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,
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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 today we're gonna betalking about quite a few things. Be
sure to visit our website Maggee taxdot com and register for our upcoming seminar
on a state planning, on taxplanning and so security planning. We call
it three and one. So checkout the website Maggee tax dot com.
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And while you're there, check outthe retirement calculator because if taxes go up,
you're going to be paying a loton your IRA four oh one K.
We have a simple link there andin thirty seconds we can tell you
what your tax bill is going tobe. Also, don't forget every Sunday
at ten thirty watch our TV show, The Maggie Tax and Financial Show.
So, Chris, we have alot going on the seminars. We're trying
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to educate people. That's the bottomline that you and I have always tried
to accomplish. And the reason whyI say that because people come in and
meet with us and the first wordsout of their mouth is like, I
don't know if I understand the dynamicsof taxes and insurance and income. And
you know, that's probably the bestthing you could say, because Chris,
they have to keep an open mindand that's just it. So welcome everyone,
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thanks for tuning into our show,and were welcome everyone to the show,
and yeah, education is so importantto us, and that's just it.
If you have questions, you know, don't just put your head in
the sand and say I'll deal withit later on, deal with it now.
Because this is your retirement. Thereare options and opportunities that you could
take advantage of. Investment opportunities,tax strategies, so security maximization, tax
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planning. There are ways to reduceyour taxes and have more income in the
most tax efficient way. You justdon't know how, and we can show
you. So pick up the phonethroughout today's show, schedule time to meet
with us. We have office onboth sides of the bay to help you.
My dad talked about our website.There's so much information right there,
and especially the seminars. You know, get educated. We can help you.
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Come visit with us. We'll havea conversation, we'll talk about what's
on your mind and see if wecan put together a plan for you.
Eight three to three Maggie tax.That's eight three three maggie tax. It's
fun. So take care of yourconcerns and see if we can help you
out. So today let's discuss convertingan ira to a roth ira. Many
people have asked us about that becauseroth iras or tax free, I raise
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or taxable, and that's what we'retrying to help people understand. So do
you have an ira and you're thinkingabout converting to a roth ira? So
there are many benefits to converting,but you trade an immediate tax bill for
the promise of tax free earnings anddistributions down the road. Remember, the
tax cuts are going to expire intwo years, are going to go up
at least three percent. We don'tknow how high it's going to go,
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So take advantage of this. Andone benefit that you may not have considered
is to benefit to your beneficiaries.Inheriting a traditional ira will have very different
tax consequences than inheriting a roth ira. So converting your ira to a wroth
is really a gift to your beneficiaries. And I guess, Chris, you
know, I don't know how manypeople out there want to gift money to
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their beneficiaries, but in this caseit makes sense because it's tax free,
not taxable. Let's just say,you know, we meet with a lot
of people and we ask them thequestion, is passing your assets down to
the family important to you? Andwe get mixed responses. Some people say,
no, I want to spend everydime that I have and my kids
have to deal with it later on, and then we understand that. But
also the other side of it isthat they want to leave a legacy.
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They want to make sure that theirkids not have a handout, but a
step up in regards to what's happeningin this country. And they want to
make sure that they have tax freemoney so they have to deal with the
situation with higher tax in the futureand they can get by and keep moving
forward. So you know, whatis it for you? What are you
looking to do. That's why wetalk about the Maggie Plan. It's a
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complete plan for your retirement. It'sincome planning, tax planning, investment planning,
a state planning. All those arejust combination of each and every one
of those assets to make sure thatyou put together the plan the right way.
And one thing that I want toremind everyone as we go through the
show, register now for a stateplanning, tax planning, and sold security
planning seminars that are coming up.Just go to our website Maggie Tax dot
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com. Click on seminars. You'llsee the dates and locations register and it's
no cost, no obligation because it'ssomething we want to do. What's about
education, So let's talk about thisfrom it and consider the following example that
I'm going to give you. Let'ssay Gus named as three children as beneficiaries
of his three million dollar traditional ira, and he never made any non deductible
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contribution. So when his children takedistributions from their inherited traditional iras, those
distributions will be fully taxable but notsubject to penalty. So what if Gus
converted is traditional ira to a rothira more than five years ago, then
all distributions from the inherited roth irapaid to his children would be tax and
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penalty free. So that's a verydifferent result. Chris and I think people
only know traditional nut options to changeit. Well, let's just it,
and a lot of people don't knowwhat they don't know, and they don't
know that putting away money in aform on k or ira you get a
tax benefit now on those funds,but in the future, guess what it's
fully taxable at the rate at thattime it's ordinary income. So think about
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this. You basically have a questionmark tax rate with your retirement So in
this example, three million dollars IRA, who knows what the taxes are going
to be in the future with thataccount, And the higher it goes,
the tax deferral keeps accumulating, thenthe bigger the tax bill in retirement.
So why not eliminate the question markin your tax bill? And you can
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do that. You can have aforever never taxed account as opposed to a
forever taxable account. That's why youneed to sit down and we need to
look at your iras and if youhave four moe ks or iras four h
three bs TSP if you're federal,pick up the phone schedule time to me
with us. It's so crucial becauseyou need to understand what your tax bill
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will be and that how do peopleout there get the tax bill and what
they're going to pay? How dothey know? What do we have for
them that we can show them?Great question. On our website Maggie tax
dot com, we have the retirementcalculator. I don't think anyone's got this
out there. All you gotta dois go to Maggie Tax on the top
right you'll see retirement tax bill.And so many of you have gone there
and thirty seconds, I can tellyou what it will tell you what your
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tax bill is going to be.So no matter what age, you will
plug in what your value is ofyour IRA, your four oh one K,
four oh three B and click thebutton and in thirty seconds you'll see
what your tax bill is going tobe. So now what do you do.
What you're going to do is getan email from us. We're going
to try to set up an appointment. Come in and let's talk about strategies
and options and again the seminars thatwe're doing. If you register now,
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it's going to talk about the estateplan, it's going to talk about the
retirement tax bill, end Social Security. I call it the three and one
Seminar. There's no cost, noobligation. If you're listening to our show
today and you want to get somethingfor free, this is it. So
register for our seminars. Go toMaggie tax dot com, click on seminars
and click on the retirement tax Bill. Chris, that's as easy as I
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can get it. That's it.No, we made it easy for a
lot of people out there. Whybecause you know, we don't understand you're
busy. We understand you got lifegoing on. But you need to make
sure that this is in the frontcenter because this is your future. You
know, when you think about incomein the future, what are your income
sources going to be? And ifyou know what they are, are they
going to be taxable effective with taxesfrom coming from an IRA or pension or
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are they going to be tax taxableor tax free. I would rather have
my funds tax free in the future, and that's called a tax free retirement.
And that's why most people out therewho have iras formal case TSPs.
You need to make an appointment withus because we need to individualize this for
you. We need to show youexactly what your situation is going to be
because you will most likely face incometax consequences. This is because most funds
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and traditional iras are tax deferred butnot tax free. Uncle Sam will eventually
want his share in the future,and distributions to beneficiaries will be taxable to
the beneficiary in the year taken.And beneficiaries, I'm talking about the IRA
holder. You know, if youhave an IRA, it's called individual retirement
account. Money that comes out ofthat account has to pay taxes on it
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exactly. And again I can't emphasizethis enough. But well we're talking about
this about today's show. Register nowfor the upcoming seminars on a state planning,
on tax planning and so security planning, and think about this. Without
a will, probate court and thestate decide what happens to your assets when
you're gone. So we met witha client last week and they came to
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one of about seminars and said,you know, I didn't realize how important
this was to do it today.And the reason why that was, you
know, explained that way, isbecause they had gone through a probate situation
with his sister and only for thefact that when he came to the seminar,
he realized this is going to happento me. So, Chris,
it was the aha moment. Butthat's what it takes sometimes to do something
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and do it right now. Well, that's just it. You know,
we live life and we don't wantto make these mistakes, but then we
seem mistakes made by other people andwe have to learn from them. That's
just life, right, learn fromother people's mistakes. And we've had a
client who passed away last week andit was really sad, but at the
end of the day when the husbandcalled me, he said, I really
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thank you. We're putting together aplan because we don't have to worry about
anything going through probate, or wedon't have to worry about the transfer process.
We don't have to worry about anyof things that they were went through
in the past with their with theirprior relatives, you know, passing away.
So when it comes down to it, need to have a plan.
It's called the Maggie Plan. It'svery simply. You pick up the phone,
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schedule time to me with us.When you schedule time to tell our
assistance on the phone that you wantthe Maggie plan. It's an income plan,
it's tax planning, it's investment planning. A lot of people have questions
about investments these days. What dowe do? Do we buy gold?
