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 earn 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 together we're gonna betalking about a lot of important topics and
concerns for all of you out there, be sure to visit our website maggetax
dot com. We have a lotof information there and we also have the
retirement calculator, so click on thatand in thirty seconds we can tell you
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what your retirement tax bill is goingto be. And then let's get together
and talk about it because a lotof you out there are confused right now.
Also watch our show every Sunday onABC TV at ten thirty and if
you can't get to watch the show, go to our website maggetax dot com
and our shows are archives, sowe're giving you a lot of information.
Feel free to do it whenever youhave time, but it's important. And
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Chris, we see a lot ofpeople, and we talk to a lot
of people about different concerns, andthere are many. They're worried about taxes,
income, investments, and I don'tknow what you think, but I
think they're afraid to ask or sitdown and have a conversation. I think
they're afraid to be sold. Andthat's not what it's about. So we're
going to talk about some things todayabout risk management and asset protection that concerns
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all of you, and if youhave any questions, go to our website
maggetax dot com. We have achatbox right there on the first page.
I'll put your question and we'll answerthem right now. So Chris, let's
get going and start the show.Welcome everyone, and thank you so much
for tuning into our show and eachand every week. You know, we're
here to educate you. We're hereto deliver a message to help you have
confidence and clarity in your retirement.You know, many people out there have
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questions, as my dad has mentionedbefore, and they just don't know where
to go. Well, we canbe that source for you. All you
gotta do is visit our website atMaggie tax dot com and then pick up
the phone schedule a time to meetwith us. Eight three three Maggie Tax.
And do you have an income question? Do you have a tax question?
Do you have an investment question?Are you overall concerned about your future
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and current financial plan? Well,now's the time to pick up the phone,
schedule time to meet with us.Let's get together. You know,
let's get a second opinion going foryou, because do you have enough confidence
in your current advisor to get asecond opinion? And things are changing right
now and many people out there.You need to have a plan, tax
plan, income plant, investment planalso, which is really important in a
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state plan, so you don't beafraid to pick up the phone. Eight
three three Maggie tacks. Like Isaid, we have operated standing by right
now. So let's get into thisbecause let's talk about concerns people have.
What about health insurance do you have? Do you have? And are you
eligible for medicare? Many people aregetting to age sixty five and they're concerned.
They have questions and do you knowthere are options for long term care?
This is a big question, Chris, people are asking. And last
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what about a state planning? Doyou have a will a power of attorney?
Do you have your beneficiary designation setup correctly? Do you even know
who your beneficiaries are? And thisis important? So do you have a
will and a power of attorney?What about a review of your beneficiaries?
If you have accounts right now andyou're not sure who your beneficiaries are,
we just gave you a reason togive us a call. Let's go through
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your beneficiaries. And what do youwant to accomplish during your retirement years?
Do you want to travel, volunteer, work part time, maybe pursue some
hobbies. To financial prepare for yourretirement. You need a clear idea of
your retirement and lifestyle goals. AndChris, we talk about the Maggie Plan.
It's simple and easy to understand.And I know we talk every week
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about a lot of different topics,but the bottom line is they have to
come in and have a conversation andget your your fears and your concerns out.
Am I right or wrong? Absolutely? You know. I mean we
asked this question many too many peopleand we get multiple answers. But what
are your retirement expectations? You know? According to the Employee Benefit Research Institute,
they said that sixty nine percent ofworkers are very or somewhat confident they
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will have enough money to live comfortablythroughout their retirement. Only forty eight percent
had actually tried to calculate how muchthey will need to save. So stop
right there for a minute. Halfof the people out there have actually tried
to put pen and paper together tofigure out how much they're going to need
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in retirement. So what's one ofthe things we do first when we meet
with you. We're gonna start there. We're gonna do a budget sheet.
We're gonna sit there and we're gonnaask you and I'm going to find out
what you need coming in the frontdoor every month for the next thirty days
for you to pay your bills,to do what you need to do to
live the lifestyle that you want tolive. Whether it's a need or want,
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we have to determine that and that'swhat we're gonna do for you.
So it's a first step in theprocess, but it's really a crucial step
because then you will know if youcan retire. You know, many people
out there it's a myth you haveto get to a million dollars and once
you get there, then you canretire. Well that's not the case with
everybody. You don't have to getto that number. It's not a number
thing. It's about how much incomeyou need every month to pay your bills
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and also to live a lifestyle thatyou want. So we can help you.
So pick up the phone, scheduletime to meet with us A three
three Maggie Tax m agg I taxdot com. There's so much information right
there to help you. And here'sthe concern that I have. Most people
are working, or you know,working maybe two jobs and they're planning for
retirement, but they don't know whatto do. They have a four oh
one K or an ira and they'reusing that to hopefully plan when they retire
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they have enough money for income,but chances are they may not have enough
money for income. So this iswhy you have to sit down and create
a plan. We call it theMaggie Plan. And I know a lot
of people out there say, youknow it too early, Is it too
late? No, it's never tooearly and it's never too late. And
Chris, we've helped many people thatare working out. They even federal employees
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and state employees wanting to retire,you know, at sixty or sixty one
and sixty two. But you saidthe word before a myth. I think
the myth is that everybody's supposed towork till sixty five. And that's not
the case today because so many things, Chris, have changed. Four oh
one K plans have changed, peoplehave lost their jobs, people have emergency
COVID hit a couple of years ago, totally, you know, change the
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lifestyle of a lot of people.And man, you know, Chris,
if the advisor and the tax personare not talking about these things, they're
in the dark, and they're they'rejust fearful of everything that goes on every
day. Well, let's just say, you know, it's out income.
It's about what your accounts are goingto generate for you for income. Do
you know the answer to that?You might have piles of money, these
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assets that you think are growing orare they're taking too much risk? Or
are they growing? You know,they volatile, have they lost a lot
of money, Are they're safe?Are they getting a fixed rate of return?
What are they doing? If youdon't know, then it's a perfect
time to schedule time to meet withus, because let's go over your accounts.
Let's go over the purpose of eachand every one of them. Let's
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determine what are those accounts are goingto generate the income that you need to
fill the income gap. And youknow, the other myth that we hear
is that people wait to their frafull retirement age. They look at the
sole security statement and they think,well, sixty seven and four months is
when they can start retiring. That'snot true. You can retire any time.
But what you really want to figureout is how much income is coming
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in, and that's what you candepend on do you have your own family
pension? What's a pension? Well, many people years ago used to work
for a company for twenty thirty yearsand they used to get their pension.
But guess what things are changing.Most employee ers these days don't want to
give pension plans. They give afour one k out to you. It's
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up to you to retire and toyou to generate your own income plan.
They don't want to take the riskanymore. So how do you create your
own family pension where you get it, your spouse gets and if anything happens
to you, itch stays in thefamily goes to the kids. How do
you do this? Well, wecan help pick up the phone, schedule
a time to meet with us,and when you call, ask that you
want to generate your own family pensionand we can help you out a three
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three Maggie tax. That's a greatpoint. And one other thing is we
do bucket planning and bucket planning frommany of the clients that have come into
meet with us, and we sitdown and show you the bucket planning in
an asset map to put your assetsin order and show you what you're going
to do short term and long term. You know, we talk about an
incomplete plan. Many of you havean incomplete plan. You have an incomplete
plan, and you're worried about whatto do. So let's help you make
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it a complete plan. Talk aboutthis on the TV. Many of you
look at what we call a microlens. You look at it today or
short term. Well, if you'regoing to look at it, Chris,
on a long term, it's amacro lens. And that's planning. That's
income planning, that's tax planning,that's an investment planning, that's a state
planning or legacy planning. And folks, don't be ashamed or embarrassed that you
think you don't have enough. Anythingyou have is enough because you worked hard
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for it, and you're still goingto work hard for it. You know
you can't. Maybe some people can'tgo back to work, and that's hard.
So if you work forty years,then you better have enough money to
retire for forty years. And that'swhat you've developed, that's what you work
so hard for, Chris, Andyou talk about a pension plan that has
to be done right now. Forincome planning, and that's just it.
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So if you're looking for an incomeplan, we can help. If you're
looking for a play check. Howdo you generate paychecks and play checks for
guaranteed income coming in the front doorevery month for the rest of your life.
We can help. If you're lookingto create your own family pension,
so you know for sure that thatmoney is going to generate an income stream
that's gonna come in to your accounteach and every month on that first,
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on the fifth, on the tenth, whatever you want, we can help.
If you're looking for an investment plan. If you have these accounts,
these piles of money that are justsitting there, you look at the statements,
maybe you don't even open the statements. You have no idea what these
accounts are. You might have gottenthem five years ago or ten years ago,
or maybe old four oh one kthat you have no idea what to
do and how to transfer the moneyover. We can help. If you're
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looking for a tax plan. Youwant to reduce your taxes, you want
income on the most tax efficient way. We can help. What about groth
conversions? How many people have questions, should we convert our ira to the
roth? How do we do it? Should we do it a lump sum?
