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 Chriss 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. Hello and welcome to the
Maggie Tax and Financial Show. Thisis Robert Maggie and I'm here with my
son and co host Chris Maggie.Be sure to visit our website, Maggie
Tax dot com. We have alot of information there. We're going to
talk about a new feature in afew minutes that you can actually chat with
us and see if we can getyou an answer right away. Many of
you have questions and you'd like tocall and not be pressured into an appointment,
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so we'll talk about that later inthe show. Also, be sure
to visit our website, Maggie taxdot com, and every Sunday at ten
thirty am on ABC TV, watchthe Maggie Tax and Financial Show, and
then after that at eleven o'clock,switch to the radio and listen to our
show on WFLA. Anyway, Ihope everybody's doing good. I want to
welcome everybody. Chris and we havea lot to talk about. We've been
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talking about language for the past fewweeks and how people don't understand the retirement
language, and we're going to gointo that today. So you know,
here we go, let's see whatwe got. Well, welcome everyone.
Thank you so much for tuning intoour show. We really appreciate you listening
and we love being here. Whybecause there's so many people out there that
you need help. You know,when people come in and meet with us
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there's a lot of confusion. Theyjust really don't know where to go.
They're looking for a plan and direction, looking for confidence, look for clarity,
looking for peace of mind, andthere's ways to do that. So
throughout today's show, visit our websiteat Maggie Tax dot com. There's so
much information right there at your fingertipsto educate you. And that's what it's
all about. So if you havequestions, that's what I'm talking about.
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Eight three three Maggie Tax, pickup the phone, schedule time to meet
with us. We have offices onboth sides of the Bay to help you.
And we're talking about language, retirementlanguage, and we need to translate
that to you. Why because it'sjust easier when you understand the lingo and
also understand what's happening in this economythese days, and we need to come
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up with strategies and options. Theyare available if you work with the right
advisor, and there's transactional advisors outthere, there's complete advisors, and you
need to figure out who you wantto work with. That doesn't matter how
much money you have. But mostadvisors out there are retail. They just
want to sell your product or justpretty much do whatever they want to do.
But then you've got to complete advisorsand fiduciaries and people who look at
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the whole big picture and really careabout what your plan is all about.
And that's where we are here.So pick up the phone, schedule time
to meet with us, and let'sstart. Dad. Let's talk about the
options and the strategies and what peopleneed to know about. Well, one
thing you just said a whole lotof stuff. I'm sure people out there
wondering. I have questions, SoI almost gonna bring this out there right
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now. If you go to MaggieTax dot Com on the bottom right,
we have a chat box. Thisis really a good feature because what Chris
and I talking about today, Gothere right now, ask a question and
we will answer it. So we'retrying to get close to you folks,
because people are busy working and havemany questions. So hit the Maaggie tax
dot Com on the bottom right you'llsee chat box. So when we talk
about retirement and tax planning to manyof you, it is a different language,
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and we want to translate that soyou can understand the rules and this
is what we talk about. Anygame you play, you have to understand
the rules and Chris, this isnot a game. This is for real,
This is retirement planning, This istax planning, and know what options
and strategies are available. So let'sstart with what we call the gorilla in
the room. Everyone has one,and we're talking about taxes, income planning,
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estate planning, and investment planning.And we call this a holistic approach.
And that's what we do because whenyou come in and meet with us,
we want to talk about everything toyou. It's a question you have
to ask. Ask us the questionswe want to find out more about you.
And the question for all of youis do you think taxes will be
lower, maybe stay the same,or even be higher. And that's the
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gorilla in the room, Chris,that we're talking about. And you have
to be certain that you have acomplete plan. Maybe many of you have
an incomplete plan. Think about that. And maybe some of you just do
not understand the language. So weneed to translate that so you can understand
eight three three Maggie Tax. Besure to visit our website Maggie tax dot
com and click on the top rightthe retirement calculator. Chris. We have
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helped so many people understand the retirementtax bill just by that little link alone.
So go to Maggie tax dot Com, hit the retirement calculator. It's
right there and in thirty seconds wecan help you out. And that's just
it. You know, people needto understand what's going on with their retirement.
You know, you work so hard, this is your money, you
know, why go ahead and putit away for so many years and then
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really just don't know what to dowith it. Many people out there don't
understand the distribution phase of their retirement. They're in the accumulation phase. They
just put money in, they workMarco's up and down, volatility happens,
and they just keep going moving forward. But really, is that what you
want during your retirement years. Youhave to understand that there's a different phase,
and it's called the retirement phase andthe distribution phase of your retirement,
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and that's what we specialize in doing. So pick up the phone, schedule
time to meet with us. Eightthree three MAGI attacks. Meet with us.
We can explain the language of retirementplanning. We can understand what options
are available out there, and wecan translate them to you. Eight three
to three MAGI tacks. You know, let's talk about the Great American savings
myth. You know, we're alltaught to do this. We're we're taught
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to even a deferred account like anIRA, a pom one K, or
a step plan with a self employmentplan, or even a qualified plan.
A qualified plan is a plan withthe government because you have agreed to defer
the taxes until you retire, hoping, hoping you will have enough income and
maybe pay fewer taxes. But guesswhat, when we do tax planning each
and every year and every day,every month, that's what we do.
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We see them many people out there. They've saved for retirement, but guess
what, they're not in a lowertax bracket, maybe a slightly, but
guess what, there's paint a lotin taxes still and they don't know and
they don't like it because they justdon't know what else to do. So
we have the new rules of retirement, and if you're uncertain which plan you
have, give us a call eightthree to three Maggie Tax. We have
to have this conversation with you.Visit Maggie tax dot com right now,
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click on the retirement calculator at thetop and in thirty seconds, we can
tell you what your tax bill isgoing to be when you reach age seventy
two and are required to take theRMD, which a lot of people don't
understand. They say DMR rm Dthat's a required amount that the government says
you have to take out. Andthen also on Maggie tax dot Com on
the bottom right, there's a chatbox. Ask a question. Let's get
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the answer for you because you knowwhat unknown rate are we going to pay
when you take that money out.Taxes are low right now, but if
you believe taxes are going to goup, then think about it. What
you're paying in taxes now, you'renot going to pay later. Chris,
that's the gorilla in the room.Eight three to three Maggie Tax. So
let's let's fight the gorilla in theroom. Let's make sure that we get
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the gorilla out of the room rightnot, because that's what we need to
do. We need to move forwardin retirement without worrying about the big gorilla
in the room. So are youlooking through a micro lens or are you
looking through a macro lens to reduceyour taxes? Because now is a time
to have the big picture conversation.You need to understand what's there, what's
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out there to help you and protectyou. Look through a macro lens so
you can reduce your taxes over yourlifetime. Visit our website at Maggie tax
dot again, there's so much informationright there at your fingertips. Click on
the retirement tax calculator and in thirtyseconds it'll show you how much in tax
you're gonna have to pay on yourretirement dollars. How important is this so
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important? Because now is the timeto take advantage of it now as opposed
to five, ten, fifteen yearsdown the road when you're basically gonna be
affected by these and you have noother option. Well, you talked about
it before two words accumulation phase anddistribution phase. And in the accumulation phase,
the cool thing about it, yousaved, which that's what we do.
But you saved in a retirement account, got a tax deduction, and
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every year you got a tax deductionto lower your taxes. And that's good.
But then when you retire and youget to age seventy two, you
have to take out the requirement anddistribution. That is the unknown, that
is the gorilla in the room.We don't know what taxes are going to
be, so when the Trump taxcuts go away, we're going to be
in a higher tax bracket. Sotax planning is essential, essential today,
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so you can see the that youhave and reduce your taxes today. And
if your advisor or your CPA oryour broker is not discussing that, why,
you have a right to ask themand ask them. Gee, if
I sell this stock or whatever Ido, if I buy a house,
what's the tax consequence. That's thequestions Chris that we get. So if
you go to Maggie tax dot comand we just hit a nerve, you'll
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see the chat box on the bottomright. Ask your question. Let's see
if we can help you and getit straightened out. Because you know,
Chris, it's all talked by thewater fountain cool of this and that,
and we hear that so many times. And folks, if you're getting the
wrong information, then please eight threeto three MAGI Tax set a time you're
going to meet with both Chris andI. We have three locations, one
in Tampa, one in Saint Peteand Palm Horror. This is easy,
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you just have to take the timeto do it. And you do it
now get the answer that you want. Eight three to three Maggie Tax.
