Episode 20240420 - Retirement Taxes Social Security and Income

Episode Transcript

(00:00):
All these years you've saved up planningfor secure retirement, but if you're not
careful, it will be the irsthat's living it up when you retire by
taxing your hard earned money. Welcometo the Maggie Tax and Financial Hour with
Robert and Chris Maggie of Maggie TaxAdvisory and Financial Group. With over thirty
years of combined experience and tax savings, income planning, and investment opportunities,

(00:21):
Robert and Chris share advice and taxplanning strategies designed to protect your retirement nest
egg from Uncle Sam. Your questionsand comments are welcome during today's program by
calling eight one three three two twotwenty five twenty. That's eight one three
three two two twenty five twenty,or visit Maggie Tax dot com. That's

(00:41):
Maggi tax dot com and now yourhost for the Maggie Tax Financial Hour on
nine seventy WFLA. Robert and ChrisMaggie. Welcome everyone, and thanks for
joining us today. My name isRobert Maggie and I'm here with Chris Maggie,
and be sure to visit our website, Maggie Tax dot Com. Today
we're going to talk about some topics, but register for our seminars. It's

(01:03):
a three and one. We'll talkabout that throughout today's show. And also
go to the retirement tax calculator soyou could see what your retirement tax bill
is going to be. These aretwo important spaces that you can go to
to find out information for free.And we're going to talk about our three
and one seminar today because it's goingto help a lot of people. Also
visit our website Maggie tax dot com. Be sure to watch our TV show

(01:26):
every Sunday at ten thirty am.It's about education and we have a lot
of topics to talk about today,so let's get going. Chris, and
you know, I'm excited about thisbecause we put a three and one seminar
together. It's been very successful.We talk about a state planning social security
and taxes and a lot of advisorsout there aren't doing any of that,
and I can tell you from theresults that we've had, as you know,

(01:48):
it's been very well received. Wellthat's just said, so welcome everyone.
I'm Chris Maggie and thanks for tuninginto our show. And you know,
each and every week we talk abouteducation and if you're not working with
a complete planner. You're missing theboat because most advisors out there just deal
with investments and really, you caninvest your own money. It's not that
hard, really, but most peopledon't complete the rest of the story.

(02:10):
And there's income planning, there's taxplanning, there's investment planning, there's social
security maximization planning, and then whatwe're talking about today is a state planning.
So what's a state planning? Andwhat documents do people need in Florida.
And that's a big question because alot of people Chris bypass it.
I believe sixty percent of the Americanpeople don't even have a will. And
that's said because when you pass away, you want to make sure that your

(02:35):
assets are title correctly. We talkabout this every time about beneficiary designation and
make sure it goes to who youwant. So when you go up to
heaven and you're looking down, whatis your family picture going to look like?
Is it going to look like peopleare fighting or people are just you
know, relaxed and got everything theway you want it? And that's important.
So what state planning documents do weneed in Florida. Let's talk about
that. So a state planning orenhance planning applies to all of you.

(03:00):
And I'm not you know, Idon't care how old you are, but
it applies to all of you.So register today at Maggie tax dot com,
click on seminars and all the locationsand times are listed, and we
do the seminar at libraries because it'sabout education. And like Chris said,
we educate a lot of people throughout, you know, the week, and
throughout the year and throughout our careerbecause it's about learning the language and understanding

(03:23):
what to do. So a libraryis a great place to learn. And
another reason to attend is what Igive you all a free copy of our
first book that we wrote. Stopfunding Uncle Sam's retirement and get a plan
that's simple and easy to understand.And we call it the Maggie Plan.
It's a tax plan, it's anincome plan, it's an investment plan,
and more importantly, Chris, it'sa legacy plan. So there's a lot

(03:44):
that we're offering there, and it'svery easy to attend, and it's like
ninety minutes, so why not showup? Absolutely, So visit our website
at Maggie tax dot com. There'sso much information right there, So let's
discuss what documents are required in Florida. There are a handful of things that
need to be sorted out before youcan set things in stone to ensure that
everything goes smoothly. You want toavoid the probate process, and you don't

(04:06):
want to go through probate if youdon't have to. And most people they
just don't know what they don't know, and they just think that's just the
process. But it doesn't have tobe that way. So as I talk
about, things have to go smoothly, but it can be a lot for
a single person to keep track ofand not everyone may understand the terminology that's
involved. So that's why you needto meet with the right advisor. That's

(04:28):
why Maguita's advisory is here to letyou know what documents are needed for a
state planning and an explanation of whatthey're for. So we work with a
national group of attorneys to get allthe documents that you need. Every situation
is different, but the question iswhat is a state planning? And here's
a brief summary that once you gointo that and talk about what a state
planning is sure, and again alot of people don't spend a lot of