Should we do a strategic rollout.How do we go about doing that?
Well, we can help if you'relooking for all these things, that's
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what we do. So pick upthe phone, schedule time to meet with
us. We look forward to meetingwith you. Eight three three Maggie Tax.
That's eight three three Maggie Tacks andvisit our website and Maggie Tax got
he Stop planning for Sam's retirement andstart planning for your retirement. As we
return to the Maggie Tax and FinancialHour with your host, father and son
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Robert and Chris Maggie. For additionalinformation on how you can create a tax
free retirement, visit Maggie Tax dotcom. That's m a Ggi tax dot
com or call eight one three threetwo two twenty five twenty. That's eight
one three three two two twenty fivetwenty. Now your host for the Maggie
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Tax and Financial Hour, father andson from Maggie Tax Advisor and Financial Group,
Robert and Chris Maggie. Welcome backeveryone. You're listening to the Maggie
Tax and Financial Show. I amRobert Maggie and I'm here with Chris Maggie.
And if you're just tuning in,we've been talking about the misunderstandings that
you shouldn't full victim. Two,we talked about no investment account type is
safer or risky than the other,and then diversifying funds does not dilute your
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ability to make a profit. Sonumber three, let's talk about that right
now. Chris, transferring funds betweeninvestment aunts it can be risky. And
just because your accounts allow you totransfer funds from one to another, it
doesn't mean that it's always the safeway to go. And depending on how
much is in each account and howmuch you plan on transferring, you may
end up paying taxes on the sametransferred amount for both accounts. So before
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you move your funds around, it'sbest to think twice and ask for an
expert advice. And Chris, youand I see this every day. People
come in they well I had totake money out of this and they created
a tax problem or penalty. Let'stalk about that. Well, we see
that often, and that's something thatshould definitely not happen at all. And
when the things that we do seethat happen because the advisor or the client
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just really doesn't know. And it'ssad that you put all your your trust
into the advisor who you think knowshow to do this, and they mess
up and they call it they causea taxable event. And give you a
quick story. How a client thatcame in they wanted to roll over their
iras and their roth iras to anotherinstitution. So they called their advisor the
broker, and the broker was mad. So they said, you know what,
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I'll just send you the money.So guess what they set sent the
IRA money which is one hundred percenttax, will end the roth IRA money
to their checking account. So theguy had over two hundred thousand dollars and
he was checking account and guess whathe did. He just put into a
non qualified investment. And he camein and met with us and he said,
hey, I have this IRA andhave this roth IRA. So we
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looked at his statements and I said, well, you don't have an IRA
anymore. You you don't have aROTH you have this non IRA account.
He said no, my advisor rolledit over and I said no, you
did not happen that way. Sohe just created a two hundred thousand dollars
tax liability because the client and theadvisor did not do it the right way.
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So these are things we're talking abouthere. What could have happened is
the advisor should have just put themoney in cash. The new institution should
have just sent a form over it'scalled the transfer form from trustee to trustee
to the old institution, and theycould transfer the money over without a taxable
event. So we could have kepthis IRA intact. He could have kept
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his roth IRA intact, and everythingcould have went smoothly from there in a
new investment. But that did nothappen. So the broker was at fault,
the client was at fault. Soboth those people did not know what
to do. And that's why youshould seek expert advice. That's why when
you come in and meet with us, we're gonna look at your accounts,
we're gonna show you what you have, and we're gonna show you how you
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can transfer the money over in themright best way for you. And the
key word there and all the Chrissaid is misunderstanding and knowledge is power.
So don't do anything until you meetwith someone who's qualified to answer the question,
and then you can proceed and doit, do it the right way.
You feel better because what Christ justexplained the client was very upset.
He was mad at the advisor andhe was mad that he didn't go see
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someone because he heard us on theradio, he saw us on TV,
and he said, at least youguys understand and plane, because that's up
to you, folks. You've gotto make sure that you understand. So
you know, that's the keyword.So let's go to number four. Number
four, bonus income, and thisis important, can be taxed even after
employer deductions. So if you've noticedthat your employer has already taken out a
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portion of your bonus income for taxes, don't assume that you're out of the
woods. And the rate that theygo by may not be the same as
yours. It's very possible that youwould need to pay the difference when tax
season rolls around. So the nexttime that you get a bonus paid,
just be prepared for the possibility ofpaying back a little extra later on.
And can I just bring up aquick you know point here, we had
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a lottery winner. Remember talk aboutthat because this was a shocking you know,
the result. Let's just said,it's a perfect case right here.
We experienced this about three years ago. We had a client that when five
million dollars on a scratch off andthey came in and they say, we're
so excited, you know, wewant to invest the money. We want
to set up ourselves the right way. And we said okay. We said
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we have to look at the taxreturn first and figure out the tax is
paid. And she said, well, I already paid the taxes. So
I looked at the statement that sheprovided into twenty five percent tax withholding,
but back then the tax rate wasthirty nine point six, so guess what
she still had to pay more intax. So she said, no,
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Chris, I already paid the tax. And I said, you did,
but you didn't pay enough. Sothey only withheld twenty five percent, but
they should have withheld thirty nine pointsix. They did not know that she
was in the highest tax bracket atthe time. So this is a perfect
example. So whenever you get abonus, make sure that you look at
the other income because they whoever's givenyou the money, they don't know your
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personal tax situation. Filing, theydon't know if you're single, they don't
know if you're married, filing jointlymarried, filing separately, head of household,
They don't know all those things thatyou need to have Availablefore, you
make sure that you withhold the tax. So this is so, and so
pick up the phone and schedule timeto meet with us. Let's look at
this for you eight three three,Maggie tax and you just let into the
number five. Filing taxes earlier orlater doesn't change the payment due date.
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Regardless of when you decide to fileyour taxes, everyone has a set date
on when they need to pay whatthey owe, and you can postpone the
state by filing early or late.So don't count on this misunderstanding to work
in your favor, or else youmay find yourself scrambling at the last minute
to gather the money for payment.And here's the thing. Filing most people,
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I shouldn't say most people. Peopleget bonuses different times of the year,
correct, And what should be heldout is the amount of tax that
your tax liability is. They don'tdo that. So at the end of
the year, when you get yourtax return and get all the information and
then you put that on your taxreturn, guess what. Just like Chris
said, you think you're in atwenty nine percent tax bracket, You're in
a thirty nine percent tax bracket.Guess who has to pay the taxes?
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Chriss you do you have, You'restill liable. So that's why it's so
important to pick up the phone,schedule time to meet with us. We
do tax planning, we do incomeplanning, we do investment planning. Most
advisors out there just deal with investments. That's just you miss in the boat.
Because taxes are our biggest expense.So if you're working with an advisor
right now who is not talking aboutstrategic rollouts and roth conversions and options for
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ways for you to reduce your taxes, then you the one who's going to
miss out. So pick up thephone, schedule time to meet with us.
Today we talked about five personal financemisunderstandings that you should not fall victim.
Two and just to summarize what theyare, No investment account type is
safer or riskier than another. Numbertwo, Diversifying funds does not necessarily dilute
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your ability to make a profit.Number three, Transferring funds between investment accounts
can be risky. And four bonusincome can be taxed even after employer deductions.
And number five we talked about today, filing taxes earlier or later it
doesn't necessarily change the payment due date, So pick up the phone, schedule
time to meet with us. Visitour website Maggie Tax dot com. Eight
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three three Maggy Tax. That's eightthree three Maggie Tax. Stop planning for
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 howyou can create a tax free retirement,
visit Maggie Tax dot com. That'sm a gg I tax dot com or
(19:22):
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
Financial Hour, Father and son fromMaggie Tax Advisory and Financial Group, Robert
and Chris Maggie, Welcome back tothe Magga Tax and Financial Show. One.
Thank you so much for tuning inand visit our website at Maggie Tax
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dot com. In thirty seconds,you can find out what your tax bill
would be in retirement. If youhave an IRA four moun k. You
need to understand what this number iswhy, because it can't affect your retirement
future in maggitax dot com up atright hand corner, tax bill in retirement,
Click on it and you can discoverwhat that will be. But more
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importantly, schedule time than meet withus. There's so much information to talk
about. If you have questions abouthow do I design an income plan from
my retirement where it has inflation builtin and multiple income sources and guaranteed income,
how do I go about doing that? We can help. What if
you're looking for an investment plan?A lot of volatility going on in the
market. Does it really keep youup at night? Are you losing sleep?