That's just it. If you're lookingfor a complete plan, we can help
an income plan, tax plan,and investment plan. What about social security
maximization planning? What about a stateplanning? You have a will, trust
PALV attorney? Do you have thosedocuments? Are the old documents? Well,
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let's analyze those and we can havethe professionals do that. That's what
we do here. So pick upthe phone, schedule a time to meet
with us. There's so much informationto help you. There are strategies to
help you. There are strategies thatyou can you can take advantage of now
to put you and your family ina better situation to have more income on
a most tax efficient way. Eightthree to three Magi tax. That's eight
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three to three mag attacks. Sobe sure to visit our website Maggie tax
dot com. Click on the linkat the top the retirement calculator and let's
figure out what your retirement tax billis going to be. Come in and
meet with us and we can showyou some strategies and concepts that can reduce
that. Also, we have achat box on the bottom right. So
if you're listening today and you wantto go to our website, you have
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any questions, put in the question. We'll get back to you a three
to three Maggie Tax and be sureto watch our TV show every Sunday on
ABC at ten thirty. Stop planningfor Uncle Sam's retirement and start planning for
your retirement. As we return tothe Maggie Tax and Financial Hour with your
host, father and son Robert andChris Maggie. For additional information on how
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you can create a tax free retirement, visit Maggie tax dot com. That's
ma Ggi tax dot com or calleight one three three two two twenty five
twenty. That's eight one three threetwo two twenty five twenty. Now your
host for the Maggie Tax and FinancialHour, father and son from Maggie Tax
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Advisory and Financial Group, Robert andChris Maggie. Welcome back, and you're
listening to the Maggie Tax and FinancialShow. And if you just joined us,
be sure to visit our website atMaggie Tax dot com. We're talking
about retirement tax free money. Butgo to the retirement tax bill and see
what your bill to Uncle Sam isgoing to be in IRS again, Maggie
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tax dot com. Be sure towatch your show every Sunday tomorrow at ten
thirty am. And it's an educationalshow and one of the things Chris and
I have learned and we're going totalk about that in a minute. We
learn more from clients coming in andhearing our radio show and then come in
and they say, look, guys, this is what's going on in my
life. So I just want tokind of talk about a few clients Chris
that will relate to a lot ofthe people listening because he's the thing that
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I see. Don't be afraid tocall and make an appointment. There's no
charge for the first apployment. Andthat's a big question we get all the
time. The second question we getare we're going to meet with you?
And Chris, absolutely, you're goingto meet with both of us. Why
do we do that? Because I'vebeen doing this for a long time,
my son has been doing it fora long time. The only way that
we can help you is if youlet us talk to you one on one
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and do what you're asking. Let'screate a plan. And Chris, so
many times we see this where theycome in like, you know, I
don't have a lot of money.Let me tell you something. Whatever you
have is a lot of money,because why Chris, it's their money,
that's it. That's exactly it.You know, there's other advisors that you
have to have a certain amount ofmoney to even meet with them, you
know, But to us, itdoesn't matter. Why because you have the
same concerns that millionaire people have.They don't care if you have one hundred
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thousand dollars, it doesn't matter.The point here is that you've saved.
You have questions, You're not gettingthe right education or the information. So
that's why you need to come inand meet with us a three to three
Magi tax. Schedule time to meetwith us. But let's go into some
of the clients that we met withover the past couple of weeks. Because
the same stories are here. Weneed to share them with our clients and
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with people out there listening today becauseyou are here in the show and guess
what, you have the same questionsand concerns. So come on in and
we can help you out a threeto three Maggie tax. So let's talk
about a client that came in.He has three advisors. He listens to
us on the radio, he watchesus on TV, and like many of
you, he wants to know whyhe should work with Maggie tax. And
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that's a great question, and youshould ask the advisor why should you work
with them, because if you don'tget the answer, then why are you
there. The number one reason istax planning. Many of you are concerned
about taxes. Christen, we dotax planning with every single client, and
many of you are concerned about whenyou should the R and D And that's
it. You know, many peoplehave questions about taxes and an rm D
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requirement and distribution. You have totake it at seventy two from your iras
and fulling k's TSPs if you havethem, if you have stopped working.
But at seventy two you have totake this distribution or there's a fifty percent
penalty for not taking it. Soone of the things is taking the distribution.
Also, it's about tax planning,how to reduce your taxes, have
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more income in the most tax efficientway. So let's go back and talk
about the client that had three advisors, and we asked him why do you
have three advisors? Because he saidhe wants to give each one of them
a chance to see which one cando a better job. But in asking
that question, none of them didtax planning, and he was very concerned
about that. So, if you'reconcerned about taxes, you need to ask
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your broker, or your banker,or your CPA about the requirement of distribution.
So go to Maggie tax dot com, click on the retirement calculator and
put in your numbers and in thirtyseconds, I can tell you your tax
bill to Uncle Sam. So,if you have a deferred account, like
Chris mentioned, a four oh onek A TSP and IRA at age seventy
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two, you have to start takingR and D. And here's the best
part of that. If you're young, say sixty two, you have ten
years to strategically take that money outand reduce your taxes. Is your broker,
your advisor, or your CPA talkingabout that, No, they're not.
And here's another client that comes in. He has a million dollars in
his IRA, and we figured hisRMD from the retirement calculated to be about
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eighty five thousand dollars a year.He was like shocked, Really that counts
as income. Chris and raises histax bracket. And here's the other part,
it's going to affect his Part BMedicare premium. Is your advisor talking
about all this, That's just anappointment that we had Chris on the first
appointment and that's it, you know. So you know, we helped him
do tax planning and income planning andalso investment planning. We help him develop
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the risk with his accounts because weput together bucket planning and that's what we
do each and every day. There'ssome risk accounts, there's some non risk
accounts. It's about you, whatdo you want? This is your money,
not our money, not your advisors, not your CPS. It's your
money. So these are things thatwe see. And those three advisors.
The interesting thing about is we understandhe wanted diversification between advisors. But here's
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the common theme that he had withall three advisors that he did not really
have. He had a transactional advisor. All those three advisors are transactional.
All they do is just sell product. He had a variable annuity here,
he had a mutual fund there,he had a CD there, and guess
what, he had no planning.He had no planning. He had three
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advisors. He thought he was doingthe right thing because of diversification, but
again he was just in the samefrying pan. And that's where many people
out there don't know the difference betweenadvisors. There's transactional advisors, there's complete
advisors, right, and that's wherewe come in. We're a complete advisor.
As a fiduciary. We could dothe best thing for our clients.
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Do tax planning, investment planning,income planning, social security maximization planning,
Medicare planning, estate planning. Welook at the whole thing. Why because
people need this. You know,you have an account everywhere? Are they
titled the right way? Guess what? Most of the time we see they're
not. Yeah, they're going togo through probate. Just little things like
a checking account and save me's account. My gosh, you're a current advisor
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for for fourteen years or your threeadvisors, you have not one of them
told you had to title an accountthe right way? So what avoids probate?
Seriously, that's what we're talking about. So pick up the phone,
schedule time to meet with us.Just another reason why you should consider working
with Maggie Tax Advisory and Financial Group. If you're looking for a plan,
we can help. It's called theMaggie plan. That's what we do,
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a three to three Maggie tax.And many times, and I've said this,
let's talk about the gorilla in theroom. There's a lot, you
know, there's the taxes, theincome to RMD, and let's talk about
the risk that you're taking. Let'stake it off the table. Don't be
afraid to have a steel review.And Chris has done this many times.
You do a review and a clientsits there and he goes, well,
my advisor never told me that.No, because you never asked them,
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and you have more risk than youneed to be taken. And then the
big thing in all of this ishow do you feel about taxes in the
future, about your retirement income.So these are the things that when you
ask us why we should work withyou, we just gave you a bunch
of them. So pick up thephone eight three three Magi Tax. Be
sure to visit Maggie Tax dot com, click on the retirement calculator and make
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an appointment eight three to three MaggieTax. And don't forget tune in every
Sunday on ABCTV at ten thirty amfor the Maggie Tax and Financial Show.
It's a thirty minute show. Andwhat we do is we educate you.
There's so many different topics. Wetalk about income planning, tax planning,
investment planning, when's the best timeto take social security? Many people have
no idea what we can help andalso a state planning. Do you have
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a will, palvitternity and trust,well, come to us, let's sit
down and talk about it. Eightthree to three Maggie Tax. Stop planning
for Uncle Sam's retirement and start planningfor your retirement. As we return to
the Maggie Tax and Financial Hour withyour host, father and son Robert and
Chris Maggie. For additional information onhow you can create a tax free retirement,
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visit Maggie Tax dot com. That'sMaggi 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,
father and son from Maggie Tax Advisoryand Financial Group, Robert and Chris Maggie.
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Welcome back everyone, and thanks forjoining us today. My name is
Robert Maggie. And I'm here withmy son and co host Chris Maggie.
Today we're talking about the services thatwe offer and that many of you need
but don't even know it. Andwhat I mean by that is we offer
financial services, we offer tax services, in legal and also insurance. And
that's called a complete plan. AndChris and I talk about this and many
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of you, whether you know Iwould or not, have an incomplete plan.
