Episode 20240928 - Phases of Retirement

Episode Transcript

Speaker 1 (00:00):
All these years you've saved up planning for 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
and 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 (00:52):
Welcome everyone, and thanks for joining us today. My name
is Robert Maggie and I'm here with Chris Maggie, and
together we're going to be talking about a lot of
things today, the phases of retirement, but more importantly, visit
our website, Maggie tax dot com. Click on the retirement
calculator on the top right and fill out the information
because in thirty seconds we can tell you what your

(01:13):
retirement tax bill is going to be right now. It's
important to understand because if taxes go up, you're going
to pay a lot more in retirement. So we want
to help you the best we can. Be sure to
watch our TV show every Sunday at ten thirty am
on ABC TV, and then right after the show you
can tune into the radio to the Maggie Tax and
Financial Show. So, Chris, we have a lot to talk about.

(01:34):
There's a lot going on. I know. One of the
things we want to talk about today. We'll get into
it in a minute is the phases of retirement planning.
That and the reason why I'm bringing this up, Chris,
because we see so many people and when you sit
with the people that we talk to, they don't know
the phases of retirement. That's it.

Speaker 3 (01:49):
Well, welcome everyone, I'm Chris Maggie. Thank you so much
for joining us to today's show. You know, things are changing.
We see it all around us, right, I mean, with inflation,
with costs of goods and services and just people. People
are changing, but what's not changing is the phases of
retirement planning and that's what we're going to dive into today.
You know, think about it. There's a lot to do

(02:10):
when you come to retirement. Everyone wants to get to
the retirement phase, but again, what do you have to
do on the front end to get there. There's a
lot of things you need to do. So there's four
phases to the retirement planning process. The first phase is
the contribution phase, and then there's the accumulation phase. Then
there's the distribution phase, and then there's the transfer phase.

(02:31):
So we're going to dive into these different phases of
retirement to educate you, to explain to you, especially if
you have different investments, how they are taxed.

Speaker 2 (02:39):
You know what, I wish they would teach us in
high school so the young generation could understand what this
is all about. So when they get to retirement, Chris,
they know what's going on. So let's talk about tax
as earned investments. What does that mean?

Speaker 3 (02:51):
Well, taxes earned investments or investments such as like CDs
or money market accounts. Now, when you contribute money into
these accounts, they call it non qualified accounts using after
tax dollars. You already pay tax on it as the contribution,
so there's no tax deduction going in, and that's where
it's after tax money. Now there's the accumulation phase, so

(03:14):
as it grows, you get the interest from the bank
or from the different types of accounts out there as
tax as earned investments, Well, you get taxed on the
gain each and every year, whether you take the money
or not. So what happens with CDs is that you
get the interest. It goes on your tax return and
guess what, it increases your taxable adjust to gross income.

(03:36):
So you pay tax a money really really way. You
don't receive it because you're reinvesting the money. Then there's
the distribution phase. So when you take money out, well,
the gain's taxed, so you have to pay tax on
the gain. And when the transfer phase hits, guess what
you got to pay tax on the transfer. So that's
how non qualified CDs work, or non qualified investment or

(04:00):
even money markets that you get at the bank.

Speaker 2 (04:03):
So think about this, your first dollar that you earn,
you put it on your tax return, you get taxed
on it. You get interest on that dollar and like
Chris said, you get taxed again. Anything as far as
capital gains, you get taxed. And then when you pass away,
guess what, it's taxed again. And this taxes Chris on everything. Chris,

(04:24):
that's gas, there's tax on food, There's tax on everything.
So people don't realize when you go through the retirement
phase on the contribution, the accumulation, especially the distribution we'll
get to in a minute, and the transfer, there's taxes
to pay. And it's upsetting to people because they don't
understand tax preparation or what's what's tax and what's not taxed.

(04:45):
So let's talk about what you know, like traditional iras
and four to one case, what happens during the four
phases of retirement with tax deferred money.

