Episode Transcript
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Speaker 1 (00:00):
All these years you've saved up planning for a secure retirement,
but if you're not careful, it will be the irs
that's living it up when you retire by taxing your
hard earned money. Welcome to the Maggie Tax and Financial
Hour with Robert and Chris Maggie of Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
in tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty or visit Maggie
Tax dot com. That's Maggi Tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:52):
Welcome everyone, and thanks for joining us today. My name
is Robert Maggie and I'm here with my son, Chris Maggie.
And be sure to visit our website, Maggie Tax, and
be sure to watch your TV show every Sunday at
ten thirty on ABC TV. Folks, we have a lot
that we want to talk about today. We want to
we have a lot that we want you to listen
to because what we're finding out a lot of people
don't understand certain elements of financial planning, of retirement planning,
(01:17):
of taxes. That's what we do. So today we're going
to talk about the fiscal outlook that just got worse.
We're going to talk about that, and then we're going
to talk about the need for urgency for all of you.
So sit back, take some notes if you want, give
us a call. Eight three to three Maggie. Tax operators
were standing by right now, So Chris, let's get started.
Speaker 3 (01:36):
Welcome everyone, and thank you so much for tuning into
our show. And each and every week we talk about
income planning and tax planning and investment planning, also a
state planning, and we do financial planning. And there are
many different advisors out there, but you're looking for an
advisor who does complete planning, who's a fiduciary, and who
understands taxes. Because what we're about to talk about today,
you need to pay attention because the nation's a fiscal
(01:58):
outlook just got worse, and that's bad news for your retirement.
Speaker 2 (02:02):
So we recently received a report from the Congressional Budget
Office and we wanted to share this with you today
because I'm sure many advisors don't sit and talk to
you about this, but this is so important for all
of you because things are going to get worse, and
you know, everybody looks out and says, well, you know,
we'll wait, we'll wait. You can't wait any longer. So
if they're reading over the Congressional Budget Office report on
(02:23):
fiscal year twenty twenty three, because you always get the
report for the previous year, but it's coming out on
revenue and spending, and this is just so mind boggling,
to be honest with you, and I couldn't help but
think the state of our nation's finance is not great, Chris.
Speaker 3 (02:37):
It's just not great, which we understand, but also what
can you do about and which we'll get into later
on the show.
Speaker 2 (02:43):
So let me step back. Federal spending should be important
to everyone who cares about taxation for now and in
the future, and all of you know what's going on.
Things are changing. You know, everybody's telling me that they're
spending more money, They're taking more money out of their
four to one k's iras. Why why are we doing this?
Because if you have saved the majority of your retirement
assets in tax deferred vehicles like the immensely popular four
(03:06):
oh one k and iras, then you have some big
concerns because you will owe income taxes on those funds
in retirement. You know, Chris, everybody talks about this and says, well,
you know, I'm not going to retire, and then the
big question we get is when can I retire? And
then when they say when can I retire, what's the
next question? Well, how much income can I get? Am
I going to have enough? You know? I don't have
(03:26):
to live or go back and work. These are crazy things.
Speaker 3 (03:29):
Absolutely, you know, outliving your money, it doesn't matter how
much money.
Speaker 2 (03:31):
You have.
Speaker 3 (03:32):
Met with a guy last week that has three million
dollars and he says, you know what, I asked him,
what's your biggest concern?
Speaker 4 (03:37):
He said, I'm really worried about outliving my money.
Speaker 3 (03:39):
And I said, we have a pension, you have a
solid security, your wife has a Social Security coming in.
There's a three guaranteed income streams and you're worried about
outliving your money, And there it is right there. It
just shows you what's on the minds of many people
out there. Inflation, the spending, the taxes. So it doesn't
matter how much you have, whether it's three hundred thousand,
whether it's three million, it doesn't matter. People are still
(03:59):
word about outliving their money. But Chris, the bottom line,
and you and I talk about this all the time.
Every client we meet the question, We ask them, how
much money do you need coming in the front door
every month, no matter what happens.
Speaker 2 (04:12):
And the confusing part is they don't know. They just
don't understand income planning, tax planning, you know, investment planning,
legacy planning, and the big thing a state planning, which
we talk about folks. Like I said before, things are
going to change. So Chris, isn't that crazy? I mean,
they have this money, a million, two million, three million
dollars and they're still worried they're going to outlive their money.
Speaker 4 (04:31):
Yeah.
Speaker 3 (04:31):
I mean, but but at the end of the day,
we have to understand that there could the concerns there
and we have to teach them and that's what we do.
So when you come in and meet with us. We
can show you and make it very simple for you.
And we made it very clear for this couple and
they sat back and they said, no one's ever gone
over this with me, and from the tax side of it,
from the income side of it, and from the investment side,
and they say, well, what are we gonna do. How
(04:52):
We're gonna make sure it stays in the family. And
we should have showed them from the estate planning side,
so it was a complete plan. And we can do
the same thing for you. So if you have you
have concerns, am I going to outlive my money? What
about my investments? Am I taking the right risk with them?
Pick up the phone and schedule time to meet with
us eight three to three MAGI tax.
Speaker 4 (05:08):
That's eight three to three MAGI tax.
Speaker 2 (05:11):
And when you call, operators are standing by right now.
Tell them it's urgent. Use the word urgent, that you
need to meet with MAGI Tax to do a complete plan.
You have many concerns, and think about this. There are
approximately twenty nine point two million forgotten four one K
accounts and they hold approximately one point sixty five trillion
in assets as of May twenty twenty three. Wow, why
(05:32):
is that important. Many of you that have four to
one k's or old for one k's, you have to
do something with them, Chris. They just can't leave them
there and do nothing. They need to start using that
as tax planning, income planning. And all of the account
is taxable when you withdraw the money, Chris. They don't
get that. They don't see that it's deferred, deferred, deferred,
(05:54):
and then it becomes taxable, taxable at what rate, and
then all hell breaks loose.
Speaker 4 (05:59):
That's it.
Speaker 3 (05:59):
That's why planning is so important. Investment planning is so important.
Tax planning is so important, and that's what we do
here at Maggie Tax and Financial Groups. So pick up
the phone, schedule time to meet with us, because we'll
put together an income plan for you, a tax plan
as well as an investment plan. And you know, my
dad talked about these tax deferred accounts, well boom. You know,
it's a big tax time bomb that's going to explode
at some point. And the big thing is that people
(06:22):
don't understand what the future tax rates are going to be.
So if you have an IRA four one K, a TSP,
if your federal employee, guess what those accounts are infected
with tax and they're going to come out at an
unknown question mark tax rate. Because if you fast forward
yourself five years from now, you have no idea what
the tr what the tax rates are going to be,
and that's where it's alarming. So you have to plan
(06:43):
for more tax less income. But if you're proactive, you
can have the other more income less tax. We'll pick
up the phone, schedule time to meet with us. Eight
three to three Magi tax. You know, And this is
why I say it's urgent. All of you should say
to you know, in advise that this is urgent.
Speaker 2 (06:58):
If they're not talking about this and they're just talking
about the stock or the mutual phone or the market's
up to markets down, that's not complete planning. That's not
complete planning at all. And the reason why we talk
about this because we do this. This is what we do.
So if you're looking for tax advice, we can help.
And if you have an old four to one K
from a previous employer, if you do, we need to talk.
Speaker 4 (07:19):
That's urgent.
Speaker 2 (07:19):
That's urgent. That's right now. Eight three three maggie tax.
When you call and tell the operator we want to
talk to Bobby and Chris about our four to one K.
It's urgent, use the word. And as we navigate through
and ever evolving economic landscape, think about this. Layoffs are
unfortunately becoming increasingly calm, and we see this every day. Now,
you're one of the many who have been laid off.
(07:40):
And if you do, I know you're sitting in a corner,
sitting on the chair, worrying about all this. Don't pick
up the phone. Eight three to three, Maggie, tax Tax.
You're gonna meet with Chris and I. We're gonna talk
about this. We're gonna talk about your situation. If your
advisors not, shame on them. So operators are standing by
right now. And when you call them, let them know
it's urgent and it's about you four to one K.
(08:02):
Then set an appointment and let us help you. Eight
three three Maggie Tacks.
Speaker 3 (08:06):
And just last week I had a young lady that
came on in and guess what she had four four
oh one ks and one was current and the other
three were old. And she said, I haven't been at
those employee employers for a number of years and they're
just sitting there. And I said, well, where are they at?
Is a fidelity or is it whateppen? What's the custodian?
She said, well, I'm not really sure where the other
(08:27):
two are. And she had no idea, and she's married
and she's got kids.
Speaker 4 (08:32):
So think about this for a second. Something happens to her.
Speaker 3 (08:34):
It's going to go through the probate process because she
didn't have the counts titled the right way. And guess what,
her husband's gonna have a hard time getting the money,
and then after that, our kids are going to have
the hard time getting the money after that. So why
not do some planning today and consolidate those accounts. We
can show you how eight three to three Maggie Tacks.
Can I pause there for a minute because you hit
the nail on the head. What about probate? A lot
(08:55):
of you sitting out there. We do seminars every month.
Go to my website, Maggie tax dot com. Click on seminars.
We do two a month.
Speaker 2 (09:03):
They're at libraries and we talk about estate planning and
taxes and problems that most people have. People you have
to do something eight three three Magi tax. But go
to Magi tax dot com right now. You can register
for the next coming seminar. They're all there two every month,
and think about what Chris just said. Every time we
meet with a client and we ask him, you know,
I do you have a beneficiary? And they go, I
(09:25):
don't know.
