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 I'm here with Chris
Maggie. You should have visited ourwebsite, Maggie Tax dot com and also
give us a call at eight threeto three Maggie Tax. If you want
to schedule a deployment operators, we'restanding by right now. So we're going
to talk about a lot of thingstoday, about why you should roll over
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your retirement funds to an IRA,people are confused on what they should be
doing, on tips on how tocreate a plan with your partner, but
more importantly, visit our website MaggieTax dot com. We have a lot
of videos there on all the topicsthat we're going to discuss, and be
sure to register for our seminar threeand one seminar on estate planning, tax
planning and social security planning. Again, give us a call eight three to
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three Maggie Tax and visit our websiteat Maggie Tax dot com and welcome everyone.
I'm Chris Maggie, and thank youso much for tuning into our show.
And as my dad mentioned before,education is extremely important. That's why
we do the three in one seminar. Visit our website Maggie Tax dot com.
You can register right there. We'retalking about tax planning, social security
planning. That's what it's all about, is state planning. My gosh,
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there's so much to discuss investment planningso much to talk about and educate yourself
about because things are changing and youwant to be equipped with everything in the
right spot before things happen. Sowelcome to our show. If you're like
most American workers, you know youmight have changed jobs many times during your
lifetime, and with job changes,you're gonna have to make decisions. They
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have to be made. What shouldyou do with the funds and your retirement
plan? That's a lot of questionswe get. We get that each and
every week when we when we sitdown and talk to people because they say,
what should I do with my oldform one K? Well, one
option is to do a rollover toan IRA, and an IRA is an
individual retirement account. It's a qualifiedplan just like a four and one K,
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and you can roll over those fundsto an IRA and then offer some
big benefits. Let's talk about those, yeah, and the point where the
objective there is to grow your retirementsavings. So think about this. When
you contributed to your employer's plan,you made the smart decision to save for
retirement. We have to save andwe do it in a qualified plan that
gives you a tax deduction. Sorolling those funds over to an IRA will
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allow you to preserve those dollars forretirement and even add them in the future.
So you could keep your funds inan IRA and make IRA contributions and
get that advantage, or you couldmove the funds over to future employers plan.
Like Chris mentioned, sometimes you changejobs, so you want to move
that plan from one to the otherto avoid the tax hit. But either
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way, your retirement savings will remainintact and potentially grow. And that's the
point you want to make. That'sis exactly right. You want to grow
those retirement savings. And the otherbenefit is there's no tax hit. May
be tempting to hold on to anyfunds distributed to you from your employer plan.
If you do, there will likelybe a tax bill. So most
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retirement plan funds are taxable when theyare distributed, So that's why you want
to make sure that you handle theseaccounts with care. And even worse,
if you're under age fifty nine anda half, you maybe hit with a
ten percent early distribution penalty unless there'san exception to be made, which there
are a couple of those if youknow the tax rules. So right now,
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it's important to understand what you canand can't do. And the penalty
doesn't apply if you take out yourfunds following separation from service in the year
that you turn age fifty five orolder, or fifty or older if your
public safety employees. So make sureyou understand the rules. Make sure you
understand when you touch these funds,these qualified accounts like four one ks or
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iras or four h three b's orfour fifty seven plans, you handle them
with care because if not, theycould be a tax bill that's going to
be created and you have to paymore tax or even a penalty. So
let's talk about the tax bill.On my website, Maggie tax dot com.
You get on the top right,you'll see retirement tax Bill. Everyone
can go there right now and fillin your information on what the value of
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your four O one K or yourIRA is, and in thirty seconds,
it's going to tell you what yourtax bill is going to look like when
you retire at seventy two, orwhat the R and D is going to
be when you get to that age. Because people today do not understand that
you meet with clients every day andthey do not understand the RMD and when
they have to take it out.This is important, So go to our
website maggietax dot com, click onthe retirement bill and put in your numbers
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and in thirty seconds it's going togive you the results. Because then what
you should do is sit down andlike Chris and I are talking about,
understand the language and understand the rulesbecause so many people Chris get confused and
they make the wrong choice and theguess what tax time comes and we find
that out. That's it. Sowe talked about how there's no taxable hit
if you roll over these funds.But also a benefit is the investment options.
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Changing jobs can be stressful and overwhelming, as we all know, maybe
tempting to just ignore your retirement savingsand leave them in your former employer's plan
and just let it sit there.Right, how many people have done that.
But by taking this path of leastresistance, you may be missing out,
and we talk about that because youremployer plan may offer some solid investment
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choices, but maybe not enough.Inside those plans, you might have five
investment open to choose from, orten or even fifteen, and that's it.
So by rolling over to an IRA, you could take advantage of many,
many more options. You can startdoing bucket planning. You can set
up an account for a future guaranteedincome sources, maybe like your own family
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pension plan. Maybe we would liketo generate another bucket of inflation protection risk
or in options. So there's alot of options you can take if you
go ahead and think about and sitdown with the right advisors to talk about
how to roll over these funds.And the choices for IRA investments are almost
limitless in an IRA, and youshould be able to find that some mostly
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closely are suited for your needs.And that's what it's about putting together a
plan for you. In developing aplan, that's why we call it the
Maggie plan. Well, and stayingwith that on the investment side, many
people are confused because they only thinkthey can do mutual funds or stocks or
bonds. But in the managed accountsthat you work with, can you talk
about a few of the options,like the managed portfolios that you can get
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the gains and not the loss andeven when the market goes down, you
can make money. So is thatsomething that they if you're listening and you
don't have that listen to what Chrishas to say no, that's great.
And at Maggie Investment Services we're registeredinvestment advisory firms. So there's different managed
actively managed portfolios. There's some outthere that have a buffer index strategy where
you can make money when the marketgoes up, but if the mark goes
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down, they call it a bufferwhere you could not lose money if the
market goes down, or if thebuffer is twenty percent and the market goes
down eighteen you don't lose nothing.It's a zero percent loss, but if
it passes twenty percent, then youlose the difference. So if it goes
down twenty two percent, you mightlose two. But the bottom line here
is that you can be invested inthe market and have downside protection and there's
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ways to do that in multiple investments. So it's important to meet with the
right advisor. So let's sit downand have a conversation about what your goals
are. Do you want risk,do you want safety? Do you want
a combination of both. Do youwant to carve out a bucket of inflation
protection assets. Do you want tocarve out a bucket for future paychecks and
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playchecks? Do you want to carveout a bucket where you take a lot
of risk or dividend producing options.This is what we're talking about here.
So by carefully sitting down and lookingat your investment options, and that's why
we created the Maggie Plan is sodynamic and informative to you because now's the
time to generate a plan, andthat's why we call it the Maggi Plan.
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And one other point that is veryimportant during today's show and every show,
is register for our seminar on estateplanning, on tax planning, and
social security planning. We cover allall of these topics and it's up to
you to come and get educated.That's the bottom line. Get educated.
First, understand the language, understandthe rules, and see how it applies
to you and your retirement plan.Because it's not about selling a product.
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That's not something that you need tohave someone tell you what to buy.
But if you don't understand. Ihad a gentleman the other day call me
and he said, Bobby, I'vebeen with my advisor for seven years.
He said, he's not listening tome. I'm looking for safety and he's
giving me all risk. So whenI ask him what his risk tolerance was,
he had no idea. So wetalk about something called the rule of
one hundred. Take your age minusone hundred and kind of start there on
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the baseline that you should start keepingsome money safe. And what Chris is
talking about is portfolios that basically giveyou gains when the market goes up and
gains when the market goes down.If you don't have that, now is
the time to pick up the phoneand give us a call eight three to
three Maggie Tax. Visit our websiteMaggie Tax dot com, register for our
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three and one seminar and sit downand listen to what we're going to say
and then you make the decision.Your all adults here, so adult to
adult, this is simple. Wetry to educate. We've been doing this
for years, so Chris, thisis so important every time we sit down
with the client. Absolutely, andthat's why education is extremely important. You
know, we'd call it the MaggiePlan because it's a plan for you.
It's simple and easy for you tounderstand. It's tax planning, investment planning,
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insurance planning, estate planning, socialsecurity maximization planning. So it's all
right there, rolling over your fourone K, your old four one K
to an IRA. It can offermany advantages, but everyone's situation is different.
Think carefully and weigh your options.If you do decide a rollover is
for you, consider doing a directrollover to an IRA instead of a sixty
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day rollover. With a direct rollover, your retirement funds go right to the
IRA. You can avoid concerns aboutmissing the sixty day deadline, and you
can skip any withholding requirements. Sopick up the phone, schedule time to
meet with us. We can helpyou eight three three Maggie tax. We
have offices on both sides of thebay. Visit our website. My dad
talked about it before the three andone seminar. Register for it. Education
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is extremely important, so when youcome in to meet with us, we're
gonna show you what you can dowith your old four to oh one k
or four one ks. We canshow you how to consolidate it no taxable
event, and we can do aplan put together an investment plan for you.
