Episode 20230722 - Enhanced Planning Taxes and Social Security

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Episode Transcript

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All these years you've saved up planningfor a secure retirement, but if you're
not careful, it will be theirs that's living it up when you retire
by taxing your hard earned money.Welcome to the Maggie Tax and Financial Hour
with Robert and Chris Maggie of MaggieTax Advisory and Financial Group. With over
thirty years of combined experience in taxsavings, income planning, and investment opportunities,

(00:21):
Robert and Chris share advice and taxplanning strategies designed to protect your retirement
nest egg from Uncle Sam. Yourquestions and comments are welcome during today's program
by calling eight one three three twotwo twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie Tax dot Com.
That's Maggi tax dot com and nowyour host for the Maggie Tax Financial Hour

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on nine seventy WFLA. Robert andChris Maggie. Welcome everyone, and thanks
for joining us today. My nameis Robert Maggie and I'm here with Chris
Maggie, and be sure to visitour website, Maggie Tax dot Com.
Today we're going to talk about sometopics, but register for our seminars.
It's a three and one. We'lltalk about that throughout today's show. And
also go to the retirement tax calculatorso you can see what your retirement tax

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bill is going to be. Theseare two important spaces that you can go
to to find out information for free. And we're going to talk about our
three and one seminar today because it'sgoing to help a lot of people.
Also visit our website Maaggie tax dotcom. Be sure to watch our TV
show every Sunday at ten thirty am. It's about education and we have a
lot of topics to talk about today, So let's get going. Chris,

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and you know, I'm excited aboutthis because we put a three in one
seminar together. It's been very successful. We talk about a state planning,
social security and taxes and a lotof advisors out there aren't doing any of
that, and I can tell youfrom the results that we've had, as
you know, it's been very wellreceived. Well, let's just it so
welcome everyone. I'm Chris Maggie andthanks for tuning into our show. And
you know, each and every weekwe talk about education and if you're not

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working with a complete planner. You'remissing the boat because most advisors out there
just deal with investments and really,you can invest your own money. It's
not that hard, really, butmost people don't complete the rest of the
story. And there's incomplanting, there'stax planning, there's investment planning, there's
so security maximization planning. And thenwhat we're talking about today is a state

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planning. So what's the state planningand what documents do people need in Florida?
And that's a big question because alot of people Chris bypass it.
I believe sixty percent of the Americanpeople don't even have a will. And
that's said because when you pass away, you want to make sure that your
assets are title correctly. We talkabout this every time about beneficiary designation and

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make sure it goes to who youwant. So when you go up to
heaven and you're looking down, whatis your your family picture going to look
like? Is it going to looklike people are fighting or people are just
you know, relax. I goteverything the way you want it, and
that's important. So what a stateplanning documents do we need in Florida.
Let's talk about that. So astate planning or enhanced planning applies to all

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of you. And I'm not youknow, I don't care how old you
are, but it applies to allof you. So register today at maggietax
dot com, click on seminars andall the locations and times are listed,
and we do the seminar at librariesbecause it's about education, and like Chris
said, we educate a lot ofpeople throughout the week and throughout the year
and throughout our career because it's aboutlearning the language and understanding what to do.

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So a library is a great placeto learn and another reason to attends.
What I give you all a freecopy of our first book that we
wrote. Stop funding Uncle Sam's retirementand get a plan that's simple and easy
to understand, and we call itthe Maggie Plan. It's a tax plan,
it's an income plan, it's aninvestment plan, and more importantly,
Chris, it's a legacy plan.So there's a lot that we're offering there,

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and it's very easy to attend,and it's like ninety minutes, so
why not show up? Absolutely,So visit our website at maggietax dot com.
There's so much information right there,So let's just discuss what documents are
required in Florida. There are ahandful of things that need to be sorted
out before you can set things instone to ensure that everything goes smoothly.
You want to avoid the probate process, and you don't want to go through

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probate if you don't have to.And most people they just don't know what
they don't know, and they justthink that's just the process. But it
doesn't have to be that way.So as I talk about, things have
to go smoothly, but it canbe a lot for a single person to
keep track of and not everyone mayunderstand the terminology that's involved. So that's
why you need to meet with theright advisor. That's why Maggitac's advisory is

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here to let you know what documentsare needed for a state planning and an
explanation of what they're for. Sowe work with a national group of attorneys
to get all the documents that youneed. Every situation is different. But
the question is what is a stateplanning? And here's a brief summary that.
Why don't you go into that andtalk about what a state planning is?
Sure, and again a lot ofpeople don't spend a lot of time
on this, but you know it'ssomething that you have to think about.

