Episode 20231111 - Hidden Tax

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Episode Transcript

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

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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 Finance Angelauer

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on nine to seventy WFLA. Robertand Chris Maggie. Welcome everyone, and
thanks for joining us today. Myname is Robert Maggie and I'm here with
Chris Maggie. I hope you're havinga good day and visit our website.
Maggie tax dot Com a lot ofinformation there and for one, the retirement
tax bill. Click on the retirementtax calculator on the top right see what
your retirement tax bill is going tolook like. Then give us a call

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eight three to three Maggie Tax.Also, don't forget Every Sunday at ten
thirty tune into the Maggie Tax andFinancial Show on ABC TV. We have
a lot, you know, thatwe want to go over. Things are
getting kind of fishy out there rightnow, and people are concerned about a
lot of things. So Chris jumpin and you know, I know you
have a lot of things on yourmind because we see this every day and
it's just getting frightening. As faras I'm thinking, that's true. Well,

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welcome everyone on Chris Maggan. Thankyou so much for tuning into our
show and each and every week youknow we're here to help you. There's
so much to talk about. Incomeplanning, tax planning, investment planning,
a state planning, social security maximizationplanning, and all these things come into
play when you develop a complete plan, and most advisors out there just want
to deal with the investments and that'sjust only one segment of your plan.

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And you need to put together thewhole plan. And that's why at Magi
Tax Advisor and Financial Group, wedo complete planning. So if you're looking
for a complete plan during your distributionphase of your life, then just pick
up the phone schedule time to meetwith us. Eight three three Magi Tax.
That's m Aggi Tax dot com.You know you mentioned a key we're
a distribution phase. When we metwith a client this week, it was

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interesting because they accumulated a lot ofmoney and then when you brought up the
fact we're in the distribution phase,he was stunned by I'm not sure what
you mean. Yeah, well that'sit. I mean most people think about
this. You're in the accumulation modewhen you are working, you put money
away. You know, that's whatyou're doing. You're creating these buckets.
But what about when the time comeswhen you're about to retire and you're closing

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retirement and in retirement, are youreally in the accumulation phase. No,
you're more in the distribution phase ofyour life. And that doesn't mean where
it just stops and you've got tostop growing your assets. It just means
that you really have to put togethera plan You have to have buckets part
of your financial plan that do specificthings. It's not just taking all your
money and putting into the market andsaying, hey, I got twenty years

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left in my life and I'm moststill okay. Well, that's the old
way of thinking. You want tomake sure that you have a bucket of
safety, you have a bucket ofgrowth, you have bucket of inflation,
you have a bucket of guaranteed incomefor the rest of your life, and
you have buckets that are tax free. And that's what we're talking about today.
So pick up the phone, scheduletime to meet with us. There's

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so much out there, but taxes. Taxes. Taxes are at the biggest
expense. And guess what if youdon't do anything about it, Uncle Sam
is going to come and get thatmoney because they know how much money you
have, They know how much moneyis taxable that you own. Make sure
you put together a tax free planand we can show you eight three to
three Maggie tax So think about this. The world of financial advice is filled

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with different business models. You cango to one advisor and he'll tell you
one thing, and some advisors aretransactional and only want to sell you a
stock bond, a mutual fund that'sthe old way of planning. Or you
have a complete advisor like we arelike at Maggie Tax, who take a
holistic approach so we can change theway you think and change the way you
approach your future in retirement. Butwhether you work with a fee only advisor,

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a broken dealer representative, or aninsurance agent, at the end of
the day, I'm willing to betthey all work hard to do what's right
for you. And at Maggie Tax, we have built business on finding advanced
strategies, advanced tax planning strategies tohelp you live a secure retirement. And
we have a checklist of risks thatall of you face and we know by
reducing those risks, well we'll keepyou happy. And I know we're going

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to be happy. So let's talkabout some of the risks that you face
every day. Chris, what aboutmarket risk? You know, this is
something that many people think they haveachieved success with, but really they've just
fallen victim to it. We havemet with a client last week and they
wanted a balance portfolio. After reviewingeverything that they have, they have ninety

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percent of their money in red money. They have ninety percent of the money
also in equities. Guess what.They're an aggressive investor and they don't want
to be that way, but they'resubject to market risk. That's one thing.
What about income risk, Oh mygosh, this is a big deal
too. What about income planning andmake sure you have enough income buckets coming
in the front door every month.We'll talk about paychecks and play checks.