Speaker 4 (09:25):
I think so.
Speaker 2 (09:28):
Maybe maybe I do. And then you sit there and
I wonder, like you don't know. So here's what happens.
A client comes in and says to Chris and I,
you know, it's not even a client, it's the children.
I lost my mom or my dad, and now we
can't get the money. We can't get the money because
your parents didn't do any estate planning, like a power
of attorney, a will, or you know, the healthcare surroguate
(09:50):
or the documents. And here's another one. If you have
a home and you think it's going to go to
your children because you put it in a will wrong,
If you don't have what they call a quick claim
deed or a ladybird, it's gonna go through what Chris probate.
Speaker 3 (10:02):
And that's the biggest thing you don't want to go through.
So pick up the phone, schedule time to meet with us.
These are just little things, but they become big things,
especially at time when you don't want to worry about
this stuff. You want assets to transfer the right way
with ease. You want things to go without going through
the court system where there's attorneys who get involved that
have to pay a lot in fees. You don't want
(10:22):
to go through that if you can just do some planning,
So pick up the phone, schedule time to meet with us.
Speaker 4 (10:27):
Eight three three Maggi tax.
Speaker 3 (10:29):
We do so much here, complete planning, tax planning, tax preparation,
income planning, investment planning, a state planning, social security maximization.
Pick up the phone, schedule time to meet with us
eight three three Maggi Tax, and don't forget every Sunday
on ABC TV at ten thirty for the Maggi Tax
and Financial Show, a half an hour show to educate you,
to show you what your options are. Put together the
(10:51):
Maggi Plan we can help eight three to three Magi tax.
That's eight three to three Maggi tax.
Speaker 1 (10:57):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host father and son, Robert and
Chris Maggie for additional information on how you can create
a tax free retirement visit Maggie Tax dot com. That's
ma Ggi tax dot com or call eight one three
(11:19):
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 (11:35):
Welcome everyone you're listening to the Maggie Tax and Financial Show.
Be sure to visit our website, Maggie Tax dot com.
UH click on make an appointment or call my office
today at eight three to three. Maggie Tax. UH operators
a standing by, so set an appointment and just tell
him it's urgent. And I challenge all of you out
there because if you have an advisor that's not talking
about the topics that Chris and I are talking about,
(11:56):
then it's shame on them. But you have to be
willing to ask the question and meet with someone where
you're not going to be sold something. And Chris, we
talk about this all the time, transactional advisors and complete advisors. Folks,
you can write this down. We are a complete advisor
and possibly many of you out there have an incomplete
plan and Chris. I piss a lot of people off
(12:16):
when I say that, and they go, what do you mean,
I have an incomplete plan. It's fine. So when we
sit down and we talk to them, we find out
what then it's an incomplete.
Speaker 3 (12:24):
Plan, right, and they don't deserve an incomplete plan. But
that's the problem, like many people think. I just had
this the other day last week. The client came in
and said, you know, all financial advisors are the same,
and I said, well, tell me about your experience and
they said, well, I'm going with an advisor now that
sold me a mutual fund and sold me this product
and I don't see them ever again. And they are
a financial advisor, And I said, well, that's more of
(12:46):
a transactional advisor. That's someone who just goes ahead and
does the best thing for them, not you. They're held
to suitability guidelines. But you want to work with someone
who's a fiduciary who's held to doing the best thing
to you for you and also to make sure that
they do complete planning.
Speaker 4 (13:03):
And that's a difference. So work with the right advisor.
Speaker 3 (13:06):
And that's what we do here at MAGI Tax Advisor
and Financial Groups. So we can help you with income planning,
tax planning, investment planning, estate planning, medicare planning, social security planning.
That's what we do. So pick up the phone, schedule
time to meet with us eight three to three magi
tax and.
Speaker 2 (13:20):
Think about this. Many of you are working with each
round of workforce reductions. There are a lot of companies
that are reducing Okay, many individuals are getting, you know,
laid off where they're just hanging by a thread and
they have no answers. Well, that's when you have to
start looking at advisors like Chris and I are talking about,
who are going to sit down and do a complete plan.
So with so many uncertainties about their financial future, you
(13:42):
worry about tax planning, you worry about income planning. And
like we just said, if you get laid off, what
do you do. You know, you're looking for a job.
You have to have money coming in to feed the family,
pay your bills, so you don't lose your house, you
don't lose anything that you have a value. So you
need professional guidance to make informed decisions. And we can
help up at Magie Tax. Call us an eight three
to three magi tax call right now, and let's discuss
(14:05):
your situation, let the operator know it's urgent, and we
can set an appointment eight three to three MAGI tax
Individual income taxes make up the majority of federal revenue.
If our government spending is up, it needs more revenue
to offset it, and that could impact your taxes in retirement.
So Chris, let's talk about that, because again I don't
(14:25):
think the advisors talk to clients about what we're talking
about because it all affects them when they start to
take out money and then they do their taxes.
Speaker 3 (14:32):
Well, think about it. Let's just put a little example
on the table here. You know a client who's retired,
say they need two thousand dollars more month of income.
So they have sold security coming in, they might have
a pension. They just need two thousand dollars more of income. Well,
where are they going to take it? Will they take
it from their investments? So what if they take it
from their IRA? So intentive taking two thousand dollars that
they need net, they have to take out probably three
(14:55):
thousand dollars to net the two thousand dollars that they need.
So they have to pay that thousand dollars in taxes. Now,
think about this if tax rates go up, not if,
but when they go up. It could be two years
from now, it could be five years from now, it
could be ten years from now when you're deep in
retirement and you're settled and everything is going great.
Speaker 4 (15:14):
But think about that.
Speaker 3 (15:14):
What if you have to take out thirty five hundred
dollars now or four thousand dollars from your investment account
to net the two thousand dollars that you need per month.
Speaker 4 (15:24):
What does that do to your retirement? What does it
do to your future? What does it do with the
investment risk?
Speaker 3 (15:30):
And not talking about what if the market even goes
down during that time while you're taking all those distributions.
These are things we're talking about because you need to
be aware of it because when it happens, you will
go ahead in retirement feel the pressure, and you don't
want to feel that pressure, especially after you've saved so hard,
so taxes will increase. Planning has to be done now.
(15:53):
Income planning has to be done now. That's why my
dad has mentioned urgent.
Speaker 4 (15:57):
It is urgent.
Speaker 3 (15:58):
If you have a question about your future income, it's urgent.
Pick up the phone, tell our staff that it's urgent
that you want to meet with us, So pick up
the phone, schedule time to meet with us.
Speaker 4 (16:07):
A three to three Maggie tax, and.
Speaker 2 (16:08):
Think about this what we're saying. Each year, the Congressional
Budget Office they published data on the previous fiscal year's
revenue and spending for the US government. You could look
this up. In fact, if you come in, I'll even
show you. In the past years, the outlook has been concerning,
and I'll tell you why. But something significant happened last
year that made the situation increasingly dire. First, let's look
at the numbers the state of US revenue and spending.
(16:31):
In fiscal year twenty twenty three, the government took in
about four point four trillion in revenue. Write this down,
more than half of which came from individual income taxes. Now,
four point four trillion is a lot of revenue, you
would think, right, and it should be. But unless, of course,
the government spent more than four point four trillion. This
applies to everyone out there. If you don't make enough
(16:53):
and you're spending more than you make, you have a problem.
So on the spending side of the ledger, things start
to get very interesting because there are two prime forms
of government spending discretionary and non discretionary, and a lot
of people don't understand. This, sometimes called mandatory discretionary spending,
is the spending passed by Congress every year. And this
includes both the spending Congress passes through the appropriation bills
(17:16):
so they can fund things like national defense and transportation
and infrastructure, and any supplemental spending Congress passes under other
spending bills, like the Inflation Reduction Act of the Cares Act,
which they did a while ago. This is where people
don't understand why the spending is so non discretionary or
mandatory spending. It's the spending our government outlays each year
(17:36):
outside of the legislative process. So mandatory spending covers all
the entitlements our government owes to its citizens based on
current law, such as Social Security payments and Medicare benefits.
That's how come when the government shuts down, they worry
about not getting paid because they have to spend. They
have to spend, So it also includes any other spending
that is required under current law. So why does this matter?
(17:58):
And I know you may not understand how a bill
becomes a law, and that's okay. But the different spending
categories matter a lot when it comes to our nation's
fiscal health. Back to the CBO numbers. In fiscal year
twenty twenty three, the federal government spent three point eight
trillion of mandatory spending, primarily through Social Security, Medicare, and Medicaid.
(18:18):
And additionally the government spent another six hundred billion on
net interest of the US debt. Where is this money
going to come from, Chris, It's going to come from taxes.
It's going to come from IRA's in four to one case.
It's going to come when the taxes go up in
a couple of years, when the Trump tax cuts come back. Listen,
I know I'm angry right now. I think you should
(18:38):
all be angry because you're going to pay taxes. And
if you don't understand, why, please give us a call
eight three to three magi tax. It's urgent. Eight three
to three magi tax. Give us a call today eight
three to three magi tax and believe me it's urgent.
Visit Maggie tax dot com and don't forget eight three
to three magi tax. Eight three to three magi 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
ma gg I tax dot com or call eight one
(19:24):
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 (19:41):
Welcome back to the Maggie Tax and Financial Show, and
feel free to visit our website, Maggie Tax dot com.