(04:49):
time on this, but you knowit's something that you have to think about.
So what is a state planning?So a brief summary that make this
easy. Things can happen that mayput a us in a situation where unable
to communicate our intentions when it comesto our assets or our own well being.
So, whether it be from asub disability and inability to speak freely

(05:10):
or the act of passing, thereare a number of reasons that could cause
you to relinquish control of your sayin things that you want to have done,
not someone else. So a stateplanning prepares you for these outcomes by
setting your wishes in place should anyof these things occur. And Chris,
not when someone sitting on a hospitalbed in a coma, or you know,

(05:31):
dementia sets in before that. That'swhat this is all about. To
take the time to sit down anddo it. And you'd be surprised how
many clients have we met that satdown and said, Wow, I didn't
think it was this easy, butI'm so glad I did it now absolutely.
I mean, we just met witha beneficiary of a daughter who mom
passed away just last week and youknow we met with them two years ago.
Do the estate planning side of thewhole complete plan and guess what she

(05:55):
came in. She had a deathcertificate, she was the beneficiary with her
brother, and guess what. Thingspassed smoothly as can be. And that
can happen for you as well.And a state planning or estate planning involves
a few types of documentation to ensurethat the results that you desire. Each
of these papers covers your rights intheir corresponding fields and you can enjoy the

(06:16):
peace of mind by getting it alldown in writing. That's what it's about.
But also you have to make surethat things are notarized. Just keep
in mind that it's important to avoidcommon estate planning mistakes since you won't be
able to fix them after it's toolate. So such documents are your last
will and testament. This is oftenseen as one of the most important documents
that you can sign. Your lastwill and testament will make sure that your

(06:39):
assets go to the people that youwant them to go to. This can
also be used to designate specific peopleto be the guardian of your mind and
children. Without this document, there'sno guarantee that your wishes will be fulfilled
after you pass registered for at sevenare we do a state planning segment on
that to help you. We havea nice marketing piece that will give all
of you to kind of fill inthe blank. You know, who's going

(07:00):
to get what? How does itwork for a husband and wife, the
whole thing. So register at ourwebsite, Maggie Tax dot com. That's
what we're talking about today. Iinvite all of you. It's very simple.
Go to Maggie tax dot com,look for seminars and the dates are
there for August and it's free.There's no cost, there's no obligation.
But the bottom line is we havedone this and I have done many seminars
in my career. It's about education. So if you're coming to a seminar

(07:25):
to get educated, we're at theright place because it's at the library.
Please don't come to a seminar andexpect to be sold something. That's not
the way it is christ And tome today, the language and the education
is so important for everyone listening totoday's show, Well that's said. So
that's why we do complete planning.We call it the Maggie Plan. It's
a tax plan and it's an investmentplan, it's an income plan, it's

(07:46):
state planning. You know, it'slegacy planning, it's so security maximization planning.
And we're talking about today in thistopic here at State Planning, and
you know we do complete planning,so we can help you in a lot
of different ways. Let's discuss whata living trust is sure, and this
is one of the questions we getall the time. So how can you
make sure that your positions are goingto be distributed how you wish? That's
the most important thing. And youcan personally choose someone that you know to

(08:09):
be the trustee to handle all ofyour assets for you after you pass,
to give you greater peace of mind. It says like speak from the grave.
So you are also able to changeyour designation with to designate a trustee
as many times as you'd like,for as long as you are alive.
And here's the question. As youput a trust together, you have a

(08:30):
trustee, but you can change them. You have full control, right,
you can buy, sell, youcan still manage the whole trust. But
it's more protection for you because you'redoing it. And what's really important is
that a trust avoid's probate. Andalso it's private, so God forbid you
pass away. Something happens to youpeople out there, it doesn't have to
go through the probate process. It'snot public data. It's private, so

(08:52):
no one's going to know what youhave and what your wishes are. So
that's why it's important. These aresome of the documents that we're talking about
when you talk about a state planningand enhance planning. So pick up the
phone, schedule time to meet withus. If you don't have a will,
you're looking for questions about a trustor state planning, we have the
attorneys here to help you. Eightthree to three MAGI tax. That's eight
three to three Maggie tax. Sowhat are other documents that are part of

(09:16):
the estate planning process. Another documentis a power of attorney. So if
you are ever in a situation whereyou are unable to make important decisions yourself
concerning your property, financial matters,and other assets, a power of attorney
can make those decisions on your behalf. So you would want someone that you
could absolutely trust to handle such importantmatters. And this document will establish who

