Episode Transcript
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Speaker 1 (00:00):
All these years you've saved up planning for a secure retirement,
but if you're not careful, it will be the irs
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 Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
in tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two 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 now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:53):
Welcome everyone, and thanks for joining us today. My name
is Robert Maggie and I'm here with my son and
co host, Chris Maggie. Visit our website, Maggie Tax dot Com.
There's a lot of information there. Click on the retirement
calculator if you have an IRA or a four to
one K, take a look and see what your retirement
tax bill is going to be. And then come in
and let's do some tax planning. Let's do some income planning,
investment planning, insurance planning, and let's talk about the Maggie plan.
(01:16):
Visit Maggie tax dot com. Well, give us a call
eight three to three Maggie Tax. So, Chris, we're getting
a lot of questions about Roth conversions. Some people are
doing it wrong, some people are getting the wrong information.
And as you know, and as everybody else out there knows,
we specialize in tax planning.
Speaker 3 (01:32):
So let's talk about Roth conversions today.
Speaker 4 (01:34):
Absolutely, so welcome everyone. I'm Chris Maggie. Thank you so
much for tuning into the show. And that's correct. Wroth
conversions many people talk about. Many advisors talk about it,
but they don't complete the story because they don't tell
you what the tax menification is going to be. You
go to your tax for pair and they go ahead
and just do your tax return. But again, how much
should you convert? So a lot of things you need
(01:56):
to be aware of when you do convert it's not
just whatever and one should do Some people should do it,
some people should not. So that's why it's so important
to work with the right advisor who understands investments and
income planning and tax planning because if you do it
the wrong way, you're going to get this tax bill
that you owe thousands of thousands of dollars for taxes.
And it doesn't have to be that way, So you
(02:17):
don't want to be surprised. And that's what we want
to talk about today. Is a roth conversion right for you?
Should you do it? And those are things that many
people have questions on. So visit our website at Maggie
tax dot com, pick up the phone, schedule time to
meet with us eight three three Magi Tax Maggi tax
dot com for more information and we can help you.
Speaker 2 (02:36):
And one of the things that we do that other
advisors do not do is we do it from a
tax return. So if you're thinking of a rough conversion,
don't just go to your tax guy and convert the
money and then pay the big tax. Do it strategically
and have a plan. Here's the question, is it tax
season right now?
Speaker 3 (02:51):
Chris?
Speaker 4 (02:51):
It's always tax season in our eyes, because taxes are
our biggest expense and you need to always make sure
that you are aware of the tax liability.
Speaker 2 (03:00):
And the reason why I asked that question because in
Maggie Tax, it's tax season all year round. So it's
not just up to April fifteenth, or October or September,
whatever the extensions are. It's all year round, and right
now I think most of you out there are concerned
about if taxes go up. The question is taxes are
going to go up, how is it going to affect you,
whether whether you have an IRA or four to oh
(03:20):
one k. That's why we offer the retirement calculator. We
do advanced tax planning. So now is the time to
call eight three to three Maggie Tax. Right now I
have operators standing by eight three to three Magi Tax.
Let the operator know that this is urgent and just
tell them tax planning at eight three to three Maggie Tax.
I don't care how big your IRA or four to
(03:41):
oh one K is. Folks, you have a deferred account
that you have not paid taxes on. So strategically, no
matter what age you are, whether you be fifty to
fifty five or sixty or even seventy You're going to
pay an unknown tax and that's the problem I think
that most investors have. Most investors hate taxes, but honestly,
when you joy the challenge of minimizing taxes over the
(04:02):
long term. So why is tax planning is an essential
element in smart investing?
Speaker 3 (04:07):
Chris?
Speaker 2 (04:08):
Is that play a big part in many of the
clients that we see, Well, they just committed to buy
a stock bond on mutual fund.
Speaker 3 (04:14):
Well that's it.
Speaker 4 (04:15):
You know, you want to make sure you do complete
planning and get Let's talk about some examples here, right,
So about three years ago at a client came in
had three hundred thousand dollars of their IRA money. So
what do we do. We looked at their tax return
and he was receiving Social Security. He had a pension
and then marriage so she was getting sold security as well.
So they had three income streams. They were getting about
five thousand dollars a month of income, very satisfied covered
(04:36):
their need. But they had three hundred thousand dollars of
IRA money. So this account is fully infected with taxes.
And he said to me, he said, what do we
need to do to get this money out? In the
most tax efficient way. So he's thought about it, and
he said, well, let's just rip off the band aid
and let's go ahead and pay the tax. So I
ran a couple of different mock returns and I showed him,
let's go ahead and just take the three hundred thousand
(04:57):
added to a solid security his pension, and this what
your tax liability is going to be. So he sat
back and it was kind of sticker shocked, and he said,
I don't want to do that, and I said, you
don't have to. Let's run some more. So what I
did was do some strategic planning. And what we did
was we took out thirty thousand dollars a year for
the next seven years. Is a plan was what it
(05:20):
was supposed to be, and we did and Ron still
pays to do it. But over the past three years,
he has paid tax on thirty thousand dollars of conversion.
And again he's only in the eight percent effective tax
bracket on that amount of money. So he's taken money
out of a taxable environment and converting it to a
tax free environment.
Speaker 3 (05:39):
So over the.
Speaker 4 (05:40):
Past three years now he's got eighty five thousand dollars
of money after taxes that he has an a tax
free zone, plus the interest, which is more than when
he converted. So now he's up to over one hundred
and five thousand dollars of tax free money because his
account has now paid the tax, it's earned money, and
now it's on its way to earning more tax free
(06:00):
money in the future. So we got many more years
to do this until he reaches his required minium distribution age,
which is aged seventy three for him. So he is
on a great path moving forward. And every year we
look at this and we're on a tax return and
we talk about should we convert more? But he is
in his sweet spot right now. He doesn't have to
worry about the IRMA tax. He doesn't have to worry
(06:21):
about the Medicare tax, like that's what IRMA is, increase
of Part B premium. And he's sitting pretty. He's got
his income coming in every month. He's converting money to
a tax free zone. His accounts are in a safe spot.
And guess what, he is in control of his return.
Speaker 2 (06:36):
Chris, you just gave everyone a reason out there to
pick up the phone and call eight three to three
Maggie tax because there are situations that Chris is talking
about where a long term tax strategy may save you money.
The only thing is you don't know and you don't
see it, even though it requires paying more taxes in
the short term. That's where tax planning comes in and
what Chris and I do, that's what we do advanced
(06:57):
tax planning all year round at Maggie time and folks,
I'll challenge you if you want to come in and
bring in your information and we'll show you and believe me,
if we can help you.
Speaker 3 (07:06):
We're going to tell you that we're going to help you. Understand.
Speaker 2 (07:08):
But guess what, like Chris said, if we can make
your situation better, and you've got to make the final decision,
not me or Chris, but life has many changes and
you have to be ready and understand the language why
so you can avoid unnecessary taxes Because what's happening now
when the tax cuts expire, it's going to go up
at least thirty percent. Maybe some of you don't see that,
(07:29):
but when you get your taxes in two years, you're
going to see it and you're going to wonder what
I could have done. So consider the long term tax
benefits of WROTH for on one ks and Roth iras
and Chris. There is a difference, right, absolutely there is.
Speaker 4 (07:41):
And that's one thing that we talk about is all
the time is tax free zones, and there is You're right,
the traditional form on K and also the Wroth form
on K if your employer offers these things. But let
me go back to the example that well not example,
but exactly the client that we were working with here
that did this three years ago. When I talk about
the bucket planning, he said to me, well, what do
(08:01):
I do with the money? How can I position it
now where I can have a plan where I can
have safety and some risk and take some chances with
some money. And we put together a bucket strategy using
red money, green money, and yellow money, and he was
blown away. He said, my gosh, this is exactly what
I was looking for. And he said to me, he said,
in two years, so now I might want about maybe
(08:21):
another five hundred dollars a month of income. So I
ran another mock tax return and I showed him if
we take five hundred dollars from his IRA money, this
is a tax ramifications. But if now we use his
tax free account, he can have more money. Next six
thousand dollars a year of income and pay no tax.
And he was blown away. They both were, and they said,
this is exactly what we're looking for. This is a plan,
(08:44):
this is a tax plan, it's an income plan, it's
an investment plan. And to make things even better, we
talked about their accounts again and we said, hey, do
you want this to go through probate or do you
want to make sure it goes to your two kids?
And they said, you know the answer to that one.
We want to make sure the money stays in the family.
We put that together where he has an estate plan,
he's got proper beneficiary designation, he's got an estate plan,
(09:06):
his house, his assets, everything's going to avoid probate and
go to where they want it to go. So that
can happen to you too. Just pick up the phone
and schedule time to meet with us. Eight three to
three Maggie tax and.
Speaker 2 (09:17):
One other point traditional four and win ks. They became
available in nineteen seventy eight as a way to save
for retirement, but the four to one K was the
biggest disappointment created.
Speaker 3 (09:27):
And think about this.
Speaker 2 (09:28):
You get a tax deduction on the front end, and
you get that for many years, and that's great, But
when you start to withdraw the money, you're going to
be paying it all back for many years, and you're
going to be paying three to five times more than
the tax deduction that you received. This is why tax
planning is so important. This is why the retirement calculate
that I have on the website is going to help
you understand this. These plans are offered by employers. The
(09:50):
amount in employee contributes to their account is considered pre
tax and it is deducted from their taxable income. That's fine,
That's what a lot of people did. The retirement account
is tax deferred until the money is withdrawn. During your retirement,
employers often contribute a portion of the employer's contributions called
a match, which is in an added benefit. But it's
all taxable, Chris, every bit of it. And then when
(10:12):
you start talking about withdrawals, which we'll talk about in
the next segment, they're taxed as well. But now at
what age are you taking it out seventy three, seventy
four to seventy five, How much and how much is
it's going to affect your income? This is why tax
planning is so important, right, now pick up the phone
eight three to three Maggie Tax, sit down with us
and go over this. This is going to be something
(10:33):
that's going to be ongoing. And if your tax prepairer
is not addressing these issues like Chris and I are,
shame on them. Eight three to three Maggie Tax. Visit
our website Maggie Tax dot com and every Sunday listen
watch our TV show with ten thirty, The Maggie Tax
and Financial Show. Visit Maggie Tax dot com today and
give us a call at eight three three Maggie Tax.