There's so much information right there at your fingertips. Do
you have a tax plan? Do you have an income plan?
Do you have an investment plan? And you know what,
do you have an estate plan? If you said no
to any one of those, you need to listen up
because now is a time to put together a plan
(20:02):
for you and your family. A three to three Magi
tax that's eight three to three Maggie Tax. There's so
much there that we could talk about. You know, at
our firm, we talk about the Maggi plan. You know
we're talking about taxes today, but how do they incorporate
with your investments? If you are paying more in tax,
guess what, less income to you and your family. So
are you prepared for the possibility of higher taxes in
(20:23):
retirement and that's what we're talking about today.
Speaker 4 (20:26):
You need to have a plan.
Speaker 3 (20:28):
You need to have an investment plan, a tax plan,
and also an income plan, a three to three magi tax,
schedule time to meet with us. We have obvious on
both sides of the day, a three to three magi tax.
Speaker 2 (20:38):
And by the way, we do tax preparation. So if
you want to make an appointment, come on in. But
let me mention one thing that happened this week. And
it's really simple. Everyone that works you make income, right,
who's the first one that you have to pay?
Speaker 4 (20:50):
Uncle Sam Oh?
Speaker 2 (20:51):
So So let's just say you make twenty thousand last
year and you make fifty thousand this year. You've increased
by thirty thousand. Is that thirty thousand free.
Speaker 4 (20:59):
Chris, Nope, you have to uncle sam Oh.
Speaker 2 (21:01):
You have to pay Uncle Sam. See I'm making light
of this because this is where people getting confused. When
I talked about the five ways that taxes are going
to go up. So many of you assume that your
taxes will be lower in the future. Not true, it's
not true. But as today's retireies are discovering, that's often
not the case. And we see this every day. In
a perfect example is when you make more money, your
(21:22):
tax bracket's going to go up. You have to pay more.
So if taxes keep going up and the tax brackets
keep rising, you get less. So we can help you
understand the five ways your taxes could go up in retirement.
And again, I have a brochure. If you want to
call my office, just give me your email. I'll be
glad to send it to you in an email and
you can see for yourself. Well, come to one of
our seminars and I'll give you that at the seminar,
(21:43):
and how we can help you mitigate that tax risk.
Think about that. Does your advisor talk about mitigating tax risk?
Now they talk about putting more money in another account.
So from the congressional spending to tax bracket changes, you're
going to learn how to position taxes in your retirement.
And every news item out of watching con seems to
(22:03):
include details of a new or expanded tax. Let me
ask you a question. So, the total government revenue in
twenty twenty two was four point nine trillion. That's what
the government takes in in revenue that was in twenty
twenty two. Total government spending in fiscal year twenty two
was six point three trillion. Do the math. It's like,
(22:24):
you know you have a credit card, you got to
pay it back, Okay, but we're not even paying back
half of it.
Speaker 3 (22:29):
Chris Well, that's just said. I mean things you can't control. Right,
we know that the government is spending more. That's not
a topic we want to go into right now. It
is what it is. They're spending more than they take in.
But what does that mean to you? What does that
mean to me?
Speaker 2 (22:41):
Right?
Speaker 4 (22:41):
What does it mean to our generation?
Speaker 3 (22:43):
It means that we are going to pay more in
tax because they know how much money you have in iras,
They know how much money you have in formal case,
they know how much money you having a TSP if
you're a federal employee. They know these are all qualified
accounts that are infected with tax. So very simple that
you're exposed to tax risk, You're exposed to legislative risk
(23:03):
where they can change the rules. What I mean by
that is they can change the rules on how much
they tax you they tax me. Right, these are things
that we need to start controlling today. And you can
if you put together a tax plan. That's why I
ask you, what's your plan? What's your tax plan? If
you don't have one, now is the time to start
really putting one together. And we can help. So pick
(23:24):
up the phone, schedule time to meet with us. Because
when we put together a tax plan, we can put
together an income plan. And what's better having taxable income
or tax free income, and when you can show a
tax return like we do to our clients in retirement
that I don't care if they increase taxes because our
clients' plans have tax free money. So when they retire
(23:46):
and they take income and government says, well, we need
to pay our deficeit and we need to increase taxes,
our clients aren't affected by that because they have a
tax plan. That's what we can do for you. So
pick up the phone, schedule time to meet with us.
Eight three to three Maggie tax. That's eight three three
Maggie tax.
Speaker 2 (24:02):
And this is a race that we all must learn
to win where we're ahead of it, not behind it,
because that's when people get in trouble. In at every
seminar that we do, this is the question that we
ask the audience, and I'm asking all of you how
many people think taxes are going up in the future,
and I know everybody raises their hand. Nearly everyone raised
their hands because it's going to go up. So the
point Chris and I are making today is tax planning
(24:24):
is essential. You've got to start thinking about it. Whether
you have low income or high income, it doesn't make
a difference. Yet. While you understand we've entered it into
a rising tax environment, surprisingly few of you have used
that knowledge to change how you save for retirement. And
if your advisor's not talking to you about this, which
is why we say, go to my retirement calculator on
(24:44):
Maggie tax dot com and see for yourself what your
tax is going to be. Chris, that's very important.
Speaker 3 (24:49):
Well, let's just talk about that. You know, when we
meet with clients, what are we seeing. We're seeing tons
of IRA accounts, tons of Form and K accounts, tons
of these accounts that are deferred. We see this and
they've been with their advisors for years they're not doing
the right job. I'll tell you what, Yeah, anyone can.
Speaker 4 (25:04):
Manage your money.
Speaker 3 (25:04):
You can manage yourself with this market where it's at
and the amount of money they're pumping in and the
environment they're playing with the interest rates, everyone's making money.
That's easy, that's the easy part of it. But what
about the end of the game. You know, when you
think about a football game and you're up at halftime,
you're all happy because you're up by forty points, but
guess what, you got to finish the game. And that's
where Uncle Sam comes in, and that's where he blows
(25:25):
it right by you and you lose forty three to
forty because you did not have a tax plan. So
pick up the phone, schedule time to meet with us.
Let's put together an investment plan. Let's put together an
income plan. Let's put together that tax plan that you
need to generate guaranteed safety and also income.
Speaker 4 (25:41):
In the future.
Speaker 3 (25:42):
What's wrong with going to the mailbox every month when
you're retired, pick it up a check and that's tax
free money and spending the heck out of it and
doing all over again for the rest of your life.
Speaker 4 (25:51):
How cool would that?
Speaker 3 (25:52):
Be because when you hear the news and hear all
the drama and they talk about, oh my gosh, taxes
are going to go up, tax are the highest it's
ever been. Can say and put a smile on your
face and say that doesn't affect They're not higher, they're
lower and the lowest point now chorus, But how cool
could it be in the future when that happens, that
you don't have to be affected by it. That's why
(26:12):
we can put together a tax plan eight three three
magi tax. Get the tax plan. We have office on
both sides of the day. Eight three to three magi tax.
Speaker 2 (26:19):
So if you all continue to defer taxes, which many
of you do in an IRA four oh one K
four h three B on all or most of your
retirement assets, you're going to have a large tax bill
to pay. So why would you do that? If you
can do strategic planning or like Chris and I talk
about bucket planning, where you have income that may be
tax free, you have growth and you have later money,
(26:41):
but you take that money and you have tax free money.
We can do that. That's what we do. That's called
the Maggie Plan. It's a tax plan it's an income plan,
it's an investment plan, and it's a legacy plan. And
please one other thing. Many of you don't have a
will or a trust and you sit back and say
I don't need it, because well you do, so visit
one of us. Go to my website Maggie tax dot com.
(27:02):
We have two seminars a month. Take a look at
the dates and times and locations and come. There's no obligation,
no lunch, no dinner, no nothing, just explaining to you
what this is about. I think that's more important getting
you education and understanding the language than feeding people. And
you know what, I've done that for years and it's okay,
but it's not what I want. If you want information,
then you come to my seminar. I will give you
(27:23):
the information because that's what you need. So how can
we help overcome this disconnect of taxes and legislative risk?
And at Magi Tax we help our clients face new risks.
People work with Maggi Tax because we help. And here's
the word mitigate risk. Chris, does any advisor are talking
about mitigate risk?
Speaker 3 (27:43):
No, they don't talk about that. That that's why it's
so disappointing. Think about it. You don't have clients like
we see this. We meet with clients and they come
in with statements. Yeah it's five hundred thousand, Yeah it's
one point two million. Yeah it's three hundred thousand, Yeah
it's four million. It doesn't matter. At the end of
the day, there's no planning. There's no planning. It's just
investment accounts. You've got piles of money. We see in this.
This is what advisors are doing. They're just dealing with investments. Yeah,
(28:04):
you have money. I don't care. The fact of men
is what's the end of the game look like for you?
The tax side of this, because yeah, you can have
four million bucks, but guess what when we run the
tax time calculator and that four million dollars is not
worth four million, It's worth two million, or it's worth
two point five million. Guess what, Uncle Sam is your partner.
(28:24):
How do you remove Uncle Sam from your partner forever and.
Speaker 4 (28:28):
Ever and ever? So we can show you how to
do this.
Speaker 2 (28:31):
So here's the misunderstanding that you just said that people
have I have a lot of money. I have two million,
I have one million, I have five hundred thousand. No,
you don't here's the question that we ask every single
person that comes into meets with us. How much income
do you need per month? Forget about how much you have.
How much do you need per month? Am I right
or wrong?
Speaker 4 (28:50):
Yeah?
