Episode 20230916 - Retirement Tax Calculator

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Episode Transcript

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All these years you've saved up planningfor a secure retirement, but if you're
not careful, it will be theirs that's living it up when you retire
by taxing your hard 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,

(00:33):
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 twentyor visit Maggie Tax dot com. That's

(00:53):
Maggi tax dot com and now yourhost for the Maggie Tax Finance Chelour nine
seventy WFLA. Robert and Chris Maggie, Welcome everyone, and thanks for joining
us today. My name is RobertMaggie and I'm here with my son Chris
Maggie and I hope you're having agreat day. A couple of things I
want to mention right from the start. Visit our website Maggie Tax dot com.

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Click on the retirement calculator and inthirty seconds we can show you what
your retirement tax bill will be.Also, click on seminars. We are
doing a lot of educational seminars.They're all in different areas, So go
to Maggie Tax Says Seminars and you'llsee the time and location. Register for
the seminar. We talk about astate planning, tax planning, income planning,
and social security. Because a lotof you out there are asking for

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help, again, pick up thephone eight three three, Maggie Tax operators
are standing by. So Chris,you know, we have a lot that
we talk about. I think thebiggest thing that I learned from people is
what they don't know and when theycome in there just surprised and they ask
questions because they don't know. Andyou know the thing that I want to
make sure people understand. You don'thave to be afraid to sit down and

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have a conference. It's about understandingthe language and retirement planning. And I
can give you examples all day longof people that come in that have worked
with us. So, Chris,would you agree that that would be probably
the most important thing that we're tryingto accomplish here. I would and absolutely
education is is extremely important. Andas we see each and every day and
each and every week that many peoplejust really don't know what their options are.

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And Welcome to the Maggie Tax andFinancial Show. I am Chris Maggie,
and we thank you so much fortuning in. And that's what it's
about. It's putting together a plan. There's so much there when it comes
down to your finances. You work, you put money away, you save,
you go through a lot of eventsduring your life, and then it
comes down to the point of retirement. You're thinking about when should I retire,
Can I retire? What it's goingto look like? And many people
just don't know. And we talkabout you live in a YOEO economy.

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You're on your own, and youlive in the dark because you really just
don't know what retirement looks like.We all have the ideas of a happy
retirement, but still you have tohave income, you have to pay taxes,
you have to make sure your investmentsare in the right order, and
you've got to make sure that youroplishing what you want to accomplish. So
when we get down to this,that's why we call it the Maggie Plan.

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It's a plan for you. Andif you do not have a plan
for your retirement, if you're inretirement, you're about to retire, whatever
it is, and you want toget a second opinion, you know your
current advisor cannot give you a secondopinion. That's why we say pick up
the phone, schedule time to meetwith us, because there's so much there.
Things are changing. There's tax planning, there's investment planning, there's income

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planning that needs to be done.If you're talking about or thinking about soul
Security, when's the best time totake it to maximize the benefit. With
a client that came in last weekand we're talking about the spouse, and
they had no idea, the spousethat they could get at least half of
the husband's benefit. So we askedthem to call Soul Security and guess what.

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A couple of days later, theyincreased the payment for the spouse up
two hundred dollars more in her paycheckeach and every month, and they had
no idea. So that's what we'retalking about here. You don't know what
you don't know, but you canby picking up the phone. Schedule time
to meet with us. Let's goover your situation. Let's put together a
plan. We call it the MaggiePlan, and we look forward to helping
you a three three Maggie tax andagain the simple solutions. Go to Maggie

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Tax dot com, click on seminarsand what Chris is just talking about.
We're doing seminars, educational seminars allacross Tampa Bay. Check the website.
The dates and times are located.They are just register and bum be there
and show up. So Chris mentionedsomething before about savers, so let's talk
about something because some savers may wantto reduce the risk or uncertainty of their

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taxes in retirement. That's the biggestquestion we get because at Maggie Tax and
Financial Group, we always do taxes. We've been doing taxes all the year
round. We do advanced tax planning. But don't put it to bed after
April fifteenth, because you need toplan because in two years the Trump tax
cuts are going to expire. Soa more predictable retirement tax environment may help
you better prepare for the taxes thatyou're going to pay. And you know,

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we talk about, you know,how much you're gonna get in retirement
and what it's going to cost you. Things are going up, Prices are
going up, you know, andyou're going to pay and the spendable income
you can generate after taxes are paid, that's the key, Chris. After
taxes. You always get the questionwhen someone sits down and we ask them
how much do you need per month? And it's what after taxes? That's

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right. So our biggest expense aretaxes. It's going to be taxes,
taxes, taxes, taxes, andit's not about just filing your return.
Filing your return from your tax prepareris just pretty much what they did,
what you did prior twelve months rightor last year. What you want to
do is tax planning. So youwant to make sure that your investments are
in line with your taxes, yourincome are in line with your taxes.

