caregiving” retirement. From budgets to housing needs, your retirement roadmap may look entirely different, but it can still be achievable with the right strategies. Here’s some of what we discuss in this episode: 🏡 Why downsizing may not be an option in this kind of retirement 📋 What to consider when building a caregiving budget ⚖️ The role of government benefits like SSDI, SSI, and DAC 📜 Special needs trusts: when and how they fit in 💡 Creative strategies to protect care, assets, and dignity For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

The 4% rule gets talked about like gospel in retirement planning. But let’s be honest, it’s always been more of a rough guess than a golden rule. Now, its original creator is revising it to 4.7%. So, does that mean your retirement paycheck just got a raise, or is this just another headline that oversimplifies a complex decision? In a world of volatile markets, tax surprises, and rising longevity, the idea that one percentage could work for everyone isn’t always the best default approach. Here’s some of what we discuss in this episode: 🔍 What the original 4% rule really was and why it went viral ❓The “new number” everyone’s talking about 💰 The critical difference between gross and net withdrawal needs ⏳ How timing, market swings, and income sources impact sustainability 📊 Why planning beats rules of thumb, especially in volatile times For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Target-date funds seem like the ultimate “set it and forget it” retirement strategy, but are they really as simple and safe as advertised? In today's episode, Phil unpacks these popular, automatic investment options that now hold over $4 trillion in assets. If you’re like many people, your 401k automatically funnels your money into these funds based on your retirement date. Convenient? Definitely. Optimal? Maybe not. Here’s some of what we discuss in this episode: 🎯 How target-date funds became the default 401k option ⚖️ How they automatically rebalance, but not always in your favor 📉 Why your funds might be more aggressive than you think 🧐 When a “set it and forget it” approach could cost you 💡 Why target-date funds might not fit your complete financial picture For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Graduation season is an exciting milestone, not just for the grads, but for parents and grandparents who have supported them along the way. Today, Phil wants to share practical ways you can help your graduate make smart financial decisions early, along with actions that could have a lasting impact on their future. Here’s some of what we discuss in this episode: 📊 The tools that make budgeting easier 📈 How Roth IRAs offer lifelong tax benefits 🔧 Debt management without shame or fear 💰 Why early saving beats bigger saving later For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96

A little hope is good for the soul, but when it comes to retirement planning, wishful thinking can lead to serious financial mistakes. Today, Phil is walking through five common examples of wishful thinking that can quietly damage your retirement and how you can build a plan that protects your future instead of relying on luck. Here’s some of what we discuss in this episode: 💸 The hidden cost of "I'll spend less in retirement" 🕰️ The risk of assuming you’ll work forever 🍀 Why “I’ll just get lucky in the market” is a losing bet 🛑 The danger of assuming your kids will take care of you For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: https://bit.ly/3WdDG96