Speaker 3 (04:56):
Well, what's really popular a lot of people have is
traditional four to one case or they have iras now
with these accounts. People like these accounts because on the
front end, as a contribution phase, their tax favored means
when you put money in, you get a tax deduction
on the money you contribute. Now, the accumulation phase grows

(05:16):
tax deferred. So what happens is when you have one
hundred thousand and you put money in, it grows to
one hundred and fifty thousand. It's called tax deferred. You
don't pay tax on the gain. So the accumulation is
really nice. The contribution phase is really nice. But what
about the distribution phase. This is where it's taxed. This
is where you have to pay tax on all the

(05:37):
distribution when it comes out on the amount that you
take out. And what about the transfer phase, Well, that's
also taxed as well. So if you have a Form
one K or in IRA. We keep talking about this
because it's true. It's infected with taxes and it's very
appealing because the government wants you to put money into
these accounts because then it's taxable in the future. So

(05:58):
you might get a tax deduction today, but in the
future it's one hundred percent taxable at the rates at
that time. And if interest rates keep going up and
inflation keeps happening and a lot goes on with this country,
do you think they're going to raise taxes and tax rates. Absolutely,
And that's where these accounts that you have, if you
have an IRA form, Okay, they're going to be hit
hard with the taxes.

Speaker 2 (06:19):
So let's pause there, because where we're headed with this.
In two years and twenty twenty six, the Trump tax
cut's going to expire, and what Chris just mentioned, they're
pushing the I guess you could say the can down
the road on distribution where you could take it. It used
to be seventy and a half, then it's seventy two.
Now it's seventy three, and for some it's going to
be at seventy five. So what they're doing is deferring, deferring, deferring.

(06:43):
What we have to be careful of. When the Trump
tax cuts expire and the tax brackets come down and
the taxes go up, you're going to pay more on
the distribution phase, and you're probably gonna pay more, Chris,
on the transfer phase, where a lot of people are
not doing any advanced tax planning, and they're gonna wait
till it hits the fan. So you have an open

(07:03):
window right now, we call it the sweet spot between
now and twenty twenty six to put all this together
to reduce the taxes. We'll talk about one account that
is tax free. Because if you're not doing anything about it, Chris,
what is going to happen to these folks?

Speaker 3 (07:18):
Well, that's just it. You know, less income to you
in the future when you need it most. So think
about it. If you know what the tax rates are
going to be today and in the future, they're going
to be higher. So when you take money out of
these iras or four one k's guess what, less to you,
more to Uncle Sam. And that's not what you want.
So what's the strategy here? What can you do well? Now,
like my dad mentioned the sweet spot, what can you

(07:39):
do well? There's non qualified retirement plans. How do you
put together these accounts I'm talking about yes, roth iras,
which are really good plus Section seventy seven oh two
of the tax code, and this is where we can
structure a policy to make sure that you have these benefits.
When I'm about to talk about you know, on the
contribution phase, guess what you pay use after tax money

(08:02):
to put the money in as a contribution. So that's okay.
Now the accumulation phase, it grows tax deferred, just like
an IRA. But guess what on the distribution phase it's
tax free. It's tax favored coming out, and on the
transfer phase it's tax free as well coming out. So
you pay tax now on it, but in the future

(08:22):
as it grows, as it gains, as it distributes, as
it transfers. It's all tax free income.

Speaker 2 (08:29):
And here's an easy way to put all that together.
If you're a farmer, would you rather pay the tax
on the seed or the harvest? And what Chris is mentioning,
if you think about the growth of your tax deferred
account IRA four one K four three b TSP any
qualified account, you're going to pay tax on the harvest.
And folks, this is what's going to happen. And we

(08:49):
keep putting this out there. Go to my website, maggietax
dot com. The retirement tax calculators on the top right.
Click on it just for fun and giggles. Click on it,
put the information in there, and in thirty seconds, I
can show you what your tax bill is going to be.
Now why is that important? Because then you can start
doing some tax planning. Sit down with Chris and I.

(09:09):
You're going to sit down with both of us. We're
going to show you what that means to you in
language that you can understand. And I think that's the
biggest problem that most of the folks out there Chris have.
They don't understand the language that we're talking about. And
It bothers me that the younger people don't see this
until later on, and then it's all confusing to them
and they make the wrong choice. In other words, like

(09:31):
a four oh one K, you can't take it out
until a certain age, and if you do, there's a
penalty in a tax. We see this at tax time
all the time. What did you do when we took
money out of the account? Why did you do that? Well,
because I thought I could take it out. Well, guess what,
you have a big tax to pay. And Chris, that
is the biggest thing that we see because look, people
are in bed situations every day and they've got to

(09:53):
go to qualified accounts to take it out. Hasn't been taxed,
but guess what, it's going to be taxed at a
very high rate.