But there's still a lot more,Chris, that people need to understand
because when we talk about a completeplan and we put all this together,
the next step is when do youwant to retire? Number one? If
you want to retire now or later. And we had a client come in
this week and we'll talk about it. They just found out they're going to
retire in June. So the biggestquestion the wife had was do we have
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enough income? And we put thisbinder together with an asset map to show
them where their money is because theyhave money allocated in different things, save
money and some you know, redmoney, which is fine, but then
we asked them the question how muchdo you need? And guess what they
said, I don't know, SoChris, that's a problem, okay,
And let's talk about that, becausewe had to back up the bus to
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go back to Social Security because he'sgoing to retire health insurance, and then
what the cost is going to be, and then we have to put this
whole thing together. That's just it. You know, you mentioned a complete
plan and incomplete plan, and wewere fortunate to meet with them a year
ago and we put together a wholeplan for them, and he was still
working and he's sixty five years oldand he said, I want to work,
mebe a couple more years. Andshe's retired. So they live on
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his income every month and it's fourthousand dollars a month coming in. They
have a million dollars. And weput together a plan last year and we
allocated different buckets and we had bucketplanning and some safe money and some money
that's in the market, and wemanage it. And he also has a
complete plan where everything if anything gotfor bid happens, it's going to go
to his beneficiaries and avoid the probateprocess. But bottom line, when he
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came in for a review yesterday,I want to talk about this because it
might be on a lot of people'sminds. Even though they had a million
dollars. The perception that many peoplehave is said, oh my gosh,
get to a million dollars or you'rea millionaire and you have no concerns.
Well, these people and these clientsreally sat down and their next play was
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I got to retire. And theythought about this for a while, and
they thought about what's going to happenbecause they don't know, and we educated
them and we sat back and theirbiggest concern was running out of money.
And these are people who don't needa dime of these assets, but their
main concern sleepless nights about running outof money. Every purchase that they go
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about wanting to execute, they havea second guessing it because their fear of
running out of money. And ifyou're listening today, it doesn't matter how
much money you have, whether youhave three hundred thousand or three million,
it doesn't matter. A lot ofmillionaire people are worried about running out of
money. And that's the whole pointhere. If you don't have enough income
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sources and you don't have your accountset up the right way for guaranteed income,
you might run out of money.But these clients here, when they
came in and met with us thatwe'll explain you talk about the income side
of it with the Social Security andthe foundation. But we started and explained
to them the different buckets of money. So let's start that with the social
security and we explained the balance sheet. But where'd it go from here?
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Well, when I asked the Jaiand when he's going to retire, he
said, Bobby, I'm going toretire in June. So I looked at
we put a binder together, wedo an asset map and a social Security
maximization report, and that's what wedo for everybody. But the bottom line
was that he's going to take solidsecurity, which I think he was going
to get twenty six hundred dollars amonth. Now. His wife was sixty
five. She won't be six,I'm sorry, sixty four, won't be
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sixty five till next year. Sobecause he's leaving, problem number one was
they had insurance covered through his work, but then if he leaves in June,
she has no insurance. So itwas a big gap there with health
insurance because he's going to be onMedicare, but then she needs to go
out to the market and get healthinsurance for one year, right, now
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the reason why I ask questions likethis and all of you, how much
income do you need? Stop andthink about what you're guaranteed income? For
him, it was solid security forher, she could take Social Security as
well. So about twenty six hundredI think it was for him, I
think because it was about thirteen hundred. So that's what almost four grand a
month? What was the need ofincome that you just said? Well,
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it's interesting. When I sat downand talked to them, we asked them
what was your how much do youneed every month? And they looked at
one another. I said, Idon't know, maybe four grand, but
we want to travel, okay,So I said, is it five thousand?
I said, well, we mightwant to do a couple more things,
so is it six thousand? Sowhat I did was I used the
calculator it's the present value calculator,and put their assets in there and explain
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to them if they take out twothousand dollars more a month to get the
six thousand dollars, that's twenty fourthousand dollars a year as distribution off their
million dollars. By doing that everyyear, they will never outlive their money.
If they take out two thousand dollarsa month, and we let it
grow at very conservative, very reasonablerates. Guess what, they'll still have
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one point four million dollars by thetime they're ninety five years old. So
right there, they stopped and lookedat one another and said, oh,
my gosh, say, what doesthat mean to you? Because you can
take more income every month. Youcan take five thousand dollars more income on
top of social Security. If youwant to, you can go ahead and
not take that amount. It's upto you. It's about how much you
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need and what are your goals.So when they sat back and they looked
at this, it was a bigrelief that came off their shoulders. You
can see it, you can feelit, and it was actually more of
a teary eyed visual look in theireyes because they never were told this.
And as my dad mentioned, they'rein their sixties, and with all due
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respect, a lot of people outthere are listening today and they're older than
me. But the point is thatthey never got this information and the education.
So why is it so important wedo our show because of these reasons?
And if you're listening today, we'repassionate about helping you. If you're
out there and you're listening, andyou have any questions and you wake up
in the middle of the night.We'ren't about running out of money in taking
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these purchases and can I buy?Do I not buy? What do I
do? And they restrict you,then now's the time to pick up the
phone and give us a calls.Eight three to three Maggie tax. That's
eight three three Maggie tax. ButDad, when you saw the look and
you said, of the feel,how did that make you feel? I
felt really bad because I know thatthey didn't understand they were looking for help,
and they were kind of sitting theredumbfounded, like I think we're gonna
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run out of money. But here'swhat I did, And this is what
Chris and I talk about, theMaggie Plan. The Maggie Plan is a
tax plan. It's an income plan. I repeat it. It's an income
plan, it's an investment plan.It's a legacy plan. So if you're
gonna sit down with us, thisis what we're gonna do with you.
Because the first question I want youto tell us is how much do you
(26:38):
need to retire? Because if you'regonna work, you're getting income coming in.
I get that, but when youretire, you still have to have
income coming in, Chris. Sofor this gentleman and his wife, they
did not understand how the guaranteed moneyis a base you sold security, you're
going to get it, a pension, you're going to get it. And
just like Chris mentioned before, youdon't know what you don't know, meaning
(27:02):
that you probably have enough to retire. And Chris made a simple illustration to
them about the future value of money. The money they had is going to
last them more years than they willlive, and not only that, they
could take out more. In theway things are today, people are worried
about inflation, people worried about runningout of money, health insurance. And
(27:22):
when you sit down and do aplan like this, they set back,
and Chris mentioned they were tearioid oncewe told them. It was like a
big elephant. Chris off their shoulderwhen you told him that, how did
I feel? I felt great?How did you feel well? The same
way. And that's why we dowhat we do, and I you know,
we're very grateful, We're very thankful, and we love doing what we
(27:44):
do. And we do the samething for you because you know, you
need education. Where's the last classyou had on how to develop an income
plan or an investment plan, orhow to consolidate your accounts, or how
to pass my assets to the nextgeneration in the most tax efficient way.
Or what about media care and healthinsurance, or what about sol scurity maximization,
or what about college funding if youhave a child that needs to go
(28:07):
to school. These are the thingsthat we do each and every day.
That's complete planning. That's what wetalk about the Maggie Plan. So pick
up the phone, schedule time tomeet with us. Eight three three Maggie
Tax. That's eight three three MaggieTax. Get the Maggie Plan because it's
a tax plan, it's an incomeplan, it's an investment plan. It's
a complete plan and they challenge allof you in a good way. Go
to my website Maggie Tax dot com. Why because I have free webinars on
(28:32):
there. A lot of people don'twant to go to seminars or it's too
crowded, or you know the situationnow with COVID. Then go to my
website Maggie Tax dot com. Werecorded thirty minute videos and a website on
everything we talk about you need togo there because it's going to help you
understand. Well, maybe I'm notso bad. And I have people call
(28:52):
me every day and say, youdon't I don't want Biden to get by
money. He's not going to getit if you do a plan. Okay,
if you do a plan, I'llgive you an example on this one
too. They had qualified money andthey had some wroth and the question was,
can I start moving my money fromthe qualified plan to the wroth plan?
We did? What did we tellthem? Chris? Wow? So
it was like a just an enlightenmentright, a moment and aha moment they
(29:17):
had, and they said, well, we can do more. So we
talked about what if you get themoney out of this qualified bucket and make
it tax free, eliminate Uncle Samforever? How would that make you feel?
Say, look at each other again. They said, well, how
can we do that? I said, well, we'll educate you on that,
we'll show you what we can do, and then you know, let's
put it together. And they saidthis is the best review they've ever had.
(29:38):
And I felt like I was lecturingthem in some way, and they
said, no, no, no, no, we apologize because we should
have known this. We should havetaken our time to go over this years
ago and get the advice. Andwe're so glad that they came in and
met with us. No, justgo and no, no, are you
wrong? And I'll tell you whybecause when you have and listen to radio
shows like this, and you listento financial advisors, you need to ask
(30:00):
them questions. You need to askthem how am I going to get income?
