401k Archives - Phil's Tax Hacks Podcast

Counterintuitive Advice: Why You Should NOT Invest In A 401(k)

June 22, 2023

Don’t get us wrong. In many cases, your 401(k) can be your best investment vehicle, offering numerous benefits and tax advantages and many times a 100% return on some of your contributions (also known as an employer match). However, it’s important to recognize that it might not always be the optimal choice for everyone. Join us in this thought-provoking episode as we dissect the reasons why someone should NOT invest in a 401(k).

Ep 175: Moving Your Retirement Goalpost – Is It Worth The Risk?

March 23, 2023

Do you ever feel like your retirement planning goals are always moving? You’re not alone. We’ve found that people often move the goalposts in their own retirement planning, often to their detriment. In this episode, we’re diving deep into the psychology of retirement planning and the dangers of moving the goalposts.

Ep 167: SECURE Act 2.0 – Retirement Changes to Know (Part 2)

January 19, 2023

Another round of retirement changes are on the way after President Biden signed a spending bill in December 2022 that included the SECURE Act 2.0. Retirees and pre-retirees need to understand what this legislation means, how it might impact you, and what planning opportunities this could open up. In the first part of the series,…

Ep 165: Top 401(k) Mistakes to Avoid

January 5, 2023

Saving in your 401(k) can be an easy and painless way to build your retirement savings. But because it’s so easy and painless, it can also be easy to ignore for long periods of time, which often leads to mistakes. In this episode, we will be coving common mistakes people make in their 401(k)s. Join…

Ep 161: Making Smart Decisions During Major Life Events

December 1, 2022

Some major life events catch us by surprise, and others are more anticipated. No matter the circumstance, it’s imperative to make wise financial decisions when navigating these life changes. Let’s explore some of the things you should be thinking about to make smart financial decisions when you encounter some of the most significant events in…

Is a 401(k) Rollover Right for You?

November 1, 2022

Gone are the days where people enter the workforce and stay with the same company for 30+ years, eventually riding off into the sunset of retirement with a nice pension. Instead, employees are often moving between jobs as they explore new career paths and search for opportunities to grow and flourish. As they move on…

Ep 152: Can’t Get No Satisfaction… Or Can You?

September 29, 2022

Want to know the secrets to experience satisfaction in retirement? We’ve discovered five key situations in which your financial plan needs to lead you. If you can key in on these five points, you’ll have a high chance to achieve retirement satisfaction. Making sure you have all your bases covered isn’t always an easy feat…

Ep 147: A Deep Dive Into RMDs (Part 2)

August 18, 2022

Everyone we’re working with for a retirement plan has to keep an eye on the age of 72 because that’s when the required minimum distributions begin. While we all know money has to come out of our retirement accounts, it’s not as simple to understand all the requirements and then execute that efficiently. Today we’ll continue our deep dive with part two focused on the inherited account side of things.

Ep 146: A Deep Dive Into RMDs (Part 1)

August 11, 2022

Everyone we’re working with for a retirement plan has to keep an eye on the age of 72 because that’s when the required minimum distributions begin. While we all know money has to come out of our retirement accounts, it’s not as simple to understand all the requirements and then execute that efficiently. Today we’ll provide you a deep dive into RMD starting with the accounts you own in part one.

Ep 131: The Most Important Retirement Birthdays

April 21, 2022

Birthdays might not be as exciting as they once were, but they are still important. On today’s episode, we are going to break down some retirement birthday milestones you need to be aware of when planning for the future.

Ep 115: 22 Money Resolutions for 2022 Part 2

December 21, 2021

2022 is almost here! On today’s episode, we’ll finish our 22 money resolutions for 2022. How many of these can you accomplish?

Ep 112: Retirement Late Bloomers

December 2, 2021

A lot of people feel behind when it comes to saving for retirement. What are some ways we can catch up? Even if you don’t feel behind these are great tips to keep in mind to save a bit more as you get closer to retirement.

Ep 111: Dropping the Ball Financially

November 18, 2021

If your advisor seems to only be interested in discussing investments and growth, it may be time to take a step back and make sure all of your retirement pieces are being addressed. On today’s show, we will discuss 5 areas advisors can drop the ball and how you can stay vigilant in protecting your retirement plan.

Ep 110: 4 Unreasonable Requests

November 11, 2021

Although you may never ask something unreasonable of your advisor, it’s important to know where that line is. It will help you manage your expectations. On today’s episode, we will discuss 4 unreasonable things to ask of or expect from your financial advisor.

Ep 107: Tax Consequences – Pros and Cons

October 21, 2021

Do you know the tax consequences on your retirement accounts? Today, we will be discussing 5 different types of accounts and the tax pros and cons with each.

Ep 105: Financial Mistakes Couples Make

October 7, 2021

Finances can cause a lot of stress for couples. However, planning together is crucial to your overall financial plan. On today’s episode, we will highlight a few areas that couples need to focus on as a team.

Ep 35: Should You Take Money Out of Retirement Accounts While It’s Penalty-Free?

April 16, 2020

Due to coronavirus, the CARES Act has outlined several provisions to relieve the financial burden on the economy right now. If you are allowed to take money out of your retirement accounts without penalty, should you?

Ep 25: Will Retirement Age Continue to Rise?

February 6, 2020

For a long time most people have targeted 65 for retirement, which is older than most countries, but that might even go higher in the next few years. Those ages are already rising in countries like France and Spain as they move towards 67. Should you expect a later retirement date? And how does that impact planning? That’s what we’ll discuss today.

Ep 17: 5 Ways We Sabotage Our Own Retirement

November 21, 2019

With so many aspects of the financial world out of your control, why would you sabotage your portfolio by not controlling what you can? Let’s discuss the ways in which people hurt their own financial health so you can keep from making the same mistakes.

Ep 15: Retirement Constants That Will Affect Everyone

November 7, 2019

Retirement planning is all about finding the right mix of investments that fit your needs and your situation. There’s no such thing as a ‘one-size-fits-all’ approach, but there are factors that will impact every single on of us in retirement. Understanding these constants and planning for them will put your portfolio in a great position.