Speaker 2 (28:50):
And then where are we going to get it from?
And then when you start looking at the numbers and
you start budgeting and you start figuring out, well, I
only need this amount and I'm okay, let the risk
grow and put on a tech free basis. Why would
you not want to do that? So how do we
do that? It's real simple. We use a process. We
have a process at Maggie Tax. We identify the risk.
And this is so important because older people are taking
(29:12):
more risk than they need to and the advisor's not
talking about risk management we do. We want to quantify
that risk because maybe you're taking too much risk and
we can reduce the risks we have more tax free money.
And here's the thing, write this down. We're going to
build a plan to mitigate to mitigate that risk. You
know what, I challenge all of you. Go to your advisor,
go to your CPA, and ask them this question, how
(29:34):
do you mitigate my tax risk? And then be quiet.
I guarantee you. They're going to look at you and
going to stare at you, like, what are you talking about?
Mitigate lower the tax risk. So it started with the market.
Savers wanted to and this is what Chris was talking
about before, and they needed the power of the stock
market to grow their funds. It was a simple formula,
there was nothing wrong with it. They put money aside,
(29:55):
invest in the stock market, and watch it grow. Oh man,
this is growing great, right, Chris will It didn't until
it didn't, and it's going to happen again. So during
the market downturn, savers learned about what.
Speaker 3 (30:07):
Risks, what kind of risk Chris, there's different types of
market risk, right, inflation risk, we see that, what about
tax risk? These are things we're talking about. So do
you have a plan? Many people out there don't. They
just have piles of money. You get those statements. You
have a pile of money, big deal, But how is
it going to come out? What's the end of the
game look like for that account? Pick up the phone,
(30:28):
schedule time to meet with us. Let's get together. I
urge you to do this because we see this each
and every day. Many people they come in they think
they have a plan and guess what they don't because
when we do tax planning and tax preparation each and
every year, guess what they're paying taxes?
Speaker 4 (30:44):
And then they're saying, what can I do?
Speaker 2 (30:45):
Well?
Speaker 3 (30:46):
You follow the crowd. You didn't listen and you didn't
put together a plan. Now is the time to do it.
Don't follow the crowd. Eight three three Magi Tax. That's
a three to three Magi tax. Visit our website at
maggitax dot com. There's so much there to help. Eight
three three Magi tax. Send an appointment today. Eight three
three Magie Tax.
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 2 (31:44):
Welcome back, and you're listening to the Maggie Tax and
Financial Show. And today we've been talking about tax risk
and legislative risk and a whole bunch of other things.
But what thing I want to bring back this is
for the person out there that you know has been
investing in this for a long time. In the advisor community,
they learn to identify that risk by they created using
fancy terms like alpha and beta. How many people know that?
(32:06):
And the industry helped create tools like Monte Carlo simulations
to quantify that risk for clients. How many know that? Okay,
I'm not worried about that. Finally, advisors would use those
tools to build asset allocation models to mitigate market risk,
not mitigate tax risk. So the question is every time
we see a client come in, did you open up
your statement? Do you know what you have? And they
(32:26):
say no, I don't. They don't know about alpha, beta
and all this other stuff. They just look at the
bottom line and they look at how many fees they're paying. Well,
what is the advisor doing for you? He's not doing
tax risk, he's not doing income risk, So what was
he doing? He's just grown your assets. The focus on
accumulating wealth was the primary focus until a few things happened.
The dot com bubble burst, followed shortly there after by
(32:49):
the financial crisis, and suddenly savers were reaching retirement age
with depleted assets and no plan to generate income. And
that problem was compounded by the reality that retires were
living longer than ever. So none of these advisors talked
about future tax free money or income. And I asked
it before, how much income do you need for the
rest of your life to go to that mailbox every
(33:11):
month and get the check that you want. Advisors learn
to identify that income risk or a longevity risk. That's
what we do. And suddenly it wasn't enough to just
accumulate funds. Savers needed a plan to make those funds
last a lifetime. Chris, And that's what we see every
day now. Because people are confused, they're isolating, they're angry.
(33:32):
Would you think it's because they got the wrong information,
they were taught the wrong language.
Speaker 4 (33:36):
Well, this is what's happening.
Speaker 3 (33:37):
People come into tax preparation and guess what when they're
not clients of ours, they're clients of other advisers. They
come in and they say, I want to get a plan,
so we do the taxes for them, and guess what,
they're upset they have to pay a tax liability. And
they said, well, my advisor never showed me a tax plan.
So what if you could have a plan where you
have buckets of money? Just think about this for a
(33:58):
sec What if you have buckets of money that have
growth with investments that are allocated the right way to
your risk tolerance. What if you have a couple other
buckets that generate guaranteed income so you can go to
the mailbox each and every month and grab that check
and spend the heck out of it and do it
all over again for the rest of your life. And
what if you have like an inflation bucket, right you
can always tap into so when things hit the fan,
(34:20):
you can always tap into and have income so you
don't have to worry about the inflation or running out
of money. Then what if you had those buckets, every
one of them, make sure that they pass to where
you want it to go and avoid the probate process.
Then what if you had some of those buckets that
are tax free, so when you use taxes every year,
you take some from a taxable environment, some from a
(34:41):
tax free and you can stay under the threshold income,
so maybe you don't have to file a tax return
or your effective tax rate is very low. That's how
you do planning. What if you can have that, Well,
that's what the Maggie plans all about. That's the holistic
plan that we do. It's not about just giving your money,
let me manage it for you. Anybody can do that.
There's more to it. So when you think about what's
(35:04):
happening right now, you're following the crowd. You're the same
as every one of people out there, and there's a
small percentage of people out there that actually have what
I just talked about because there's so many people out
there that don't know what to do. If you're listening today,
I urge you to pick up the phone, schedule a
time to meet with us, get a second opinion on
your plan. Eight three three MAGI tax. That's eight three
(35:26):
to three MAGI tax.
Speaker 2 (35:28):
So the question is how do you make your money
last a lifetime? And what happened? Things change in this industry.
Annuities came out guaranteed income riders that people have that
was the perfect solution to provide a guaranteed check and
clients could retire and outlive their money. In the year
two thousand, advisors became experts in income planning, addressed this
(35:48):
major concern and that's what we do. And shortly thereafter
most advisors across the industry were using annuities to offset
income risk. Now don't panic when I say the word annuities,
because if you look at your soul, secure in your pension,
that's an annuity. So think about it. You just don't
understand the language and how they apply, and some may
be bad. I get it, Chris understands. But until you
(36:09):
sit down and see how the annuity process works. You
want guaranteed income for life, you want a certain amount,
we can help you. So today the headlines are all
about taxes, all right. They just bypassed everything. They shoved
it under the blanket. Advisors who understand tax risks today,
like we do with Maggie, tax are the reason why
we are successful. Many of you know us. Many of
(36:30):
you come in and see us and you understand the plan,
and we do complete planning. And I'll say it again,
you do not have a complete plan if you do
not have a tax plan or an income plan, and
we can apply the same financial process we use to
address market and income risks. We want to help clients
identify your tax risk, quantifying dollars and cents. That's the
(36:50):
bottom line. People say, Bobby, Chris, how much am I
going to get? Bottom line? And let us find the
tools to reduce that risk. That's up to you. You
have to tell us what's concerning you income? Is it
taxes or it's all the above, Because the biggest thing
we hear, Chris, is the market. The market. Oh, it's up,
we're making money. No, you're not. You got It's not
all yours until it crashes, and then it crashes. Then
(37:12):
you lose what, you lose all that you think you had.
That is not a plan for retirement, Chris. I mean,
I'm sorry, I get upset, but this is what people
come in. They think the market is the best thing
in the world for what For growth, yes, but for
retirement you got to start thinking about change and looking
at it through a different lens.
Speaker 3 (37:28):
Absolutely, and that's where there's the complete process. You know
we talked about early on the show. Yeah, you're up
at halftime and it's great, you're all excited, but guess what.
The second half comes around, and that's where Uncle Sam is.
Speaker 4 (37:39):
He comes out.
Speaker 3 (37:39):
That's a silent partner that's there on the other team
that you do not see. And that's what we're showing
you today. So when we think about big picture, we
get it. We have people retire each and every day.
You retire once, so we retire each and every day
and we can show you how it's going to look.
So think up the phone and schedule time to meet
with us. We have office on both sides of the Bay.
(37:59):
We do radio show. Obviously, we do a TV show
every Sunday on ABC TV at ten thirty am. Tune
in watch. Go to our website Maggi Tax dot com
see what we do. You're listening today. If you do
not have a plan, we can help. If you want
an income plan, a tax plan, an investment plan, and
a state plan, a social security maximization plan, we can help.
Speaker 4 (38:21):
What are you doing?
Speaker 3 (38:22):
If you do not have a plan, you need to
get one, a three to three Magi tax. We look
forward to working with you. Forward a meeting with you.
Get the Maggie Plan. Tax planning, income planning, investment planning,
social security planning, as state planning, get a plan you
deserve it. Eight three three Magi Tax. That's eight three
to three tax.