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Do you have questions? Do youreally not know what's going on and
you're afraid to open up your statements. Well, let's get together and have
a conversation about it, because theremight be some bucket planning that we could
put together to design for safety andgrowth and inflation and a lot of other
opportunities that are in the market today. What about social security planning? Do
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you have questions about how do Imaximize it for me and my spouse?
What about a state planning? Iwant to leave all this stuff to my
heirs. I just don't know howto do it? Is everything up the
right way? Well, we canhelp these things that we do each and
every day to help you. Sotake up the phone, schedule a time
to meet with us. We lookforward to getting together with you. Eight
three three Maggie tax. So thequestion I would ask is how many of
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you have a complete plan or anincomplete plan? And what Chris just mentioned
are some of the things that wesee that people have an incomplete plan?
So what are you doing about it? You know what keeps you up at
night? What's that elephant in theroom. Is it about income? Is
it about taxes? Is it aboutyour investments? We know the volatility of
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the market is there, but howare you prepared to take less risk and
keep more for yourself? And hasanyone ever done a beneficiary review for you?
Quick example, We've had a client, couple clients this past year.
They passed away and they had beneficiarydesignations on there. They had POD and
t O D on their accounts andChris, the money passed to their beneficiaries
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probate free and it didn't have togo through that process. And people make,
you know, mistakes about a stateplanning. Let's call it enhance planning.
Do you have the list of whoyou want your assets to go to
and when it should go to themand how much it should go to them.
Are you set up that way soyou know if you have an incomplete
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plan? Think about what Chris andI are talking about. If it's about
income, it's about taxes, youconfuse about your investments. You don't understand
them. We see this every daywe ask a client, bring in your
statement, We ask them do theyunderstand their investments? And Chris, the
answer that we get all the timeis well not really, that is just
not a good answer, and it'snot because you worked hard. You worked
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hard for the money you have theassets that you have, and and the
worst thing you want to do iseither I have to go back to work
or be outlive your money. Andmost people that come in and meet with
us, we ask them, youknow what brought you in and the main
question and the answer is I wantto make sure I don't outlive my money
and is that going to happen?And we have to do the analysis to
figure it out. And sometimes wehave to tell people yes, at this
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place and with the assets that youhave, you will outlive your money and
that's where it's very, very scary. So can you retire. We can
show you. We can show youthe projections, we can show you what
the guarantees are going to be.We can show you that if you have
a concrete plan or a complete plan, then you'll enjoy retirement, You'll have
the inflation buckets coming in for incomein the future, You'll have the estate
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plan so if anything happens to you, a stay in your family. That's
what we call developing a plan becauseif you don't have a plan, guess
what, you know what, someonewho you don't know will make that plan
for you in the future because youdidn't set it up the right way.
So check the boxes off. Doyou have a tax plan yes or no?
Do you have an income plan yesor no? Do you have an
investment plan or just letting that moneyride in the market. Do you have
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an estate plan or an enhanced plan? What about college planning for the children?
Are you aware if you have amutual fund you're paying fees? How
many fees are you paying? Thequestion is do you know what your fees
are paying? Because if you're payingfees, it's eating away your retirement.
So without a plan, like Chrissays, you have nothing, so everything
we do. We have to havea plan. What are you looking for
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in an advisor that you would bewilling to work with. We just mentioned
a bunch of topics that we wouldtalk to you about because we see this
all the time. Well, myadvisor doesn't talk about tax planning, Chris
or Bobby. You know this isand when we ask them, what were
you hoping for when you came in? And the ask we get all the
time is wow, not this.Well, you know the thing about is
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is when you talk about we askedthat question, is your current advisor talking
about tax planning? And most ofthe time, probably ninety five percent of
time, it's no. And thequestion I have is why. I mean,
that's your biggest expense. Taxes areour biggest expense, and it's going
to get worse. So think aboutthis. You're cruising in retirement, everything's
going well, and guess what legislativerisk happens and the tax code changes and
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guess what less to you becau Nowyou have to pay more to Uncle Sam,
so that income check every month goesdown. And what about inflation that's
happening right now on top of it. So you're in a situation where you
have to change your lifestyle in retirement. Is that what you want? The
answers no, But could it happento you? Yes? And if you
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don't have the right plan in place, like an income plan, at tax
plan, investment plan, then yesit could happen. And that's what you
don't want. So right now isa time, more than ever before,
to pick up the phone in schedulea time get a second opinion. Do
you have enough confidence in your currentadvisor? Get a second opinion? Because
it's about you. It's about yourmoney. It's not about me or your
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CPA or your current advisor. It'snot about that. It's about what you
want your money to do for you. Do you want safe money? We
can help. Do you want moneyin the market where it's risky. We
can design buckets like that as well. But I guess what you have to
have a purpose with everything you do? Why because that's a plan? Well
here, yeah, you need tohave a plan in life. We all
get that. But the end ofthe day is do you have a plan
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with your retirement? Take take controlof this and we can help. Eight
three three Maggie Tax. So thebiggest question for all of you listening today,
How can we at Maggie, taxand financial help you. That's the
question. So when you come in, I want to know the answer.
How can we help you? Youknow what upsets you every night when you
put your head on that pillow andyour mindstart's racing about what you're worried about
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because you can't control it. Youknow, what are you looking to change?
And this is the big question,Chris. Changes has to happen in
many cases with people out there becausethey don't understand their investments, they don't
understand income planning. Their advice isnot sitting down and talking to them.
So what would you change? Thinkabout that? What would you change if
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you were educated on what you havethat Maybe it's not the right investment for
you, maybe it's not the rightplan for you. When would you change
it? And like I said,what's the elephant in the room. And
that's just it. You know,is your plan, your present plan,
going to get you where you wantto go? Do you know unequivocally?
If that the answer is yes,if you are thinking about it, well
(27:08):
I'm really sure or I don't reallyknow, then you have to get a
second opinion. You have to lookat this. You have to have someone
look at this for you so youcan have that Yeah, absolutely, I
know absolutely my plan is going togive me what I want in retirement and
is doing it right now. That'swhat you want, the confidence, the
clarity, the control, and that'swhat we can help you with. So
(27:29):
pick up the phone, schedule timeto meet with us. We look forward
to meeting with you. We haveoffice on both sides of the bay to
help you. A three three Maggietax. That's eight three three Maggie tacks.
And here's the big question. Doyou all do this planning on your
own? Think about this? Theleft brain in you is the more to
think about it. The right brainis the solution side of your brain.
(27:51):
We have both sides working for us, Chris, the left and the right.
Because you're confused, you have todraw a line in the sand.
I can't understand planning, you know, I think I'm okay, but I'm
not. Most people buy what theywant, not what they need. And
that's the issue that we try totalk about. What do you want?
You know, what are your needs? How much income do you want?
(28:11):
You know? Does your advisor havea process Maggie tax advisor. We have
a process. We come in andyou come in and meet with us.
We ask you questions, you askus questions. We do a balance sheet,
so we know where your assets are. We know what the qualified money
is non qualified money. We knowwhere your bank accounts are if they're titled
right. Does your advisor do allthis? We call it red money,
(28:33):
green money, and on my websiteyou can take a look at it.
But look, if you're taken toomuch risk and you don't know it,
folks, you know Chris does thisall the time. When are you going
to realize that you don't have totake all that risk, You don't have
to pay all those fees and youdon't have to see your account go down
because your advisor says, well,everybody else is losing. No, it's
not true, Chris, that's nottrue. Let's just it. You know,
(28:56):
why follow the crowd and we don'thave to just because your advisor says
everyone else has lost money. Butwhere is it written that you have to
lose thirty forty percent? Where isit written that you have to go down
that route. I'm frustrated because youdon't have to. I have clients that
come in and they're like, well, you know is what it is.
We lost three hundred thousand dollars withour old advisor. Why doesn't have to
(29:18):
be that way? You know,maybe you're you're younger and you got time
on your side and you can absorbsome of these losses. But guess what,
you're in retirement, why go downtwo, three, four, five
hundred thousand dollars? Why you knowthat's up to you, but you don't
have to. You know, whereis it written that you have to lose
twenty thirty forty percent like everybody else. It's not there. You don't have
to go down that route if youdon't want to, So pick up the
(29:41):
phone, schedule a time to meetwith us. Let's show you bucket planning.
Let's put together a plan for you. Buckets. What are buckets Buckets
with a purpose. You have bucketsfor safety. You have buckets for inflation.
You have buckets for future guaranteed income. You have buckets for the volatility
control. You have buckets to takeadvantage of the opportunity of the markets down.
You have buckets to take advantage whenthe market goes down. You have
(30:04):
buckets out there to provide buffer andstrategies to protection against no loss in the
market. How do you go aboutdoing these things because every account needs to
have a purpose based on what youare looking for. What is it that
you want? That's the question.When you come in, We're gonna ask
you that question. We're gonna listento you, we're gonna hear you.