Speaker 3 (09:59):
So here's the thing. If you're thinking out there, what
do I do? Well, you have these accounts that are
infected with taxes, and what do you do? Do you
start rolling it out to get to a tax free
retirement plan? How do you create that bucket? Well, we
can show you. And that's why it's so important to
get together with us, because these accounts are infected with
tax and you have to tread lightly with them, because

(10:21):
if you make the wrong mistake, guess what you're hit
with a ten ninety nine. It's a fully taxable situation
and that's not what you want. So we've got to
keep you out of trouble. But we also have to
come up with a plan where you can have a
strategic tax free retirement plan built up so you can
have more of the benefits moving forward for you and
your family.

Speaker 2 (10:40):
So visit our website, Maggie tax dot com. Browse the website.
There's a lot of videos on there that you can
look at, very simple to understand. Click on the retirement calculator,
put in your information on the IRA four one K
four three B or TSP and in thirty seconds we
could show you what your tax bill is going to be.
Because what you have to know is that it's going

(11:01):
to change in a couple of years when the Trump
tax cuts expire. It's going to affect everyone because at
least three percent, Chris, it's gonna go up and people
are gonna get, you know, shocked, and what am I
doing here? And people are gonna pay more. We're paying
more every day for everything we do. Why is that
it doesn't have to be that way. Visit Maggie tax
dot com. Be sure to watch our TV show every

(11:23):
Sunday at ten thirty on ABC TV. Chris and I
talk about a lot of topics that might help you.
And also we do seminars. Go to our seminar link
up there and look for the next seminar that we're doing.
Register for it, spend an hour with us, and you know,
get educated. Maggie tax dot com. We have offices in
the Loots, Palm Harbor and Saint Pete. Does it matter

(11:44):
if you pay taxes now or pay taxes later? Yes,
it does. Give us a call eight three to three
Maggie Tax, and be sure to visit our website, Maggie
Tax dot com. That's Maggie tax dot com. Eight three
three Maggie Tax.

Speaker 1 (11:57):
Stop planning for Uncle Sam's retirement and aren't 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

(12:20):
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 (12:36):
Welcome back, everyone, and thanks for joining us. My name
is Robert Maggie and I'm here with my son, Chris Maggie,
and you're listening to the Maggie Tax and Financial Show today.
On this segment, I want to talk about a client
that we met, and we meet many of our clients
because a lot of you are listening to the words
that we're saying you are confused, your advisor is not
helping you. But this is a gentleman and his wife
that came in and they really they had a million dollars,

(12:59):
to be honest with you, and they came in and
the question we asked them is what brought them in?
And they said, well, guys, we don't know if we
can retire. We're scared, We're not sure if we're gonna
have enough money. So his biggest question was does he
have enough money to live on? He's sixty two, he's
not taking solid security, but he can. I'm going to
have Chris talk about that in a minute. He can

(13:20):
work for another three years before he takes Social Security
and no one shows him strategies and concepts, and his
conversation to us, he said that he's taking more risk
than the benchmark, and he didn't understand what that meant.
So Chris, im'll let you talk about what we did
in terms of the Social Security report, in terms of

(13:41):
comparing what he has and showing him the difference that
he did not understand from his if you will, transactional advisor,
as we are institutional, I want you to kind of
go through that because this was a very interesting couple
and it was an AHA moment for them because when
they got done, they sat back and they said, Wow,
we didn't know that we could do this. Well, that's

(14:01):
just it.

Speaker 3 (14:02):
You know, these are live examples that we see each
and every day. And the thing about it was is
they both came in and they worked, they saved. They said,
we're savers. We did everything right. We just don't know
how to put this all together. And that's common. That's
why they come in to meet with us because they
want to have an income plan, they want to have
an investment plan, they want to have an estate plan.

(14:23):
They want to make sure that they have a tax plan,
they want to make sure that everything's working together.

Speaker 2 (14:27):
And they made a great point.

Speaker 3 (14:28):
They said, we feel like some of our investments are
working against us, and they just didn't know what to do.
So we did an evaluation. We put together a plan.
As my dad mentioned, we looked at their prior year accounts.
We analyzed the current risk and what they're currently taking,
and also the fees and different funds, and we found
out that they're invested in mutual funds. There's no active management.