(09:39):
will be your power of attorney shouldyou ever need one, and Chris,
this is the documents that are thepeople missing that we see all the time.
That's right. So let's talk abouthealthcare directives. So setting up your
healthcare directives is almost like having apower of attorney, but for medical concerns,
you can state what types of treatmentyou do and do not want,
what surgeries you approve of, whetheror not you would like to donate your
org biggins, and so on.So since these concerns are something that's very

(10:03):
personal to you and it's your ownbody, it's very important to have such
matters clearly written. So reach outto us at Maggi Tax Advisory and Financial
Group. We can help you.We can help and help you in a
lot of different ways. We canpreserve your family harmony and protect your legacy.
That's what it's about. So wehave a question for all of you.
How often do you play the estategame in your lifetime? How do

(10:24):
you know how well you did?You're never going to know until you actually
get it done. So that's whyit's important to meet with us. Pick
up the phone and schedule time tomeet with us eight three to three MAGI
tacks. Be sure to register forUS seminars. Go to Maggie Tax dot
Com right now hit seminars. You'llsee the seminars coming up in August and
every month after that. So it'sup to you get educated. What's trying

(10:48):
to help everyone out there? Eightthree three Magi Tax and don't forget Every
Sunday at ten thirty, what't yourTV show on ABC, The Magi Tax
and Financial Shop. Stop planning forUncle Sam's retirement and 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 create

(11:09):
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 and sonfrom Maggie Tax Advisory and Financial Group,

(11:33):
Robert and Chris Maggie. Hello andwelcome back to the Maggie Tax and Financial
Show. My name is Robert Maggieand I'm here with my son Chris Maggie.
A couple things real important for allof you if you're just tuning in,
go to our website, Maggie taxdot Com. On the top right
there's the retirement calculator. Click onit and fill in the information. Let's
see what your tax bill is goingto be, and in thirty seconds we
could show you what it is.Number two, there's a chat box on

(11:56):
this so if you're driving or youhave questions, go to the check box,
fill in the question. We willrespond to you. And more importantly,
to educate everybody out there and helpwhen we're doing seminars every month,
So go to the Maggie tax dotcom look for upcoming seminars. The dates
are there. Register and let's geta chance to meet with you. Because
isn't it imperative that all of youreason out for yourself that you can have

(12:20):
a strategy under any circumstances. Andagain, Chris, most people come in
and they go, gee, guys, I don't have a lot of money.
That's not the question we're asking you. The question we're asking you is
how can we help you? Somy guess is many of you do not
know this information, and it's becauseyou're not asking your advisor why. Because
it's the language we talk about thelanguage, and many of you do not

(12:41):
understand, so we can help.We call it the Maggie Plan, simple
and easy to understand. And formany of you that have met with us,
you understand what I'm saying because wemade it simple and understand. Chris
talked about some clients that came inbefore we talk about this every week.
They came in and they were shocked, Wow, I really could do that.
So many people in our country believethat the government's going to take care

(13:01):
of them. Look, in fact, isn't it the majority of people many
of you listening, Sure it is. So how do we get you to
understand that it has now become mathematicallyimpossible that the government's going to take care
of you. Christen, what's happeningis they're doing the opposite. They're making
it worse for us. Well,that's just saying, and you can't control
that. Right where in a yoyoeconomy, you're on your own and many

(13:22):
people work hard, you know,they go to have a job, they
put money away, they don't knowwhat to do with it. That's where
we come in. You know,how do you structure all this where you
can have income in the most taxefficient way. How do you structure this
where you can have a tax planwhere you pay least amount of taxes possible,
but do it legally. How doyou put together an investment plan where
you have different buckets doing different thingsto combat inflation? How do you make

(13:46):
sure that everything you put together staysin your family and doesn't have to go
through the probate process or has togo through taxes or just heartache with other
beneficiaries. It doesn't have to happen. It's called succession plan. And how
do you put this together? Sothat's what we're discussing here, And if
you have questions, now's the timeto stop for a minute, take a

(14:07):
deep breath, you know, pickup the phone and schedule a time to
meet with us. You know,a goal without a plan is really not
going to be achievable. So whatdo you do. You have to schedule
time to meet with us. Youhave to come in and let's let's have
a conversation why. Because you deserveit, you put away money. Now
is the time to put together aplan. You just brought something up that

(14:28):
just hit me. You called itsuccession planning. Many people call it enhanced
planning or estate planning. But talkabout succession planning for a minute, because
it applies to everything that we're talkingabout, Chris, about income planning,
about tax planning, about four ohone K rollovers. It's about succession planning.
How do you get to the nextlevel because people do not understand the