Do we buy this? What dowe do to combat inflation? These are
questions. What about sol security maximization, a state planning, a will,
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a power of attorney, maybe aliving trust. Pick up the phone,
schedule time to meet with us.Eight three three Maggie tax. That's eight
three three Maggie tacks and don't forgetEvery Sunday ABCTV ten thirty from the Maggie
Tacks and Financial film Maggie Tax Back. Stop planning for will Sam's retirement and
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start planning for your retirement. Aswe return to the Maggie Tax and Financial
Hour with your host father and son, Robert and Chris Maggie. For additional
information on how you can create atax free retirement, visit Maggie tax dot
com. That's Maggi tax dot comor call eight one three three two two
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twenty five twenty. That's eight onethree three two two twenty five twenty.
Now your host for the Maggie Taxand Financial Hour, father and son from
Maggie Tax Advisory and Financial Group,Robert and Chris Maggie. Welcome back and
thanks for joining us today. Myname is Robert Maggie and I'm here with
Chris Maggie, and today we're talkingabout a lot of concerns that most of
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you have out there. And ifyou do have a question, just go
to our website, Maggie Tax dotcom, click on the link there that
you can ask a question and we'lldefinitely respond to you. So I know
you have questions, I know youhave concerns. I hope that's why you're
listening to the show, so wecan give you some strategies and concepts that
are simple and easy to understand.So we've been talking about a lot,
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but the question that we're going toask most of you how much money you
will need to retire in the future. And if you're approaching retirement, we
examine whether you can retire today basedon annual income you desire. And this
is the big question. You alwayshave to know how much money you have
coming in the door, whether itbe so security, whether it be a
pension, whether it be part ofyour retirement money. But we have to
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make that happen for you. Sowe can identify the biggest retirement planning mistakes
and how to avoid them. AndChris, I think a lot of people
make mistakes. And one of theones I know we can talk about when
they take money out of a qualifiedaccount to take income when they have tax
free money or what we develop taxfree money. Why do that? Well,
let's just said, people just don'tknow what they don't know, and
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they think they have these accounts youjust take money out of which you can,
but also it's a tax hit.You know, when you think about
it, would you want to takemoney out of a taxable environment when you're
already paying high in taxes. Theanswers, no, so what kind of
plan and you're doing? What kindof diversification income plan do you have?
Do you have a diversified income plan? And many people probably haven't heard that,
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but they don't know how and whereto take these funds to generate the
tax or at least amount of taxto pay. You know, we have
clients that are that are earning onehundred thousand dollars a year of income that
that's what they receive. How dothey do that? Well, they're not
paying a diamond tax. How well, that's why they have different buckets of
money that they draw under to goahead and stay under the threshold income.
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There are ways to do this,many people just don't know how to do
it. You know, it's notabout just let your advisor manage the accounts.
There's more to that. You needa tax plan, you need an
investment plan, you need an incomeplan. And if you don't have those
three components, then guess what,you're gonna pay more in tax, you
can have less income, and guesswhat your investments aren't going to last as
long as you want them too,So what do you do? You need
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to develop a plan, and that'swhat we do. So pick up the
phone, schedule time to meet withus. A three three maggie tax.
That's eight three three maggie tax.Well, you bring up a good point
and an example that we can giveyou. A gentleman came in last week
and he had another advisor, andwe looked at his statements and he basically
had, you know, the typicalbrokerage statement, stocks, bonds, and
mutual funds. And his biggest questionto us was, look, you guys
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do tax planning. What do Ido now? And after we got done
asking him the questions and about whatsome of his accounts were good, there
was no question. I mean Chrisanalyzed that for them. But what we
got to was, look, I'mgetting worried about my retirement. Now I
have a big tax time bomb.He had a big one point four million
in IRA money and what that createsis a big tax. So what we
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did is we showed him how wecould position that money. What Chris is
going to talk about in a minuteabout bucket planning. How we took some
of his money and some of itwe kept where it was because it was
okay, but some of it wasnot. And when Chris showed the analysis
from what we call an asset mapand we put his assets in order,
he sat there and said, Idon't have any of this. Why And
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the answer was because you're a eyesor your broker doesn't show you that,
and that's the difference. And hesaid, that's why I want to work
with you guys. So Chris,just talk about that for a minute,
because when you put everything in placeand you made it simple for him,
he was blown away. Well that'sjust it. He had, you know,
he had. He did a greatjob of accumulating the money, but
he really didn't understand the distribution phaseof his money. So what we did
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was we made it very simple.He had some good things in place already,
so we told him to keep thoseaccounts there, there's nothing wrong with
them. Let's use those in away to generate some income. Then the
remaining amount of money, which yellowmoney is, we can go ahead and
develop a plan so we can maximizethe income that's coming in and also protect
to preserve his money, so wecan take advantage of the opportunities in the
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market. And that's what we're talkingabout. You know, markets go up,
markets go down. But he cannow take advantage of when the market
goes down. He can go discountshopping, he can generate dividends, he
can make money if the market doeshave a negative return. Has that all
happened, Well, that's called saidplanning. That's called bucket planning. Now
money, later money, never money, and now money. He had in
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play. He had now money bucketsthat generate income for him, and he
was all set. He needed theextra two thousand a month for income.
Well, he was all set.But his later money, his money that
he can let grow for five toten to fifteen years out, he needed
a plan with and he had noplan, but now he does. And
then his never money, which ismaybe more than ten to fifteen years out,
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he doesn't plan on touching. Hesaid, let's just be a little
more aggressive with that, ken,We because we got time on our side,
and we did so we put togetherthis plan for him and we put
on the screen and it made totalsense. And he sat back and he
said, my gosh, my advisernever completed the story for me. He
never showed me what you showed me. And also he never took another step
forward further, which is the taxesand the tax planning. Oh my gosh,
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that was just what blew him awayin a great way because he left
our office and he said, nowI understand. Now I got a plan.
Now I have the confidence in theclarity and in the direction I can
move forward. And that's what hetold us, and that's what we do.
So when you come in and meetwith us, that's what we're going
to do for you. Put togethera plan. You know, it's your
plan. We call it the MaggiePlan because it's tax planning, income planning,
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investment planning, as state planning,so security maximization planning. All you
gotta do is pick up the phone, schedule time to meet with us.
Eight three three Maggie. Tax folks, these are crucial decisions that you have
to make, but you have tomake them with the right advisor so we
can explain it to you, makeit simple and easy to understand. So
in most cases, these decisions cannotbe reversed. When you do it the
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wrong way, you get one shotat you at the target. You want
to make sure it's done correctly.You know. We discuss strategies that allow
you to take money out of yourretirement plans while maintaining financial flexibility during retirement.
Think about those words flexibility and control. You don't want to be controlled,
you want to be in control.And that's the same way you know
with your retirement. You want tomake sure you have enough money. You
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want to make show you have enoughbuckets to do what you want to do.
And above all, we compare retirementplan distribution choices so we can help
you make an informed decision. Andwe're going to teach you strategies to minimize
taxes, not create taxes on yourretirement income, and avoid tax penalties at
up to fifty percent sometimes. Soif visit our website, Maggie tax dot
com, click on the retirement calculatoron the top and see what I'm talking
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about. Put your information in.In thirty seconds, we can tell your
retirement tax bill. Also, watchour show every Sunday on ABC TV at
ten thirty and then right after theshow, listen on WFLA to another radio
show. We're trying to teach you. We're trying to educate you, and
the bottom line is we're trying tomake you understand the language. The language
is so important. I know whatChris and I talked about today. Maybe
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you know like blind to you,but pick up the phone. Eight three
three, Maggie Tax. We haveoffices in Tampa. We have an office
in Saint Pete. We have anoffice in Palm Harbor. Pick up the
phone eight three three Maggie Tax,and you're listening to the Maggie Tax and
Financial Show. Eight three three MaggieTax. Stop planning for Uncle Sam's retirement
and start planning for your retirement.As we return to the Maggie Tax and
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Financial Hour with your host, fatherand son Robert and Chris Maggie. For
additional information on how you can createa tax free retirement, visit Maggie Tax
dot com. That's Maggi tax dotcom. Or call eight one three three
two two twenty five twenty. That'seight one three three two two twenty five
(19:30):
twenty. Now your host for theMaggie Tax and Financial Hour, father and
son from Maggie Tax Advisory and FinancialGroup, Robert and Chris Maggie. Welcome
back, everyone, and thanks forjoining us today. My name is Robert
Maggie. I'm here with Chris Maggie. So a couple of things here that
we want to talk about. Thereare many pieces to your financial puzzle,
and let us help you put yourpieces together. When we design plans,
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we talk about income plan tax planning, estate planning, legacy planning. And
this all to do with everyone listeningto our show today. So one of
the questions, Chris, we getall the time is what do we do,
how do we put this thing calledbucket planning together? And what does
it really mean? Because, likeyou say, many times, people have
piles of money, and you know, the old rule of taking four percent
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out and think it's gonna last foreveris not the way to go. So
when we talk about bucket planning inthis let's just go over this because I
think this is so important to alot of people listening out there that might
help them. So what is bucketincome planning? Well, let me give
you a two minute overview when westart with a big question on many retirees
minds, which is what kind ofincome can I expect in retirement? Although
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this is longer discussion than we havereally time for it, you also need
to stop thinking about the gross paycheckyou got from your last job or the
jobs that we've been working in thepast and start thinking about the net check
you received in your bank account.There are a tax strategies to help reduce
the taxes you pay in retirement,so gross numbers might be so gross.