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So we can do a mock taxreturn today or any month throughout the year
to show you exactly what impact yourtaxes are going to be. And we
can do the analysis of your potentialtax exposure to your tax risk or tax
uncertainty within your given retirement approach,and a higher retirement tax score we call

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it RTS represents a higher exposure tothese risks, while a lower retirement tax
score conveys a lower exposure to taxchanges. This is what and how the
retirement tax calculator that we have willshow you in thirty seconds, we can
evaluate your tax risk and prepare youfor your future tax bill. And that's
why we encourage you to visit ourwebsite at Maggie tax dot com. There's

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so much information right there. Ifyou have a four one K an IRA,
a four H three B a TSPtraditional, then guess what. You
have an account that's infected with taxes. There are huge taxes that you have
to pay, So how do youdiffuse a tax time bomb? Do you
have a plan? If you don't, then we can help you. All
you have to do is visit ourwebsite at Maggie tax dot com. Click
on the top right hand corner retirementtax bill, and in thirty seconds you

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can get your retirement tax score andwhat you're going to pay and we can
help you reduce that or possibly findways to strategically get that money out in
the most tax advantage way and atax free account. Just pick up the
phone, schedule time to meet withUS eight three three Maggie tax And you
think now is most people don't understandthe retirement tax score what it is and

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your retirement tax bill, and thinkabout it. When you retire, you
have to start taking requirement and distributionat age seventy three. They're changing those
rules all the time. But atthe same time, with the taxes go
up, you're gonna have to takeout more of your taxable IRA. So
your retirement tax score measures your exposureto the risk of changing taxes. That
is so important right now because wetalk about it every week. In two

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years, the tax cuts are goingto expire. What are you doing about
it? Exposure to this risk andvary depending on the vehicles and approaches you
use to say for a retirement youknow, is it an IRA? Is
it a four oh one K?Is at a four oh three B?
Is it a TSP for federal people? And Chris, you know, it's
just a confusion of alphabet soup thatpeople don't get. But it all bundles
into one and the bottom line iswhat they got to pay taxes and that's

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just it. Well makes it makeit even more easier for a lot of
the listeners today. When you comein, that's why we can help.
When you come to me with us, we're gonna show you. We're gonna
show you a balance. You're goingto show you what's taxable. We're gonna
show you what's non taxable. We'regonna show you what you could do to
get the money out of a taximbleenvironment to tax free in the most tax
efficient way. This is tax planning, and tax planning is done all the

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time. If you're not working withthe right advisor and they're not doing tax
planning for you, you need toraise your hand and give us a call
because tell you what taxes are ourbiggest expense and you're going to get hit
with more taxes if you don't planon it. Because most advisors out there
just do investments. Most advisors justwant to put you in a stock upon
a mutual phone or a manage accountand that's it. But there's way more

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than that. There's the tax sideof this. There's the income side.
What about your income when you takea distribution? How is it taxed?
Do you know? And if youdon't know, you need to know.
And that's why our clients whenever theytake a distribution. We show them exactly
what the tax ramification is going tobe, if any, so they know
that the money they receive is guesswhat after tax, and they can spend
it and not have to worry.So pick up the phone, schedule time

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to meet with us. Let's doa tax review, Let's do an investment
review. Let's do an income review. If you're looking for a more income,
let's show you how to get moreincome on the most tax efficient way.
We call it paychecks. We alsocall it play checks. What's a
play check? A play check issomething that you can get each and every
month and just play with it.Do whatever you want with it. Spend
it because it's going to come infor the rest of your life. If

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you want that, we can helpeight three three Maggie Tax. That's eight
three three Maggie tax. So whyare we talking about this today? And
how can we bundle this into somethingeasy for all of you. It's real
simple. Go to Maggie tax dotcom, go to the retirement calculator,
take a look at it for yourself. It's very simple. There's a video
there that explains it. It takesyou maybe five minutes of that and then
you're going to get a report backin thirty seconds of your retirement tax bill

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number two. Like I said,we're offering seminars, educational seminars across Tampa
Bay every month. All you haveto do is go to seminars on Maggie
tax dot com, look at thetimes under locations. I mean, it's
convenient for everybody, and it's educational. And what we're talking about today,
that's what we're going to be talkingabout at the seminar. Folks, it's
up to you. You have toget a retirement plan. You have to