Speaker 3 (10:54):
That's eight three to three Maggie Tax.
Speaker 1 (10:57):
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 can create a tax
free retirement, visit Maggie Tax dot com. That's ma Ggi
tax dot com or call eight one three three two
(11:20):
two twenty five twenty. That's eight one three three two
two twenty five twenty. Now your host for the Maggie
Tax and Financial Hour, Father and son from Maggie Tax
Advisory in Financial group. Robert and Chris Maggie.
Speaker 2 (11:35):
Welcome back and thanks for joining us today. My name
is Robert Maggie and I'm here with my son Chris Maggie.
And today we've been talking about taxes as we always do,
income planning, state planning, market planning, everything. So one thing
I would like you all to do invite you to
our seminars. Go to our website Maggie Tax dot com,
click on seminars and you'll see the seminars coming up.
They're free, they're educational. There are different locations, so just
(11:58):
go to Maggie Tax and register. Also, don't forget go
to the retirement calculator on top and if you want
to find out what your retirement tax bill is in
thirty seconds, we can help you out. So tax changes
can potentially come in two forms. We're going to talk
about that. First of all, situational changes, which are changes
based on your individual needs and situation. Because everybody's situation
(12:19):
is different, so when you come in and meet with us,
your situation is different than your neighbor.
Speaker 3 (12:23):
We're going to talk about that.
Speaker 2 (12:24):
Situational changes can include how much income that you want
to generate in retirement.
Speaker 3 (12:29):
What is the number, how much do you want to get.
Speaker 2 (12:32):
In retirement, and your filing status as a single, joint
or head of household filer.
Speaker 3 (12:37):
They make a difference.
Speaker 2 (12:38):
And a lot of people Chris don't understand you know,
filing taxes, what it is and the standard deduction, and
I know that's what we're talking about today, But when
you come in, we basically analyze that.
Speaker 3 (12:48):
And take our time, one line at a time.
Speaker 4 (12:51):
Well, when was the last time your advisor or your
tax preper preparer actually did a review of your tax return?
And most times many people have no idea how to
even read the tax return, and you should. You know,
you're supposed to file your tax return and you're supposed
to understand what's on it, and many people get scared
(13:12):
because of all the lines and the numbers on it.
But you don't have to be. It's not saying you
have to do tax preparation on your own. What I'm
saying is understanding what's on it, and before you file
the return, you should understand where the money is coming
from and what you can do on the most tax
efficient way to reduce your tax And if your advisor
or your tax advisor even your investment advisor are causing
taxes because of the income that they're taking from the
(13:35):
different sources of your retirement. Then guess what, you're paying
more tax than you really need to. So are you
It can possibly be, and that's why we need to
do a review. Come in, let's do a tax review,
Let's do an investment in review, Let's do an income review,
let's do a state planning review. That's what we're talking about.
And as you mentioned that situational changes, things do change
in people's lives, and we don't do cookie cutter plans.
(13:58):
This is the same plan is not done for everybody.
This is your money. So when we sit down and
we talk about you and your spouse or you individually,
we're going to put together a plan that's going to
compose of income and investments and your risk and also
making sure that everything stays in the family goes to
where you want it to go. If that's what you want.
So pick up the phone, schedule time to meet with us.
Eight three to three, Maggie, tax schedule time. Let's get together.
Speaker 2 (14:21):
So we talked about situational changes, Let's talk about one
that's very important. It's called legislative changes. What is legislat
your risk. And these are changes that are based on
new laws or regulations from the government, because just remember
everything's written in pencil. So legislative changes can include which
assets are subject to taxation, when those assets are taxed,
(14:42):
and at what level they are taxed.
Speaker 3 (14:43):
So that's a big question.
Speaker 2 (14:45):
Right now, Like with your ires four one ks, the
Trump tax cuts are going to expire in two years,
what's the tax going to be? People don't see that
the way we do it, Chris, when we do an
analysis like the retirement calculator, we know what the tax
bill is going to be. Now we have to figure
out the rest of the story. What's on the tax
return in addition to that, and then bam, what's the.
Speaker 3 (15:06):
Tax going to be?
Speaker 4 (15:06):
That's it, and then after that you can walk away
and spend the money and you don't have to worry
about the taxes anymore. And those two risks are very important,
situational risk and legislative risk. But I would say legislative
risk is way more important because you can't control it. Situations, yeah,
some you cannot change, but you could do the things
in order to change your life and to make sure
that you are you have a right budget in place,
(15:29):
or you control your spending. Those situations that you can control.
But legislative risk is so so scary because if they
change the tax code and they say, well, now when
you start taking money out, it's going to be five
percent more in tax.
Speaker 3 (15:43):
And guess what.
Speaker 4 (15:44):
Now you have to figure out what the tax penalty
with the tax implications are going to be, and that's
less income to you.
Speaker 3 (15:50):
So guess what.
Speaker 4 (15:51):
That changes your lifestyle, That changes what you can and
can't do. So when you come into meet with us,
let's put together playchecks. Let's put together paychecks. But those
play checks are so important because you can fight inflation.
Many people come in and say, well, how do I
in fight inflation with interest rates being so high and
I mean the interest rates at the bank or kind
of fixed account are not keeping up. Well, we can
(16:11):
show you how to have an income because if you
have enough income sources coming in the front door every month,
guess what, it doesn't matter what inflation's going to because
you have enough money to spend for the rest of
your life. So we can help you. Let's put together
a play check plan. Playcheck plan for you. Eight three
to three Maggie Tax that's eight three to three, Maggie Tax.
Speaker 3 (16:29):
Are you confused yet, because you should be. But that's okay.
Speaker 2 (16:32):
But again, what we're offering everyone out there today and
we do it every week, is go to our website,
Maggie tax dot com register for our seminar. They're free
and they're all over Tampa Bay and it's someplace that
you can go to.
Speaker 3 (16:44):
It's about an hour and a half.
Speaker 2 (16:45):
We're going to educate you on a state planning, on
social security planning, on tax planning, on legislature risk, on
market options that you have that you don't have now
that might be better. We're going to talk about red
money green money in the next segment. But Chris, the
point is that people are not understanding the language because,
like we talked about the RMD required minimum distribution that
(17:07):
is confused to everybody since the Secure Act was changed,
and a lot of people don't even know what the
Secure Act was and what it does.
Speaker 4 (17:13):
Well, you know, at seventy and a half you were
able you had to take the require minium distribution and
that's just money out of your retirement accounts like IRA's,
phone k's if you're not working anymore for three b's.
These are all qualified accounts that are infective attack. So
you required to take out a distribution and they change
that to seventy two and then seventy three and then
seventy five with some people. So are you calculating it right? Well,
(17:36):
if not, there's a penalty for not calculating and taking
the distribution. So what are you doing about it? You
know many people just don't know what to do with it. Well,
we can show you what to do with it. To
leverage your money, to have tax free money, to keep
the money in your family, you know, for your spouse,
or for your kids, or for your grandkids. Many people
care about their grandkids. You know, there's a lot going
on these days with the environment and the country and
(17:57):
the world we live in. So would you want to
give your grandkids a step in the right direction if
they need it, as opposed to just found the crowd
and fallen victim to everything. Well, absolutely you would, you know,
if that's the kind heart that you have, and many
people do. But that's why we need to create paychecks
and play checks and make sure you have income for life.
And you have to make sure that your investments are
(18:19):
in the right spot to take advantage of the opportunities
that are out there. Even if the market goes down.
Let's take advantage of the opportunity. Let's not just say,
oh my gosh, everyone lost money, because that's not the
way it works. It doesn't have to be that way
if you have an investment plan. So pick up the phone,
schedule time to meet with us. Eight three to three
Maggie Tax. That's eight three to three Maggie Tax.
Speaker 2 (18:38):
And don't forget register for US seminars coming up. It's
very simple. Go to Maggie Tax, click on seminars. You'll
see all the dates and times and locations. Pick one,
and you know, just register. It's that simple. Get educated,
understand the language on tax planning, income planning, social security,
and everything else that's concerning on your mind. So eight
three three Maggie Tax. We have operators standing by right now.
(18:59):
Eight three to three Maggie Tax.
Speaker 1 (19:01):
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 can create a
tax free retirement, visit Maggie Tax dot Com. That's Maggi
tax dot Com. Or call eight one three three two
(19:23):
two twenty five twenty. That's eight one three three two
two twenty five twenty. Now your host for the Maggie
Tax and Financial Hour, father and son from Maggie Tax
Advisory in Financial Group, Robert and Chris.
Speaker 2 (19:38):
Maggie, welcome back and thanks for joining us today. You're
listening to the Maggie Tax and Financial Show. Don't forget
Every Sunday tomorrow at ten thirty am on ABC TV,
tune into the Maggie Tax and Financial Show. And again,
most importantly, visit our website, Maggie tax dot Com. Why
because on a top right we have the retirement calculator.
