Phil's Tax Hacks

Hosted by Phil Putney

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299

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Oct 2026

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About the show

Financial, tax and retirement planning guidance from Phil Putney. Each week Phil will talk about the keys to building a sound financial strategy that can survive throughout the ups and downs of the market. We'll have plenty of tax hacks along the way and other retirement facts!

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60 recent

November 5, 2026Episode 34822 min

2027 Medicare Open Enrollment: What You Need to Review

Phil is joined by Associate Advisor & Medicare Specialist Brandon Klemm to break down what retirees should be reviewing during the 2027 Medicare Annual Enrollment Period, including Medicare Advantage, Part D, Supplement coverage, prescription costs, and income-related Medicare premiums. They also explain why Medicare and tax planning should work together, especially when today’s financial decisions can affect future healthcare costs. Plus, grab the Medicare review checklist to help make sure you’re covering all your bases. Here’s some of what we discuss in this episode: 🩺 Coverage Paths: Understand Advantage versus Original Medicare 🔄 Annual Review: Don’t assume last year’s plan still fits 💊 Drug Coverage: Compare Part D costs and formularies 🏥 Provider Networks: Confirm doctors and hospitals still participate 📝 IRMAA Planning: Know how income can affect premiums 📅 December 7 Deadline: Review coverage before the deadline 2027 Medicare Annual Review Checklist (PDF) https://shorturl.at/R7D9B Medicare & Weight Loss Drugs www.Medicare.gov/GLP1bridge 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

October 29, 2026Episode 34721 min

Don't Wait Until April: Tax Moves Worth Making This Fall

Most people don't think about taxes until they're sitting down to file, and by then, most of the best opportunities are gone. The moves that actually lower your tax bill usually have to happen before December 31. Here's what's worth tackling now. The best tax planning rarely happens in April. It happens months earlier, while there's still time to do something about it. If you haven't looked at this year's picture yet, now's the time. Here’s some of what we discuss in this episode: 🎁 Donor Funds: Bunch charitable gifts strategically 🧾 Withholdings: Check taxes before year-end 🏥 HSA Strategy: Maximize triple-tax benefits 📤 RMDs: Don’t miss required withdrawals 🔄 Roth Conversions: Plan before December 31 📉 Tax-Loss Harvesting: Offset gains where possible 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

October 22, 2026Episode 34619 min

The Truth About Common Money Decisions

Some financial decisions look complicated and turn out to be pretty simple. Others look simple and are anything but. Today, Phil’s taking a list of common money moves and sorting them into two piles: harder than it looks, or easier than it looks. Some of this really is easier than it looks, and some of it is a lot harder. The tricky part is knowing which is which before you find out the hard way. That's exactly the kind of thing worth talking through. Here’s some of what we discuss in this episode: ⏰ Social Security: Know your numbers first 🏥 Medicare Plans: Understand the tradeoffs 💵 Retirement Income: Turn savings into paychecks 🧾 Spending Needs: Know what life really costs 🔄 Roth Conversions: Plan taxes before converting 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

October 15, 2026Episode 34520 min

5 Financial Frights That Keep Retirees Up at Night

It's spooky season. And while most people are thinking about haunted houses and horror movies, a lot of pre-retirees have scarier things on their minds: running out of money, or a market crash at exactly the wrong time. Today, Phil’s shining a flashlight on five of the biggest financial frights and how to prepare for them. Most of what scares people about retirement isn't the event itself. It's not knowing what happens next. A plan won't make the unknowns disappear, but it can make them a lot less frightening. Happy Halloween. Here’s some of what we discuss in this episode: 💸 Running Out: Build income for essential expenses 📉 Market Risk: Prepare for poor early returns 🏥 Healthcare: Account for rising medical costs 🩺 Long-Term Care: Stress-test expensive care scenarios ❤️ Widow’s Penalty: Prepare for survivor tax changes 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

October 8, 2026Episode 34414 min

Raise It, Lower It, Fix It: The Debate Over Social Security's Newest Wrinkle

A new bill in Congress would let some workers claim full Social Security benefits at 60, seven years earlier than today’s rules stipulate. That's a big headline. But it's just a proposal, and it lands in the middle of a much bigger debate about Social Security's future. Today, Phil reacts to the news and talks about what it means for your planning. Social Security is going to keep making headlines, and the rules may change at some point. But planning around what's proposed isn't the same as planning around what's real. The best approach is a plan that can adjust either way. Here’s some of what we discuss in this episode: 💰 Trust Fund: Understand what depletion really means 🛠️ Possible Fixes: Consider ways solvency could change 📅 Retirement Age: Prepare for shifting assumptions 🏗️ Physical Careers: Set realistic working expectations 🔄 Plan B: Consider less-demanding work options 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

September 24, 2026Episode 34317 min

Is a Roth Conversion Worth It If You’re Close To Retirement?