Speaker 1 (38:41):
You've been listening to the Maggie Tax on Financial Hour
discussing tax planning investment strategy is presented by Robert and
Chris Maggie from Maggie Tax Advisory and Financial Services with
offices in Hillsboro and Panelas County. Visit Maggi tax dot
com or call eight one three three two two twenty
five twenty. That's eight one three three two two twenty
(39:03):
five twenty and tune in next Saturday at five for
the Maggie Tax and Financial Hour
All these years you've saved up planning for a secure retirement,
but if you're not careful, it will be the irs
that's living it up when you retire by taxing your
hard earned money. Welcome to the Maggie Tax and Financial
Hour with Robert and Chris Maggie of Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
in tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty or visit Maggie
Tax dot com. That's Maggi Tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:52):
Welcome everyone, and thanks for joining us today. My name
is Robert Maggie and I'm here with my son, Chris Maggie.
And be sure to visit our website, Maggie Tax, and
be sure to watch your TV show every Sunday at
ten thirty on ABC TV. Folks, we have a lot
that we want to talk about today. We want to
we have a lot that we want you to listen
to because what we're finding out a lot of people
don't understand certain elements of financial planning, of retirement planning,
(01:17):
of taxes. That's what we do. So today we're going
to talk about the fiscal outlook that just got worse.
We're going to talk about that, and then we're going
to talk about the need for urgency for all of you.
So sit back, take some notes if you want, give
us a call. Eight three to three Maggie. Tax operators
were standing by right now, So Chris, let's get started.
Speaker 3 (01:36):
Welcome everyone, and thank you so much for tuning into
our show. And each and every week we talk about
income planning and tax planning and investment planning, also a
state planning, and we do financial planning. And there are
many different advisors out there, but you're looking for an
advisor who does complete planning, who's a fiduciary, and who
understands taxes. Because what we're about to talk about today,
you need to pay attention because the nation's a fiscal
(01:58):
outlook just got worse, and that's bad news for your retirement.
Speaker 2 (02:02):
So we recently received a report from the Congressional Budget
Office and we wanted to share this with you today
because I'm sure many advisors don't sit and talk to
you about this, but this is so important for all
of you because things are going to get worse, and
you know, everybody looks out and says, well, you know,
we'll wait, we'll wait. You can't wait any longer. So
if they're reading over the Congressional Budget Office report on
(02:23):
fiscal year twenty twenty three, because you always get the
report for the previous year, but it's coming out on
revenue and spending, and this is just so mind boggling,
to be honest with you, and I couldn't help but
think the state of our nation's finance is not great, Chris.
Speaker 3 (02:37):
It's just not great, which we understand, but also what
can you do about and which we'll get into later
on the show.
Speaker 2 (02:43):
So let me step back. Federal spending should be important
to everyone who cares about taxation for now and in
the future, and all of you know what's going on.
Things are changing. You know, everybody's telling me that they're
spending more money, They're taking more money out of their
four to one k's iras. Why why are we doing this?
Because if you have saved the majority of your retirement
assets in tax deferred vehicles like the immensely popular four
(03:06):
oh one k and iras, then you have some big
concerns because you will owe income taxes on those funds
in retirement. You know, Chris, everybody talks about this and says, well,
you know, I'm not going to retire, and then the
big question we get is when can I retire? And
then when they say when can I retire, what's the
next question? Well, how much income can I get? Am
I going to have enough? You know? I don't have
(03:26):
to live or go back and work. These are crazy things.
Speaker 3 (03:29):
Absolutely, you know, outliving your money, it doesn't matter how
much money.
Speaker 2 (03:31):
You have.
Speaker 3 (03:32):
Met with a guy last week that has three million
dollars and he says, you know what, I asked him,
what's your biggest concern?
Speaker 4 (03:37):
He said, I'm really worried about outliving my money.
Speaker 3 (03:39):
And I said, we have a pension, you have a
solid security, your wife has a Social Security coming in.
There's a three guaranteed income streams and you're worried about
outliving your money, And there it is right there. It
just shows you what's on the minds of many people
out there. Inflation, the spending, the taxes. So it doesn't
matter how much you have, whether it's three hundred thousand,
whether it's three million, it doesn't matter. People are still
(03:59):
word about outliving their money. But Chris, the bottom line,
and you and I talk about this all the time.
Every client we meet the question, We ask them, how
much money do you need coming in the front door
every month, no matter what happens.
Speaker 2 (04:12):
And the confusing part is they don't know. They just
don't understand income planning, tax planning, you know, investment planning,
legacy planning, and the big thing a state planning, which
we talk about folks. Like I said before, things are
going to change. So Chris, isn't that crazy? I mean,
they have this money, a million, two million, three million
dollars and they're still worried they're going to outlive their money.
Speaker 4 (04:31):
Yeah.
Speaker 3 (04:31):
I mean, but but at the end of the day,
we have to understand that there could the concerns there
and we have to teach them and that's what we do.
So when you come in and meet with us. We
can show you and make it very simple for you.
And we made it very clear for this couple and
they sat back and they said, no one's ever gone
over this with me, and from the tax side of it,
from the income side of it, and from the investment side,
and they say, well, what are we gonna do. How
(04:52):
We're gonna make sure it stays in the family. And
we should have showed them from the estate planning side,
so it was a complete plan. And we can do
the same thing for you. So if you have you
have concerns, am I going to outlive my money? What
about my investments? Am I taking the right risk with them?
Pick up the phone and schedule time to meet with
us eight three to three MAGI tax.
Speaker 4 (05:08):
That's eight three to three MAGI tax.
Speaker 2 (05:11):
And when you call, operators are standing by right now.
Tell them it's urgent. Use the word urgent, that you
need to meet with MAGI Tax to do a complete plan.
You have many concerns, and think about this. There are
approximately twenty nine point two million forgotten four one K
accounts and they hold approximately one point sixty five trillion
in assets as of May twenty twenty three. Wow, why
(05:32):
is that important. Many of you that have four to
one k's or old for one k's, you have to
do something with them, Chris. They just can't leave them
there and do nothing. They need to start using that
as tax planning, income planning. And all of the account
is taxable when you withdraw the money, Chris. They don't
get that. They don't see that it's deferred, deferred, deferred,
(05:54):
and then it becomes taxable, taxable at what rate, and
then all hell breaks loose.
Speaker 4 (05:59):
That's it.
Speaker 3 (05:59):
That's why planning is so important. Investment planning is so important.
Tax planning is so important, and that's what we do
here at Maggie Tax and Financial Groups. So pick up
the phone, schedule time to meet with us, because we'll
put together an income plan for you, a tax plan
as well as an investment plan. And you know, my
dad talked about these tax deferred accounts, well boom. You know,
it's a big tax time bomb that's going to explode
at some point. And the big thing is that people
(06:22):
don't understand what the future tax rates are going to be.
So if you have an IRA four one K, a TSP,
if your federal employee, guess what those accounts are infected
with tax and they're going to come out at an
unknown question mark tax rate. Because if you fast forward
yourself five years from now, you have no idea what
the tr what the tax rates are going to be,
and that's where it's alarming. So you have to plan
(06:43):
for more tax less income. But if you're proactive, you
can have the other more income less tax. We'll pick
up the phone, schedule time to meet with us. Eight
three to three Magi tax. You know, And this is
why I say it's urgent. All of you should say
to you know, in advise that this is urgent.
Speaker 2 (06:58):
If they're not talking about this and they're just talking
about the stock or the mutual phone or the market's
up to markets down, that's not complete planning. That's not
complete planning at all. And the reason why we talk
about this because we do this. This is what we do.
So if you're looking for tax advice, we can help.
And if you have an old four to one K
from a previous employer, if you do, we need to talk.
Speaker 4 (07:19):
That's urgent.
Speaker 2 (07:19):
That's urgent. That's right now. Eight three three maggie tax.
When you call and tell the operator we want to
talk to Bobby and Chris about our four to one K.
It's urgent, use the word. And as we navigate through
and ever evolving economic landscape, think about this. Layoffs are
unfortunately becoming increasingly calm, and we see this every day. Now,
you're one of the many who have been laid off.
(07:40):
And if you do, I know you're sitting in a corner,
sitting on the chair, worrying about all this. Don't pick
up the phone. Eight three to three, Maggie, tax Tax.
You're gonna meet with Chris and I. We're gonna talk
about this. We're gonna talk about your situation. If your
advisors not, shame on them. So operators are standing by
right now. And when you call them, let them know
it's urgent and it's about you four to one K.
(08:02):
Then set an appointment and let us help you. Eight
three three Maggie Tacks.
Speaker 3 (08:06):
And just last week I had a young lady that
came on in and guess what she had four four
oh one ks and one was current and the other
three were old. And she said, I haven't been at
those employee employers for a number of years and they're
just sitting there. And I said, well, where are they at?
Is a fidelity or is it whateppen? What's the custodian?
She said, well, I'm not really sure where the other
(08:27):
two are. And she had no idea, and she's married
and she's got kids.
Speaker 4 (08:32):
So think about this for a second. Something happens to her.
Speaker 3 (08:34):
It's going to go through the probate process because she
didn't have the counts titled the right way. And guess what,
her husband's gonna have a hard time getting the money,
and then after that, our kids are going to have
the hard time getting the money after that. So why
not do some planning today and consolidate those accounts. We
can show you how eight three to three Maggie Tacks.
Can I pause there for a minute because you hit
the nail on the head. What about probate? A lot
(08:55):
of you sitting out there. We do seminars every month.
Go to my website, Maggie tax dot com. Click on seminars.
We do two a month.
Speaker 2 (09:03):
They're at libraries and we talk about estate planning and
taxes and problems that most people have. People you have
to do something eight three three Magi tax. But go
to Magi tax dot com right now. You can register
for the next coming seminar. They're all there two every month,
and think about what Chris just said. Every time we
meet with a client and we ask him, you know,
I do you have a beneficiary? And they go, I
(09:25):
don't know.