So if you're concerned about your taxes and retirement, click
(19:59):
on that button and thirty seconds we can tell you
what your retirement tax bill is going to be and
then you could start doing some tax splenning. Number two,
we have upcoming seminars every month on taxes, social security,
on everything that we do here. So go to the
website up on the top it says upcoming seminars.
Speaker 3 (20:15):
Click on it.
Speaker 2 (20:15):
You'll see the dates in the locations and if you
have time registering, come on out and the other thing.
Many of you are listening to our show and have questions.
We have a chat box. Click on the chat box
and ask the question and we can help you out. Now,
Chris mentioned something before. I just want to touch on
it because when everyone comes into our office, we ask
him why you hear okay, and they tell us because
maybe your taxes or we're not sure about our advisor.
(20:37):
But Chris, you mentioned one thing before. You asked the gentleman,
is safety important to you? Just elaborate on that question
with this client, because it took you in a total
different direction, and even took him in a direction.
Speaker 3 (20:50):
That's exactly right.
Speaker 4 (20:51):
You know a client that came in last week and
he's got over two million bucks and the number is
not important to us. But the fact of the matter
is is when we ask them that question, it does
make sense because we asked him, is safety of your
money important to you? And guess what he said? He
said absolutely at this age it is. So he had
all his papers all over my desk and I'm looking
(21:13):
at them, and he had a variable annuity here, a
mutual fund here, a four one k here, he had
a stock portfolio there and I looked at everything and
I said it again, a safety of your money important
to you? And he said absolutely. And I said, well,
you're all You're in risk. All your money is in risk.
And he said, I know, but I don't know how
(21:34):
or what to do with it. He said, I just
been trained for years to put money away, and I
just did what everyone else was doing. And I put
the money in a four one K and I got
an advisor who just deals with stocks and I and
I put money with this insurance guy and he deals
with variable annuities. And that's that's what I did. So
it was more like a he just told us a story.
(21:56):
It was great, But he said, that's why I'm here.
I want a plan, want to create something because I
know I can't keep doing what I'm doing. If if
the market goes down and the volatility is the way
it is, I will not have what I have on
this desktop.
Speaker 3 (22:12):
Stop you gotta stop you. My heart is bubbling right here.
Speaker 2 (22:16):
The thing that what Chris just said, and this is
for many of you, and you'll understand, you are going
by the old rules of retirement. They're old, they don't work.
So we want to teach you the new rules of retirement.
We have a book that we wrote, New Rules of Retirement.
I can send it to all of you in an
email if you want. I'll be glad to let you
read it. Because as Chris and I go through the
show and through the TV show, we talk about bucket planning,
(22:38):
and most of the people that we talked to and
Crystal agree, they don't know what bucket planning is. It's
a pile of money. It's putting your money in variables,
it's putting your money in mutual funds and stocks. Where's
the plan, Where's the income plan, where's the tax plan,
Where's the investment plan? And like Chris said, it's an
old advisor who just gives you the same thing. Because
we're taught to stay in the same line with everybody.
(23:00):
Chris mentions about being with the herd. You don't have
to you can get off the exit and go in
a different direction, and folks, I don't know. I'm passionate
about that, so was my son, because we see this
every day. I've been doing this for a long time,
been in this business thirty years, and I'm sick and
tired of seeing people sold something that they don't understand.
And Chris, that's the language again. And you know, I
(23:20):
get upset because I'm older than you, but I see
this every day. You've been doing this for over twenty
years with me. You see it every day. And you're
a young guy. It's got to bother you. For the
young people as well as the older people.
Speaker 3 (23:30):
Am I right or wrong? Now? That's just it.
Speaker 4 (23:32):
I mean, you don't know what you don't know. And
all the respect a lot of people listening today are
older than I am. But you know, the education is
so important that we can deliver to you so you
can make a sound decision. So you now can know
about what you have. You can know it and you
can feel confident and that's what builds clarity and confidence
moving forward in retirement, and that's why you can be
(23:54):
happy during retirement. Don't have to worry about these ups
and downs and the volatilities. So you know, where is
it printed that you have to lose twenty thirty forty
percent in the market. Where is it written that that's
what you have to do? And the truth is it's
not written anywhere. You don't have to be there if you.
Speaker 3 (24:11):
Don't want to.
Speaker 4 (24:12):
You know, let's discuss what this means, because there are
poor choices out there. Many of you contribute to form
one case or iras without determining if you're receiving a
worthwhile upfront tax deduction. You know a lot of people
talk about by term and invest the difference. But when
you do that, do you really understand what they're saying?
Do you understand what that means? You know, many people
out there are on the radio, many people out there
(24:34):
are on TV. But guess what are they really delivering
the right message? Are they just selling a product you
here on TV all the time by gold in your IRA,
by gold in your IRA. Is that what you need
to do? That's a transactional advisor, Chris, it's not a plan.
It's not a plan.
Speaker 1 (24:48):
You know.
Speaker 2 (24:49):
And again the language that we talk about and trying
to teach everyone on the radio show in TV for years.
We know this because we see this every day. And
here's another one, use tax deferral to reduce income taxes.
Now you know life insurances allows the investment. And all
of these are ridiculously inaccurate statements because what Chris mentioned before,
you have a transactional advice that's going to sell you
(25:09):
a stock bond and mutual fund doesn't talk about anything else.
You have an insurance guy that's just going to sell
you one product, doesn't talk about anything else. And then
you have a fiduciary like Maggie Investments who are talking
about income planning, tax planning, investment planning, and how it
pertains to you to your situation because the government tells
you thousands and thousands of times that they are true,
(25:29):
and you begin to believe them. You know, tax deferral, well,
you all know that in two years the tax cuts
are going to expire and it's going to go up
at least three percent. On my website, I have is
a spot there for retirement calculator. Now they're extending the
R and D. Chris was seventy two. Excuse me, it
was seventy and a half. And then they bumped at
the seventy two and a lot of people didn't know that.
(25:51):
And now you just found out that they're going to
bump at seventy three. So here's what they're doing. If
you understand what we're trying to talk about the language,
they're pushing it out so you don't have to take
the required minimum distribution and get a higher tax. What
they're telling you is do some planning, do some planning,
and get that money out now at a low tax bracket,
which we can explain to you from a tax standpoint,
(26:13):
and then later on have what Chris, tax free money.
Speaker 4 (26:16):
As you said, over the past year, we've had more
clients I've ever had before want to talk about or
entertain roth conversions and very adamant about doing it. And
we have clients that come in just want to rip
off the band aid and just convert money from iras
which is infected with taxes, to tax free money. They
want to know how to go about doing that. Some
(26:36):
want to do it strategically. That's why we put together
a plan. So when we look at this whole thing,
it's about you. It's about your plan. What's your plan,
not your neighbors, not your brothers or your sisters down
the street. It's your plan. Every situation a little different.
Are you looking for income, Well, we can give you
income the most tax efficient way. We can have a
guaranteed pension plan, your family guaranteed pension plan, and you
(27:00):
don't have to work for a company for twenty years
and retire with them.
Speaker 3 (27:04):
You don't have to.
Speaker 4 (27:04):
You could take what you have and design your own
family pension. What about the investments? What about managed portfolios?
Do you have a purpose with your accounts? Do you
have a buffer's strategy to protect you? On the downside?
What are you invested in?
Speaker 2 (27:18):
Do you know?
Speaker 4 (27:19):
Do you really know? That's what we're discussing here. So
when you come in to meet with us, we're gonna
teach you, We're gonna educate you. We're gonna first show
you what you have, and if you've got something good, great,
we'll keep it. But if you don't, maybe you want
some options. And that's where we're going with this. Because
the client who came in, safety of his money's important
to him, but guess what, he's one hundred percent in risk.
He doesn't want to be there. But also he just
(27:40):
doesn't know how to get to the other side, and
we can show him.
Speaker 2 (27:43):
So if you're listening, let me talk about some of
the things that we do to kind of help you
out here.
Speaker 3 (27:47):
The question we ask is how can.
Speaker 2 (27:49):
We help you? You know, what keeps you up at night?
What's that big you know, gorilla in the room? What
are you doing about it? Is the question The first
thing you should do is give us a call eight
three three Magi attacks. Let's discuss the Maggie plan. Let's
discuss the complete plan. So where do we go from here?
It's easy, pick up the phone eight three three, Maggie Tax.
And here's another thing, Chris talked about it before. Has
(28:10):
anyone ever done a beneficiary review for you? We get
people coming in and say that parents just passed away
and guess what they did? No planning. Now it's time
for them to do the planning. Do you have what
we call a complete plan or an incomplete plan? And Chris,
I have to tell you. When I tell people this,
they get offended by what do you mean? I have
an incomplete plan? And I'm not trying to be funny yet,
(28:30):
but you do. You don't have an income plan, you
don't have a tax plan, you don't have an investment plan. Well,
like Chris just talked about how much money do you
want to lose, it's not written where you have to
lose twenty thirty, forty percent nowhere. I have books all
over my office. I read a lot. I don't see
that anywhere. Chris to you, it's funny, it's just not
working that way.
Speaker 4 (28:47):
But you don't have to do that. And then remember
we live in a yoyo economy. That means you're on
your own. Just because the majority of you follow the herd,
it does not mean that you have to.
Speaker 3 (28:57):
We all know that.
Speaker 4 (28:58):
We tell our kids, right, you don't have to follow
Johnny down the street.
Speaker 3 (29:03):
Right, we have to do that, but we do.
Speaker 4 (29:05):
But you don't have to, especially in retirement, because this
is your money. And that's why many people say, well,
get to a million box then you can retire. Well,
I have clients that don't have a million box. That's fine.
They have two hundred thousand dollars and they're retired and
they enjoying the buckets of money that are generating the
income because that's what they want. So again, where are you?