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You know. A second think aboutwhen thinking about the income plan. We
typically plan for retirement that is lastingtwenty or thirty years or even more.
So we have to plan accordingly asno one wants to run out of money.
You know, many people, evenif you're wealthy or you don't have
a lot of money, the mainconcern that we see is they're going to
run out of money. Am Igoing to run out of money? We
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meet with millionaires and the big questionis am I going to run out of
money? And many people are confused, Well they have plenty of money.
Well no, they're worried about runningout of money. So it doesn't matter
if you have a lot of moneyor if you don't. Running out of
money is the main concern that wesee. So will you run out of
accounts to zero? Maybe maybe youwon't, but probably not. But running
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out of money to us used tomean you have to change your lifestyle.
So there's two things that we're talkingabout here. But also third, think
of money this way. Typically,the greater risk you take in investing can
mean greater rewards, but also bringsthe potential for greater losses and vice versa.
So when it comes to safer retirementstrategies, you have to start having
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an open mind to bucket planning andmaking sure that you have your money in
the right spot. And also rememberone thing to consider is to safe.
To have safe money, it mightbring a very low return. We know
that there's some money market accounts,savings account very low returns. We get
that interest rates used to be higherwhere we used to be and was spoiled
getting more money because we had higherinterest rates. But when you have low,
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very low returns causing you to losepurchasing power to inflation, you know,
let's get the bucket planning underway.Because what people don't see, most
of you listening today don't know thepile of money you have and what you
can do with it, meaning setit up for income. The question we
ask everybody how much money do youneed today to put your feet on the
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ground and get that paycheck every monththat you need to live. Okay,
because that's the main goal, Chris, what do they need today? The
budget is a big question that peopledon't know what to do, and that's
a question that they have to answer, and that's it. So when you
meet with us, we're going toask you how much income you need to
live each and every month. Net. There's gross, which is gross before
taxes, and there's net after taxes. So we can figure out right in
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front of you what your tax liabilityis going to be. And a lot
of people don't really understand how soulsecurity works. It could be taxed up
to eighty five percent, it couldbe taxed zero. So if you structure
it the right way, you mighthave one hundred thousand dollars of income coming
in the front door and paying notaxes like a lot of our clients do
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because they take the money from theright source. So that's what we talk
talk about, income planning and taxplanning. So if you have questions about
is my soul security getting tax orhow much will it get tax? Pick
up the phone, schedule time tomeet with us. Eight three three,
Maggie tax. So let's talk aboutthree buckets. You know. The first
bucket we structure for income needed earlyin retirement. We want to look for
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the percentage of assets that can deliverenough income to last anywhere between the five
to seven years. We want thisfirst bucket to be in retirement vehicles that
can deliver a decent return to outpacedinflation, and that's what's really really important.
And you have some downside protection aswell, So we want to minimize
investment losses. Why because you needthose funds. When we look at the
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second bucket, as you're enjoying theincome from the first bucket, you're living
your life, you're enjoying it.Well, we've got the second bucket accumulating
and ready to begin income when thatfirst bucket is exhausted. So think of
it this way. You got nowmoney, later money, never money,
So the second bucket is pretty muchyour later money. So when you start
taking income from the first bucket,the second bucket is growing, and when
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you need that most, you canturn that on framecome. Because we aren't
immediately reliant on the income from thissecond bucket, we got that first five
to seven year time frame to takea little more risk, so we have
time to absorb the ups and downsas market fluctuation occurs. So it's less
of a concern right now because wehave time on our side. So ideally,
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the percentage of assets we place inthe second bucket accumulates during that five
to seven year timeframe, and thenwhat do we do after that? We
turn it on for guaranteed income foranother five to seven years, for a
guaranteed income stream. So let's talkabout the third bucket as well. Well.
So pause there for a minute,because you mentioned some numbers. Five
to seven to five to seven,that's ten to fourteen years of income without
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touching what I'm going to talk abouta minute, the third bucket. And
I think, Chris, where peopleget confused is they have to stop and
think and pause for a second andunderstand that if this is the income you
need for the next five to sevenyears, why are you're taking risk with
the other money? For what reason? That doesn't make any sense. What
you want to do is keep thebuckets safe five to seven years and then
exhaust that bucket, let it getempty, and then do it again.
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And then when you get to thetenth year, which we're going to talk
about now, now we've got thatlast bucket, the third bucket, and
the third bucket we ideally aren't touchingfor income for ten to fifteen years.
So now we've got some real timeon our side to let let the market
do what the market does. Andour plan would be, excuse me,
would be to make that money lastand then do it all again. Place
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the percentage of assets in this bucketthat could grow over this time period to
the original amount that we started withten years ago, and at that point
we reassess income needs and again thingschange, okay, interest rates changed,
and start a new plan all overagain. That's the Maggie plan. That's
what we're talking about. Bucket planning. Chris and people when they sit down
and we do this in front ofthem, it's almost like gee, as
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no one ever showed us that.I didn't know we could do this with
our money. That's just it.So we made it sounds simple and again
it can be simple if you workwith the right advisors. So we could
put together a plan. There's alot of detail that we talk about.
You know, each bucket has apurpose, and that's why when people come
to us, you know, theysit down in front of us and they
put all the statements in front ofus, and they're opening the mail right
there, and they said, Ihave an account over here and they're opening
(26:56):
the mail and it comes out andthey really don't know what they have.
They don't have bucket planning. Theydon't have the first phase, the second
buckets, the third bucket. Theyhave everything in the market, everything is
everything is pretty much their last leg. So can you live on your last
leg? The answers no, becausewhat if the market does go down twenty
(27:17):
thirty forty percent, then all yourincome goes down with it. You know,
here's an example. A lot ofpeople back in two thousand and one
and two thousand and eight they hada million dollars and guess what they would
take in four percent income from it. That's forty thousand dollars of income for
the year. Well what happened,Well, the market went down thirty forty
percent, So your million now isworth six hundred thousand. So now you're
(27:37):
taking four percent, that's twenty fourthousand. So that's a sixteen thousand dollars
loss of income because the market wentdown. So do you want to be
in that environment where you have tocut back and you have to have those
fears. You don't have to ifyou don't want to. And that's why
the importance of meeting with someone ofthose complete planning. Someone who's a fiduciary
(27:59):
is going to do the best thingfor you. Someone who understands tax planning,
investment planning, income planning. Wecan put together the bucket strategy for
you and show you how much youcan have and then replenish it all over
again and do it all over againfor years to come. So visit our
website at maggietax dot com and pickup the phone. Schedule time to meet
with us, and when your scheduletime, say to the representative and to
(28:21):
our assistance, we want the bucketplan. We want that bucket plan,
and when you come in we canshow you eight three three. Maggie Tax.
I'm gonna make it real easy forall of you because we do seminars.
So we have a three and oneseminar on what Chris and I are
talking about today, bucket planning andalso your retirement tax bill. We're going
to illustrate live at our seminar.So if you register for our seven or
(28:42):
go to Maggie Tax dot com clickon seminars. The dates are there,
the times are there. Take thetime to come in and look at tax
planning, bucket planning a state planningand social security planning. You know why,
because you're not getting the education.It's the language that's confusing a lot
of people out there today. Mentionedbefore the word legislature risk. That's not
(29:02):
going to change because Congress can dowhatever they want. I'm holding here a
pencil. This is what it is. It's written in pencil. And every
time we do these shows, wehear new things that are going on.
To offer these to you, Pleasedon't hide your head in the sand.
And Chris, we see that somany times because people are afraid to ask
a question. My dad was likethat, and you know what, you
can't be like that. The newrules of retirement right now are here.
(29:26):
Eight three three Maggie Tax register forour seminar. Go to Maggie tax dot
com and come in and we'll showyou bucket planning, We'll show you the
retirement tax bill, We'll show youabout soul security. These are things that
you need to have. So let'sput together a plan. Eight three three.
Maggie Tax as someone to talk abouttimes of changing. People are fearful
inflation is here a lot of questionsshould I buy golds? And I am
(29:48):
not buy gold? Where should itbe in my plan? How much should
I have? My gosh, peopleare confused, they're feeling isolated, and
they just don't know what to do. Well, we have to empower empower
you, and we will because you'llhave the knowledge to understand what your accounts
can do. And when you comein, we're gonna ask you how much
income do you need? Is itfive thousand a month, is it three
(30:08):
thousand a month, is it eightthousand a month? Whatever it is,
let's put together a plan and we'llbe honest with you and we'll tell you.