Speaker 4 (09:25):
I think so.
Speaker 2 (09:28):
Maybe maybe I do. And then you sit there and
I wonder, like you don't know. So here's what happens.
A client comes in and says to Chris and I,
you know, it's not even a client, it's the children.
I lost my mom or my dad, and now we
can't get the money. We can't get the money because
your parents didn't do any estate planning, like a power
of attorney, a will, or you know, the healthcare surroguate
(09:50):
or the documents. And here's another one. If you have
a home and you think it's going to go to
your children because you put it in a will wrong,
If you don't have what they call a quick claim
deed or a ladybird, it's gonna go through what Chris probate.
Speaker 3 (10:02):
And that's the biggest thing you don't want to go through.
So pick up the phone, schedule time to meet with us.
These are just little things, but they become big things,
especially at time when you don't want to worry about
this stuff. You want assets to transfer the right way
with ease. You want things to go without going through
the court system where there's attorneys who get involved that
have to pay a lot in fees. You don't want
(10:22):
to go through that if you can just do some planning,
So pick up the phone, schedule time to meet with us.
Speaker 4 (10:27):
Eight three three Maggi tax.
Speaker 3 (10:29):
We do so much here, complete planning, tax planning, tax preparation,
income planning, investment planning, a state planning, social security maximization.
Pick up the phone, schedule time to meet with us
eight three three Maggi Tax, and don't forget every Sunday
on ABC TV at ten thirty for the Maggi Tax
and Financial Show, a half an hour show to educate you,
to show you what your options are. Put together the
(10:51):
Maggi Plan we can help eight three to three Magi tax.
That's eight three to three Maggi tax.
Speaker 1 (10:57):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host father and son, Robert and
Chris Maggie for additional information on how you can create
a tax free retirement visit Maggie Tax dot com. That's
ma Ggi tax dot com or call eight one three
(11:19):
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 (11:35):
Welcome everyone you're listening to the Maggie Tax and Financial Show.
Be sure to visit our website, Maggie Tax dot com.
UH click on make an appointment or call my office
today at eight three to three. Maggie Tax. UH operators
a standing by, so set an appointment and just tell
him it's urgent. And I challenge all of you out
there because if you have an advisor that's not talking
about the topics that Chris and I are talking about,
(11:56):
then it's shame on them. But you have to be
willing to ask the question and meet with someone where
you're not going to be sold something. And Chris, we
talk about this all the time, transactional advisors and complete advisors. Folks,
you can write this down. We are a complete advisor
and possibly many of you out there have an incomplete
plan and Chris. I piss a lot of people off
(12:16):
when I say that, and they go, what do you mean,
I have an incomplete plan. It's fine. So when we
sit down and we talk to them, we find out
what then it's an incomplete.
Speaker 3 (12:24):
Plan, right, and they don't deserve an incomplete plan. But
that's the problem, like many people think. I just had
this the other day last week. The client came in
and said, you know, all financial advisors are the same,
and I said, well, tell me about your experience and
they said, well, I'm going with an advisor now that
sold me a mutual fund and sold me this product
and I don't see them ever again. And they are
a financial advisor, And I said, well, that's more of
(12:46):
a transactional advisor. That's someone who just goes ahead and
does the best thing for them, not you. They're held
to suitability guidelines. But you want to work with someone
who's a fiduciary who's held to doing the best thing
to you for you and also to make sure that
they do complete planning.
Speaker 4 (13:03):
And that's a difference. So work with the right advisor.
Speaker 3 (13:06):
And that's what we do here at MAGI Tax Advisor
and Financial Groups. So we can help you with income planning,
tax planning, investment planning, estate planning, medicare planning, social security planning.
That's what we do. So pick up the phone, schedule
time to meet with us eight three to three magi
tax and.
Speaker 2 (13:20):
Think about this. Many of you are working with each
round of workforce reductions. There are a lot of companies
that are reducing Okay, many individuals are getting, you know,
laid off where they're just hanging by a thread and
they have no answers. Well, that's when you have to
start looking at advisors like Chris and I are talking about,
who are going to sit down and do a complete plan.
So with so many uncertainties about their financial future, you
(13:42):
worry about tax planning, you worry about income planning. And
like we just said, if you get laid off, what
do you do. You know, you're looking for a job.
You have to have money coming in to feed the family,
pay your bills, so you don't lose your house, you
don't lose anything that you have a value. So you
need professional guidance to make informed decisions. And we can
help up at Magie Tax. Call us an eight three
to three magi tax call right now, and let's discuss
(14:05):
your situation, let the operator know it's urgent, and we
can set an appointment eight three to three MAGI tax
Individual income taxes make up the majority of federal revenue.
If our government spending is up, it needs more revenue
to offset it, and that could impact your taxes in retirement.
So Chris, let's talk about that, because again I don't
(14:25):
think the advisors talk to clients about what we're talking
about because it all affects them when they start to
take out money and then they do their taxes.
Speaker 3 (14:32):
Well, think about it. Let's just put a little example
on the table here. You know a client who's retired,
say they need two thousand dollars more month of income.
So they have sold security coming in, they might have
a pension. They just need two thousand dollars more of income. Well,
where are they going to take it? Will they take
it from their investments? So what if they take it
from their IRA? So intentive taking two thousand dollars that
they need net, they have to take out probably three
(14:55):
thousand dollars to net the two thousand dollars that they need.
So they have to pay that thousand dollars in taxes. Now,
think about this if tax rates go up, not if,
but when they go up. It could be two years
from now, it could be five years from now, it
could be ten years from now when you're deep in
retirement and you're settled and everything is going great.
Speaker 4 (15:14):
But think about that.
Speaker 3 (15:14):
What if you have to take out thirty five hundred
dollars now or four thousand dollars from your investment account
to net the two thousand dollars that you need per month.
Speaker 4 (15:24):
What does that do to your retirement? What does it
do to your future? What does it do with the
investment risk?
Speaker 3 (15:30):
And not talking about what if the market even goes
down during that time while you're taking all those distributions.
These are things we're talking about because you need to
be aware of it because when it happens, you will
go ahead in retirement feel the pressure, and you don't
want to feel that pressure, especially after you've saved so hard,
so taxes will increase. Planning has to be done now.
(15:53):
Income planning has to be done now. That's why my
dad has mentioned urgent.
Speaker 4 (15:57):
It is urgent.
Speaker 3 (15:58):
If you have a question about your future income, it's urgent.
Pick up the phone, tell our staff that it's urgent
that you want to meet with us, So pick up
the phone, schedule time to meet with us.
Speaker 4 (16:07):
A three to three Maggie tax, and.
Speaker 2 (16:08):
Think about this what we're saying. Each year, the Congressional
Budget Office they published data on the previous fiscal year's
revenue and spending for the US government. You could look
this up. In fact, if you come in, I'll even
show you. In the past years, the outlook has been concerning,
and I'll tell you why. But something significant happened last
year that made the situation increasingly dire. First, let's look
at the numbers the state of US revenue and spending.
(16:31):
In fiscal year twenty twenty three, the government took in
about four point four trillion in revenue. Write this down,
more than half of which came from individual income taxes. Now,
four point four trillion is a lot of revenue, you
would think, right, and it should be. But unless, of course,
the government spent more than four point four trillion. This
applies to everyone out there. If you don't make enough
(16:53):
and you're spending more than you make, you have a problem.
So on the spending side of the ledger, things start
to get very interesting because there are two prime forms
of government spending discretionary and non discretionary, and a lot
of people don't understand. This, sometimes called mandatory discretionary spending,
is the spending passed by Congress every year. And this
includes both the spending Congress passes through the appropriation bills
(17:16):
so they can fund things like national defense and transportation
and infrastructure, and any supplemental spending Congress passes under other
spending bills, like the Inflation Reduction Act of the Cares Act,
which they did a while ago. This is where people
don't understand why the spending is so non discretionary or
mandatory spending. It's the spending our government outlays each year
(17:36):
outside of the legislative process. So mandatory spending covers all
the entitlements our government owes to its citizens based on
current law, such as Social Security payments and Medicare benefits.
That's how come when the government shuts down, they worry
about not getting paid because they have to spend. They
have to spend, So it also includes any other spending
that is required under current law. So why does this matter?
(17:58):
And I know you may not understand how a bill
becomes a law, and that's okay. But the different spending
categories matter a lot when it comes to our nation's
fiscal health. Back to the CBO numbers. In fiscal year
twenty twenty three, the federal government spent three point eight
trillion of mandatory spending, primarily through Social Security, Medicare, and Medicaid.
(18:18):
And additionally the government spent another six hundred billion on
net interest of the US debt. Where is this money
going to come from, Chris, It's going to come from taxes.
It's going to come from IRA's in four to one case.
It's going to come when the taxes go up in
a couple of years, when the Trump tax cuts come back. Listen,
I know I'm angry right now. I think you should
(18:38):
all be angry because you're going to pay taxes. And
if you don't understand, why, please give us a call
eight three to three magi tax. It's urgent. Eight three
to three magi tax. Give us a call today eight
three to three magi tax and believe me it's urgent.
Visit Maggie tax dot com and don't forget eight three
to three magi tax. Eight three to three magi 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
ma gg I tax dot com or call eight one
(19:24):
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 (19:41):
Welcome back to the Maggie Tax and Financial Show, and
feel free to visit our website, Maggie Tax dot com.
There's so much information right there at your fingertips. Do
you have a tax plan? Do you have an income plan?