It's not just about a stock bondon a mutual funnel, your brokerage
account. You know, it goesup, it goes down. Talk about
a plan, and we talk abouta complete plan. We talk about the
Maggie Plan. So check out mywebsite Maggie tax dot com. The Maggi
Plan is a tax plan, it'san income plan, it's a legacy plan,
(30:21):
it's social security plan, it's everythingthat you need. How many of
you do not have that? Anddon't look. I don't care how much
money you have. You don't haveto have a million dollars to come in
here and work with us. Everyoneout there has a retirement account. This
is your money. Be clear onthat you worked for it, You saved
for it, So don't be afraidto come in and say well, gee,
this is all I have. UhAh, that doesn't work, Christen.
(30:42):
The point is that they think thatbecause they've been told that that's exactly
right, and you don't have toworry about that when you come here.
So pick up the phone, scheduletime to meet with us. Eight three
to three magi tax. As mydad mentioned before, there's so much there
on our website eight three three magitax. Or when you come in me
with us and then we'll give youa lot more eight three to three magi
(31:02):
tax. We look forward to meetingwith you. Stop planning for Uncle Sam's
retirement and start planning for your retirement. As we return to the Maggie Tax
and Financial Hour with your host,father 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 taxdot com or call eight one three three
(31:26):
two two twenty five twenty. That'seight one three three two two twenty five
twenty. Now your host for theMaggie Tax and Financial Hour, Father and
son from Maggie Tax Advisory and FinancialGroup, Robert and Chris Maggie Welcome back
everyone. Thanks for tuning into theMAGI Tax and Financial Show. We welcome
you back to our show. Andas we discussed before, tune in every
(31:48):
Sunday on ABCTV at ten thirty forthe Magi Tax and Financial Show. It
to a thirty minute show fill witheducation to help you in a lot of
different topics. And today we're talkingabout the risks especially in retirement. We
talked about longevity risk. We talkedabout market risk, we talked about healthcare
risk, we talked about medicare,we talked about just income risk. Well,
(32:10):
what about policy risk? Dad?What's policy risk? Great question,
and this is the last retirement riskto be on the lookout for. Is
policy risk? And what is that? This is associated risk associated with any
possible retirement benefit cuts that may occurduring your entire retirement years. And what
I'm talking about is people who haveworked for companies and found out that their
(32:31):
benefits have been reduced. You'll probablyget a letter in the mail that they
have cut this and they have cutthat. So be aware of that because
things are changing, and it's oneof the most severe risks of them all.
Because Social Security Trust Fund is projectedto be depleted of money in twenty
thirty five, which is going tocause a twenty four percent cut to your
Social Security benefits. We've been listeningto that, so prepare for that.
(32:53):
So how do we prepare for that? The only way is to stay ahead
of this retirement risk is to ensurethat you your retirement savings plan is not
reliant on government benefits to live andsurvive. And we talk about legislature risk
all the time, and that's whereCongress can change the rules anytime. And
it's always amazing, Chris. Everyfour years you get a new election and
(33:14):
people go like, oh man,we're gonna wait till the election's over.
Look, folks, you know this. They can change the rules anytime because
it's written in pencil. And weknow that because we talk about it.
So legislature risk is the biggest onethat you have to be aware of,
as well as the risk of Chrisand I are talking about today and that's
it. So these risks obviously arethere in retirement. There's risks everywhere,
(33:34):
you know, waking up in themorning, going outside, you know,
traveling. But when your financial risksare there, you can control a lot
of these and you want to buildyour retirement plan in such a way that
you're able to live on your ownsavings alone, and any potential social Security
benefits are just an extra added incomethat can be used to supplement your savings
or even use that those funds toinvest. So a lot of people can
(33:58):
position themselves in a better environment.We don't have to worry about what's going
to happen and all the news andthe noise and rumors and the noise my
gosh, I mean, it justmakes people worrying, you concerned. You
don't want to live like that,especially in retirement. You know, you
worked hard put together retirement plan that'sgoing to benefit you, not your advisor.
(34:19):
You pick up the phone, scheduletime to meet with this. We
can help you with this eight threeto three MAGI tax. So the point
we're trying to make is no matterwhat stage of your retirement planning you're at,
you want to be prepared for allof the risks that we talk about
today. So the more steps thatyou take to protect to secure your retirement
savings in plan because planning is thebig thing, the more fun, the
(34:39):
more travel and memories you're going toenjoy in your golden years and if you
want to learn more about how youcan protect your retirement or build a strategic
and effective retirement plan is get onthe phone and give us a call eight
three to three MAGI tax. Whyam I saying that? Because we do
holistic planning. We do planning fortax planning, income planning, insurance planning,
(35:00):
investment planning, risk planning, andon and on it goes, and
we build a plan. We usea balance sheet for every client that comes
in because we need to explain toyou what assets you have. Is it
qualified, is it non qualified?Many people come in Chris and they say,
what does that mean? Well,qualified means that you haven't paid the
tax on it yet. Qualified meansthat this amount of money that you have,
(35:22):
or like Chris says, piles ofmoney is going to be taxed at
some point when you have to starttaking out the required minimum distribution And people
think it's the MDR, the RDR. It's not Roosevelt, it's our MD
required minimum distribution. At a certainage, they change that. It used
to be seventy and a half,now it's seventy two. People don't know
that, Chris, and they don'teven know about the standard deduction that when
(35:45):
the Trump tax cuts were implemented,and in two years it's going to expire.
These are things Chris, that theydon't talk about with their advisor and
they're basically confused and they're sitting ina corner like, WHOA, what do
I do now? So that's justit. You know, if you're there,
then what do you do? It'ssimple, just pick up the phone,
schedule time to meet with us.Why let's get together. We have
office on both sides of the bay. You know, let's see if our
(36:07):
philosophies are in line with yours,and let's put together a plan. You
know, that's what it's about.It's really nice when you can go home
and you have a plan, youknow, think about it. Isn't it
really nice Sometimes when you clean yourhouse and at the end of the day
you sit down and everything's clean.It's a great feeling to have. You
know, you don't like the messeverywhere. It's hard to live that way
(36:27):
with all the clutter. But inretirement, yeah, you don't want to
live that way either. You wantto make sure that it's clean. You
want to make sure that you havethe options, you have, the solutions
you have a plan in place,and you have a team around you,
behind you, in front of youto help you through this. And that's
what we do. So pick upthe phone, schedule a time to meet
with us. Eight three three Magietax. That's eight three three Magie tax.
(36:51):
And you know, dad, let'stalk about, you know, in
today's show with what are they goingto do when when people come in and
meet with us, Like, whatdo we do to to to help people
get started on their plan? Well, that's a great question, and it's
very simple. We invite you inand we have these chains on the chairs
and we lock you down until I'monly kidding, only kidding. Now,
(37:12):
here's the point. Most people areafraid to come in to me with the
advisor because they're going to be sold. That's not our style and that's not
what we do. We want toask you questions about what's on your mind.
You have to talk, We're goingto listen. We had a client
that was with another advisor and theywere really upset with them because they said,
you know, guys, they don'tcall me, they don't update my
(37:32):
accounts, I don't know where I'mat. And I kind of sat back
and I said to Chris said,that's not all on the advisor. That's
on the client, because you haveto be the one to say, look,
I want to review, I wantto go over my accounts without hesitation
and without fear that you're going tobe sold. And Chris, that's what's
going to happen. When you comein. We're going to ask you these
questions. We're going to put aplan together. It's called the Maggie Plan.
(37:53):
It's a tax plan, it's aninsurance plan, it's an income plan.
And then you're going to make adecision and we present the plan how
you want to proceed forward. It'ssimple. You talk about building a house,
explain that because that's a simple analogythat you can make. You know,
it's simple. When you go andyou want to build a home,
you work with an architect, someonewho wants to design a house for you.
Right, well, you might notknow how many how many floors you
(38:15):
want or how many rooms you have. Same thing with the plan. You
know, when you come in andmeet with us, let's put together the
plan. You know, maybe wecan make some changes here and there to
make sure that at the end ofthe day you have your financial house in
order. That's what it's about.Making sure that you are in control tax
planning, income planning, investment planning. Visit our website at Maggie Tax dot
com. We're foward to working foreight three to three Magi Tax. You've
(38:37):
been listening to the Magi Tax onFinancial Hour discussing tax planning investment strategies,
presented by Robert and Chris Maggie fromMaggie Tax Advisory and Financial Services with offices
in Hillsboro and Panela's County. VisitMaggie Tax dot com or call eight one
three three two two twenty five twenty. That's eight one three three two two
(38:58):
twenty five twenty and tune in nextSaturday 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 Chriss 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. Hello and welcome to the
Maggie Tax and Financial Show. Thisis Robert Maggie and I'm here with my
son and co host Chris Maggie.Be sure to visit our website, Maggie
Tax dot com. We have alot of information there. We're going to
talk about a new feature in afew minutes that you can actually chat with
us and see if we can getyou an answer right away. Many of
you have questions and you'd like tocall and not be pressured into an appointment,
(01:11):
so we'll talk about that later inthe show. Also, be sure
to visit our website, Maggie taxdot com, and every Sunday at ten
thirty am on ABC TV, watchthe Maggie Tax and Financial Show, and
then after that at eleven o'clock,switch to the radio and listen to our
show on WFLA. Anyway, Ihope everybody's doing good. I want to
welcome everybody. Chris and we havea lot to talk about. We've been
(01:33):
talking about language for the past fewweeks and how people don't understand the retirement
language, and we're going to gointo that today. So you know,
here we go, let's see whatwe got. Well, welcome everyone.
Thank you so much for tuning intoour show. We really appreciate you listening
and we love being here. Whybecause there's so many people out there that
you need help. You know,when people come in and meet with us
(01:53):
there's a lot of confusion. Theyjust really don't know where to go.
They're looking for a plan and direction, looking for confidence, look for clarity,
looking for peace of mind, andthere's ways to do that. So
throughout today's show, visit our websiteat Maggie Tax dot com. There's so
much information right there at your fingertipsto educate you. And that's what it's
all about. So if you havequestions, that's what I'm talking about.
(02:13):
Eight three three Maggie Tax, pickup the phone, schedule time to meet
with us. We have offices onboth sides of the Bay to help you.
And we're talking about language, retirementlanguage, and we need to translate
that to you. Why because it'sjust easier when you understand the lingo and
also understand what's happening in this economythese days, and we need to come
(02:34):
up with strategies and options. Theyare available if you work with the right
advisor, and there's transactional advisors outthere, there's complete advisors, and you
need to figure out who you wantto work with. That doesn't matter how
much money you have. But mostadvisors out there are retail. They just
want to sell your product or justpretty much do whatever they want to do.
But then you've got to complete advisorsand fiduciaries and people who look at
(02:59):
the whole big picture and really careabout what your plan is all about.
And that's where we are here.So pick up the phone, schedule time
to meet with us, and let'sstart. Dad. Let's talk about the
options and the strategies and what peopleneed to know about. Well, one
thing you just said a whole lotof stuff. I'm sure people out there
wondering. I have questions, SoI almost gonna bring this out there right
(03:19):
now. If you go to MaggieTax dot Com on the bottom right,
we have a chat box. Thisis really a good feature because what Chris
and I talking about today, Gothere right now, ask a question and
we will answer it. So we'retrying to get close to you folks,
because people are busy working and havemany questions. So hit the Maaggie tax
dot Com on the bottom right you'llsee chat box. So when we talk
about retirement and tax planning to manyof you, it is a different language,
(03:44):
and we want to translate that soyou can understand the rules and this
is what we talk about. Anygame you play, you have to understand
the rules and Chris, this isnot a game. This is for real,
This is retirement planning, This istax planning, and know what options
and strategies are available. So let'sstart with what we call the gorilla in
the room. Everyone has one,and we're talking about taxes, income planning,
(04:06):
estate planning, and investment planning.And we call this a holistic approach.
And that's what we do because whenyou come in and meet with us,
we want to talk about everything toyou. It's a question you have
to ask. Ask us the questionswe want to find out more about you.
And the question for all of youis do you think taxes will be
lower, maybe stay the same,or even be higher. And that's the
(04:28):
gorilla in the room, Chris,that we're talking about. And you have
to be certain that you have acomplete plan. Maybe many of you have
an incomplete plan. Think about that. And maybe some of you just do
not understand the language. So weneed to translate that so you can understand
eight three three Maggie Tax. Besure to visit our website Maggie tax dot
com and click on the top rightthe retirement calculator. Chris. We have
(04:51):
helped so many people understand the retirementtax bill just by that little link alone.
So go to Maggie tax dot Com, hit the retirement calculator. It's
right there and in thirty seconds wecan help you out. And that's just
it. You know, people needto understand what's going on with their retirement.
You know, you work so hard, this is your money, you
know, why go ahead and putit away for so many years and then
(05:12):
really just don't know what to dowith it. Many people out there don't
understand the distribution phase of their retirement. They're in the accumulation phase. They
just put money in, they workMarco's up and down, volatility happens,
and they just keep going moving forward. But really, is that what you
want during your retirement years. Youhave to understand that there's a different phase,
and it's called the retirement phase andthe distribution phase of your retirement,
(05:36):
and that's what we specialize in doing. So pick up the phone, schedule
time to meet with us. Eightthree three MAGI attacks. Meet with us.
We can explain the language of retirementplanning. We can understand what options
are available out there, and wecan translate them to you. Eight three
to three MAGI tacks. You know, let's talk about the Great American savings
myth. You know, we're alltaught to do this. We're we're taught
(05:59):
to even a deferred account like anIRA, a pom one K, or
a step plan with a self employmentplan, or even a qualified plan.
A qualified plan is a plan withthe government because you have agreed to defer
the taxes until you retire, hoping, hoping you will have enough income and
maybe pay fewer taxes. But guesswhat, when we do tax planning each
and every year and every day,every month, that's what we do.
(06:23):
We see them many people out there. They've saved for retirement, but guess
what, they're not in a lowertax bracket, maybe a slightly, but
guess what, there's paint a lotin taxes still and they don't know and
they don't like it because they justdon't know what else to do. So
we have the new rules of retirement, and if you're uncertain which plan you
have, give us a call eightthree to three Maggie Tax. We have
to have this conversation with you.Visit Maggie tax dot com right now,
(06:46):
click on the retirement calculator at thetop and in thirty seconds, we can
tell you what your tax bill isgoing to be when you reach age seventy
two and are required to take theRMD, which a lot of people don't
understand. They say DMR rm Dthat's a required amount that the government says
you have to take out. Andthen also on Maggie tax dot Com on
the bottom right, there's a chatbox. Ask a question. Let's get
(07:08):
the answer for you because you knowwhat unknown rate are we going to pay
when you take that money out.Taxes are low right now, but if
you believe taxes are going to goup, then think about it. What
you're paying in taxes now, you'renot going to pay later. Chris,
that's the gorilla in the room.Eight three to three Maggie Tax. So
let's let's fight the gorilla in theroom. Let's make sure that we get
(07:29):
the gorilla out of the room rightnot, because that's what we need to
do. We need to move forwardin retirement without worrying about the big gorilla
in the room. So are youlooking through a micro lens or are you
looking through a macro lens to reduceyour taxes? Because now is a time
to have the big picture conversation.You need to understand what's there, what's
(07:51):
out there to help you and protectyou. Look through a macro lens so
you can reduce your taxes over yourlifetime. Visit our website at Maggie tax
dot again, there's so much informationright there at your fingertips. Click on
the retirement tax calculator and in thirtyseconds it'll show you how much in tax
you're gonna have to pay on yourretirement dollars. How important is this so
(08:13):
important? Because now is the timeto take advantage of it now as opposed
to five, ten, fifteen yearsdown the road when you're basically gonna be
affected by these and you have noother option. Well, you talked about
it before two words accumulation phase anddistribution phase. And in the accumulation phase,
the cool thing about it, yousaved, which that's what we do.
But you saved in a retirement account, got a tax deduction, and
(08:37):
every year you got a tax deductionto lower your taxes. And that's good.
But then when you retire and youget to age seventy two, you
have to take out the requirement anddistribution. That is the unknown, that
is the gorilla in the room.We don't know what taxes are going to
be, so when the Trump taxcuts go away, we're going to be
in a higher tax bracket. Sotax planning is essential, essential today,
(08:58):
so you can see the that youhave and reduce your taxes today. And
if your advisor or your CPA oryour broker is not discussing that, why,
you have a right to ask themand ask them. Gee, if
I sell this stock or whatever Ido, if I buy a house,
what's the tax consequence. That's thequestions Chris that we get. So if
you go to Maggie tax dot comand we just hit a nerve, you'll
(09:20):
see the chat box on the bottomright. Ask your question. Let's see
if we can help you and getit straightened out. Because you know,
Chris, it's all talked by thewater fountain cool of this and that,
and we hear that so many times. And folks, if you're getting the
wrong information, then please eight threeto three MAGI Tax set a time you're
going to meet with both Chris andI. We have three locations, one
in Tampa, one in Saint Peteand Palm Horror. This is easy,
(09:43):
you just have to take the timeto do it. And you do it
now get the answer that you want. Eight three to three Maggie Tax.
