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...

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:...

Every firm has distinct principles that guide its approach to financial planning. When searching for an advisor, you want to find someone who aligns with your needs. In this episode, we take you behind the scenes to explore the core values and unique processes that set AFS Financial Group apart.    Here’s some of what we discuss in this episode: 0:00 – Intro 0:54 – Phil’s core values 2:34 – Being a CPA and financial advisor 5:11 – Education 8:51 – How does Phil measure success?   For more,...

As the election season heats up, understanding the tax proposals of the presidential candidates is important. While we don’t talk politics on this show, policies can have a direct impact on our finances. In this episode, we dive into the contrasting tax proposals of Donald Trump and Kamala Harris.   Here’s some of what we discuss in this episode: 0:00 – Intro 1:36 – Trump’s corporate taxes 4:01 – Kamala’s corporate taxes 5:51 – Trump’s individual income taxes 10:06 – Kamala’s individual...

Ever wonder how your financial advisor really gets paid and what that means for you? Whether it’s a fee, a commission, or a salary, the way your advisor earns money could be influencing the advice they give you. In today’s episode, we’re talking about the different pay structures of financial advisors, revealing the benefits, the potential biases, and what you need to know to make sure your money is truly working for you.   Here’s some of what we discuss in this episode: 0:00 – Intro 1:33 –...

Are you and your spouse on the same page when it comes to what retirement is going to look like? If not, it’s time to talk. Phil has all kinds of experience helping couples work together on their retirement plans because, after all, retirement is a team sport. You and your spouse are a team, and while you might not agree on everything when it comes to money, you still need to be on the same page.   Here’s some of what we discuss in this episode: 0:00 – Intro 2:20 – Getting on the same...

A YouTube video about retirement regrets has been getting a lot of attention lately and it showcases retirees sharing their biggest regret so far. It might be surprising to hear people wanting to do things much differently, but we see and hear these things often when folks are prepared for retirement. Today we’re going to share five of the biggest regrets and talk about how you can avoid looking back and having those same feelings.   Here’s some of what we discuss in this episode: 0:00 –...

When planning for retirement, one of the most common investment options you'll come across is the target date fund. These funds are designed to simplify investing, especially for those who might not have extensive financial knowledge. But are they truly the best choice for your retirement savings? This week on Phil’s Tax Hacks, we’re bringing you the target date fund 101.    Here’s some of what we discuss in this episode: 0:00 – Intro 1:00 – What is a target date fund? 4:41 – Misconceptions...

The Medicare Open Enrollment Period will be here before we know it! But what does this mean for you? How does the process work, and who should be paying close attention? In this episode, we’ll break down everything you need to know about navigating this crucial period.   Here’s some of what we discuss in this episode: 0:00 – Intro 2:01 – What is Medicare Open Enrollment? 5:02 – What kind of changes can you make during this period? 7:26 – Items to consider during this time 11:13 – What if I...

Kids and grandkids play a crucial role in shaping financial plans, often in ways that can significantly impact your retirement strategy. In this episode, we'll dive into the most common scenarios where future generations influence retirement planning. From funding college education to creating lasting financial legacies, we'll explore how to balance your retirement goals with the needs of your family.   Here’s some of what we discuss in this episode: 0:00 – Intro 1:30 – Adult kids that are...

It’s been a wild start to August in the financial markets. You might’ve heard of the significant drops in the Nasdaq, which has left many investors feeling uneasy. In this episode, Phil and Marc discuss some reasons behind the recent global market volatility and what it could mean for your retirement plan.   Here’s some of what we discuss in this episode: 0:00 – Intro 1:14 – What triggered recent global volatility 6:49 – Potential impacts on the U.S. economy 12:17 – Having a plan and...

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...

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...

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...

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 –...

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 –...

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...

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 –...

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...

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...

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...

While you dream about the leisurely days ahead of you in retirement, it’s also important to think about some of the less glamorous items, including insurance. So, what types of coverage should you be considering for your golden years? What do you need to keep in mind as you prep for the transition? We’re going to walk you through the fundamentals in this two-part series. While we covered the basics you must know about health insurance in our last episode, today’s episode will focus on...

While you dream about the leisurely days ahead of you in retirement, it’s also important to think about some of the less glamorous items, including insurance. In this new season of life, your old policies may no longer suit your needs or may come to an end. So, what types of coverage should you be considering for your golden years? What do you need to keep in mind as you prep for the transition? Stay tuned as we chat about retiree health insurance in part one of this conversation!   Here’s...

In a world where technology touches every aspect of our lives, it's no surprise that it has also made its mark on the financial industry. So, in today’s episode, we’re going to unpack the toolbox of technology that's promising to redefine retirement planning. From robo-advisors to online calculators, we’ll discuss whether certain tools truly simplify the planning process or introduce new complexities.   Here’s some of what we discuss in this episode: 0:00 – Intro 1:45 – Google has made life...