Episode 20241026 - Retirement Tax Calculator

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
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 Chris Maggie,
and I hope you're having a great day. A couple things
I want to make right from the start. Visit our
website Maggie tax dot com. Click on the retirement calculator
and in thirty seconds we can show you what your
retirement tax bill will be. Also, click on seminars. We
are doing a lot of educational seminars. They're all in

(01:14):
different areas, so go to Maggie Tax As Seminars and
you'll see the time and location.

Speaker 3 (01:19):
Register for the seminar.

Speaker 2 (01:20):
We talk about a state planning, tax planning, income planning,
and social security. Because a lot of you out there
are asking for help, again, pick up the phone eight
three to three. Maggie Tax operators are standing by. So Chris,
you know, we have a lot that we talk about.
I think the biggest thing that I learned from people
is what they don't know. And when they come in,
they're just surprised and they ask questions because they don't know.

(01:41):
And you know, the thing that I want to make
sure people understand. You don't have to be afraid to
sit down and have a conversation. It's about understanding the
language and retirement planning. And I can give examples all
day long of people that come in that have worked
with us. So, Chris, would you agree that would be
probably the most important thing that we're trying to accomplish here.

Speaker 4 (01:59):
I would absolutely education is extremely important, and as we
see each and every day and each and every week
that many people just really don't know what their options are.
And welcome to the Maggie Tax and Financial Show. I
am Chris Maggie, and we thank you so much for
tuning in. And that's what it's about. It's putting together
a plan. There's so much there. When it comes down
to your finances, you work, you put money away, you safe,

(02:20):
you go through a lot of events during your life,
and then it comes down to the point of retirement.
You're thinking about when should I retire, Can I retire?
What it's going to look like? And many people just
don't know. And we talk about you live in ayoo economy.
You're on your own and you live in the dark
because you really just don't know what retirement looks like.
We all have the ideas of a happy retirement, but

(02:40):
still you have to have income, you have to pay taxes,
you have to make sure your investments are in the
right order, and you've got to make sure that you're
accomplishing what you want to accomplish. So when we get
down to this. That's why we call it the Maggie Plan.
It's a plan for you. And if you do not
have a plan for your retirement, if you're in retirement,
you're about to retire, whatever it is, and you want
to get a second opinion, you know your current advisor

(03:02):
cannot give you a second opinion. That's why we say
pick up the phone, schedule time to meet with us,
because there's so much there. Things are changing. There's tax planning,
there's investment planning, there's income planning that needs to be done.
If you're talking about or thinking about SOLI security, when's
the best time to take it to maximize the benefit.
With a client that came in last week and we're

(03:23):
talking about the spouse, and they had no idea, the
spouse that they could get at least half of the
husband's benefit. So we asked them to call SOL Security
and guess what. A couple of days later, they increased
the payment for the spouse up two hundred dollars more
in her paycheck each and every every month, and they
had no idea. So that's what we're talking about here.

(03:44):
You don't know what you don't know, but you can
by picking up the phone, schedule time to meet with us.
Let's go over your situation. Let's put together a plan.
We call it the Maggi Plan, and we look forward
to helping you a three to three Maggie tax.

Speaker 2 (03:54):
And again the simple solution is go to Maggie tax
dot com, click on seminars and what Chris is just
talking about with doing seminars educational seminars all across Tampa Bay.
Check the website, the dates and times are located. They
are just register and bom be there and show up.
So Chris mentioned something before about savers, so let's talk
about something because some savers may want to reduce the

(04:14):
risk or uncertainty of their taxes in retirement. That's the
biggest question we get because at Maggie Tax and Financial
Group we always do taxes. We've been doing taxes all
year round. We do advanced tax planning. But don't put
it to bed after April fifteenth, because you need to
plan because in two years the Trump tax cuts are
going to expire. So a more predictable retirement tax environment

(04:35):
may help you better prepare for the taxes that you're
gonna pay. And you know, we talk about you know
how much you're gonna get in retirement and what it's
gonna cost you. Things are going up, Prices are going up,
you know, and you're gonna pay and the spendable income
you can generate after taxes are paid, that's the key, Chris.
After taxes. You always get the question when someone sits
down and we ask them how much do you need

(04:56):
per month?