Will you run out of money?Maybe maybe you won't. But what
if you can leave and understand,my gosh, I have a plan.
I have guaranteed income for life.I know what my tax situation is going
to be, and I can justspend paychecks and play checks each and every
(30:30):
month for the rest of my lifeand I'll have to worry about it.
So pick up the phone, schedulea time to meet with us. Eight
three three Maggie Tax. That's eightthree three Maggie Tax, and don't forget.
Every Sunday, tune in to ABCTVat ten thirty am for the Maggie
Tax and Financial Show, and wehave a lot of different topics. We
talk about the bucket plan, wetalk about tax planning, investment planning,
(30:51):
so security maximization planning, estate planning. There's so much that we discuss to
help you. So pick up thephone, schedule a time to meet with
eight three three Maggie Tax. That'seight three three Maggie taps. Stop planning
for Uncle Sam's retirement and start planningfor your retirement. As we return to
the Maggie Tax and Financial Hour withyour host, father and son Robert and
(31:15):
Chris Maggie. For additional information onhow you can create a tax free retirement,
visit Maggie Tax dot Com. That'sm a Ggi tax dot Com or
call eight one three three two twotwenty five twenty. That's eight one three
three two two twenty five twenty.Now your host for the Maggie Tax and
(31:36):
Financial Hour, father and son fromMaggie Tax Advisory and Financial Group, Robert
and Chris Maggie. Are you lookingfor the most tax advantaged ways to save
under the tax code, Well,we can help, that's what we do.
So welcome back to the Maggie Taxand Financial Show. Get the holistic
retirement plan. That's what we dohere, Get a complete retirement plan.
Get the Maggie Plan. It's atax plan, it's an income plan.
(32:00):
It's a simple and easy plan foryou to understand. It's an investment plan.
It's called the Maggie Plan. Ifyou don't have the Maggie Plan,
get the Maggie Plan because it's acomplete, holistic approach for you for your
retirement eight three three Maggie tax.And what we're trying to say to everyone
out there is get out of theline of fire if they're shooting bullets at
(32:21):
you, and be aware of theheightened legislative risk that we're talking about that
will affect qualified accounts and rout accounts. And we can help what is risk.
It is market risk, it's incomerisk, it's tax risk, it's
legislative risk. Which one will dothe most damage to you. And we
can help create a new, likeChris mentioned, a new holistic plan today.
(32:43):
Get the Maggie Plan. So whendo you want the irs to get
their taxes? You know we canshow you a way to pay the taxes
now before the Trump tax cuts expireand you get an increase of thirty percent.
And if you're concerned about market risk, income risk or taxes. Then
you have what we call an incompleteplan and get a new plan and a
(33:04):
holistic plan. Get the Maggie Plan. How many of you have an IRA
or a ferral? One k youhave a tax deferral plan, but we
can show you the cost of taxdeferral before taxes increase. Go to my
website, Maggie tax dot com andclick on the retirement calculator. I challenge
all of you. Go ahead anddo it and plug it in and I'll
respond to you. But you're goingto get the information that's going to shock
you. You know, it's reallyinteresting. You mentioned different types of risks,
(33:27):
and many people just think of riskas market risk. Well, you
have an income risk if you don'thave an income plan and you run out
of money. You know, whatabout legislative risk? Many people are talking
about how the tax code changes.Well, if you have the risk of
these laws changing and taxes increasing andguess what, less income for you.
What about the investment risk? Youknow, yeah, the market with the
(33:51):
volatility, that's another risk. Sowhat are you doing about it? That's
why we do the show. That'swhy we do this each and every week.
That's why I have a show onSunday for the Maggie Tax and Financial
Show, because we want to educateyou. There's so much there to talk
about because people need help. Youneed help out there. You know we
care about our retirement plans. Whybecause people could pay less tax, have
(34:13):
more income. They don't have tolose when the market goes down forty percent.
Where is it written that you haveto lose thirty percent or forty percent
like everyone else? Where is itwritten that you have to go down that
ride? You don't have to.So if you're in that environment right now
and you want out and you don'tknow how to get out, we can
show you. If you're looking forstrategies for your investment plan, if you
(34:37):
want an income plant that correlates withyour tax plan, then guess what we
can help. So pick up thephone, schedule time to meet with us.
Eight three three Maggie Tax. Andyou could write this down because all
of your retirement assets there under attackfrom taxes and legislative risk. And remember
that word legislative risk. And wecan help get the new holistic plan,
(34:57):
get the Maggie Plan. Think aboutthis by out the irs and eliminate tax
risks today, let irs get whatthey are supposed to get. Now.
I know that sounds weird, butit's the truth. When taxes are low,
that's where it is right now.Get a new holistic plan and get
the Maggie Plan. And folks,what we're trying to say to you here
is you have to understand that taxesare low right now. They are They're
(35:19):
at their lowest amount ever. Andif you remember back to the eighties and
many of you listening, it wasat eighty ninety percent. Do you think
that could happen again? Absolutely youcan. So let's eliminate risk and mitigate
tax risk. Take action today andprotect your retirement and get a self completing
plan. Think about that. Getthe new holistic plan, and get the
Maggie Plan, but make it acomplete plan. Write that down the language.
(35:44):
Complete plan, and Chris, that'swhat people we see, do not
have them. We throw that onthe table. All of a sudden,
you know, the light bulbs goon and they go. You know,
I didn't think about it that way. You guys are right. It is
because if you have an incomplete plan, you got problems. I said,
and you know, I said agreat point. I'm gonna just reiterate what
you said. You know your retirementassets are under attack, and think about
it. They are, and theylead you down the road where everything's cool,
(36:07):
where you don't have to pay taxeson it now, tax deferral,
tax deferral, tax deferral. Withthose iras and form in k's, everything's
great. But guess what. They'reunder attack because they're infected with taxes.
Eliminate Uncle Sam forever and ever.They are a silent partner. Eliminate them.
How do you go about doing it? We can show you. That's
(36:27):
why it's so important to get together. Let's have a conversation, because maybe
you should do a strategic rollout fromyour IRA to your roth IRA or create
a tax free bucket and retirement soyou don't have to worry about the increasing
taxes or the legislative risk, orthe different types of risk that we talked
about early on in today's show.When it comes to retirement, the tax
code is written in pencil. Whatare you doing about it? They can
(36:51):
change it. So when it comesto retirement, the IRS is your silent
partner. In your form and K, your IRA, you have no protection.
Get a plan all at the MaggiePlant. It's time to take back
ownership. Why because you deserve it. You work hard. You work hard,
all those hours, all those timesyou get up in the morning,
all those times that you do thingsthat you can't do because you have to
(37:13):
work, and you save for retirement, and you do the right thing.
Guess what they're going to go afterpeople who have the money. You have
the money, So what are they'regoing to do. They don't want to
tax you, So do me afavor, do yourself a favor. Listen
to what we're saying here, Pickup the phone, schedule time to meet
with us, Visit our website atMaggie tax dot com. Get educated,
know something about retirement and we canhelp you a three three Maggie Tax.
(37:37):
And think about this. Creating aplan for you for your financial will being
I know it can be a lot, you know, like solving a jigsaw
puzzle, but our comprehensive approach canhelp you put the pieces together. So
we begin by working with you toidentify your short and long term goals.
Are you doing that? We usethese goals as our primary focus to provide
(37:57):
you with innovative strategies and solutions thatwe're talking about, and we continue to
partner with you through the changing landscape, through the legislative risk, through the
tax risk, through the income risk, through the investment risk, through a
legacy planning risk, through college planningrisk. If you're not talking about that,
or your advisors not talking about that, shame on them. Look pick
up the phone. Eight three threeMaggie Tax. Be sure to visit our
(38:22):
website Maggie Tax dot com. Clickon the retirement calculator and see what I
mean. In thirty secments we cantell you what your retirement tax bill will
be. Schedule time to meet withus. Operate as a standing by right
now eight three three Maggie Tax.That's eight three three Maggie Tax. You've
been listening to the Maggie Tax andFinancial Hour discussing tax planning investment strategies,
(38:43):
presented by Robert and Chris Maggie fromMaggie Tax Advisory and Financial Services with offices
in Hillsborough and Pinella's County. VisitMaggie Tax dot com or call eight one
three three two two twenty five twenty. That's eight one three three two two
twenty five twenty and tune in nextSaturday at five for the Maggie Tax and
(39:05):
Financial Hour,
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
(00:48):
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 today we're gonna betalking about quite a few things. Be
sure to visit our website Maggee taxdot com and register for our upcoming seminar
on a state planning, on taxplanning and so security planning. We call
it three and one. So checkout the website Maggee tax dot com.
(01:11):
And while you're there, check outthe retirement calculator because if taxes go up,
you're going to be paying a loton your IRA four oh one K.