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We had a client last week,same thing. They needed five thousand dollars
a month. They get two thousandfrom solid Security, one thousand dollars pension.
They need two extra thousand dollars amonth to fill the income gap.
What are they doing? They havetheir investments, they just don't know where
to pull it from. And itwas amazing because we talked about I said,
what's your plan and they said,well, we're going to pull it
from this bucket. And I said, if you do that, you will

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pay one hundred percent in tax andyour sold security is going to tax at
eighty five percent. But if youdo it this way, guess what,
you pull it from this bucket,you pay no tax because the money you
take out is tax free, andplus you'd be under the threshold income you
pay no tax. So this iswhat we're talking about each and every day.
And what about market risk, incomerisk? And if you have those

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covered, you have a happy client. And that's what we focus on.
So but is that really enough?No? And that's the problem that's called
the hidden risks. So many ofus are missing the hidden risk and one
that can have it's a direct impacton success as you reach retirement. And
here's a simple question. How wouldyou react if I propose to you a
financial plan projecting a seven point fivepercent annual loss year after year? Let

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me repeat that. What if Igave you a plan that you had a
seven point five percent annual loss yearafter year, you'd probably walk out of
my office and like, these guysare crazy. But many of your retirement
plans are built on the potential thatexact kind of loss and you don't know
it year after year in retirement.So what's the hidden risk that could lose
you seven point five percent a year? And it's the risk of rising taxes.

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And we talk about this every week. Go to my website, Maggie
tax dot com, click on theretirement calculator. I challenge all of you
to do that young or old,I don't care, but it's going to
tell you what your retirement tax billis going to be. And Chris talked
about market risk and income risk.No one's talking to you folks about tax
risk. Why not. That's thebig one, Chris, totally, And
that's the hidden risk that most advisorshave no idea about. They don't want

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to talk about it. At aclient that came in last week and they
were over a million dollars of money, and I said, what's your tax
plan? And they said, youknow, we talked to our advisor and
they were to ask them about taxes, and they said, they don't ask
the question. They don't even addressthe question. They just said to go
tax, Go talk to your taxguy. And the client sat there saying,
well, we want a complete plan. And that's why they met with

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us, because they're looking for taxplanning, income planning, investment planning,
and that's what we do. Andlet me go back to one thing Chris
mentioned before about market risk. Mostof you are taking more risk than you
know. We call it red money, green money, and we sit in
front of you and many of youthat have met with us understand what I'm
about to say, when we showyou the red money you have and the
green money, it's like, that'snot what I want. That's when you

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start changing your thinking and start lookingat it through a different lens. So
the risk of a rising taxes,in a way, the possibility of higher
future taxes than what they are today, represent a hidden tax. Write it
down. It's a hidden tax.You still have a tax to pay,
and that's on your retirement that manyof you overlook. And how many of
you are thinking about taxes and whatit could do to you and how could

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this hidden tax cost you seven pointfive percent annual? Well, let me
explain, and let me give youa simple example. Let's say you have
one hundred thousand dollars IRA, andthe numbers are irrelevant here, but I
want you to understand the concept.Let's make you sixty years old, retiring
when you reach age seventy. Now, let's set some realistic, reasonable growth
assumptions for you IRA. So we'regoing to assume that you have a fifty

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to fifty portfolio with eight percent growthfrom the equity allocation and three point five
percent growth from the fixed income.And this is pretty much Chris how most
plans are set up. But we'regoing to assume a one point five percent
advisory fee. So these assumptions arenot really the point. You could make
them whatever you want. It's thenext assumption that is most relevant and most

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often overlooked, And we must assumea tax rate. And for this example,
let's pick a twenty percent effective taxrate on all distributions from the IRA,
covering state and federal taxes. Thatmeans if you were to model a
systematic withdrawal, would meaning you takemoney out every month or every year from
age seventy that last age one hundred, you could access eight six hundred and

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sixty eight dollars a year from yourIRA, but after taxes, that will
leave you with a six nine hundredand thirty four dollars of spendable income in
a year. But why do Isay there's a hidden tax? Because we've
all assumed that your taxes will remainthe same. We haven't considered the hidden
tax of higher taxes in the future. And a few quick questions like how
likely do you think taxes will stayat current levels? Most people don't think

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that way. A couple of yearsthat Trump tax cuts expire, and guess
what tax rates go back to wherethey were five years ago. Our tax
is historically low or high? Rightnow, you address that question, tell
me how you feel on that whileare they low? Well how low?
You ask? Do you know howmuch taxes would have to increase for the
average American taxpayer to return to levelsfrom just two short decades ago? You

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know? So this, I knowwe have so many questions that we're asking
you, but let's it's going tohelp us make a point because most savers
don't know whether their current tax rateis lower, the same, or whether
they're higher in the future future rates. Why because your advisor or CPA does
not explain taxes, especially on yourretirement and that's what we do. So
pick up the phone today, schedulea time to meet with us. If

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you are in the distribution phase orabout to get to the distribution phase,
or even in the accumulation phase.We're accumulating and you want to you really
want to protect your money because thathidden tax it's a hidden it's a hidden
tax rate, and that's what youneed to focus on. We call it
a question mark tax rate. Howhow our tax is going to be in
the future, They're going to behigher lower. It's a question mark.