(14:51):
They're taking a lot of risk. When we did our
risk tolerance, they were taking actually they were an aggressive
portfolio right now where they where they currently are at.
But really when we did our risk tolerance, they're more
of a balanced portfolio. That's what they really want. They
want to be in the middle. But they're taking more
risk than what they really need to take. And this
is important because many people out there have no idea

(15:13):
what type of risk you're taking with your investments. You know,
might meet with an advisor five years ago or ten
years ago, and your risk level was very aggressive, but
now what you're older and times have changed and maybe
your risk tolerance has gone down. Maybe it's more of
a balanced portfolio or a conservative method of growing your money.

(15:33):
But when it comes down to it, they didn't know.
So we analyzed that for them the first thing we did.
And it was not how moment, because they said, no,
one's really looking at this, and we're approaching retirement and
the market's volatile and they don't want to go down
with it. So that was a big question that they
needed answer and we helped them out.

Speaker 2 (15:50):
Well. Another thing that we noticed, which was very important
when we did the comparison, she had an IRA. She
had a rough IRA. He had an IRA. He had
a rough IRA. And the position, Chris and you can
talk about this in a minute, they were identical. They
were the same positions. There was no management there, there
was no diversification. Ninety three percent of his money was

(16:11):
at risk. And when we talk about red money, green money.
When we showed him that in the beginning, he said, yeah,
that's bad. Yeah, of course it's bad. And he has
market risk and he's gonna And he said to us,
you know, back in two thousand and two and two
thousand and eight he lost money. And Chris asked him
the question and looked him out of the eye and said,
how did that make you feel? And his answer was,

(16:33):
I'm sick about it. And he said they lost so
much money that he's sick about it. And Chris said, well,
what are you going to do about it? And then
we asked the wife the same question and she had
less risk than he did. Now, granted, you know when
you do a risk tolerance, the risk tolerance is different,
and that's okay, but Chris, it was identical and ninety
three percent of his money was at risk in an

(16:54):
account that lost money that he's trying to preserve for retirement.

Speaker 3 (16:58):
We less just SAIDs he made a couple of good
points here. They've been through nine to eleven, they've been
through two thousand and eight with the housing market crash,
they've been through COVID. Obviously it was a quick bounce back,
so they're okay, but I guess what now it's on
the other side and they don't want to go through
this nearing retirement. So he's sick about it. But that's
what we're talking about here, and we showed him and
you made a great point when we analyzed their four

(17:20):
different accounts, current accounts, they had the same positions in
every one of those accounts. There's no diversification, there's no
active management, and that's why they are here and meeting
with us. So when they came in to meet with us,
they said, after we got done with the evaluation, that's
what we were looking for. Now, how do we make
this better so we can accomplish our retirement goals.

Speaker 2 (17:42):
So here's the biggest question that all of you and
even they led to. How much money do you need
per month if you retire today? The question is how
much do you need to go to that mailbox today?
And Chris looked at it, We looked at it. I
think it was four thousand and when Chris ran the
social Security report and his pension report, he could net
seventy five hundred more than he's making. Now, Chris, how

(18:03):
did that make him feel? Was he surprised or what? Well,
that's just said.

Speaker 3 (18:06):
So my dad mentioned they have a million dollars well
just from their social security and their social Security income
and their pension income alone will be three thousand dollars
more a month than they actually need without touching their
million dollar investment.

Speaker 2 (18:18):
So that was the question.

Speaker 3 (18:19):
Now, what do you want your million dollars to do
for you, and they basically said, well, we don't want
to lose it.

Speaker 2 (18:24):
We want to keep it.

Speaker 3 (18:25):
We want to keep it because if inflation happens, we
want to be able to tap into more of it.
We want to make sure that we leave it to
our kids. We want to do a combination of all
that good stuff. And they said that we want to
eliminate or possibly reduce the market risk. So that's what
we did. We followed the income, We solve for the income.
The income was there. They've guaranteed income in the most
tax efficient way. I ran a tax analysis to show

(18:45):
them and guess what, they're not paying a lot in
taxes at all.

Speaker 2 (18:48):
That was great. So it was really cool to see.

