Phil's Tax Hacks Phil Putney

The future of retiree health care costs is on the rise. In fact, the Employee Benefit Research Institute released numbers for 2023 showing an 8% increase in retiree healthcare costs for the year. Stay tuned as Phil and Marc unpack these latest figures, which suggest that a typical U.S. couple may need upwards of $413,000 to cover their healthcare expenses in retirement.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
1:20 – The 8% increase in healthcare costs in the U.S.
4:56 – Pros and cons of Medigap and Advantage plans
8:37 – How Phil’s office helps clients with healthcare
11:17 – Understanding the costs and complexities of Medicare and Medicaid
 
Resources for this episode:
https://www.fa-mag.com/news/retiree-healthcare-costs-increased-8--in-2023-76822.html
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Retirement is often painted as a serene, stress-free period of life where the worries of the working world fade away. However, psychologists have determined that retirement is one of the most stressful events that some people will experience in life. In this episode, we’ll look at the ways to proactively deal with the stress surrounding the retirement process.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
1:02 – The major lifestyle changes that come with retirement
3:34 – Embracing new challenges
6:16 – Keeping your options open
9:16 – Keeping your sense of perspective
12:08 – Finding a good financial advisor
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 

Is retiring at 65 crazy? One billionaire thinks so. In this episode, Phil and Marc unpack a recent Yahoo Finance article where BlackRock CEO Larry Fink challenges the conventional notion of retiring at 65 and encourages investors to consider delaying retirement.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
1:46 – The current state of Social Security
5:02 – The shift to self-funded retirement plans
7:44 – Early retirement planning and saving
10:37 – Increased life expectancy in retirement planning
12:53 – Getting a personalized plan for you
 
Yahoo Finance Article: https://finance.yahoo.com/news/billionaire-calls-retirement-age-65-111627794.html
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

It’s that time of year! With tax season right around the corner, it’s the perfect time to dive into some tax tips on the podcast. Tune into this two-part series where we dive into a fidelity article titled “8 Tax Pitfalls to Avoid,” and get Phil’s thoughts as a CPA.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
1:15 – Waiting too long to strategize
4:08 – Engaging in wash sales
8:15 – Not taking advantage of tax breaks
9:45 – Forgetting deadlines
 
Fidelity Article:
https://www.fidelity.com/learning-center/personal-finance/tax-pitfalls?ccsource=email_monthly&mbox3rdPartyId=&mboxConvType=VPEmailClick&mboxCID=VM0224&pixelType=vpm&sfip=&sfCampaignId=16797&sfCellCode=169
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

It’s that time of year! With tax season right around the corner, it’s the perfect time to dive into some tax tips on the podcast. Tune into this two-part series where we dive into a fidelity article titled “8 Tax Pitfalls to Avoid,” and get Phil’s thoughts as a CPA.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
1:43 – Missing investment income
3:30 – Selling too soon
5:33 – Poor record-keeping
7:56 – Forgetting losses
 
Fidelity Article:
https://www.fidelity.com/learning-center/personal-finance/tax-pitfalls?ccsource=email_monthly&mbox3rdPartyId=&mboxConvType=VPEmailClick&mboxCID=VM0224&pixelType=vpm&sfip=&sfCampaignId=16797&sfCellCode=169
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Just like any other threat, learning to recognize and avoid scams has become crucial for today's retirees. Join us as we discuss essential steps you can take to protect yourself against the increasing prevalence of scams and identity theft. Phil will offer real-life stories and practical advice to help you keep your finances safe in today’s digital age.
 
Here’s some of what we discuss in this episode:
1:35 – Real stories of financial scams
5:43 – Phishing, vishing, and smishing
8:20 – Examples of different scams
11:54 – Recognizing the signs of a scam
15:19 – Protections you can put in place to avoid being a victim of a scam
 
Resources for this episode:
CNBC article:
https://www.cnbc.com/2023/10/08/how-one-retired-woman-lost-her-life-savings-in-a-common-elder-fraud-scheme.html
Thomson Reuters article:
https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/senior-citizens-financial-scams/
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts