Episode Transcript
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All these years you've saved up planningfor a secure retirement, but if you're
not careful, it will be theirs that's living it up when you retire
by taxing your hard earned money.Welcome to the Maggie Tax and Financial Hour
with Robert and Chris Maggie of MaggieTax Advisory and Financial Group. With over
thirty years of combined experience in taxsavings, income planning, and investment opportunities,
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Robert and Chris share advice and taxplanning strategies designed to protect your retirement
nest egg from Uncle Sam. Yourquestions and comments are welcome during today's program
by calling eight one three three twotwo twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie Tax dot Com.
That's Maggi tax dot com and nowyour host for the Maggie Tax Financial Hour
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on nine seventy WFLA. Robert andChris Maggie, Welcome everyone, and thanks
for joining us today. My nameis Robert Maggie, and you're listening to
the Maggie Tax and Financial Show.And I'm here with my son, Chris
Mai and today we're going to betalking about a lot of topics that we'll
concern all of you that maybe youdon't understand. So when you hear what
we talk about, if you havequestions, pick up the phone, give
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us a call eight three to threeMaggie Tax. Be sure to visit our
website Maggie tax dot com and we'regoing to be talking about it as we
always have. Go to the retirementCalculator on the top right and click in
that site there and fill in yourinformation and then thirty seconds will show you
what your tax liability is going tobe. So, Chris, we have
a lot to talk about. We'regoing to talk about tax risk and legislative
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risk. So let's get started.Well, let's just say so welcome everyone,
Thank you so much for listening toour show today. There's so much
to cover, and let me talkabout what my dad was mentioning before.
When you go to our website,the RTB the Retirement tax Bomb, if
you have an IRA A four toone K, you have to stop and
you have to understand what's going onbecause that is a huge tax liability that
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you're going to pay in the future. And many people just keep deferring taxes
and put money away in the formone KS and iras well. Maybe that
could a bucket that year used tohaving, which is fine because you get
a nice tax reduction. But thinkabout creating other buckets that are tax free
because as things change in this country, taxes are going to go up.
And that's what we're talking about today, tax risk and legislative risk. So
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what the heck is the difference?Well, as things stay hot in Washington,
and they have been and they alwayswill be. I'm getting asked this
question more and more, Chris,and I see clients every day. But
both are intertwined risk that can dramaticallyimpact us savers like you, like all
of us, and both are riskon most savers are underprepared to address.
So let's talk about the first one, because this is the biggest one tax
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risk. Tax risk is the riskthat a person's taxes are going to be
higher in retirement than planned. AndChris, most of the people that we
see don't see that because they're notready to retire or they have like you
just talked about with the retirement calculator. Yeah, they're going to defer it.
They don't have to take it outtill seventy three. Now, no
problem. But that's the window thatyou have to do the tax strategy you're
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talking about bucket planning and reduce thetax risk absolutely, and those are the
strategies that we can use and wedo it each and every day. But
the misconception is that many people think, well, I'll be in a lower
tax bracket when I retire, andmaybe that might be the case, but
we see is a lot of timesit's not. And as taxes increase and
people take more out of qualified accountslike iras and form and case, it's
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creating tax on solid security. Itcan be up to eighty five percent tax
on solid security, and that's wheretax rates are going to increase and you're
going to pay more in tax.So that's where many people think, well,
I'm just sixty five, I'm gonnapay less in tax. It has
nothing to do with your age.It has to do with the income and
the sources of income that you're puttingon your tax return that's generating the tax.
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And that's a great point you makethere, because a lot of people
don't see that. And then theother side of it is when you start
transferring money from a taxable account andyou pay the taxes now, it could
if you're over sixty five, orif you're on Medicare, could affect the
arm attax on your Part B,which is the Medicare tax that you pay
for Part B premium. For manypeople don't see that, Chris, it's
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ridiculous. So what does that mean. It means more of a retiree's income
is going to the IRS as taxesand less of the income is staying with
the retiree like you to spend onliving expenses because think about this, you
should be putting a budget together,Chris, and I always ask you,
know you when you come in,what's your budget because a lot of people
don't know what they're spending, andyou know it's not good if you spend
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more than you make. And toprove this, visit Maggie tax dot com
and on the top right you're goingto click on the retirement calculator. Just
fill in the information and in thirtyseconds we'll send you what the retirement tax
bill will look like. Even ifyou do it. I know people play
with it and they give us differentnumbers, but it's the tax bracket that
you have to look at. Dependingon how much you have, you're going
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to pay more to Uncle Sam.Then you're going to get and that's where
you don't want to and that's whyyou have to control the tax risk.
And many people talk about investments.Yeah, we do investments. We can
put together a plan for you.There's a lot of things we do,
but taxes are our biggest except Benzand it's going to be the same thing
for you. So think of thephone, schedule time to meet with us.
There's so much to talk about.We're talking about tax risks today,
we're talking about legislative risk today.But also it's going to affect your investments.
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So what about your investments? Youknow markets a hi markets have been
doing well. What are you doingwhen it goes the other way? Where's
your protection? Where's your tax protectionas well? So pink up the phone,
schedule time to meet with us.We have office on both sides of
the bay. A three to threeMaggie tax that's eight three three Maggie tax.
So in short, tax risk measuresthe level of taxation you a savor
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experience in retirement. And unless yousit down with a tax person like us
who does tax planning, advanced taxplanning, you're not going to know.
You're not going to know until youfile that tax return. So we're talking
about your IRA, your four Hthree B or your TSP plan. It's
a tax time bomb. And peoplecome in and they laugh and they go,
I didn't know that it was atax time bomb. Well it is,
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and it's going to be worse astime passes by. So check it
out and see what we mean.We're about to see tax risk in action.
In twenty twenty five, several provisionsfrom the twenty seventeen tax will expire.
This includes that reduction in individual incometax brackets. And if you want
to copy of the tax brackets,send me an email or call me and
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I'll send it to you to provemy point because when we do seminars,
we give this out and it's goingto change, meaning that your tax bracket's
going to go up three percent andyou're going to be paying more in taxes.
And I'm telling you, people justhear it, and they hear it
and they don't do anything about it. And it's like when you open up
the door and there's a big wincome and you're going to get hit with
it. So let's try to avoidthat now. Well, that's just said.
So when as you listen to ourshow today, you know we're talking
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about taxes, and many people say, I'll just deal with it during tax
season, but it's not the wayto go about this. Taxes are our
biggest expense and they're going to getworse, especially if you're a savior.
So if you have iras and formingcase, we need to start doing bucket
planning. What do I mean bybucket planning? We need to position accounts
that are a taxable in the nontaxable account accounts. We talk about the
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level of risk that you're taking withyour money. Do you need an income
plan? Well, we can developan income plan where you can have investment
safety and preservation, also investment growth, and also make sure that the money
that you receive is income tax free. So think about this. Would you
rather be in an environment where you'regoing to get taxed on everything you take
out or would you rather be inan environment where it's tax free. It's
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never taxed anymore. And you candevelop these buckets if you meet with the
right advisors. So pick up thephone, schedule time to meet with us.
Eight three to three MAGI tax that'seight three to three Magi Tax and
a simple word, as we callit, strategic planning. You don't want
to just put everything in one bucket. You want it strategically spread it out.
So, like Chris is talking about, you have a plan, you
have a complete plan. And Imight insult some people here by saying you
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have an incomplete plan, because youdo. Because if you don't have a
tax plan or an income plan,you have an incomplete plan. So do
something about it. Give us acall eight three to three Magi Tax,
and don't forget our website, Maggietax dot com. Yeah, I want
to talk about other advisors, maybeyour advisor right now, they're they're managing
your money and the market's up,so everyone's winning, right. But get
this, that's an incomplete plan.Because if you're not talking about taxes and
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your advisor's not showing you ways toreduce it or create an income stream for
you where you never outlive your money, then you have an incomplete plan.
And we're talking about also a stateplanning as well. Many people out there
don't have a will or a trust, or or documents or proper beneficiary designation
to make sure that everything stays inthe family. You have an incomplete plan.
At Maggie Tax Advisor in financial group, we do complete planning. It's
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holistic planning. We take a taxapproach to help you reduce your tax.
We deal with investments. We cando bucket planning and manage the money and
risk. We could talk about incomeplanning, we could talk about safety and
guaranteed retirement buckets. We could talkabout an estate planning or maximizing your social
Security benefits. So what's on yourmind as you listen today, think about
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the questions you're having and we canmeet with you. So let's get together,
have a conversation and let's put togethera plan for you. That's what
we call the Maggie Plan. Incomeplanning, tax planning, investment planning,
state planning, social security planning.That's what we call the Maggi Plan.
So visit our website at Maggie taxdot com. Write this number down eight
three to three Maggie Tax Schedule andappointment today. Let's get together before it's
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too late. Where you're subject toone hundred percent tax on your retirement,
which again we call it a questionmark tax rate. In the future,
you don't want to be there whereUncle Sam controls the taxes you pay.
I'd rather pay the tax is nowon some of the money to make sure
that I'm incomplete control. A threeto three Maggi Tax. Well, let
me kind of make another comment here. We do seminars two a month.