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look at taxes, you have tolook at I'm planning. It's a puzzle.
It's a very confusing puzzle. Anddon't be afraid to sit down with
us and have a conversation. Ithink what Chris and I see so many
times as people come in and theysay, well, gee, I'm afraid
to talk tell my advisor, whythis is your money? Chris, that's
ridiculous. Absolutely, And we seeit each and every day and people come
in and they just have their headin the sand and they don't need to

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be. You could be doing somethingdifferent to make your situation better. Interest
rates have risen, right So whatare you doing about it? Market has
done? What up and down?How do you take advantage of the opportunities
you can? You don't have tojust fall victim to it. You don't
have to just make money when themarket goes up. What about when the
market goes the other way? Doyou want to participate in those gains as

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well? Can you? Absolutely?If you're working with the right advisor.
So pick up the phone. Scheduletime to meet with us. Tax planning,
investment planning. Let's analyze your accounts. Let's look at them. Let's
show you what kind of risk you'retaking with your current accounts, what kind
of standard deviation? How much risk? And also where do you want to
be? This is your money.If you are to be aggressive and you're

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in a low investment risk, isthat really why you want to be well?
We can help you. So pickup the phone. Schedule time to
meet with us. Eight three threeMaggie Tax. That's eight three three,
Maggie taps stop planning for Uncle Sam'sretirement and start planning for your retirement.
As we return to the Maggie Taxand Financial Hour with your host father and
son, Robert and Chris, MaggieFor additional information on how you can create

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a tax free retirement, visit MaggieTax dot com. That's Maggi 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
Tax and Financial Hour, father andson from Maggie Tax Advisory and Financial Group,

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Robert and Chris Maggie. Welcome everyone, and thanks for joining us today.
My name is Robert Maggie and I'mhere with Chris Maggie, and together
we are going to try to educateall of you and understand the language in
retirement planning, regarding income planning,tax planning, security planning, a state
planning, and think about this.Currently, the world we live in is
filled with opinions of many different people. Man made climate change versus natural occurring

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climate change, urban living compared torural living, Electric vehicles versus gasoline powered
vehicles? Is being a vegetarian healthierthan not being a vegetarian? Should we
dramatically reduce the size of government?Should we develop more technology? Or is
increasing technology a threat to mankind?Are we facing a young people versus old
people? Challenge, what about theirrich versus the poor? In financial services,

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we are currently dealing with multitude ofissues. Are we going to have
a recession or not? Is inflationunder control or are we about to lose
control of inflation? Will interest ratescontinue to increase decrease? And should I
take risk or should I eliminate risk? Should I build retirement income more retirement
assets? Will volatility continue to riseor will stability return to the markets.

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Should I invest in stocks, bonds, in real estate or save money strategies
that include CDs, annuities and cashvalue life insurance. Are the banks safe
or should I be concerned? Arewe about to have a crash of investments
or is that concerned being overblown?Will taxes be higher or lower in the
future? And do you want topay more taxes with a big check or

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a little check? If you havean IRA or a four oh one K.
Now is the time to go toMaggie tax dot com, click on
retirement calculator and in thirty seconds seewhat your retirement tax bill will look like.
Chris, I bring this up becausethere's so many things that are confusing
people. Everything I just said,Okay, so when you listen to a
show like this, will watch aTV show? What are you trying to

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learn or get out of it?Is it just noises at words? I
mean, what's your opinion? Well, let's just say, you know,
there's so many different topics there anda lot of people have different opinions on
each and every one of those.So those things you just really can't control.
Yeah, you can be behind something, but also at the end of
the day, you need a lotof people to behind it as well to
make a change. But you canstart somewhere. But the bottom line here

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is that we live in a yoyo economy. You're on your own and
what has to happen is you haveto take action. You have to put
together your own financial plan. Youhave to understand why you're paying taxes,
you have to understand what your currentbudget is. You have to understand what
your investments are. Why, becausethis is about you. It's about you,
and it's about you and your plan. Do you have accounts that are

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that are risky? Do you haveaccounts that are safe that are underperforming?
Where are your accounts and what arethey doing? And that's why you have
to meet with us, because it'sso important to put together a complete plan
from the tax side of this thing, from the income side, from the
investment side. A lot of peoplewe meet with don't even have a will
or a trust or proper beneficiary designations, not even there. And we see

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this time in and time again,and we say, we're just not our
heads because the professionals that they're workingwith so called, are not doing the
right job. So when you cometo meet with us, we're gonna look
at every account you have. We'regonna look at the beneficiaries, We're looking
at why you have that accoun wewant to look at the amount of cash
you have. How are these accountsgoing to generate an income stream for you.
That's what we do here at MaggieTax Advisory and Financial Group. So