(14:50):
language and if you do not takeaction, you're simply just going to lose.
And if you do take action,you can win. It's that easy.
And what I'm saying, it's thateasy. Once you learn the game
and you learn the rules, youcan make something happen. And we can
help all of you arrive at thisimportant determination because you're probably worrying too much.
Why are we sharing this with you? We do this every week,

(15:11):
we do our TV show. Youknow. I've been speaking in person,
you know, and on the radioand on TV for years, and I
have been stunned to discover how fewpeople understand this vital information because they don't
take the time, Chris, tostop for a second and let me put
this. It's an hour an hourand a half of your time instead of
going to the beach or going bowlingor going whatever, or drinking. Am

(15:35):
I right around? I mean becauseif you don't understand this information. It's
possible that you will not realize thedamage that you're doing to your financial and
retirement success. And that's pretty simple. I mean, if you take the
time to just carve out a littlebit of time to do what you need
to do to put yourself in goodorder, then you can have fun from
there. You know. We talkedabout a client of mine that we had

(15:58):
last segment. We discussed how theyhad no idea how to generate the income,
and they came to us and theysaid, I got this lum sum
pension. What do I do withit? How do I get income in
the most tax efficient way? Well, we created bucket planning. They'll never
outlive that money. Ever, theywill have guaranteed income coming in eight thousand
dollars a month for the rest oftheir life, you know what. And

(16:22):
how settling is that? How comfortingis that? So when I say the
question is what are you doing aboutit? Or if you don't understand this
information that we're talking about, ispossible that you will not realize that the
damage that you're doing to your financialyour future of financial and retirement success.
You know, and again it doesn'tmatter if it's intentional or unintentional. And
one of the things that you knowwhat you brought up about education, about

(16:45):
language, about teaching our young folksand our kids how to save for retirement
because nobody's doing that. Why becausethey're not making enough money to even save.
But there is a way to savea portion of your money if you
understand the way it works. Andhere's the worst part of you are unaware
of the poor choice that you're makingbecause you are being informed in ways that
are beneficial to the sellers of thesenon beneficial products. You don't understand what

(17:08):
you have with mutual funds and stocksand what the fees are and what the
risk is. And Chris talk aboutthe comparison when we do that with many
clients because when we ask them,are you married to that stock or do
you know what you have? Theanswer always is, uh, I don't
know. Well, let's just sayit. How many people follow the crowd.
How many people just try to keepup with the Joneses right their neighbors,
and they just don't know what theydon't know, And that is the

(17:30):
biggest thing. So we have clientsthat come in and they say, just
like my dad mentioned, well,I don't have a lot of money.
But meanwhile they do they have enoughmoney so they can retire. They have
enough money where you can create aguaranteed income plan and they stay within their
income and their budget, and they'regreat. They can do that. They

(17:52):
don't have to have millions of dollars. You don't have to get to a
certain number like the TV tells usor these advertisements tell us to do.
You don't have to. You don'tknow what you don't know. And that's
the thing, and that's why whenyou come in to meet with us,
we'll tell you. You know,as a fiduciary, we got to tell
you the best thing. We gotto do the best thing for you.
This is your money, not ours. But we can help because a lot
of things we do as a completeplanner, we can help. So pick

(18:15):
up the phone, schedule time tomeet with us. Every Sunday. We
have a TV show on ABC TVat ten thirty. It's called The Maggie
Tax and Financial Show. And whydo we do it Because we enjoy teaching.
We enjoy educating you. Why becauseyou need this information. When's the
last class you had on income planning, tax planning, investment planning, estate

(18:37):
planning, social Security planning, Medicareplanning. When's the last time you had
a class on that. You don'teven have a class on how to buy
and sell a house. That's howthe educational system we have is not complete.
That's why we need to meet withyou. So pick up the phone
schedule time to meet with us.We look forward to meeting with you.
Visit our website Maggie Tax dot com. That's Maggie Tax. Stop planning for

(19:03):
Uncle Sam's retirement and start planning foryour retirement. As we return to the
Maggie Tax and Financial Hour with yourhost, father and son Robert and Chris
Maggie. For additional information on howyou can create a tax free retirement,
visit Maggie Tax dot com. That'sm a gg I tax dot com or
call eight one three three two twotwenty five twenty. That's eight one three

(19:27):
three two two twenty five twenty nowyour host for the Maggie Tax and Financial
Hour, Father and son from MaggieTax Advisory and Financial Group, Robert and
Chris Maggie. Welcome back to theMegie Tax and Financial Show, and thank
you so much for tuning in andvisit our website at Maggie tax dot com.
In thirty seconds, you can findout what your tax bill would be