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We do them at libraries, andthey're on wills and trusts. And the
point is that many people that comeand we talk about wills and trust we
talk about probate, We talk abouthow to take your home out of probate
because many people don't have certain documentsthat would avoid probate. And I can
go into that more, but Iwould suggest to go to my website,
Maggie tax dot com. Click onthe top where it says seminars. It's
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open for registration now, and Iencourage all of you to come in because
if you don't have a will ora trust or the documents the powers of
attorney what we're talking about and we'regoing to get into more detail, this
seminar is for you. So giveus a call eight three to three,
Magi Tax and don't forget. EverySunday at ten thirty on ABC TV,
tune into The Maggi Tax and FinancialShow, Chris and I talk about a
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lot of situations there that pertain toyou. And by the way, it's
not selling, it's educating because youhave to understand the language what Chris and
I are talking about today. Iknow most of you might be confused,
but we can help you with that. Eight three three Maggie Tax. Visit
our website Maggie Tax dot com andget the Maggie Plan. It's simple and
easy to understand. It's a taxplan, it's an income plan, it's
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an investment plan, and it's alegacy plan. Eight three three Maggie Tax
and visit our website, Maggie Taxdot Com. You're listening to the Magi
Tax and Financial Show eight three tothree 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. Maggie.
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For additional information on how you cancreate 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
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and son from Maggie Tax Advisory andFinancial Group, Robert and Chris Maggie.
Welcome back everyone, and thanks forjoining us today. My name is Robert
Maggie. I'm here with Chris Maggie. Don't forget to visit our website,
Maggie Tax dot com. We havea lot of videos and a lot of
free webinars on there for you andit's all free to get educated. Uh,
give us a call it eight threeto three Maggie Tax. We do
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have operators standing by right now.Don't forget. On Sunday we have a
TV show at ten thirty on ABCand Saturday at five pm on WFLA,
and also Sunday at eleven am,so you can get a whole weekend of
Maggie Tax and Financial Group, rightChris. Absolutely, And that's what it's
about. Education, and you knowthat's why we do our show each and
every week. We love what wedo. We try to help people because
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we're in a yoo economy. You'reon your own and we're here to help
you, and that's what we do. So pick up the phone, schedule
time to meet with us. Eightthree three Magi Tax visit our website at
Maggie tax dot com. And youknow, throughout today's show, we're talking
about the spending bill and what it'sgonna mean for you. And the bill
includes multiple tax provisions impacting iras fourto oh one ks, wroth accounts,
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and other retirement savings vehicles. Andno one's talking about this. They're just
talking about the how big it is, how much debt it's gonna be,
who's gonna pay for it? Zerocost? But guess what, there is
a cost to it. So ifyou have an ira A four oh one
k other retirement savings vehicles, youhave to listen up because it's going to
affect you. And at a highlevel debt. Let's talk about this bill
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represents sure at a high level thatChris mentioned, this bill represents a significant
change in the way Washington views savingfor retirement. The House Democrats, they
have stated one goal of this legislationis to avoid subsidizing retirement saving once account
balances reach high levels. And whatthey're saying is that when you reach a
certain level, they're going to stopyou from putting money into these accounts,
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and you're going to be forced totake out so much and pay a tax.
So think about this. Washington hasshifted the focus from incentivizing Americans to
save for the future to actually penalizingAmericans who have successfully saved. Well,
you know why, because the threepoint five trillion spending bill, someone has
to pay for it. And Ilaugh, and I know a lot of
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you out there left. It isnot what they're saying, no cost.
Of course, there is a cost, and it's going to come from tax
money. It's going to come fromlike Chris is talking about, Look,
we've been saving all our lives infour to one casse. We've been getting
a tax deduction on the front end. But now, what did anyone ever
tell you that when you get toretire at a certain age, And think
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about this. They extended the retirementminimum distribution to seventy two. So when
you take it out and if thetax repeal comes in to effect in two
years, when the Trump tax cutsgo away, everyone's going to pay more
taxes. Chris, that's where it'scoming from. Well, that's it.
And you know, as financial professionals, we take this very serious. You
know, it's our responsibility to helpour clients and people out there today understand
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that the complete set of risk thatthey may face in retirement. And unfortunately,
too many American savers do not fullyunderstand legislative risk and how it can
impact your assets. And let's talkabout this. What is legislative risk.
Well, it's the risk of Congresschanging the rules and those changes negatively impacting
you. You as a saver,and you know, as our elected officials
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pass new laws around retirement accounts,there is a risk that those laws will
leave you with fewer retirement assets andless retirement income as you plan. So
think about this. Things are shifting, things are changing. If you're not
with the right advisor who is lookingat taxes and legislative risk, then think
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about this. You're not doing theright job. You're not getting the job
done because taxes are our biggest expense. And if taxes are going to be
increased or retirement accounts are going tobe changed, that's where your bulk of
your income's going to come from.So that means less income to you,
more income to Uncle Sam. Sowhat are you doing about it to make
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these changes to put yourself and yourfamily in the right spot. So every
week I talk about an after taxstatement and this is something that we can
do for all of you. I'dbe glad to do it because from a
tax standpoint, we can do amock tax return. And like I said,
when the Trump tax cuts expire intwenty twenty five, be ready in
twenty twenty six six for different taxesyou're going to pay. So how are
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you preparing for less income that Chrisis talking about? Because when we ask
you the question how much do youneed per month to live on? And
you say two three, four thousand, then what about the tax side of
it? And where is it goingto come from? Is it going to
come from Social Security? Is itgoing to come from Medicare? Is it
going to come from savings? Isit going to come from iras? Four
one ks Roth. It's going tocome from multiple sides of that, Chris.
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And then it's going to be taxed. They have to figure out the
tax first, absolutely, And that'swhere you know you need some help.
And that's why most advisors out therewhat don't talk about taxes. They just
say, hey, these are theaccounts need to put your money into so
it can grow, goes up anddown is what it is, and that's
what they're chasing is the rates forthe growth. But think about this.
If your accounts go up, that'sgreat. But if they get eat away
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from taxes because your advisor or you'renot thinking about it, then guess what
less income for you? So thinkabout what this impact is going to do
for you now only today, butin the future, and especially if you
have grandkids or children that you reallycare about, you want to leave the
money in the family. What areyou going to do? And that's why
when you come in to meet withus, we're going to talk about a
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plan, bucket planning. We're goingto put together a plan, a tax
plan, an investment plan, anincome plan, social security maximization planning.
You know, if you're young collegefunding, what if your parents out there
that you know, trying to putyour kids to school in college, what
are you doing about it? Wecan show you how how to plan for
that so where you can make ityou have your retirement plan, but also
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you can plan for your children's education. And I'm not just talking about a
five to twenty nine plan. Thereare strategies where you can take advantage of
the tax code to put yourself ina tax free environment. And that's what
we could do so pick up thephone, schedule time to meet with us
eight three to three Maggie Tax.Visit our website at Maggie tax dot com.
And here's the most important thing.Taxes can increase in three ways.
They can change in the tax bracketswhich is going to happen, less deductions
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and new taxes which we're talking about. And we have a limited window before
the tax cuts expire in twenty twentysix. Or what are you doing about
it? And how do you solvethe potential tax impact? And here's what
we talk about by looking at themicro tax now or the macro tax in
the future. And we can helpexplain this because if you're thinking about just
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what's my tax going to be whenI do my return in April, February,
March or April, but what's itgoing to be tax ten to fifteen
years from now? Churse not onlythat but five years from now and three
years from now. And that's whyit's so important to get a tax plan.
Maggie tax dot com. Pick upthe phone, schedule time to meet
with us. Visit our website atMaggie tax dot com. We have obviously
on both sides of the bay tohelp you and when you come in,
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you're gonna meet with us. Youknow, we'll sit down and have a
conversation, you know, see ifour philosophies are in line with yours.
But if they are, then let'smove together and let's move forward to put
together a plan. And let's talkabout a tax plan, an investment plan,
an income plan, a retirement plan, a state plan. Maggie Tax
dot Com schedule time to meet withus Maggie Tax. Stop planning for Uncle
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Sam's retirement and start planning for yourretirement. As we return to the Maggie
Tax and Financial Hour with your host, father and son Robert and Chris Maggie.
For additional information on how you cancreate a tax free retirement, visit
Maggie Tax dot com. That's maGgi tax dot com. Or call eight
one three three two two twenty fivetwenty. That's eight one three three two
(19:29):
two twenty five twenty. Now yourhost for the Maggie Tax and Financial Hour,
father and son from Maggie Tax Advisoryand Financial Group, Robert and Chris
mac come back, everyone, andthanks for joining us today. My name
is Robert Maggie. I'm here withmy son and co host Chris, today
we're talking about a language, theretirement language, and translating it so it
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makes it easy for all of youto understand. So we just talked about
two of them, the income riskand market risk, which is plugs to
everybody. So Chris, let's talkabout the third here it's called tax risk.