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the things that my dad mentioned hereare the topics. Yeah, we can't
control, but we can try tostrive towards helping change these things. But
the end of the day, weneed to make sure and be in the
right position to take advantage of theopportunities that happen in this world as opposed
to falling victim to them. Andthat's what we're stressing here, and that's
why it's so important to pick upthe phone, schedule time to meet with

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us. Eight three three Maggie Tax. That's eight three three Maggie Tax.
So how do we put this alltogether? Real simple? We are doing
seminars every month. It's called thethree and one Seminar A State Planning,
tax planning and Social Security planning.And why because we want you to understand
the language and get the idea,you know, like without a will Chris
mentioned this before. Probate court andthe a state decide what happens to your

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assets after you've gone? Is thatthe decision you want to make? And
could your tax build and retire andbe too big? Folks? Taxes are
going to increase when the Trump taxcuts expired. It's going to go up
at least three percent for everyone.Are you prepared and do you have a
tax plan? So in thirty seconds, like I always talk about, we're
going to show you what your taxbill will be if you have an IRA

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or a four oh one K ora TSP or any tax deferred retirement account.
You want to know what your taxbill is and register for this seminar.
Go to my website, Maggie taxdot com, click on Seminars you'll
see the dates there. And alsosocial security can be confusing. This is
all over the TV. People don'tunderstand what's going on about FRA, full

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retirement age, about you know PIAand CALLA, how does it affect and
IRMA? Okay, what happens withIRMA? People are getting so confused with
that. So what does it allmean? And at Maggie Tax Advisory,
Social Security and Tax Seminar, we'regoing to cover all this and more in
Chris, everything that we talk abouttoday. If they get anything out of
this, take the time and registerfor the seminar. It's free, there's
no cost, there's no obligation.Maybe we should charge for what do you

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think? I don't know, Maybethere's a cost to this, Chris,
Well, you know it's important.You know you have to take ownership and
you know what, we want tomeet with people and work with people who
who are serious about their retirement.You know, this is what we do
each and every day to help people. Is there's ways to reduce your taxes.
There are ways to have guaranteed incomefor life. There are ways to
have your investments put together and structurethe right way so you can take advantage

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when the market goes down and makemoney that way too. So here's the
concern. It's called legislative risk.They can change the rules. They can
change the rules on what tax ratesare going to be, on how you
put money away, if you makemoney, won't the politicians always be eager
and ready to take it? Ofcourse they will. Who do you want
to be in control? The governmentor you pick one? You know,

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that's the big thing right here,and that's why we're stressing. You need
to make sure that you are incontrol and take advantage of the opportunities that
are out there as opposed to fallin victim to them. You know.
And remember when you talk about astate planning or enhance planning, you mentioned
the word control. You want tobe in control because if you don't have
a plan, guess what you're goingto have the government plan. And that's
not what all you folks want.So eight three three Maggie Tax. Register

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for our seminars. Go to Maggietax dot com. Click on the top
seminars. It's right there, thedates, the locations and the time.
So eight three three Maggie Tax,that's right. And we have a simple
plan. It's called the Maggie Plan. It's simple and easy for you to
understand. It's a tax plan,it's an income plan, it's an insurance
plan. It's a legacy in astate plan. It's not the government plan.

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So if you have the government planright now, you're gonna fall victim
to what happens and all the thingswe talked about early on the segment.
And you don't want that to happento you. You know, you worked
hard, your family's worked hard.You put a lot of labor and stress,
and in time, make sure thatit's not just blown away by government
issues and legislative risk. Pick upthe phone, schedule time to meet with

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us. Visit our website at Maggietax dot com. There's so much information
right there at your fingertips. Comeon and meet with us. We have
offices on both sides of the bayand when you come in, we'll have
a conversation. We'll see if wecan help you. There's so much there
to talk about, from taxes toinsurance, to income, the social secrety
maximization plan, to medicare to estateplanning. So we can help. Pick
up the phone. Schedule time tomeet with us. Eight three three magget

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tacks. That's 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
Financial Hour with your host father andson, Robert and Chris Maggie. For
additional information on how you can createa tax free retirement, visit Maggie Tax
dot com. That's m a Ggitax dot com or call eight one three

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three two two twenty five twenty.That's eight one three three two two twenty
five twenty. Now your host forthe Maggie Tax and Financial Hour, father
and son from Maggie Tax Advisory andFinancial Group, Robert and Chris Maggie.
Welcome back to Mega Tax and FinancialShow and past segment. We're talking about