Speaker 3 (04:56):
And it's what after taxes? That's right.

Speaker 4 (04:59):
So our biggest e vents are taxes. It's going to
be taxes, taxes, taxes, taxes, and it's not about just
filing your return. Filing your return from your tax preparer
is just pretty much what they did, what you did
prior to twelve months right or last year. What you
want to do is tax planning. So you want to
make sure that your investments are in line with your taxes,
your income are aligned with your taxes. So we can

(05:21):
do a mock tax return today or any month throughout
the year to show you exactly what impact your taxes
are going to be, and we can do the analysis
of your potential tax exposure to your tax risk or
tax uncertainty within your given retirement approach, and a higher
retirement tax score we call it RTS represents a higher

(05:42):
exposure to these risks, while a lower retirement tax score
conveys a lower exposure to tax changes. This is what
and how the retirement tax calculator that we have will
show you in thirty seconds, we can evaluate your tax
risk and prepare you for your future tax bill. And
that's why we encourage you to visit our website at
Maggie tax dot com. There's so much information right there.

(06:04):
If you have a four one K an IRA A
four to H three B a TSP traditional, then guess what.
You have an account that's infected with taxes. There are
huge taxes that you have to pay, So how do
you diffuse a tax time bomb? Do you have a plan?
If you don't, then we can help you. All you
have to do is visit our website at Maggie tax
dot com. Click on the top right hand corner retirement

(06:25):
tax bill, and in thirty seconds you can get your
retirement tax score and what you're going to pay and
we can help you reduce that or possibly find ways
to strategically get that money out in the most tax
advantage way in a tax free account. Just pick up
the phone schedule time to meet with us eight three
to three Maggie tax And.

Speaker 2 (06:45):
The thing now is most people don't understand the retirement
tax score what it is and your retirement tax bill,
and think about it. When you retire, you have to
start taking requirement and distribution at age seventy three.

Speaker 3 (06:57):
They're changing those rules all the time.

Speaker 2 (06:58):
But at the same time, with the taxes go up,
you're gonna have to take out more of your taxable IRA,
so your retirement tax goor measures your exposure to the
risk of changing taxes. That is so important right now
because we talk about it every week. In two years,
the tax cuts are going to expire. What are you
doing about it? Exposure to this risk and vary depending
on the vehicles and approaches you use to save for retirement.

(07:21):
You know, is it an IRA? Is it a four
to one K? Is it a four H three B?
Is it a TSP for federal people? And Chris, you know,
it's just a confusion of alphabet soup that people don't get.
But it all bundles into one and at the bottom
line is what they got to pay taxes.

Speaker 3 (07:34):
And that's just it.

Speaker 4 (07:35):
Well makes it make it even more easier for a
lot of the listeners today when you come in, that's
why we can help. When you come to me with us,
we're going to show you. We're going to show you
a balance you. We're going to show you what's taxable,
We're going to show you what's non taxable. We're going
to show you what you could do to get the
money out of a taxable environment to tax free in
the most tax efficient way. This is tax planning, and
tax planning is done all the time. If you're not

(07:57):
working with the right advisor and they're not doing tax
plan for you, you need to raise your hand and
give us a call because tell you what taxes are
our biggest expense and you're going to get hit with
more taxes if you don't plan on it. Because most
advisors out there just do investments. Most advisors just want
to put you in a stock upon a mutual phone
or a manage account and that's it. But there's way

(08:18):
more than that. There's the tax side of this. There's
the income side. What about your income when you take
a distribution? How is it taxed?

Speaker 3 (08:24):
Do you know?

Speaker 4 (08:25):
And if you don't know, you need to know. And
that's why our clients whenever they take a distribution. We
show them exactly what the tax ramification is going to be,
if any, so they know that the money they receive
is guess what after tax, and they can spend it
and not have to worry. So pick up the phone,
schedule time to meet with us. Let's do a tax review,
Let's do an investment review, Let's do an income review.
If you're looking for more income, let's show you how

(08:48):
to get more income on a most tax efficient way.
We call it paychecks. We also call it play checks.
What's a play check? A playcheck is something that you
can get each and every month and just play with it,
do whatever you want with it, Spend it to come
in for the rest of your life if you want that.
We can help eight three to three Maggie tax. That's
eight three to three Maggie tax.

Speaker 2 (09:06):
So WHI are we talking about this today? And how
can we bundle this into something easier for all of you?
It's real simple. Go to Maggie tax dot com, go
to the retirement calculator, take a look at it for yourself.

Speaker 3 (09:16):
It's very simple. There's a video there that explains it.

Speaker 2 (09:18):
It takes you maybe five minutes if that, and then
you're going to get a report back in thirty seconds
of your retirement tax Bill number two. Like I said,
we're offering seminars, educational seminars across Tampa Bay every month.
All you have to do is go to seminars on
Maggie tax dot com, look at the times on the locations.
I mean, it's convenient for everybody, and it's educational. And

(09:39):
what we're talking about today, that's what we're going to
be talking about at the seminar. Folks, it's up to you.
You have to get a retirement plan. You have to
look at taxes, you have to look at income planning.
It's a puzzle. It's a very confusing puzzle. And don't
be afraid to sit down with us and have a conversation.
I think what Chris and I see so many times
as people come in and they say, well, gee, I'm
afraid to talk to my advisor.

Speaker 3 (10:00):
Why this is your money?

Speaker 4 (10:01):
Chris, that's ridiculous, absolutely, And we see it each and
every day, and people come in and they just have
their head in the sand and they don't need to be.
You could be doing something different to make your situation better.
Interest rates have risen, right, so What are you doing
about it? Market has done?

Speaker 3 (10:15):
What?

Speaker 4 (10:15):
Up and down? How do you take advantage of the
opportunities you can? You don't have to just fall victim
to it. You don't have to just make money when
the market goes up. What about when the market goes
the other way? Do you want to participate in those
gains as well? Can you?

Speaker 3 (10:28):
Absolutely?

Speaker 4 (10:29):
If you're working with the right advisor. So pick up
the phone. Schedule time to meet with US. Tax Planning,
investment planning. Let's analyze your accounts. Let's look at them.
Let's show you what kind of risk you're taking with
your current accounts, what kind of standard deviation? How much risk?
And also where do you want to be? This is
your money. If you want to be aggressive and you're
in a low investment risk, is that really why you want.

Speaker 3 (10:51):
To be well?

Speaker 4 (10:51):
We can help you. So pick up the phone. Schedule
time to meet with us eight three to three MAGI Tax.
That's eight three to three Magitas.

Speaker 1 (10:59):
Stop planning for all 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

(11:21):
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 (11:36):
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.

Speaker 3 (11:55):
But this is a gentleman and his wife.

Speaker 2 (11:56):
That came in and they really they had a million
dollar 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 Social Security, but he can. I'm going to

(12:18):
have Chris talk about that in a minute. He can
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, I'll let you talk about what we

(12:38):
did in terms of the Social Security report, in terms
of 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,

(13:00):
we didn't know that we could do this.

Speaker 3 (13:02):
Well, that's just it.

Speaker 4 (13:02):
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 and 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,

(13:23):
they want to make sure that they have a tax plan,
they want to make sure that everything's working together.

Speaker 3 (13:28):
They and they made a great point.

Speaker 4 (13:29):
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 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.

(13:51):
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 were 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

(14:14):
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.

(14:34):
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 (14:51):
Well. Another thing that we noticed, which was very important,
we did the comparison. She had an IRA, she had
a rough IRA. He had an IRA. He had a
rough IRA. And the positions in it, 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

(15:12):
was 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 going to 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?

(15:33):
And his answer was, 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?

Speaker 3 (15:42):
And then we.