And this is the big one.What if tax brackets change, what
if deductions go away? And whatif taxes increase? Do you have the
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money to pay the irs? Goto Maggie Tax dot com and we can
help you. In thirty seconds.We can show you what your retirement tax
bill will be in retirement. Andlike I said before, we have the
best retirement package that no one inthe industry has. Give us a call
today eight one three nine zero ninezero zero two two or eight three three
Maggie Tax. But please visit ourwebsite, Maggie Tax dot Com. Go
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to the retirement tax calculator, fillit in and let's take a look at
it. And Chris, we needto have a conversation to address the two
risks we talked about, and alsothe big one here, tax risk.
And that's just it. You know, many of you thinking today only think
of taxes in January February. That'sbecause you're looking at it through a different
lens. You know, maybe youneed to get an I exam. Like
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I said before, careful care justsaying hey, I'm just letting you know,
well, at all due respect,you know what's going on. Taxes
are our biggest expense. We seeit all the time. We see taxes
when we buy things. We seereal estate tax we see property taxes,
we see federal taxes. We seea lot of taxes, tax at taxes
and guess what, taxes, taxes, taxes. It's going to keep going.
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So what are you doing about it? Right? So we gotta think
macro. We gotta think what's yourbiggest tax hit? What's going on through
the macro lens? And maybe it'snot now, but maybe it will be
three years from now, or fiveyears now or ten years from now,
when you're cruising in retirement and everythingis cool, and then guess what,
Oh my gosh, I have topay more in tax I can't go back
to work, I can't change thingsup, and you're stuck. You don't
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want to be in that situation.Well, that could happen to you if
you're thinking like in a micro lens, think about a macro lens. And
that's what we say. We needto start shifting our focus and translating to
you that there are options in retirement. And like we said before, if
you have not prepared, then youhave what we call an complete plan.
So pick up the phone, schedulea time to meet with us, get
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with us, let's do a review, have a conversation. You know,
it's not going to cost you anythingto make sure that you are in the
right spot. So pick up thephone. Eight three three Magi tas.
So there's a lot of things thatyou know are not clear. The language
has to be explained, and that'swhat we're going to do. Become a
translator. So number four, thisby far and away, no one is
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discussing with you at all. Andhow do we know that. It's called
legislature risk. That's when Congress canchange the rules any time because it is
written in pencil. And if youare not prepared and you're putting your head
in the sand, then you donot understand your retirement plan. That's an
incomplete plan. So it's going toopen to legislature risk. And let's talk
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about what we call chasing safety,chasing safety. Many of you have a
savings account making what less than onepercent? Right, and you may have
a money market what paying less thanone percent? Right? But maybe you
have a one year CD paying wow, a little bit more, but that's
not the way it used to be. And maybe a five year CD paying
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a little bit more than one percent? Is that about right? But not
much so much in the industry now. I mean, you can have a
safe product at four point three percent. There's something short term you could do
where it's safe and you have options. So now's the time to get a
second opinion and make sure that ifyou're looking for safety, there are other
options we can show you. Soif you're saving money or you're chasing safety
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with a CD, money market oreven just putting your money in cash,
then how are you supposed to savefor retirement? And again it goes back
to the language. You don't understandthe retirement strategies and concepts that we talk
about. Like Chris said, whatif we told you that we can get
four percent for three years? Andif you want more information on that,
give us a call at eight oneto three nine zero nine zero zero two
(23:53):
two or eight one to three.Maggie text Folks, you have to take
the time to sit down and havea conversation and understand the language. And
I'll keep bringing that up because Chrissometimes not sometimes, but a lot of
times when people come in you explainthings to them and they look at you
like are you talking to me?They're staring at you like, wow,
I don't have a clue. AndI know that Chris knows that. And
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what we want to do is stopthat, you know from you know,
stumbling and stop that roadblock so wecan help you and don't be stuck in
the mud. So if you're chasingsafety, we can help. And it's
called the Sabers dilemma. And ifyou think about a seesaw for a minute,
on one end, you take ita higher risk to get more potential
growth. So how's that working outfor you? Okay? And on the
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other end, you take lower riskbut less growth. And many of you
are in that position, and whatare you doing about it? And we
can help. And that's just it. You know, when you pick up
the phone, schedule time to mewith us, because we also can use
the power of indexing. You know, there are ways to make money when
the market goes up, but nothave the downside risk that you currently have
now. So when meet with us, we can explain these options. We
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can explore options for you. Wecan show you different ways to invest that
pertains to what you're looking for.So hold on a second. You said
something very important, the word indexing, and many of you out there are
lessening or drive and you're going,what the heck is indexing? And again,
Chris, we show a simple example. When the market goes up,
you get the gains. When themarket went down in two thousand and one,
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in two thousand and eight, ourclients didn't lose one penny because they
position their money in safety and guaranteedincome. And folks, that's been around
for a long long time. It'snothing new that Maggie tax has invented.
But again it's about explaining and understandhow that works, because why would you
not want to take advantage of thegains? Number one, keep them and
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don't worry about the losses. Anddon't worry about it because now when it
comes back, you're going to getmore gain. What's wrong with that?
That's just it because they just don'tknow what they don't know. You might
be with an advisor. That allthey do is they're pretty much limited.
They have a couple of different optionsand that's what they go with. They're
trying to fit a circle in asquare all the time and it doesn't work.
You know, when it comes toyour retirement, you want to meet
with a fiduciary. You want tomeet with someone who does complete planning.
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We talked about holistic approach early onin the show. Why Because you deserve
to have a tax plan, youdeserve to have an income plan, you
deserve to have an investment plan,you deserve to have an estate plan,
you deserve to have social Security maximizationplanning. You deserve to have all those
things. Why just have one thing? An investment plan. That's it.
It's like going to the gym andworking your legs the whole time. What
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about your upper body. It's goingto get smaller and smaller if you just
keep working your legs. So yougot to do something. You have to
have a holistic approach. You haveto be well rounded in a way where
you can adjust and take opportunities whenthey are there. I just want to
pause for a minute because it's somethingthat came to my mind We see a
lot of clients that have old fora one case and many for a one
(26:45):
case. We had a client comein last week that had four old for
a one case. What management wasbeing done with that, Chris Nothing?
And what we showed him is howto roll that over without a tax penalty.
And we did an income plan forhim, a tax plan for him,
and he said there and he goes, I really thought my only choice
was to keep it in a fourto one K. And that's because that's
what you were taught and that's whatwe're talking about translation of retirement. We
(27:08):
need to translate this to you.We need to show you in a simple
way what your options are because youjust don't know what you know don't know
and that's okay, that's why we'rehere. So pick up the phone,
schedule time to meet with us.Eight three to three, Maggie Tax.
We have office on both sides ofthe bay. Let's talk about another language
that maybe some of you have heardof. It's called the sequence of returns
(27:29):
in retirement. And this is whenthe risk that comes from the order in
which your returns occur. Are youtaking money from a taxable account instead of
a tax free account and Chris,we've seen many times where brokers have advised
to their client to take it outof the IRA, take it out of
the IRA or a four to oneK, pay the tax, and yet
they have a tax free account thennever addressing what is the point of a
(27:51):
tax free account to tax free money? You got it. But a lot
of people they just don't put ittogether the right way because they trust their
advisor. But yess what, they'reonly thinking about one thing, the investment
plan transactions. It's all they're thinkingabout. They're not looking about the income
plant or beneficiary plan. Think aboutyour accounts. Are they really set up
the right way as far as beneficiaries? Just to show you a couple different
(28:12):
things that your advisor is not focusingon. So continue that when you talk
about sequence of returns, this isso important. Sure, I mean that's
what we call the sequence of returns. But what risk are you taking to
get the maximum accumulation? How manyof you thought about that? And that
relates to income risk. So let'sdiscuss tax risk. Taxes may be lower,
(28:32):
taxes stay the same, and taxescan be higher. We all know
this. Which one do you thinkwill happen? And most people say it's
going to go up. So itboils down to how can taxes change in
retirement? And if you have aqualified account like a four one K,
four H three B, it's alltaxable. So visit my website maggietax dot
com today, go to the retirementcalculator on the top, fill in the
(28:56):
information and I can tell you inthirty seconds what your retirement bill is going
to look like. And then whenyou take a look at this on page
three, it's going to blow youaway. And then let's sit down and
design a tax for your retirement plan. Take less tax risk, take less
investment risk, take less market risk, and design an income plan. So
when you retire and individual experiences achange in income needs, marital status might
(29:21):
change, and Chris many other lifeevents which we don't have time to talk
about today. But the bottom lineis that if you don't understand what you
have, then someone has to translateit. Chris, and I know because
you're a original investment of virus thatwe talk about a state planning. Many
people have the wrong understanding about awill and a trust. Many people have
a misunderstanding about low risk and mediumrisk and high risk and until you explain
(29:44):
it to them in clear, simplelanguage and we translate it to them.
Then all of a sudden, likeyou see it, I see it every
day, like go wow, Ithink we need to take a look at
this exactly. And that can happento you two and it's an AHA moment.
And we have the hose each andevery week at our firm here because
we take time to help you.You know, we educate you. This
is a process. This is yourmoney. What are you doing about it?
(30:07):
You know, it's not your advisor'smoney, it's not your CPA's money.