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the irs and guess what you arethe tax collector because you have that IR,
you have that four one K,and guess what they have the first
mortgage on those accounts they are infectedwith taxes and guess what they're coming after
you for those taxes on those accountsthat you work so hard for. So
pick up the phone schedule time tomeet with us some Chris Maggie and I'm
here with my dad end cost ofthe show, Robert Maggie, and we're

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talking about having strategies and creating strategiesto possibly reduce or even eliminate that income
tax liability on those Form one keys, and we can show you how to
do that. Visit our website atMaggie tax dot com, click on the
retirement calculator and in thirty seconds wecan tell you what your retirement tax bill
will look like. Make an appointmentand we can show you how not to
be that IRS collector. It's calledtax planning. Another solution we're talking about

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is income planning. We'll get intothat in a little bit, but talk
about the seminars that we have.Yeah, the other solution is register for
our seminar, it's a three andone seminar. It's a state planning,
soil security, and tax planning.We're going to cover tax planning and soil
security, going to answer some questions. And the next thing that you should
be planning for is an income thatyou cannot outlive in retirement. We talked
about it earlier. Do bucket planning. We could show you how to get

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income and then safety and growth atthe same time. And there was a
study it was just completed that identifiedthat Americans are more concerned with running out
of money in retirement than they areconcerned about dying. Think about that.
So what are you doing about it? Is our question. And we believe
that a guaranteed income that you cannotoutlive solves the issue of running out of

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money in retirement and we can help, and only insurance companies can provide that
benefit. We have one of thebest income annuities ever developed for retirement.
You don't know about it. Sothat's what we're telling you about this.
And I would give serious consideration toa benefit like this if I was you.
And another serious issue that we wouldlike you to consider is debt,

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because more and more Americans are findingthemselves having to increase their debt to maintain
their standard of living. And Chris, everything is increasing inflation, you know,
food, guess, it goes onand on. Taxes are going up,
and it just eats away at everythingyou make. So when you're making
income, it takes a lot ofthat away and not what do you do,
Well, that's just inflation. Butwhat about the taxes? What if

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you had that tax increased tax liabilityon top of that, then that means
less income for you. And that'swhy we see this each and every day.
And many people who meet with us, they don't see the next ten
or fifteen years out. We seethose people that are going through that today.
We see that they cannot go backto work. But guess what costs
are increasing? Or now they haveto pay taxes because of IRMA right,
there's different taxes they call it,we call them stealth taxes that come and

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creep and then guess what, youhave less income? Where do you want
to be? Do you want tobe in position where you can take advantage
of these opportunities or do you wantto fall victim to them and just follow
the crowd and say, well everyonelost money, or everyone's paying taxes,
or everyone's part of that. No, it's not true. There's our planners
out there. There are people whocan put together a plan to keep you

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out of these situations. So pickup the phone, schedule time to meet
with us. If you're looking forInCom planning, we can help. If
you're looking for an investment plan,we can help. If you're looking for
Social Security maximization planning, we canhelp. If you're looking for tax planning,
we can help pick up the phoneA three three Maggie tax, you
know, and all of this createsproblems for a family or a business if

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the primary wage earner dies too early. How many of you think about that?
Statistically, many many Americans are livingpaycheck to paycheck and we see that
every time that we do tax returns. And if those paychecks were interrupted because
you died prematurely, it could createtremendous problems. If you attend our state
planning seminar, are you're going tounderstand and learn what you can do now
before anything happens. It's called properplanning. And we've done these seminars.

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They've been very successful and people leavethe event and they say, you know,
we never thought about it that way. It's something that you have to
think about. So don't you understandthat if it is difficult to afford a
premium while you are here working,wouldn't it be even more difficult for you
or your family or business to dealwith all of the debt if you're warrant
there and Chris, that's a problem. They don't do planning. They don't

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do bucket planning or budget planning.We had a client this week that said,
I never did a budget. Well, let's just say it. And
they looked at me and they said, well, we were just used to
make an income and spending it.And then luckily they had a retirement plan
already put together for them because ofpast inheritance. It was kind of a
plan put right into their lap.But now they don't know what to do

(24:30):
with it. So now they're there, they don't have the right tools in
place to structure their income planning.And that's where they met with us,
and they said, Chris, weneed help. We need bucket planning,
We need to do some budgets.We need to make sure that we're living
and paying less taxes. Can youhelp? And that's what we do.
So when you when you meet withus, we're gonna look at what you