Speaker 3 (18:50):
That the amount of income they're getting, and because of
the way Solid Security is taxed, they're going to be
a low tax bracket and have a huge amount of income,
more than they actually need in retirement. So the income
was taken care of. Now we talked about the investments,
and what we did was we allocated somebody to green money,
somebody to what we call yellow money, where we have
active management in the market. But also we show them
that there's a purpose with everything that they have. It's

(19:12):
not just about piles of money. It's about buckets of
money with a purpose. Do you want that bucket of
money to not go down, Yes, we can make that happen.
Do you want some fluctuation with that bucket? Yes, we
can manage that portfolio and do something with it. With
the indifferent portfolios that we can manage, these are things
we're talking about. So we put together not only an
income plan, an investment plan, and then we talk about

(19:34):
the estate planning. All these accounts that they have will
avoid probate and stay in the family. And that's what
they wanted. So, as my dad mentioned before, they sat
back and they said, oh my gosh, now we have
a plan. Now we have something to be excited about.
And you can too. So pick up the phone, schedule
time to meet with us. Eight three to three Maggie Tax.
Visit our website at Maggi tax dot com. There's so
much information rate there at your fingertips. Eight three three

(19:57):
Maggi Tax schedule unappointment today three Maggie Tax.

Speaker 1 (20:01):
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
ma Ggi tax dot com. Or call eight one three

(20:24):
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 (20:39):
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 on that button.

(21:01):
In thirty seconds, we can tell you what your retirement
tax bill is going to be and then you could
start doing some tax planning. 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. Click on it. You'll
see the dates and the locations and if you have
time registering, come on out. And the other thing. Many

(21:22):
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
them why are you here? Okay, and they tell us
because maybe your taxes or we're not sure about our advisor.
But Chris, you mentioned one thing before you asked the gentleman,

(21:42):
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. That's
exactly right.

Speaker 3 (21:52):
You know, a client came in last week and he's
got over two million bucks and the number is not
important to us, but the fact that is when we
asked him that question, it does make sense because we
asked him, is safety of your money important to you?

Speaker 2 (22:08):
And guess what he said?

Speaker 3 (22:09):
He said absolutely at this age it is so he
had all his papers all over my desk and I'm
looking 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.

(22:32):
And he said, I know, but I don't know how
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

(22:54):
it was more like a he just told us a story.
It was great, But he said, that's why I'm here.
I want a plan. I 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 on this desktop.

Speaker 2 (23:14):
Stop you got to stop here. My heart is bubbling
right here. 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

(23:34):
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 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

(23:55):
Chris said, it's an old advisor who just gives you
the same thing. Because we're taught to stay in the
line with everybody. 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 it 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

(24:15):
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 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.
Am I right or wrong?

Speaker 1 (24:32):
Now?

Speaker 2 (24:32):
That's just it.

Speaker 3 (24:33):
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

(24:55):
happy during retirement. You don't have to worry about these
ups and downs and the volatilities. 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 don't want to. You know, let's discuss what this means,
because there are poor choices out there. Many of you

(25:18):
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 are on TV. But guess what are they
really delivering the right message? Are they just selling a product?

(25:40):
You here on TV all the time by gold in
your IRA, by gold in your IRA.

Speaker 2 (25:45):
Is that what you need to do?

Speaker 3 (25:46):
That's a transactional advisor, Chris.

Speaker 2 (25:48):
It's not a plan. It's not a plan.

Speaker 3 (25:50):
You know.

Speaker 2 (25:50):
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

(26:10):
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,

(26:31):
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
rm 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.

(26:52):
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 requirementimum 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,

(27:14):
and then later on have what Chris, tax free money.

Speaker 3 (27:17):
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. So

(27:38):
I 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. You don't

(28:01):
have to work for a company for twenty years and
retire with them.

Speaker 2 (28:05):
You don't have to.

Speaker 3 (28:06):
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 (28:19):
Do you know?

Speaker 3 (28:20):
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 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 cliente 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 doesn't

(28:42):
know how to get to the other side, and we
can show him.

Speaker 2 (28:44):
So if you're listening, let me talk about some of
the things that we do to kind of help you
out here. The question we ask is, how can 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, Maggie. Let's discuss the Maggie plan. Let's discuss
the complete plan. So where do we go from here?

(29:05):
It's easy, pick up the phone eight three three, Maggie. Tax.
And here's another thing. Chris talked about it before. Has
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,

(29:26):
they get offended by what do you mean? I have
an incomplete plan? And I'm not trying to be funny yet,
but you do. You don't have an income plan, you
don't have a tax plan. You don't have an investment
plan where 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

(29:47):
just not working that way.