It's your money. And when youaccount for it and you have ownership
of it, you can have theconfidence to clarity and move forward in retirement
knowing that you got things going on. You have an income plan, you
have a tax plan, you havean investment plan. You can take advantage
of all the opportunities when they come. If the market goes down thirty percent,
(30:30):
big deal. But if you're inthe right spots, you can take
advantage of those things. But ifyou're not, then you know what,
No, it's a crushing experience foryou, and you don't want to go
down that route. If you don'thave to, so make sure you have
buckets in order. Make sure thatyou have a bucket plan. We can
show you. Eight three three MagiTax. Pick up the phone, schedule
time to meet with us. Welook forward at meeting with you. You
(30:51):
know we love doing what we doto help you. Eight three three Magi
Tax, and don't forget Every Sundayon ABCTV at ten thirty am a Maggie
Tex and Financial Show, schedule timeto me with us. Eight three three
Maggie Tax. It's eight three tothree 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 host, father and son Robert and Chris Maggie.
(31:15):
For additional information on how you cancreate a tax free retirement, visit
Maggie Tax dot com. That's magg I tax dot com or call eight
one three three two two twenty fivetwenty. That's eight one three three two
two twenty five twenty. Now yourhost for the Maggie Tax and Financial Hour,
(31:37):
Father and son from Maggie Tax Advisoryand Financial Group, Robert and Chris
Maggie come back and thanks for joiningus today and I hope you learn a
lot from today. We have alot to discuss with you. Please go
to our website Maggie tax dot comand register for the seminars that are coming
up on tax planning, on socialsecurity, on estate planning. Questions that
you have we can answer. Giveus a call eight three to three Maggie
(31:59):
Tax. There are operators standing byright now. It's up to you.
And we call it a three andone. Don't we call it a three
and one. That's a good point. I forgot so three and one.
Yeah, tax planning, a stateplanning, social security, And there's no
one that I know that's doing threein one. And this is an educational
event. It's about you understanding thelanguage. So we talk about a lot
of things. You know, yourretirement tax score, what is it?
(32:20):
You know how it pertains to taxesbecause you're going to be paying a lot
in taxes somewhere. You're going tobe paying taxes somewhere. But how much
are you going to pay? Wedon't know. You know, how are
your assets tax when you know?Chris. One thing that we always get
when a client comes in and showsus their statement on the bottom, it
says, consult with a tax advisor, right. So, And the reason
why we say that is because whatwe see on that form is they're taking
(32:42):
money from a taxable account to createa tax and they don't need to if
there's an account that's already been taxed. Think of it this way. If
you have your left hand, that'saccount that's infected with taxes, and then
you have the right hand, whichis tax free. So think of about
it. Would you want to putyour hard earned assets in your left hand
where it's weak and it doesn't havereally strength and that's where it's infected with
(33:05):
tax or would you rather put yourstrong, valuable possessions in your right hand
where it's strong, you know youcan squeeze it. You have the ability
to have tax free money. That'swhat we're talking about here. So think
about your retirement accounts today when youget when you leave for the weekend,
and you think about during things duringthe week and after today's show. It's
so important that you understand where yourmoney is. Do you have accounts that
(33:30):
are infected with taxes, that you'reliving in a question mark tax environment?
Who wants to live in an environmentwhere it's cloudy all day, right,
and you don't know if it's goingto rain. Well, that's the same
thing. You don't know what's goingto rain on your investments, and when
it does, it could be really, really hard because they change the legislative
risk where there's more taxes to pay. I'd rather be in a sunny Florida
(33:53):
where the clear skies and there's norain, knowing that you can put a
smile on your face, and that'sthe retirement that I want. You can
have that too, if your accountsare put into position where they're safe,
where you have protection against tax riskand also investment risk, and you can
take income for the rest of yourlife. That's what we're talking about today.
Putting together your financial puzzle. Makesure it's right. We all put
(34:15):
together puzzles in the past. Weall know that when you're done putting the
puzzle together, it makes yourself feelreally good, but that one or two
missing pieces really upsets you. Soput together the retirement puzzle for you,
and we can help you the taxside of it, the income puzzle piece,
the investment puzzle piece, the estateplanning puzzle piece, the social Security
(34:36):
maximization puzzle piece. Let's put itall together so you can put a smile
on your face for retirement. Soschedule time to meet with us. Eight
three to three, Maggie tax that'seight three to three, Maggie tax.
I have a question for you.You've done puzzles before and every time,
like you and your brother did apuzzle and we got to the end,
it was a piece missing. Howhard did we search for that piece that's
(34:58):
missing? We went apps resolutely positively? What nuts? We looked under the
table, we looked in the box, we looked all over, because that
puzzle is not complete without that finalpiece exactly. And you mentioned that what's
the final piece? Is it taxes? Is it legislative risk, is it
SOLI security? Is it market risk? What is it? Is it a
(35:19):
state planning risk? What's the missingpiece? Chris, great point, and
that's why many people out there.The tax piece is the missing piece.
The investment piece is the missing piece. The guaranteed income streams are missing is
a missing piece. The estate planningside is the missing piece. So what
are you doing to put it together? And you might have multiple missing pieces
for your financial retirement, and that'swhat's holding you back, that's what gives
(35:43):
you the uncertainty. That's what doesn'tgive you the confidence. That's what doesn't
give you the clarity you want,the clarity, the confidence going into retirement.
Why because you have stuff to fallback on. No one wants to
go back to work in retirement andwe've seen it and you don't have to.
It doesn't have to be if youput everything together. So pick up
the phone, schedule time to meetwith us. Let's put together your financial
(36:04):
pieces. Let's put that puzzle togetherand go ahead, and let's glue it
at the end so it make surethat it is protected for yourself. Eight
three to three Maggie tax. Let'sdo this for you. Eight three to
three Maggie tax. You know,we call it the Maggie Plan. It's
simple and easy to understand, andit should be your plan. It should
be the Smith plan, the Jonesplan, whatever. And that's the point
we're trying to make because if youdon't have a plan, the government has
(36:25):
a plan for you, and that'snot the plan that you want because it's
going to be taxed. You don'teven know if the assets are going to
be passed on to your beneficiaries.Then it goes through probate and then it
goes through that long process and thenmany of you listening today right now will
probably shaking your head saying, youknow he's right. Well, now is
the time to do something about it. Come in and meet with us and
(36:45):
go to my seminar. Come tothe seminar and look at the estate planning
and the taxes and the social securityand get a better understanding of what you
can do, and you do it. You don't have to be told what
to do. I know many timeswhen you're told what to do you don't
like it. Don't tell me whatto do. Let me understand before I
do anything, right. I mean, I used to yell at you guys
(37:06):
all the time, but used towalk away from me and say, dad,
chill. You know you don't getit right. But once you understand,
when you get older, why you'resaying what you're saying, it makes
total sense. And that's where we'reout today. Right. When's the last
class you had on your retirement andhow to put out together? To be
honest with you, there's no classesout there. They don't teach this stuff
in high school. They'll teach thisstuff with us. Yes, class,
(37:27):
you're right, but but most people. They work all day. You know,
the college, they don't teach thisstuff. Stuff should be taught in
elementary and middle school and high school. Right. It just makes us all
stronger. But at the end ofthe day, it's not. So we're
put into this environment where you needto control your retirement. We're in a
yoo economy. You're on your own, but you don't have to be if
(37:47):
you have the right resources. Andthat's what we do. When you're coming
to meet with us. Let's gettogether, let's have a conversation. That's
why we call it the Maggie Plan. It's tax planning piece, it's the
income planning piece. Let's put togetherplay checks, play checks and paychecks.
My gosh, think about how manypaychecks do you want and playchecks coming in
the front door every month for therest of your life. That's a great
(38:08):
income plan. What about your investmentplan, you know, make sure that
you have investments with different risk tolerancesand maximizing it with the potential for the
market gains but also the market losses. Make sure you protect those. What
about your tax risk Make sure thatyou're in control of the future legislation.
So pick up the phone, scheduletime to meet with us. We thank
(38:30):
you so much for listening today eightthree to three Maggie Tax schedule time to
meet with us. We look forwardto meeting with you A three three Maggi
Tax. You've been listening to theMaggie Tax and Financial Hour discussing tax planning
investment strategies presented by Robert and ChrisMaggie from Maggie Tax Advisory and Financial Services
with offices in Hillsboro and Panela's County. Visit Maggie Tax dot com or call
(38:54):
eight one three three two two twentyfive twenty. That's eight one three three
two two twenty five twenty and tunein next Saturday at five for the Maggie
Tax and Financial Hour
All these years you've saved up planningfor a secure retirement, but if you're
not careful, it will be theirs that's living it up when you retire
by taxing your hard earned money.Welcome to the Maggie Tax and Financial Hour
with Robert and Chris Maggie of MaggieTax Advisory and Financial Group. With over
thirty years of combined experience in taxsavings, income planning, and investment opportunities,
(00:21):
Robert and Chris share advice and taxplanning strategies designed to protect your retirement
nest egg from Uncle Sam. Yourquestions and comments are welcome during today's program
by calling eight one three three twotwo twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie Tax dot Com.