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have. We look at your taxes, we'll look at your investments. We're
gonna look at what you're looking toaccomplish. Do you want to travel,
do you want to play golf?What do you want to do? This
is about you and your money.We'll be honest with you. We'll tell
you you can retire or you knowwhat you can you gotta wait another five
years. You got to pay thisdebt down. You gotta do this or
that. That's what you need.You need clarity, you need confidence,

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and that's what we can provide toyou. So get the Maggie Plan for
your time and eight three three Maggietacks. That's eight three three Maggie tacks.
And let's see what it would costto eliminate all your debt, including
your mortgage, and how much incomewe would have to replace if you died
too soon. Your family and businesswould face tremendous difficulty if you were not

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here. We all know that,and many of you listening have a situation
that you could relate to. Solet's make sure that your income is still
here even if you are not.And another concerned Americans are starting to realize
this long term care and many familieslife savings are destroyed in a short amount
of time paying for long term care. So when people run out of money
or don't have enough money for longterm care, the responsibility falls on a

(25:56):
family member, and usually it isa female family member. And according to
AARP, one out of every fiveAmericans is an unpaid family caregiver. I
know I was because my dad wasin a nursing home. We had to
take care of him, my sisterand my brother, and we could not
have someone come in. And thathappens to a lot of people out there.
So the person giving the care losesincome because they're not working, and

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this causes stress on the family financiallyand emotionally. And it happens, and
these events destroy the family's assets andsavings. And we have many different ways
that we can cover these costs foryou. And events like these are devastating
to families. So let's get startedwith a program that will allow you and
your family to be in control whenthis happens. Visit Maggie tax dot com.

(26:41):
Give us a call at eight threethree. Maggie Tax. Operators are
standing by right now. The reasonwhy Chris and I do these shows is
for educational purposes. Register for ourfree, no cost three in one seminar.
You have nothing to lose. It'sninety minutes of education on a state
planning, so security planning, andthe big one that even going to get
to talk about its tax planning.Eight three three Maggie Tax. So we

(27:03):
have exciting things to share with you, and when you're coming to meet with
us, we're going to show youthese things I mean, think about it.
When you can have income and notpay tax, or have income and
pay very low tax, you kindof sit back and you say, this
is what it's all about. Youknow, when we show a client in
retirement their tax return and they go, well, that's the effect of tax

(27:25):
bracket them in I'm not where Iused to be. Well, yeah,
let me show you why. Andthey say, oh, my gosh,
we have about the same amount ofincome coming in the front door, and
we're not paying that much in tax. So all the tax savings promotes them
more income. And now you cansee that the income streams that are coming
in each and every month, thoseare called pay checks, but guess what,
you don't have to go to workto get them anymore. And then

(27:48):
you can generate some play checks,play checks or just extra income where you
can just generate suspend every month becauseyou know it's coming in. What a
great feeling to have. Let meask you a questions a CPA or a
tax prepare a talk about income planning, investment planning, and legacy planning.
The answers, no, okay,does a broker talk about tax planning,

(28:10):
income planning or taxes? I cantell you firsthand, I used to work
with one of the largest brokerage housesout there when I first start in this
business. And the answer to thatquestion, if someone said to you,
can you tell me about taxes,you would the answer would be from the
broker would be just consult your taxadvisor because we can't share on that information.

(28:33):
And that's where you're missing the boatif you're working with that advisor.
Because there are planners that like usthat this is what we do. We
take a tax approach and everything wedo, we understand investments, We understand
your income needs, we understand themaximization soul security, and also your investments.
And when you put all that together, guess what, you have a
plan with a smile on your facebecause now you have income on a tax

(28:56):
favored basis, You have income andinvestments that you can draw from that you
know you're not going to outlive yourmoney. You also have investments that you
can put together where you don't loseanything, and you also have investments where
you can actually make money if themarket goes down. So think about that
for a minute. If you wantany of those different things, then why

(29:17):
are you not searching for them?And if you're listening to it today,
we can help pick up the phone, schedule time to meet with us A
three three Maggie Tax. You know, years ago when I started, I
did you know Medicare? I didlife insurance. And when I used to
sit with a client, just goin and you know, offer the life
insurance. They'd say, do youknow anything about tax planning? I would
say no, you have to gocall your tax prepare. And then someone
would say you do anything about incomeplanning? And I would say no,

(29:38):
because I'm doing Medicare and SOL security. And then a light bulb went off
in my mind. And if youlook at our website, Maggie tax dot
com, you'll see all the topicsthat we talk about, SOLI security,
Medicare. Why did I do that? Because Chris and I do complete planning.
That's what we're talking about here.It's not about someone telling you you
can go anywhere and get one product. Go buy a shirt, you go