Speaker 2 (15:42):
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 account
that lost money that he's trying to preserve for retirement.

Speaker 4 (15:58):
Wellless just SAIDs he made a couple 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

(16:18):
made a great point. When we analyzed their four 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

(16:40):
so we can accomplish our retirement goals.

Speaker 2 (16:42):
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.

Speaker 3 (17:03):
Now, Chris, how did that make him feel? Was he
surprised or what? Well, that's just said.

Speaker 4 (17:07):
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. So that was the question, Now, what
do you want your million dollars to do for you?
And they basically said, well, we don't want to lose it.
We want to keep it. We want to keep it
because if inflation happens, we want to be able to

(17:29):
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 them and guess what, they're
not paying a lot in taxes at all.

Speaker 3 (17:49):
That was great. So it was really cool to see that.

Speaker 4 (17:51):
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

(18:13):
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

(18:34):
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 Maggie tax dot com. There's so
much information rate there at your fingertips eight three to

(18:57):
three Maggie Tax Schedule unappointment eight three to three Maggie Tax.

Speaker 1 (19:02):
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

(19:25):
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 (19:40):
Welcome back, everyone, and thanks for joining us today. My
name is Robert Maggie and I'm here with my son
and co host Chris Maggie. Today we're talking about the
services that we offer in that many of you need
but don't even know it. And what I mean by
that is we offer financial services, we offer tax services
and legal and also insurance.

Speaker 3 (19:57):
And that's called a complete plan.

Speaker 2 (20:00):
And I talk about this and many of you, whether
you know it or not, have an incomplete plan. But
there's still a lot more, Chris, that people need to
understand because when we talk about a complete plan and
we put all this together, the next step is when
do you want to retire? Number one? If you want
to retire now or later. And we had a client
come in this week and we'll talk about it. They
just found out they're going to retire in June. So

(20:22):
the biggest question the wife had was do we have
enough income? And we put this binder together with an
asset map to show them where their money is because
they have money allocated in different things, save money and
some you know, red money, which is fine. But then
we asked them the question how much do you need?
And guess what they said, I don't know. So Chris,
that's a problem, okay, and let's talk about that because

(20:45):
we had to back up the bus to go back
to Social Security because he's going to retire health insurance
and then what the cost is going to be, and
then we have to put this whole thing together.

Speaker 3 (20:54):
That's just it.

Speaker 4 (20:55):
You know, you mentioned a complete plan and incomplete plan,
and we were fortunate to meet with them a year
ago and we put together a whole plan for them,
and he was still working and he's sixty five years old,
and he said, I want to work maybe a couple
more years. And she's retired. So they live on his
income every month and it's four thousand dollars a month
coming in. They have a million dollars. And we put

(21:16):
together a plan last year when and we allocated different
buckets and we had bucket planning and some safe money
and some money that's in the market, and we manage it.
And he also has a complete plan where everything, if
anything got for bid happens, it's going to go to
his beneficiaries and avoid the probate process. But bottom line,
when he came in for a review yesterday, I want
to talk about this because it might be on a

(21:37):
lot of people's minds. Even though they had a million dollars.
The perception that many people have is that, oh my gosh,
get to a million dollars or you're a millionaire and
you have no concerns. Well, these people and these clients
really sat down and their next play was I got
to retire. And they thought about this for a while,
and they thought about what's going to happen because they

(22:01):
don't know, and we educated them and we sat back
and their biggest concern was running out of money. And
these are people who don't need a dime of these assets,
but their main concern sleepless nights about running out of money.
Every purchase that they go about wanting to execute, they

(22:21):
have a second guessing it because their fear of running
out of money. And if you're listening today, it doesn't
matter how much money you have, whether you have three
hundred thousand or three million, it doesn't matter. A lot
of millionaire people are worried about running out of money.
And that's the whole point here. If you don't have
enough income sources and you don't have your account set

(22:41):
up the right way for guaranteed income, you might run
out of money. But these clients here, when they came
in and met with us, that we'll explain. You talk
about the income side of it with the social security
and the foundation. But we started and explained to them
the different buckets of money. So let's start that with
the social security and we explained the balance sheet. But
where did it go from here?