We have a simple link there andin thirty seconds we can tell you
what your tax bill is going tobe. Also, don't forget every Sunday
at ten thirty watch our TV show, The Maggie Tax and Financial Show.
So, Chris, we have alot going on the seminars. We're trying
(01:33):
to educate people. That's the bottomline that you and I have always tried
to accomplish. And the reason whyI say that because people come in and
meet with us and the first wordsout of their mouth is like, I
don't know if I understand the dynamicsof taxes and insurance and income. And
you know, that's probably the bestthing you could say, because Chris,
they have to keep an open mindand that's just it. So welcome everyone,
(01:53):
thanks for tuning into our show,and were welcome everyone to the show,
and yeah, education is so importantto us, and that's just it.
If you have questions, you know, don't just put your head in
the sand and say I'll deal withit later on, deal with it now.
Because this is your retirement. Thereare options and opportunities that you could
take advantage of. Investment opportunities,tax strategies, so security maximization, tax
(02:15):
planning. There are ways to reduceyour taxes and have more income in the
most tax efficient way. You justdon't know how, and we can show
you. So pick up the phonethroughout today's show, schedule time to meet
with us. We have office onboth sides of the bay to help you.
My dad talked about our website.There's so much information right there,
and especially the seminars. You know, get educated. We can help you.
(02:36):
Come visit with us. We'll havea conversation, we'll talk about what's
on your mind and see if wecan put together a plan for you.
Eight three to three Maggie tax.That's eight three three maggie tax. It's
fun. So take care of yourconcerns and see if we can help you
out. So today let's discuss convertingan ira to a roth ira. Many
people have asked us about that becauseroth iras or tax free, I raise
(03:00):
or taxable, and that's what we'retrying to help people understand. So do
you have an ira and you're thinkingabout converting to a roth ira? So
there are many benefits to converting,but you trade an immediate tax bill for
the promise of tax free earnings anddistributions down the road. Remember, the
tax cuts are going to expire intwo years, are going to go up
at least three percent. We don'tknow how high it's going to go,
(03:22):
So take advantage of this. Andone benefit that you may not have considered
is to benefit to your beneficiaries.Inheriting a traditional ira will have very different
tax consequences than inheriting a roth ira. So converting your ira to a wroth
is really a gift to your beneficiaries. And I guess, Chris, you
know, I don't know how manypeople out there want to gift money to
(03:43):
their beneficiaries, but in this caseit makes sense because it's tax free,
not taxable. Let's just say,you know, we meet with a lot
of people and we ask them thequestion, is passing your assets down to
the family important to you? Andwe get mixed responses. Some people say,
no, I want to spend everydime that I have and my kids
have to deal with it later on, and then we understand that. But
also the other side of it isthat they want to leave a legacy.
(04:06):
They want to make sure that theirkids not have a handout, but a
step up in regards to what's happeningin this country. And they want to
make sure that they have tax freemoney so they have to deal with the
situation with higher tax in the futureand they can get by and keep moving
forward. So you know, whatis it for you? What are you
looking to do. That's why wetalk about the Maggie Plan. It's a
(04:27):
complete plan for your retirement. It'sincome planning, tax planning, investment planning,
a state planning. All those arejust combination of each and every one
of those assets to make sure thatyou put together the plan the right way.
And one thing that I want toremind everyone as we go through the
show, register now for a stateplanning, tax planning, and sold security
planning seminars that are coming up.Just go to our website Maggie Tax dot
(04:50):
com. Click on seminars. You'llsee the dates and locations register and it's
no cost, no obligation because it'ssomething we want to do. What's about
education, So let's talk about thisfrom it and consider the following example that
I'm going to give you. Let'ssay Gus named as three children as beneficiaries
of his three million dollar traditional ira, and he never made any non deductible
(05:12):
contribution. So when his children takedistributions from their inherited traditional iras, those
distributions will be fully taxable but notsubject to penalty. So what if Gus
converted is traditional ira to a rothira more than five years ago, then
all distributions from the inherited roth irapaid to his children would be tax and
(05:32):
penalty free. So that's a verydifferent result. Chris and I think people
only know traditional nut options to changeit. Well, let's just it,
and a lot of people don't knowwhat they don't know, and they don't
know that putting away money in aform on k or ira you get a
tax benefit now on those funds,but in the future, guess what it's
fully taxable at the rate at thattime it's ordinary income. So think about
(05:56):
this. You basically have a questionmark tax rate with your retirement So in
this example, three million dollars IRA, who knows what the taxes are going
to be in the future with thataccount, And the higher it goes,
the tax deferral keeps accumulating, thenthe bigger the tax bill in retirement.
So why not eliminate the question markin your tax bill? And you can
(06:18):
do that. You can have aforever never taxed account as opposed to a
forever taxable account. That's why youneed to sit down and we need to
look at your iras and if youhave four moe ks or iras four h
three bs TSP if you're federal,pick up the phone schedule time to me
with us. It's so crucial becauseyou need to understand what your tax bill
(06:40):
will be and that how do peopleout there get the tax bill and what
they're going to pay? How dothey know? What do we have for
them that we can show them?Great question. On our website Maggie tax
dot com, we have the retirementcalculator. I don't think anyone's got this
out there. All you gotta dois go to Maggie Tax on the top
right you'll see retirement tax bill.And so many of you have gone there
and thirty seconds, I can tellyou what it will tell you what your
(07:01):
tax bill is going to be.So no matter what age, you will
plug in what your value is ofyour IRA, your four oh one K,
four oh three B and click thebutton and in thirty seconds you'll see
what your tax bill is going tobe. So now what do you do.
What you're going to do is getan email from us. We're going
to try to set up an appointment. Come in and let's talk about strategies
and options and again the seminars thatwe're doing. If you register now,
(07:25):
it's going to talk about the estateplan, it's going to talk about the
retirement tax bill, end Social Security. I call it the three and one
Seminar. There's no cost, noobligation. If you're listening to our show
today and you want to get somethingfor free, this is it. So
register for our seminars. Go toMaggie tax dot com, click on seminars
and click on the retirement tax Bill. Chris, that's as easy as I
(07:45):
can get it. That's it.No, we made it easy for a
lot of people out there. Whybecause you know, we don't understand you're
busy. We understand you got lifegoing on. But you need to make
sure that this is in the frontcenter because this is your future. You
know, when you think about incomein the future, what are your income
sources going to be? And ifyou know what they are, are they
going to be taxable effective with taxesfrom coming from an IRA or pension or
(08:07):
are they going to be tax taxableor tax free. I would rather have
my funds tax free in the future, and that's called a tax free retirement.
And that's why most people out therewho have iras formal case TSPs.
You need to make an appointment withus because we need to individualize this for
you. We need to show youexactly what your situation is going to be
because you will most likely face incometax consequences. This is because most funds
(08:31):
and traditional iras are tax deferred butnot tax free. Uncle Sam will eventually
want his share in the future,and distributions to beneficiaries will be taxable to
the beneficiary in the year taken.And beneficiaries, I'm talking about the IRA
holder. You know, if youhave an IRA, it's called individual retirement
account. Money that comes out ofthat account has to pay taxes on it
(08:56):
exactly. And again I can't emphasizethis enough. But well we're talking about
this about today's show. Register nowfor the upcoming seminars on a state planning,
on tax planning and so security planning, and think about this. Without
a will, probate court and thestate decide what happens to your assets when
you're gone. So we met witha client last week and they came to
(09:16):
one of about seminars and said,you know, I didn't realize how important
this was to do it today.And the reason why that was, you
know, explained that way, isbecause they had gone through a probate situation
with his sister and only for thefact that when he came to the seminar,
he realized this is going to happento me. So, Chris,
it was the aha moment. Butthat's what it takes sometimes to do something
(09:37):
and do it right now. Well, that's just it. You know,
we live life and we don't wantto make these mistakes, but then we
seem mistakes made by other people andwe have to learn from them. That's
just life, right, learn fromother people's mistakes. And we've had a
client who passed away last week andit was really sad, but at the
end of the day when the husbandcalled me, he said, I really
(09:58):
thank you. We're putting together aplan because we don't have to worry about
anything going through probate, or wedon't have to worry about the transfer process.
We don't have to worry about anyof things that they were went through
in the past with their with theirprior relatives, you know, passing away.
So when it comes down to it, need to have a plan.
It's called the Maggie Plan. It'svery simply. You pick up the phone,
(10:20):
schedule time to me with us.When you schedule time to tell our
assistance on the phone that you wantthe Maggie plan. It's an income plan,
it's tax planning, it's investment planning. A lot of people have questions
about investments these days. What dowe do? Do we buy gold?