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That's what we want to eliminate,and we can show you how eight three
three Maggie Tax. Pick up thephone, schedule a time to meet with
us. Visit our website at Maggietax dot com. That's eight three three
Maggie Tex. Stop planning for UncleSam's retirement and start planning for your retirement.
As we return to the Maggie Taxand Financial Hour with your host,
father and son Robert and Chris Maggie. For additional information on how you can

(11:20):
create a tax free retirement, visitMaggie tax dot com. That's ma gg
I tax dot com. Or calleight one three three two two twenty five
twenty. That's eight one three threetwo two twenty five twenty. Now your
host for the Maggie Tax and FinancialHour, father and son from Maggie Tax

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Advisory and Financial Group, Robert andChris Maggie. Welcome back, and you're
listening to the Maggie Tax and FinancialShow. I am Robert Maggie and I'm
here with Chris Maggie. And todaywe've been talking about the hidden taxes because
if the Trump tax cuts expire intwo years, not if, but when
we're going to have increase in techtaxes. In fact, it surprises many
clients that tax bracket rates for middleAmerican households were about thirty percent higher in

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two thousand and they than they aretoday. And when you sit down with
us, we'll show that to you. So put another way, a tax
bracket rate increase of around thirty percentwould get us back to more historical norms
of the nineteen nineties and two thousands, and many of you listening shake on
your head. Yes, he's right. So is your IRA protected from that
hidden tax of arising taxes? AndI would say probably not, and if

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not, why not? And that'swhy you should meet with us so we
can explain the language and help youunderstand. And too many of you are
focused on the growth of your account, but all of you should focus on
the tax of that account because youhave a mortgage on that IRA and it
will be paid back in the formof taxes. So give us a call
eight three three Maggie Tax. Visitmy website Maggie tax dot com. Challenge

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me. Go to the retirement taxbill and put your numbers in there,
put a tax rate in there.It's all there, and in thirty seconds.
Thirty seconds, you'll get a billback that'll show you what your retirement
tax bill is going to be.Chris Nolan's doing that. They're all what
we just talked about. They're goingfor growth, going for growth. But
when you grow something and it's taxdeferred or it's tax what happens to the
tax side of it gets bigger andbigger and bigger, and that's it.

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You know, you mentioned this andwe talk about this all the time,
is do you have a mortgage onthe IRA? If you have a four
one K, a set plan aIRA, then guess what? You have
a TSP that's traditional. Do youhave an account that's infected with taxes?
You have a mortgage on that IRAaccount? And you gosh, I mean
you hit it on the head.Most people, most advisors out there just

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focus on growth and that's all theywant to do. Yeah, we want
your account to grow, but they'renot factor in what we talked about last
segment is at seven point five percentannual growth loss, that's taxes. That's
just today, that's crazy. Butwhat happened. What happens when they do
increase, and when they do increase, then what are you going to do
and how much of that could taxincrease impact your income levels? Do you

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know? You know? And ifyou don't, then that's why it's time
to pick up the phone, scheduletime to meet with us. We have
obvious on both sides of the bay. You need an income plan, you
need a tax plan, you needan income an investment plan. All this
stuff works together because we understand taxes. We understand that when taxes increase,
it will reduce your income. Whatare you planning on doing about it?

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That's the case, I mean,think about it. If you need that
one hundred dollars more a month ofincome, but now it gets wiped away
because you got to pay Uncle Sam. That changes your lifestyle a living.
So what are you doing about it? Pick up the phone, schedule time
to meet with us? Eight threethree, Maggie. Tax. Go back
to the client that we met thathad we asked him and this is the
question we ask all of you,what is your income plan? And most

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of the time, Chris, weget to look like I don't know,
I know. And then the secondpart of it is he had this huge
brokerage account. It was a qualifiedaccount and his answer was, well,
I'll take what ten percent out,twenty percent out, and you asked the
question, well, what if itgoes down thirty percent? And that means
you're going to have less income andit's going to run out sooner. So
how about if we design a planthat you won't run out of income and

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you'll have it for the rest ofyour life. And the biggest question he
had he said, Bobby, Chris, I want to take care of my
wife. I want to make sureshe doesn't run out of money. So,
Chris, those questions are are veryeasy to ask, but they're very
hard for people to answer. Well, that's just it. I mean,
that's why we do what we do, right. You know, we're a
specialist in this field. We focuson what income plaining is all about,
and investment planning and complete planning andtax planning. That's what we do.