Speaker 2 (23:01):
Well, when I asked the gentleman when he's going to retire,
he said, Bobby, I'm going to retire in June. So
I looked at we put a binder together, we do
an asset map and a Social Security maximization report, and
that's what we do for everybody. But the bottom line
was that he's going to take solid security, which I
think he was going to get twenty six hundred dollars
a month.

Speaker 3 (23:18):
Now. His wife was sixty five.

Speaker 2 (23:20):
She won't be six, I'm sorry, sixty four, won't be
sixty five till next year. So because he's leaving, problem
number one was they had insurance covered through his work,
but then if he leaves in June, she has no insurance.

Speaker 4 (23:35):
So it was a big gap there with health insurance
because he's going to be on Medicare. But then she
needs to go out to the market and get health insurance.

Speaker 3 (23:43):
For one year.

Speaker 2 (23:44):
Right now, the reason why I ask questions like this
and all of you, how much income do you need?
Stop and think about what you guaranteed income for him?
It was solid security for her, she could take Social
Security as well, So about twenty six hundred I think
it was for him, I think because it was about
thirteen hundred, so that's what almost four grand a month?
What was the need of income that you just said.

Speaker 4 (24:06):
Well, it's interesting when when I sat down and talked
to them, we asked them what was your how much
do you need every month? And they looked at one another.
I said, I don't know, maybe four grand, but we
want to travel, okay, So I said, is it five thousand?
I said, well, we might want to do a couple
more things, so well, is it six thousand? So what
I did was I used the calculator it's the present

(24:26):
value calculator, and put their assets in there and explain
to them if they take out two thousand dollars more
a month to get the six thousand dollars, that's twenty
four thousand dollars a year a distribution off their million dollars.
By doing that every year, they will never outlive their money.
If they take out two thousand dollars a month and

(24:47):
we let it grow at very conservative, very reasonable rates,
guess what, they'll still have one point four million dollars
by the time they're ninety five years old. So right there,
they stopped and looked at one and said, oh my gosh.
And I said, what does that mean to you? Because
you can take more income every month, you can take
five thousand dollars more income on top of social security.

(25:10):
If you want to, you can go ahead and not
take that amount. It's up to you. It's about how
much you need and what are your goals. So when
they sat back and they looked at this, it was
a big relief that came off their shoulders. You can
see it, you can feel it, and it was actually
more of a teary eyed visual look in their eyes
because they never were told this. And as my dad mentioned,

(25:34):
they're in their sixties, and with all due respect, a
lot of people out there are listening today and they're
older than me. But the point is that they never
got this information and the education. So why is it
so important we do our show because of these reasons?
And if you're listening today, we're passionate about helping you.
If you're out there and you're listening and you have
any questions and you wake up in the middle of

(25:55):
the night, we'ren't about running out of money in taking
these purchases and can I buy? Do I not buy?

Speaker 3 (26:01):
What do I do?

Speaker 4 (26:02):
And they restrict you, then now's the time to pick
up the phone and give us a calls. Eight three
to three Maggie tax that's eight three three Maggie tax.
But Dad, when you saw the look and you said,
of the feel, how did that make you feel?

Speaker 2 (26:13):
I felt really bad because I know that they didn't understand.
They were looking for help, and they were kind of
sitting there dumbfounded, like I think we're gonna run out
of money. But here's what I did, and this is
what Chris and I talk about, the Maggie Plan. The
Maggie Plan is a tax plan. It's an income plan.
I repeat it. It's an income plan, it's an investment plan.
It's a legacy plan. So if you're gonna sit down

(26:35):
with us, this is what we're gonna do with you.
Because the first question I want you to tell us
is how much do you need to retire? Because if
you're gonna work, you're getting income coming in. I get that,
but when you retire, you still have to have income
coming in. Chris, So for this gentleman and his wife,
they did not understand how the guaranteed money is a

(26:56):
base you sold security, you're going to get it, a pension,
you're gonna get it. And just like Chris mentioned before,
you don't know what you don't know, meaning that you
probably have enough to retire and Chris made a simple
illustration to them about the future value of money. The
money they had is going to last them more years
than they will live, and not only that, they could

(27:17):
take out more. In the way things are today, people
are worried about inflation, people worried about running out of money,
health insurance, and when you sit down and do a
plan like this, they sat back, and Chris mentioned they
were tearioid once we told them.

