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):
Chriss share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie
Tax dot com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:53):
Welcome every one, and thanks for joining us today. This
is the Maggie Tax and Financial Show. I am Robert
Maggie and I'm here with my son, Chris mang Be
sure to visit our website Maggie Tax dot Com and
don't forget make an appointment called eight three to three
Maggie Tax and just tell them it's urgent that we
meet because we have a lot of stuff to talk
about today. So again eight three three Maggie Tax. Visit
our website, Maggie Tax dot com and let's get going
(01:16):
on today's show, Chris, we have a lot to talk about.
Speaker 3 (01:18):
Absolutely, welcome everyone, and thank you so much for tuning
in in each and every week.
Speaker 4 (01:21):
We enjoy doing what we do.
Speaker 3 (01:22):
Why because we can help people, and it's great when
we talk about reducing taxes for people and tax strategies
to have more income in a most tax efficient way.
We also really get excited when we help people with
investments and having safety in their retirement plan and guaranteed
income and also investment opportunities out there that many people
are just not talking about. And also about a state planning.
(01:43):
Many people have no wills or estate planning documents that
need they need to make sure that everything stays in
the family to make sure it avoids probate.
Speaker 4 (01:51):
So that's all we do. We do a lot of
different things to help you.
Speaker 3 (01:54):
So pick up the phone, schedule time to meet with
us eight three three Maggie Tax. That's eight three three
Maggie Tax.
Speaker 2 (02:00):
So today we're going to discuss how important it is
to get out of debt. Many of you are in
debt and you have ways you're trying to get out
of debt, save and you know, spend it down. But Chris,
let me ask you a question. In your opinion, is
this an important topic getting out of debt?
Speaker 3 (02:13):
Absolutely? I mean it's a big struggle for a lot
of people. And we're going to talk about today debt
where yeah, you have credit card expenses and debt that way,
but we're going to also talk about your iras and
your investment accounts and your qualified account and how you
are in debt because you owe Uncle Sam. So we're
going to get into a lot of that today. And
the bottom line there is you have a debt to
the irs. So but the big question is where do
(02:35):
we start. And we can start by reducing your retirement
tax bill. Go to our website, Maggie Tax dot com.
We have the retirement calculator there for everyone.
Speaker 2 (02:43):
It's simple, put your information in and you're going to
get a report back on what your tax bill is
going to look like and that's the reason why we're
talking about debt, because we all have a debt to
the irs, and every day we see clients and many
times it's impossible to avoid people asking about David Ramsey.
And we like Dave Ramsey. So for anyone out there
that's using Dave Ramsey, he's got a great program. I
(03:03):
like what he does. But Dave Ramsey is perhaps the
best known financial commentator in the country, and his advice
is used by millions of Americans. But one area of
passion for mister Ramsey is his layers of focus on
reducing debt now on TV, on radio, and in print.
Dave Ramsey loves telling people how to get out of debt,
and generally speaking, I agree with this all the way,
(03:25):
but I also take issue with the way mister Ramsey
talks about debt on his radio show and in his
books and on his blog. Here's why Dave Ramsey advises
savers to reduce their debt. That's a great thing. He
talks about paying off student loans, buying new cars with cash,
paying down your mortgage, and paying off your credit card
in full every month. And those are all good things.
(03:46):
When Chris and I meet with clients and we ask
him these questions and we see whether they owe money
on credit cards, question is how do you pay that back?
So why do I take issue with his remarks? Dave
Ramsey's advice on debt is wrong. Okay, it's just incomplete.
And when Chris and I talk about incomplete and complete plans,
he has an incomplete plan. And many times we talk
(04:08):
about a complete plan and an incomplete plan, because once
you understand what that means, you're going to say, wow,
I guess I do have an incomplete plan. It's incomplete
because mister Ramsey never discusses one of the largest debts
the average American holds, Chris, and that's the debt to
the IRS that has built up inside your IRA and
your four oh one K.
Speaker 3 (04:26):
Absolutely, and this is so huge, And what about your
debt to the irs? Does he talk about that? And
the answers no. And right now, Americans currently hold trillions
of dollars in tax deferred retirement accounts, which are immensely
popular vehicles such as IRA's former k's and four to
three b's. And if you're a federal employee, it's a
TSP thrift savings plans.
Speaker 4 (04:45):
So think about this.
Speaker 3 (04:46):
You have accounts that are infected with taxes and in
tax deferred account savers have put off paying their taxes
for the future. And this called and this is called
debt to the irs. And you have it. If you
have an io A form one k at TSP of
four oh three B, you have debt to the irs.
And if you go to our website, Maggie Tax dot com,
(05:07):
click on the Retirement Calculated it's right there on the
top right hand corner and we can tell you in
thirty seconds what your retirement tax bill will look like
and what your debt will be to the irs. You
need to know now because you need to get this
time bomb. This this huge tax time bomb. You need
to diffuse it. And we can show you how. Pick
up the phone, schedule time to meet with us. Eight
three three Maggie Tax.