(29:28):
What do you want to do? Do you want to
maximize income? Do you want to maximize your estate income
tax free? Do you want to advance tax planning strategy
to reduce your taxes? Well we can help. What about
creating a tax deduction so you can take more out
of your IRA and convert it to a roth IRA
and pay less tax. Would you just say, well, that's
(29:48):
what I'm talking about. Those are advanced tax planning strategies
that you're CPA, you're broker, your advisor, they're not even
talking to you about this. There are strategies out there
that you can take advantage of to accomplish what you're
looking for.
Speaker 3 (30:03):
It's very simple.
Speaker 4 (30:04):
Pick up the phone, schedule time to meet with us
eight three three Maggie Tax.
Speaker 2 (30:08):
So visit Maggie tax dot com. We gave you some
reasons why. Click on the retirement calculator up top. I
don't think anyone's doing this and anyone talking about it
right now, retirement calculator and in thirty seconds we can
tell you what your retirement tax bill is going to be.
Look for this upcoming seminars we do it on taxes
and social Security. Look for the location near you, register
and come out and see us for an hour, an
(30:29):
hour and a half.
Speaker 3 (30:30):
And then don't forget.
Speaker 2 (30:30):
We have the chat box on our site, Maggie Tax
dot com. Put a question in, we're gonna respond, We're
going to answer, and then we can set up a
time to meet with us.
Speaker 3 (30:38):
Eight three three Maggie Tax.
Speaker 2 (30:40):
And be sure to watch our TV show every Sunday
at ten thirty am on ABC TV and learn about
all the information we're talking about. Folks, it's the language.
If you don't understand it, we can help.
Speaker 3 (30:51):
And remember we have.
Speaker 2 (30:52):
Offices on both sides of the Bay. We have one
in Tampa, Palm Harbor and St.
Speaker 3 (30:55):
Pete.
Speaker 2 (30:56):
So pick up the phone eight three three Maggie Tax.
Be sure to visit our webs site, Maggie Tax dot Com.
Eight three three Maggie Tax.
Speaker 1 (31:05):
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 can create
a tax free retirement, visit Maggie Tax dot com. That's
m a gg I tax dot com or call eight
(31:26):
one three three two two twenty five twenty. That's eight
one three three two two twenty five twenty. Now your
host for the Maggie Tax and Financial Hour, father and
son from Maggie Tax Advisory and Financial Group, Robert and
Chris Maggie.
Speaker 2 (31:42):
Welcome back, and you're listening to the Maggie Tax and
Financial Show. And today we've been talking about tax risk
and legislative risk and a whole bunch of other things.
But what thing I want to bring back this is
for the person out there that you know has been
investing in this for a long time. In the advisor community,
they learn to identify that risk by they create are
using fancy terms like alpha and beta. How many people
(32:03):
know that? And the industry helped create tools like Monte
Carlo simulations to quantify that risk for clients.
Speaker 3 (32:09):
How many know that? Okay, I'm not worried about that.
Speaker 2 (32:12):
Finally, advisors would use those tools to build asset allocation
models to mitigate market risk, not mitigate tax risk. So
the question is every time we see a client come in,
did you open up your statement?
Speaker 3 (32:24):
Do you know what you have?
Speaker 2 (32:25):
And they say no, I don't. They don't know about alpha,
beta and all this other stuff. They just look at
the bottom line and they look at how many fees
they're paying. Well, what is the advisor doing for you?
He's not doing tax risk, he's not doing income risk.
So what was he doing? He's just grown your assets.
The focus on accumulating wealth was the primary focus until
a few things happened. The dot com bubble burst, followed
(32:46):
shortly there after by the financial crisis, and suddenly savers
were reaching retirement age with depleted assets and no plan
to generate income. And that problem was compounded by the
reality that retirees were living longer than ever. So none
of these advisers talked about future tax free money or income.
And I asked it before, how much income do you
(33:07):
need for the rest of your life to go to
that mailbox every month and get the check that you want.
Advisors learn to identify that income risk or a longevity risk.
That's what we do. And suddenly it wasn't enough to
just accumulate funds. Savers needed a plan to make those
funds last a lifetime. Chris, And that's what we see
every day now because people are confused, they're isolated, and
(33:29):
they're angry. Would you think it's because they got the
wrong information, they were taught the wrong language.
Speaker 3 (33:34):
Well, this is what's happening.
Speaker 4 (33:35):
People come into tax preparation and guess what when they're
not clients of ours, they're clients of other advisers, and
they come in and they say, I want to get
a plan, So we do the taxes for them, and
guess what, they're upset. They have to pay a tax
liability and they said, well, my advisor never showed me
a tax plan. So what if you could have a
plan where you have buckets of money. Just think about
(33:56):
this for a sec What if you have buckets of
money that have growth with investments that are allocated the
right way to your risk tolerance. What if you have
a couple other buckets that generate guaranteed income so you
can go to the mailbox each and every month and
grab that check and spend the heck out of it
and do it all over again for the rest of
your life. And what if you have like an inflation bucket,
right you can always tap into so when things hit
(34:17):
the fan, you can always tap into and have income
so you don't have to worry about the inflation or
running out of money. Then what if you had those buckets,
every one of them, make sure that they pass to
where you want it to go and avoid the probate process.
Then what if you had some of those buckets that
are tax free, so when you use taxes every year,
(34:38):
you take some from a taxable environment, some from a
tax free and you can stay under the threshold income.
So maybe you don't have to file a tax return
or your effective tax rate is very low. That's how
you do planning. What if you can have that, Well,
that's what the Maggie plans all about. That's the holistic
plan that we do. It's not about just giving your money,
let me manage it for you.
Speaker 3 (34:58):
Anybody can do that.
Speaker 4 (35:00):
There's there's more to it. So when you think about
what's happening right now, you're following the crowd. You're the
same as every one of people out there. And there's
a small percentage of people out there that actually have
what I just talked about because there's so many people
out there that don't know what to do. If you're
listening today, I urge you to pick up the phone,
schedule a time to meet with us, get a second
(35:21):
opinion on your plan. Eight three three magi tax. That's
eight three to three magi tax.
Speaker 2 (35:26):
So the question is how do you make your money
last a lifetime? And what happened things change in this industry.
Annuities came out guaranteed income riders that people have. That
was the perfect solution to provide a guaranteed check and
clients could retire and outlive their money. In the year
two thousand, advisors became experts in income planning addressed this
(35:47):
major concern, and that's what we do. And shortly thereafter,
most advisors across the industry were using annuities to offset
income risk. Now, don't panic when I say the word annuities,
because if you look at your Social Security and your pension,
that isn't that's an annuity. So think about it. You
just don't understand the language and how they apply. And
some may be bad. I get it, Chris understands. But
(36:07):
until you sit down and see how the annuity process works.
You want guaranteed income for life, you want a certain amount,
we can help you. So today the headlines are all
about taxes, all right, They just bypassed everything. They shoved
it under the blanket. Advisors who understand tax risks today,
like we do with Maggie, tax are the reason why
we are successful.
Speaker 3 (36:27):
Many of you know us.
Speaker 2 (36:28):
Many of you come in and see us and you
understand the plan and we do complete planning. And I'll
say it again, you do not have a complete plan
if you do not have a tax plan or an
income plan. And we can apply the same financial process
we use to address market and income risks. We want
to help clients identify your tax risk, quantifying dollars and cents.
That's the bottom line. People say, Bobby, Chris, how much
(36:51):
am I going to get? Bottom line? And let us
find the tools to reduce that risk. That's up to you.
You have to tell us what's concerning you income? Is
it tax says, or it's all the above. Because the
biggest thing we hear, Chris is the market.
Speaker 3 (37:04):
The market. Oh, it's up, we're making money. No, you're not.
Speaker 2 (37:06):
You got It's not all yours until it crashes, and
then it crashes. Then you lose what, you lose all
that you think you had. That is not a plan
for retirement, Chris. I mean, I'm sorry, I get upset,
but this is what people come in. They think the
market is the best thing in the world for what
For growth, yes, but for retirement you got to start
thinking about change and looking at it through a different lens.
Speaker 4 (37:27):
Absolutely, And that's where there's the complete process. You know
we talked about early in the show. Yeah, you're up
at halftime and it's great, you're all excited, but guess what.
The second half comes around, and that's where Uncle Sam is.
He comes out. That's a silent partner that's there on
the other team that you do not see, and that's
what we're showing you today. So when we think about
big picture, we get it. We have people retire each
and every day. You retire once, so we retire each
(37:50):
and every day and we can show you how it's
going to look. So think up the phone and schedule
time to meet with us. We have office on both
sides of the Bay. We do a radio show. Obviously,
we do a TV show every Sunday on ABC TV
at ten thirty am. Tune in watch. Go to our
website Maggie tax dot com. See what we do. You're
listening today. If you do not have a plan, we
(38:11):
can help. If you want an income plan, a tax plan,
an investment plan, and a state plan, a social security
maximization plan, we can help. What are you doing If
you do not have a plan, you need to get
one a three to three magi tax. We look forward
to working with you. Forward a meeting with you. Get
the Maggie Plan. Tax planning, income planning, investment planning, social
security planning, as state planning.
Speaker 3 (38:33):
Get a plan. You deserve it. Eight three three magi tax.
That's eight three to three Maggie Tex.
Speaker 1 (38:38):
You've been listening to the Maggie Tax on Financial Hour
discussing tax planning investment strategy is presented by Robert and
Chris Maggie from Maggie Tax Advisory and Financial Services with
offices in Hillsboro and Panelas County. Visit Maggi tax dot
com or call eight one three three two two twenty
five twenty. That's eight one three three two two t
(39:00):
five twenty and tune in next Saturday at five for
the Maggie Tax and Financial Hour
All these years you've saved up planning for a secure retirement,
but if you're not careful, it will be the irs
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 Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
in tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two 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 now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:53):
Welcome everyone, and thanks for joining us today. My name
is Robert Maggie and I'm here with my son and
co host, Chris Maggie. Visit our website, Maggie Tax dot Com.
There's a lot of information there. Click on the retirement
calculator if you have an IRA or a four to
one K, take a look and see what your retirement
tax bill is going to be. And then come in
and let's do some tax planning. Let's do some income planning,
investment planning, insurance planning, and let's talk about the Maggie plan.
(01:16):
Visit Maggie tax dot com. Well, give us a call
eight three to three Maggie Tax. So, Chris, we're getting
a lot of questions about Roth conversions. Some people are
doing it wrong, some people are getting the wrong information.
And as you know, and as everybody else out there knows,
we specialize in tax planning.
Speaker 3 (01:32):
So let's talk about Roth conversions today.
Speaker 4 (01:34):
Absolutely, so welcome everyone. I'm Chris Maggie. Thank you so
much for tuning into the show. And that's correct. Wroth
conversions many people talk about. Many advisors talk about it,
but they don't complete the story because they don't tell
you what the tax menification is going to be. You
go to your tax for pair and they go ahead
and just do your tax return. But again, how much
should you convert? So a lot of things you need
(01:56):
to be aware of when you do convert it's not
just whatever and one should do Some people should do it,
some people should not. So that's why it's so important
to work with the right advisor who understands investments and
income planning and tax planning because if you do it
the wrong way, you're going to get this tax bill
that you owe thousands of thousands of dollars for taxes.
And it doesn't have to be that way, So you
(02:17):
don't want to be surprised. And that's what we want
to talk about today. Is a roth conversion right for you?
Should you do it? And those are things that many
people have questions on. So visit our website at Maggie
tax dot com, pick up the phone, schedule time to
meet with us eight three three Magi Tax Maggi tax
dot com for more information and we can help you.
Speaker 2 (02:36):
And one of the things that we do that other
advisors do not do is we do it from a
tax return. So if you're thinking of a rough conversion,
don't just go to your tax guy and convert the
money and then pay the big tax. Do it strategically
and have a plan. Here's the question, is it tax
season right now?
Speaker 3 (02:51):
Chris?
Speaker 4 (02:51):
It's always tax season in our eyes, because taxes are
our biggest expense and you need to always make sure
that you are aware of the tax liability.
Speaker 2 (03:00):
And the reason why I asked that question because in
Maggie Tax, it's tax season all year round. So it's
not just up to April fifteenth, or October or September,
whatever the extensions are. It's all year round, and right
now I think most of you out there are concerned
about if taxes go up. The question is taxes are
going to go up, how is it going to affect you,
whether whether you have an IRA or four to oh
(03:20):
one k. That's why we offer the retirement calculator. We
do advanced tax planning. So now is the time to
call eight three to three Maggie Tax. Right now I
have operators standing by eight three to three Magi Tax.
Let the operator know that this is urgent and just
tell them tax planning at eight three to three Maggie Tax.
I don't care how big your IRA or four to
(03:41):
oh one K is. Folks, you have a deferred account
that you have not paid taxes on. So strategically, no
matter what age you are, whether you be fifty to
fifty five or sixty or even seventy You're going to
pay an unknown tax and that's the problem I think
that most investors have. Most investors hate taxes, but honestly,
when you joy the challenge of minimizing taxes over the
(04:02):
long term. So why is tax planning is an essential
element in smart investing?
Speaker 3 (04:07):
Chris?
Speaker 2 (04:08):
Is that play a big part in many of the
clients that we see, Well, they just committed to buy
a stock bond on mutual fund.
Speaker 3 (04:14):
Well that's it.
Speaker 4 (04:15):
You know, you want to make sure you do complete
planning and get Let's talk about some examples here, right,
So about three years ago at a client came in
had three hundred thousand dollars of their IRA money. So
what do we do. We looked at their tax return
and he was receiving Social Security. He had a pension
and then marriage so she was getting sold security as well.
So they had three income streams. They were getting about
five thousand dollars a month of income, very satisfied covered
(04:36):
their need. But they had three hundred thousand dollars of
IRA money. So this account is fully infected with taxes.
And he said to me, he said, what do we
need to do to get this money out? In the
most tax efficient way. So he's thought about it, and
he said, well, let's just rip off the band aid
and let's go ahead and pay the tax. So I
ran a couple of different mock returns and I showed him,
let's go ahead and just take the three hundred thousand
(04:57):
added to a solid security his pension, and this what
your tax liability is going to be. So he sat
back and it was kind of sticker shocked, and he said,
I don't want to do that, and I said, you
don't have to. Let's run some more. So what I
did was do some strategic planning. And what we did
was we took out thirty thousand dollars a year for
the next seven years. Is a plan was what it
(05:20):
was supposed to be, and we did and Ron still
pays to do it. But over the past three years,
he has paid tax on thirty thousand dollars of conversion.
And again he's only in the eight percent effective tax
bracket on that amount of money. So he's taken money
out of a taxable environment and converting it to a
tax free environment.
Speaker 3 (05:39):
So over the.
Speaker 4 (05:40):
Past three years now he's got eighty five thousand dollars
of money after taxes that he has an a tax
free zone, plus the interest, which is more than when
he converted. So now he's up to over one hundred
and five thousand dollars of tax free money because his
account has now paid the tax, it's earned money, and
now it's on its way to earning more tax free
(06:00):
money in the future. So we got many more years
to do this until he reaches his required minium distribution age,
which is aged seventy three for him. So he is
on a great path moving forward. And every year we
look at this and we're on a tax return and
we talk about should we convert more? But he is
in his sweet spot right now. He doesn't have to
worry about the IRMA tax. He doesn't have to worry
(06:21):
about the Medicare tax, like that's what IRMA is, increase
of Part B premium. And he's sitting pretty. He's got
his income coming in every month. He's converting money to
a tax free zone. His accounts are in a safe spot.
And guess what, he is in control of his return.
Speaker 2 (06:36):
Chris, you just gave everyone a reason out there to
pick up the phone and call eight three to three
Maggie tax because there are situations that Chris is talking
about where a long term tax strategy may save you money.
The only thing is you don't know and you don't
see it, even though it requires paying more taxes in
the short term. That's where tax planning comes in and
what Chris and I do, that's what we do advanced
(06:57):
tax planning all year round at Maggie time and folks,
I'll challenge you if you want to come in and
bring in your information and we'll show you and believe me,
if we can help you.
Speaker 3 (07:06):
We're going to tell you that we're going to help you. Understand.
Speaker 2 (07:08):
But guess what, like Chris said, if we can make
your situation better, and you've got to make the final decision,
not me or Chris, but life has many changes and
you have to be ready and understand the language why
so you can avoid unnecessary taxes Because what's happening now
when the tax cuts expire, it's going to go up
at least thirty percent. Maybe some of you don't see that,
(07:29):
but when you get your taxes in two years, you're
going to see it and you're going to wonder what
I could have done. So consider the long term tax
benefits of WROTH for on one ks and Roth iras
and Chris. There is a difference, right, absolutely there is.
Speaker 4 (07:41):
And that's one thing that we talk about is all
the time is tax free zones, and there is You're right,
the traditional form on K and also the Wroth form
on K if your employer offers these things. But let
me go back to the example that well not example,
but exactly the client that we were working with here
that did this three years ago. When I talk about
the bucket planning, he said to me, well, what do
(08:01):
I do with the money? How can I position it
now where I can have a plan where I can
have safety and some risk and take some chances with
some money. And we put together a bucket strategy using
red money, green money, and yellow money, and he was
blown away. He said, my gosh, this is exactly what
I was looking for. And he said to me, he said,
in two years, so now I might want about maybe
(08:21):
another five hundred dollars a month of income. So I
ran another mock tax return and I showed him if
we take five hundred dollars from his IRA money, this
is a tax ramifications. But if now we use his
tax free account, he can have more money. Next six
thousand dollars a year of income and pay no tax.
And he was blown away. They both were, and they said,
this is exactly what we're looking for. This is a plan,
(08:44):
this is a tax plan, it's an income plan, it's
an investment plan. And to make things even better, we
talked about their accounts again and we said, hey, do
you want this to go through probate or do you
want to make sure it goes to your two kids?
And they said, you know the answer to that one.
We want to make sure the money stays in the family.
We put that together where he has an estate plan,
he's got proper beneficiary designation, he's got an estate plan,
(09:06):
his house, his assets, everything's going to avoid probate and
go to where they want it to go. So that
can happen to you too. Just pick up the phone
and schedule time to meet with us. Eight three to
three Maggie tax and.
Speaker 2 (09:17):
One other point traditional four and win ks. They became
available in nineteen seventy eight as a way to save
for retirement, but the four to one K was the
biggest disappointment created.
Speaker 3 (09:27):
And think about this.
Speaker 2 (09:28):
You get a tax deduction on the front end, and
you get that for many years, and that's great, But
when you start to withdraw the money, you're going to
be paying it all back for many years, and you're
going to be paying three to five times more than
the tax deduction that you received. This is why tax
planning is so important. This is why the retirement calculate
that I have on the website is going to help
you understand this. These plans are offered by employers. The
(09:50):
amount in employee contributes to their account is considered pre
tax and it is deducted from their taxable income. That's fine,
That's what a lot of people did. The retirement account
is tax deferred until the money is withdrawn. During your retirement,
employers often contribute a portion of the employer's contributions called
a match, which is in an added benefit. But it's
all taxable, Chris, every bit of it. And then when
(10:12):
you start talking about withdrawals, which we'll talk about in
the next segment, they're taxed as well. But now at
what age are you taking it out seventy three, seventy
four to seventy five, How much and how much is
it's going to affect your income? This is why tax
planning is so important, right, now pick up the phone
eight three to three Maggie Tax, sit down with us
and go over this. This is going to be something
(10:33):
that's going to be ongoing. And if your tax prepairer
is not addressing these issues like Chris and I are,
shame on them. Eight three to three Maggie Tax. Visit
our website Maggie Tax dot com and every Sunday listen
watch our TV show with ten thirty, The Maggie Tax
and Financial Show. Visit Maggie Tax dot com today and
give us a call at eight three three Maggie Tax.