That's just it. If you're lookingfor a complete plan, we can help
an income plan, tax plan,and investment plan. What about social security
maximization planning? What about a stateplanning? You have a will, trust
PALV attorney? Do you have thosedocuments? Are the old documents? Well,
(10:03):
let's analyze those and we can havethe professionals do that. That's what
we do here. So pick upthe phone, schedule a time to meet
with us. There's so much informationto help you. There are strategies to
help you. There are strategies thatyou can you can take advantage of now
to put you and your family ina better situation to have more income on
a most tax efficient way. Eightthree to three Magi tax. That's eight
(10:26):
three to three mag attacks. Sobe sure to visit our website Maggie tax
dot com. Click on the linkat the top the retirement calculator and let's
figure out what your retirement tax billis going to be. Come in and
meet with us and we can showyou some strategies and concepts that can reduce
that. Also, we have achat box on the bottom right. So
if you're listening today and you wantto go to our website, you have
(10:46):
any questions, put in the question. We'll get back to you a three
to three Maggie Tax and be sureto watch our TV show every Sunday on
ABC at ten thirty. Stop planningfor Uncle Sam's retirement and start planning for
your retirement. As we return tothe Maggie Tax and Financial Hour with your
host, father and son Robert andChris Maggie. For additional information on how
(11:09):
you can create a tax free retirement, visit Maggie tax dot com. That's
ma Ggi tax dot com or calleight one three three two two twenty five
twenty. That's eight one three threetwo two twenty five twenty. Now your
host for the Maggie Tax and FinancialHour, father and son from Maggie Tax
(11:31):
Advisory and Financial Group, Robert andChris Maggie. Welcome back, and you're
listening to the Maggie Tax and FinancialShow. And if you just joined us,
be sure to visit our website atMaggie Tax dot com. We're talking
about retirement tax free money. Butgo to the retirement tax bill and see
what your bill to Uncle Sam isgoing to be in IRS again, Maggie
(11:52):
tax dot com. Be sure towatch your show every Sunday tomorrow at ten
thirty am. And it's an educationalshow and one of the things Chris and
I have learned and we're going totalk about that in a minute. We
learn more from clients coming in andhearing our radio show and then come in
and they say, look, guys, this is what's going on in my
life. So I just want tokind of talk about a few clients Chris
that will relate to a lot ofthe people listening because he's the thing that
(12:13):
I see. Don't be afraid tocall and make an appointment. There's no
charge for the first apployment. Andthat's a big question we get all the
time. The second question we getare we're going to meet with you?
And Chris, absolutely, you're goingto meet with both of us. Why
do we do that? Because I'vebeen doing this for a long time,
my son has been doing it fora long time. The only way that
we can help you is if youlet us talk to you one on one
(12:35):
and do what you're asking. Let'screate a plan. And Chris, so
many times we see this where theycome in like, you know, I
don't have a lot of money.Let me tell you something. Whatever you
have is a lot of money,because why Chris, it's their money,
that's it. That's exactly it.You know, there's other advisors that you
have to have a certain amount ofmoney to even meet with them, you
know, But to us, itdoesn't matter. Why because you have the
same concerns that millionaire people have.They don't care if you have one hundred
(12:58):
thousand dollars, it doesn't matter.The point here is that you've saved.
You have questions, You're not gettingthe right education or the information. So
that's why you need to come inand meet with us a three to three
Magi tax. Schedule time to meetwith us. But let's go into some
of the clients that we met withover the past couple of weeks. Because
the same stories are here. Weneed to share them with our clients and
(13:20):
with people out there listening today becauseyou are here in the show and guess
what, you have the same questionsand concerns. So come on in and
we can help you out a threeto three Maggie tax. So let's talk
about a client that came in.He has three advisors. He listens to
us on the radio, he watchesus on TV, and like many of
you, he wants to know whyhe should work with Maggie tax. And
(13:41):
that's a great question, and youshould ask the advisor why should you work
with them, because if you don'tget the answer, then why are you
there. The number one reason istax planning. Many of you are concerned
about taxes. Christen, we dotax planning with every single client, and
many of you are concerned about whenyou should the R and D And that's
it. You know, many peoplehave questions about taxes and an rm D
(14:03):
requirement and distribution. You have totake it at seventy two from your iras
and fulling k's TSPs if you havethem, if you have stopped working.
But at seventy two you have totake this distribution or there's a fifty percent
penalty for not taking it. Soone of the things is taking the distribution.
Also, it's about tax planning,how to reduce your taxes, have
(14:26):
more income in the most tax efficientway. So let's go back and talk
about the client that had three advisors, and we asked him why do you
have three advisors? Because he saidhe wants to give each one of them
a chance to see which one cando a better job. But in asking
that question, none of them didtax planning, and he was very concerned
about that. So, if you'reconcerned about taxes, you need to ask
(14:48):
your broker, or your banker,or your CPA about the requirement of distribution.
So go to Maggie tax dot com, click on the retirement calculator and
put in your numbers and in thirtyseconds, I can tell you your tax
bill to Uncle Sam. So,if you have a deferred account, like
Chris mentioned, a four oh onek A TSP and IRA at age seventy
(15:09):
two, you have to start takingR and D. And here's the best
part of that. If you're young, say sixty two, you have ten
years to strategically take that money outand reduce your taxes. Is your broker,
your advisor, or your CPA talkingabout that, No, they're not.
And here's another client that comes in. He has a million dollars in
his IRA, and we figured hisRMD from the retirement calculated to be about
(15:33):
eighty five thousand dollars a year.He was like shocked, Really that counts
as income. Chris and raises histax bracket. And here's the other part,
it's going to affect his Part BMedicare premium. Is your advisor talking
about all this, That's just anappointment that we had Chris on the first
appointment and that's it, you know. So you know, we helped him
do tax planning and income planning andalso investment planning. We help him develop
(15:56):
the risk with his accounts because weput together bucket planning and that's what we
do each and every day. There'ssome risk accounts, there's some non risk
accounts. It's about you, whatdo you want? This is your money,
not our money, not your advisors, not your CPS. It's your
money. So these are things thatwe see. And those three advisors.
The interesting thing about is we understandhe wanted diversification between advisors. But here's
(16:18):
the common theme that he had withall three advisors that he did not really
have. He had a transactional advisor. All those three advisors are transactional.
All they do is just sell product. He had a variable annuity here,
he had a mutual fund there,he had a CD there, and guess
what, he had no planning.He had no planning. He had three
(16:38):
advisors. He thought he was doingthe right thing because of diversification, but
again he was just in the samefrying pan. And that's where many people
out there don't know the difference betweenadvisors. There's transactional advisors, there's complete
advisors, right, and that's wherewe come in. We're a complete advisor.
As a fiduciary. We could dothe best thing for our clients.
(16:59):
Do tax planning, investment planning,income planning, social security maximization planning,
Medicare planning, estate planning. Welook at the whole thing. Why because
people need this. You know,you have an account everywhere? Are they
titled the right way? Guess what? Most of the time we see they're
not. Yeah, they're going togo through probate. Just little things like
a checking account and save me's account. My gosh, you're a current advisor
(17:22):
for for fourteen years or your threeadvisors, you have not one of them
told you had to title an accountthe right way? So what avoids probate?
Seriously, that's what we're talking about. So pick up the phone,
schedule time to meet with us.Just another reason why you should consider working
with Maggie Tax Advisory and Financial Group. If you're looking for a plan,
we can help. It's called theMaggie plan. That's what we do,
(17:45):
a three to three Maggie tax.And many times, and I've said this,
let's talk about the gorilla in theroom. There's a lot, you
know, there's the taxes, theincome to RMD, and let's talk about
the risk that you're taking. Let'stake it off the table. Don't be
afraid to have a steel review.And Chris has done this many times.
You do a review and a clientsits there and he goes, well,
my advisor never told me that.No, because you never asked them,
(18:08):
and you have more risk than youneed to be taken. And then the
big thing in all of this ishow do you feel about taxes in the
future, about your retirement income.So these are the things that when you
ask us why we should work withyou, we just gave you a bunch
of them. So pick up thephone eight three three Magi Tax. Be
sure to visit Maggie Tax dot com, click on the retirement calculator and make
(18:30):
an appointment eight three to three MaggieTax. And don't forget tune in every
Sunday on ABCTV at ten thirty amfor the Maggie Tax and Financial Show.
It's a thirty minute show. Andwhat we do is we educate you.
There's so many different topics. Wetalk about income planning, tax planning,
investment planning, when's the best timeto take social security? Many people have
no idea what we can help andalso a state planning. Do you have
(18:53):
a will, palvitternity and trust,well, come to us, let's sit
down and talk about it. Eightthree to three Maggie Tax. Stop planning
for Uncle Sam's retirement and start planningfor your retirement. As we return to
the Maggie Tax and Financial Hour withyour host, father and son Robert and
Chris Maggie. For additional information onhow you can create a tax free retirement,
(19:15):
visit Maggie Tax dot com. That'sMaggi 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,
father and son from Maggie Tax Advisoryand Financial Group, Robert and Chris Maggie.
(19:37):
Welcome back everyone, and thanks forjoining us today. My name is
Robert Maggie. And I'm here withmy son and co host Chris Maggie.
Today we're talking about the services thatwe offer and that many of you need
but don't even know it. Andwhat I mean by that is we offer
financial services, we offer tax services, in legal and also insurance. And
that's called a complete plan. AndChris and I talk about this and many
(19:59):
of you, whether you know Iwould or not, have an incomplete plan.