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So what is a state planning?So a brief summary that make this easy.
Things can happen that put us ina situation we're unable to communicate our
intentions when it comes to our assetsor our own well being. So,
whether it be from a sub disabilityand inability to speak freely or the act
of passing, there are a numberof reasons that could cause you to relinquished

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control of your say in things thatyou want to have done, not someone
else. So a state planning preparesyou for these outcomes by setting your wishes
in place should any of these thingsoccur. And Chris, not when someone
sitting on a hospital bed in acoma, or you know, dementia sets
in before that. That's what thisis all about. To take the time
to sit down and do it.And you'd be surprised how many clients that

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we met that sat down and said, Wow, I didn't think it was
this easy, but I'm so gladI did it now absolutely. I mean,
we just met with a beneficiary ofa daughter who mom passed away just
last week, and you know wemet with them two years ago, did
the estate planning side of the wholecomplete plan and guess what she came in.
She had a death certificate. Shewas the beneficiary with her brother and

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guess what. Things passed smoothly ascan be. And that can happen for
you as well. And a stateplanning or a state planning involves a few
types of documentation to ensure that theresults that you desire. Each of these
papers covers your rights in their correspondingfields and you can enjoy the peace of
mind by getting it all down inwriting. That's what it's about. But

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also you have to make sure thatthings are notarized. Just keep in mind
that it's important to avoid common estateplan and mistakes since you won't be able
to fix them after it's too late. So such documents are your last will
and testament. This is often seenas one of the most important documents that
you can sign. Your last willand testament will make sure that your assets
go to the people that you wantthem to go to. This can also

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be used to designate specific people tobe the guardian of your minor children.
Without this document, there's no guaranteethat your wishes will be fulfilled. After
you pass register for aught seminar,we do a state planning segment on that
to help you. We have anice marketing piece that will give all of
you to kind of fill in theblanks. You know, who's going to
get what, How does it workfor a husband and wife, the whole
thing. So register at our website, Maggie tax dot com. That's what

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we're talking about today. I inviteall of you. It's very simple.
Go to Maggie tax dot com,look for seminars and the dates are there
for August and it's free. There'sno cost, there's no obligation. But
the bottom line is we have donethis and I have done many seminars in
my career. It's about education.So if you're coming to a seminar to
get educated, we're at the rightplace because it's at the library. Please

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don't come to a seminar and toget expect to be sold something. That's
not the way it is. Chris, and to me today, the language
and the education is so important foreveryone listening to today's show, Well that's
it. So that's why we docomplete planning and that we call it the
Maggie plan. It's a tax plan, and it's an investment plan, it's
an income plan, it's a stateplanning. You know, it's legacy planning
and so security maximization planning. Andwe're talking about today in this topic here

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as state planning, and you knowwe do complete planning, so we can
help you in a lot of differentways. Let's discuss what a living trust
is sure, and this is oneof the questions we get all the time.
So how can you make sure thatyour positions are going to be distributed
how you wish? That's the mostimportant thing. And you can personally choose
someone that you know to be thetrustee to handle all of your assets for

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you after you pass, to giveyou greater peace of mind. It says
like speak from the grave. Soyou are also able to change your designation
with to designate a trustee as manytimes as you'd like, for as long
as you are alive. And here'sthe question. As you know, you
put a trust together, you havea trustee, but you can change them.
You have full control, right,you can buy, sell, you

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can still manage the whole trust.But it's more protection for you because you're
doing it and what's really important isthat a trust avoids probate and also it's
private, so god forbid you passedaway. Something happens to you. People
out there, it doesn't have togo through the probate process. It's not
public data. It's private, sono one's going to know what you have
and what your wishes are. Sothat's why it's so important. These are

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some of the documents that we're talkingabout when you talk about state planning and
enhance planning. So pick up thephone, schedule a time to meet with
us. If you don't have awill, you're looking for questions about a
trust or state planning, we havethe attorneys here to help you. Eight
three three Maggie tax. That's eightthree three Maggie tax. So what are
other documents that are part of theestate planning process? Another document, it's

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a power of attorney. So ifyou are ever in a situation where you
are unable to make important decisions yourselfconcerning your property, financial matters, and
other assets, a power of attorneycan make those decisions on your behalf.
So you would want someone that youcould absolutely trust to handle such important matters,
and this document will establish who willbe your power of attorney should you