"I'm 60, probably retiring in 5-6 years, and I just learned about Roth conversions. Is this something I should be doing?" This is a listener question we hear a lot, and the honest answer is: it depends. Phil digs into what it actually depends on. Roth conversions aren't right for everyone, and they're not wrong for everyone either. The only way to know is to run the numbers on your specific situation, not someone else's. Here’s some of what we discuss in this episode: 📈 Future RMDs: How larger balances can create bigger taxable distributions later 🚫 Tax-Free Myth: Why Roth conversions still require paying taxes somewhere 👤 Widow’s Penalty: How a surviving spouse can face higher tax brackets 🏥 Medicare Impact: Why higher income can affect IRMAA premiums 👨‍👩‍👧 Beneficiary Taxes: What inherited traditional IRAs can mean for heirs 💵 Paying the Tax: Why outside funds can improve conversion efficiency 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

September 17, 2026Episode 34214 min

What's Your Number? A Net Worth Reality Check

Some people place a lot of emphasis on their net worth. Other people never think about it at all. Today, Phil talks about how to calculate it, how you stack up by age, and how much you should actually pay attention to it. Net worth is a useful snapshot, but it's still just a snapshot. What matters more is whether the number you've built actually works the way you need it to when the time comes. Here’s some of what we discuss in this episode: 💰 Net Worth: Understanding total wealth versus investable assets 📊 By Age: Looking at average and median net worth across different decades 📈 Growth Years: Why net worth often accelerates in your 40s, 50s, and 60s 💧 Liquid Assets: Focusing on money that can actually be spent in retirement 🧮 Retirement Planning: Building income around investable, spendable assets 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

September 10, 2026Episode 34117 min

The Honor and the Headache of Being an Executor

Being named the executor of someone's will can feel like an honor. It can also feel like a lot of pressure. It's more than handing out inheritances. It's paperwork, accounts, taxes, property, creditors, and sometimes family dynamics, stretched out over months or even years. A lot of clients end up in this role without ever planning to, and we're often the first call they make. Today, Phil talks through how he helps. We're not estate attorneys, and we're not trying to be. But when a client is staring down this role for the first time, having someone who can help them make sense of it makes a real difference. Here’s some of what we discuss in this episode: 📜 Executor Role: What the responsibility actually involves 🗂️ Key Documents: Why locating wills and trusts matters 📋 Asset Inventory: Identifying what belongs to the estate 🧭 Preparation: What executors can do before they’re needed 👨‍👩‍👧‍👦 Family Dynamics: How disagreements can complicate things 💵 Distributions: Why executors shouldn’t rush payments 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

September 3, 2026Episode 34016 min

These 5 Questions Reveal A Lot About Your Financial Plan

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 Talking about money can be hard for some people, and sometimes it just takes the right question to get things rolling. Phil walks through five questions that have very little to do with dollars on the surface but can reveal a lot about what someone actually wants from retirement. Sometimes the best way into a financial conversation is to start somewhere else entirely. Here’s some of what we discuss in this episode: 🕙 Picture Retirement: What does 10:45 on a Tuesday look like? 🎯 Retire To Something: Give retirement a sense of purpose ❤️ Find Your Passion: What would you do without the paycheck? 🔄 Past Regrets: What would you change if you could? 🪣 Bucket List: Identify what you still want to do 🧭 Build Around Life: Let the financial plan support the lifestyle 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

August 27, 2026Episode 33916 min

Retiring on Accident: Ron's Story

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 Today, Phil walks through a potential retirement story- one chapter at a time. As new details come to light, he reacts in real time, just as a financial advisor would during an actual meeting. Ron is 64 and has figured out much of his retirement planning on his own. This is his first time sitting down with a professional. Together, we'll see what he’s done well, what we uncover along the way, and what he might want to do differently from here. Ron always thought he’d know when he was ready to retire. But sometimes, retirement has a way of making that decision for you. Here’s some of what we discuss in this episode: ⚠️ Unexpected Layoff: Retirement timeline changes quickly 📊 Flexible Planning: Test earlier retirement dates 🏥 Healthcare Gap: Bridge coverage until Medicare 💼 Consulting Income: Part-time work adds flexibility 💵 Social Security: Avoid rushed claiming decisions 🔄 Stress Testing: Adjust spending when needed ⏳ Early Planning: Prepare before problems arrive 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