Speaker 3 (29:49):
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. We all
know that. We tell our kids, right, you don't have
to follow Johnny down the street. Right, we have to
do that, but we do. But you don't have to,
especially in retirement, because this is your money. And that's

(30:12):
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.

Speaker 2 (30:18):
They have two.

Speaker 3 (30:19):
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? 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

(30:40):
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 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 there that you
can take advantage of to accomplish what you're looking for.

Speaker 2 (31:04):
It's very simple.

Speaker 3 (31:05):
Pick up the phone, schedule time to meet with us
eight three three Maggie Tax.

Speaker 2 (31:09):
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

(31:30):
hour and a half. And then don't forget. We have
the chat box on our site, Maggie tax dot com.
Put a question in, we're going to respond, We're going
to answer, and then we can set up a time
to meet with us eight three to three Magi Tax,
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.

(31:50):
If you don't understand that, we can help. And remember
we have offices on both sides of the Bay. We
have one in Tampa, Palm Harbor and St. Pete. So
pick up the phone eight three to three Maggie Tax.
Shoure to visit our website, Maggie Tax dot com. Eight
three to three Maggie Tax.

Speaker 1 (32:05):
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
Maggi tax dot com or call eight one three three

(32:28):
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 in Financial Group, Robert and Chris Maggie.

Speaker 3 (32:43):
Are you looking for the most tax advantaged ways to
save onder the tax code? Well, we can help. That's
what we do. So welcome back to the Maggie Tax
and Financial Show. Get the Holistic retirement plan. That's what
we do here. Get a complete retirement plan. Get the
Maggie Plan. It's a tax plan, it's an income plan.
It's a simple and easy plan for you to understand.
It's an investment plan. It's called the Maggie Plan. If

(33:06):
you don't have the Maggie Plan, get the Maggi Plan
because it's a complete holistic approach for you for your
retirement eight three to three Maggie Tax.

Speaker 2 (33:15):
And what we're trying to say to everyone out there
is get out of the line of fire if they're
shooting bullets at you. And be aware of the heightened
legislative risk that we're talking about that will affect qualified
accounts and wrote accounts. And we can help. What is risk.
It is market risk, it's income risk, it's tax risk,

(33:36):
it's legislative risk. Which one will do the most damage
to you. And we can help create a new, like
Chris mentioned, a new holistic plan today. Get the Maggie Plan.
So when do you want the irs to get their taxes?
You know, we can show you a way to pay
the taxes now before the Trump tax cuts expire and
you get an increase of thirty percent. And if you're

(33:56):
concerned about market risk, income risk or taxes, they when
you have what we call an incomplete plan and get
a new plan and a holistic plan, get the Maggie Plan.
How many of you have an IRA or a Furro
one k you have a tax deferral plan, but we
can show you the cost of tax deferral before taxes increase.
Go to my website, Maggie tax dot com and click

(34:17):
on the retirement calculator. I challenge all of you. Go
ahead and do it and plug it in and I'll
respond to you. But you're gonna get the information that's
gonna shock you. You know, it's really interesting.

Speaker 3 (34:26):
You mentioned different types of risks, and many people just
think of risk as market risk. Well, you have an
income risk if you don't have an income plan and
you run out of money. You know what about legislative risk?
Many people are talking about how the tax code changes. Well,
if you have the risk of these laws changing and
taxes increasing and guess what less income for you? What

(34:47):
about the investment risk? You know, yeah, the market with
the volatility, that's another risk. So what are you doing
about it? That's why we do the show. That's why
we do this each and every week. That's why I
have a show on se for the MAGI Tax and
Financial you know show, because we want to educate you.
There's so much there to talk about because people need help.

(35:07):
You need help out there.

Speaker 2 (35:09):
You know.

Speaker 3 (35:09):
We care about our retirement plans. Why because people could
pay less tax, have more income. They don't have to
lose when the market goes down forty percent. Where is
it written that you have to lose thirty percent or
forty percent like everyone else? Where's it written that you
have to go down that ride?

Speaker 2 (35:26):
You don't have to.

Speaker 3 (35:28):
So if you're in that environment right now and you
want out and you don't know how to get out,
we can show you. If you're looking for strategies for
your investment plan, if you want an income plan that
correlates with your tax plan, then guess what we can help.
So pick up the phone, schedule time to meet with
us eight three to three MAGI Tax and you.