We're gonna make this very very realfor you to try to accomplish what you
(30:26):
are looking for. We're gonna educateyou. Go to take our time.
We're gonna build the confidence, buildthe clarity, and you're going to have
the control in retirement. If that'swhat you want, you can pick up
the phone in schedule time to meetwith us. We look forward to meeting
with you. Why because this isreal. Things are changing and you need
to be on the other side totake advantage of these opportunities as opposed to
(30:47):
falling victim to them. So pickup the phone. We look forward to
meeting with you. Eight three threeMaggy Tacks and don't forget every Sunday for
the mag Attacks and Financial Show onTV ABC TV at ten thirty am.
Visit our website Maggie tax dot com. Schedule time to meet with us eight
three three Taggie in twos, Stopplanning for Uncle Sam's retirement and start planning
(31:11):
for your retirement. As we returnto the Maggie Tax and Financial Hour with
your host, father and son Robertand Chris Maggie. For additional information on
how you can create a tax freeretirement, visit Maggie Tax dot com.
That's m a Ggi tax dot comor call eight one three three two two
(31:33):
twenty five twenty. That's eight onethree three two two twenty five twenty now
your host for the Maggie Tax andFinancial Hour, Father and son from Maggie
Tax Advisory and Financial Group, Robertand Chris Maggie. Thanks for tuning into
the Maggie Tax and Financial Showing.As always, you were so glad to
be here and there's been a greatshow throughout today. And if you have
(31:53):
any questions, pick up the phoneschedule a time to meet with us.
You know, we meet with peopleand they come with questions, they have
concerns and they don't know where togo. And you have that resource rate
here. We can help you inso many ways. If you're looking for
an income plan, we can help. If you're looking for a tax plan.
We can help. If you're lookingfor an investment plan, we can
help. If you're looking to maximizeyour soul security benefits, we can help.
(32:16):
If you're looking for an estate plan, we can help. If you're
looking for all that. That's whatwe call the Maggie Plan. It's a
plan that's simple and easy for youto understand. You know. The thing
that I also want to talk aboutis planning for an income that you cannot
outlive in retirement. A study wascompleted that identified that many Americans out there
are more concerned with running out ofmoney in retirement than they are actually concerned
(32:39):
of actually dying. And we believethat a guaranteed income stream that you cannot
outlive solves the issue of running outof money in retirement. Do you have
an income plan? If not,why not? We can help you.
And only insurance companies can provide thatbenefit. So there's ways to go ahead
and produce a guaranteed bucket where youcan't outlive your money and you can play
(33:00):
with the rest or invest the resthowever you want. And we have one
of those best income plans out therefor retirement. Why because we have looked
at many different options we have dissectedthis. We have showed you how to
have income in a most tax efficientway. It's out there if you just
meet with the right advisors. Sopick up the phone, schedule time to
meet with us. Eight three threeMaggie Tax. We talk about bucket planning,
(33:22):
income planning, bucket planning, andinvestment planning. It's a great dynamic
when you can incorporate everything, especiallywith the taxes, to have more income
in a tax efficient way. Andalso, choosing a financial advisor is not
easy. I'm sure many of youknow that. Maybe some of you have
had your financial advisor for years andyou're just locked into But it doesn't mean
you can't look around for a secondopinion. And some of the things that
(33:45):
we're talking about. Ask them thesame questions that we're throwing out there.
Can they do income planning? Canthey do tax planning? That's a big
thing right now. Most advisors say, look, they have to go see
a tax advisor. Well, that'san open door for us, because once
we show you what you should bedoing, and your advisor isn't showing you
what you should be doing, that'sa reason to start thinking and changing and
(34:05):
looking for someone else. And likeChris said, it's important to understand what
we do here. We have atax division, we have an income division,
we have an estate division, andan investment division, and we cover
everything. It's called complete planning.Many people come in and they say to
us, Wow, we didn't knowyou do so many things. But it's
all part of a complete plan.So are you going to look your future
(34:25):
into a micro lens or a macrolens? And that's important to understand what
I just said. A micro lensis today, it's this year. What
about a macro lens? Chris?When when they're looking at retirement? And
then we stop and you know,we look at everything on the table and
say, here's what's going to happenin five years and ten years because everything
you're talking about, you mentioned,that I mentioned today is going to change
(34:46):
and the legislative risk is going tomake that happen. So if you're not
prepared, it's time to start sittingdown and get a second opinion. It
doesn't hurt because maybe what you don'tknow, you know it's going to hurt
you. But if we can helpeducate you on the right thing, and
here's what we do, we'll challenge. You go back to your advisor,
we don't care. Ask them whythey didn't talk to you about tax planning,
(35:07):
why they didn't talk to you aboutSocial Security maximization, why they didn't
talk to you about all your adistribution. When's the best time to take
it? Ask them and see whatthey say. Well, that's it.
You know again, it's not abouta fight. It's about for you.
It's about what you want to doand accomplish what you want for your retirement.
You know, the advisor that youmight have is probably a great guy
or a great girl, and you'vebeen with them for years, but maybe
(35:28):
they're just not equipped with the righttools to help you in a lot of
different ways. And that's okay,And that's why, you know. It's
about understanding and about growing, andabout understanding that what you can do to
make your situation better. Things arechanging. Taxes are changing, rules are
changing, legislative risk. These arethings that are changing all the time.
Investments are changing. Companies and productsare being developed to enhance your situation.
(35:52):
Guess why. Because people are livinglonger, People want safety. People want
to have both the upsides and alsothe protection. On the downside, there's
a lot of different things that arebeing developed to help you. You need
to know what they are, sopick up the phone, schedule time to
meet with it. It's called technology, but it's innovative ideas and strategies that
help people. And when we canincorporate all those for your plan, my
(36:15):
gosh. You have a power planand we call it a complete plan.
Because you have income, you havean income plan. You have tax planning
where you can have income on themost tax efficient way. Those two work
together. What about your investments?If your investments are causing unnecessary taxes,
guess what. You're paying more taxeson your investments. And it's not about
(36:37):
what your accounts did today. It'sabout the macro lenngines my dad mentioned,
it's not just about the micro lens. Look at your plan as far as
a macro lens. What is itdoing overall and do you have all those
things put to play. That's whatwe're discussing. Today's bucket planning, tax
planning, income planning, investment planning, estate planning. We can help a
three three Maggie tax and it's realsimple. Today's retirement has changed. The
(37:00):
old rules don't apply because there's somany things Chris mentioned. Technology has changed.
You know what we do when weplan. It's not just talking about
the stock or the mutual fund anymore. It's about income planning, it's about
tax planning, it's about investment planning, and it's about legacy planning. And
that's the reason why we do thatSeminar three and one, because we talk
about a state planning, our taxplanning, and soial security planning to everyone
(37:23):
that walks in our room and seeswhat we do, because it's going to
affect you in some way. Ifyou don't have a will, probate's gonna
eat it away, you will knowthat. I mean, this is what
we see every day. I thinksixty percent of Americans don't even have a
will. Why because no one's talkingabout that. And for the older people
out there, you know that maybeyour parents went through probate because that back
(37:45):
then, they didn't talk about investmentsto the kids. It was a no
no. So those are things thatare changing right now. You have to
because it's gonna eat away at yourretirement and your accounts, and don't let
it happen. Your tax biller retirementcould be too big. Let's talk about
that and so security can be confusing. We know that you know what is
FRA a full retirement age? Whatis the COLA? What is IRMA?
(38:06):
These are things that are coming up, Chris, at every seminar we do
and every client that walks in,So it's up to you. Give us
a call at eight three three MaggieTax. Be sure to visit our website
Maggie Tax dot com, click onseminars and register of one of the seminars.
They're every week, they're free,there's no cost educational and you can
leave if you want to or staythroughout the whole thing. And more importantly,
(38:27):
don't forget. Every Sunday at tenthirty on ABC TV, tune into
the Maggie Tax and Financial Show,Chris and I talk about a lot of
topics that affect all of you.Eight three three Maggie Tax. Eight three
three Maggie Tax. And you're listeningto the Maggie Tax and Financial Show.
You've been listening to the Maggie Taxand Financial Hour discussing tax planning investment strategies
(38:49):
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 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 earn 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 together we're gonna betalking about a lot of important topics and
concerns for all of you out there, be sure to visit our website maggetax
dot com. We have a lotof information there and we also have the
retirement calculator, so click on thatand in thirty seconds we can tell you
(01:11):
what your retirement tax bill is goingto be. And then let's get together
and talk about it because a lotof you out there are confused right now.
Also watch our show every Sunday onABC TV at ten thirty and if
you can't get to watch the show, go to our website maggetax dot com
and our shows are archives, sowe're giving you a lot of information.