Do you have an investment plan? And you know what,
do you have an estate plan? If you said no
to any one of those, you need to listen up
because now is a time to put together a plan
(20:02):
for you and your family. A three to three Magi
tax that's eight three to three Maggie Tax. There's so
much there that we could talk about. You know, at
our firm, we talk about the Maggi plan. You know
we're talking about taxes today, but how do they incorporate
with your investments? If you are paying more in tax,
guess what, less income to you and your family. So
are you prepared for the possibility of higher taxes in
(20:23):
retirement and that's what we're talking about today.
Speaker 4 (20:26):
You need to have a plan.
Speaker 3 (20:28):
You need to have an investment plan, a tax plan,
and also an income plan, a three to three magi tax,
schedule time to meet with us. We have obvious on
both sides of the day, a three to three magi tax.
Speaker 2 (20:38):
And by the way, we do tax preparation. So if
you want to make an appointment, come on in. But
let me mention one thing that happened this week. And
it's really simple. Everyone that works you make income, right,
who's the first one that you have to pay?
Speaker 4 (20:50):
Uncle Sam Oh?
Speaker 2 (20:51):
So So let's just say you make twenty thousand last
year and you make fifty thousand this year. You've increased
by thirty thousand. Is that thirty thousand free.
Speaker 4 (20:59):
Chris, Nope, you have to uncle sam Oh.
Speaker 2 (21:01):
You have to pay Uncle Sam. See I'm making light
of this because this is where people getting confused. When
I talked about the five ways that taxes are going
to go up. So many of you assume that your
taxes will be lower in the future. Not true, it's
not true. But as today's retireies are discovering, that's often
not the case. And we see this every day. In
a perfect example is when you make more money, your
(21:22):
tax bracket's going to go up. You have to pay more.
So if taxes keep going up and the tax brackets
keep rising, you get less. So we can help you
understand the five ways your taxes could go up in retirement.
And again, I have a brochure. If you want to
call my office, just give me your email. I'll be
glad to send it to you in an email and
you can see for yourself. Well, come to one of
our seminars and I'll give you that at the seminar,
(21:43):
and how we can help you mitigate that tax risk.
Think about that. Does your advisor talk about mitigating tax risk?
Now they talk about putting more money in another account.
So from the congressional spending to tax bracket changes, you're
going to learn how to position taxes in your retirement.
And every news item out of watching con seems to
(22:03):
include details of a new or expanded tax. Let me
ask you a question. So, the total government revenue in
twenty twenty two was four point nine trillion. That's what
the government takes in in revenue that was in twenty
twenty two. Total government spending in fiscal year twenty two
was six point three trillion. Do the math. It's like,
(22:24):
you know you have a credit card, you got to
pay it back, Okay, but we're not even paying back
half of it.
Speaker 3 (22:29):
Chris Well, that's just said. I mean things you can't control. Right,
we know that the government is spending more. That's not
a topic we want to go into right now. It
is what it is. They're spending more than they take in.
But what does that mean to you? What does that
mean to me?
Speaker 2 (22:41):
Right?
Speaker 4 (22:41):
What does it mean to our generation?
Speaker 3 (22:43):
It means that we are going to pay more in
tax because they know how much money you have in iras,
They know how much money you have in formal case,
they know how much money you having a TSP if
you're a federal employee. They know these are all qualified
accounts that are infected with tax. So very simple that
you're exposed to tax risk, You're exposed to legislative risk
(23:03):
where they can change the rules. What I mean by
that is they can change the rules on how much
they tax you they tax me. Right, these are things
that we need to start controlling today. And you can
if you put together a tax plan. That's why I
ask you, what's your plan? What's your tax plan? If
you don't have one, now is the time to start
really putting one together. And we can help. So pick
(23:24):
up the phone, schedule time to meet with us. Because
when we put together a tax plan, we can put
together an income plan. And what's better having taxable income
or tax free income, and when you can show a
tax return like we do to our clients in retirement
that I don't care if they increase taxes because our
clients' plans have tax free money. So when they retire
(23:46):
and they take income and government says, well, we need
to pay our deficeit and we need to increase taxes,
our clients aren't affected by that because they have a
tax plan. That's what we can do for you. So
pick up the phone, schedule time to meet with us.
Eight three to three Maggie tax. That's eight three three
Maggie tax.
Speaker 2 (24:02):
And this is a race that we all must learn
to win where we're ahead of it, not behind it,
because that's when people get in trouble. In at every
seminar that we do, this is the question that we
ask the audience, and I'm asking all of you how
many people think taxes are going up in the future,
and I know everybody raises their hand. Nearly everyone raised
their hands because it's going to go up. So the
point Chris and I are making today is tax planning
(24:24):
is essential. You've got to start thinking about it. Whether
you have low income or high income, it doesn't make
a difference. Yet. While you understand we've entered it into
a rising tax environment, surprisingly few of you have used
that knowledge to change how you save for retirement. And
if your advisor's not talking to you about this, which
is why we say, go to my retirement calculator on
(24:44):
Maggie tax dot com and see for yourself what your
tax is going to be. Chris, that's very important.
Speaker 3 (24:49):
Well, let's just talk about that. You know, when we
meet with clients, what are we seeing. We're seeing tons
of IRA accounts, tons of Form and K accounts, tons
of these accounts that are deferred. We see this and
they've been with their advisors for years they're not doing
the right job. I'll tell you what, Yeah, anyone can.
Speaker 4 (25:04):
Manage your money.
Speaker 3 (25:04):
You can manage yourself with this market where it's at
and the amount of money they're pumping in and the
environment they're playing with the interest rates, everyone's making money.
That's easy, that's the easy part of it. But what
about the end of the game. You know, when you
think about a football game and you're up at halftime,
you're all happy because you're up by forty points, but
guess what, you got to finish the game. And that's
where Uncle Sam comes in, and that's where he blows
(25:25):
it right by you and you lose forty three to
forty because you did not have a tax plan. So
pick up the phone, schedule time to meet with us.
Let's put together an investment plan. Let's put together an
income plan. Let's put together that tax plan that you
need to generate guaranteed safety and also income.
Speaker 4 (25:41):
In the future.
Speaker 3 (25:42):
What's wrong with going to the mailbox every month when
you're retired, pick it up a check and that's tax
free money and spending the heck out of it and
doing all over again for the rest of your life.
Speaker 4 (25:51):
How cool would that?
Speaker 3 (25:52):
Be because when you hear the news and hear all
the drama and they talk about, oh my gosh, taxes
are going to go up, tax are the highest it's
ever been. Can say and put a smile on your
face and say that doesn't affect They're not higher, they're
lower and the lowest point now chorus, But how cool
could it be in the future when that happens, that
you don't have to be affected by it. That's why
(26:12):
we can put together a tax plan eight three three
magi tax. Get the tax plan. We have office on
both sides of the day. Eight three to three magi tax.
Speaker 2 (26:19):
So if you all continue to defer taxes, which many
of you do in an IRA four oh one K
four h three B on all or most of your
retirement assets, you're going to have a large tax bill
to pay. So why would you do that? If you
can do strategic planning or like Chris and I talk
about bucket planning, where you have income that may be
tax free, you have growth and you have later money,
(26:41):
but you take that money and you have tax free money.
We can do that. That's what we do. That's called
the Maggie Plan. It's a tax plan it's an income plan,
it's an investment plan, and it's a legacy plan. And
please one other thing. Many of you don't have a
will or a trust and you sit back and say
I don't need it, because well you do, so visit
one of us. Go to my website Maggie tax dot com.
(27:02):
We have two seminars a month. Take a look at
the dates and times and locations and come. There's no obligation,
no lunch, no dinner, no nothing, just explaining to you
what this is about. I think that's more important getting
you education and understanding the language than feeding people. And
you know what, I've done that for years and it's okay,
but it's not what I want. If you want information,
then you come to my seminar. I will give you
(27:23):
the information because that's what you need. So how can
we help overcome this disconnect of taxes and legislative risk?
And at Magi Tax we help our clients face new risks.
People work with Maggi Tax because we help. And here's
the word mitigate risk. Chris, does any advisor are talking
about mitigate risk?
Speaker 3 (27:43):
No, they don't talk about that. That that's why it's
so disappointing. Think about it. You don't have clients like
we see this. We meet with clients and they come
in with statements. Yeah it's five hundred thousand, Yeah it's
one point two million. Yeah it's three hundred thousand, Yeah
it's four million. It doesn't matter. At the end of
the day, there's no planning. There's no planning. It's just
investment accounts. You've got piles of money. We see in this.
This is what advisors are doing. They're just dealing with investments. Yeah,
(28:04):
you have money. I don't care. The fact of men
is what's the end of the game look like for you?
The tax side of this, because yeah, you can have
four million bucks, but guess what when we run the
tax time calculator and that four million dollars is not
worth four million, It's worth two million, or it's worth
two point five million. Guess what, Uncle Sam is your partner.
(28:24):
How do you remove Uncle Sam from your partner forever and.
Speaker 4 (28:28):
Ever and ever? So we can show you how to
do this.
Speaker 2 (28:31):
So here's the misunderstanding that you just said that people
have I have a lot of money. I have two million,
I have one million, I have five hundred thousand. No,
you don't here's the question that we ask every single
person that comes into meets with us. How much income
do you need per month? Forget about how much you have.
How much do you need per month? Am I right
or wrong?
Speaker 4 (28:50):
Yeah?