But there's still a lot more,Chris, that people need to understand
because when we talk about a completeplan and we put all this together,
the next step is when do youwant to retire? Number one? If
you want to retire now or later. And we had a client come in
this week and we'll talk about it. They just found out they're going to
retire in June. So the biggestquestion the wife had was do we have
(20:22):
enough income? And we put thisbinder together with an asset map to show
them where their money is because theyhave money allocated in different things, save
money and some you know, redmoney, which is fine, but then
we asked them the question how muchdo you need? And guess what they
said, I don't know, SoChris, that's a problem, okay,
And let's talk about that, becausewe had to back up the bus to
(20:44):
go back to Social Security because he'sgoing to retire health insurance, and then
what the cost is going to be, and then we have to put this
whole thing together. That's just it. You know, you mentioned a complete
plan and incomplete plan, and wewere fortunate to meet with them a year
ago and we put together a wholeplan for them, and he was still
working and he's sixty five years oldand he said, I want to work,
mebe a couple more years. Andshe's retired. So they live on
(21:08):
his income every month and it's fourthousand dollars a month coming in. They
have a million dollars. And weput together a plan last year and we
allocated different buckets and we had bucketplanning and some safe money and some money
that's in the market, and wemanage it. And he also has a
complete plan where everything if anything gotfor bid happens, it's going to go
to his beneficiaries and avoid the probateprocess. But bottom line, when he
(21:30):
came in for a review yesterday,I want to talk about this because it
might be on a lot of people'sminds. Even though they had a million
dollars. The perception that many peoplehave is said, oh my gosh,
get to a million dollars or you'rea millionaire and you have no concerns.
Well, these people and these clientsreally sat down and their next play was
(21:51):
I got to retire. And theythought about this for a while, and
they thought about what's going to happenbecause they don't know, and we educated
them and we sat back and theirbiggest concern was running out of money.
And these are people who don't needa dime of these assets, but their
main concern sleepless nights about running outof money. Every purchase that they go
(22:15):
about wanting to execute, they havea second guessing it because their fear of
running out of money. And ifyou're listening today, it doesn't matter how
much money you have, whether youhave three hundred thousand or three million,
it doesn't matter. A lot ofmillionaire people are worried about running out of
money. And that's the whole pointhere. If you don't have enough income
(22:37):
sources and you don't have your accountset up the right way for guaranteed income,
you might run out of money.But these clients here, when they
came in and met with us thatwe'll explain you talk about the income side
of it with the Social Security andthe foundation. But we started and explained
to them the different buckets of money. So let's start that with the social
security and we explained the balance sheet. But where'd it go from here?
(22:59):
Well, when I asked the Jaiand when he's going to retire, he
said, Bobby, I'm going toretire in June. So I looked at
we put a binder together, wedo an asset map and a social Security
maximization report, and that's what wedo for everybody. But the bottom line
was that he's going to take solidsecurity, which I think he was going
to get twenty six hundred dollars amonth. Now. His wife was sixty
five. She won't be six,I'm sorry, sixty four, won't be
(23:21):
sixty five till next year. Sobecause he's leaving, problem number one was
they had insurance covered through his work, but then if he leaves in June,
she has no insurance. So itwas a big gap there with health
insurance because he's going to be onMedicare, but then she needs to go
out to the market and get healthinsurance for one year, right, now
(23:42):
the reason why I ask questions likethis and all of you, how much
income do you need? Stop andthink about what you're guaranteed income? For
him, it was solid security forher, she could take Social Security as
well. So about twenty six hundredI think it was for him, I
think because it was about thirteen hundred. So that's what almost four grand a
month? What was the need ofincome that you just said? Well,
(24:03):
it's interesting. When I sat downand talked to them, we asked them
what was your how much do youneed every month? And they looked at
one another. I said, Idon't know, maybe four grand, but
we want to travel, okay,So I said, is it five thousand?
I said, well, we mightwant to do a couple more things,
so is it six thousand? Sowhat I did was I used the
calculator it's the present value calculator,and put their assets in there and explain
(24:26):
to them if they take out twothousand dollars more a month to get the
six thousand dollars, that's twenty fourthousand dollars a year as distribution off their
million dollars. By doing that everyyear, they will never outlive their money.
If they take out two thousand dollarsa month, and we let it
grow at very conservative, very reasonablerates. Guess what, they'll still have
(24:51):
one point four million dollars by thetime they're ninety five years old. So
right there, they stopped and lookedat one another and said, oh,
my gosh, say, what doesthat mean to you? Because you can
take more income every month. Youcan take five thousand dollars more income on
top of social Security. If youwant to, you can go ahead and
not take that amount. It's upto you. It's about how much you
(25:12):
need and what are your goals.So when they sat back and they looked
at this, it was a bigrelief that came off their shoulders. You
can see it, you can feelit, and it was actually more of
a teary eyed visual look in theireyes because they never were told this.
And as my dad mentioned, they'rein their sixties, and with all due
(25:33):
respect, a lot of people outthere are listening today and they're older than
me. But the point is thatthey never got this information and the education.
So why is it so important wedo our show because of these reasons?
And if you're listening today, we'repassionate about helping you. If you're
out there and you're listening, andyou have any questions and you wake up
in the middle of the night.We'ren't about running out of money in taking
(25:56):
these purchases and can I buy?Do I not buy? What do I
do? And they restrict you,then now's the time to pick up the
phone and give us a calls.Eight three to three Maggie tax. That's
eight three three Maggie tax. ButDad, when you saw the look and
you said, of the feel,how did that make you feel? I
felt really bad because I know thatthey didn't understand they were looking for help,
and they were kind of sitting theredumbfounded, like I think we're gonna
(26:18):
run out of money. But here'swhat I did, And this is what
Chris and I talk about, theMaggie Plan. The Maggie Plan is a
tax plan. It's an income plan. I repeat it. It's an income
plan, it's an investment plan.It's a legacy plan. So if you're
gonna sit down with us, thisis what we're gonna do with you.
Because the first question I want youto tell us is how much do you
(26:38):
need to retire? Because if you'regonna work, you're getting income coming in.
I get that, but when youretire, you still have to have
income coming in, Chris. Sofor this gentleman and his wife, they
did not understand how the guaranteed moneyis a base you sold security, you're
going to get it, a pension, you're going to get it. And
just like Chris mentioned before, youdon't know what you don't know, meaning
(27:02):
that you probably have enough to retire. And Chris made a simple illustration to
them about the future value of money. The money they had is going to
last them more years than they willlive, and not only that, they
could take out more. In theway things are today, people are worried
about inflation, people worried about runningout of money, health insurance. And
(27:22):
when you sit down and do aplan like this, they set back,
and Chris mentioned they were tearioid oncewe told them. It was like a
big elephant. Chris off their shoulderwhen you told him that, how did
I feel? I felt great?How did you feel well? The same
way. And that's why we dowhat we do, and I you know,
we're very grateful, We're very thankful, and we love doing what we
(27:44):
do. And we do the samething for you because you know, you
need education. Where's the last classyou had on how to develop an income
plan or an investment plan, orhow to consolidate your accounts, or how
to pass my assets to the nextgeneration in the most tax efficient way.
Or what about media care and healthinsurance, or what about sol scurity maximization,
or what about college funding if youhave a child that needs to go
(28:07):
to school. These are the thingsthat we do each and every day.
That's complete planning. That's what wetalk about the Maggie Plan. So pick
up the phone, schedule time tomeet with us. Eight three three Maggie
Tax. That's eight three three MaggieTax. Get the Maggie Plan because it's
a tax plan, it's an incomeplan, it's an investment plan. It's
a complete plan and they challenge allof you in a good way. Go
to my website Maggie Tax dot com. Why because I have free webinars on
(28:32):
there. A lot of people don'twant to go to seminars or it's too
crowded, or you know the situationnow with COVID. Then go to my
website Maggie Tax dot com. Werecorded thirty minute videos and a website on
everything we talk about you need togo there because it's going to help you
understand. Well, maybe I'm notso bad. And I have people call
(28:52):
me every day and say, youdon't I don't want Biden to get by
money. He's not going to getit if you do a plan. Okay,
if you do a plan, I'llgive you an example on this one
too. They had qualified money andthey had some wroth and the question was,
can I start moving my money fromthe qualified plan to the wroth plan?
We did? What did we tellthem? Chris? Wow? So
it was like a just an enlightenmentright, a moment and aha moment they
(29:17):
had, and they said, well, we can do more. So we
talked about what if you get themoney out of this qualified bucket and make
it tax free, eliminate Uncle Samforever? How would that make you feel?
Say, look at each other again. They said, well, how
can we do that? I said, well, we'll educate you on that,
we'll show you what we can do, and then you know, let's
put it together. And they saidthis is the best review they've ever had.