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ever need one. And Chris,this is the documents that are people missing
that we see all the time.That's right. So let's talk about healthcare
directives. So setting up your healthcaredirectives is almost like having a power of
attorney, but for medical concerns,you can state what types of treatment you
do and do not want, whatsurgeries you approve of, whether or not
you would like to don't at yourorgans, and so on. So since
these concerns are something that's very personalto you and it's your own body,

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it's very important to have such mattersclearly written. So reach out to us
at Maggie Tax Advisory and Financial Group. We can help you. We can
help and help you in a lotof different ways. We can preserve your
family harmony and protect your legacy.That's what it's about. So we have
a question for all of you.How often do you play the estate game
in your lifetime? How do youknow how well you did? You're never

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gonna know until you actually get itdone. So that's why it's important to
meet with us. Pick up thephone in schedule time to meet with us.
Eight three three Maggie Tax. Besure to register for our seminars,
go to Maggie Tax dot com rightnow hit seminars. You'll see the seminars
coming up in August and every monthafter that. So it's up to you
get educated. We're trying to helpeveryone out there. Eight three three Maggie

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Tax and don't forget. Every Sundayat ten thirty, What's your TV show?
Want EBC The Maggie Taxes Funinential Show. Stop planning for Sam's retirement and
start planning for your retirement. Aswe return to the Maggie Tax and Financial
Hour with your host, father andson Robert and Chris Maggie. For additional
information on how you can create atax free retirement, visit Maggie Tax dot

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com. That's m a Ggi taxdot Com or call eight one three three
two two twenty five twenty. That'seight one three three two two twenty five
twenty now your host for the MaggieTax and Financial Hour, Father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie. Welcome back

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to the Maggie Tax and Financial Show, and thank you for tuning in.
I'm Chris Maggie and I'm here atmy Dad and cost of the show Robert
Maggie, and visit our website atMaggie tax dot com. There's so much
information right there at your fingertips.We're talking about seminars to get educated.
Three in one seminar, i'll learnabout your tax bill. If you have
an IRA form on K it's ait's a tax time bomb about to explode

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with taxes. How do you defusethat time bomb? We can help you.
Visit our website at magatax dot com. Schedule time to meet with us.
Let's get together. We have officeon both sides of the bay.
Let's review your investments. Let's puttogether an income plan. Let's show you
what you can do. Put togethera complete plan for you and your family.
So one of the things we're talkingabout today, because we're talking about

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the seminars that we do, wediscussed the enhanced plan in the estate planning.
What about SOL security And there's fourthings to understand before making decisions about
your Social Security benefits. So Dad, let's start with number one. It
all starts when you pay in correctexactly. So each paycheck that you receive
from your employer is subject to soilsecurity tax that amounts to about twelve point

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four percent of your salary, butsplit evenly at six point two percent for
you and six point two percent foryour employer. So you pay that amount
on everything you earn up to acertain amount. This one'll be one hundred
and forty seven thousand, and eachone thousand, five hundred ten dollars that
you earn provide you with one alsosecurity credit up to four credits per year,

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and once you've collected forty credits,you are eligible to receive benefits.
And this, Chris, is thebiggest question we get. Do they have
enough credits? How do they establishthe credits? And if I don't have
enough credits, what do we do? That's it. So most people,
if you work ten years and youwork throughout the whole year, you get
four credits a year. That's fortyquarters. You're good to go. But
a lot of people we meet withsometimes they're short. Sometimes they have thirty

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eight credits, they just don't qualifyfor the benefit. So it all starts
when you pay in. So thesecond thing that's really important fee to understand
about making soial security decisions that youincrease your benefit as you earn more so
let's talk about that. Sure,well, you may be eligible to receive
soil security benefits after working as fewas ten years. The amount you receive

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is calculated over a greater time period, So your benefit amount is based on
your highest thirty five years of earnings. If you've worked fewer than thirty five
years, the missing years are countedat zero. Again, Chris, we
run a Social Security Maximization report clearsall this up, and when we do
the seminar, the second segment isthe soul security. I can't tell you
how many questions we get on this. It's just so confusing to a lot

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of people. Absolutely, and that'swhy it's so important to make sure that
you go to SSA dot gov andlook to see if your earnings are calculated
correctly. But a quick example,my mom, my mom here, what
she did was look at our socialsecurity statement in one year. There was
zero on her earnings record. Theydidn't calculate it. So all we had
to do we notified Social Security Administration. We showed her the W two and

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guess what they changed that real quick. So if that happens to you,
don't be alarmed to pick up thephone. Schedule time to meet with us.
Let's go over call sol security,but also making sure that you have
everything credited and your earnings are there. So talking about soil security and number
three, the things that you needto understand is that the earliest you can
receive benefits is age sixty two.So let's lab rate on that for a