We call it the Maggi Plan.Eight three to three Maggie tax.
That's eight three to three or tax. Stop planning for Uncle Sam's retirement and
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start planning for your retirement. Aswe return to the Maggie Tax and Financial
Hour with your host, father andson Robert and Chris Maggie. For additional
information on how you can create atax free retirement, visit Maggie Tax dot
com. That's ma Ggi tax dotcom or call eight one three three two
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two twenty five twenty. That's eightone three three two two twenty five twenty
now your host for the Maggie Taxand Financial Hour, Father and son from
Maggie Tax Advisory and Financial Group,Robert and Chris Maggie. Welcome back to
the Maggie Tax and Financial Show.I am Robert Maggie and I'm here with
Chris Maggie. Today we've been talkingabout the earliest segment why you should roll
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over your retirement funds to an IRA. And the point is that we're trying
to educate all of you on certainissues that concern a a lot of people.
One of them right now that's veryimportant is your social security. So
we're going to talk about four tipsto maximize your social security and pension benefits
in early retirement. Be sure toregister for our Seminar three and one.
We call it on Enhanced Planning,a State Planning Social security, which we're
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going to talk about now, andtax planning and register at Maggie tax dot
com. Just go to our website, click on the link, put your
name in there. You'll see thedates and times. Pick the date and
time you want and get educated.So that's what what we're trying to do
help everyone here today. So,social security and pension are the two main
ways to fund your retirement based onyour income. Some people do not get
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a pension and some people have tocreate a pension, like Chris and I
talk about every week and every timeon the show. So since your retirement
fund may be dependent on these factors, it's important to learn more about how
these tools work so that you canget the most out of your savings to
enjoy your time when those anticipated yearscome along. So this information may be
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a lot to take in, butat Maggie Tax, we're here to help
break it all down for you.So with these useful tips. So number
one, Chris, let's get tonumber one, understand how social security works.
So what is social security exactly?And the taxes that we pay are
used towards these retirement funds. Sounderstanding the specifics of social security can help
you plan and make better decisions ratherthan just sitting back and letting things run
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their course. So the amount thatyou receive during retirement is calculated by using
your highest thirty five years of income, with the full retirement age being a
sixty seven. You have two optionswhen it comes to Social Security. You
can claim your retirement before that age, or you can wait to claim the
benefit. It's confusing to many ofyou out there when to claim the benefit
maybe at sixty two or sixty seven, or you know, at full retirement
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or later. So when you meetwith us, we run a Social Security
Maximization report that will explain all thedetails for you so you can understand the
language. And again register for OSseminar the three and one Estate planning,
tax planning, and guess what socialSecurity planning. So, if for whatever
reason, you choose to claim yourretirement early, you risk earning less per
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year to your funds. And thismay seem like an option that you want
to avoid no matter what, butsome individuals will take this route in order
to enjoy their money sooner while continuingto earn despite the rate being lower.
What I think has to happen here, Chris and many people talk about it.
Should they take social Security at sixtytwo is at the right time.
If they're working and they're taking socialSecurity, there could be a penalty,
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there could be a tax issue there. So the language and understanding social security
when we run the Social Security MaximizationReport breaks all of this down. That's
exactly true, and every situation witheverybody is different. You could take it
at sixty two, you could takeit sixty three, you could take it
at sixty four and five months,you could take it at sixty six and
two months, anytime after age sixtytwo. Many people don't understand that.
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They just think that at sixty twoor they're full retirement age at sixty seven
or at seventy. But many peoplejust don't understand. That's why when we
do the SOI Security Maximization Report foryou, will individualize that for you.
Will do the same thing for yourspouse. If you're married, you have
some benefits together. So let's talkabout these different options for you. Pick
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up the phone, schedule time tomeet with us, bring in your social
Security statement, Let's look at it, let's analyze it, Let's show you
how to maximize the benefit. Andthat's what we could do a three to
three MAGI attacks. Of course,you can choose to wait until full retirement
age to claim your funds, whichwill guarantee your full benefits. And that's
an issue or a discussion that wehave to have. But people often worry
that they won't be around long enoughto enjoy all the cast that they earn.
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So learn the difference about what youroptions are because the Social Security Maximization
Report and our seminar will explain that, because make the right choice so you
don't lose the money you know thatyou're thinking you're going to get. So
let's talk about learn the difference witha pension. A pension is similar to
social security in the fact that itis also based on your income, with
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the main difference being that social securityis issued by the government while pensions are
provided by employers. And we talkabout this because many of you out there
do not have a pension, butthat doesn't mean you can't get one.
And Chris will talk about that aswell, because we can create a pension
for you. So keeping that intoconsideration, pensions may not be transferable if
you leave for another job. Now, if you have a job, and
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we always ask you, do youget a pension. That's a good thing
because that's another source of income pensionand social security. But if you plan
on continuing you work at the sameplace, you can receive added benefits for
you for your years of service andoverall income with the same employer. So
just keep in mind that there maybe some credits risk involved. And Chris
again, it's confusing to people.The Social Security Maximization Report will help clear
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it up. And it takes timeto teach this. It takes time for
you to listen to what the optionsare and then you can make a decision.
So what do people do if you'rethinking out there and you confuse and
you're like, what do I do? When should I make these decisions?
Should I start? Now? Seekout financial advice And that's what we can
do to help you. And thebest thing that you can do is gather
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all the necessary information between your socialsecurity benefits and your pension benefits if you
have one, and come up witha plan. And that's what we do
each and every day at Maggie Taxand Financial Group, because you want to
get the most out of your benefits, which eat with each one of those
that you have options to take andthat's why you want to maximize it.
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You want to have the upside potential. If you're not quite sure on how
to manipulate this information, you couldtake advantage of meeting with us. We
can help you understand the language anddiscuss your options and recommend the best plan
for you. And that's what wecall it the Maggie Plan. Need help
planning your retirement, we can help. That's what we create an income plan
for you. So at Maggie Taxwe specialize in retirement income planning, so
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we can help you evaluate your situation, help you put together a plan.
Put together a plan that's your plan, your family plan that consists of income
planning and tax planning and investment planning. And that's what we do each and
every day. So pick up thephone, schedule time to meet with us.
All this works together your social securitybent, it's your pension benefits.
If you have to create your ownfamily pension. We can show you how
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to carve out a bucket and putmoney into an account where you can have
guaranteed income for life. People talkabout paychecks, well you can also have
playchecks. Playchecks are just income thatcomes in each and every month and you'll
never outlive it, so you canjust spend it each and every month,
but it's going to come in thenext thirty days, over and over again
for the rest of your life.So we can create these buckets for you.
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Pick up the phone, schedule timeto meet with us eight three three
Maggie Tax, and don't forget everySunday on ABC TV at ten thirty AM
for the Maggie Tax and Financial Show. Eight three to three Magi Tax.
That's eight three to three Maggie Tax. Stop planning for Uncle Sam's retirement and
start planning for your retirement. Aswe return to the Maggie Tax and Financial
Hour with your host, father andson Robert and Chris Maggie. For additional
(18:49):
information on how you can create atax free retirement, visit Maggie Tax dot
com. That's Maggi Tax dot com. Call eight one three three two two
twenty five twenty. That's eight onethree three two two twenty five twenty Now
your host for the Maggie Tax andFinancial Hour, Father and son from Maggie
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Tax Advisory and Financial Group, Robertand Chris Maggie. So much for tuning
in today's show. I'm Chris Maggie. And you listen to Maggie Tax and
Financial Show, and throughout today's show, we're talking about tax planning, investment
planning, income planning, sol security, maximization planning. If you have questions,
pick up the phone, schedule timeto meet with us. If you
are at sleep at night and youwake up and you have questions and no
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one's there to help you, pickup the phone in the morning, schedule
time to meet with us because wecan definitely help you and talk through your
retirement questions. We have offices onboth sides of the Bay. Feel free
to visit our website Maggie Tax dotcom. That's m A G G I
T a X dot com. There'sso much information right there at your fingertips,
and as well as our TV showevery Sunday on ABC TV at ten
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thirty am for the Maggie Tax andfinancial S Show, ABC every Sunday at
ten thirty am. So let's continueon what we're talking about today, the
Maggie Plan, but also what areasset classes and how does someone go about
investing the right way? Well,that's a great question, and the asset
classes are many, so we're goingto cover them and talk about how it's
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related to taxes because you probably havethese and you don't even know what the
actual risk is. So the firstone some asset classes and where they fall
on the tax risk. Let's talkabout tax deferred accounts like four to one
ks and iras, and since taxesare deferred to the future on both contributions
and growth in these accounts, onehundred percent of the account value may be
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subject to future tax changes. That'swhat we're talking about. When the tax
cuts expire, what is going tobe your tax rate? So in accordance
to that one hundred percent of thedistributions in retirement, they're subject to the
tax regulations and individual situation at thetime of distribution, which could be different.