Feel free to do it whenever youhave time, but it's important. And
(01:33):
Chris, we see a lot ofpeople, and we talk to a lot
of people about different concerns, andthere are many. They're worried about taxes,
income, investments, and I don'tknow what you think, but I
think they're afraid to ask or sitdown and have a conversation. I think
they're afraid to be sold. Andthat's not what it's about. So we're
going to talk about some things todayabout risk management and asset protection that concerns
(01:56):
all of you, and if youhave any questions, go to our website
maggetax dot com. We have achatbox right there on the first page.
I'll put your question and we'll answerthem right now. So Chris, let's
get going and start the show.Welcome everyone, and thank you so much
for tuning into our show and eachand every week. You know, we're
here to educate you. We're hereto deliver a message to help you have
confidence and clarity in your retirement.You know, many people out there have
(02:19):
questions, as my dad has mentionedbefore, and they just don't know where
to go. Well, we canbe that source for you. All you
gotta do is visit our website atMaggie tax dot com and then pick up
the phone schedule a time to meetwith us. Eight three three Maggie Tax.
And do you have an income question? Do you have a tax question?
Do you have an investment question?Are you overall concerned about your future
(02:42):
and current financial plan? Well,now's the time to pick up the phone,
schedule time to meet with us.Let's get together. You know,
let's get a second opinion going foryou, because do you have enough confidence
in your current advisor to get asecond opinion? And things are changing right
now and many people out there.You need to have a plan, tax
plan, income plant, investment planalso, which is really important in a
(03:05):
state plan, so you don't beafraid to pick up the phone. Eight
three three Maggie tacks. Like Isaid, we have operated standing by right
now. So let's get into thisbecause let's talk about concerns people have.
What about health insurance do you have? Do you have? And are you
eligible for medicare? Many people aregetting to age sixty five and they're concerned.
They have questions and do you knowthere are options for long term care?
This is a big question, Chris, people are asking. And last
(03:28):
what about a state planning? Doyou have a will a power of attorney?
Do you have your beneficiary designation setup correctly? Do you even know
who your beneficiaries are? And thisis important? So do you have a
will and a power of attorney?What about a review of your beneficiaries?
If you have accounts right now andyou're not sure who your beneficiaries are,
we just gave you a reason togive us a call. Let's go through
(03:49):
your beneficiaries. And what do youwant to accomplish during your retirement years?
Do you want to travel, volunteer, work part time, maybe pursue some
hobbies. To financial prepare for yourretirement. You need a clear idea of
your retirement and lifestyle goals. AndChris, we talk about the Maggie Plan.
It's simple and easy to understand.And I know we talk every week
(04:10):
about a lot of different topics,but the bottom line is they have to
come in and have a conversation andget your your fears and your concerns out.
Am I right or wrong? Absolutely? You know. I mean we
asked this question many too many peopleand we get multiple answers. But what
are your retirement expectations? You know? According to the Employee Benefit Research Institute,
they said that sixty nine percent ofworkers are very or somewhat confident they
(04:34):
will have enough money to live comfortablythroughout their retirement. Only forty eight percent
had actually tried to calculate how muchthey will need to save. So stop
right there for a minute. Halfof the people out there have actually tried
to put pen and paper together tofigure out how much they're going to need
(04:55):
in retirement. So what's one ofthe things we do first when we meet
with you. We're gonna start there. We're gonna do a budget sheet.
We're gonna sit there and we're gonnaask you and I'm going to find out
what you need coming in the frontdoor every month for the next thirty days
for you to pay your bills,to do what you need to do to
live the lifestyle that you want tolive. Whether it's a need or want,
(05:17):
we have to determine that and that'swhat we're gonna do for you.
So it's a first step in theprocess, but it's really a crucial step
because then you will know if youcan retire. You know, many people
out there it's a myth you haveto get to a million dollars and once
you get there, then you canretire. Well that's not the case with
everybody. You don't have to getto that number. It's not a number
thing. It's about how much incomeyou need every month to pay your bills
(05:42):
and also to live a lifestyle thatyou want. So we can help you.
So pick up the phone, scheduletime to meet with us A three
three Maggie Tax m agg I taxdot com. There's so much information right
there to help you. And here'sthe concern that I have. Most people
are working, or you know,working maybe two jobs and they're planning for
retirement, but they don't know whatto do. They have a four oh
one K or an ira and they'reusing that to hopefully plan when they retire
(06:06):
they have enough money for income,but chances are they may not have enough
money for income. So this iswhy you have to sit down and create
a plan. We call it theMaggie Plan. And I know a lot
of people out there say, youknow it too early, Is it too
late? No, it's never tooearly and it's never too late. And
Chris, we've helped many people thatare working out. They even federal employees
(06:27):
and state employees wanting to retire,you know, at sixty or sixty one
and sixty two. But you saidthe word before a myth. I think
the myth is that everybody's supposed towork till sixty five. And that's not
the case today because so many things, Chris, have changed. Four oh
one K plans have changed, peoplehave lost their jobs, people have emergency
COVID hit a couple of years ago, totally, you know, change the
(06:48):
lifestyle of a lot of people.And man, you know, Chris,
if the advisor and the tax personare not talking about these things, they're
in the dark, and they're they'rejust fearful of everything that goes on every
day. Well, let's just say, you know, it's out income.
It's about what your accounts are goingto generate for you for income. Do
you know the answer to that?You might have piles of money, these
(07:08):
assets that you think are growing orare they're taking too much risk? Or
are they growing? You know,they volatile, have they lost a lot
of money, Are they're safe?Are they getting a fixed rate of return?
What are they doing? If youdon't know, then it's a perfect
time to schedule time to meet withus, because let's go over your accounts.
Let's go over the purpose of eachand every one of them. Let's
(07:28):
determine what are those accounts are goingto generate the income that you need to
fill the income gap. And youknow, the other myth that we hear
is that people wait to their frafull retirement age. They look at the
sole security statement and they think,well, sixty seven and four months is
when they can start retiring. That'snot true. You can retire any time.
But what you really want to figureout is how much income is coming
(07:51):
in, and that's what you candepend on do you have your own family
pension? What's a pension? Well, many people years ago used to work
for a company for twenty thirty yearsand they used to get their pension.
But guess what things are changing.Most employee ers these days don't want to
give pension plans. They give afour one k out to you. It's
(08:11):
up to you to retire and toyou to generate your own income plan.
They don't want to take the riskanymore. So how do you create your
own family pension where you get it, your spouse gets and if anything happens
to you, itch stays in thefamily goes to the kids. How do
you do this? Well, wecan help pick up the phone, schedule
a time to meet with us,and when you call, ask that you
want to generate your own family pensionand we can help you out a three
(08:35):
three Maggie tax. That's a greatpoint. And one other thing is we
do bucket planning and bucket planning frommany of the clients that have come into
meet with us, and we sitdown and show you the bucket planning in
an asset map to put your assetsin order and show you what you're going
to do short term and long term. You know, we talk about an
incomplete plan. Many of you havean incomplete plan. You have an incomplete
plan, and you're worried about whatto do. So let's help you make
(08:58):
it a complete plan. Talk aboutthis on the TV. Many of you
look at what we call a microlens. You look at it today or
short term. Well, if you'regoing to look at it, Chris,
on a long term, it's amacro lens. And that's planning. That's
income planning, that's tax planning,that's an investment planning, that's a state
planning or legacy planning. And folks, don't be ashamed or embarrassed that you
think you don't have enough. Anythingyou have is enough because you worked hard
(09:22):
for it, and you're still goingto work hard for it. You know
you can't. Maybe some people can'tgo back to work, and that's hard.
So if you work forty years,then you better have enough money to
retire for forty years. And that'swhat you've developed, that's what you work
so hard for, Chris, Andyou talk about a pension plan that has
to be done right now. Forincome planning, and that's just it.
(09:43):
So if you're looking for an incomeplan, we can help. If you're
looking for a play check. Howdo you generate paychecks and play checks for
guaranteed income coming in the front doorevery month for the rest of your life.
We can help. If you're lookingto create your own family pension,
so you know for sure that thatmoney is going to generate an income stream
that's gonna come in to your accounteach and every month on that first,
(10:05):
on the fifth, on the tenth, whatever you want, we can help.
If you're looking for an investment plan. If you have these accounts,
these piles of money that are justsitting there, you look at the statements,
maybe you don't even open the statements. You have no idea what these
accounts are. You might have gottenthem five years ago or ten years ago,
or maybe old four oh one kthat you have no idea what to
do and how to transfer the moneyover. We can help. If you're
(10:26):
looking for a tax plan. Youwant to reduce your taxes, you want
income on the most tax efficient way. We can help. What about groth
conversions? How many people have questions, should we convert our ira to the
roth? How do we do it? Should we do it a lump sum?