Speaker 3 (10:54):
That's eight three to three Maggie Tax.
Speaker 1 (10:57):
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 can create a tax
free retirement, visit Maggie Tax dot com. That's ma Ggi
tax dot com or call eight one three three two
(11:20):
two twenty five twenty. That's eight one three three two
two twenty five twenty. Now your host for the Maggie
Tax and Financial Hour, Father and son from Maggie Tax
Advisory in Financial group. Robert and Chris Maggie.
Speaker 2 (11:35):
Welcome back and thanks for joining us today. My name
is Robert Maggie and I'm here with my son Chris Maggie.
And today we've been talking about taxes as we always do,
income planning, state planning, market planning, everything. So one thing
I would like you all to do invite you to
our seminars. Go to our website Maggie Tax dot com,
click on seminars and you'll see the seminars coming up.
They're free, they're educational. There are different locations, so just
(11:58):
go to Maggie Tax and register. Also, don't forget go
to the retirement calculator on top and if you want
to find out what your retirement tax bill is in
thirty seconds, we can help you out. So tax changes
can potentially come in two forms. We're going to talk
about that. First of all, situational changes, which are changes
based on your individual needs and situation. Because everybody's situation
(12:19):
is different, so when you come in and meet with us,
your situation is different than your neighbor.
Speaker 3 (12:23):
We're going to talk about that.
Speaker 2 (12:24):
Situational changes can include how much income that you want
to generate in retirement.
Speaker 3 (12:29):
What is the number, how much do you want to get.
Speaker 2 (12:32):
In retirement, and your filing status as a single, joint
or head of household filer.
Speaker 3 (12:37):
They make a difference.
Speaker 2 (12:38):
And a lot of people Chris don't understand you know,
filing taxes, what it is and the standard deduction, and
I know that's what we're talking about today, But when
you come in, we basically analyze that.
Speaker 3 (12:48):
And take our time, one line at a time.
Speaker 4 (12:51):
Well, when was the last time your advisor or your
tax preper preparer actually did a review of your tax return?
And most times many people have no idea how to
even read the tax return, and you should. You know,
you're supposed to file your tax return and you're supposed
to understand what's on it, and many people get scared
(13:12):
because of all the lines and the numbers on it.
But you don't have to be. It's not saying you
have to do tax preparation on your own. What I'm
saying is understanding what's on it, and before you file
the return, you should understand where the money is coming
from and what you can do on the most tax
efficient way to reduce your tax And if your advisor
or your tax advisor even your investment advisor are causing
taxes because of the income that they're taking from the
(13:35):
different sources of your retirement. Then guess what, you're paying
more tax than you really need to. So are you
It can possibly be, and that's why we need to
do a review. Come in, let's do a tax review,
Let's do an investment in review, Let's do an income review,
let's do a state planning review. That's what we're talking about.
And as you mentioned that situational changes, things do change
in people's lives, and we don't do cookie cutter plans.
(13:58):
This is the same plan is not done for everybody.
This is your money. So when we sit down and
we talk about you and your spouse or you individually,
we're going to put together a plan that's going to
compose of income and investments and your risk and also
making sure that everything stays in the family goes to
where you want it to go. If that's what you want.
So pick up the phone, schedule time to meet with us.
Eight three to three, Maggie, tax schedule time. Let's get together.
Speaker 2 (14:21):
So we talked about situational changes, Let's talk about one
that's very important. It's called legislative changes. What is legislat
your risk. And these are changes that are based on
new laws or regulations from the government, because just remember
everything's written in pencil. So legislative changes can include which
assets are subject to taxation, when those assets are taxed,
(14:42):
and at what level they are taxed.
Speaker 3 (14:43):
So that's a big question.
Speaker 2 (14:45):
Right now, Like with your ires four one ks, the
Trump tax cuts are going to expire in two years,
what's the tax going to be? People don't see that
the way we do it, Chris, when we do an
analysis like the retirement calculator, we know what the tax
bill is going to be. Now we have to figure
out the rest of the story. What's on the tax
return in addition to that, and then bam, what's the.
Speaker 3 (15:06):
Tax going to be?
Speaker 4 (15:06):
That's it, and then after that you can walk away
and spend the money and you don't have to worry
about the taxes anymore. And those two risks are very important,
situational risk and legislative risk. But I would say legislative
risk is way more important because you can't control it. Situations, yeah,
some you cannot change, but you could do the things
in order to change your life and to make sure
that you are you have a right budget in place,
(15:29):
or you control your spending. Those situations that you can control.
But legislative risk is so so scary because if they
change the tax code and they say, well, now when
you start taking money out, it's going to be five
percent more in tax.
Speaker 3 (15:43):
And guess what.
Speaker 4 (15:44):
Now you have to figure out what the tax penalty
with the tax implications are going to be, and that's
less income to you.
Speaker 3 (15:50):
So guess what.
Speaker 4 (15:51):
That changes your lifestyle, That changes what you can and
can't do. So when you come into meet with us,
let's put together playchecks. Let's put together paychecks. But those
play checks are so important because you can fight inflation.
Many people come in and say, well, how do I
in fight inflation with interest rates being so high and
I mean the interest rates at the bank or kind
of fixed account are not keeping up. Well, we can
(16:11):
show you how to have an income because if you
have enough income sources coming in the front door every month,
guess what, it doesn't matter what inflation's going to because
you have enough money to spend for the rest of
your life. So we can help you. Let's put together
a play check plan. Playcheck plan for you. Eight three
to three Maggie Tax that's eight three to three, Maggie Tax.
Speaker 3 (16:29):
Are you confused yet, because you should be. But that's okay.
Speaker 2 (16:32):
But again, what we're offering everyone out there today and
we do it every week, is go to our website,
Maggie tax dot com register for our seminar. They're free
and they're all over Tampa Bay and it's someplace that
you can go to.
Speaker 3 (16:44):
It's about an hour and a half.
Speaker 2 (16:45):
We're going to educate you on a state planning, on
social security planning, on tax planning, on legislature risk, on
market options that you have that you don't have now
that might be better. We're going to talk about red
money green money in the next segment. But Chris, the
point is that people are not understanding the language because,
like we talked about the RMD required minimum distribution that
(17:07):
is confused to everybody since the Secure Act was changed,
and a lot of people don't even know what the
Secure Act was and what it does.
Speaker 4 (17:13):
Well, you know, at seventy and a half you were
able you had to take the require minium distribution and
that's just money out of your retirement accounts like IRA's,
phone k's if you're not working anymore for three b's.
These are all qualified accounts that are infective attack. So
you required to take out a distribution and they change
that to seventy two and then seventy three and then
seventy five with some people. So are you calculating it right? Well,
(17:36):
if not, there's a penalty for not calculating and taking
the distribution. So what are you doing about it? You
know many people just don't know what to do with it. Well,
we can show you what to do with it. To
leverage your money, to have tax free money, to keep
the money in your family, you know, for your spouse,
or for your kids, or for your grandkids. Many people
care about their grandkids. You know, there's a lot going
on these days with the environment and the country and
(17:57):
the world we live in. So would you want to
give your grandkids a step in the right direction if
they need it, as opposed to just found the crowd
and fallen victim to everything. Well, absolutely you would, you know,
if that's the kind heart that you have, and many
people do. But that's why we need to create paychecks
and play checks and make sure you have income for life.
And you have to make sure that your investments are
(18:19):
in the right spot to take advantage of the opportunities
that are out there. Even if the market goes down.
Let's take advantage of the opportunity. Let's not just say,
oh my gosh, everyone lost money, because that's not the
way it works. It doesn't have to be that way
if you have an investment plan. So pick up the phone,
schedule time to meet with us. Eight three to three
Maggie Tax. That's eight three to three Maggie Tax.
Speaker 2 (18:38):
And don't forget register for US seminars coming up. It's
very simple. Go to Maggie Tax, click on seminars. You'll
see all the dates and times and locations. Pick one,
and you know, just register. It's that simple. Get educated,
understand the language on tax planning, income planning, social security,
and everything else that's concerning on your mind. So eight
three three Maggie Tax. We have operators standing by right now.
(18:59):
Eight three to three Maggie Tax.
Speaker 1 (19:01):
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 can create a
tax free retirement, visit Maggie Tax dot Com. That's Maggi
tax dot Com. Or call eight one three three two
(19:23):
two twenty five twenty. That's eight one three three two
two twenty five twenty. Now your host for the Maggie
Tax and Financial Hour, father and son from Maggie Tax
Advisory in Financial Group, Robert and Chris.
Speaker 2 (19:38):
Maggie, welcome back and thanks for joining us today. You're
listening to the Maggie Tax and Financial Show. Don't forget
Every Sunday tomorrow at ten thirty am on ABC TV,
tune into the Maggie Tax and Financial Show. And again,
most importantly, visit our website, Maggie tax dot Com. Why
because on a top right we have the retirement calculator.
So if you're concerned about your taxes and retirement, click
(19:59):
on that button and thirty seconds we can tell you
what your retirement tax bill is going to be and
then you could start doing some tax splenning. Number two,
we have upcoming seminars every month on taxes, social security,
on everything that we do here. So go to the
website up on the top it says upcoming seminars.