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little bit. Correct, So youmay begin to receive early benefits from soured
at age sixty two. That's afew years before what the Soil Security administ
calls your full retirement age or FRA. Full retirement age or FRA is the
age at which you can receive onehundred percent of your primary insurance amount.
And this is important because when wedo tax planning and we do taxes,

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it depends on the biggest question weget, when should I take it?
Well, you can take it atsixty two if you definitely need it,
but there's a couple of variables inthere that if you're working Chris and you're
making more than a certain amount,you don't need to be taken soul security.
I guess the biggest concern most peoplehave that it's not going to be
there. So each month that youdelay receiving your soul security benefit. The
amount that you're going to receive increases. Retire at sixty two and you may

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only receive seventy five percent of yourprimary insurance amount. Retire at your full
retirement age and you're going to receiveone hundred percent of your FIRA. So
wait even longer and you may receivean additional eight percent each year up to
age seventy. So what happens isfrom sixty two to sixty six it grows
at six point two percent, andsixty six to seventy grows at eight percent.

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And Chris, many times when weshow this to clients, they don't
really understand, Wow, maybe Ican wait, and this is how come
it's growing. So when's the besttime to take it? Every situation is
different. There's no one age foreverybody that's the best option for them.
So what you need to do ismeet with the right advisor bringing your soul
security statement, Let's analyze it.Let's do the maximization report for you and

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your spouse, so we can showyou when's the best time to take the
benefit, and we also will showyou how much you're going to get per
month. And this is part ofthe income plan. This is part of
the income plaining that we do,and it correlates with your investment plan and
your tax plan and your overall enhancedplan. So that's why it's so important
to meet with us. Let's goover soil security. Let's explain it,
and let's answer those questions that youhave. So we're talking about here today.

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What you need to do to understandyour benefits about soul security, and
number four is find your when.We talk about this all the time,
but find your when. Elaborate onthat for me down exactly. And this
is one of the most challenging questions. That is when to start receiving your
soul security benefit. Should you startcollecting at sixty two, wait until seventy,
or choose somewhere in the middle becauseyou can if you're age sixty two

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or older. The first question youshould ask yourself is if you need the
money, and if you do needsol security income to meet your expenses in
retirement, you'll need to take yoursoul security income or consider other options.
If you don't need the money,it might make sense to consider delaying your
benefits to let your future payment increaseuntil you reach one of your PIA and

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Chris Many times that we meet withclients, their advisors are not talking about
this. They're not addressing as statetaxes, they're not talking about soul security
because they don't understand it. Soyou have to understand how it works and
how it's going to benefit you.That's why the seminar, the three in
one seminar we put together, isso important. Go to Maggie tax dot
com. Registered today, You're invited. It's simple, and there's the locations

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are right there in the times.And if you can't visit a seminar,
then no problem. Just pick upthe phone schedule time to meet with us
individually. We have officers on bothsides of the bay. Schedule appointment to
meet with us. So we talkedabout four different things that you need to
understand about soul security. But alsothere's benefits for spouses and ex spouses and
widows and widowers. So there's somuch their education about soul security. They

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should have a whole class on thisbecause many people have no idea how it
starts, what the benefits are,the cost of living adjustments? How is
that based off of my gosh,you know, what happens if someone passes
away? Who gets the higher ofthe two. Usually it's a spouse that's
living gets the higher of the two, but many people don't understand that.
So spousal benefits, death benefits yourbenefits. There's a lot to discover,

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and there's also it's important to understand. This is very, very crucial to
understanding your retirement income needs. Sopick up the phone, schedule time to
meet with us. Eight three threeMaggie Tacks. That's eight three three magg
Attacks and don't forget Every Sunday onABC TV, tune in on ABC TV
at ten thirty for the Maggie Tacksand find financial show eight three three Maggie
Tames. Stop planning for Uncle Sam'sretirement and start planning for your retirement.