Do we buy this? What dowe do to combat inflation? These are
questions. What about sol security maximization, a state planning, a will,
(10:41):
a power of attorney, maybe aliving trust. Pick up the phone,
schedule time to meet with us.Eight three three Maggie tax. That's eight
three three Maggie tacks and don't forgetEvery Sunday ABCTV ten thirty from the Maggie
Tacks and Financial film Maggie Tax Back. Stop planning for will Sam's retirement and
(11:01):
start planning for your retirement. Aswe return to the Maggie Tax and Financial
Hour with your host father and son, Robert and Chris Maggie. For additional
information on how you can create atax free retirement, visit Maggie tax dot
com. That's Maggi tax dot comor call eight one three three two two
(11:22):
twenty five twenty. That's eight onethree three two two twenty five twenty.
Now your host for the Maggie Taxand Financial Hour, father and son from
Maggie Tax Advisory and Financial Group,Robert and Chris Maggie. Welcome back and
thanks for joining us today. Myname is Robert Maggie and I'm here with
Chris Maggie, and today we're talkingabout a lot of concerns that most of
(11:43):
you have out there. And ifyou do have a question, just go
to our website, Maggie Tax dotcom, click on the link there that
you can ask a question and we'lldefinitely respond to you. So I know
you have questions, I know youhave concerns. I hope that's why you're
listening to the show, so wecan give you some strategies and concepts that
are simple and easy to understand.So we've been talking about a lot,
(12:03):
but the question that we're going toask most of you how much money you
will need to retire in the future. And if you're approaching retirement, we
examine whether you can retire today basedon annual income you desire. And this
is the big question. You alwayshave to know how much money you have
coming in the door, whether itbe so security, whether it be a
pension, whether it be part ofyour retirement money. But we have to
(12:24):
make that happen for you. Sowe can identify the biggest retirement planning mistakes
and how to avoid them. AndChris, I think a lot of people
make mistakes. And one of theones I know we can talk about when
they take money out of a qualifiedaccount to take income when they have tax
free money or what we develop taxfree money. Why do that? Well,
let's just said, people just don'tknow what they don't know, and
(12:45):
they think they have these accounts youjust take money out of which you can,
but also it's a tax hit.You know, when you think about
it, would you want to takemoney out of a taxable environment when you're
already paying high in taxes. Theanswers, no, so what kind of
plan and you're doing? What kindof diversification income plan do you have?
Do you have a diversified income plan? And many people probably haven't heard that,
(13:07):
but they don't know how and whereto take these funds to generate the
tax or at least amount of taxto pay. You know, we have
clients that are that are earning onehundred thousand dollars a year of income that
that's what they receive. How dothey do that? Well, they're not
paying a diamond tax. How well, that's why they have different buckets of
money that they draw under to goahead and stay under the threshold income.
(13:30):
There are ways to do this,many people just don't know how to do
it. You know, it's notabout just let your advisor manage the accounts.
There's more to that. You needa tax plan, you need an
investment plan, you need an incomeplan. And if you don't have those
three components, then guess what,you're gonna pay more in tax, you
can have less income, and guesswhat your investments aren't going to last as
long as you want them too,So what do you do? You need
(13:54):
to develop a plan, and that'swhat we do. So pick up the
phone, schedule time to meet withus. A three three maggie tax.
That's eight three three maggie tax.Well, you bring up a good point
and an example that we can giveyou. A gentleman came in last week
and he had another advisor, andwe looked at his statements and he basically
had, you know, the typicalbrokerage statement, stocks, bonds, and
mutual funds. And his biggest questionto us was, look, you guys
(14:15):
do tax planning. What do Ido now? And after we got done
asking him the questions and about whatsome of his accounts were good, there
was no question. I mean Chrisanalyzed that for them. But what we
got to was, look, I'mgetting worried about my retirement. Now I
have a big tax time bomb.He had a big one point four million
in IRA money and what that createsis a big tax. So what we
(14:37):
did is we showed him how wecould position that money. What Chris is
going to talk about in a minuteabout bucket planning. How we took some
of his money and some of itwe kept where it was because it was
okay, but some of it wasnot. And when Chris showed the analysis
from what we call an asset mapand we put his assets in order,
he sat there and said, Idon't have any of this. Why And
(14:58):
the answer was because you're a eyesor your broker doesn't show you that,
and that's the difference. And hesaid, that's why I want to work
with you guys. So Chris,just talk about that for a minute,
because when you put everything in placeand you made it simple for him,
he was blown away. Well that'sjust it. He had, you know,
he had. He did a greatjob of accumulating the money, but
he really didn't understand the distribution phaseof his money. So what we did
(15:20):
was we made it very simple.He had some good things in place already,
so we told him to keep thoseaccounts there, there's nothing wrong with
them. Let's use those in away to generate some income. Then the
remaining amount of money, which yellowmoney is, we can go ahead and
develop a plan so we can maximizethe income that's coming in and also protect
to preserve his money, so wecan take advantage of the opportunities in the
(15:43):
market. And that's what we're talkingabout. You know, markets go up,
markets go down. But he cannow take advantage of when the market
goes down. He can go discountshopping, he can generate dividends, he
can make money if the market doeshave a negative return. Has that all
happened, Well, that's called saidplanning. That's called bucket planning. Now
money, later money, never money, and now money. He had in
(16:06):
play. He had now money bucketsthat generate income for him, and he
was all set. He needed theextra two thousand a month for income.
Well, he was all set.But his later money, his money that
he can let grow for five toten to fifteen years out, he needed
a plan with and he had noplan, but now he does. And
then his never money, which ismaybe more than ten to fifteen years out,
(16:29):
he doesn't plan on touching. Hesaid, let's just be a little
more aggressive with that, ken,We because we got time on our side,
and we did so we put togetherthis plan for him and we put
on the screen and it made totalsense. And he sat back and he
said, my gosh, my advisernever completed the story for me. He
never showed me what you showed me. And also he never took another step
forward further, which is the taxesand the tax planning. Oh my gosh,
(16:55):
that was just what blew him awayin a great way because he left
our office and he said, nowI understand. Now I got a plan.
Now I have the confidence in theclarity and in the direction I can
move forward. And that's what hetold us, and that's what we do.
So when you come in and meetwith us, that's what we're going
to do for you. Put togethera plan. You know, it's your
plan. We call it the MaggiePlan because it's tax planning, income planning,
(17:15):
investment planning, as state planning,so security maximization planning. All you
gotta do is pick up the phone, schedule time to meet with us.
Eight three three Maggie. Tax folks, these are crucial decisions that you have
to make, but you have tomake them with the right advisor so we
can explain it to you, makeit simple and easy to understand. So
in most cases, these decisions cannotbe reversed. When you do it the
(17:37):
wrong way, you get one shotat you at the target. You want
to make sure it's done correctly.You know. We discuss strategies that allow
you to take money out of yourretirement plans while maintaining financial flexibility during retirement.
Think about those words flexibility and control. You don't want to be controlled,
you want to be in control.And that's the same way you know
with your retirement. You want tomake sure you have enough money. You
(17:59):
want to make show you have enoughbuckets to do what you want to do.
And above all, we compare retirementplan distribution choices so we can help
you make an informed decision. Andwe're going to teach you strategies to minimize
taxes, not create taxes on yourretirement income, and avoid tax penalties at
up to fifty percent sometimes. Soif visit our website, Maggie tax dot
com, click on the retirement calculatoron the top and see what I'm talking
(18:22):
about. Put your information in.In thirty seconds, we can tell your
retirement tax bill. Also, watchour show every Sunday on ABC TV at
ten thirty and then right after theshow, listen on WFLA to another radio
show. We're trying to teach you. We're trying to educate you, and
the bottom line is we're trying tomake you understand the language. The language
is so important. I know whatChris and I talked about today. Maybe
(18:45):
you know like blind to you,but pick up the phone. Eight three
three, Maggie Tax. We haveoffices in Tampa. We have an office
in Saint Pete. We have anoffice in Palm Harbor. Pick up the
phone eight three three Maggie Tax,and you're listening to the Maggie Tax and
Financial Show. Eight three three MaggieTax. Stop planning for Uncle Sam's retirement
and start planning for your retirement.As we return to the Maggie Tax and
(19:07):
Financial Hour with your host, fatherand son Robert and Chris Maggie. For
additional information on how you can createa tax free retirement, visit Maggie Tax
dot com. That's Maggi tax dotcom. Or call eight one three three
two two twenty five twenty. That'seight one three three two two twenty five
(19:30):
twenty. Now your host for theMaggie Tax and Financial Hour, father and
son from Maggie Tax Advisory and FinancialGroup, Robert and Chris Maggie. Welcome
back, everyone, and thanks forjoining us today. My name is Robert
Maggie. I'm here with Chris Maggie. So a couple of things here that
we want to talk about. Thereare many pieces to your financial puzzle,
and let us help you put yourpieces together. When we design plans,
(19:53):
we talk about income plan tax planning, estate planning, legacy planning. And
this all to do with everyone listeningto our show today. So one of
the questions, Chris, we getall the time is what do we do,
how do we put this thing calledbucket planning together? And what does
it really mean? Because, likeyou say, many times, people have
piles of money, and you know, the old rule of taking four percent
(20:15):
out and think it's gonna last foreveris not the way to go. So
when we talk about bucket planning inthis let's just go over this because I
think this is so important to alot of people listening out there that might
help them. So what is bucketincome planning? Well, let me give
you a two minute overview when westart with a big question on many retirees
minds, which is what kind ofincome can I expect in retirement? Although
(20:37):
this is longer discussion than we havereally time for it, you also need
to stop thinking about the gross paycheckyou got from your last job or the
jobs that we've been working in thepast and start thinking about the net check
you received in your bank account.There are a tax strategies to help reduce
the taxes you pay in retirement,so gross numbers might be so gross.