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I mean, if you want meto go ahead and build your car,
then I would rely on someone elsefor their specialties to do that kind of
thing. Right, But right now, when it comes to your retirement,
you need a specialist. You can'tjust with a general practitioner because they're just
talking about selling you something or justtalking about retail investing. Well, that's
not what it's about. You reallyneed to dial in on your retirement and

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we can help you. So pickup the phone and schedule a time to
meet with us. Eight three three, Maggie Tax. We have offics on
both sides of the Bay. EverySunday, we have the show Maggie Tax
and Financial Grip of ten thirty onABC TV. If you're a federal employee,
if you have questions about your pension, my gosh, these benefits are

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so important to you. But ifyou're a state employee, we can help
you there with the FRS program.There's a lot there to help you.
So pick up the phone, scheduletime to meet with us. Eight three
three Maggie Tax. So let's goback to the client I talked about before
and discuss the sixty year old whowants to retire at age seventy. And
we're going to keep all the assumptionswith one single change, and we're going
to assume over the next ten years, the client's effective tax rate goes up

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thirty percent to normalize to more historicallevels. And remember the Trump tax cuts
will increase in twenty twenty six.This will impact you and it's going to
impact everybody. So remember what we'retalking about is the Trump tax cuts will
expire and everyone will have a listento this. Write it down a three
percent increase in twenty twenty six.Are you ready? I mean, Chris,

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they're not. They're not. Theydon't even know it's coming A and
B. They really don't know whatit means to their retirement. And that's
why it's so important to come inand meet with us, because let's put
together an income slash tax plan slashinvestment plan. Why not, right,
think about it, What if youhad buckets to put together where you can
take from the right spot and payno tax. What if you could take

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income from some other buckets and paya little bit in tax, and you
can choose if you want to takemoney from that last bucket and pay one
hundred percent in tax. That's yourchoice. But that's why it's so important
to understand how this tax rate isgoing to the hidden tax is going to
affect you and your retirement. Andthat's what we're talking about. In this
example. That means this this person'seffective tax rate would rise from twenty percent

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to twenty six percent. That sixpercent increase in taxes just because when the
Trump tax cuts expire, that's what'sgoing to happen. So the one hundred
thousand IRA would still project and listento this an annual income of eight thousand
and five point fifty eight. Andwe didn't change the growth rates for this
example, so the pre tax numberremains constant, but we made tax changes.

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So now after taxes, he onlyhas six four hundred and fourteen of
spendable income rather than six thousand,nine thirty four. And here's the bottom
line. That's a five hundred andtwenty dollars pay cut year after year,
all because of the hidden tax ofhigher taxes. And that five hundred and
twenty annual loss represents a seven pointfive percent reduction in income every year.

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So stay there for a second,because not only did the reduction of income
for that person, we're experiencing inflation. So now if things cost more,
then really the impact is greater justbecause taxes in inflation. So what are
you doing about it? So pickup the phone, schedule time to meet
with us? And we talked aboutwhat about market risk if that comes into

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play. If the market goes down, then what happens? So my gosh,
you need to put together a plan, A complete plan eight three three
Magi Attax. Pick up the phoneschedule time to meet with us. We'd
love to meet with you because there'sso much there to help you benefit your
situation by putting together a plan,a complete plan eight three three Maggie Tax.

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Stop planning for Uncle Sam's retirement andstart planning for your retirement. As
we return to the Maggie Tax andFinancial Hour with your host, father and
son Robert and Chris Maggie. Foradditional information on how you can create a
tax free retirement, visit Maggie taxdot com. That's Maggi tax dot com

(19:33):
or call eight one three three twotwo twenty five twenty. That's eight one
three three two two twenty five twentynow your host for the Maggie Tax and
Financial Hour, Father and son fromMaggie Tax Advisory and Financial Group, Robert
and Chris Maggie. Welcome back andthanks for joining us today. You're listening
to the Maggie Tax and Financial Show. Don't forget Every Sunday Tomorrow at ten

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thirty am on ABC TV. Tuneinto the Maggie Tax and Financial Show,
and again, most importantly, visitour website maggietax dot com. Why because
on the top right we have theretirement calculator. So if you're concerned about
your taxes and retirement, click onthat button. In thirty seconds, we
can tell you what your retirement taxbill is going to be and then you