Speaker 3 (27:32):
It was like a big elephant.

Speaker 2 (27:34):
Chris off their shoulder when you told him that, how
did I feel?

Speaker 3 (27:38):
I felt great? How did you feel? Well?

Speaker 4 (27:40):
The same way. And that's why we do what we do,
and I you know, we're very grateful. We're very thankful,
and we love doing what we do. And we do
the same thing for you because you know you need education.
Where's the last class you had on how to develop
an income plan or an investment plan, or how to
consolidate your accounts, or how to pass my assets to
the next generation in the most tax efficient way? Or

(28:01):
what about medicare and health insurance? Or what about sol
scurity maximization or what about college funding if you have
a child that needs to go to school. These are
the things that we do each and every day. That's
complete planning. That's what we talk about, the Maggie Plan.
So pick up the phone, schedule time to meet with us.
Eight three three Maggie Tax. That's eight three three Magi Tax.

(28:22):
Get the Maggie Plan because it's a tax plan, it's
an income plan, it's an investment plan.

Speaker 3 (28:26):
It's a complete plan.

Speaker 2 (28:27):
And they challenge all of you in a good way.
Go to my website, Maggie Tax dot com. Why because
I have free webinars on there. A lot of people
don't want to go to seminars or it's too crowded,
or the situation now with COVID. Then go to my website,
Maggie Tax dot com. We recorded thirty minute videos and
a website on everything we talk about. You need to

(28:49):
go there because it's going to help you understand. Well,
maybe I'm not so bad, and I have people call
me every day and say, you don't. I don't want
Biden to get by money. He's not going to get
it if you do a plan. Okay, if you do
a plan. I'll give you an example on this one too.
They had qualified money and they had some wroth and
the question was can I start moving my money from
the qualified plan to the Wroth plan.

Speaker 3 (29:12):
We did, what did we tell them? Chris? Wow?

Speaker 4 (29:14):
So it was like a just an enlightenment right, a
moment and aha moment they had and they said, well,
we can do more. So we talked about what if
you get the money out of this qualified bucket and
make it tax free, eliminate Uncle Sam forever? How would
that make you feel? Say, look at each other again.
They said, well, how can we do that? I said, well,
we'll educate you on that. We'll show you what we

(29:36):
can do, and then you know, let's put it together.
And they said, this is the best review they've ever had,
and I felt like I was lecturing them in some way.
And they said, no, no, no, no, we apologize because
we should have known this. We should have taken our
time to go over this years ago and get the advice.
And we're so glad that they came in with us.

Speaker 3 (29:54):
No, just go and no, no, are you wrong?

Speaker 2 (29:56):
And I'll tell you why because when you have and
listen to radio like this, and you listen to financial advisors,
you need to ask them questions. You need to ask
them how am I going to get income? It's not
just about a stock bond on a mutual funnel, your
brokerage account. You know, it goes up, it goes down.
Talk about a plan, and we talk about a complete plan.
We talk about the Maggie Plan. So check out my

(30:17):
website Maggie Tax dot com. The Maggie Plan is a
tax plan, it's an income plan, it's a legacy plan,
it's social security plan. It's everything that you need. How
many of you do not have that? And don't look,
I don't care how much money you have. You don't
have to have a million dollars to come in here
and work with us. Everyone out there has a retirement account.
This is your money. Be clear on that. You worked

(30:39):
for it, You saved for it. So don't be afraid
to come in and say, well, gee, this is all
I have. Ah ah, that doesn't work. Christ And the
point is that they think that because they've been told.