So what did I say? Thereare two things? Okay, you
have a tax deferred account that's growing, but then when you take it out,
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it's tax and at what level wedon't know. It's a question mark
tax rate. Okay, because taxrates can change and we don't know.
It's called legislative risk. That's therisk that we have, and that's what
we don't know of. So wehave to protect that and combat that if
we can. And that's what wecan show you how to do so?
Would you agree individual situation on everyonewith tax deferred accounts is different, absolutely,
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And that's why we have clients thatare taking money out of a tax
deferred account and paying no tax.Because there's ways on the tax side of
this thing to look at it toformulate a plan as a distribution to take
income the most tax efficient way.I just lead into my next one here.
What about roth accounts like WROTH irasand WROTH for one case, and
the funds in these accounts can beassessed income tax free in the future since
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taxes have already been paid on contributionsand growth in a WROTH is not taxed.
Why are we talking about that,because you should be starting to think
about putting money into a tax freeaccount that they have given us the government
to save for retirement, Pay thetax now at the low rate, and
then have tax free at a ratewhen you get retired. And that's what
we're talking about. The retirement calculator. If you don't know what your tax
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bill is going to be, nowis the time to find out. Go
to my website, Maggie tax dotcom, click on the retirement Calculator.
Folks, in thirty seconds, Ican tell you what your tax bill is
going to be. Then you're gonnaunderstand what we're trying to tell you and
come in, pick up the phoneand meet with us. And that's just
it, you know, understanding whatyou have. Many people have these statements.
They get these statements of the mail. They sometimes don't even open them,
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They just recycle them or leave them, and they just get bigger and
bigger and bigger. And then somedaythey go through them and they don't really
know and they just throw them allaway and they don't have no idea what
they have. You might have anaccount there that's infected with taxes for so
long you have no idea how todefuse the tax time bomb. We can
show you how you might have accountsout there that guess what, you're taking
so much risk, you're losing money, You have no idea what you're invested
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in. How many people out thereare in that situation. Raise your hand.
But there's a solution for it,you know. That's why we talk
about the Maggi Plan, because whenyou come in to meet with us,
we're going to talk about the balancesheet. We're going to show you where
your money's at. We're going toshow you every account that you have,
what's taxable, it's non taxable,what type of risk you're currently taking with
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your money, and we talk aboutasset classes. Where are you invested in?
Where should you be invested in?Where do you want to be invested
in? Many people have no idea, but they can if you work with
the right advisor. So pick upthe phone, schedule time to meet with
us eight three three Magi tax scheduletime eight three to three Maggie Tax.
And let me go back to theWroth account for a minute, because this
protects these accounts from both situational andlegislative future tax changes which we've been talking
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about. The government could change taxregulations pertaining to how savers can contribute.
Think about that, because it's writtenin pencil, how you withdraw funds,
what's going to happen then, Sowith a Wroth account, you have tax
free income that's what you're trying tosave for. It avoids the legislative risk
that we're talking talking about it.So let's discuss non qualified annuities. This
is important because the cost basis inthese accounts. They have been taxed and
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they're not subject to future tax changes. Why, Because taxes are deferred to
the future on all growth inside theseaccounts, the portion of the account value
representing growth, it may be subjectto both situational and legislative future tax changes.
And Chris, it goes back tothe same two words, legislative risk
and future tax changes. How arehow are you? How are you listening
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out there doing something about this?Well that's just said. I mean how
when in retirement, how can yougo along and take a distribution to go
on a cruise, or how doyou take a distribution to go help your
family? Or how do you takea distribution to go and travel without knowing
what type of impact these accounts aregoing to cause you tax wise, it
doesn't make sense. It's like drivingin a car and not knowing if it's
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gonna if it can stop, ora break's work or not. That's what
you're doing with the form of kor an IR. You're going through a
time government and you have a questionmark tax rate. You don't know what
you're going to pay in taxes.So, working with the right advisor,
if we put together the buckets ofmoney in the right way, where you
have tax free money and you alsohave taxable money and how to diffuse the
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tax time bomb in the most taxdivision way. That's so important for you
and your family, especially in retirement. So that's why you need an advisor
to work with you and help you. And we talk about the puzzle,
the financial puzzle throughout the whole showtoday. It's about the income tax piece
puzzle, the investment tax piece puzzle, the tax puzzle. I mean,
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how many know what they're going topay a tax? The estate planning piece
puzzle. What are you doing aboutit? So if one of these pieces
are missing, you don't put together. The whole puzzle doesn't work right.
So meet with us, get together. Let's have a conversation eight three to
three Maggie tax, tax planning,income planning, investment planning and state planning,
solid security maximization planning, medicare planning. We can help Maggie tax and
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just remember what we're talking about today. A portion of your assets coming out
of these accounts. They're subject tosome tax regulations at the time of distribution,
and it could be different from taxregulations today. Change that's what it's
called. So let's talk about whatabout taxable accounts, the funds in these
accounts. They're taxable every year,and they're subject to tax changes around capital
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gains like dividends step up in basisrules, and all distributions of growth in
these accounts are subject to the taxregulations again at the time of distribution,
which could be different from the taxregulations of today. Right, And that's
what we're talking about, those brokerageaccounts that you have, maybe the CDs
that you have at the bank,or you know, the types of non
qualified assets. And many people outthere are saying, what's non qualified?
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That's just exactly it. You needto understand what's qualified, what's non qualified?
Qualify with the government with the irstaxable, so non qualified assets,
you don't have to pay one hundredpercent on tax on these account So where
are your money, where is yourinvestments? What are they doing? How
is it going to be taxed?These are the questions that you need to
have answers to. So pick upthe phone and schedule a time to meet
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with us. Let's get together,let's talk about your concerns. Let's talk
about getting a second opinion for youraccounts. Eight three to three Maggie tax
eight three to three Maggie tax andjust a reminder. Go to our website
Maggie tax dot com, click onseminars and register for our upcoming seminars.
They're all over Tampa Bay, differentlocations. All you got to do is
just click on the one you wantand attend. It's about an hour and
(27:33):
a half. So these are thingsthat we want to teach you. We
want to help you. We wantto make you understand the language, because
that's what's happening out there. There'sso much noise. If you will out
there, Chris, the people aretotally confused and they have no idea.
You said it before. We're ina yo yo economy and people lamp when
we say that. But we are. Yeah, and you're on your own,
and that shouldn't be the case.But if you have the education and
(27:55):
the knowledge, and you understand whatyou've done for your retirement and how it's
going to impact you, then guesswhat you're controlling your retirement and you're not
in the yoyo economy where you're onyour own. So many people are going
to fall victim to the changes thatare about to happen. But you don't
have to. You know, whereis it written that you have to lose
twenty thirty forty percent of your accountin the stock market. Where is it
(28:18):
written that that's okay? You don'thave to if you don't want to take
that risk. But if you're takingthat risk right now, then why if
you don't want to just because you'refollowing the crowd, you don't have to
go down that route. You know, do you want to retire, You
don't have to wait to sixty twoor sixty five or seventy just because the
Social Security statement gives you those numbers. You can retire any time. So,
(28:41):
but you need to have a planto give you the income every month
so you don't have to leave yourhouse if you don't want to. That's
called an income plan. And alsoan investment plan that can give you the
income you need so you don't runout of money. And also and then
a tax plan. They make surethat the money you do receive it's not
hitting you so hard with taxes.My gosh, those are three big impacts
(29:04):
that you need to be aware of. And many of our clients who come
in each and every day new clientscome in, they have no idea,
but once we put together a plan, it's like an AHA. Moment film.
They have clarity, they have control, they understand what they have and
now they're in better position to enjoythe retirement. So pick up the phone,
schedule time to meet with us.Eight three three Magi Tax. That's
(29:26):
eight three to three Magi tax.And let me leave you with this Five
ways that taxes can rise in retirementand they may apply to all of you.
One, you can change your taxbracket. That's the most important one.
Tax brackets change around you, okay. And deductions are eliminated. This
is big. What's the standard deductionnow? And does that reduce your taxes?
(29:47):
And the way assets are tax changed, meaning you know, capital gain
taxes, you know things like that. New taxes aren't acted. This is
happening right now. This is whatwe call. In two years, the
tax cuts are going to expire.Pick up the phone eight three to three
Maggie Tax. Visit our website Maggietax dot com, click on the seminars.