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could start doing some tax plenning.Number two, we have upcoming seminars every
month on taxes, social security,on everything that we do here. So
go to the website up on thetop it says upcoming seminars. Click on
it. You'll see the dates inthe locations and if you have time registering
and come on out. And theother thing. Many of you are listening
to our show and have questions.We have a chat box. Click on

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the chat box and ask the questionand we can help you out. Now,
Chris mentioned something before. I justwant to touch on it because when
everyone comes into our office, weask them why you here, okay,
and they tell us because maybe yourtaxes or we're not sure about our advisor.
But Chris, you mentioned one thingbefore you asked the gentleman, is
safety important to you? Just elaborateon that question with this client, because

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it he took you in a totaldifferent direction and even took him in a
direction that's exactly right. You know, I client came in last week and
he's got over two million bucks andthe number is not important to us.
But the fact of the matter isis when we asked him that question,
it does make sense because we askedhim, a safety of your money important
to you? And guess what hesaid? He said absolutely. At this

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age it is. So he hadall his papers all over my desk and
I'm looking at them, and hehad a variable annuity here, a mutual
fund here, a four one khere, he had a stock portfolio there.
And I looked at everything, andI said it again, as safety
of your money important to you?And he said absolutely. And I said,
well, all you're in risk.All your money is in risk,

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and he said, I know,but I don't know how or what to
do with it. He said,I just been trained for years to put
money away, and I just didwhat everyone else was doing, and I
put the money in a four onek and I got an advisor who just
deals with stocks, and I putmoney with this insurance guy and he deals
with variable annuities, and that's that'swhat I did. So it was more

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like a he just told us astory. It was great, but he
said, that's why I'm here.I want a plan. I want to
create something because I know I can'tkeep doing what I'm doing. If if
the market goes down and the volatilityis the way it is, I will
not have what I have on thisdesktop. Stop you gotta stop you.
My heart is bubbling right here.The thing that what Chris just said,

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and this is for many of you, and you'll understand, you are going
by the old rules of retirement.They're old, they don't work. So
we want to teach you the newrules of retirement. We have a book
that we wrote, New Rules ofRetirement. I can send it to all
of you in an email if youwant. I'll be glad to let you
read it. Because as Chris andI go through the show and through the
TV show, we talk about bucketplanning, and most of the people that

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we talked to and Crystal agree,they don't know what bucket planning is.
It's a pile of money. It'sputting your money in variables, it's putting
your money in mutual and stocks.Where's the plan, Where's the income plan,
Where's the tax plan, where's theinvestment plan, and like Chris said,
it's an old advisor who just givesyou the same thing because we're taught
to stay in the same line witheverybody. Chris mentions about being with the

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herd. You don't have to.You can get off the exit and go
in a different direction. And folks, I don't know. I'm passionate about
that. So was my son.Because we see this every day. I've
been doing this for a long time, been in this business thirty years,
and I'm sick and tired of seeingpeople sold something that they don't understand.
And Chris, that's the language again. And you know, I get upset
because I'm older than you, butI see this every day. You've been

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doing this for over twenty years withme. You see it every day,
and you're a young guy. It'sgot to bother you. For the young
people as well as the older people. Am I right or wrong? Now?
That's just it. I mean,you don't know what you don't know.
And all the respect a lot ofpeople listening today are older than I
am. But you know, theeducation is so important that we can deliver
to you so you can make asound decision, So you now can know

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about what you have. You canknow it and you can feel confident,
and that's what builds clarity and confidencemoving forward in retirement, and that's why
you can be happy during retirement.You don't have to worry about these ups
and downs and the volatilities. Soyou know, where is it printed that
you have to lose twenty thirty fortypercent in the market? Where is it
written that that's what you have todo? And the truth is it's not

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written anywhere. You don't have tobe there if you don't want to.
You know, let's discuss what thismeans, because there are poor choices out
there. Many of you contribute toform one case or iras without determining if
you're receiving a worthwhile upfront tax deduction. You know a lot of people talk
about by term and invest the difference. But when you do that, do

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you really understand what they're saying?Do you understand what that means? You
know, many people out there areon the radio, many people out there
are on TV. But guess whatare they really delivering the right message?
Are they just selling a product?You here on TV all the time?
By gold in your IRA? Bygold in your IRA is that what you
need to do. That's a transactionaladvisor. Chris, it's not a plan.
It's not a plan, you know. And again the language that we

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talk about and trying to teach everyoneon the radio show in TV for years.
We know this because we see thisevery day. And here's another one.
Use tax deferral to reduce income taxes. Now you know life insurances allows
the investment. And all of theseare ridiculously inaccurate statements because what Chris mentioned
before, you have a transactional advicethat's going to sell you a stock bond
and mutual fund doesn't talk about anythingelse. You have an insurance guy that's