(29:38):
And I felt like I was lecturingthem in some way, and they
said, no, no, no, no, we apologize because we should
have known this. We should havetaken our time to go over this years
ago and get the advice. Andwe're so glad that they came in and
met with us. No, justgo and no, no, are you
wrong? And I'll tell you whybecause when you have and listen to radio
shows like this, and you listento financial advisors, you need to ask
(30:00):
them questions. You need to askthem how am I going to get income?
It's not just about a stock bondon a mutual funnel, your brokerage
account. You know, it goesup, it goes down. Talk about
a plan, and we talk abouta complete plan. We talk about the
Maggie Plan. So check out mywebsite Maggie tax dot com. The Maggi
Plan is a tax plan, it'san income plan, it's a legacy plan,
(30:21):
it's social security plan, it's everythingthat you need. How many of
you do not have that? Anddon't look. I don't care how much
money you have. You don't haveto have a million dollars to come in
here and work with us. Everyoneout there has a retirement account. This
is your money. Be clear onthat you worked for it, You saved
for it, So don't be afraidto come in and say well, gee,
this is all I have. UhAh, that doesn't work, Christen.
(30:42):
The point is that they think thatbecause they've been told that that's exactly
right, and you don't have toworry about that when you come here.
So pick up the phone, scheduletime to meet with us. Eight three
to three magi tax. As mydad mentioned before, there's so much there
on our website eight three three magitax. Or when you come in me
with us and then we'll give youa lot more eight three to three magi
(31:02):
tax. We look forward to meetingwith you. Stop planning for Uncle Sam's
retirement and start planning for your retirement. As we return to the Maggie Tax
and Financial Hour with your host,father 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 taxdot com or call eight one three three
(31:26):
two two twenty five twenty. That'seight one three three two two twenty five
twenty. Now your host for theMaggie Tax and Financial Hour, Father and
son from Maggie Tax Advisory and FinancialGroup, Robert and Chris Maggie Welcome back
everyone. Thanks for tuning into theMAGI Tax and Financial Show. We welcome
you back to our show. Andas we discussed before, tune in every
(31:48):
Sunday on ABCTV at ten thirty forthe Magi Tax and Financial Show. It
to a thirty minute show fill witheducation to help you in a lot of
different topics. And today we're talkingabout the risks especially in retirement. We
talked about longevity risk. We talkedabout market risk, we talked about healthcare
risk, we talked about medicare,we talked about just income risk. Well,
(32:10):
what about policy risk? Dad?What's policy risk? Great question,
and this is the last retirement riskto be on the lookout for. Is
policy risk? And what is that? This is associated risk associated with any
possible retirement benefit cuts that may occurduring your entire retirement years. And what
I'm talking about is people who haveworked for companies and found out that their
(32:31):
benefits have been reduced. You'll probablyget a letter in the mail that they
have cut this and they have cutthat. So be aware of that because
things are changing, and it's oneof the most severe risks of them all.
Because Social Security Trust Fund is projectedto be depleted of money in twenty
thirty five, which is going tocause a twenty four percent cut to your
Social Security benefits. We've been listeningto that, so prepare for that.
(32:53):
So how do we prepare for that? The only way is to stay ahead
of this retirement risk is to ensurethat you your retirement savings plan is not
reliant on government benefits to live andsurvive. And we talk about legislature risk
all the time, and that's whereCongress can change the rules anytime. And
it's always amazing, Chris. Everyfour years you get a new election and
(33:14):
people go like, oh man,we're gonna wait till the election's over.
Look, folks, you know this. They can change the rules anytime because
it's written in pencil. And weknow that because we talk about it.
So legislature risk is the biggest onethat you have to be aware of,
as well as the risk of Chrisand I are talking about today and that's
it. So these risks obviously arethere in retirement. There's risks everywhere,
(33:34):
you know, waking up in themorning, going outside, you know,
traveling. But when your financial risksare there, you can control a lot
of these and you want to buildyour retirement plan in such a way that
you're able to live on your ownsavings alone, and any potential social Security
benefits are just an extra added incomethat can be used to supplement your savings
or even use that those funds toinvest. So a lot of people can
(33:58):
position themselves in a better environment.We don't have to worry about what's going
to happen and all the news andthe noise and rumors and the noise my
gosh, I mean, it justmakes people worrying, you concerned. You
don't want to live like that,especially in retirement. You know, you
worked hard put together retirement plan that'sgoing to benefit you, not your advisor.
(34:19):
You pick up the phone, scheduletime to meet with this. We
can help you with this eight threeto three MAGI tax. So the point
we're trying to make is no matterwhat stage of your retirement planning you're at,
you want to be prepared for allof the risks that we talk about
today. So the more steps thatyou take to protect to secure your retirement
savings in plan because planning is thebig thing, the more fun, the
(34:39):
more travel and memories you're going toenjoy in your golden years and if you
want to learn more about how youcan protect your retirement or build a strategic
and effective retirement plan is get onthe phone and give us a call eight
three to three MAGI tax. Whyam I saying that? Because we do
holistic planning. We do planning fortax planning, income planning, insurance planning,
(35:00):
investment planning, risk planning, andon and on it goes, and
we build a plan. We usea balance sheet for every client that comes
in because we need to explain toyou what assets you have. Is it
qualified, is it non qualified?Many people come in Chris and they say,
what does that mean? Well,qualified means that you haven't paid the
tax on it yet. Qualified meansthat this amount of money that you have,
(35:22):
or like Chris says, piles ofmoney is going to be taxed at
some point when you have to starttaking out the required minimum distribution And people
think it's the MDR, the RDR. It's not Roosevelt, it's our MD
required minimum distribution. At a certainage, they change that. It used
to be seventy and a half,now it's seventy two. People don't know
that, Chris, and they don'teven know about the standard deduction that when
(35:45):
the Trump tax cuts were implemented,and in two years it's going to expire.
These are things Chris, that theydon't talk about with their advisor and
they're basically confused and they're sitting ina corner like, WHOA, what do
I do now? So that's justit. You know, if you're there,
then what do you do? It'ssimple, just pick up the phone,
schedule time to meet with us.Why let's get together. We have
office on both sides of the bay. You know, let's see if our
(36:07):
philosophies are in line with yours,and let's put together a plan. You
know, that's what it's about.It's really nice when you can go home
and you have a plan, youknow, think about it. Isn't it
really nice Sometimes when you clean yourhouse and at the end of the day
you sit down and everything's clean.It's a great feeling to have. You
know, you don't like the messeverywhere. It's hard to live that way
(36:27):
with all the clutter. But inretirement, yeah, you don't want to
live that way either. You wantto make sure that it's clean. You
want to make sure that you havethe options, you have, the solutions
you have a plan in place,and you have a team around you,
behind you, in front of youto help you through this. And that's
what we do. So pick upthe phone, schedule a time to meet
with us. Eight three three Magietax. That's eight three three Magie tax.
(36:51):
And you know, dad, let'stalk about, you know, in
today's show with what are they goingto do when when people come in and
meet with us, Like, whatdo we do to to to help people
get started on their plan? Well, that's a great question, and it's
very simple. We invite you inand we have these chains on the chairs
and we lock you down until I'monly kidding, only kidding. Now,
(37:12):
here's the point. Most people areafraid to come in to me with the
advisor because they're going to be sold. That's not our style and that's not
what we do. We want toask you questions about what's on your mind.
You have to talk, We're goingto listen. We had a client
that was with another advisor and theywere really upset with them because they said,
you know, guys, they don'tcall me, they don't update my
(37:32):
accounts, I don't know where I'mat. And I kind of sat back
and I said to Chris said,that's not all on the advisor. That's
on the client, because you haveto be the one to say, look,
I want to review, I wantto go over my accounts without hesitation
and without fear that you're going tobe sold. And Chris, that's what's
going to happen. When you comein. We're going to ask you these
questions. We're going to put aplan together. It's called the Maggie Plan.
(37:53):
It's a tax plan, it's aninsurance plan, it's an income plan.
And then you're going to make adecision and we present the plan how
you want to proceed forward. It'ssimple. You talk about building a house,
explain that because that's a simple analogythat you can make. You know,
it's simple. When you go andyou want to build a home,
you work with an architect, someonewho wants to design a house for you.
Right, well, you might notknow how many how many floors you
(38:15):
want or how many rooms you have. Same thing with the plan. You
know, when you come in andmeet with us, let's put together the
plan. You know, maybe wecan make some changes here and there to
make sure that at the end ofthe day you have your financial house in
order. That's what it's about.Making sure that you are in control tax
planning, income planning, investment planning. Visit our website at Maggie Tax dot
com. We're foward to working foreight three to three Magi Tax. You've
(38:37):
been listening to the Magi Tax onFinancial Hour discussing tax planning investment strategies,
presented by Robert and Chris Maggie fromMaggie Tax Advisory and Financial Services with offices
in Hillsboro and Panela's County. VisitMaggie Tax dot com or call eight one
three three two two twenty five twenty. That's eight one three three two two
(38:58):
twenty five twenty and tune in nextSaturday at five for the Maggie Tax and Financial Hour
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If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.