Speaker 2 (35:46):
Can write this down because all of your retirement assets
there under attack from taxes and legislative risk. And remember
that word legislative risk, and we can help. Get the
new Holistic Plan, get the Maggie Plan. Think about this,
out the irs and eliminate tax risks today. Let irs
get what they are supposed to get. Now. I know
that sounds weird, but it's the truth. When taxes are low,

(36:08):
that's where it is right now, get a new holistic
plan and get the Maggie Plan. And folks, what we're
trying to say to you here is you have to
understand that taxes are low right now. They are. They're
at their lowest amount ever. And if you remember back
to the eighties and many of you listening, it was
at eighty ninety percent. Do you think that could happen again?
Absolutely you can. So let's eliminate risk and mitigate tax risk.

(36:32):
Take action today and protect your retirement and get a
self completing plan. Think about that. Get the new Holistic
plan and get the Maggie Plan. But make it a
complete plan. Write that down the language. Complete plan, and Chris,
that's what people we see do not have. When we
throw that on the table all of a sudden, you know,
the light bulbs go on and they go. You know,
I didn't think about it that way. You guys are right.

Speaker 3 (36:54):
It is because if you have an incomplete plan, you
got problems. I said, and you know I said a
great point. I'm gonna just reiterate what you said. You know,
your retirement assets are under attack, and think about it.
They are, and they lead you down the road where
everything's cool, where you don't have to pay taxes on it. Now,
tax deferral, tax deferral, tax deferral. With those iras and
Form k's, everything's great. But guess what, they're under attack

(37:17):
because they're infected with taxes. Eliminate Uncle Sam forever and ever.
They are a silent partner, Eliminate them. How do you
go about doing it? We can show you. That's why
it's so important to get together and let's have a conversation,
because maybe you should do a strategic rollout from your
IRA to your wroth IRA, or create a tax free
bucket in retirement so you don't have to worry about

(37:39):
the increasing taxes or the legislative risk, or the different
types of risks that we talked about early on in
today's show. When it comes to retirement. The tax code
is written in pencil. What are you doing about it?
They can change it. So when it comes to retirement,
the IRIS is your silent partner in your form on
K your IRA. You have no protection. Get a plan.

(38:00):
We call it the Maggi plant. It's time to take
back ownership. Why because you deserve it. You work hard.
You work hard all those hours, all those times you
get up in the morning, all those times that you
do things that you can't do because you have to work,
and you save for retirement, and you do the right thing.
Guess what they're going to go after people who have
the money. You have the money, So what are they

(38:21):
going to do? They want to tax you. So do
me a favor, do yourself a favor. Listen to what
we're saying here. Pick up the phone, schedule time to
meet with us. Visit our website at Maggie tax dot com.
Get educated, know something about retirement and we can help
you a three three Magi tax and.

Speaker 2 (38:38):
Think about this. Creating a plan for you for your
financial will being I know it can be a lot,
you know, like solving a jigsaw puzzle, but our comprehensive
approach can help you put the pieces together. So we
begin by working with you to identify your short long
term goals. Are you doing that? We use these goals
as our primary focus to provide you with innovative strategies

(38:59):
and solutions that we're talking about, and we continue to
partner with you through the changing landscape, through the legislative risk,
through the tax risk, through the income risk, through the
investment risk, through a legacy planning risk, through college planning risk.
If you're not talking about that, or your advisor's not
talking about that, shame on them. Pick up the phone.

(39:19):
Eight three to three Maggie Tax. Be sure to visit
our website Maggie Tax dot com. Click on the retirement
calculator and see what I mean. In thirty seconds, we
can tell you what your retirement tax bill will be.
Schedule time to meet with us. Operators are standing by
right now. Eight three to three Maggie Tax. That's eight
three to three Maggie Tax.

Speaker 1 (39:38):
You've been listening to the Maggie Tax and Financial Hour
discussing tax planning, investment strategies presented by Robert and Chris
Maggie from Maggie Tax Advisory and Financial Services with offices
in Hillsboro and Panelas County. Visit Maggie tax dot com
or call eight one three three two two twenty five twenty.
That's eight one three three two two T one T

(40:00):
five twenty and tune in next Saturday at five for
the Maggie Tax and Financial Hour