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As we return to the Maggie Taxand Financial Hour with your host, Father
and Son, Robert and Chris Maggie. For additional information on how you can
create a tax free retirement, visitMaggie tax dot com. That's Maggi tax
dot com or call eight one threethree two two twenty five twenty that's eight
one three three two two twenty fivetwenty Now your host for the Maggie Tax

(19:33):
and Financial Hour, Father and Sonfrom Maggie Tax Advisory and Financial Group.
Robert and Chris Maggie, Welcome back, everyone, and thanks for joining us
today. My name is Robert Maggieand I'm here with Chris Maggie. Today.
We've been talking about our three andone seminar on estate planning, on
sol security planning, and also taxplanning, which we're gonna get into in
a minute. So we've discussed socialsecurity planning. But at our seminar,

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you're going to receive a soul securityguard. You're going to receive marketing piece
about estate planning so that you couldtake it home and see exactly what you
need to do. Because I feel, and I know Chris does, education
so important. So go to ourwebsite, Maggie Tax dot com, look
for seminars and register. All theseminars are there. You can pick the
ones you want and it's free,there's no cost, and it's going to

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be so good because we're giving outanother item of my book called stop funding
Uncle Sam's retirement and everything in there. And I do this at every seminar.
At the end, when you lookat the you know what's in the
book, everything that we talk aboutthere, you can take it home and
read it. So I just wantto recap one thing and then we're going
to get into it. But we'vealready talked about a state planning. So

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without a will, probate court andthe estate decide what happens to your assets
after you gone. If that's whatyour plan is, that's not the plan
we would like you to get.Number two, on social security, it
can be confusing. They have fraa Pia kohla Erma, what does it
all mean? And we go overthat at the seminar. So at Maggie
Tax advitagy is Social Security and Taxseminar. We're going to cover all of

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this. So now Chris, we'regoing to get into the big topic.
Could your tax bill in retirements betoo big? And as many people know,
we do tax planning, we doincome planning, and we do insurance
planning. But Chris, taxes rightnow are so important are going to be
so important in the next couple ofyears when they expire. So what are
the five ways that taxes can risein retirement that we can talk about.

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Well, let's just said, andyou know, if you can't attend the
three and one seminar, don't bealarmed. Schedule time to meet with us.
Let's get together. We have officerson both sides of the base,
so we can schedule time that's convenientfor you. So it's important to get
together. Let's talk about a stateplanning, tax planning, income planning,
investment planning. And Dad, youmentioned that five ways taxes can rise in
retirement, So let's start with Numberone, you change tax brackets you fed

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at. Tax bracket determines what percentageof your income you will owe in taxes.
Some savers may not maintain the sametax bracket throughout retirement. And one
reason for a tax bracket change inretirement is if a spouse passes away and
the surviving spouse moves from filing marriedjointly to filing as a single filer.
So single filer tax brackets are appliedto less income than joint file rates.

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So the total amount of taxes youcould pay could go up as more of
your income is subject to higher bracketrates. And we see this every time
during tax season when something like thishappened. So your tax bracket can change,
and that's important to understand. Numbertwo, tax brackets change around you.
So even if your filing status staysthe same in retirement, tax brackets

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could change around you, and thisoccurs when Congress passes new laws impacting tax
brackets. And for example, intwenty seventeen, Congress passed and the presidents
signed into law Comprehensive tax reform andsometimes known as the Tax Cuts and Jobs
Act, sometimes known as the TrumpTax Cuts. This legislation temporarily lower tax
bracket rates for many Americans. Butthis law and its lower bracket rates will

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expire in twenty twenty five, andthat means in twenty twenty six, tax
bracket rates are stated to go backand revert back to the older higher levels.
Many people don't know this, soif you are evaluating your retirement assets
based on today's tax rates, it'simportant to remember those rates will likely be
hired starting in twenty twenty six,even if your income stays the same.

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And Chris, this is tax planning. This is what people are not paying
attention to. That's why it's soimportant to get a mock a tax return
filed. We can show you whatthat would look like today, so in
the future you're not surprised. Andmany people come in they have no idea
about taxes and we can show themthat you can have more income on a
tax favorite basis. We had aclient that came in last week one hundred

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thousand dollars a year an income andguess what they're paying no tax? Why
because they have income coming from SocialSecurity. They don't understand how that's taxed.
With the other income that they have, they're under the threshold income.
And guess what they have nice incomecoming in for the rest of life and
paying no taxes. Could this happento you? We can look at this.
That's why the roth iras are important. That's why if you have iras

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and qualified accounts, you need tounderstand that these are accounts are uninfected with
taxes. But we're talking about waysthat taxes can rise in retirement and think
about it. The twenty twenty five, the Trump tax cuts expire. So
what are you doing now to putyourself in position to take advantage of these
opportunities. That's what we're discussing today. So pick up the phone, schedule
time to meet with us. Let'stalk about your tax situation. Let's talk

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about your income, your investments andhow they all correlate together. And that's
what we could do So we justtalked about how you can change your tax
brackets. Number two, tax bracketscan change around you. What about number
three, deductions are eliminated. Whatare we talking about here, Well,
deductions can be eliminated, but yourtax bracket is only one factor that can
potentially impact your taxes in retirement.How much of your income is subject to