Speaker 2 (05:28):
This is so important for many of you listening, because
a lot of people Chris, don't look at the IRA
and the forourm one ks debt. They let you save
in these accounts for years, you defer the taxes for years,
and then as you know, you get into retirement and
you have requirement and distribution and then you're paying tax
at a higher rate. And the problem is that all
the tax savings that you had, you're going to pay
back five ten years down the road and at a
(05:51):
higher rate.
Speaker 4 (05:51):
Well think about this.
Speaker 3 (05:52):
You know, you take your retirement accounts you put away
and tax deferred accounts, and they grow in the future
to bigger amounts. But what we don't know, this is
what we're talking about here is the question mark tax rate.
What's your tax rate in two years, in five years,
in ten years, in twenty years when you need that money.
So these big, these big accounts grow and grow and grow.
But when you take the money out, it could be
(06:13):
taxed at thirty percent, it could be taxed at forty percent,
It can be taxed fifty percent. So think about that.
If you need forty thousand dollars out of your retirement
account such as your IRA Form one K, guess what
in the future, it could be taxed at forty to
fifty percent. So if you need forty thousand, you have
to take out eighty thousand to net the forty How
much or how long is your retirement account going to last?
(06:34):
If you have unknown tax rates and.
Speaker 2 (06:36):
You have a partner with irs, and think about this.
We talk about it all the time. So let's say
you're in a twenty four percent tax bracket right now,
and in two years when the Trump tax cuts expire
and it goes up to twenty seven, it goes up
three percent in every tax bracket. Have you planned on
that and have you done any you know, tax planning
on it, because if you don't, that's the reason why
we're telling you to go to our tax retirement calculator,
(06:58):
take a look for yourself. You'll see exactly what the
rates are going to be, and you plug it in
and then let's get together and talk about it. So
Dave Ramsey has an incomplete plan. I think we just
made that point. And whether or not you realize that
that creates a kind of debt, So let me kind
of give you a definition. The Oxford Dictionary defines debt
as something especially money that is owed to someone else.
(07:20):
So you have money and who you owe it to?
Uncle Sam ars And that term applies to the build
up of taxes in iras in four oh one case.
And you know, Chris, I think the disappointing thing for
me and you when we see people come in they're
not told that why they are advised that just build, build, build, build,
tax deferred. You got a lot of money coming out.
But a gentleman I have this, I can prove this.
(07:40):
We have a call that comes in a million dollar IRA,
two million dollar IRA, and I have to tell them
it's not all theirs, it's not all there's That million
dollars is maybe five hundred thousand, that two million is
maybe a million. So what kind of planning do they do? Now?
Speaker 4 (07:53):
Well, that's it.
Speaker 3 (07:54):
People don't plan and that's why we do tax planning here.
We do income planning, we do investment planning, we do
a state planning. This a lot that we do at
Maggie Tax Advisory and Financial Group. So pick up the phone,
schedule time to meet with us. We have office on
both sides of the Bay, and when you come in,
we can help you defuse the big tax time bomb
eight three three Maggie Tax. Visit our website at Maggie
Tax dot com that's m A G G I T
(08:16):
A X dot com and we can help you defuse
the tax time bomb.
Speaker 2 (08:20):
And let me kind of give you an example. It's
pretty simple. Consider this issue is a sixty five year
old client that comes into our office he has an
IRA statement show when he has five hundred thousand saved
in his account, he's happy, He's thrilled. I got a
lot of money, right, But can that client cash out
the IRA and go buy a five hundred thousand dollars
vacation home. And the answer is no, of course not.
(08:40):
But until someone educates him and understand the language, he's
thinking he's got five hundred, so after all, not all
of that five hundred thousand in the IRA is his
to spend. You have a partner with Uncle Sam. It's great,
you know, Chris. You work for a business and you
save and then you start taking money out and then
you get a partner. And he said, well, I want
twenty percent of the proper and then next year says
(09:01):
I want thirty percent, and the following uisays he wants
forty percent. What's wrong with that? And that's what the
IRS is doing.
Speaker 4 (09:06):
That's the question mark tax rate.
Speaker 3 (09:08):
So how can you live in retirement knowing that it's
a variable tax Rate's a question mark tax rate? And
that's the thing because if you have to pay more
in taxes, guess what less income to you? So don't
let it happen that way, and that's why we put
together tax planning and income planning and investment planning. That's
what we call the Maggie Plan because we can we
help you understand what that dollar is and let's get
(09:30):
that money out of taxable environments into tax free environments.
Let's have a tax free zone for you so you
don't have to worry about that question. Mark tax rate
eight three to three magi tax, schedule, time to meet
with us eight three to three magi tax.
Speaker 2 (09:43):
And one more thing. What people don't understand is what
tax bracket they're in. So in this case, his tax
liability is twenty percent, only four hundred thousand of those
funds really belong to him. He doesn't think about that
when he goes to bed at night. He's thinking about
what he's going to spend and where he's going to go.