(19:49):
in retirement. If you have anIRA Form one K, you need to
understand what this number is why becauseit can't affect your retirement future. Incometax
dot com up a right hand cornertax bill in retirement, Click on it
and you can discover what that willbe. But more importantly, schedule time
than meet with us. There's somuch information to talk about. If you

(20:11):
have questions about how do I designan income plan for my retirement where it
has inflation built in and multiple incomesources and guaranteed income, how do I
go about doing that? We canhelp. What if you're looking for an
investment plan. A lot of volatilitygoing on in the market. Does it
really keep you up at night?Are you losing sleep? Do you have
questions? Do you really not knowwhat's going on and you're afraid to open

(20:33):
up your statements. Well, let'sged together and have a conversation about it,
because there might be some bucket planningthat we could put together to design
for safety and growth and inflation anda lot of other opportunities that are in
the market today. What about socialsecurity planning. Do you have questions about
how do I maximize it for meand my spouse? What about a state

(20:55):
planning? I want to leave allthis stuff to my heirs. I just
don't know how to do it.Is everything set up the right way?
Well, we can help these thingsthat we do each and every day to
help you. So pick up thephone, schedule time to meet with us.
We look forward to get in togetherwith you. Eight three to three
Maggie tax. So the question Iwould ask is how many of you have
a complete plan or an incomplete plan? And what Chris just mentioned are some

(21:17):
of the things that we see thatpeople have an incomplete plan? So what
are you doing about it? Youknow what keeps you up at night?
What's that elephant in the room?Is it about income? Is it about
taxes? Is it about your investments? We know the volatility of the market
is there, but how are youprepared to take less risk and keep more
for yourself? And has anyone everdone a beneficiary review for you? Quick

(21:41):
example, We've had a client,a couple of clients this past year.
They passed away and they had beneficiarydesignations on there. They had POD and
TOD on their accounts and Chris,the money passed to their beneficiaries probate free
and it didn't have to go throughthat process. And people make mistakes about
estate planning, let's call it enhancedplanning. Do you have the list of

(22:04):
who you want your assets to goto and when it should go to them
and how much it should go tothem? Are you set up that way
so you know if you have anincomplete plan? Think about what Chris and
I are talking about. If it'sabout income, it's about taxes, you
confuse about your investments. You don'tunderstand them. We see this every day.

(22:26):
We ask a client, bring inyour statement, We ask them do
they understand their investments? And Chris, the answer that we get all the
time is well not really, thatis just not a good answer. And
it's not because you work hard.You worked hard for the money you have,
the assets that you have, andthe worst thing you want to do
is either I have to go backto work or be outlive your money.
And most people that come in andmeet with us, we ask them,

(22:48):
you know what brought you in andthe main question and the answer is I
want to make sure I don't outlivemy money, And is that going to
happen, and we have to dothe analysis to figure it out. And
sometimes we have to tell people,well, yes, at this pace and
with the assets that you have,you will outlive your money. And that's
where it's very, very scary.So can you retire? We can show

(23:10):
you we can. We can showyou the projections, we can show you
what the guarantees are going to be. We can show you that if you
have a concrete plan or a completeplan, then you'll enjoy retirement. You'll
have the inflation buckets coming in forincome in the future, you'll have the
estate plan. So if anything happensto you a stay in your family.
That's what we call developing a planbecause if you don't have a plan,
guess what, you know what,someone who you don't know will make that

(23:33):
plan for you in the future becauseyou didn't set it up the right way.
So check the boxes off. Doyou have a tax plan yes or
no? Do you have an incomeplan yes or no? Do you have
an investment plan or just laying thatmoney right in the market. Do you
have an estate plan or an enhancedplan? What about college planning for the
children? Are you aware if youhave a mutual fund. You're paying fees?

(23:56):
How many fees are you paying?The question is do you know what
your fees are paying? Because ifyou're paying fees, it's eating aweight your
retirement. So without a plan,like Chris says, you have nothing.
So everything we do, we haveto have a plan. What are you
looking for in an advisor that youwould be willing to work with. We
just mentioned a bunch of topics thatwe would talk to you about because we

(24:18):
see this all the time. Well, my advisor doesn't talk about tax planning.
Chris or Bobby, you know thisis and when we ask them what
were you hoping for when you camein? And the answer we get all
the time is wow, not this. Well, you know the thing about
it is when you talk about weasked that question, is your current advisor
talking about tax planning? And mostof the time, probably ninety five percent