Speaker 4 (30:48):
That that's exactly right. And you don't have to worry
about that when you come here. So pick up the phone,
schedule time to meet with us. Eight three to three
Maggie Tax. As my dad mentioned before, there's so much
there on our website three three Maggie Tax. But when
you come in to me with us, and then we'll
give you a lot more eight three three Maggie Tax.

Speaker 3 (31:05):
We look forward to meet.

Speaker 1 (31:06):
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 gg I tax dot com. Or call eight one

(31:27):
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 3 (31:44):
Welcome back. You're listening to the Maggie Tax and Financial Show.

Speaker 2 (31:46):
I am Robert Maggie and I'm here with my son
and co host Chris Maggie. Be sure to pick up
the phone give us a call eight one three non
zero nine zero zero two two. Set an appointment so
we can do that after tax statement for you and
see if you're going to be paying more taxes. Are
less than taxes and don't forget Watch our TV show
every Sunday at ten thirty am on ABC TV. We

(32:07):
cover a lot of information there a lot of education
because we take a holistic approach. And what I mean
by that is that Chris and I have developed, you know,
a division of tax division, income division, legacy division, investment division,
and legacy planning and estate planning. How many of you
are missing a state planning. It's a simple question that

(32:27):
we ask everybody. And the other question that we ask
all of you and you should hopefully look for this.
Who's your beneficiary? Who's your beneficiary on your bank accounts,
on your savings account, on your irea's your four to
one ks? Is it someone that you want that when
you pass away that they get it? Or do you
want to go through probate? These are questions Chris and
I always ask everyone when they come in because this

(32:47):
is complete planning. On my website Maggie tax dot com,
I have a video there for roth conversions. I have
a video for four to one K rollovers because many
of you make mistakes when you roll over your four
to one K and the truth is you don't know
and that's the problem. So pick up the phone, give
us a call. And one more thing we tell people
when someone passes away and you get an inheritance, I'm

(33:09):
going to tell you what to do. Do nothing. Do nothing,
because Chris, we've seen this time and time again. People
make a big mistake and they're always like, well, I
didn't know.

Speaker 3 (33:18):
Well that's just said.

Speaker 4 (33:18):
You know, many people don't know what they're inheriting. They
can be inheriting in an account that's effected attacks and
if they just get a check, then they stop the inheritance,
they stop the stretch or the inherited IRA ten year rule.
So there's a lot of things that you need to
understand before you actually take possession. So the questions I
have for you listening today are the questions that we

(33:40):
get from a lot of people when we meet with them.
They always ask us about risk. But my question to
you is are you over exposed to risk? Do you
understand that a lot of volatility going on in the market.
Are you over exposed to risk? Is that really where
you want to be? You know, what's your appetite for risk?
What kind of roller coaster do you want to ride?

(34:00):
Do you want to ride something smooth and has a
little up and ups? And downs, or are you okay
with riding the kumba where it goes up and down,
up and down, it's crazy.

Speaker 3 (34:08):
It's up to you.

Speaker 4 (34:08):
And every person that we meet with has a different
appetite for risk. What is yours? And if you're not
answering that question, then actually you could be losing a
lot of money or really not gaining a lot of
money because you're not in the right risk environment exactly.
So that's why it's so important to get a second opinion.
You know, we're a specialist in the distribution phase of retirement.

(34:29):
You know, we understand tax diversification, we understand income planning.
You know, this is what it's about. This is the
second half of the game. I mean, this is your retirement,
the distribution phase, and you need to understand how to
handle it. And that's what we do. So pick up
the phone, schedule time to meet with us. Let's put
together an income plan, let's put together a tax plan,
Let's put together an investment plan. Let's analyze your investments,

(34:53):
and let's analyze and see what type of risk you're
taking and give you a second opinion.

Speaker 3 (34:57):
Exactly.