Register for our seminars on all we'retalking about estate planning, tax planning,
(30:08):
social security and anything else that youwant to talk about. It's up
to you. Pick up the phoneeight three three Maggie Tax. Their operator
is standing by right now, don'tforget tune into our TV show every Sunday
on ABC at ten thirty so.Visit our website, Maggie Tax dot com,
click on seminars, click on theretirement calculator. For offering this to
each and every one of you,It's up to you to do something about
(30:30):
it. Eight three to three MaggieTax and visit our website, Maggie Tax
dot com and every Sunday, tuneinto the Maggie Tax and Financial Show on
ABC TV at ten thirty am.Maggie Tax dot Com. Stop planning for
Uncle Sam's retirement and start planning foryour retirement. As we return to the
Maggie Tax and Financial Hour with yourhost, father and son Robert and Chris
(30:51):
Maggie. For additional information on howyou can create a tax free retirement,
visit Maggie Tax dot com. That'sma Ggi 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 your hostfor the Maggie Tax and Financial Hour,
(31:12):
Father and son from Maggie Tax Advisoryand Financial Group, Robert and Chris Maggie.
Thanks for tuning into the Magi Taxand Financial Show, and as throughout
today's show, we talked about alot of different things. Tax risk,
investment risk, income risk, whatabout a state planning risk? These are
the risk associated with people who areliving and also retirement in retirement, So
(31:34):
what are you doing about it?If you have any questions, pick up
the phone, schedule time to meetwith us. Eight three three Maggie Tax.
Visit our website at Maggie tax dotcom and don't forget every Sunday on
ABC TV. Tune in to ourshow, our TV show ten thirty am
on Sunday on ABC TV, Athree three Maggie Tax. So we talked
about a lot like Chris minshebit,let's discuss what a risk score is and
(31:56):
how it relates to your risk tolerance. And here's the thing, Chris,
let me ask you a question.Do you have to be in the market
to make money? You don't haveto be, Okay, most people are,
and they're always looking for that stockbond of mutual fund. But there
are other investments that can give yougains right with no losses and no fees.
Right there are out there, yes, right, So when we talk
about a risk core that's part ofit. So a tax risk or it's
(32:21):
a measure of an individual's exposure totax changes within a given retirement approach.
Do you know what your risk scoreis? Because if you don't, we
can help you. And the methodologylooks at two specific areas of tax change
risk. The first is we talkedabout it before, situational change, which
measures changes based on your income needsand situation. And remember, everyone you
(32:43):
listening today, your situation is different. So if you go to an advisor
and they're just doing a cookie cutterplan, that's not what you're looking for.
Situational changes can include how much incomeyou want to generate in retirement.
That's the big question, Chris,how much do you want retirement? How
many times do we ask a husbandand wife and the answer is I don't
(33:04):
know right right, they're confused,but we help them through this process because
this is a very key question thatneeds to be addressed. How much income
do you need to come in thefront door every month? And many people
just don't know. And when wedo a budget planning, we can show
you can take time to go throughthat with you, because as long as
you have that income coming in guesswhat covers your expenses? Covers everything that
(33:24):
you're looking for, and then youcan start generating playchecks and have fun travel,
spend the money, go golfing,go see the kids, the grandkids,
do the things that you want todo with a playcheck and still preserving
the rest of your money. Youmentioned something that just tickles me. It's
called budget. How many of youhave an advisor and discuss budget because when
(33:44):
we do a budget, we doa balance sheet to get all your income,
assets and everything and then figure outthe answer to the question is if
you're getting self security, if you'regetting pensioned, then how much money do
you need? What's the gap?And many of you don't know that because
that's what we're trying to do withyou. So the secondary of tax change
risk is tax risk score, whichmeasures your exposure to legislative changes. We
(34:07):
talked about that, what if thegovernment changes the rules and they're going to
tax cuts are going to expire intwo years, what are you doing about
it? And these are tax changesbased on new laws or regulations. Guess
what from the government. Because it'swritten in pencil and it is you all
know that legislative changes can include whichassets are subject to taxation. We're talking
(34:27):
about your IRA four to one K, your four H three B, your
TSP. When those assets are taxed, question is Chris, at what level?
Because we don't know. That's anuncertainty tax and that's it. You
know, you living your life ina question mark tax rate environment. Think
about that. You know, it'slike your health. You keep eating bad,
(34:49):
Guess what, at some point,you're not going to feel good.
Same thing with your investment accounts andalso your tax risk. What if you
keep deferring and putting money away andparking it into accounts that are infected with
taxes At some point, guess whatwhen you start taking money out, you
got to You gotta bite the bulletand pay the tax. And you don't
have to go through that if youdo some planning, if you do situational
(35:13):
planning, tax planning, things thatwe can do to control the tax rate
in our future because we can dostrategic planning. And that's why meeting with
the right advisor who does income planning, tax planning, investment planning, and
state planning, we can show youhow to put all this together. My
dad talked about a puzzle. Weall feel good when the puzzles put together,
don't we But the first step,when we open the box and we
(35:36):
put all those pieces on the table, we're like, oh gosh, I
gotta wow. I don't know whereto start. But that's where you meet
with us and we can help youput these pieces together. And then when
you put your puzzle together, guesswhat, it brings a smile to your
face, like, Wow, thisis a cool thing that I just did.
And that's what we could do foryou. So pick up the phone,
schedule time to meet with us.Let's put together your retirement puzzle.
(35:59):
Let's talk about the tax side ofit. Let's talk about the income side
of it. Let's talk about yourinvestment side of it. Let's talk about
the estate planning side of it.Let's talk about the Medicare side of it,
your health insurance side of it.These are things we're talking about so
we can help you. Pick upthe phone, schedule time to meet with
us. A three three maggie taxwe have obviously on both sides of the
bay to help you eight three threemaggie tax. You know you made me
(36:20):
laugh there about a puzzle if youthink about it. When the little kids
we give them a puzzle. Wegive them like a four piece puzzle or
a five piece puzzle, and thenwe give them a ten piece puzzle,
and then we give them a biggerpuzzle. And that's the same thing that
we're talking about here with each andevery one of you. What are the
pieces of the financial side, thetax side, the estate planning side.
How do we put those pieces together? Well, here's how I can tell
(36:44):
you how we can do it.Go to my website, Maggie tax dot
com, click on seminars. It'sup to you. Come out and get
educated. Understand the language. We'regoing to talk about estate planning. We're
going to talk about tax planning.We're going to talk about social security planning.
We're going to talk about all ofthis in the easy to under stand
away. I'm going to give youa book called stop funding Uncle Sam's retirement
and get a plan that's simple andeasy to understand. I promise you when
(37:07):
you leave this event, you're goingto feel better about Wow. Now I
understand I can talk to somebody,I can have a conversation about all of
what we're talking about. Second thingis when you go to the retirement calculator,
like Chris mentioned go to the retirementcalculator in thirty seconds. There's no
one that's doing what we're doing inthirty seconds to tell you your retirement tax
bill. Eight three to three,Maggie Tax. That's it. You know,
(37:29):
you hit it on the head.I mean, it's all right there.
And we talk about when you completethe puzzle, it brings a smile
to your face. But the problemis is that when you complete the puzzle
and you miss that piece, howfrustrated are you? You're extremely frustrated.
And that's where many people we seeeach and every day is they don't have
the pieces at the end. Theydon't have the income piece put together,
(37:50):
they don't have the tax piece puttogether. The market's going down, they
don't have the investment piece put togetherfor them. And guess what, that
puzzle is not complete in the smileon their face, it doesn't have to
happen to you. Put everything together. Let's get together, let's have a
conversation. We look forward to meetingwith you. Eight three three Magi Tax.
Schedule time to meet with us eightthree three Magie Tax. You've been
(38:13):
listening to the Maggie Tax and FinancialHour discussing tax planning investment strategies presented by
Robert and Chris Maggie from Maggie TaxAdvisory and Financial Services with offices in Hillsboro
and Panelas County. Visit Maggie taxdot com or call eight one three three
two two twenty five twenty. That'seight one three three two two twenty five
(38:35):
twenty and tune in next Saturday atfive 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 I'm here with Chris
Maggie. You should have visited ourwebsite, Maggie Tax dot com and also
give us a call at eight threeto three Maggie Tax. If you want
to schedule a deployment operators, we'restanding by right now. So we're going
to talk about a lot of thingstoday, about why you should roll over
(01:10):
your retirement funds to an IRA,people are confused on what they should be
doing, on tips on how tocreate a plan with your partner, but
more importantly, visit our website MaggieTax dot com. We have a lot
of videos there on all the topicsthat we're going to discuss, and be
sure to register for our seminar threeand one seminar on estate planning, tax
planning and social security planning. Again, give us a call eight three to
(01:33):
three Maggie Tax and visit our websiteat Maggie Tax dot com and welcome everyone.