(24:40):
of the time, it's no.And the question that I have is why.
I mean, that's your biggest expense. Taxes are our biggest expense and
it's going to get worse. Sothink about this, your cruising in retirement.
Everything's going well, and guess whatlegislative risk happens? And the tax
code changes, and guess what lessto you because now you have the PA
more to Uncle Sam. So thatincome check every month goes down. And

(25:03):
what about inflation that's happening right nowon top of it. So you're in
a situation where you have to changeyour lifestyle in retirement. Is that what
you want? The answer is no. But could it happen to you?
Yes? And if you don't havethe right plan in place, like an
income plant, a tax plan,investment plan, then yes, it could
happen. And that's what you don'twant. So right now is a time,

(25:26):
more than ever before, to pickup the phone in schedule a time
get a second opinion? Do youhave enough confidence in your current advisor?
Get a second opinion? Because it'sabout you. It's about your money.
It's not about me or your CPAor your current advisor. It's not about
that. It's about what you wantyour money to do for you. Do

(25:47):
you want safe money? We canhelp. Do you want money in the
market where it's risky? We candesign buckets like that as well. But
guess what, you have to havea purpose with everything you do. Why,
Because that's a plan we all hear, ye, to have a plan
in life. We all get that. But the end of the day is
do you have a plan with yourretirement? Take control of this and we
can help eight three three Maggie tax. So the biggest question for all of

(26:10):
you listening today, how can weat Maggie Tax and Financial help you.
That's the question. So when youcome in, I want to know the
answer. How can we help you? You know what upsets you every night
when you put your head on thatpillow and your mind starts racing about what
you're worried about because you can't controlit. You know, what are you
looking to change? And this isthe big question, Chris. Change has

(26:32):
to happen in many cases with peopleout there because they don't understand their investments,
they don't understand income planning. Theiradvice is not sitting down and talking
to them. So what would youchange? Think about that? What would
you change if you were educated onwhat you have that Maybe it's not the
right investment for you, maybe it'snot the right plan for you. When

(26:53):
would you change it? And likeI said, what's the elephant in the
room And that's just it. Youknow, is your plan, present plan
going to get you where you wantto go. Do you know unequivocally If
that the answer is yes, Ifyou are thinking about it, well I'm
really sure, or I don't reallyknow, then you have to get a
second opinion. You have to lookat this. You have to have someone

(27:15):
look at this for you so youcan have that Yeah, absolutely, I
know. Absolutely my plan is goingto give me what I want in retirement
and is doing it right now.That's what you want, the confidence,
the clarity, the control, andthat's what we can help you with.
So pick up the phone, scheduletime to meet with us. We look
photo meeting with you. We haveoffice on both sides of the bay to
help you. A three to threeMaggie tax, that's eight three to three

(27:37):
Magi tax. And here's the bigquestion. Do you all do this planning
on your own? Think about this. The left brain in you is the
more to think about it. Theright brain is the solution side of your
brain. We have both sides workingfor us, Chris, the left and
the right. Because you're confused,you have to draw a line in the
sand. I can't understand planning,you know, I think I'm okay,

(28:00):
but I'm not. And most peoplebuy what they want, not what they
need. And that's the issue thatwe try to talk about. What do
you want? You know, whatare your needs? How much income do
you want? You know? Doesyour advisor have a process, Maggie,
tax advisor, We have a process. We come in and you come in
and meet with us. We askyou questions, you ask us questions.

(28:22):
We do a balance sheet, sowe know where your assets are. We
know what the qualified money is nonqualified money. We know where your bank
accounts are if they're titled right.Does your advisor do all this? We
call it red money, green money, and on my website you can take
a look at it. But look, if you're taking too much risk and
you don't know it, folks,you know Chris does this all the time.
When are you going to realize thatyou don't have to take all that

(28:44):
risk, you don't have to payall those fees, and you don't have
to see your account go down becauseyour advisor says, well, everybody else
is losing No, it's not true, Chris, that's not true. That's
just it. You know, whyfile the crowd. We don't have to
just because your advisor says everyone elsehas lost money. But where is it
written that you have to lose thirtyforty percent? Where is it written that
you have to go down that route? I'm frustrated because you don't have to.