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just going to sell you one product, doesn't talk about anything else. And
then you have a fiduciary like MaggieInvestments who are talking about income planning,
tax planning, investment planning, andhow it pertains to you to your situation
because the government tells you thousands andthousands of times that they are true,
and you begin to believe them.You know, tax deferral, Well,
you all know that in two yearsthe tax cuts are going to expire and

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it's going to go up at leastthree percent on my website I have is
a spot there for retirement calculator.Now they're extending the R and D.
Chris was seventy two. Excuse me, it was seventy eight, and then
they bumped at the seventy two anda lot of people didn't know that.
And now you've just found out thatthey're going to bump at the seventy three.
So here's what they're doing. Ifyou understand what we're trying to talk

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about the language, they're pushing itout so you don't have to take the
requirementimum distribution and get higher tax.What they're telling you is do some planning,
do some planning, and get thatmoney out now at a low tax
bracket, which we can explain toyou from a tax standpoint, and then
later on have what Chris tax freemoney. As I said, over the
past year, we've had more clientsI've ever had before want to talk about

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or entertain ROTH conversions and very adamantabout doing it. And we have clients
that come in just want to ripoff the band aid and just convert money
from iras which is infected with taxes, to tax free money. They want
to know how to go about doingthat. So I want to do it
strategically. That's why we put togethera plan. So when we look at
this whole thing, it's about you. It's about your plan. What's your

(26:59):
plan your neighbors, not your brothersor your sisters down the street, it's
your plan. Every situation a littledifferent. Are you looking for income,
Well, we can give you incomea most tax efficient way. We can
have a guaranteed pension plan, yourfamily guaranteed pension plan. You don't have
to work for a company for twentyyears and retire with them. You don't
have to. You could take whatyou have and design your own family pension.

(27:21):
What about the investments? What aboutmanaged portfolios? Do you have a
purpose with your accounts? Do youhave a buffer's strategy to protect you?
On the downside, what are youinvested in? Do you know? Do
you really know? That's what we'rediscussing here. So when you come to
me with us, we're gonna teachyou, We're gonna educate you. We're
gonna first show you what you haveand if you got something good, great,
we'll keep it. But if youdon't, maybe you want some options.

(27:44):
And that's where we're going with thisbecause the client who came in.
Safety of his money's important to him. But guess what, he's one hundred
percent in risk. He doesn't wantto be there, but also he just
doesn't know how to get to theother side. And we can show him.
So, if you're listening, letme talk about some of the things
that we do to kind of helpyou out here. The question we ask
is how can we help you?You know, what keeps you up at
night? What's that big you knowgorilla in the room. What are you

(28:07):
doing about it? Is the question. The first thing you should do is
give us a call eight three tothree, Magie Tax. Let's discuss the
Maggie plan. Let's discuss the completeplan. So where do we go from
here? It's easy, pick upthe phone eight three to three, Maggie
Tax. And here's another thing Christalked about it before. Has anyone ever
done a beneficiary review for you?We get people coming in and say that
parents just passed away, and guesswhat they did? No planning. Now

(28:30):
it's time for them to do theplanning. Do you have what we call
a complete plan or an incomplete plan? And Chris, I have to tell
you. When I tell people this, they get offended by what do you
mean? I have an incomplete plan, and I'm not trying to be funny,
but you do. You don't havean income plan, you don't have
a tax plan, you don't havean investment plan. Where like Chris just
talked about how much money do youwant to lose, it's not written where

(28:51):
you have to lose twenty thirty,forty percent nowhere. I have books all
over my office. I read alot. I don't see that anywhere.
Chris to you, it's funny.It's just not work that way. But
you don't have to do that.And then remember we live in a yoyo
economy. That means you're on yourown. Just because the majority of you
follow the herd, it does notmean that you have to. We all
know that. We tell our kids, right, you don't have to follow

(29:15):
Johnny down the street. Right,we have to do that, but we
do. But you don't have to, especially in retirement, because this is
your money. And that's why manypeople say, well, get to a
million box, then you can retire. Well, I have clients that don't
have a million box. That's fine. They have two hundred thousand dollars and
they're retired and they enjoying the bucketsof money that are generating the income because

(29:37):
that's what they want. So again, where are you? What do you
want to do? Do you wantto maximize income? Do you want to
maximize your estate income tax free?Do you want to advance tax planning strategy
to reduce your taxes? Well wecan help. What about creating a tax
deduction so you can take more outof your IRA and convert it to a
roth IRA and pay less tax.But would you just say, well,