That's Maggi tax dot com and nowyour host for the Maggie Tax Financial Hour
(00:48):
on nine seventy WFLA. Robert andChris Maggie, Welcome everyone, and thanks
for joining us today. My nameis Robert Maggie, and you're listening to
the Maggie Tax and Financial Show.And I'm here with my son, Chris
Mai and today we're going to betalking about a lot of topics that we'll
concern all of you that maybe youdon't understand. So when you hear what
we talk about, if you havequestions, pick up the phone, give
(01:10):
us a call eight three to threeMaggie Tax. Be sure to visit our
website Maggie tax dot com and we'regoing to be talking about it as we
always have. Go to the retirementCalculator on the top right and click in
that site there and fill in yourinformation and then thirty seconds will show you
what your tax liability is going tobe. So, Chris, we have
a lot to talk about. We'regoing to talk about tax risk and legislative
(01:32):
risk. So let's get started.Well, let's just say so welcome everyone,
Thank you so much for listening toour show today. There's so much
to cover, and let me talkabout what my dad was mentioning before.
When you go to our website,the RTB the Retirement tax Bomb, if
you have an IRA A four toone K, you have to stop and
you have to understand what's going onbecause that is a huge tax liability that
(01:53):
you're going to pay in the future. And many people just keep deferring taxes
and put money away in the formone KS and iras well. Maybe that
could a bucket that year used tohaving, which is fine because you get
a nice tax reduction. But thinkabout creating other buckets that are tax free
because as things change in this country, taxes are going to go up.
And that's what we're talking about today, tax risk and legislative risk. So
(02:15):
what the heck is the difference?Well, as things stay hot in Washington,
and they have been and they alwayswill be. I'm getting asked this
question more and more, Chris,and I see clients every day. But
both are intertwined risk that can dramaticallyimpact us savers like you, like all
of us, and both are riskon most savers are underprepared to address.
So let's talk about the first one, because this is the biggest one tax
(02:37):
risk. Tax risk is the riskthat a person's taxes are going to be
higher in retirement than planned. AndChris, most of the people that we
see don't see that because they're notready to retire or they have like you
just talked about with the retirement calculator. Yeah, they're going to defer it.
They don't have to take it outtill seventy three. Now, no
problem. But that's the window thatyou have to do the tax strategy you're
(02:58):
talking about bucket planning and reduce thetax risk absolutely, and those are the
strategies that we can use and wedo it each and every day. But
the misconception is that many people think, well, I'll be in a lower
tax bracket when I retire, andmaybe that might be the case, but
we see is a lot of timesit's not. And as taxes increase and
people take more out of qualified accountslike iras and form and case, it's
(03:20):
creating tax on solid security. Itcan be up to eighty five percent tax
on solid security, and that's wheretax rates are going to increase and you're
going to pay more in tax.So that's where many people think, well,
I'm just sixty five, I'm gonnapay less in tax. It has
nothing to do with your age.It has to do with the income and
the sources of income that you're puttingon your tax return that's generating the tax.
(03:40):
And that's a great point you makethere, because a lot of people
don't see that. And then theother side of it is when you start
transferring money from a taxable account andyou pay the taxes now, it could
if you're over sixty five, orif you're on Medicare, could affect the
arm attax on your Part B,which is the Medicare tax that you pay
for Part B premium. For manypeople don't see that, Chris, it's
(04:01):
ridiculous. So what does that mean. It means more of a retiree's income
is going to the IRS as taxesand less of the income is staying with
the retiree like you to spend onliving expenses because think about this, you
should be putting a budget together,Chris, and I always ask you,
know you when you come in,what's your budget because a lot of people
don't know what they're spending, andyou know it's not good if you spend
(04:25):
more than you make. And toprove this, visit Maggie tax dot com
and on the top right you're goingto click on the retirement calculator. Just
fill in the information and in thirtyseconds we'll send you what the retirement tax
bill will look like. Even ifyou do it. I know people play
with it and they give us differentnumbers, but it's the tax bracket that
you have to look at. Dependingon how much you have, you're going
(04:46):
to pay more to Uncle Sam.Then you're going to get and that's where
you don't want to and that's whyyou have to control the tax risk.
And many people talk about investments.Yeah, we do investments. We can
put together a plan for you.There's a lot of things we do,
but taxes are our biggest except Benzand it's going to be the same thing
for you. So think of thephone, schedule time to meet with us.
There's so much to talk about.We're talking about tax risks today,
we're talking about legislative risk today.But also it's going to affect your investments.
(05:11):
So what about your investments? Youknow markets a hi markets have been
doing well. What are you doingwhen it goes the other way? Where's
your protection? Where's your tax protectionas well? So pink up the phone,
schedule time to meet with us.We have office on both sides of
the bay. A three to threeMaggie tax that's eight three three Maggie tax.
So in short, tax risk measuresthe level of taxation you a savor
(05:32):
experience in retirement. And unless yousit down with a tax person like us
who does tax planning, advanced taxplanning, you're not going to know.
You're not going to know until youfile that tax return. So we're talking
about your IRA, your four Hthree B or your TSP plan. It's
a tax time bomb. And peoplecome in and they laugh and they go,
I didn't know that it was atax time bomb. Well it is,
(05:54):
and it's going to be worse astime passes by. So check it
out and see what we mean.We're about to see tax risk in action.
In twenty twenty five, several provisionsfrom the twenty seventeen tax will expire.
This includes that reduction in individual incometax brackets. And if you want
to copy of the tax brackets,send me an email or call me and
(06:14):
I'll send it to you to provemy point because when we do seminars,
we give this out and it's goingto change, meaning that your tax bracket's
going to go up three percent andyou're going to be paying more in taxes.
And I'm telling you, people justhear it, and they hear it
and they don't do anything about it. And it's like when you open up
the door and there's a big wincome and you're going to get hit with
it. So let's try to avoidthat now. Well, that's just said.
So when as you listen to ourshow today, you know we're talking
(06:38):
about taxes, and many people say, I'll just deal with it during tax
season, but it's not the wayto go about this. Taxes are our
biggest expense and they're going to getworse, especially if you're a savior.
So if you have iras and formingcase, we need to start doing bucket
planning. What do I mean bybucket planning? We need to position accounts
that are a taxable in the nontaxable account accounts. We talk about the
(06:59):
level of risk that you're taking withyour money. Do you need an income
plan? Well, we can developan income plan where you can have investment
safety and preservation, also investment growth, and also make sure that the money
that you receive is income tax free. So think about this. Would you
rather be in an environment where you'regoing to get taxed on everything you take
out or would you rather be inan environment where it's tax free. It's
(07:21):
never taxed anymore. And you candevelop these buckets if you meet with the
right advisors. So pick up thephone, schedule time to meet with us.
Eight three to three MAGI tax that'seight three to three Magi Tax and
a simple word, as we callit, strategic planning. You don't want
to just put everything in one bucket. You want it strategically spread it out.
So, like Chris is talking about, you have a plan, you
have a complete plan. And Imight insult some people here by saying you
(07:45):
have an incomplete plan, because youdo. Because if you don't have a
tax plan or an income plan,you have an incomplete plan. So do
something about it. Give us acall eight three to three Magi Tax,
and don't forget our website, Maggietax dot com. Yeah, I want
to talk about other advisors, maybeyour advisor right now, they're they're managing
your money and the market's up,so everyone's winning, right. But get
this, that's an incomplete plan.Because if you're not talking about taxes and
(08:09):
your advisor's not showing you ways toreduce it or create an income stream for
you where you never outlive your money, then you have an incomplete plan.
And we're talking about also a stateplanning as well. Many people out there
don't have a will or a trust, or or documents or proper beneficiary designation
to make sure that everything stays inthe family. You have an incomplete plan.
At Maggie Tax Advisor in financial group, we do complete planning. It's
(08:31):
holistic planning. We take a taxapproach to help you reduce your tax.
We deal with investments. We cando bucket planning and manage the money and
risk. We could talk about incomeplanning, we could talk about safety and
guaranteed retirement buckets. We could talkabout an estate planning or maximizing your social
Security benefits. So what's on yourmind as you listen today, think about
(08:52):
the questions you're having and we canmeet with you. So let's get together,
have a conversation and let's put togethera plan for you. That's what
we call the Maggie Plan. Incomeplanning, tax planning, investment planning,
state planning, social security planning.That's what we call the Maggi Plan.
So visit our website at Maggie taxdot com. Write this number down eight
three to three Maggie Tax Schedule andappointment today. Let's get together before it's
(09:16):
too late. Where you're subject toone hundred percent tax on your retirement,
which again we call it a questionmark tax rate. In the future,
you don't want to be there whereUncle Sam controls the taxes you pay.
I'd rather pay the tax is nowon some of the money to make sure
that I'm incomplete control. A threeto three Maggi Tax. Well, let
me kind of make another comment here. We do seminars two a month.
