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 easier, but can lead to misformation

5:50 – Online calculators can provide a great starting point

7:52 – The benefits and drawbacks of do-it-yourself trading platforms

11:35 – Thinking about the end game with online courses and webinars

15:19 – Being careful with online advice from financial influencers

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

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

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

You’ve probably heard some mixed opinions on annuities in your lifetime. But before you get swayed one way or another, it’s important to understand what exactly an annuity is and how they work. Listen in as Phil breaks down the difference between immediate and deferred annuities and offers insights into their benefits and drawbacks.

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

• 1:08 – What is an annuity?
• 10:04 – When might an annuity be appropriate?
• 13:20 – The misunderstood features of annuities
• 18:31 – Working with a fiduciary that has your best interest in mind

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

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