(30:00):
that's what I'm talking about. Thoseare advanced tax planning strategies that you're CPA,
you're broker, your advisor, they'renot even talking to you about this.
There are strategies out there that youcan take advantage of to accomplish what
you're looking for. It's very simple. Pick up the phone, schedule time
to meet with us. Eight threethree Maggie Tax. So visit Maggie tax

(30:22):
dot com. We gave you somereasons why. Click on the retirement calculator
up top. I don't think anyone'sdoing this and anyone talking about it right
now, retirement calculator and in thirtyseconds we can tell you what your retirement
tax bill is going to be Lookfor this upcoming seminars we do it on
taxes and social Security. Look forthe location near you, register and come
out and see us for an houran hour and a half. And then
don't forget. We have the chatbox on our site, Maggie Tax dot

(30:45):
Com. Put a question in,We're going to respond, We're going to
answer, and then we can setup a time to meet with us.
Eight three to three Maggie Tax.And be sure to watch our TV show
every Sunday at ten thirty am onABCTV and learn about all the information we're
talking about. Folks, it's thelanguage. If you don't understand that,
we can help. And remember wehave offices on both sides of the Bay.

(31:06):
We have one in Tampa, Palmharborand St. Pete. So pick
up the phone eight three three MaggieTax. Shure to visit our website,
Maggie Tax dot Com. Eight threethree Maggie Tax. Stop planning for Uncle
Sam's retirement and start planning for yourretirement. As we return to the Maggie
Tax and Financial Hour with your hostfather and son, Robert and Chris,

(31:29):
Maggie for additional information on how youcan create a tax free retirement. Visit
Maggie tax dot com. That's Maggitax dot com or call eight one three
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

(31:52):
and son from Maggie Tax Advisory andFinancial Group, Robert and Chris Maggie.
Welcome back. My name is RobertMaggie. You're listening to they Tax and
Financial Show, and I'm here withmy son, Chris Maggie. So let's
go back to a couple of thingswe talked about about the hidden tax.
So what would you do if youwere presented with a retirement plan that lost
seven point five percent every year?So if you're not diversified when it comes

(32:15):
to the tax status of your retirementaccounts, that could be exactly what you're
doing. And many of you arefinancial advisors, are accustomed to building plans
to protect against market losses. AndI challenge that too, because we've seen
many clients come in that they arelosing money and nothing's been done about it.
Sometimes I wonder if they actually dothat on purpose. But a loss

(32:35):
from tax policy change can be justas impactful. A loss is a loss
regardless of what it caused. Soit's time to add tax risk to the
checklist that you need to look at. We talked about market risk, we
talked about income risk, and we'renow talking about tax risk. And folks,
if your plan is just built ongrowth and you know, getting money
in the account, a big pileof money, then what's the rest of

(32:57):
the story, Chris, They don'thave anything in case the market goes down.
We talked about that, they don'thave an income plan in case.
Then when they retire, what theydo? And the big thing now,
when the Trump tax cuts expired,they don't have a tax plan. What
the hell is going on? Well, that's just it. And you know,
think about this the analogy. I'llput it together for everyone listening today.
I mean, think about a footballgame. Right, you know,
you're all excited, your favorite team, they're up at halftime, it's twenty

(33:20):
to three, and my gosh,the game's over. Right, But guess
what you know, you're accumulating,you're building up the score. But guess
what happens the second half of thegame. Well, Uncle Sam comes and
guess what you lose by a fieldgoal. It's twenty three to twenty because
Uncle Sam comes back with the taxes. And that's what we're talking about here.
Yeah, market risk is real.We might mitigate it through asset allocation.

(33:44):
Yes, every advisor can do that. You can do it yourself.
It's it's pretty simple. What aboutincome risk, Well, that's really real
because we might mitigate it through theuse of different types of products that have
guarantees, like annuities or safe annuities, whatever it is to have guaranteed streams
of income, create your own familypension. But the tax risk, that

(34:04):
is really real. You know,we must mitigate this risk to the use
of tax free strategies. And howare you going about doing that with your
plan? With your investments? Whereis your tax free money? Because it's
if you don't have tax free money, it's going to cause less income in
the future. And when you showedyou through the examples we talked about today,
that hidden tax risk number one.Inflation can be number two, and

(34:28):
just those two alone could be overa ten percent decline in your accounts every
year. Because you have to accountfor this, it means less income for
you when you need it most.So that's why it's so important to pick
up the phone, schedule a timeto meet with us. Eight three to
three MAGI tax eight three to threeMAGI tax. Now, one other thing
we do seminars every month. Wedo it on tax planning, we do

(34:49):
it on social security, and thebig one we do on wills and trusts.
Because many of you a couple thingswe're talking about today, don't have
a will and don't have a trust, and you don't have your beneficiary set
up correct in the accounts, andthat's the most important part. So when
you come, we're going to askyou the question, do you have a
will? And if you're listening rightnow and you don't give my office a
call, sit down with us willshow you exactly what you can do.