(09:39):
We do them at libraries, andthey're on wills and trusts. And the
point is that many people that comeand we talk about wills and trust we
talk about probate, We talk abouthow to take your home out of probate
because many people don't have certain documentsthat would avoid probate. And I can
go into that more, but Iwould suggest to go to my website,
Maggie tax dot com. Click onthe top where it says seminars. It's
(10:01):
open for registration now, and Iencourage all of you to come in because
if you don't have a will ora trust or the documents the powers of
attorney what we're talking about and we'regoing to get into more detail, this
seminar is for you. So giveus a call eight three to three,
Magi Tax and don't forget. EverySunday at ten thirty on ABC TV,
tune into The Maggi Tax and FinancialShow, Chris and I talk about a
(10:22):
lot of situations there that pertain toyou. And by the way, it's
not selling, it's educating because youhave to understand the language what Chris and
I are talking about today. Iknow most of you might be confused,
but we can help you with that. Eight three three Maggie Tax. Visit
our website Maggie Tax dot com andget the Maggie Plan. It's simple and
easy to understand. It's a taxplan, it's an income plan, it's
(10:45):
an investment plan, and it's alegacy plan. Eight three three Maggie Tax
and visit our website, Maggie Taxdot Com. You're listening to the Magi
Tax and Financial Show eight three tothree 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. Maggie.
(11:07):
For additional information on how you cancreate 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
(11:28):
and son from Maggie Tax Advisory andFinancial Group, Robert and Chris Maggie.
Welcome back everyone, and thanks forjoining us today. My name is Robert
Maggie. I'm here with Chris Maggie. Don't forget to visit our website,
Maggie Tax dot com. We havea lot of videos and a lot of
free webinars on there for you andit's all free to get educated. Uh,
give us a call it eight threeto three Maggie Tax. We do
(11:50):
have operators standing by right now.Don't forget. On Sunday we have a
TV show at ten thirty on ABCand Saturday at five pm on WFLA,
and also Sunday at eleven am,so you can get a whole weekend of
Maggie Tax and Financial Group, rightChris. Absolutely, And that's what it's
about. Education, and you knowthat's why we do our show each and
every week. We love what wedo. We try to help people because
(12:13):
we're in a yoo economy. You'reon your own and we're here to help
you, and that's what we do. So pick up the phone, schedule
time to meet with us. Eightthree three Magi Tax visit our website at
Maggie tax dot com. And youknow, throughout today's show, we're talking
about the spending bill and what it'sgonna mean for you. And the bill
includes multiple tax provisions impacting iras fourto oh one ks, wroth accounts,
(12:37):
and other retirement savings vehicles. Andno one's talking about this. They're just
talking about the how big it is, how much debt it's gonna be,
who's gonna pay for it? Zerocost? But guess what, there is
a cost to it. So ifyou have an ira A four oh one
k other retirement savings vehicles, youhave to listen up because it's going to
affect you. And at a highlevel debt. Let's talk about this bill
(13:00):
represents sure at a high level thatChris mentioned, this bill represents a significant
change in the way Washington views savingfor retirement. The House Democrats, they
have stated one goal of this legislationis to avoid subsidizing retirement saving once account
balances reach high levels. And whatthey're saying is that when you reach a
certain level, they're going to stopyou from putting money into these accounts,
(13:24):
and you're going to be forced totake out so much and pay a tax.
So think about this. Washington hasshifted the focus from incentivizing Americans to
save for the future to actually penalizingAmericans who have successfully saved. Well,
you know why, because the threepoint five trillion spending bill, someone has
to pay for it. And Ilaugh, and I know a lot of
(13:46):
you out there left. It isnot what they're saying, no cost.
Of course, there is a cost, and it's going to come from tax
money. It's going to come fromlike Chris is talking about, Look,
we've been saving all our lives infour to one casse. We've been getting
a tax deduction on the front end. But now, what did anyone ever
tell you that when you get toretire at a certain age, And think
(14:07):
about this. They extended the retirementminimum distribution to seventy two. So when
you take it out and if thetax repeal comes in to effect in two
years, when the Trump tax cutsgo away, everyone's going to pay more
taxes. Chris, that's where it'scoming from. Well, that's it.
And you know, as financial professionals, we take this very serious. You
know, it's our responsibility to helpour clients and people out there today understand
(14:30):
that the complete set of risk thatthey may face in retirement. And unfortunately,
too many American savers do not fullyunderstand legislative risk and how it can
impact your assets. And let's talkabout this. What is legislative risk.
Well, it's the risk of Congresschanging the rules and those changes negatively impacting
you. You as a saver,and you know, as our elected officials
(14:54):
pass new laws around retirement accounts,there is a risk that those laws will
leave you with fewer retirement assets andless retirement income as you plan. So
think about this. Things are shifting, things are changing. If you're not
with the right advisor who is lookingat taxes and legislative risk, then think
(15:16):
about this. You're not doing theright job. You're not getting the job
done because taxes are our biggest expense. And if taxes are going to be
increased or retirement accounts are going tobe changed, that's where your bulk of
your income's going to come from.So that means less income to you,
more income to Uncle Sam. Sowhat are you doing about it to make
(15:39):
these changes to put yourself and yourfamily in the right spot. So every
week I talk about an after taxstatement and this is something that we can
do for all of you. I'dbe glad to do it because from a
tax standpoint, we can do amock tax return. And like I said,
when the Trump tax cuts expire intwenty twenty five, be ready in
twenty twenty six six for different taxesyou're going to pay. So how are
(16:03):
you preparing for less income that Chrisis talking about? Because when we ask
you the question how much do youneed per month to live on? And
you say two three, four thousand, then what about the tax side of
it? And where is it goingto come from? Is it going to
come from Social Security? Is itgoing to come from Medicare? Is it
going to come from savings? Isit going to come from iras? Four
one ks Roth. It's going tocome from multiple sides of that, Chris.
(16:26):
And then it's going to be taxed. They have to figure out the
tax first, absolutely, And that'swhere you know you need some help.
And that's why most advisors out therewhat don't talk about taxes. They just
say, hey, these are theaccounts need to put your money into so
it can grow, goes up anddown is what it is, and that's
what they're chasing is the rates forthe growth. But think about this.
If your accounts go up, that'sgreat. But if they get eat away
(16:48):
from taxes because your advisor or you'renot thinking about it, then guess what
less income for you? So thinkabout what this impact is going to do
for you now only today, butin the future, and especially if you
have grandkids or children that you reallycare about, you want to leave the
money in the family. What areyou going to do? And that's why
when you come in to meet withus, we're going to talk about a
(17:11):
plan, bucket planning. We're goingto put together a plan, a tax
plan, an investment plan, anincome plan, social security maximization planning.
You know, if you're young collegefunding, what if your parents out there
that you know, trying to putyour kids to school in college, what
are you doing about it? Wecan show you how how to plan for
that so where you can make ityou have your retirement plan, but also
(17:33):
you can plan for your children's education. And I'm not just talking about a
five to twenty nine plan. Thereare strategies where you can take advantage of
the tax code to put yourself ina tax free environment. And that's what
we could do so pick up thephone, schedule time to meet with us
eight three to three Maggie Tax.Visit our website at Maggie tax dot com.
And here's the most important thing.Taxes can increase in three ways.
They can change in the tax bracketswhich is going to happen, less deductions
(17:56):
and new taxes which we're talking about. And we have a limited window before
the tax cuts expire in twenty twentysix. Or what are you doing about
it? And how do you solvethe potential tax impact? And here's what
we talk about by looking at themicro tax now or the macro tax in
the future. And we can helpexplain this because if you're thinking about just
(18:18):
what's my tax going to be whenI do my return in April, February,
March or April, but what's itgoing to be tax ten to fifteen
years from now? Churse not onlythat but five years from now and three
years from now. And that's whyit's so important to get a tax plan.
Maggie tax dot com. Pick upthe phone, schedule time to meet
with us. Visit our website atMaggie tax dot com. We have obviously
on both sides of the bay tohelp you and when you come in,
(18:40):
you're gonna meet with us. Youknow, we'll sit down and have a
conversation, you know, see ifour philosophies are in line with yours.
But if they are, then let'smove together and let's move forward to put
together a plan. And let's talkabout a tax plan, an investment plan,
an income plan, a retirement plan, a state plan. Maggie Tax
dot Com schedule time to meet withus Maggie Tax. Stop planning for Uncle
(19:03):
Sam's retirement and start planning for yourretirement. As we return to the Maggie
Tax and Financial Hour with your host, father and son Robert and Chris Maggie.
For additional information on how you cancreate a tax free retirement, visit
Maggie Tax dot com. That's maGgi tax dot com. Or call eight
one three three two two twenty fivetwenty. That's eight one three three two
(19:29):
two twenty five twenty. Now yourhost for the Maggie Tax and Financial Hour,
father and son from Maggie Tax Advisoryand Financial Group, Robert and Chris
mac come back, everyone, andthanks for joining us today. My name
is Robert Maggie. I'm here withmy son and co host Chris, today
we're talking about a language, theretirement language, and translating it so it
(19:49):
makes it easy for all of youto understand. So we just talked about
two of them, the income riskand market risk, which is plugs to
everybody. So Chris, let's talkabout the third here it's called tax risk.
And this is the big one.What if tax brackets change, what
if deductions go away? And whatif taxes increase? Do you have the
(20:10):
money to pay the irs? Goto Maggie Tax dot com and we can
help you. In thirty seconds.We can show you what your retirement tax
bill will be in retirement. Andlike I said before, we have the
best retirement package that no one inthe industry has. Give us a call
today eight one three nine zero ninezero zero two two or eight three three
Maggie Tax. But please visit ourwebsite, Maggie Tax dot Com. Go
(20:34):
to the retirement tax calculator, fillit in and let's take a look at
it. And Chris, we needto have a conversation to address the two
risks we talked about, and alsothe big one here, tax risk.