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taxation is another way that you couldpossibly pay more taxes in retirement than you
planned on. So if you makeone hundred thousand a year and you can
deduct twenty thousand, you likely paytaxes on eighty thousand of taxable income.
But if next year you can onlydeduct ten thousand, guess what you would
subtenly pay taxes on ninety thousand oftaxable income. That's what we're talking about

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here. That's going to happen.Your bracket didn't change, but you end
up paying more in taxes because moreof your income was subject to taxation.
And in twenty seventeen the Tax Cutsand Jobs Act legislation, we saw an
elimination of some deduction. So it'san area right now Christa Congress could return
to in the future. And that'sjust it. So that's why it's important

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to do a tax review and wetalk about what accounts do you have our
subject to taxation? That's what we'rediscussing here. That's why your tax plan
is so important as your investment planand so important as your income plan,
because why have less income because they'regetting it away from taxes. So what
accounts do you have our subject totaxation? If you don't know, we

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can show you. Think of thephone, schedule time to meet with us.
Let's get together a time. Wehave officers on both sides of the
bay. Maggie tax dot com orjust pick up the phone. Schedule a
time eight three three Maggie Tax.So we just talked about three ways,
so let's talk about the fourth way. The way assets are taxed changes,
So let's elaborate more on that.And you could also end up paying more

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in taxes in the future if thegovernment changes the way retirement assets or tax
And one example of this could besocial security and listen, Before nineteen eighty
four, social security benefits were nottaxable, and based on legislation passed in
nineteen eighty three, social security paymentsbecame taxable of to fifty percent of the
benefits and then in nineteen ninety threethat amount was raised to eighty five percent.

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So what Congress did is Congress couldpotentially pass new legislation making an even
higher amount of the benefit taxable forsome retirees. And if that happened,
you could pay more in taxes becausemore of your time and income would be
subject to taxation. People. Thisis what legislature risk is. This is
why we talk about This is whythe three and one seminar on a State

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Planning on taxes and soul security.Folks attend the seminar. Go to Maggie
tax dot com, click on seminarsor register for the event and Chris,
those are four of the ways.Put this one more. The fifth way,
what about new taxes if they areenacted, what happens? Now,
that's just that you know five waystaxes can rise and retirement we're talking about
the fifth way new taxes are enactedand that's the final straw here. The

(27:25):
final way your taxes in retirement couldbe higher than what they are today is
if Congress passes new taxes on retirementassets. There was discussion of this during
the congressional debate over President Biden's proposalbuild back better agenda, and this legislation
on their consideration in Congress included trillionsof dollars in new government spending and to
offset that spending, trillions of dollarsin new taxes. What does that mean

(27:49):
for you? So, for example, one tax provision included in the House
Democrats Build proposed a new annual requiredminimum distribution to r MD from qualified retirement
accounts like I RaSE and form onks. So every year, if currently
if you're over age seventy three,you have to take the required minimum distribution.

(28:10):
So this r and D would beapplicable to any age and would be
triggered when a savers retirement assets reachsa value above a congressionally mandatory limit.
Think about that for a minute.They want you to save. Everyone wants
you to save. But guess what. Now you have to start taking money
a qualified accounts and pay guess whattaxes at at your ordinary income rate.

(28:32):
This is crazy. So the proposalwould require savers above this cap to withdraw
from their accounts fifty percent of theexcess above the cap each and every year,
whether they need the income or not, and pay taxes on that withdrawal.
In a sense, ending the taxpreferred status of those funds. So
think about this. You go aheadand work, you put money away for

(28:53):
retirement, but guess what things arechanging. Taxes are changing, brackets are
changing, new taxes are enacted.What are you going to do when this
happens. Think about the income you'rereceiving right now. Say you're receiving five
thousand dollars a month of income,and you're sitting pretty and everything's great in
retirement. But guess what things changewith the tax rates Now Instead of the

(29:17):
five thousand dollars a month of income, now you're receiving say thirty five hundred
dollars a month of income. Whatdo you do? Do you go back
to work, do you take morefrom your retirement assets? Do you have
enough money from your investments to makesure that you don't outlive your money?
These are the questions that many peopleare having. So what's the solution det

(29:37):
What can people do now to putthemselves in position to take advantage of these
opportunities as opposed to falling victim tothem. Well, two things that we
offer right now. If you goto our website Maggie tax dot com on
the top right, you'll see retirementtax bill. So what Chris is just
referring to, Now, let's seewhat your tax bill and retirement is going
to be. Plug in the numbers, put your account value in there that
you can actually put in the taxand in thirty seconds I'll repeat that.