Speaker 2 (34:58):
Is there someone at the internal revenue service that you
are so madly in love with that you want to
leave them a whole bunch of their money because that's
what you're doing. So without a tax review, how are
you going to know that? You know, when the government
needs more money in the future, where are they going
to get it. They're going to get it from qualified accounts.
Chris from iras in four to one k's and yeah,
they gave us a nice deal years ago to say, hey,

(35:21):
save it and we'll tax deferred. But later on they
forgot to tell you something. You have to pay a
tax later on.

Speaker 4 (35:26):
And this is unknown question mark tax rate. And that's
what's scary about this whole thing, especially what we see
in the market today. We talked about this earlier in
the show Legislative Risk. They can change the tax code,
they can change the rates. We're at a low tax
rate rate now, and many people don't know that the
brackets are low. Go back years ago, they were very high.

(35:47):
Think about when you start taking a distribution from those
retirement accounts that are infected with tax guess what, you're
paying a high rate. You don't have to if you
eliminate Uncle Sam. That's what we do for our client.
So pick up the phone, schedule time to meet with us.
Let's show you tax free buckets. Let's show you strategically
how to get the money out of an affected area
of tax to a tax free environment and leave Uncle

(36:09):
Sam forever exactly.

Speaker 2 (36:11):
And here's the question you need to ask yourself. Do
you want to be ritual? Do you want an absolute
positive guarantee that you're never going to be poor? And
think about it. You've worked for thirty years, maybe forty years.
So now it's the second part where Chris talked about
the second part of the game. What are you going
to do in the second half when you retire? How
are you going to generate the income that you had
when you were working? And do you have any idea

(36:32):
what the tax consequence.

Speaker 3 (36:33):
Is going to be? Well, let's just say it.

Speaker 4 (36:34):
Think about it. I mean, I don't know if people
look at the stats of Mount Everest, but you know
there's the accumulation phase where people go up the mountain
and you reach the peak. Well, many people have saved,
they've done a great job of saving, but guess what
they have to go back down? Right, But the stat
is that most people die. More people die going down
Mount Everest than they do going up. So why do

(36:56):
I bring that up? Because in the distribution phase of
your retirement, most people run out of money. And you
don't want to die in retirement with running out of money.
So what you have to do is meet with a specialist.
And that's what we are, a distribution specialist. And when
you come to meet with us, we're going to analyze
your accounts. We're going to put together a plan for you,
an income plan, a tax plan, and investment plan. And

(37:18):
that's what we're going to do for you. Because why
even millionaire people who come in to meet with us,
they have tons of money, but guess what their main
concern is, what outliving their money. So I don't care
how much you have. If it's two hundred thousand, if
it's two million, if it's twenty million, it doesn't matter.
The same thing applies. We need to put together a
plan for you that takes care of everything from income planning,

(37:40):
tax planning, investment planning, also a state planning.

Speaker 2 (37:42):
And this is the last question that I'll ask all
of you. Do you have enough confidence in your current
advisor to get a second opinion. And the reason why
we say that is because he can't tell you anything
different except what he has, So get a second opinion.
Bring in your tax return IRA four oh one k
let us do advanced tax planning for you guys, and
it's going to help you understand what you're going to

(38:03):
wind up pain in retirement. So make sure you visit
our website, Maggie Tax dot com. I have the videos
there that we're talking about here during the show, thirty
minute videos, very simple. Give us a call eight three
to three Maggie Tax and don't forget. Every Sunday on
ABC TV at ten thirty tune into the Maggie Tax
and Financial Show. You get an education and there's some
really powerful points we make. But the bottom line is

(38:26):
it's all about you. It's all about you in retirement.
It's all about you for income planning, and it's all
about you to avoid the tax risk and the legislative risk.
You're listening to the Maggie Tax and Financial Show.

Speaker 1 (38:41):
You've been listening to the Maggie Tax and Financial Hour
discussing tax planning investment strategy. He's presented by Robert and
Chris Maggie from Maggie Tax Advisory and Financial Services with
offices in Hillsboro and Panela's 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 twenty

(39:03):
five twenty and tune in next Saturday at five for
the Maggie Tax and Financial Hour