(35:10):
It's very simple. We work witha national group of attorneys so that we
can get the will or the trustpackage done. And another thing, a
big important thing is most people concernedabout their home and what happens when you
die. Who's it going to goto? Well, do you have a
quit claim deed or a lady birddeed? And many of you listening today
are looking at me or listening tome and going like no, well,
that's why you need to meet withus. Eight three to three, Maggie

(35:32):
Tax. Visit my website Maggie taxdot com. On the top where it
says seminars, it'll show you theseminars that we're doing. They're held at
a library. There's no cost,there's no lunch, there's nothing that you
have to do but show up andwatch the three and one seminar that we
do. And I'll say it thisway, because your advisor is not talking
about social Security. He's not discussingtax planning with you or income planning like

(35:53):
Chris and I are discussing today,and you have to come in and take
a look at it from a differentlens because things are changing and legislative risk
is right here, meaning that congrescan change the rules Chris any single time
they want, and they're going tochange it in two years. And you
know what, people are listening,but they're not doing anything about it.
And in a year from now peopleare going to go, oh my god,

(36:14):
what am I going to do?Well that may be too late.
So that's why we're challenging you pickup the phone. Eight three to three,
Maggie Tax. Visit my website.Maggie tax dot Com. On the
top right you'll see retirement tax bill. Click it, put the information in
and in thirty seconds I can tellyou what your retirement tax bill will be.
And my goodness, Chris, ifthat doesn't wake them up, I
don't know what will. Well,that's it, you know, the tax,

(36:36):
the hidden tax impact. That's whatwe're talking about today. And you're
right. Most people aren't thinking aboutthis, but there are clients that are
doing something about it. But thereneeds to be more. More people need
to be aware of what's going tohappen. And most advisors don't care.
It's pretty simple. Most advisors haveno no care for you paying high end

(36:57):
taxes because that's not how their firmis built. At our firm, it
is we want you to go aheadand pay least amount taxes possible, have
more income in a most tax efficientway, and have your investments grow and
accumulate based on the risk that youwant. That's what we do, and
we wrap it up by doing astate planning and we have all your accounts,
make sure that they stay in yourfamily and not go through probate and
Uncle Sam. So when you sitdown and you start thinking about what you

(37:20):
want in your retirement plan. Pickup the phone, schedule time to need
with us. Let's just have aconversation. You know, visit our website
at maggitax dot com. My dadmentioned this click on the top right hand
corner of the retirement time bomb.My gosh, the tax bill is huge.
If you put your IRA amount inthere, or your TSP or your
qualified account, you'll see what thetax impact is going to be and you

(37:43):
might get very sick by seeing that. And that's that today is low rates.
What about when they rise? Andthat's what we're talking about today.
Tax risk, legislative risk, incomerisk, market risks, social security maximization
risk. Pick up the phone,schedule time to meet with us, A
three three Maggie Tax and don't forget. Every Sunday at ten thirty on ABC
TV, tune into the Maggie Taxand Financial Show, and then right after

(38:06):
that we're back on the radio onnine to seventy WFLA. So we're giving
you a lot of help. We'retrying to make you see it from a
different lens because there's so much goingto be changing right now. Chris mentioned
the word legislative risk, and that'sgoing to be affecting everybody. I don't
care if you're young, old,or whatever in between, So give us
a call eight three to three MaggieTax. It's time to sit down and

(38:28):
put a plan together. Holistic planthat includes taxes, income, investments,
and more important wills and trust.If you don't have that, give us
a call eight three to three MagiTax. Be sure to visit our website
Maggie Tax dot com. Tune inevery Sunday ten thirty on ABC TV to
the Maggie Tax and Financial Show.So pick up the phone, call us
an eight three three Maggie Tax,and be sure to visit Maggie Tax dot

(38:51):
com. That's eight three three MaggieTax. You've been listening to the Maggie
Tax and Financial Hour discussing tax planninginvestment strategy is presented by Robert and Chriss
Maggie from Maggie Tax Advisory and FinancialServices with offices in Hillsborough and Pinellas County.
Visit Maggie Tax dot com or calleight one three three two two twenty
five twenty that's eight one three threetwo two twenty five twenty and tune in

(39:16):
next Saturday at five for the MaggieTax and Financial Hour