Should we do a strategic rollout.How do we go about doing that?
Well, we can help if you'relooking for all these things, that's
(10:46):
what we do. So pick upthe phone, schedule time to meet with
us. We look forward to meetingwith you. Eight three three Maggie Tax.
That's eight three three Maggie Tacks andvisit our website and Maggie Tax got
he Stop planning for Sam's retirement andstart planning for your retirement. As we
return to the Maggie Tax and FinancialHour with your host, father and son
(11:07):
Robert and Chris Maggie. For additionalinformation on how you can create a tax
free retirement, visit Maggie Tax dotcom. That's m a Ggi tax dot
com or call eight one three threetwo two twenty five twenty. That's eight
one three three two two twenty fivetwenty. Now your host for the Maggie
(11:28):
Tax and Financial Hour, father andson from Maggie Tax Advisor and Financial Group,
Robert and Chris Maggie. Welcome backeveryone. You're listening to the Maggie
Tax and Financial Show. I amRobert Maggie and I'm here with Chris Maggie.
And if you're just tuning in,we've been talking about the misunderstandings that
you shouldn't full victim. Two,we talked about no investment account type is
safer or risky than the other,and then diversifying funds does not dilute your
(11:54):
ability to make a profit. Sonumber three, let's talk about that right
now. Chris, transferring funds betweeninvestment aunts it can be risky. And
just because your accounts allow you totransfer funds from one to another, it
doesn't mean that it's always the safeway to go. And depending on how
much is in each account and howmuch you plan on transferring, you may
end up paying taxes on the sametransferred amount for both accounts. So before
(12:18):
you move your funds around, it'sbest to think twice and ask for an
expert advice. And Chris, youand I see this every day. People
come in they well I had totake money out of this and they created
a tax problem or penalty. Let'stalk about that. Well, we see
that often, and that's something thatshould definitely not happen at all. And
when the things that we do seethat happen because the advisor or the client
(12:41):
just really doesn't know. And it'ssad that you put all your your trust
into the advisor who you think knowshow to do this, and they mess
up and they call it they causea taxable event. And give you a
quick story. How a client thatcame in they wanted to roll over their
iras and their roth iras to anotherinstitution. So they called their advisor the
broker, and the broker was mad. So they said, you know what,
(13:05):
I'll just send you the money.So guess what they set sent the
IRA money which is one hundred percenttax, will end the roth IRA money
to their checking account. So theguy had over two hundred thousand dollars and
he was checking account and guess whathe did. He just put into a
non qualified investment. And he camein and met with us and he said,
hey, I have this IRA andhave this roth IRA. So we
(13:28):
looked at his statements and I said, well, you don't have an IRA
anymore. You you don't have aROTH you have this non IRA account.
He said no, my advisor rolledit over and I said no, you
did not happen that way. Sohe just created a two hundred thousand dollars
tax liability because the client and theadvisor did not do it the right way.
(13:50):
So these are things we're talking abouthere. What could have happened is
the advisor should have just put themoney in cash. The new institution should
have just sent a form over it'scalled the transfer form from trustee to trustee
to the old institution, and theycould transfer the money over without a taxable
event. So we could have kepthis IRA intact. He could have kept
(14:11):
his roth IRA intact, and everythingcould have went smoothly from there in a
new investment. But that did nothappen. So the broker was at fault,
the client was at fault. Soboth those people did not know what
to do. And that's why youshould seek expert advice. That's why when
you come in and meet with us, we're gonna look at your accounts,
we're gonna show you what you have, and we're gonna show you how you
(14:33):
can transfer the money over in themright best way for you. And the
key word there and all the Chrissaid is misunderstanding and knowledge is power.
So don't do anything until you meetwith someone who's qualified to answer the question,
and then you can proceed and doit, do it the right way.
You feel better because what Christ justexplained the client was very upset.
He was mad at the advisor andhe was mad that he didn't go see
(14:54):
someone because he heard us on theradio, he saw us on TV,
and he said, at least youguys understand and plane, because that's up
to you, folks. You've gotto make sure that you understand. So
you know, that's the keyword.So let's go to number four. Number
four, bonus income, and thisis important, can be taxed even after
employer deductions. So if you've noticedthat your employer has already taken out a
(15:16):
portion of your bonus income for taxes, don't assume that you're out of the
woods. And the rate that theygo by may not be the same as
yours. It's very possible that youwould need to pay the difference when tax
season rolls around. So the nexttime that you get a bonus paid,
just be prepared for the possibility ofpaying back a little extra later on.
And can I just bring up aquick you know point here, we had
(15:39):
a lottery winner. Remember talk aboutthat because this was a shocking you know,
the result. Let's just said,it's a perfect case right here.
We experienced this about three years ago. We had a client that when five
million dollars on a scratch off andthey came in and they say, we're
so excited, you know, wewant to invest the money. We want
to set up ourselves the right way. And we said okay. We said
(16:00):
we have to look at the taxreturn first and figure out the tax is
paid. And she said, well, I already paid the taxes. So
I looked at the statement that sheprovided into twenty five percent tax withholding,
but back then the tax rate wasthirty nine point six, so guess what
she still had to pay more intax. So she said, no,
(16:22):
Chris, I already paid the tax. And I said, you did,
but you didn't pay enough. Sothey only withheld twenty five percent, but
they should have withheld thirty nine pointsix. They did not know that she
was in the highest tax bracket atthe time. So this is a perfect
example. So whenever you get abonus, make sure that you look at
the other income because they whoever's givenyou the money, they don't know your
(16:45):
personal tax situation. Filing, theydon't know if you're single, they don't
know if you're married, filing jointlymarried, filing separately, head of household,
They don't know all those things thatyou need to have Availablefore, you
make sure that you withhold the tax. So this is so, and so
pick up the phone and schedule timeto meet with us. Let's look at
this for you eight three three,Maggie tax and you just let into the
number five. Filing taxes earlier orlater doesn't change the payment due date.
(17:10):
Regardless of when you decide to fileyour taxes, everyone has a set date
on when they need to pay whatthey owe, and you can postpone the
state by filing early or late.So don't count on this misunderstanding to work
in your favor, or else youmay find yourself scrambling at the last minute
to gather the money for payment.And here's the thing. Filing most people,
(17:30):
I shouldn't say most people. Peopleget bonuses different times of the year,
correct, And what should be heldout is the amount of tax that
your tax liability is. They don'tdo that. So at the end of
the year, when you get yourtax return and get all the information and
then you put that on your taxreturn, guess what. Just like Chris
said, you think you're in atwenty nine percent tax bracket, You're in
a thirty nine percent tax bracket.Guess who has to pay the taxes?
(17:52):
Chriss you do you have, You'restill liable. So that's why it's so
important to pick up the phone,schedule time to meet with us. We
do tax planning, we do incomeplanning, we do investment planning. Most
advisors out there just deal with investments. That's just you miss in the boat.
Because taxes are our biggest expense.So if you're working with an advisor
right now who is not talking aboutstrategic rollouts and roth conversions and options for
(18:15):
ways for you to reduce your taxes, then you the one who's going to
miss out. So pick up thephone, schedule time to meet with us.
Today we talked about five personal financemisunderstandings that you should not fall victim.
Two and just to summarize what theyare, No investment account type is
safer or riskier than another. Numbertwo, Diversifying funds does not necessarily dilute
(18:36):
your ability to make a profit.Number three, Transferring funds between investment accounts
can be risky. And four bonusincome can be taxed even after employer deductions.
And number five we talked about today, filing taxes earlier or later it
doesn't necessarily change the payment due date, So pick up the phone, schedule
time to meet with us. Visitour website Maggie Tax dot com. Eight
(18:59):
three three Maggy Tax. That's eightthree three Maggie Tax. Stop planning for
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 howyou can create a tax free retirement,
visit Maggie Tax dot com. That'sm a gg I tax dot com or
(19:22):
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
Financial Hour, Father and son fromMaggie Tax Advisory and Financial Group, Robert
and Chris Maggie, Welcome back tothe Magga Tax and Financial Show. One.
Thank you so much for tuning inand visit our website at Maggie Tax
(19:45):
dot com. In thirty seconds,you can find out what your tax bill
would be in retirement. If youhave an IRA four moun k. You
need to understand what this number iswhy, because it can't affect your retirement
future in maggitax dot com up atright hand corner, tax bill in retirement,
Click on it and you can discoverwhat that will be. But more
(20:08):
importantly, schedule time than meet withus. There's so much information to talk
about. If you have questions abouthow do I design an income plan from
my retirement where it has inflation builtin and multiple income sources and guaranteed income,
how do I go about doing that? We can help. What if
you're looking for an investment plan?A lot of volatility going on in the
market. Does it really keep youup at night? Are you losing sleep?