I'm Chris Maggie, and thank youso much for tuning into our show.
And as my dad mentioned before,education is extremely important. That's why
we do the three in one seminar. Visit our website Maggie Tax dot com.
You can register right there. We'retalking about tax planning, social security
planning. That's what it's all about, is state planning. My gosh,
(01:53):
there's so much to discuss investment planningso much to talk about and educate yourself
about because things are changing and youwant to be equipped with everything in the
right spot before things happen. Sowelcome to our show. If you're like
most American workers, you know youmight have changed jobs many times during your
lifetime, and with job changes,you're gonna have to make decisions. They
(02:16):
have to be made. What shouldyou do with the funds and your retirement
plan? That's a lot of questionswe get. We get that each and
every week when we when we sitdown and talk to people because they say,
what should I do with my oldform one K? Well, one
option is to do a rollover toan IRA, and an IRA is an
individual retirement account. It's a qualifiedplan just like a four and one K,
(02:38):
and you can roll over those fundsto an IRA and then offer some
big benefits. Let's talk about those, yeah, and the point where the
objective there is to grow your retirementsavings. So think about this. When
you contributed to your employer's plan,you made the smart decision to save for
retirement. We have to save andwe do it in a qualified plan that
gives you a tax deduction. Sorolling those funds over to an IRA will
(03:01):
allow you to preserve those dollars forretirement and even add them in the future.
So you could keep your funds inan IRA and make IRA contributions and
get that advantage, or you couldmove the funds over to future employers plan.
Like Chris mentioned, sometimes you changejobs, so you want to move
that plan from one to the otherto avoid the tax hit. But either
(03:22):
way, your retirement savings will remainintact and potentially grow. And that's the
point you want to make. That'sis exactly right. You want to grow
those retirement savings. And the otherbenefit is there's no tax hit. May
be tempting to hold on to anyfunds distributed to you from your employer plan.
If you do, there will likelybe a tax bill. So most
(03:43):
retirement plan funds are taxable when theyare distributed, So that's why you want
to make sure that you handle theseaccounts with care. And even worse,
if you're under age fifty nine anda half, you maybe hit with a
ten percent early distribution penalty unless there'san exception to be made, which there
are a couple of those if youknow the tax rules. So right now,
(04:04):
it's important to understand what you canand can't do. And the penalty
doesn't apply if you take out yourfunds following separation from service in the year
that you turn age fifty five orolder, or fifty or older if your
public safety employees. So make sureyou understand the rules. Make sure you
understand when you touch these funds,these qualified accounts like four one ks or
(04:25):
iras or four h three b's orfour fifty seven plans, you handle them
with care because if not, theycould be a tax bill that's going to
be created and you have to paymore tax or even a penalty. So
let's talk about the tax bill.On my website, Maggie tax dot com.
You get on the top right,you'll see retirement tax Bill. Everyone
can go there right now and fillin your information on what the value of
(04:46):
your four O one K or yourIRA is, and in thirty seconds,
it's going to tell you what yourtax bill is going to look like when
you retire at seventy two, orwhat the R and D is going to
be when you get to that age. Because people today do not understand that
you meet with clients every day andthey do not understand the RMD and when
they have to take it out.This is important, So go to our
website maggietax dot com, click onthe retirement bill and put in your numbers
(05:11):
and in thirty seconds it's going togive you the results. Because then what
you should do is sit down andlike Chris and I are talking about,
understand the language and understand the rulesbecause so many people Chris get confused and
they make the wrong choice and theguess what tax time comes and we find
that out. That's it. Sowe talked about how there's no taxable hit
if you roll over these funds.But also a benefit is the investment options.
(05:33):
Changing jobs can be stressful and overwhelming, as we all know, maybe
tempting to just ignore your retirement savingsand leave them in your former employer's plan
and just let it sit there.Right, how many people have done that.
But by taking this path of leastresistance, you may be missing out,
and we talk about that because youremployer plan may offer some solid investment
(05:54):
choices, but maybe not enough.Inside those plans, you might have five
investment open to choose from, orten or even fifteen, and that's it.
So by rolling over to an IRA, you could take advantage of many,
many more options. You can startdoing bucket planning. You can set
up an account for a future guaranteedincome sources, maybe like your own family
(06:14):
pension plan. Maybe we would liketo generate another bucket of inflation protection risk
or in options. So there's alot of options you can take if you
go ahead and think about and sitdown with the right advisors to talk about
how to roll over these funds.And the choices for IRA investments are almost
limitless in an IRA, and youshould be able to find that some mostly
(06:35):
closely are suited for your needs.And that's what it's about putting together a
plan for you. In developing aplan, that's why we call it the
Maggie plan. Well, and stayingwith that on the investment side, many
people are confused because they only thinkthey can do mutual funds or stocks or
bonds. But in the managed accountsthat you work with, can you talk
about a few of the options,like the managed portfolios that you can get
(06:57):
the gains and not the loss andeven when the market goes down, you
can make money. So is thatsomething that they if you're listening and you
don't have that listen to what Chrishas to say no, that's great.
And at Maggie Investment Services we're registeredinvestment advisory firms. So there's different managed
actively managed portfolios. There's some outthere that have a buffer index strategy where
you can make money when the marketgoes up, but if the mark goes
(07:18):
down, they call it a bufferwhere you could not lose money if the
market goes down, or if thebuffer is twenty percent and the market goes
down eighteen you don't lose nothing.It's a zero percent loss, but if
it passes twenty percent, then youlose the difference. So if it goes
down twenty two percent, you mightlose two. But the bottom line here
is that you can be invested inthe market and have downside protection and there's
(07:41):
ways to do that in multiple investments. So it's important to meet with the
right advisor. So let's sit downand have a conversation about what your goals
are. Do you want risk,do you want safety? Do you want
a combination of both. Do youwant to carve out a bucket of inflation
protection assets. Do you want tocarve out a bucket for future paychecks and
(08:01):
playchecks? Do you want to carveout a bucket where you take a lot
of risk or dividend producing options.This is what we're talking about here.
So by carefully sitting down and lookingat your investment options, and that's why
we created the Maggie Plan is sodynamic and informative to you because now's the
time to generate a plan, andthat's why we call it the Maggi Plan.
(08:22):
And one other point that is veryimportant during today's show and every show,
is register for our seminar on estateplanning, on tax planning, and
social security planning. We cover allall of these topics and it's up to
you to come and get educated.That's the bottom line. Get educated.
First, understand the language, understandthe rules, and see how it applies
to you and your retirement plan.Because it's not about selling a product.
(08:46):
That's not something that you need tohave someone tell you what to buy.
But if you don't understand. Ihad a gentleman the other day call me
and he said, Bobby, I'vebeen with my advisor for seven years.
He said, he's not listening tome. I'm looking for safety and he's
giving me all risk. So whenI ask him what his risk tolerance was,
he had no idea. So wetalk about something called the rule of
one hundred. Take your age minusone hundred and kind of start there on
(09:09):
the baseline that you should start keepingsome money safe. And what Chris is
talking about is portfolios that basically giveyou gains when the market goes up and
gains when the market goes down.If you don't have that, now is
the time to pick up the phoneand give us a call eight three to
three Maggie Tax. Visit our websiteMaggie Tax dot com, register for our
(09:30):
three and one seminar and sit downand listen to what we're going to say
and then you make the decision.Your all adults here, so adult to
adult, this is simple. Wetry to educate. We've been doing this
for years, so Chris, thisis so important every time we sit down
with the client. Absolutely, andthat's why education is extremely important. You
know, we'd call it the MaggiePlan because it's a plan for you.
It's simple and easy for you tounderstand. It's tax planning, investment planning,
(09:52):
insurance planning, estate planning, socialsecurity maximization planning. So it's all
right there, rolling over your fourone K, your old four one K
to an IRA. It can offermany advantages, but everyone's situation is different.
Think carefully and weigh your options.If you do decide a rollover is
for you, consider doing a directrollover to an IRA instead of a sixty
(10:13):
day rollover. With a direct rollover, your retirement funds go right to the
IRA. You can avoid concerns aboutmissing the sixty day deadline, and you
can skip any withholding requirements. Sopick up the phone, schedule time to
meet with us. We can helpyou eight three three Maggie tax. We
have offices on both sides of thebay. Visit our website. My dad
talked about it before the three andone seminar. Register for it. Education
(10:37):
is extremely important, so when youcome in to meet with us, we're
gonna show you what you can dowith your old four to oh one k
or four one ks. We canshow you how to consolidate it no taxable
event, and we can do aplan put together an investment plan for you.