(30:00):
buy a pair of pants. Youcan go to two different stores. But
if you want to buy a completeoutfit, what do you do? You
go to one store and buy thewhole complete outfit. That's it, and
you know what those are out thereon the financial side, and that's what
we do. So pick up thephone. Maggytax dot Com so much there
to help you out with. Ohmy gosh, you know there's videos on
our website to learn what your futuretax rates going to be in retirement on

(30:21):
that IRA, that Form one Kthat you have. Guess what we can
tell you today in thirty seconds whatthat retirement tax bill will be. And
why do you need to know thisbecause this is your money? So think
about it. You have a fivehundred thousand dollars Form one K. Oh
my gosh, you put money away. That's great, but guess what,
it's not all yours. I RSgets paid first. And guess what you're
next? So you have a mortgageon it. What are you gonna do

(30:44):
with it? How do you diffusethis big tax time bomb? We can
show you how. Pick up thephone. Schedule time to meet with us.
We have exciting plans to show youand we can't wait to meet with
you. Pick up the phone eightthree three, Maggie Tax and don't forget.
Every Sunday, tune into our MaggieTasaxon Financial show on ABC TV at
ten thirty am. It's a showthirty minutes. It'll show you, educate

(31:07):
you. Maggie Tax dot Com formore information, and also tune into our
seminars three and one seminars Maggie Taxdot Com eight three three Maggie Tax.
Stop planning for Uncle Sam's retirement andstart planning for your retirement. As we
return to the Maggie Tax and FinancialHour with your host, father and son
Robert and Chris Maggie. For additionalinformation on how you can create a tax

(31:30):
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 Tax
and Financial Hour, Father and sonfrom Maggie Tax Advisory and Financial Group,

(31:52):
Robert and Chris Maggie. Welcome backto the Maggie Tax and Financial Hour.
We thank you so much for tuningin. Don't forget every Sunday on ABC
TV at ten thirty am for theMagatax and Financial Show. It's our TV
show on Sunday ABC. There's somuch information right there. You get to
meet us, you'll see us,we talk a lot about education on the

(32:15):
many different topics, and that's whatit's all about, to educate you and
make sure that you are knowing whatyour options are during retirement. So let's
take this step by step because it'sa basic understanding of income taxes where it
all starts. And literally all ofyou have little or no understanding of how
income taxes work because you only doit once a year. You basically put

(32:36):
all your stuff together, bring itto a tax prepare and then see what
you have to pay. And howdo I know this because think about this
for a minute. Sixty one percentof American pay no federal income tax,
and yet they contribute to tax deductiblefour or one case iras, four or
three b's and four fifty seven plants. So here's what happens. They get
a deduction on the front side,and they build a pile of money that

(32:58):
could be taxed thirty percent on thebackside. Chris, is that a good
thing? Is that a good planwhere you're able to, you know,
put money away. You get atax deduction, but then later on they
bang you with a big tax andthey don't tell you. Well, it's
good on upfront, but there's therest of the story. But here's the

(33:19):
thing. Upfront might be good becauseyou get a tax deduction, but we're
talking about retirement here. We're talkingabout putting money away so that you can
have a great retirement. It usedto be stop working at sixty five,
you get medicare, you get sosecurity and you're on your way. My
dad did that, my mom didthat. That was the basic thing.
Get your pension because they worked fora company that gave him a pension.
Not many people have that. Youtalked about that before. Design a pension

(33:42):
plan, folks, that's what we'retalking about. The language. So ask
yourself, if you were a farmer, would you like to pay tax on
the seed or the harvest? Andthat is not a good understanding of tax
law. And again that's why wehave the Maggie Plan. It's a tax
plan, it's an income plan,it's an insurance plan, it's an investment
plan. And we call it acomplete plan. And ask yourself this question,

(34:04):
do you have a complete plan?I sit in front of people every
day, so does Chris, andwe ask them do you have a complete
plan? And they go, well, I don't know. I think so.
So when we start talking to themand pulling everything apart. Guess what,
they don't have a complete plan.They have an incomplete plan. So
we call it the Maggie Plan.And get a complete plan today, simple
and easy to understand. Visit MaggieTax dot com. Click on the retirement

(34:29):
calculate. We've been talking about thisall through the show. In thirty seconds,
I can show you what your retirementtax bill will look like. We
can help, and we call itthe Maggie Plan. And I promise you
this simple and easy to understand,and don't be afraid to come in and
talk about it, because I think, Chris, what happens to a lot
of people out there. They walkinto a broker maybe and they're told about