(20:30):
Do you have questions? Do youreally not know what's going on and
you're afraid to open up your statements. Well, let's get together and have
a conversation about it, because theremight be some bucket planning that we could
put together to design for safety andgrowth and inflation and a lot of other
opportunities that are in the market today. What about social security planning? Do
(20:51):
you have questions about how do Imaximize it for me and my spouse?
What about a state planning? Iwant to leave all this stuff to my
heirs. I just don't know howto do it? Is everything up the
right way? Well, we canhelp these things that we do each and
every day to help you. Sotake up the phone, schedule a time
to meet with us. We lookforward to getting together with you. Eight
three three Maggie tax. So thequestion I would ask is how many of
(21:12):
you have a complete plan or anincomplete plan? And what Chris just mentioned
are some of the things that wesee that people have an incomplete plan?
So what are you doing about it? You know what keeps you up at
night? What's that elephant in theroom. Is it about income? Is
it about taxes? Is it aboutyour investments? We know the volatility of
(21:32):
the market is there, but howare you prepared to take less risk and
keep more for yourself? And hasanyone ever done a beneficiary review for you?
Quick example, We've had a client, couple clients this past year.
They passed away and they had beneficiarydesignations on there. They had POD and
t O D on their accounts andChris, the money passed to their beneficiaries
(21:55):
probate free and it didn't have togo through that process. And people make,
you know, mistakes about a stateplanning. Let's call it enhance planning.
Do you have the list of whoyou want your assets to go to
and when it should go to themand how much it should go to them.
Are you set up that way soyou know if you have an incomplete
(22:17):
plan? Think about what Chris andI are talking about. If it's about
income, it's about taxes, youconfuse about your investments. You don't understand
them. We see this every daywe ask a client, bring in your
statement, We ask them do theyunderstand their investments? And Chris, the
answer that we get all the timeis well not really, that is just
not a good answer, and it'snot because you worked hard. You worked
(22:37):
hard for the money you have theassets that you have, and and the
worst thing you want to do iseither I have to go back to work
or be outlive your money. Andmost people that come in and meet with
us, we ask them, youknow what brought you in and the main
question and the answer is I wantto make sure I don't outlive my money
and is that going to happen?And we have to do the analysis to
figure it out. And sometimes wehave to tell people yes, at this
(23:02):
place and with the assets that youhave, you will outlive your money and
that's where it's very, very scary. So can you retire. We can
show you. We can show youthe projections, we can show you what
the guarantees are going to be.We can show you that if you have
a concrete plan or a complete plan, then you'll enjoy retirement, You'll have
the inflation buckets coming in for incomein the future, You'll have the estate
(23:25):
plan so if anything happens to you, a stay in your family. That's
what we call developing a plan becauseif you don't have a plan, guess
what, you know what, someonewho you don't know will make that plan
for you in the future because youdidn't set it up the right way.
So check the boxes off. Doyou have a tax plan yes or no?
Do you have an income plan yesor no? Do you have an
investment plan or just letting that moneyride in the market. Do you have
(23:49):
an estate plan or an enhanced plan? What about college planning for the children?
Are you aware if you have amutual fund you're paying fees? How
many fees are you paying? Thequestion is do you know what your fees
are paying? Because if you're payingfees, it's eating away your retirement.
So without a plan, like Chrissays, you have nothing, so everything
we do. We have to havea plan. What are you looking for
(24:12):
in an advisor that you would bewilling to work with. We just mentioned
a bunch of topics that we wouldtalk to you about because we see this
all the time. Well, myadvisor doesn't talk about tax planning, Chris
or Bobby. You know this isand when we ask them, what were
you hoping for when you came in? And the ask we get all the
time is wow, not this.Well, you know the thing about is
(24:33):
is when you talk about we askedthat question, is your current advisor talking
about tax planning? And most ofthe time, probably ninety five percent of
time, it's no. And thequestion I have is why. I mean,
that's your biggest expense. Taxes areour biggest expense, and it's going
to get worse. So think aboutthis. You're cruising in retirement, everything's
going well, and guess what legislativerisk happens and the tax code changes and
(24:56):
guess what less to you becau Nowyou have to pay more to Uncle Sam,
so that income check every month goesdown. And what about inflation that's
happening right now on top of it. So you're in a situation where you
have to change your lifestyle in retirement. Is that what you want? The
answers no, But could it happento you? Yes? And if you
(25:18):
don't have the right plan in place, like an income plan, at tax
plan, investment plan, then yesit could happen. And that's what you
don't want. So right now isa time, more than ever before,
to pick up the phone in schedulea time get a second opinion. Do
you have enough confidence in your currentadvisor? Get a second opinion? Because
it's about you. It's about yourmoney. It's not about me or your
(25:41):
CPA or your current advisor. It'snot about that. It's about what you
want your money to do for you. Do you want safe money? We
can help. Do you want moneyin the market where it's risky. We
can design buckets like that as well. But I guess what you have to
have a purpose with everything you do? Why because that's a plan? Well
here, yeah, you need tohave a plan in life. We all
get that. But the end ofthe day is do you have a plan
(26:03):
with your retirement? Take take controlof this and we can help. Eight
three three Maggie Tax. So thebiggest question for all of you listening today,
How can we at Maggie, taxand financial help you. That's the
question. So when you come in, I want to know the answer.
How can we help you? Youknow what upsets you every night when you
put your head on that pillow andyour mindstart's racing about what you're worried about
(26:26):
because you can't control it. Youknow, what are you looking to change?
And this is the big question,Chris. Changes has to happen in
many cases with people out there becausethey don't understand their investments, they don't
understand income planning. Their advice isnot sitting down and talking to them.
So what would you change? Thinkabout that? What would you change if
(26:47):
you were educated on what you havethat Maybe it's not the right investment for
you, maybe it's not the rightplan for you. When would you change
it? And like I said,what's the elephant in the room. And
that's just it. You know,is your plan, your present plan,
going to get you where you wantto go? Do you know unequivocally?
If that the answer is yes,if you are thinking about it, well
(27:08):
I'm really sure or I don't reallyknow, then you have to get a
second opinion. You have to lookat this. You have to have someone
look at this for you so youcan have that Yeah, absolutely, I
know absolutely my plan is going togive me what I want in retirement and
is doing it right now. That'swhat you want, the confidence, the
clarity, the control, and that'swhat we can help you with. So
(27:29):
pick up the phone, schedule timeto meet with us. We look forward
to meeting with you. We haveoffice on both sides of the bay to
help you. A three three Maggietax. That's eight three three Maggie tacks.
And here's the big question. Doyou all do this planning on your
own? Think about this? Theleft brain in you is the more to
think about it. The right brainis the solution side of your brain.
(27:51):
We have both sides working for us, Chris, the left and the right.
Because you're confused, you have todraw a line in the sand.
I can't understand planning, you know, I think I'm okay, but I'm
not. Most people buy what theywant, not what they need. And
that's the issue that we try totalk about. What do you want?
You know, what are your needs? How much income do you want?
(28:11):
You know? Does your advisor havea process Maggie tax advisor. We have
a process. We come in andyou come in and meet with us.
We ask you questions, you askus questions. We do a balance sheet,
so we know where your assets are. We know what the qualified money
is non qualified money. We knowwhere your bank accounts are if they're titled
right. Does your advisor do allthis? We call it red money,
(28:33):
green money, and on my websiteyou can take a look at it.
But look, if you're taken toomuch risk and you don't know it,
folks, you know Chris does thisall the time. When are you going
to realize that you don't have totake all that risk, You don't have
to pay all those fees and youdon't have to see your account go down
because your advisor says, well,everybody else is losing. No, it's
not true, Chris, that's nottrue. Let's just it. You know,
(28:56):
why follow the crowd and we don'thave to just because your advisor says
everyone else has lost money. Butwhere is it written that you have to
lose thirty forty percent? Where isit written that you have to go down
that route. I'm frustrated because youdon't have to. I have clients that
come in and they're like, well, you know is what it is.
We lost three hundred thousand dollars withour old advisor. Why doesn't have to
(29:18):
be that way? You know,maybe you're you're younger and you got time
on your side and you can absorbsome of these losses. But guess what,
you're in retirement, why go downtwo, three, four, five
hundred thousand dollars? Why you knowthat's up to you, but you don't
have to. You know, whereis it written that you have to lose
twenty thirty forty percent like everybody else. It's not there. You don't have
to go down that route if youdon't want to, So pick up the
(29:41):
phone, schedule a time to meetwith us. Let's show you bucket planning.
Let's put together a plan for you. Buckets. What are buckets Buckets
with a purpose. You have bucketsfor safety. You have buckets for inflation.