We call it the Maggi Plan.Eight three to three Maggie tax.
That's eight three to three or tax. Stop planning for Uncle Sam's retirement and
(10:58):
start planning for your retirement. Aswe return to the Maggie Tax and Financial
Hour with your host, father andson Robert and Chris Maggie. For additional
information on how you can create atax free retirement, visit Maggie Tax dot
com. That's ma Ggi tax dotcom or call eight one three three two
(11:20):
two twenty five twenty. That's eightone three three two two twenty five twenty
now your host for the Maggie Taxand Financial Hour, Father and son from
Maggie Tax Advisory and Financial Group,Robert and Chris Maggie. Welcome back to
the Maggie Tax and Financial Show.I am Robert Maggie and I'm here with
Chris Maggie. Today we've been talkingabout the earliest segment why you should roll
(11:43):
over your retirement funds to an IRA. And the point is that we're trying
to educate all of you on certainissues that concern a a lot of people.
One of them right now that's veryimportant is your social security. So
we're going to talk about four tipsto maximize your social security and pension benefits
in early retirement. Be sure toregister for our Seminar three and one.
We call it on Enhanced Planning,a State Planning Social security, which we're
(12:07):
going to talk about now, andtax planning and register at Maggie tax dot
com. Just go to our website, click on the link, put your
name in there. You'll see thedates and times. Pick the date and
time you want and get educated.So that's what what we're trying to do
help everyone here today. So,social security and pension are the two main
ways to fund your retirement based onyour income. Some people do not get
(12:28):
a pension and some people have tocreate a pension, like Chris and I
talk about every week and every timeon the show. So since your retirement
fund may be dependent on these factors, it's important to learn more about how
these tools work so that you canget the most out of your savings to
enjoy your time when those anticipated yearscome along. So this information may be
(12:50):
a lot to take in, butat Maggie Tax, we're here to help
break it all down for you.So with these useful tips. So number
one, Chris, let's get tonumber one, understand how social security works.
So what is social security exactly?And the taxes that we pay are
used towards these retirement funds. Sounderstanding the specifics of social security can help
you plan and make better decisions ratherthan just sitting back and letting things run
(13:13):
their course. So the amount thatyou receive during retirement is calculated by using
your highest thirty five years of income, with the full retirement age being a
sixty seven. You have two optionswhen it comes to Social Security. You
can claim your retirement before that age, or you can wait to claim the
benefit. It's confusing to many ofyou out there when to claim the benefit
maybe at sixty two or sixty seven, or you know, at full retirement
(13:37):
or later. So when you meetwith us, we run a Social Security
Maximization report that will explain all thedetails for you so you can understand the
language. And again register for OSseminar the three and one Estate planning,
tax planning, and guess what socialSecurity planning. So, if for whatever
reason, you choose to claim yourretirement early, you risk earning less per
(13:58):
year to your funds. And thismay seem like an option that you want
to avoid no matter what, butsome individuals will take this route in order
to enjoy their money sooner while continuingto earn despite the rate being lower.
What I think has to happen here, Chris and many people talk about it.
Should they take social Security at sixtytwo is at the right time.
If they're working and they're taking socialSecurity, there could be a penalty,
(14:20):
there could be a tax issue there. So the language and understanding social security
when we run the Social Security MaximizationReport breaks all of this down. That's
exactly true, and every situation witheverybody is different. You could take it
at sixty two, you could takeit sixty three, you could take it
at sixty four and five months,you could take it at sixty six and
two months, anytime after age sixtytwo. Many people don't understand that.
(14:41):
They just think that at sixty twoor they're full retirement age at sixty seven
or at seventy. But many peoplejust don't understand. That's why when we
do the SOI Security Maximization Report foryou, will individualize that for you.
Will do the same thing for yourspouse. If you're married, you have
some benefits together. So let's talkabout these different options for you. Pick
(15:03):
up the phone, schedule time tomeet with us, bring in your social
Security statement, Let's look at it, let's analyze it, Let's show you
how to maximize the benefit. Andthat's what we could do a three to
three MAGI attacks. Of course,you can choose to wait until full retirement
age to claim your funds, whichwill guarantee your full benefits. And that's
an issue or a discussion that wehave to have. But people often worry
that they won't be around long enoughto enjoy all the cast that they earn.
(15:26):
So learn the difference about what youroptions are because the Social Security Maximization
Report and our seminar will explain that, because make the right choice so you
don't lose the money you know thatyou're thinking you're going to get. So
let's talk about learn the difference witha pension. A pension is similar to
social security in the fact that itis also based on your income, with
(15:48):
the main difference being that social securityis issued by the government while pensions are
provided by employers. And we talkabout this because many of you out there
do not have a pension, butthat doesn't mean you can't get one.
And Chris will talk about that aswell, because we can create a pension
for you. So keeping that intoconsideration, pensions may not be transferable if
you leave for another job. Now, if you have a job, and
(16:10):
we always ask you, do youget a pension. That's a good thing
because that's another source of income pensionand social security. But if you plan
on continuing you work at the sameplace, you can receive added benefits for
you for your years of service andoverall income with the same employer. So
just keep in mind that there maybe some credits risk involved. And Chris
again, it's confusing to people.The Social Security Maximization Report will help clear
(16:34):
it up. And it takes timeto teach this. It takes time for
you to listen to what the optionsare and then you can make a decision.
So what do people do if you'rethinking out there and you confuse and
you're like, what do I do? When should I make these decisions?
Should I start? Now? Seekout financial advice And that's what we can
do to help you. And thebest thing that you can do is gather
(16:56):
all the necessary information between your socialsecurity benefits and your pension benefits if you
have one, and come up witha plan. And that's what we do
each and every day at Maggie Taxand Financial Group, because you want to
get the most out of your benefits, which eat with each one of those
that you have options to take andthat's why you want to maximize it.
(17:17):
You want to have the upside potential. If you're not quite sure on how
to manipulate this information, you couldtake advantage of meeting with us. We
can help you understand the language anddiscuss your options and recommend the best plan
for you. And that's what wecall it the Maggie Plan. Need help
planning your retirement, we can help. That's what we create an income plan
for you. So at Maggie Taxwe specialize in retirement income planning, so
(17:40):
we can help you evaluate your situation, help you put together a plan.
Put together a plan that's your plan, your family plan that consists of income
planning and tax planning and investment planning. And that's what we do each and
every day. So pick up thephone, schedule time to meet with us.
All this works together your social securitybent, it's your pension benefits.
If you have to create your ownfamily pension. We can show you how
(18:03):
to carve out a bucket and putmoney into an account where you can have
guaranteed income for life. People talkabout paychecks, well you can also have
playchecks. Playchecks are just income thatcomes in each and every month and you'll
never outlive it, so you canjust spend it each and every month,
but it's going to come in thenext thirty days, over and over again
for the rest of your life.So we can create these buckets for you.
(18:26):
Pick up the phone, schedule timeto meet with us eight three three
Maggie Tax, and don't forget everySunday on ABC TV at ten thirty AM
for the Maggie Tax and Financial Show. Eight three to three Magi Tax.
That's eight three to three Maggie Tax. Stop planning for Uncle Sam's retirement and
start planning for your retirement. Aswe return to the Maggie Tax and Financial
Hour with your host, father andson Robert and Chris Maggie. For additional
(18:49):
information on how you can create atax free retirement, visit Maggie Tax dot
com. That's Maggi Tax dot com. Call eight one three three two two
twenty five twenty. That's eight onethree three two two twenty five twenty Now
your host for the Maggie Tax andFinancial Hour, Father and son from Maggie
(19:12):
Tax Advisory and Financial Group, Robertand Chris Maggie. So much for tuning
in today's show. I'm Chris Maggie. And you listen to Maggie Tax and
Financial Show, and throughout today's show, we're talking about tax planning, investment
planning, income planning, sol security, maximization planning. If you have questions,
pick up the phone, schedule timeto meet with us. If you
are at sleep at night and youwake up and you have questions and no
(19:34):
one's there to help you, pickup the phone in the morning, schedule
time to meet with us because wecan definitely help you and talk through your
retirement questions. We have offices onboth sides of the Bay. Feel free
to visit our website Maggie Tax dotcom. That's m A G G I
T a X dot com. There'sso much information right there at your fingertips,
and as well as our TV showevery Sunday on ABC TV at ten
(19:56):
thirty am for the Maggie Tax andfinancial S Show, ABC every Sunday at
ten thirty am. So let's continueon what we're talking about today, the
Maggie Plan, but also what areasset classes and how does someone go about
investing the right way? Well,that's a great question, and the asset
classes are many, so we're goingto cover them and talk about how it's
(20:18):
related to taxes because you probably havethese and you don't even know what the
actual risk is. So the firstone some asset classes and where they fall
on the tax risk. Let's talkabout tax deferred accounts like four to one
ks and iras, and since taxesare deferred to the future on both contributions
and growth in these accounts, onehundred percent of the account value may be
(20:41):
subject to future tax changes. That'swhat we're talking about. When the tax
cuts expire, what is going tobe your tax rate? So in accordance
to that one hundred percent of thedistributions in retirement, they're subject to the
tax regulations and individual situation at thetime of distribution, which could be different.