(30:02):
In thirty seconds, you'll see whatyour retirement tax bill is going to be.
Then that's when you should come inand take a time to meet with
us. Number two the seminar,the three and one seminar that we're the
only ones doing this on a stateplanning, on tax planning and social security
planning. You should register for itbecause this is what we're covering, what
we've been talking about today. Wehave material to give out for all of

(30:23):
you that's going to you can takehome. You can take a look at
it, be a lot clearer andthen make an appointment. But again,
go to Maggie tax dot com,click on seminars number one and register today.
And number two. Go to theretirement tax bill, put in your
numbers and in thirty seconds, Chriswill give them the retirement tax bill that
they're going to have to pay.That's it, So let's put together strategies

(30:44):
now now to take advantage of theopportunities in the future. Visit our website
maggetax dot com. Schedule time tomeet with us. Eight three to three
Maggie Tax. Let's put together theMaggie Plan for you income planning, tax
planning, investment planning, social securitymaximization planning and planning a state planning eight
three three Maggie Tax. That's athree three Maggie Tax. Stop planning for

(31:06):
Uncle Sam's retirement and start planning foryour retirement. As we return to the
Maggie Tax and Financial Hour with yourhost father and son Robert and Chris Maggie.
For additional information on how you cancreate a tax free retirement, visit
Maggie Tax dot com. That's Maggitax dot com or call eight one three

(31:27):
three two two twenty five twenty.That's eight one three three two two twenty
five twenty now your host for theMaggie Tax and Financial Hour, Father and
son from Maggie Tax Advisory and FinancialGroup, Robert and Chris Maggie. Thanks
for tuning into the Maggie Tax andFinancial Showing. Throughout today's show, we

(31:47):
did discuss a lot of different things. Education is so important and right now
more than ever. Things are changingand you need to make sure that you
have a plan. That's why wecalled the Maggie Plan. Advanced tax planning,
sol security planning, income planning,following case solutions, medicare solutions,
legacy planning, roth conversions, investmentsolutions. That's what we do. It's

(32:08):
called the Maggie Plans. So pickup the phone, schedule a time to
meet with us. Visit our website. We have office on both sides of
the Bay. We have seminar locationswhere you can attend get educated. We
have the three in one seminar ona state planning, so security planning,
tax planning, oh my gosh,all in one. You definitely need to
attend or just meet with us eightthree three Maggie Tax. And I promise

(32:31):
you this that I'll make it worthyour while when you attend, because I
give out two books. A firstbook, stop funding Uncle Sam's retirement.
Get a plan that's simple and easyto understand, and right from the beginning.
The chapter one is organizing your assets, which is what Chris and I
are talking about. Number two thecolor of money. We talk about red
money, green money. How muchof your money is at risk and have

(32:53):
you done a risk tolerance because thereare new strategies that you could use when
you sit down with Chris and seewhat they are. The other thing is
the big one understanding soul Security andChris. When I give this book out
with the Social Security Guide, Ihave to tell you the eyes on the
Soul Security Guide and the questions weget which we talked about today, are
unbelievable because social Security doesn't tell themwhat we tell them. And the Maximization

(33:17):
report, and you know this aswell as I do. It is powerful.
And people sit back and they golike, why aren't they telling me
any of this? What am Isupposed to do? We pay into soul
Security and we don't get any helpon it. That doesn't make sense.
That's just one thing that's part ofthe complete plan. Right. It's not
just about investments. Anybody can manageyour money. You can do it yourself.

(33:37):
We could talk about investments. Wedo investments. We can show you
how to protect your money. Wehave yellow money and green money and red
money. We can break that downfor you. We can show you the
type of risk tolerance day that you'retaking right now, and where you should
be at your age and where youare in your retirement, so that's the
investment planning. But you made agreat point that people talking about soil security
and how does that correlate with yourinvestments, because that's an income plan.