(29:10):
I have clients that come in andthey're like, well, you know,
this is what it is. Welost three hundred thousand dollars with our
old advisor. Why doesn't have tobe that way? You know, maybe
you're younger and you got time onyour side and you can absorb some of
these losses. But guess what,you're in retirement, why go down to
three four, five hundred thousand dollars? Why you know that's up to you,
but you don't have to. Youknow, where is it written that

(29:33):
you have to lose twenty thirty fortypercent like everybody else? It's not there.
You don't have to go down thatroute if you don't want to.
So pick up the phone, schedulea time to meet with us. Let's
show you bucket planning. Let's puttogether a plan for you. Buckets.
What are buckets? Buckets with apurpose? You have buckets for safety.
You have buckets for inflation. Youhave buckets for future guaranteed income. You

(29:55):
have buckets for the volatility control.You have buckets to take advantage of the
opportunity of the more down. Youhave buckets to take advantage when the market
goes down. You have buckets outthere to provide buffer and strategies to protection
against no loss in the market.How do you go about doing these things
because every account needs to have apurpose based on what you are looking for.

(30:15):
What is it that you want?That's the question. When you come
in, We're going to ask youthat question. We're going to listen to
you, we're going to hear you. We're going to make this very very
real for you to try to accomplishwhat you are looking for. We're going
to educate you. We're going totake our time. We're going to build
the confidence, build the clarity,and you're going to have the control in
retirement. If that's what you want, you can pick up the phone and

(30:36):
schedule time to meet with us.We look forward at meeting with you.
Why because this is real. Thingsare changing and you need to be on
the other side to take advantage ofthese opportunities as opposed to falling victim to
them. So pick up the phone. We look forward to meeting with you.
Eight three three Magi tacks and don'tforget every Sunday for the mag Attacks
and Financial Show on tv ABC TVat ten thirty am. Visit our way

(31:00):
website Maggie Tax dot com schedule timeto meet with us eight three three Maggie
Tax. 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 Maggie.For additional information on how you can create
a tax free retirement, visit MaggieTax dot com. That's ma gg I

(31:23):
tax dot com or call eight onethree three two two twenty five twenty.
That's eight one three three two twotwenty five twenty now your host for the
Maggie Tax and Financial Hour. Fatherand son from Maggie Tax Advisory and Financial
Group, Robert and Chris Maggie,Welcome back to the Mega Tax and Financial

(31:45):
Showing. Thank you so much fortuning in today. And you know,
as always, we enjoy doing whatwe do. I mean, it's great
when we meet with you my goshput together plans or so rewarding because we
know the clients can retire and it'sgreat to see that smile on their face
when I know that they're going toget income in the most tax efficient way.
What a great feeling. So pickup the phone, schedule time to
meet with us. We have officeon both sides of the bay to help

(32:07):
you. Eight three three maggie tax. That's eight three to three maggie tax.
Just remember, we have a verygood staff that understands how to help
all of you in any which waythat we can. So we have to
have a conversation so that you cantake action. I think the key there
is take action. So many peopledon't. They only talk about it and
they procrastinate, and again, stopmaking excuses. That is not acceptable.

(32:28):
And if you are all paying attentionto what's happening in this world, then
that should be enough to take actionto be fuel you get deeper into trouble
than you are right now. Taxes, income planning, you name it.
It's out there. The big questionto all of you is where are we
going to get the money to payfor the taxes and inflation? What about
higher income taxes? What about increasingproperty taxes? The list goes on and

(32:51):
on. Just remember on December twentytwenty five, and we talk about it
all the time that Trump tax cuts, they're going to go back to what
it was the Anuary of twenty twentysix. Everyone's going to be paying a
higher tax. And how many ofyou know that. We've been talking about
that, Chrisphy years and it's gettingcloser and closer. And again, when
we offer the retirement Calculator on ourwebsite, it's because folks, you need

(33:13):
to see this. We get millionaireclients coming in and looking at it and
going like, I didn't think Ihad to pay that much tax? Well,
what did you think it was freemoney? They have a mortgage to
Uncle Sam, right, absolutely.You know. We had a client last
week has a two point two milliondollar IRA and guess what, you know,
he says, oh my gosh,I got two point two million.
It doesn't matter what you have.Guess what after taxes? You know you
don't have two point two You hada big account that's infected with tax.

(33:36):
What are you doing about it?And he sat back and he said,
well that's why I'm here. Hesaid, what can I do about it?
So we talked about his other positions, and we talked about his other
accounts, and he had the abilityto go off set using a tax deduction
strategy where he can have guaranteed incomecoming in, he can create a big
tax deduction, and he can avoidthe capital gains tax. And he said,

(33:57):
oh my god, no one evershowed me this. And he said,
well, why, he asked me, why hasn't my advisor shown me.
I said, it's pretty simple.The current advisor that you're with right
now, all they want to dois just manage your money. That's it.
They're not talking about your taxes.They don't care. They're not talking
about the way your accounts are goingto transfer. They don't care. They're
not looking for your income best purposes, they don't care. They just want