You have buckets for future guaranteed income. You have buckets for the volatility
control. You have buckets to takeadvantage of the opportunity of the markets down.
You have buckets to take advantage whenthe market goes down. You have
(30:04):
buckets out there to provide buffer andstrategies to protection against no loss in the
market. How do you go aboutdoing these things because every account needs to
have a purpose based on what youare looking for. What is it that
you want? That's the question.When you come in, We're gonna ask
you that question. We're gonna listento you, we're gonna hear you.
We're gonna make this very very realfor you to try to accomplish what you
(30:26):
are looking for. We're gonna educateyou. Go to take our time.
We're gonna build the confidence, buildthe clarity, and you're going to have
the control in retirement. If that'swhat you want, you can pick up
the phone in schedule time to meetwith us. We look forward to meeting
with you. Why because this isreal. Things are changing and you need
to be on the other side totake advantage of these opportunities as opposed to
(30:47):
falling victim to them. So pickup the phone. We look forward to
meeting with you. Eight three threeMaggy Tacks and don't forget every Sunday for
the mag Attacks and Financial Show onTV ABC TV at ten thirty am.
Visit our website Maggie tax dot com. Schedule time to meet with us eight
three three Taggie in twos, Stopplanning for Uncle Sam's retirement and start planning
(31:11):
for your retirement. As we returnto the Maggie Tax and Financial Hour with
your host, father and son Robertand Chris Maggie. For additional information on
how you can create a tax freeretirement, visit Maggie Tax dot com.
That's m a Ggi tax dot comor call eight one three three two two
(31:33):
twenty five twenty. That's eight onethree three two two twenty five twenty now
your host for the Maggie Tax andFinancial Hour, Father and son from Maggie
Tax Advisory and Financial Group, Robertand Chris Maggie. Thanks for tuning into
the Maggie Tax and Financial Showing.As always, you were so glad to
be here and there's been a greatshow throughout today. And if you have
(31:53):
any questions, pick up the phoneschedule a time to meet with us.
You know, we meet with peopleand they come with questions, they have
concerns and they don't know where togo. And you have that resource rate
here. We can help you inso many ways. If you're looking for
an income plan, we can help. If you're looking for a tax plan.
We can help. If you're lookingfor an investment plan, we can
help. If you're looking to maximizeyour soul security benefits, we can help.
(32:16):
If you're looking for an estate plan, we can help. If you're
looking for all that. That's whatwe call the Maggie Plan. It's a
plan that's simple and easy for youto understand. You know. The thing
that I also want to talk aboutis planning for an income that you cannot
outlive in retirement. A study wascompleted that identified that many Americans out there
are more concerned with running out ofmoney in retirement than they are actually concerned
(32:39):
of actually dying. And we believethat a guaranteed income stream that you cannot
outlive solves the issue of running outof money in retirement. Do you have
an income plan? If not,why not? We can help you.
And only insurance companies can provide thatbenefit. So there's ways to go ahead
and produce a guaranteed bucket where youcan't outlive your money and you can play
(33:00):
with the rest or invest the resthowever you want. And we have one
of those best income plans out therefor retirement. Why because we have looked
at many different options we have dissectedthis. We have showed you how to
have income in a most tax efficientway. It's out there if you just
meet with the right advisors. Sopick up the phone, schedule time to
meet with us. Eight three threeMaggie Tax. We talk about bucket planning,
(33:22):
income planning, bucket planning, andinvestment planning. It's a great dynamic
when you can incorporate everything, especiallywith the taxes, to have more income
in a tax efficient way. Andalso, choosing a financial advisor is not
easy. I'm sure many of youknow that. Maybe some of you have
had your financial advisor for years andyou're just locked into But it doesn't mean
you can't look around for a secondopinion. And some of the things that
(33:45):
we're talking about. Ask them thesame questions that we're throwing out there.
Can they do income planning? Canthey do tax planning? That's a big
thing right now. Most advisors say, look, they have to go see
a tax advisor. Well, that'san open door for us, because once
we show you what you should bedoing, and your advisor isn't showing you
what you should be doing, that'sa reason to start thinking and changing and
(34:05):
looking for someone else. And likeChris said, it's important to understand what
we do here. We have atax division, we have an income division,
we have an estate division, andan investment division, and we cover
everything. It's called complete planning.Many people come in and they say to
us, Wow, we didn't knowyou do so many things. But it's
all part of a complete plan.So are you going to look your future
(34:25):
into a micro lens or a macrolens? And that's important to understand what
I just said. A micro lensis today, it's this year. What
about a macro lens? Chris?When when they're looking at retirement? And
then we stop and you know,we look at everything on the table and
say, here's what's going to happenin five years and ten years because everything
you're talking about, you mentioned,that I mentioned today is going to change
(34:46):
and the legislative risk is going tomake that happen. So if you're not
prepared, it's time to start sittingdown and get a second opinion. It
doesn't hurt because maybe what you don'tknow, you know it's going to hurt
you. But if we can helpeducate you on the right thing, and
here's what we do, we'll challenge. You go back to your advisor,
we don't care. Ask them whythey didn't talk to you about tax planning,
(35:07):
why they didn't talk to you aboutSocial Security maximization, why they didn't
talk to you about all your adistribution. When's the best time to take
it? Ask them and see whatthey say. Well, that's it.
You know again, it's not abouta fight. It's about for you.
It's about what you want to doand accomplish what you want for your retirement.
You know, the advisor that youmight have is probably a great guy
or a great girl, and you'vebeen with them for years, but maybe
(35:28):
they're just not equipped with the righttools to help you in a lot of
different ways. And that's okay,And that's why, you know. It's
about understanding and about growing, andabout understanding that what you can do to
make your situation better. Things arechanging. Taxes are changing, rules are
changing, legislative risk. These arethings that are changing all the time.
Investments are changing. Companies and productsare being developed to enhance your situation.
(35:52):
Guess why. Because people are livinglonger, People want safety. People want
to have both the upsides and alsothe protection. On the downside, there's
a lot of different things that arebeing developed to help you. You need
to know what they are, sopick up the phone, schedule time to
meet with it. It's called technology, but it's innovative ideas and strategies that
help people. And when we canincorporate all those for your plan, my
(36:15):
gosh. You have a power planand we call it a complete plan.
Because you have income, you havean income plan. You have tax planning
where you can have income on themost tax efficient way. Those two work
together. What about your investments?If your investments are causing unnecessary taxes,
guess what. You're paying more taxeson your investments. And it's not about
(36:37):
what your accounts did today. It'sabout the macro lenngines my dad mentioned,
it's not just about the micro lens. Look at your plan as far as
a macro lens. What is itdoing overall and do you have all those
things put to play. That's whatwe're discussing. Today's bucket planning, tax
planning, income planning, investment planning, estate planning. We can help a
three three Maggie tax and it's realsimple. Today's retirement has changed. The
(37:00):
old rules don't apply because there's somany things Chris mentioned. Technology has changed.
You know what we do when weplan. It's not just talking about
the stock or the mutual fund anymore. It's about income planning, it's about
tax planning, it's about investment planning, and it's about legacy planning. And
that's the reason why we do thatSeminar three and one, because we talk
about a state planning, our taxplanning, and soial security planning to everyone
(37:23):
that walks in our room and seeswhat we do, because it's going to
affect you in some way. Ifyou don't have a will, probate's gonna
eat it away, you will knowthat. I mean, this is what
we see every day. I thinksixty percent of Americans don't even have a
will. Why because no one's talkingabout that. And for the older people
out there, you know that maybeyour parents went through probate because that back
(37:45):
then, they didn't talk about investmentsto the kids. It was a no
no. So those are things thatare changing right now. You have to
because it's gonna eat away at yourretirement and your accounts, and don't let
it happen. Your tax biller retirementcould be too big. Let's talk about
that and so security can be confusing. We know that you know what is
FRA a full retirement age? Whatis the COLA? What is IRMA?
(38:06):
These are things that are coming up, Chris, at every seminar we do
and every client that walks in,So it's up to you. Give us
a call at eight three three MaggieTax. Be sure to visit our website
Maggie Tax dot com, click onseminars and register of one of the seminars.
They're every week, they're free,there's no cost educational and you can
leave if you want to or staythroughout the whole thing. And more importantly,
(38:27):
don't forget. Every Sunday at tenthirty on ABC TV, tune into
the Maggie Tax and Financial Show,Chris and I talk about a lot of
topics that affect all of you.Eight three three Maggie Tax. Eight three
three Maggie Tax. And you're listeningto the Maggie Tax and Financial Show.
You've been listening to the Maggie Taxand Financial Hour discussing tax planning investment strategies
(38:49):
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 Financial Hour
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