(34:00):
So that's why we call it theMaggie Plan. So, as you mentioned,
complete planning is so important and providingyou with knowledgeable, informative and comprehensive
financial guidance is what we do.So pick up the phone, schedule a
time to meet with us eight threethree Maggie tax and you talk about complete
plan and incomplete plan. And everytime we ask the people out there at
the seminar do you have a completeplan or incomplete plan? They look at

(34:22):
us and they go, I guesswe have an incomplete plan. But there's
also something that you have to startlooking at new ideas for investing, ensuring
that you're a plan and your future. One thing we talk about is bucket
planning. You want to talk aboutthat in a minute. Why is bucket
planning so important? And everything we'retalking about with so security, with a
state planning and taxes, and thenthe other part that we put this whole

(34:44):
thing together. It's a puzzle.We all talk about that the asset map
and how this makes sense to aclient chorus When they come in and they
sit down and go now from thetop down, they see and they go,
wow, I didn't know what waslike that. That's it. You
know, when you come in andmeet with us, we're going to show
you a complete plan. We're goingto show you what your investments are going
to do. We are going toshow you if they're going to be safe,

(35:06):
they're going to be at risk,or they're going to provide income in
the future. We're going to showyou that. And that's why every plan
is different. What do you wantsafety of your money important to you or
you a risk taker? Do youwant more income? Do you want guaranteed
paychecks? Do you want more playchecks? What's a play check or play
check is an additional income stream thatyou can get every month and will come

(35:28):
in for the rest of your life. So you can count on it coming
in and you can play with it. You can spend it to the fullest
extent. You know what about inflation, it's here, it's there, it
will be there for a long time. You need to make sure that you're
combating against it. That's why manypeople I don't care how much you have
come into our office, and themain concern is am I going to outlive

(35:51):
my money? I don't care ifthey have millions of dollars. That's where
most of the people have the sameconcern. Am I going to outlive my
money? Do you know that answerfor or if you don't, we can
help. So pick up the phone, schedule time to meet with us.
Watch our TV show every Sunday onABCTV at ten thirty am. Oh my
gosh. There's so much information rightthere to help you. But more importantly,

(36:13):
schedule time to meet with us.Eight three three Maggie tax and when
you're registered for the seminar, it'sninety minutes. It's free, there's no
cost, there's no obligation. We'regoing to give you a lot of information
to help you leave there and onemore think us so we could talk about
you know, we talked about soilsecurity, we talked about taxes, we
talked about the red money, greenmoney, we talked about bucket planning.

(36:34):
But this one very important part ofthe puzzle. It's called the income gap,
and many people don't even know theyhave an income gap. Can you
kind of make it simple and easytalk to stand yeah, and you know,
think about this. You're working andjust use even numbers. Say you're
making five thousand a month coming inevery month because you're working. If a
paycheck coming in, but what happenswhen you stop working? That's where the

(36:55):
soil security comes in. You're gonnaget soil security. Do you qualify?
Are you gonna get spousal benefits?What is it? But what if you're
going to get two thousand a monthand your spouse is going to get a
thousand a month, that's three thousanda month, So that means you're used
to five thousand coming in now you'regetting three. How are you going to
fill that income gap that's that twothousand dollars difference every month? Are you're
gonna have a guaranteed paycheck that comesin to fill half of that or all

(37:20):
that? Do you need to relyon your investments they're going up and they're
going down? Or do you fearyou're gonna outlive your money? So how
are you filling that income gap inretirement? Most people don't know. But
more importantly, taking another level,how is it going to tack get taxed?
So maybe you need six thousand dollarsinstead of that five thousand, because
you gotta pay a thousand dollars intax every year because you have I RAS

(37:42):
and four one case that are infectedwith taxes. So guess what, you
gotta pay taxes. So how you'regonna do it, That's what we're talking
about. So when you come into meet with us, we're gonna put
together the Maggie Plan. It's incomeplanning, tax planning, advanced tax planning,
investment planning, estate planning. That'swhat we do. We're going to
provide you with knowledgeable, informative andcomprehensive financial guidance to help you eight three

(38:05):
three Maggie Tax Real Simple. Goto our website Maggie Tax dot com right
now or after the show, registerfor our seminars and also go to the
retirement tax Bill. Plug in yourinformation. Let's find out what you're going
to pay in taxes and in thirtyseconds, I promise you you'll get an
email'll show you what your retirement taxbill is going to be. What's your
TV show? Every Sunday at tenthirty on ABCTV ten dot seminar Maggie Tax

(38:29):
dot Com. Click on seminars andalso click on the retirement tax Bill.
We appreciate you're listening today. Wehope you learn something and we've got educated.
When you're listening to the Maggie Taxand Financial Show, you've been listening
to the Maggie Tax and Financial Hourdiscussing tax planning investment strategies, presented by
Robert and Chris Maggie from Maggie TaxAdvisory and Financial Services with offices in Hillsborough

(38:50):
and Pinella's County. Visit Maggie Taxdot com or call eight one three three
two two twenty five twenty. That'seight one three three two two twenty five
twenty and tune in next Saturday atfive for the Maggie Tax and Financial Hour