So what did I say? Thereare two things? Okay, you
have a tax deferred account that's growing, but then when you take it out,
(21:04):
it's tax and at what level wedon't know. It's a question mark
tax rate. Okay, because taxrates can change and we don't know.
It's called legislative risk. That's therisk that we have, and that's what
we don't know of. So wehave to protect that and combat that if
we can. And that's what wecan show you how to do so?
Would you agree individual situation on everyonewith tax deferred accounts is different, absolutely,
(21:26):
And that's why we have clients thatare taking money out of a tax
deferred account and paying no tax.Because there's ways on the tax side of
this thing to look at it toformulate a plan as a distribution to take
income the most tax efficient way.I just lead into my next one here.
What about roth accounts like WROTH irasand WROTH for one case, and
the funds in these accounts can beassessed income tax free in the future since
(21:49):
taxes have already been paid on contributionsand growth in a WROTH is not taxed.
Why are we talking about that,because you should be starting to think
about putting money into a tax freeaccount that they have given us the government
to save for retirement, Pay thetax now at the low rate, and
then have tax free at a ratewhen you get retired. And that's what
we're talking about. The retirement calculator. If you don't know what your tax
(22:11):
bill is going to be, nowis the time to find out. Go
to my website, Maggie tax dotcom, click on the retirement Calculator.
Folks, in thirty seconds, Ican tell you what your tax bill is
going to be. Then you're gonnaunderstand what we're trying to tell you and
come in, pick up the phoneand meet with us. And that's just
it, you know, understanding whatyou have. Many people have these statements.
They get these statements of the mail. They sometimes don't even open them,
(22:33):
They just recycle them or leave them, and they just get bigger and
bigger and bigger. And then somedaythey go through them and they don't really
know and they just throw them allaway and they don't have no idea what
they have. You might have anaccount there that's infected with taxes for so
long you have no idea how todefuse the tax time bomb. We can
show you how you might have accountsout there that guess what, you're taking
so much risk, you're losing money, You have no idea what you're invested
(22:55):
in. How many people out thereare in that situation. Raise your hand.
But there's a solution for it,you know. That's why we talk
about the Maggi Plan, because whenyou come in to meet with us,
we're going to talk about the balancesheet. We're going to show you where
your money's at. We're going toshow you every account that you have,
what's taxable, it's non taxable,what type of risk you're currently taking with
(23:17):
your money, and we talk aboutasset classes. Where are you invested in?
Where should you be invested in?Where do you want to be invested
in? Many people have no idea, but they can if you work with
the right advisor. So pick upthe phone, schedule time to meet with
us eight three three Magi tax scheduletime eight three to three Maggie Tax.
And let me go back to theWroth account for a minute, because this
protects these accounts from both situational andlegislative future tax changes which we've been talking
(23:44):
about. The government could change taxregulations pertaining to how savers can contribute.
Think about that, because it's writtenin pencil, how you withdraw funds,
what's going to happen then, Sowith a Wroth account, you have tax
free income that's what you're trying tosave for. It avoids the legislative risk
that we're talking talking about it.So let's discuss non qualified annuities. This
is important because the cost basis inthese accounts. They have been taxed and
(24:07):
they're not subject to future tax changes. Why, Because taxes are deferred to
the future on all growth inside theseaccounts, the portion of the account value
representing growth, it may be subjectto both situational and legislative future tax changes.
And Chris, it goes back tothe same two words, legislative risk
and future tax changes. How arehow are you? How are you listening
(24:30):
out there doing something about this?Well that's just said. I mean how
when in retirement, how can yougo along and take a distribution to go
on a cruise, or how doyou take a distribution to go help your
family? Or how do you takea distribution to go and travel without knowing
what type of impact these accounts aregoing to cause you tax wise, it
doesn't make sense. It's like drivingin a car and not knowing if it's
(24:52):
gonna if it can stop, ora break's work or not. That's what
you're doing with the form of kor an IR. You're going through a
time government and you have a questionmark tax rate. You don't know what
you're going to pay in taxes.So, working with the right advisor,
if we put together the buckets ofmoney in the right way, where you
have tax free money and you alsohave taxable money and how to diffuse the
(25:15):
tax time bomb in the most taxdivision way. That's so important for you
and your family, especially in retirement. So that's why you need an advisor
to work with you and help you. And we talk about the puzzle,
the financial puzzle throughout the whole showtoday. It's about the income tax piece
puzzle, the investment tax piece puzzle, the tax puzzle. I mean,
(25:37):
how many know what they're going topay a tax? The estate planning piece
puzzle. What are you doing aboutit? So if one of these pieces
are missing, you don't put together. The whole puzzle doesn't work right.
So meet with us, get together. Let's have a conversation eight three to
three Maggie tax, tax planning,income planning, investment planning and state planning,
solid security maximization planning, medicare planning. We can help Maggie tax and
(26:00):
just remember what we're talking about today. A portion of your assets coming out
of these accounts. They're subject tosome tax regulations at the time of distribution,
and it could be different from taxregulations today. Change that's what it's
called. So let's talk about whatabout taxable accounts, the funds in these
accounts. They're taxable every year,and they're subject to tax changes around capital
(26:22):
gains like dividends step up in basisrules, and all distributions of growth in
these accounts are subject to the taxregulations again at the time of distribution,
which could be different from the taxregulations of today. Right, And that's
what we're talking about, those brokerageaccounts that you have, maybe the CDs
that you have at the bank,or you know, the types of non
qualified assets. And many people outthere are saying, what's non qualified?
(26:47):
That's just exactly it. You needto understand what's qualified, what's non qualified?
Qualify with the government with the irstaxable, so non qualified assets,
you don't have to pay one hundredpercent on tax on these account So where
are your money, where is yourinvestments? What are they doing? How
is it going to be taxed?These are the questions that you need to
have answers to. So pick upthe phone and schedule a time to meet
(27:11):
with us. Let's get together,let's talk about your concerns. Let's talk
about getting a second opinion for youraccounts. Eight three to three Maggie tax
eight three to three Maggie tax andjust a reminder. Go to our website
Maggie tax dot com, click onseminars and register for our upcoming seminars.
They're all over Tampa Bay, differentlocations. All you got to do is
just click on the one you wantand attend. It's about an hour and
(27:33):
a half. So these are thingsthat we want to teach you. We
want to help you. We wantto make you understand the language, because
that's what's happening out there. There'sso much noise. If you will out
there, Chris, the people aretotally confused and they have no idea.
You said it before. We're ina yo yo economy and people lamp when
we say that. But we are. Yeah, and you're on your own,
and that shouldn't be the case.But if you have the education and
(27:55):
the knowledge, and you understand whatyou've done for your retirement and how it's
going to impact you, then guesswhat you're controlling your retirement and you're not
in the yoyo economy where you're onyour own. So many people are going
to fall victim to the changes thatare about to happen. But you don't
have to. You know, whereis it written that you have to lose
twenty thirty forty percent of your accountin the stock market. Where is it
(28:18):
written that that's okay? You don'thave to if you don't want to take
that risk. But if you're takingthat risk right now, then why if
you don't want to just because you'refollowing the crowd, you don't have to
go down that route. You know, do you want to retire, You
don't have to wait to sixty twoor sixty five or seventy just because the
Social Security statement gives you those numbers. You can retire any time. So,
(28:41):
but you need to have a planto give you the income every month
so you don't have to leave yourhouse if you don't want to. That's
called an income plan. And alsoan investment plan that can give you the
income you need so you don't runout of money. And also and then
a tax plan. They make surethat the money you do receive it's not
hitting you so hard with taxes.My gosh, those are three big impacts
(29:04):
that you need to be aware of. And many of our clients who come
in each and every day new clientscome in, they have no idea,
but once we put together a plan, it's like an AHA. Moment film.
They have clarity, they have control, they understand what they have and
now they're in better position to enjoythe retirement. So pick up the phone,
schedule time to meet with us.Eight three three Magi Tax. That's
(29:26):
eight three to three Magi tax.And let me leave you with this Five
ways that taxes can rise in retirementand they may apply to all of you.