And that's just it. You know, many of you thinking today only think
of taxes in January February. That'sbecause you're looking at it through a different
lens. You know, maybe youneed to get an I exam. Like
(20:55):
I said before, careful care justsaying hey, I'm just letting you know,
well, at all due respect,you know what's going on. Taxes
are our biggest expense. We seeit all the time. We see taxes
when we buy things. We seereal estate tax we see property taxes,
we see federal taxes. We seea lot of taxes, tax at taxes
and guess what, taxes, taxes, taxes. It's going to keep going.
(21:17):
So what are you doing about it? Right? So we gotta think
macro. We gotta think what's yourbiggest tax hit? What's going on through
the macro lens? And maybe it'snot now, but maybe it will be
three years from now, or fiveyears now or ten years from now,
when you're cruising in retirement and everythingis cool, and then guess what,
Oh my gosh, I have topay more in tax I can't go back
to work, I can't change thingsup, and you're stuck. You don't
(21:40):
want to be in that situation.Well, that could happen to you if
you're thinking like in a micro lens, think about a macro lens. And
that's what we say. We needto start shifting our focus and translating to
you that there are options in retirement. And like we said before, if
you have not prepared, then youhave what we call an complete plan.
So pick up the phone, schedulea time to meet with us, get
(22:03):
with us, let's do a review, have a conversation. You know,
it's not going to cost you anythingto make sure that you are in the
right spot. So pick up thephone. Eight three three Magi tas.
So there's a lot of things thatyou know are not clear. The language
has to be explained, and that'swhat we're going to do. Become a
translator. So number four, thisby far and away, no one is
(22:25):
discussing with you at all. Andhow do we know that. It's called
legislature risk. That's when Congress canchange the rules any time because it is
written in pencil. And if youare not prepared and you're putting your head
in the sand, then you donot understand your retirement plan. That's an
incomplete plan. So it's going toopen to legislature risk. And let's talk
(22:45):
about what we call chasing safety,chasing safety. Many of you have a
savings account making what less than onepercent? Right, and you may have
a money market what paying less thanone percent? Right? But maybe you
have a one year CD paying wow, a little bit more, but that's
not the way it used to be. And maybe a five year CD paying
(23:07):
a little bit more than one percent? Is that about right? But not
much so much in the industry now. I mean, you can have a
safe product at four point three percent. There's something short term you could do
where it's safe and you have options. So now's the time to get a
second opinion and make sure that ifyou're looking for safety, there are other
options we can show you. Soif you're saving money or you're chasing safety
(23:30):
with a CD, money market oreven just putting your money in cash,
then how are you supposed to savefor retirement? And again it goes back
to the language. You don't understandthe retirement strategies and concepts that we talk
about. Like Chris said, whatif we told you that we can get
four percent for three years? Andif you want more information on that,
give us a call at eight oneto three nine zero nine zero zero two
(23:53):
two or eight one to three.Maggie text Folks, you have to take
the time to sit down and havea conversation and understand the language. And
I'll keep bringing that up because Chrissometimes not sometimes, but a lot of
times when people come in you explainthings to them and they look at you
like are you talking to me?They're staring at you like, wow,
I don't have a clue. AndI know that Chris knows that. And
(24:15):
what we want to do is stopthat, you know from you know,
stumbling and stop that roadblock so wecan help you and don't be stuck in
the mud. So if you're chasingsafety, we can help. And it's
called the Sabers dilemma. And ifyou think about a seesaw for a minute,
on one end, you take ita higher risk to get more potential
growth. So how's that working outfor you? Okay? And on the
(24:37):
other end, you take lower riskbut less growth. And many of you
are in that position, and whatare you doing about it? And we
can help. And that's just it. You know, when you pick up
the phone, schedule time to mewith us, because we also can use
the power of indexing. You know, there are ways to make money when
the market goes up, but nothave the downside risk that you currently have
now. So when meet with us, we can explain these options. We
(25:00):
can explore options for you. Wecan show you different ways to invest that
pertains to what you're looking for.So hold on a second. You said
something very important, the word indexing, and many of you out there are
lessening or drive and you're going,what the heck is indexing? And again,
Chris, we show a simple example. When the market goes up,
you get the gains. When themarket went down in two thousand and one,
(25:21):
in two thousand and eight, ourclients didn't lose one penny because they
position their money in safety and guaranteedincome. And folks, that's been around
for a long long time. It'snothing new that Maggie tax has invented.
But again it's about explaining and understandhow that works, because why would you
not want to take advantage of thegains? Number one, keep them and
(25:41):
don't worry about the losses. Anddon't worry about it because now when it
comes back, you're going to getmore gain. What's wrong with that?
That's just it because they just don'tknow what they don't know. You might
be with an advisor. That allthey do is they're pretty much limited.
They have a couple of different optionsand that's what they go with. They're
trying to fit a circle in asquare all the time and it doesn't work.
You know, when it comes toyour retirement, you want to meet
with a fiduciary. You want tomeet with someone who does complete planning.
(26:03):
We talked about holistic approach early onin the show. Why Because you deserve
to have a tax plan, youdeserve to have an income plan, you
deserve to have an investment plan,you deserve to have an estate plan,
you deserve to have social Security maximizationplanning. You deserve to have all those
things. Why just have one thing? An investment plan. That's it.
It's like going to the gym andworking your legs the whole time. What
(26:23):
about your upper body. It's goingto get smaller and smaller if you just
keep working your legs. So yougot to do something. You have to
have a holistic approach. You haveto be well rounded in a way where
you can adjust and take opportunities whenthey are there. I just want to
pause for a minute because it's somethingthat came to my mind We see a
lot of clients that have old fora one case and many for a one
(26:45):
case. We had a client comein last week that had four old for
a one case. What management wasbeing done with that, Chris Nothing?
And what we showed him is howto roll that over without a tax penalty.
And we did an income plan forhim, a tax plan for him,
and he said there and he goes, I really thought my only choice
was to keep it in a fourto one K. And that's because that's
what you were taught and that's whatwe're talking about translation of retirement. We
(27:08):
need to translate this to you.We need to show you in a simple
way what your options are because youjust don't know what you know don't know
and that's okay, that's why we'rehere. So pick up the phone,
schedule time to meet with us.Eight three to three, Maggie Tax.
We have office on both sides ofthe bay. Let's talk about another language
that maybe some of you have heardof. It's called the sequence of returns
(27:29):
in retirement. And this is whenthe risk that comes from the order in
which your returns occur. Are youtaking money from a taxable account instead of
a tax free account and Chris,we've seen many times where brokers have advised
to their client to take it outof the IRA, take it out of
the IRA or a four to oneK, pay the tax, and yet
they have a tax free account thennever addressing what is the point of a
(27:51):
tax free account to tax free money? You got it. But a lot
of people they just don't put ittogether the right way because they trust their
advisor. But yess what, they'reonly thinking about one thing, the investment
plan transactions. It's all they're thinkingabout. They're not looking about the income
plant or beneficiary plan. Think aboutyour accounts. Are they really set up
the right way as far as beneficiaries? Just to show you a couple different
(28:12):
things that your advisor is not focusingon. So continue that when you talk
about sequence of returns, this isso important. Sure, I mean that's
what we call the sequence of returns. But what risk are you taking to
get the maximum accumulation? How manyof you thought about that? And that
relates to income risk. So let'sdiscuss tax risk. Taxes may be lower,
(28:32):
taxes stay the same, and taxescan be higher. We all know
this. Which one do you thinkwill happen? And most people say it's
going to go up. So itboils down to how can taxes change in
retirement? And if you have aqualified account like a four one K,
four H three B, it's alltaxable. So visit my website maggietax dot
com today, go to the retirementcalculator on the top, fill in the
(28:56):
information and I can tell you inthirty seconds what your retirement bill is going
to look like. And then whenyou take a look at this on page
three, it's going to blow youaway. And then let's sit down and
design a tax for your retirement plan. Take less tax risk, take less
investment risk, take less market risk, and design an income plan. So
when you retire and individual experiences achange in income needs, marital status might
(29:21):
change, and Chris many other lifeevents which we don't have time to talk
about today. But the bottom lineis that if you don't understand what you
have, then someone has to translateit. Chris, and I know because
you're a original investment of virus thatwe talk about a state planning. Many
people have the wrong understanding about awill and a trust. Many people have
a misunderstanding about low risk and mediumrisk and high risk and until you explain
(29:44):
it to them in clear, simplelanguage and we translate it to them.
Then all of a sudden, likeyou see it, I see it every
day, like go wow, Ithink we need to take a look at
this exactly. And that can happento you two and it's an AHA moment.
And we have the hose each andevery week at our firm here because
we take time to help you.You know, we educate you. This
is a process. This is yourmoney. What are you doing about it?
(30:07):
You know, it's not your advisor'smoney, it's not your CPA's money.
