Phil's Tax Hacks

Hosted by Phil Putney

Business NewsExplicit

Website RSS feed

Episodes

299

Latest episode

Oct 2026

Language

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!

Listen to episodes

60 recent

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

August 20, 2026Episode 33814 min

Financial Documents: What to Keep and Where

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 Somewhere in a drawer, a filing cabinet, or a shoebox in the closet, most of us are holding onto financial paperwork we don't actually need. And we’re probably missing a few things we do need. Today, Phil sorts out what stays, what goes, and where it all belongs. Nobody loves paperwork, but a little bit of organization now saves a lot of scrambling later for you and for whoever has to help sort it out someday. When in doubt, ask us before you shred it. Here’s some of what we discuss in this episode: 📄 Document Storage: Some records are worth keeping while others can be regularly cleared out 🧾 Tax Records: Phil generally recommends keeping returns and supporting documents for seven years ⚖️ Estate Documents: Wills, trusts, and powers of attorney should be safely stored and accessible 🛡️ Insurance Records: Current policies should be retained, with some older coverage kept temporarily ✂️ Secure Disposal: Sensitive paperwork should be shredded rather than simply thrown away 💻 Digital Storage: Electronic backups can improve access, but old devices and drives should also be disposed of securely 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 13, 2026Episode 33713 min

Could Retire, Doesn't: The Psychology of Staying at Work

More people in their 60s and 70s are staying on the job than ever before, and it's not always about the money. Today, Phil digs into the real reasons retirees keep showing up to work. Working longer isn't automatically the wrong call. Sometimes it's exactly right. The real question is whether it's a choice or a fallback. That's worth figuring out before you assume the answer. Here’s some of what we discuss in this episode: 🤝 Social Connection: Work can provide relationships, routine, and identity 🏠 Retirement Adjustment: Suddenly spending more time at home can require some adjustment 🦠 COVID Perspective: The pandemic gave many couples a preview of retirement life 💵 Financial Necessity: Some retirees work because they need the additional income 🎯 Retire to Something: Hobbies, volunteering, and interests can help fill the work void 🤝 Advisor Guidance: Professional planning can replace uncertainty with informed decisions 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 6, 2026Episode 33618 min

What Are Your Financial Pain Points?

When it comes to financial planning, everybody has something that bothers them. Today, Phil’s walking through some of the most common pain points we see and the real conversations that happen around them. Nobody walks into retirement without at least one of these in the back of their mind. The good news is that most of them have real answers. And all of them are worth talking about. If any of these hit close to home, that's exactly where our conversation should start. Here’s some of what we discuss in this episode: 💸 Running Out: Planning can reduce lifelong money fears 🧾 Tax Surprises: Retirement taxes may be higher than expected 💵 Replacing Paychecks: Savings must become reliable retirement income 😟 Spending Guilt: A plan can create permission to enjoy 💑 Spousal Tension: Different priorities require shared financial understanding 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