(20:57):
You know. A second think aboutwhen thinking about the income plan. We
typically plan for retirement that is lastingtwenty or thirty years or even more.
So we have to plan accordingly asno one wants to run out of money.
You know, many people, evenif you're wealthy or you don't have
a lot of money, the mainconcern that we see is they're going to
run out of money. Am Igoing to run out of money? We
(21:18):
meet with millionaires and the big questionis am I going to run out of
money? And many people are confused, Well they have plenty of money.
Well no, they're worried about runningout of money. So it doesn't matter
if you have a lot of moneyor if you don't. Running out of
money is the main concern that wesee. So will you run out of
accounts to zero? Maybe maybe youwon't, but probably not. But running
(21:40):
out of money to us used tomean you have to change your lifestyle.
So there's two things that we're talkingabout here. But also third, think
of money this way. Typically,the greater risk you take in investing can
mean greater rewards, but also bringsthe potential for greater losses and vice versa.
So when it comes to safer retirementstrategies, you have to start having
(22:02):
an open mind to bucket planning andmaking sure that you have your money in
the right spot. And also rememberone thing to consider is to safe.
To have safe money, it mightbring a very low return. We know
that there's some money market accounts,savings account very low returns. We get
that interest rates used to be higherwhere we used to be and was spoiled
getting more money because we had higherinterest rates. But when you have low,
(22:26):
very low returns causing you to losepurchasing power to inflation, you know,
let's get the bucket planning underway.Because what people don't see, most
of you listening today don't know thepile of money you have and what you
can do with it, meaning setit up for income. The question we
ask everybody how much money do youneed today to put your feet on the
(22:48):
ground and get that paycheck every monththat you need to live. Okay,
because that's the main goal, Chris, what do they need today? The
budget is a big question that peopledon't know what to do, and that's
a question that they have to answer, and that's it. So when you
meet with us, we're going toask you how much income you need to
live each and every month. Net. There's gross, which is gross before
taxes, and there's net after taxes. So we can figure out right in
(23:12):
front of you what your tax liabilityis going to be. And a lot
of people don't really understand how soulsecurity works. It could be taxed up
to eighty five percent, it couldbe taxed zero. So if you structure
it the right way, you mighthave one hundred thousand dollars of income coming
in the front door and paying notaxes like a lot of our clients do
(23:33):
because they take the money from theright source. So that's what we talk
talk about, income planning and taxplanning. So if you have questions about
is my soul security getting tax orhow much will it get tax? Pick
up the phone, schedule time tomeet with us. Eight three three,
Maggie tax. So let's talk aboutthree buckets. You know. The first
bucket we structure for income needed earlyin retirement. We want to look for
(23:56):
the percentage of assets that can deliverenough income to last anywhere between the five
to seven years. We want thisfirst bucket to be in retirement vehicles that
can deliver a decent return to outpacedinflation, and that's what's really really important.
And you have some downside protection aswell, So we want to minimize
investment losses. Why because you needthose funds. When we look at the
(24:17):
second bucket, as you're enjoying theincome from the first bucket, you're living
your life, you're enjoying it.Well, we've got the second bucket accumulating
and ready to begin income when thatfirst bucket is exhausted. So think of
it this way. You got nowmoney, later money, never money,
So the second bucket is pretty muchyour later money. So when you start
taking income from the first bucket,the second bucket is growing, and when
(24:41):
you need that most, you canturn that on framecome. Because we aren't
immediately reliant on the income from thissecond bucket, we got that first five
to seven year time frame to takea little more risk, so we have
time to absorb the ups and downsas market fluctuation occurs. So it's less
of a concern right now because wehave time on our side. So ideally,
(25:03):
the percentage of assets we place inthe second bucket accumulates during that five
to seven year timeframe, and thenwhat do we do after that? We
turn it on for guaranteed income foranother five to seven years, for a
guaranteed income stream. So let's talkabout the third bucket as well. Well.
So pause there for a minute,because you mentioned some numbers. Five
to seven to five to seven,that's ten to fourteen years of income without
(25:26):
touching what I'm going to talk abouta minute, the third bucket. And
I think, Chris, where peopleget confused is they have to stop and
think and pause for a second andunderstand that if this is the income you
need for the next five to sevenyears, why are you're taking risk with
the other money? For what reason? That doesn't make any sense. What
you want to do is keep thebuckets safe five to seven years and then
exhaust that bucket, let it getempty, and then do it again.
(25:48):
And then when you get to thetenth year, which we're going to talk
about now, now we've got thatlast bucket, the third bucket, and
the third bucket we ideally aren't touchingfor income for ten to fifteen years.
So now we've got some real timeon our side to let let the market
do what the market does. Andour plan would be, excuse me,
would be to make that money lastand then do it all again. Place
(26:11):
the percentage of assets in this bucketthat could grow over this time period to
the original amount that we started withten years ago, and at that point
we reassess income needs and again thingschange, okay, interest rates changed,
and start a new plan all overagain. That's the Maggie plan. That's
what we're talking about. Bucket planning. Chris and people when they sit down
and we do this in front ofthem, it's almost like gee, as
(26:33):
no one ever showed us that.I didn't know we could do this with
our money. That's just it.So we made it sounds simple and again
it can be simple if you workwith the right advisors. So we could
put together a plan. There's alot of detail that we talk about.
You know, each bucket has apurpose, and that's why when people come
to us, you know, theysit down in front of us and they
put all the statements in front ofus, and they're opening the mail right
there, and they said, Ihave an account over here and they're opening
(26:56):
the mail and it comes out andthey really don't know what they have.
They don't have bucket planning. Theydon't have the first phase, the second
buckets, the third bucket. Theyhave everything in the market, everything is
everything is pretty much their last leg. So can you live on your last
leg? The answers no, becausewhat if the market does go down twenty
(27:17):
thirty forty percent, then all yourincome goes down with it. You know,
here's an example. A lot ofpeople back in two thousand and one
and two thousand and eight they hada million dollars and guess what they would
take in four percent income from it. That's forty thousand dollars of income for
the year. Well what happened,Well, the market went down thirty forty
percent, So your million now isworth six hundred thousand. So now you're
(27:37):
taking four percent, that's twenty fourthousand. So that's a sixteen thousand dollars
loss of income because the market wentdown. So do you want to be
in that environment where you have tocut back and you have to have those
fears. You don't have to ifyou don't want to. And that's why
the importance of meeting with someone ofthose complete planning. Someone who's a fiduciary
(27:59):
is going to do the best thingfor you. Someone who understands tax planning,
investment planning, income planning. Wecan put together the bucket strategy for
you and show you how much youcan have and then replenish it all over
again and do it all over againfor years to come. So visit our
website at maggietax dot com and pickup the phone. Schedule time to meet
with us, and when your scheduletime, say to the representative and to
(28:21):
our assistance, we want the bucketplan. We want that bucket plan,
and when you come in we canshow you eight three three. Maggie Tax.
I'm gonna make it real easy forall of you because we do seminars.
So we have a three and oneseminar on what Chris and I are
talking about today, bucket planning andalso your retirement tax bill. We're going
to illustrate live at our seminar.So if you register for our seven or
(28:42):
go to Maggie Tax dot com clickon seminars. The dates are there,
the times are there. Take thetime to come in and look at tax
planning, bucket planning a state planningand social security planning. You know why,
because you're not getting the education.It's the language that's confusing a lot
of people out there today. Mentionedbefore the word legislature risk. That's not
(29:02):
going to change because Congress can dowhatever they want. I'm holding here a
pencil. This is what it is. It's written in pencil. And every
time we do these shows, wehear new things that are going on.
To offer these to you, Pleasedon't hide your head in the sand.
And Chris, we see that somany times because people are afraid to ask
a question. My dad was likethat, and you know what, you
can't be like that. The newrules of retirement right now are here.
(29:26):
Eight three three Maggie Tax register forour seminar. Go to Maggie tax dot
com and come in and we'll showyou bucket planning, We'll show you the
retirement tax bill, We'll show youabout soul security. These are things that
you need to have. So let'sput together a plan. Eight three three.