(34:50):
this mutual phone in stock and that'sit and there's nothing else that they give
him as an option. So eightthree three Maggie Tax operate as a standing
by right now as we speak,and be sure visit Maggie Tax dot com.
And that's just it. You know, when we talk about do you
really want a plan? Do youwant an individual to just give you a
recommendation on what to buy or doyou want to complete ongoing plan? And

(35:14):
that's your call. You know,so listening today, you know you have
a choice. We all have choices. We have choices to buy things,
We have choices to to to tobe active or not active. We have
choices on what we can eat,what we don't want to eat, or
what we should should not eat.Right, so we all have choices in
life. We all know the basics. But what kind of goals do you
have? You know, because agoal without execution is just a dream.

(35:36):
And when you start thinking about this, you have these concerns on your mind.
You're listening to this show, you'rewatching our show. You understand that
there is there's things that you haveto address. You have to have an
income plan, you have to havea tax plan, you have to have
an investment plan. This is moneyyou're putting away. What is it doing
for you? Are you losing money? You know? What kind of strategy
do you have? That's what weneed to discuss here because you need to

(35:59):
come in and meet with us.Every situation is different. You might have
all the money you need right nowto retire, you just don't know it.
You know, many federal employees outthere, they have no idea what
that their benefits. So if you'rea federal employee out there. We can
show you about your first pension value, your life insurance you're fegley, your
survivor benefit, your TSP options.These are things that we do each and
every day. So pick up thephone, schedule time to meet with Let's

(36:21):
let's get together, you know,let's begin the year. Let's have a
good jump on the direction where youwant to go. And that's confidence and
clarity. So pick up the phone, schedule time to meet with us A
three three Maggie Tax. And againI'm going to repeat this because if you're
just tuning in this is very important. Visit our website, Maggie tax dot
com. Why because we have alot of information there to teach you.

(36:43):
So in the privacy of your ownhome, take a look at it.
Visit the retirement calculator on the topride. If you have an IRA four
H one K four oh three B, let's find out what your tax bill
is going to look like. Andthen let's come in and do some planning.
Because once you see that calculator,once you see that illustration that's going
to come directly to you in anemail, you're gonna stop and say,
wait a minute, what do Ido about this. I'm going to pay
a lot of taxes. So againwe say this every time people come and

(37:06):
say, well I don't have alot of money. Of course you do.
You have a lot of money becauseit's your money, it's what you
saved. And then go to theother side where it says seminars. Take
the time and come to our seminar. We're doing one a month. There's
different locations, but take an hourand ten minutes hour and a have to
visit with us, and let's tellyou and show you what we do.
And again, I know you havea lot of questions. We talk about

(37:27):
a lot Chris and I. Sogo to the Maggie tax dot com and
look at the chatbox on the bottomright, hit it and put a question
in. I don't care how sillyit sounds. We're going to respond to
you. And Chris, I thinkthat's the problem that a lot of people
have with their advisors, or theirbrokers or their tax person. They're afraid
to ask questions why that's just it, because they feel like they shouldn't have
an input on their their their plan. Aren't they supposed to know this is

(37:52):
their money? Though this is yourmoney. Not hours. Let's guide you,
let's educate you, Let's show youwhat your options are, and you
can say, oh my gosh,that's what I want, that's what I
don't want, and I want togravitate towards what you want. And that's
what we could do to help you. We are not transactional advisors. We're
complete advisors and that's a big deal. So when you're coming to meet with
us, we'll show you what wedo here at Maggie Tax Advisory and Financial

(38:14):
Groups. So pick up the phoneschedule a time to meet with us.
An interesting statistic here from the wagestatistics information provided by Soul Security. Every
year, ninety two percent of Americansmake less than one hundred and twenty thousand
dollars. Think about that for aminute. Ninety two percent of that.
If you're over one hundred and twentythousand, then you need a plan.
If you don't have a plan,you need to have one. So pick

(38:36):
up the phone schedule time to meetwith us. A three three Maggie Tax.
We thank you so much for listeningto today's show. Visit our website
at Maggie Tax dot com and pickup the phone schedule time with us.
Eight three threege tax. You've beenlistening to the Maggie Tax and Financial Hour
discussing tax planning investment strategies, presentedby Robert and Chris Maggie from Maggie Tax

(38:57):
Advisory and Financial Services with offices inHillsborough and Pinellas County. Visit Maggie Tax
dot com or call eight one threethree two two twenty five twenty. That's
eight one three three two two twentyfive twenty and tune in next Saturday at
five for the Maggie Tax and FinancialHour