Speaker 3 (20:15):
Click on it.
Speaker 2 (20:15):
You'll see the dates in the locations and if you
have time registering, come on out and the other thing.
Many of you are listening to our show and have questions.
We have a chat box. Click on the chat box
and ask the question and we can help you out. Now,
Chris mentioned something before. I just want to touch on
it because when everyone comes into our office, we ask
him why you hear okay, and they tell us because
maybe your taxes or we're not sure about our advisor.
(20:37):
But Chris, you mentioned one thing before. You asked the gentleman,
is safety important to you? Just elaborate on that question
with this client, because it took you in a total
different direction, and even took him in a direction.
Speaker 3 (20:50):
That's exactly right.
Speaker 4 (20:51):
You know a client that came in last week and
he's got over two million bucks and the number is
not important to us. But the fact of the matter
is is when we ask them that question, it does
make sense because we asked him, is safety of your
money important to you? And guess what he said? He
said absolutely at this age it is. So he had
all his papers all over my desk and I'm looking
(21:13):
at them, and he had a variable annuity here, a
mutual fund here, a four one k here, he had
a stock portfolio there and I looked at everything and
I said it again, a safety of your money important
to you? And he said absolutely. And I said, well,
you're all You're in risk. All your money is in risk.
And he said, I know, but I don't know how
(21:34):
or what to do with it. He said, I just
been trained for years to put money away, and I
just did what everyone else was doing. And I put
the money in a four one K and I got
an advisor who just deals with stocks and I and
I put money with this insurance guy and he deals
with variable annuities. And that's that's what I did. So
it was more like a he just told us a story.
(21:56):
It was great, But he said, that's why I'm here.
I want a plan, want to create something because I
know I can't keep doing what I'm doing. If if
the market goes down and the volatility is the way
it is, I will not have what I have on
this desktop.
Speaker 3 (22:12):
Stop you gotta stop you. My heart is bubbling right here.
Speaker 2 (22:16):
The thing that what Chris just said, and this is
for many of you, and you'll understand, you are going
by the old rules of retirement. They're old, they don't work.
So we want to teach you the new rules of retirement.
We have a book that we wrote, New Rules of Retirement.
I can send it to all of you in an
email if you want. I'll be glad to let you
read it. Because as Chris and I go through the
show and through the TV show, we talk about bucket planning,
(22:38):
and most of the people that we talked to and
Crystal agree, they don't know what bucket planning is. It's
a pile of money. It's putting your money in variables,
it's putting your money in mutual funds and stocks. Where's
the plan, Where's the income plan, where's the tax plan,
Where's the investment plan? And like Chris said, it's an
old advisor who just gives you the same thing. Because
we're taught to stay in the same line with everybody.
(23:00):
Chris mentions about being with the herd. You don't have
to you can get off the exit and go in
a different direction, and folks, I don't know. I'm passionate
about that, so was my son, because we see this
every day. I've been doing this for a long time,
been in this business thirty years, and I'm sick and
tired of seeing people sold something that they don't understand.
And Chris, that's the language again. And you know, I
(23:20):
get upset because I'm older than you, but I see
this every day. You've been doing this for over twenty
years with me. You see it every day. And you're
a young guy. It's got to bother you. For the
young people as well as the older people.
Speaker 3 (23:30):
Am I right or wrong? Now? That's just it.
Speaker 4 (23:32):
I mean, you don't know what you don't know. And
all the respect a lot of people listening today are
older than I am. But you know, the education is
so important that we can deliver to you so you
can make a sound decision. So you now can know
about what you have. You can know it and you
can feel confident and that's what builds clarity and confidence
moving forward in retirement, and that's why you can be
(23:54):
happy during retirement. Don't have to worry about these ups
and downs and the volatilities. So you know, where is
it printed that you have to lose twenty thirty forty
percent in the market. Where is it written that that's
what you have to do? And the truth is it's
not written anywhere. You don't have to be there if you.
Speaker 3 (24:11):
Don't want to.
Speaker 4 (24:12):
You know, let's discuss what this means, because there are
poor choices out there. Many of you contribute to form
one case or iras without determining if you're receiving a
worthwhile upfront tax deduction. You know a lot of people
talk about by term and invest the difference. But when
you do that, do you really understand what they're saying?
Do you understand what that means? You know, many people
out there are on the radio, many people out there
(24:34):
are on TV. But guess what are they really delivering
the right message? Are they just selling a product you
here on TV all the time by gold in your IRA,
by gold in your IRA. Is that what you need
to do? That's a transactional advisor, Chris, it's not a plan.
It's not a plan.
Speaker 1 (24:48):
You know.
Speaker 2 (24:49):
And again the language that we talk about and trying
to teach everyone on the radio show in TV for years.
We know this because we see this every day. And
here's another one, use tax deferral to reduce income taxes.
Now you know life insurances allows the investment. And all
of these are ridiculously inaccurate statements because what Chris mentioned before,
you have a transactional advice that's going to sell you
(25:09):
a stock bond and mutual fund doesn't talk about anything else.
You have an insurance guy that's just going to sell
you one product, doesn't talk about anything else. And then
you have a fiduciary like Maggie Investments who are talking
about income planning, tax planning, investment planning, and how it
pertains to you to your situation because the government tells
you thousands and thousands of times that they are true,
(25:29):
and you begin to believe them. You know, tax deferral, well,
you all know that in two years the tax cuts
are going to expire and it's going to go up
at least three percent. On my website, I have is
a spot there for retirement calculator. Now they're extending the
R and D. Chris was seventy two. Excuse me, it
was seventy and a half. And then they bumped at
the seventy two and a lot of people didn't know that.
(25:51):
And now you just found out that they're going to
bump at seventy three. So here's what they're doing. If
you understand what we're trying to talk about the language,
they're pushing it out so you don't have to take
the required minimum distribution and get a higher tax. What
they're telling you is do some planning, do some planning,
and get that money out now at a low tax bracket,
which we can explain to you from a tax standpoint,
(26:13):
and then later on have what Chris, tax free money.
Speaker 4 (26:16):
As you said, over the past year, we've had more
clients I've ever had before want to talk about or
entertain roth conversions and very adamant about doing it. And
we have clients that come in just want to rip
off the band aid and just convert money from iras
which is infected with taxes, to tax free money. They
want to know how to go about doing that. Some
(26:36):
want to do it strategically. That's why we put together
a plan. So when we look at this whole thing,
it's about you. It's about your plan. What's your plan,
not your neighbors, not your brothers or your sisters down
the street. It's your plan. Every situation a little different.
Are you looking for income, Well, we can give you
income the most tax efficient way. We can have a
guaranteed pension plan, your family guaranteed pension plan, and you
(27:00):
don't have to work for a company for twenty years
and retire with them.
Speaker 3 (27:04):
You don't have to.
Speaker 4 (27:04):
You could take what you have and design your own
family pension. What about the investments? What about managed portfolios?
Do you have a purpose with your accounts? Do you
have a buffer's strategy to protect you? On the downside?
What are you invested in?
Speaker 2 (27:18):
Do you know?
Speaker 4 (27:19):
Do you really know? That's what we're discussing here. So
when you come in to meet with us, we're gonna
teach you, We're gonna educate you. We're gonna first show
you what you have, and if you've got something good, great,
we'll keep it. But if you don't, maybe you want
some options. And that's where we're going with this. Because
the client who came in, safety of his money's important
to him, but guess what, he's one hundred percent in risk.
He doesn't want to be there. But also he just
(27:40):
doesn't know how to get to the other side, and
we can show him.
Speaker 2 (27:43):
So if you're listening, let me talk about some of
the things that we do to kind of help you
out here.
Speaker 3 (27:47):
The question we ask is how can.
Speaker 2 (27:49):
We help you? You know, what keeps you up at night?
What's that big you know, gorilla in the room? What
are you doing about it? Is the question The first
thing you should do is give us a call eight
three three Magi attacks. Let's discuss the Maggie plan. Let's
discuss the complete plan. So where do we go from here?
It's easy, pick up the phone eight three three, Maggie Tax.
And here's another thing, Chris talked about it before. Has
(28:10):
anyone ever done a beneficiary review for you? We get
people coming in and say that parents just passed away
and guess what they did? No planning. Now it's time
for them to do the planning. Do you have what
we call a complete plan or an incomplete plan? And Chris,
I have to tell you. When I tell people this,
they get offended by what do you mean? I have
an incomplete plan? And I'm not trying to be funny yet,
(28:30):
but you do. You don't have an income plan, you
don't have a tax plan, you don't have an investment plan. Well,
like Chris just talked about how much money do you
want to lose, it's not written where you have to
lose twenty thirty, forty percent nowhere. I have books all
over my office. I read a lot. I don't see
that anywhere. Chris to you, it's funny, it's just not
working that way.
Speaker 4 (28:47):
But you don't have to do that. And then remember
we live in a yoyo economy. That means you're on
your own. Just because the majority of you follow the herd,
it does not mean that you have to.
Speaker 3 (28:57):
We all know that.
Speaker 4 (28:58):
We tell our kids, right, you don't have to follow
Johnny down the street.
Speaker 3 (29:03):
Right, we have to do that, but we do.
Speaker 4 (29:05):
But you don't have to, especially in retirement, because this
is your money. And that's why many people say, well,
get to a million box then you can retire. Well,
I have clients that don't have a million box. That's fine.
They have two hundred thousand dollars and they're retired and
they enjoying the buckets of money that are generating the
income because that's what they want. So again, where are you?