One, you can change your taxbracket. That's the most important one.
Tax brackets change around you, okay. And deductions are eliminated. This
is big. What's the standard deductionnow? And does that reduce your taxes?
(29:47):
And the way assets are tax changed, meaning you know, capital gain
taxes, you know things like that. New taxes aren't acted. This is
happening right now. This is whatwe call. In two years, the
tax cuts are going to expire.Pick up the phone eight three to three
Maggie Tax. Visit our website Maggietax dot com, click on the seminars.
Register for our seminars on all we'retalking about estate planning, tax planning,
(30:08):
social security and anything else that youwant to talk about. It's up
to you. Pick up the phoneeight three three Maggie Tax. Their operator
is standing by right now, don'tforget tune into our TV show every Sunday
on ABC at ten thirty so.Visit our website, Maggie Tax dot com,
click on seminars, click on theretirement calculator. For offering this to
each and every one of you,It's up to you to do something about
(30:30):
it. Eight three to three MaggieTax and visit our website, Maggie Tax
dot com and every Sunday, tuneinto the Maggie Tax and Financial Show on
ABC TV at ten thirty am.Maggie Tax dot Com. Stop planning for
Uncle Sam's retirement and start planning foryour retirement. As we return to the
Maggie Tax and Financial Hour with yourhost, father and son Robert and Chris
(30:51):
Maggie. For additional information on howyou can create a tax free retirement,
visit Maggie Tax dot com. That'sma Ggi 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 your hostfor the Maggie Tax and Financial Hour,
(31:12):
Father and son from Maggie Tax Advisoryand Financial Group, Robert and Chris Maggie.
Thanks for tuning into the Magi Taxand Financial Show, and as throughout
today's show, we talked about alot of different things. Tax risk,
investment risk, income risk, whatabout a state planning risk? These are
the risk associated with people who areliving and also retirement in retirement, So
(31:34):
what are you doing about it?If you have any questions, pick up
the phone, schedule time to meetwith us. Eight three three Maggie Tax.
Visit our website at Maggie tax dotcom and don't forget every Sunday on
ABC TV. Tune in to ourshow, our TV show ten thirty am
on Sunday on ABC TV, Athree three Maggie Tax. So we talked
about a lot like Chris minshebit,let's discuss what a risk score is and
(31:56):
how it relates to your risk tolerance. And here's the thing, Chris,
let me ask you a question.Do you have to be in the market
to make money? You don't haveto be, Okay, most people are,
and they're always looking for that stockbond of mutual fund. But there
are other investments that can give yougains right with no losses and no fees.
Right there are out there, yes, right, So when we talk
about a risk core that's part ofit. So a tax risk or it's
(32:21):
a measure of an individual's exposure totax changes within a given retirement approach.
Do you know what your risk scoreis? Because if you don't, we
can help you. And the methodologylooks at two specific areas of tax change
risk. The first is we talkedabout it before, situational change, which
measures changes based on your income needsand situation. And remember, everyone you
(32:43):
listening today, your situation is different. So if you go to an advisor
and they're just doing a cookie cutterplan, that's not what you're looking for.
Situational changes can include how much incomeyou want to generate in retirement.
That's the big question, Chris,how much do you want retirement? How
many times do we ask a husbandand wife and the answer is I don't
(33:04):
know right right, they're confused,but we help them through this process because
this is a very key question thatneeds to be addressed. How much income
do you need to come in thefront door every month? And many people
just don't know. And when wedo a budget planning, we can show
you can take time to go throughthat with you, because as long as
you have that income coming in guesswhat covers your expenses? Covers everything that
(33:24):
you're looking for, and then youcan start generating playchecks and have fun travel,
spend the money, go golfing,go see the kids, the grandkids,
do the things that you want todo with a playcheck and still preserving
the rest of your money. Youmentioned something that just tickles me. It's
called budget. How many of youhave an advisor and discuss budget because when
(33:44):
we do a budget, we doa balance sheet to get all your income,
assets and everything and then figure outthe answer to the question is if
you're getting self security, if you'regetting pensioned, then how much money do
you need? What's the gap?And many of you don't know that because
that's what we're trying to do withyou. So the secondary of tax change
risk is tax risk score, whichmeasures your exposure to legislative changes. We
(34:07):
talked about that, what if thegovernment changes the rules and they're going to
tax cuts are going to expire intwo years, what are you doing about
it? And these are tax changesbased on new laws or regulations. Guess
what from the government. Because it'swritten in pencil and it is you all
know that legislative changes can include whichassets are subject to taxation. We're talking
(34:27):
about your IRA four to one K, your four H three B, your
TSP. When those assets are taxed, question is Chris, at what level?
Because we don't know. That's anuncertainty tax and that's it. You
know, you living your life ina question mark tax rate environment. Think
about that. You know, it'slike your health. You keep eating bad,
(34:49):
Guess what, at some point,you're not going to feel good.
Same thing with your investment accounts andalso your tax risk. What if you
keep deferring and putting money away andparking it into accounts that are infected with
taxes At some point, guess whatwhen you start taking money out, you
got to You gotta bite the bulletand pay the tax. And you don't
have to go through that if youdo some planning, if you do situational
(35:13):
planning, tax planning, things thatwe can do to control the tax rate
in our future because we can dostrategic planning. And that's why meeting with
the right advisor who does income planning, tax planning, investment planning, and
state planning, we can show youhow to put all this together. My
dad talked about a puzzle. Weall feel good when the puzzles put together,
don't we But the first step,when we open the box and we
(35:36):
put all those pieces on the table, we're like, oh gosh, I
gotta wow. I don't know whereto start. But that's where you meet
with us and we can help youput these pieces together. And then when
you put your puzzle together, guesswhat, it brings a smile to your
face, like, Wow, thisis a cool thing that I just did.
And that's what we could do foryou. So pick up the phone,
schedule time to meet with us.Let's put together your retirement puzzle.
(35:59):
Let's talk about the tax side ofit. Let's talk about the income side
of it. Let's talk about yourinvestment side of it. Let's talk about
the estate planning side of it.Let's talk about the Medicare side of it,
your health insurance side of it.These are things we're talking about so
we can help you. Pick upthe phone, schedule time to meet with
us. A three three maggie taxwe have obviously on both sides of the
bay to help you eight three threemaggie tax. You know you made me
(36:20):
laugh there about a puzzle if youthink about it. When the little kids
we give them a puzzle. Wegive them like a four piece puzzle or
a five piece puzzle, and thenwe give them a ten piece puzzle,
and then we give them a biggerpuzzle. And that's the same thing that
we're talking about here with each andevery one of you. What are the
pieces of the financial side, thetax side, the estate planning side.
How do we put those pieces together? Well, here's how I can tell
(36:44):
you how we can do it.Go to my website, Maggie tax dot
com, click on seminars. It'sup to you. Come out and get
educated. Understand the language. We'regoing to talk about estate planning. We're
going to talk about tax planning.We're going to talk about social security planning.
We're going to talk about all ofthis in the easy to under stand
away. I'm going to give youa book called stop funding Uncle Sam's retirement
and get a plan that's simple andeasy to understand. I promise you when
(37:07):
you leave this event, you're goingto feel better about Wow. Now I
understand I can talk to somebody,I can have a conversation about all of
what we're talking about. Second thingis when you go to the retirement calculator,
like Chris mentioned go to the retirementcalculator in thirty seconds. There's no
one that's doing what we're doing inthirty seconds to tell you your retirement tax
bill. Eight three to three,Maggie Tax. That's it. You know,
(37:29):
you hit it on the head.I mean, it's all right there.
And we talk about when you completethe puzzle, it brings a smile
to your face. But the problemis is that when you complete the puzzle
and you miss that piece, howfrustrated are you? You're extremely frustrated.
And that's where many people we seeeach and every day is they don't have
the pieces at the end. Theydon't have the income piece put together,
(37:50):
they don't have the tax piece puttogether. The market's going down, they
don't have the investment piece put togetherfor them. And guess what, that
puzzle is not complete in the smileon their face, it doesn't have to
happen to you. Put everything together. Let's get together, let's have a
conversation. We look forward to meetingwith you. Eight three three Magi Tax.
Schedule time to meet with us eightthree three Magie Tax. You've been
(38:13):
listening to the Maggie Tax and FinancialHour discussing tax planning investment strategies presented by
Robert and Chris Maggie from Maggie TaxAdvisory and Financial Services with offices in Hillsboro
and Panelas County. Visit Maggie taxdot com or call eight one three three
two two twenty five twenty. That'seight one three three two two twenty five
(38:35):
twenty and tune in next Saturday atfive for the Maggie Tax and Financial Hour
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