Maggie Tax as someone to talk abouttimes of changing. People are fearful
inflation is here a lot of questionsshould I buy golds? And I am
(29:48):
not buy gold? Where should itbe in my plan? How much should
I have? My gosh, peopleare confused, they're feeling isolated, and
they just don't know what to do. Well, we have to empower empower
you, and we will because you'llhave the knowledge to understand what your accounts
can do. And when you comein, we're gonna ask you how much
income do you need? Is itfive thousand a month, is it three
(30:08):
thousand a month, is it eightthousand a month? Whatever it is,
let's put together a plan and we'llbe honest with you and we'll tell you.
Will you run out of money?Maybe maybe you won't. But what
if you can leave and understand,my gosh, I have a plan.
I have guaranteed income for life.I know what my tax situation is going
to be, and I can justspend paychecks and play checks each and every
(30:30):
month for the rest of my lifeand I'll have to worry about it.
So pick up the phone, schedulea time to meet with us. Eight
three three Maggie Tax. That's eightthree three Maggie Tax, and don't forget.
Every Sunday, tune in to ABCTVat ten thirty am for the Maggie
Tax and Financial Show, and wehave a lot of different topics. We
talk about the bucket plan, wetalk about tax planning, investment planning,
(30:51):
so security maximization planning, estate planning. There's so much that we discuss to
help you. So pick up thephone, schedule a time to meet with
eight three three Maggie Tax. That'seight three three Maggie taps. Stop planning
for Uncle Sam's retirement and start planningfor your retirement. As we return to
the Maggie Tax and Financial Hour withyour host, father and son Robert and
(31:15):
Chris Maggie. For additional information onhow you can create a tax free retirement,
visit Maggie Tax dot Com. That'sm a Ggi tax dot Com or
call eight one three three two twotwenty five twenty. That's eight one three
three two two twenty five twenty.Now your host for the Maggie Tax and
(31:36):
Financial Hour, father and son fromMaggie Tax Advisory and Financial Group, Robert
and Chris Maggie. Are you lookingfor the most tax advantaged ways to save
under the tax code, Well,we can help, that's what we do.
So welcome back to the Maggie Taxand Financial Show. Get the holistic
retirement plan. That's what we dohere, Get a complete retirement plan.
Get the Maggie Plan. It's atax plan, it's an income plan.
(32:00):
It's a simple and easy plan foryou to understand. It's an investment plan.
It's called the Maggie Plan. Ifyou don't have the Maggie Plan,
get the Maggie Plan because it's acomplete, holistic approach for you for your
retirement eight three three Maggie tax.And what we're trying to say to everyone
out there is get out of theline of fire if they're shooting bullets at
(32:21):
you, and be aware of theheightened legislative risk that we're talking about that
will affect qualified accounts and rout accounts. And we can help what is risk.
It is market risk, it's incomerisk, it's tax risk, it's
legislative risk. Which one will dothe most damage to you. And we
can help create a new, likeChris mentioned, a new holistic plan today.
(32:43):
Get the Maggie Plan. So whendo you want the irs to get
their taxes? You know we canshow you a way to pay the taxes
now before the Trump tax cuts expireand you get an increase of thirty percent.
And if you're concerned about market risk, income risk or taxes. Then
you have what we call an incompleteplan and get a new plan and a
(33:04):
holistic plan. Get the Maggie Plan. How many of you have an IRA
or a ferral? One k youhave a tax deferral plan, but we
can show you the cost of taxdeferral before taxes increase. Go to my
website, Maggie tax dot com andclick on the retirement calculator. I challenge
all of you. Go ahead anddo it and plug it in and I'll
respond to you. But you're goingto get the information that's going to shock
you. You know, it's reallyinteresting. You mentioned different types of risks,
(33:27):
and many people just think of riskas market risk. Well, you
have an income risk if you don'thave an income plan and you run out
of money. You know, whatabout legislative risk? Many people are talking
about how the tax code changes.Well, if you have the risk of
these laws changing and taxes increasing andguess what, less income for you.
What about the investment risk? Youknow, yeah, the market with the
(33:51):
volatility, that's another risk. Sowhat are you doing about it? That's
why we do the show. That'swhy we do this each and every week.
That's why I have a show onSunday for the Maggie Tax and Financial
Show, because we want to educateyou. There's so much there to talk
about because people need help. Youneed help out there. You know we
care about our retirement plans. Whybecause people could pay less tax, have
(34:13):
more income. They don't have tolose when the market goes down forty percent.
Where is it written that you haveto lose thirty percent or forty percent
like everyone else? Where is itwritten that you have to go down that
ride? You don't have to.So if you're in that environment right now
and you want out and you don'tknow how to get out, we can
show you. If you're looking forstrategies for your investment plan, if you
(34:37):
want an income plant that correlates withyour tax plan, then guess what we
can help. So pick up thephone, schedule time to meet with us.
Eight three three Maggie Tax. Andyou could write this down because all
of your retirement assets there under attackfrom taxes and legislative risk. And remember
that word legislative risk. And wecan help get the new holistic plan,
(34:57):
get the Maggie Plan. Think aboutthis by out the irs and eliminate tax
risks today, let irs get whatthey are supposed to get. Now.
I know that sounds weird, butit's the truth. When taxes are low,
that's where it is right now.Get a new holistic plan and get
the Maggie Plan. And folks,what we're trying to say to you here
is you have to understand that taxesare low right now. They are They're
(35:19):
at their lowest amount ever. Andif you remember back to the eighties and
many of you listening, it wasat eighty ninety percent. Do you think
that could happen again? Absolutely youcan. So let's eliminate risk and mitigate
tax risk. Take action today andprotect your retirement and get a self completing
plan. Think about that. Getthe new holistic plan, and get the
Maggie Plan, but make it acomplete plan. Write that down the language.
(35:44):
Complete plan, and Chris, that'swhat people we see, do not
have them. We throw that onthe table. All of a sudden,
you know, the light bulbs goon and they go. You know,
I didn't think about it that way. You guys are right. It is
because if you have an incomplete plan, you got problems. I said,
and you know, I said agreat point. I'm gonna just reiterate what
you said. You know your retirementassets are under attack, and think about
it. They are, and theylead you down the road where everything's cool,
(36:07):
where you don't have to pay taxeson it now, tax deferral,
tax deferral, tax deferral. Withthose iras and form in k's, everything's
great. But guess what. They'reunder attack because they're infected with taxes.
Eliminate Uncle Sam forever and ever.They are a silent partner. Eliminate them.
How do you go about doing it? We can show you. That's
(36:27):
why it's so important to get together. Let's have a conversation, because maybe
you should do a strategic rollout fromyour IRA to your roth IRA or create
a tax free bucket and retirement soyou don't have to worry about the increasing
taxes or the legislative risk, orthe different types of risk that we talked
about early on in today's show.When it comes to retirement, the tax
code is written in pencil. Whatare you doing about it? They can
(36:51):
change it. So when it comesto retirement, the IRS is your silent
partner. In your form and K, your IRA, you have no protection.
Get a plan all at the MaggiePlant. It's time to take back
ownership. Why because you deserve it. You work hard. You work hard,
all those hours, all those timesyou get up in the morning,
all those times that you do thingsthat you can't do because you have to
(37:13):
work, and you save for retirement, and you do the right thing.
Guess what they're going to go afterpeople who have the money. You have
the money, So what are they'regoing to do. They don't want to
tax you, So do me afavor, do yourself a favor. Listen
to what we're saying here, Pickup the phone, schedule time to meet
with us, Visit our website atMaggie tax dot com. Get educated,
know something about retirement and we canhelp you a three three Maggie Tax.
(37:37):
And think about this. Creating aplan for you for your financial will being
I know it can be a lot, you know, like solving a jigsaw
puzzle, but our comprehensive approach canhelp you put the pieces together. So
we begin by working with you toidentify your short and long term goals.
Are you doing that? We usethese goals as our primary focus to provide
(37:57):
you with innovative strategies and solutions thatwe're talking about, and we continue to
partner with you through the changing landscape, through the legislative risk, through the
tax risk, through the income risk, through the investment risk, through a
legacy planning risk, through college planningrisk. If you're not talking about that,
or your advisors not talking about that, shame on them. Look pick
up the phone. Eight three threeMaggie Tax. Be sure to visit our
(38:22):
website Maggie Tax dot com. Clickon the retirement calculator and see what I
mean. In thirty secments we cantell you what your retirement tax bill will
be. Schedule time to meet withus. Operate as a standing by right
now eight three three Maggie Tax.That's eight three three Maggie Tax. You've
been listening to the Maggie Tax andFinancial Hour discussing tax planning investment strategies,
(38:43):
presented by Robert and Chris Maggie fromMaggie Tax Advisory and Financial Services with offices
in Hillsborough and Pinella's County. VisitMaggie Tax dot com or call eight one
three three two two twenty five twenty. That's eight one three three two two
twenty five twenty and tune in nextSaturday at five for the Maggie Tax and
(39:05):
Financial Hour,
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