(29:28):
What do you want to do? Do you want to
maximize income? Do you want to maximize your estate income
tax free? Do you want to advance tax planning strategy
to reduce your taxes? Well we can help. What about
creating a tax deduction so you can take more out
of your IRA and convert it to a roth IRA
and pay less tax. Would you just say, well, that's
(29:48):
what I'm talking about. Those are advanced tax planning strategies
that you're CPA, you're broker, your advisor, they're not even
talking to you about this. There are strategies out there
that you can take advantage of to accomplish what you're
looking for.
Speaker 3 (30:03):
It's very simple.
Speaker 4 (30:04):
Pick up the phone, schedule time to meet with us
eight three three Maggie Tax.
Speaker 2 (30:08):
So visit Maggie tax dot com. We gave you some
reasons why. Click on the retirement calculator up top. I
don't think anyone's doing this and anyone talking about it
right now, retirement calculator and in thirty seconds we can
tell you what your retirement tax bill is going to be.
Look for this upcoming seminars we do it on taxes
and social Security. Look for the location near you, register
and come out and see us for an hour, an
(30:29):
hour and a half.
Speaker 3 (30:30):
And then don't forget.
Speaker 2 (30:30):
We have the chat box on our site, Maggie Tax
dot com. Put a question in, we're gonna respond, We're
going to answer, and then we can set up a
time to meet with us.
Speaker 3 (30:38):
Eight three three Maggie Tax.
Speaker 2 (30:40):
And be sure to watch our TV show every Sunday
at ten thirty am on ABC TV and learn about
all the information we're talking about. Folks, it's the language.
If you don't understand it, we can help.
Speaker 3 (30:51):
And remember we have.
Speaker 2 (30:52):
Offices on both sides of the Bay. We have one
in Tampa, Palm Harbor and St.
Speaker 3 (30:55):
Pete.
Speaker 2 (30:56):
So pick up the phone eight three three Maggie Tax.
Be sure to visit our webs site, Maggie Tax dot Com.
Eight three three Maggie Tax.
Speaker 1 (31:05):
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 can create
a tax free retirement, visit Maggie Tax dot com. That's
m a gg I tax dot com or call eight
(31:26):
one three three two two twenty five twenty. That's eight
one three three two two twenty five twenty. Now your
host for the Maggie Tax and Financial Hour, father and
son from Maggie Tax Advisory and Financial Group, Robert and
Chris Maggie.
Speaker 2 (31:42):
Welcome back, and you're listening to the Maggie Tax and
Financial Show. And today we've been talking about tax risk
and legislative risk and a whole bunch of other things.
But what thing I want to bring back this is
for the person out there that you know has been
investing in this for a long time. In the advisor community,
they learn to identify that risk by they create are
using fancy terms like alpha and beta. How many people
(32:03):
know that? And the industry helped create tools like Monte
Carlo simulations to quantify that risk for clients.
Speaker 3 (32:09):
How many know that? Okay, I'm not worried about that.
Speaker 2 (32:12):
Finally, advisors would use those tools to build asset allocation
models to mitigate market risk, not mitigate tax risk. So
the question is every time we see a client come in,
did you open up your statement?
Speaker 3 (32:24):
Do you know what you have?
Speaker 2 (32:25):
And they say no, I don't. They don't know about alpha,
beta and all this other stuff. They just look at
the bottom line and they look at how many fees
they're paying. Well, what is the advisor doing for you?
He's not doing tax risk, he's not doing income risk.
So what was he doing? He's just grown your assets.
The focus on accumulating wealth was the primary focus until
a few things happened. The dot com bubble burst, followed
(32:46):
shortly there after by the financial crisis, and suddenly savers
were reaching retirement age with depleted assets and no plan
to generate income. And that problem was compounded by the
reality that retirees were living longer than ever. So none
of these advisers talked about future tax free money or income.
And I asked it before, how much income do you
(33:07):
need for the rest of your life to go to
that mailbox every month and get the check that you want.
Advisors learn to identify that income risk or a longevity risk.
That's what we do. And suddenly it wasn't enough to
just accumulate funds. Savers needed a plan to make those
funds last a lifetime. Chris, And that's what we see
every day now because people are confused, they're isolated, and
(33:29):
they're angry. Would you think it's because they got the
wrong information, they were taught the wrong language.
Speaker 3 (33:34):
Well, this is what's happening.
Speaker 4 (33:35):
People come into tax preparation and guess what when they're
not clients of ours, they're clients of other advisers, and
they come in and they say, I want to get
a plan, So we do the taxes for them, and
guess what, they're upset. They have to pay a tax
liability and they said, well, my advisor never showed me
a tax plan. So what if you could have a
plan where you have buckets of money. Just think about
(33:56):
this for a sec What if you have buckets of
money that have growth with investments that are allocated the
right way to your risk tolerance. What if you have
a couple other buckets that generate guaranteed income so you
can go to the mailbox each and every month and
grab that check and spend the heck out of it
and do it all over again for the rest of
your life. And what if you have like an inflation bucket,
right you can always tap into so when things hit
(34:17):
the fan, you can always tap into and have income
so you don't have to worry about the inflation or
running out of money. Then what if you had those buckets,
every one of them, make sure that they pass to
where you want it to go and avoid the probate process.
Then what if you had some of those buckets that
are tax free, so when you use taxes every year,
(34:38):
you take some from a taxable environment, some from a
tax free and you can stay under the threshold income.
So maybe you don't have to file a tax return
or your effective tax rate is very low. That's how
you do planning. What if you can have that, Well,
that's what the Maggie plans all about. That's the holistic
plan that we do. It's not about just giving your money,
let me manage it for you.
Speaker 3 (34:58):
Anybody can do that.
Speaker 4 (35:00):
There's there's more to it. So when you think about
what's happening right now, you're following the crowd. You're the
same as every one of people out there. And there's
a small percentage of people out there that actually have
what I just talked about because there's so many people
out there that don't know what to do. If you're
listening today, I urge you to pick up the phone,
schedule a time to meet with us, get a second
(35:21):
opinion on your plan. Eight three three magi tax. That's
eight three to three magi tax.
Speaker 2 (35:26):
So the question is how do you make your money
last a lifetime? And what happened things change in this industry.
Annuities came out guaranteed income riders that people have. That
was the perfect solution to provide a guaranteed check and
clients could retire and outlive their money. In the year
two thousand, advisors became experts in income planning addressed this
(35:47):
major concern, and that's what we do. And shortly thereafter,
most advisors across the industry were using annuities to offset
income risk. Now, don't panic when I say the word annuities,
because if you look at your Social Security and your pension,
that isn't that's an annuity. So think about it. You
just don't understand the language and how they apply. And
some may be bad. I get it, Chris understands. But
(36:07):
until you sit down and see how the annuity process works.
You want guaranteed income for life, you want a certain amount,
we can help you. So today the headlines are all
about taxes, all right, They just bypassed everything. They shoved
it under the blanket. Advisors who understand tax risks today,
like we do with Maggie, tax are the reason why
we are successful.
Speaker 3 (36:27):
Many of you know us.
Speaker 2 (36:28):
Many of you come in and see us and you
understand the plan and we do complete planning. And I'll
say it again, you do not have a complete plan
if you do not have a tax plan or an
income plan. And we can apply the same financial process
we use to address market and income risks. We want
to help clients identify your tax risk, quantifying dollars and cents.
That's the bottom line. People say, Bobby, Chris, how much
(36:51):
am I going to get? Bottom line? And let us
find the tools to reduce that risk. That's up to you.
You have to tell us what's concerning you income? Is
it tax says, or it's all the above. Because the
biggest thing we hear, Chris is the market.
Speaker 3 (37:04):
The market. Oh, it's up, we're making money. No, you're not.
Speaker 2 (37:06):
You got It's not all yours until it crashes, and
then it crashes. Then you lose what, you lose all
that you think you had. That is not a plan
for retirement, Chris. I mean, I'm sorry, I get upset,
but this is what people come in. They think the
market is the best thing in the world for what
For growth, yes, but for retirement you got to start
thinking about change and looking at it through a different lens.
Speaker 4 (37:27):
Absolutely, And that's where there's the complete process. You know
we talked about early in the show. Yeah, you're up
at halftime and it's great, you're all excited, but guess what.
The second half comes around, and that's where Uncle Sam is.
He comes out. That's a silent partner that's there on
the other team that you do not see, and that's
what we're showing you today. So when we think about
big picture, we get it. We have people retire each
and every day. You retire once, so we retire each
(37:50):
and every day and we can show you how it's
going to look. So think up the phone and schedule
time to meet with us. We have office on both
sides of the Bay. We do a radio show. Obviously,
we do a TV show every Sunday on ABC TV
at ten thirty am. Tune in watch. Go to our
website Maggie tax dot com. See what we do. You're
listening today. If you do not have a plan, we
(38:11):
can help. If you want an income plan, a tax plan,
an investment plan, and a state plan, a social security
maximization plan, we can help. What are you doing If
you do not have a plan, you need to get
one a three to three magi tax. We look forward
to working with you. Forward a meeting with you. Get
the Maggie Plan. Tax planning, income planning, investment planning, social
security planning, as state planning.
Speaker 3 (38:33):
Get a plan. You deserve it. Eight three three magi tax.
That's eight three to three Maggie Tex.
Speaker 1 (38:38):
You've been listening to the Maggie Tax on Financial Hour
discussing tax planning investment strategy is presented by Robert and
Chris Maggie from Maggie Tax Advisory and Financial Services with
offices in Hillsboro and Panelas County. Visit Maggi tax dot
com or call eight one three three two two twenty
five twenty. That's eight one three three two two t
(39:00):
five twenty and tune in next Saturday at five for
the Maggie Tax and Financial Hour
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