Speaker 2 (28:50):
And then where are we going to get it from?
And then when you start looking at the numbers and
you start budgeting and you start figuring out, well, I
only need this amount and I'm okay, let the risk
grow and put on a tech free basis. Why would
you not want to do that? So how do we
do that? It's real simple. We use a process. We
have a process at Maggie Tax. We identify the risk.
And this is so important because older people are taking
(29:12):
more risk than they need to and the advisor's not
talking about risk management we do. We want to quantify
that risk because maybe you're taking too much risk and
we can reduce the risks we have more tax free money.
And here's the thing, write this down. We're going to
build a plan to mitigate to mitigate that risk. You
know what, I challenge all of you. Go to your advisor,
go to your CPA, and ask them this question, how
(29:34):
do you mitigate my tax risk? And then be quiet.
I guarantee you. They're going to look at you and
going to stare at you, like, what are you talking about?
Mitigate lower the tax risk. So it started with the market.
Savers wanted to and this is what Chris was talking
about before, and they needed the power of the stock
market to grow their funds. It was a simple formula,
there was nothing wrong with it. They put money aside,
(29:55):
invest in the stock market, and watch it grow. Oh man,
this is growing great, right, Chris will It didn't until
it didn't, and it's going to happen again. So during
the market downturn, savers learned about what.
Speaker 3 (30:07):
Risks, what kind of risk Chris, there's different types of
market risk, right, inflation risk, we see that, what about
tax risk? These are things we're talking about. So do
you have a plan? Many people out there don't. They
just have piles of money. You get those statements. You
have a pile of money, big deal, But how is
it going to come out? What's the end of the
game look like for that account? Pick up the phone,
(30:28):
schedule time to meet with us. Let's get together. I
urge you to do this because we see this each
and every day. Many people they come in they think
they have a plan and guess what they don't because
when we do tax planning and tax preparation each and
every year, guess what they're paying taxes?
Speaker 4 (30:44):
And then they're saying, what can I do?
Speaker 2 (30:45):
Well?
Speaker 3 (30:46):
You follow the crowd. You didn't listen and you didn't
put together a plan. Now is the time to do it.
Don't follow the crowd. Eight three three Magi Tax. That's
a three to three Magi tax. Visit our website at
maggitax dot com. There's so much there to help. Eight
three three Magi tax. Send an appointment today. Eight three
three Magie Tax.
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 2 (31:44):
Welcome back, and you're listening to the Maggie Tax and
Financial Show. And today we've been talking about tax risk
and legislative risk and a whole bunch of other things.
But what thing I want to bring back this is
for the person out there that you know has been
investing in this for a long time. In the advisor community,
they learn to identify that risk by they created using
fancy terms like alpha and beta. How many people know that?
(32:06):
And the industry helped create tools like Monte Carlo simulations
to quantify that risk for clients. How many know that? Okay,
I'm not worried about that. Finally, advisors would use those
tools to build asset allocation models to mitigate market risk,
not mitigate tax risk. So the question is every time
we see a client come in, did you open up
your statement? Do you know what you have? And they
(32:26):
say no, I don't. They don't know about alpha, beta
and all this other stuff. They just look at the
bottom line and they look at how many fees they're paying. Well,
what is the advisor doing for you? He's not doing
tax risk, he's not doing income risk, So what was
he doing? He's just grown your assets. The focus on
accumulating wealth was the primary focus until a few things happened.
The dot com bubble burst, followed shortly there after by
(32:49):
the financial crisis, and suddenly savers were reaching retirement age
with depleted assets and no plan to generate income. And
that problem was compounded by the reality that retires were
living longer than ever. So none of these advisors talked
about future tax free money or income. And I asked
it before, how much income do you need for the
rest of your life to go to that mailbox every
(33:11):
month and get the check that you want. Advisors learn
to identify that income risk or a longevity risk. That's
what we do. And suddenly it wasn't enough to just
accumulate funds. Savers needed a plan to make those funds
last a lifetime. Chris, And that's what we see every
day now. Because people are confused, they're isolating, they're angry.
(33:32):
Would you think it's because they got the wrong information,
they were taught the wrong language.
Speaker 4 (33:36):
Well, this is what's happening.
Speaker 3 (33:37):
People come into tax preparation and guess what when they're
not clients of ours, they're clients of other advisers. They
come in and they say, I want to get a plan,
so we do the taxes for them, and guess what,
they're upset they have to pay a tax liability. And
they said, well, my advisor never showed me a tax plan.
So what if you could have a plan where you
have buckets of money? Just think about this for a
(33:58):
sec What if you have buckets of money that have
growth with investments that are allocated the right way to
your risk tolerance. What if you have a couple other
buckets that generate guaranteed income so you can go to
the mailbox each and every month and grab that check
and spend the heck out of it and do it
all over again for the rest of your life. And
what if you have like an inflation bucket, right you
can always tap into so when things hit the fan,
(34:20):
you can always tap into and have income so you
don't have to worry about the inflation or running out
of money. Then what if you had those buckets, every
one of them, make sure that they pass to where
you want it to go and avoid the probate process.
Then what if you had some of those buckets that
are tax free, so when you use taxes every year,
you take some from a taxable environment, some from a
(34:41):
tax free and you can stay under the threshold income,
so maybe you don't have to file a tax return
or your effective tax rate is very low. That's how
you do planning. What if you can have that, Well,
that's what the Maggie plans all about. That's the holistic
plan that we do. It's not about just giving your money,
let me manage it for you. Anybody can do that.
There's more to it. So when you think about what's
(35:04):
happening right now, you're following the crowd. You're the same
as every one of people out there, and there's a
small percentage of people out there that actually have what
I just talked about because there's so many people out
there that don't know what to do. If you're listening today,
I urge you to pick up the phone, schedule a
time to meet with us, get a second opinion on
your plan. Eight three three MAGI tax. That's eight three
(35:26):
to three MAGI tax.
Speaker 2 (35:28):
So the question is how do you make your money
last a lifetime? And what happened? Things change in this industry.
Annuities came out guaranteed income riders that people have that
was the perfect solution to provide a guaranteed check and
clients could retire and outlive their money. In the year
two thousand, advisors became experts in income planning, addressed this
(35:48):
major concern and that's what we do. And shortly thereafter
most advisors across the industry were using annuities to offset
income risk. Now don't panic when I say the word annuities,
because if you look at your soul, secure in your pension,
that's an annuity. So think about it. You just don't
understand the language and how they apply, and some may
be bad. I get it, Chris understands. But until you
(36:09):
sit down and see how the annuity process works. You
want guaranteed income for life, you want a certain amount,
we can help you. So today the headlines are all
about taxes, all right. They just bypassed everything. They shoved
it under the blanket. Advisors who understand tax risks today,
like we do with Maggie, tax are the reason why
we are successful. Many of you know us. Many of
(36:30):
you come in and see us and you understand the plan,
and we do complete planning. And I'll say it again,
you do not have a complete plan if you do
not have a tax plan or an income plan, and
we can apply the same financial process we use to
address market and income risks. We want to help clients
identify your tax risk, quantifying dollars and cents. That's the
(36:50):
bottom line. People say, Bobby, Chris, how much am I
going to get? Bottom line? And let us find the
tools to reduce that risk. That's up to you. You
have to tell us what's concerning you income? Is it
taxes or it's all the above, Because the biggest thing
we hear, Chris, is the market. The market. Oh, it's up,
we're making money. No, you're not. You got It's not
all yours until it crashes, and then it crashes. Then
(37:12):
you lose what, you lose all that you think you had.
That is not a plan for retirement, Chris. I mean,
I'm sorry, I get upset, but this is what people
come in. They think the market is the best thing
in the world for what For growth, yes, but for
retirement you got to start thinking about change and looking
at it through a different lens.
Speaker 3 (37:28):
Absolutely, and that's where there's the complete process. You know
we talked about early on the show. Yeah, you're up
at halftime and it's great, you're all excited, but guess what.
The second half comes around, and that's where Uncle Sam is.
Speaker 4 (37:39):
He comes out.
Speaker 3 (37:39):
That's a silent partner that's there on the other team
that you do not see. And that's what we're showing
you today. So when we think about big picture, we
get it. We have people retire each and every day.
You retire once, so we retire each and every day
and we can show you how it's going to look.
So think up the phone and schedule time to meet
with us. We have office on both sides of the Bay.
(37:59):
We do radio show. Obviously, we do a TV show
every Sunday on ABC TV at ten thirty am. Tune
in watch. Go to our website Maggi Tax dot com
see what we do. You're listening today. If you do
not have a plan, we can help. If you want
an income plan, a tax plan, an investment plan, and
a state plan, a social security maximization plan, we can help.
Speaker 4 (38:21):
What are you doing?
Speaker 3 (38:22):
If you do not have a plan, you need to
get one, a three to three Magi tax. We look
forward to working with you. Forward a meeting with you.
Get the Maggie Plan. Tax planning, income planning, investment planning,
social security planning, as state planning, get a plan you
deserve it. Eight three three Magi Tax. That's eight three
to three tax.
Speaker 1 (38:41):
You've been listening to the Maggie Tax on Financial Hour
discussing tax planning investment strategy is presented by Robert and
Chris Maggie from Maggie Tax Advisory and Financial Services with
offices in Hillsboro and Panelas County. Visit Maggi tax dot
com or call eight one three three two two twenty
five twenty. That's eight one three three two two twenty
(39:03):
five twenty and tune in next Saturday at five for
the Maggie Tax and Financial Hour
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