(34:21):
to manage your money. Is thatyou out there listening today. If it
is, then you have an incompleteplan. You just have an investment plan.
But there's so much more to that, especially now when you're talking about
taxes. We do tax planning,we do income planning, we do investment
planning. If you have a brokerageaccount, let's analyze that. Let's see
how it's incorporating with the taxes.Is your advisor, your broker causing you

(34:43):
to pay necessary taxes? Maybe youdon't see it until tax time. But
is your CPA really showing you thatas well? So let us dissect what
you got. Let's get a secondopinion, let's show you. Eight three
to three Magi. Tax, bringyour stuff in, let's have a conversation.
Let's tell you. Tell us what'son your mind. Would we want
to hear it so we can helpyou. Eight three to three Maggie Tax.

(35:04):
And the big question is are yougoing to wait and get hit?
You know with that issue, it'sgoing to affect everyone listening today, whether
it be income or taxes or investments. You know, I don't care who's
right or wrong. What we careabout is where are they going to get
the money from? And who willpay for all of this? And the
answer is all of us. Sodo you have a plan? Just ask
and we can go on and on, but that's not the point. Complaining

(35:27):
is not a plan, Procrastination isnot a plan, and just saying no
is not a plan. And thisis what people are doing out there,
Chris, They just afraid. That'swhat this whole show is about. Ask
for help. That's how you solvethese concerns. Get some help, and
remember, just ask for help.Eight three to three Maggie, tax.
Do you know what the answer isto all of this is if they do

(35:47):
not have enough money to pay thetax, then the answer is simple,
Well, they do just print moremoney and that's what's going to happen,
and which creates stealth taxes and that'sgoing to reduce the purchasing power. And
guess what, but this is goingto make it more difficult for you to
live because again it's going to affectthe dollars. So what are we doing?
That's why it's so important to puttogether a plan. I can't stress

(36:08):
this enough because people who have planssucceed more. They're gonna take advantage of
the opportunities. They're gonna take advantageif the market goes down this big volatility.
When you want to be on theother side of this, when you
want to be in the positive side. It says instead of saying, oh
my gosh, Ei, there's downtwenty or thirty forty percent like nine to
eleven times, or the housing markettimes or COVID times. Right, these

(36:30):
are things that you can avoid ifyou have a plan, if you work
with an advisor that understands concepts andthe distribution phase of your life. What
about the taxes. My gosh,I can't stress this enough. People are
going to pay more in taxes.They're gonna come after the people who have
the money. If you have irisin four oh one k's and TSP,

(36:51):
if you are federal employees, guesswhat they know how much money you have.
It's infected with taxes. It's verysimple. They can increase the tax
rate and when they do that onepoint two percentage points five percentage points,
that means Uncle Sam gets paid first. You lose your value. Don't let
happen to you. If you haveabilities to go ahead and put together plans

(37:14):
to help you, pick up thephone, schedule time to meet with us.
We look forward to helping you getthe Maggie Plan eight three to three
Maggie tax and one more thing,don't forget. Go to our website,
go to seminars and register for oneof our seminars that we do on a
state planning and social security and taxplanning. We're probably the only one doing
a three to one event. Buthere's why, because those three topics are

(37:34):
very important to each and every oneof you out there in some way,
shape or form. People are concernedabout social security. People don't know when
to take social Security. People don'tknow how it's tax and what the amount
is going to be taxed in thefuture. And that is why it's so
important to ask for help, becausethese are questions that we're getting asked everyday.
Income planning, tax planning, socialsecurity, wills and trust, and
how to take care of your family. Visit our website Maggie Tax dot com,

(37:59):
click on seminars, click on retirementcalculator. All the information is there.
Be sure to watch our TV showevery Sunday on ABC at ten thirty
and then following the show, we'reback on the radio again with the Maggie
Tax and Financial Show. Folks,it's about education. Chris and I've been
doing this for a long time.It's up to you. If you have
questions, please don't be afraid toask write them down. That's why we

(38:20):
do this show. So throughout theshow, right out a question or give
us a call. We have operatedstanding by right now. Eight three to
three Maggie Tax. We have officesin Palm Harbor and Loots and also Saint
Pete, So give us a callask questions. Eight three to three Maggie
Tax again, eight three to threeMaggie Tax and you're listening to the Maggie
Tax and Financial Show. You've beenlistening to the Maggie Tax on Financial Hour

(38:42):
discussing tax planning investment strategies, presentedby Robert and Chris Maggie from Maggie Tax
Advisory and Financial Services with offices inHillsboro and Panela's 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

(39:04):
five for the Maggie Tax and FinancialHour