It's your money. And when youaccount for it and you have ownership
of it, you can have theconfidence to clarity and move forward in retirement
knowing that you got things going on. You have an income plan, you
have a tax plan, you havean investment plan. You can take advantage
of all the opportunities when they come. If the market goes down thirty percent,
(30:30):
big deal. But if you're inthe right spots, you can take
advantage of those things. But ifyou're not, then you know what,
No, it's a crushing experience foryou, and you don't want to go
down that route. If you don'thave to, so make sure you have
buckets in order. Make sure thatyou have a bucket plan. We can
show you. Eight three three MagiTax. Pick up the phone, schedule
time to meet with us. Welook forward at meeting with you. You
(30:51):
know we love doing what we doto help you. Eight three three Magi
Tax, and don't forget Every Sundayon ABCTV at ten thirty am a Maggie
Tex and Financial Show, schedule timeto me with us. Eight three three
Maggie Tax. It's eight three tothree 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 host, father and son Robert and Chris Maggie.
(31:15):
For additional information on how you cancreate a tax free retirement, visit
Maggie Tax dot com. That's magg I tax dot com or call eight
one three three two two twenty fivetwenty. That's eight one three three two
two twenty five twenty. Now yourhost for the Maggie Tax and Financial Hour,
(31:37):
Father and son from Maggie Tax Advisoryand Financial Group, Robert and Chris
Maggie come back and thanks for joiningus today and I hope you learn a
lot from today. We have alot to discuss with you. Please go
to our website Maggie tax dot comand register for the seminars that are coming
up on tax planning, on socialsecurity, on estate planning. Questions that
you have we can answer. Giveus a call eight three to three Maggie
(31:59):
Tax. There are operators standing byright now. It's up to you.
And we call it a three andone. Don't we call it a three
and one. That's a good point. I forgot so three and one.
Yeah, tax planning, a stateplanning, social security, And there's no
one that I know that's doing threein one. And this is an educational
event. It's about you understanding thelanguage. So we talk about a lot
of things. You know, yourretirement tax score, what is it?
(32:20):
You know how it pertains to taxesbecause you're going to be paying a lot
in taxes somewhere. You're going tobe paying taxes somewhere. But how much
are you going to pay? Wedon't know. You know, how are
your assets tax when you know?Chris. One thing that we always get
when a client comes in and showsus their statement on the bottom, it
says, consult with a tax advisor, right. So, And the reason
why we say that is because whatwe see on that form is they're taking
(32:42):
money from a taxable account to createa tax and they don't need to if
there's an account that's already been taxed. Think of it this way. If
you have your left hand, that'saccount that's infected with taxes, and then
you have the right hand, whichis tax free. So think of about
it. Would you want to putyour hard earned assets in your left hand
where it's weak and it doesn't havereally strength and that's where it's infected with
(33:05):
tax or would you rather put yourstrong, valuable possessions in your right hand
where it's strong, you know youcan squeeze it. You have the ability
to have tax free money. That'swhat we're talking about here. So think
about your retirement accounts today when youget when you leave for the weekend,
and you think about during things duringthe week and after today's show. It's
so important that you understand where yourmoney is. Do you have accounts that
(33:30):
are infected with taxes, that you'reliving in a question mark tax environment?
Who wants to live in an environmentwhere it's cloudy all day, right,
and you don't know if it's goingto rain. Well, that's the same
thing. You don't know what's goingto rain on your investments, and when
it does, it could be really, really hard because they change the legislative
risk where there's more taxes to pay. I'd rather be in a sunny Florida
(33:53):
where the clear skies and there's norain, knowing that you can put a
smile on your face, and that'sthe retirement that I want. You can
have that too, if your accountsare put into position where they're safe,
where you have protection against tax riskand also investment risk, and you can
take income for the rest of yourlife. That's what we're talking about today.
Putting together your financial puzzle. Makesure it's right. We all put
(34:15):
together puzzles in the past. Weall know that when you're done putting the
puzzle together, it makes yourself feelreally good, but that one or two
missing pieces really upsets you. Soput together the retirement puzzle for you,
and we can help you the taxside of it, the income puzzle piece,
the investment puzzle piece, the estateplanning puzzle piece, the social Security
(34:36):
maximization puzzle piece. Let's put itall together so you can put a smile
on your face for retirement. Soschedule time to meet with us. Eight
three to three, Maggie tax that'seight three to three, Maggie tax.
I have a question for you.You've done puzzles before and every time,
like you and your brother did apuzzle and we got to the end,
it was a piece missing. Howhard did we search for that piece that's
(34:58):
missing? We went apps resolutely positively? What nuts? We looked under the
table, we looked in the box, we looked all over, because that
puzzle is not complete without that finalpiece exactly. And you mentioned that what's
the final piece? Is it taxes? Is it legislative risk, is it
SOLI security? Is it market risk? What is it? Is it a
(35:19):
state planning risk? What's the missingpiece? Chris, great point, and
that's why many people out there.The tax piece is the missing piece.
The investment piece is the missing piece. The guaranteed income streams are missing is
a missing piece. The estate planningside is the missing piece. So what
are you doing to put it together? And you might have multiple missing pieces
for your financial retirement, and that'swhat's holding you back, that's what gives
(35:43):
you the uncertainty. That's what doesn'tgive you the confidence. That's what doesn't
give you the clarity you want,the clarity, the confidence going into retirement.
Why because you have stuff to fallback on. No one wants to
go back to work in retirement andwe've seen it and you don't have to.
It doesn't have to be if youput everything together. So pick up
the phone, schedule time to meetwith us. Let's put together your financial
(36:04):
pieces. Let's put that puzzle togetherand go ahead, and let's glue it
at the end so it make surethat it is protected for yourself. Eight
three to three Maggie tax. Let'sdo this for you. Eight three to
three Maggie tax. You know,we call it the Maggie Plan. It's
simple and easy to understand, andit should be your plan. It should
be the Smith plan, the Jonesplan, whatever. And that's the point
we're trying to make because if youdon't have a plan, the government has
(36:25):
a plan for you, and that'snot the plan that you want because it's
going to be taxed. You don'teven know if the assets are going to
be passed on to your beneficiaries.Then it goes through probate and then it
goes through that long process and thenmany of you listening today right now will
probably shaking your head saying, youknow he's right. Well, now is
the time to do something about it. Come in and meet with us and
(36:45):
go to my seminar. Come tothe seminar and look at the estate planning
and the taxes and the social securityand get a better understanding of what you
can do, and you do it. You don't have to be told what
to do. I know many timeswhen you're told what to do you don't
like it. Don't tell me whatto do. Let me understand before I
do anything, right. I mean, I used to yell at you guys
(37:06):
all the time, but used towalk away from me and say, dad,
chill. You know you don't getit right. But once you understand,
when you get older, why you'resaying what you're saying, it makes
total sense. And that's where we'reout today. Right. When's the last
class you had on your retirement andhow to put out together? To be
honest with you, there's no classesout there. They don't teach this stuff
in high school. They'll teach thisstuff with us. Yes, class,
(37:27):
you're right, but but most people. They work all day. You know,
the college, they don't teach thisstuff. Stuff should be taught in
elementary and middle school and high school. Right. It just makes us all
stronger. But at the end ofthe day, it's not. So we're
put into this environment where you needto control your retirement. We're in a
yoo economy. You're on your own, but you don't have to be if
(37:47):
you have the right resources. Andthat's what we do. When you're coming
to meet with us. Let's gettogether, let's have a conversation. That's
why we call it the Maggie Plan. It's tax planning piece, it's the
income planning piece. Let's put togetherplay checks, play checks and paychecks.
My gosh, think about how manypaychecks do you want and playchecks coming in
the front door every month for therest of your life. That's a great
(38:08):
income plan. What about your investmentplan, you know, make sure that
you have investments with different risk tolerancesand maximizing it with the potential for the
market gains but also the market losses. Make sure you protect those. What
about your tax risk Make sure thatyou're in control of the future legislation.
So pick up the phone, scheduletime to meet with us. We thank
(38:30):
you so much for listening today eightthree to three Maggie Tax schedule time to
meet with us. We look forwardto meeting with you A three three Maggi
Tax. You've been listening to theMaggie Tax and Financial Hour discussing tax planning
investment strategies presented by Robert and ChrisMaggie from Maggie Tax Advisory and Financial Services
with offices in Hillsboro and Panela's County. Visit Maggie Tax dot com or call
(38:54):
eight one three three two two twentyfive twenty. That's eight one three three
two two twenty five twenty and tunein next Saturday at five for the Maggie
Tax and Financial Hour
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Decisions, Decisions
Welcome to "Decisions, Decisions," the podcast where boundaries are pushed, and conversations get candid! Join your favorite hosts, Mandii B and WeezyWTF, as they dive deep into the world of non-traditional relationships and explore the often-taboo topics surrounding dating, sex, and love. Every Monday, Mandii and Weezy invite you to unlearn the outdated narratives dictated by traditional patriarchal norms. With a blend of humor, vulnerability, and authenticity, they share their personal journeys navigating their 30s, tackling the complexities of modern relationships, and engaging in thought-provoking discussions that challenge societal expectations. From groundbreaking interviews with diverse guests to relatable stories that resonate with your experiences, "Decisions, Decisions" is your go-to source for open dialogue about what it truly means to love and connect in today's world. Get ready to reshape your understanding of relationships and embrace the freedom of authentic connections—tune in and join the conversation!