So the other one hundred thousand he owes to the
RS form of taxes. And again just write this down.
It's a debt to the irs. So pick up the
(10:04):
phone call eight three to three magi tax. When you
talk to the operator, tell them it's urgent that we
speak to you about your debt to the irs. Folks.
This is the only way we can help you. Let
us do the illustration with you, show you what tax
bracket you're in, and show you what real money you have.
And then let's plan because if you're looking for guaranteed income,
we can help you put a plan together. It's called
(10:25):
the Maggie Plan. It's a tax plan, it's an income plan,
it's an investment plan, and like Chris said before, the
most important thing, it's an estate plan. Eight three three
Maggie Tax. And don't forget Every Sunday at ten thirty,
what's your TV show on ABC TV? Folks will give
you a lot of resources here eight three to three
Magi Tax. Be sure to visit our website, Maggie Tax
(10:46):
dot com. There's so much information on there. You're listening
to the Maggie Tax and Financial Show and remember eight
three to three Maggie Tax. Eight three three Magi 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.
Speaker 2 (11:07):
Maggie.
Speaker 1 (11:07):
For additional information on how you can create a tax
free retirement, visit Maggie tax dot com that's ma Ggi
Tax dot com. Or call eight one three three two
two twenty five twenty. That's eight one three three two
two twenty five twenty. Now your host for the Maggie
(11:28):
Tax and Financial Hour, father and son from Maggie Tax
Advisory and Financial Group, Robert and Chris Maggie.
Speaker 2 (11:35):
Welcome back and you're listening to the Maggie Tax and
Financial Show. My name is Robert Maggie and I'm here
with my son, Chris Maggie. And don't forget visit our website,
Maggie Tax dot com and tune in every Sunday at
ten thirty on ABC TV to the Maggie Tax and
Financial Show. So along the way, we get a lot
of clients to come in and we do different plans
for these folks, whether it be income, whether it be
(11:55):
tax planning. But Chris, let's talk about when someone comes
in and they want, say of their money, they want
guaranteed income, and they want you know, longevity where they
have money left over for the kids.
Speaker 3 (12:06):
How do we go about that great question? And you know,
if you're out there listening today, and just give an example.
We had a client that came in three years ago
and we just you know, the reviews each and every year.
And they came in with six hundred thousand dollars and
they retired and they have some income coming in, so
we really didn't need to give them income because they
had two pensions and social securities coming in. So four
income streams that totaled seven thousand dollars a month of
(12:28):
income net after tax, and they only need about five
thousand a month. So they have positive cash flow of
two thousand dollars a month. So they said, well, what
do we do what our six hundred thousand dollars? And
I said, well, what do you want to do with it?
And they sat back and they said, well, we don't
really know, but we do have money in the market
and we're playing the market and it's going up and down.
And I asked them, as safety of your money important
(12:50):
to you? And they both sat back and they said,
at this phase of the game, absolutely it has, isn't
it to everybody? And I said, no, it's actually not.
We have clients that come in sometimes, you know, if
they lose ten bucks, they can't do that, they can't
stomach that, they can't sleep at night. They have other
clients that come in and if they lose a couple
hundred grand because the mark goes up and down, it's
not a big deal. It's going to come back. So
my question to you out there is where are you?
(13:12):
And if you are sitting in a volatile account and
you don't want to be, then you need to raise
your hand and pick up the phone and schedule time
to meet with us. If you are on a conservative
account and you want to take more risk with some
of your money, then you need to pick up the
phone and raise your hand and schedule time to meet
with us. But going back to the client who had
six hundred thousand dollars of money, what we did was
(13:32):
we did the color of money. We did bucket planning.
We call it now money later money, never money. And
when we organize these accounts into different buckets, they had
safety of their money in the short term. They had
long term growth with money on the other side, which
is never to later money. And what we did was
we can deal with the risk with those accounts that
(13:54):
we're not going to touch for ten to fifteen to
twenty years. So we did strategic planning where we these
buckets where they had control, flexibility, and that's where many
people come in they have no plan. But when they
leave us and they work with us, guess what, they
have a plan.
Speaker 2 (14:12):
Here's what I would say to that, because this is
the biggest question. You're right on everything you said, and
it's encouraging to know that. When people come in, this
is what we talk about. But here's the big thing.
When I ask people to bring in their statement. As
you know, many of them have a brokerage account, they
have stocksponds and mutual funds. They have some risk and
no risk. They have some in the fixed account. But
(14:32):
that's not a plan. That's not a plan. That's not
the Maggie plan. That's not an income plan, that's not
a tax plan. And what Chris is referring to, if
you've heard as many times talk about bucket planning, this
is where we can put a plan together for you
based on the money that you have. Now, when we
do a risk tolerance form, and Chris, this is so
important we talk about it. The risk tolerance form tells
(14:53):
us more about a client, what risk they're taking. And
many times you can talk about this. They're in more
rooms then they even know they are. Because their advisor
doesn't sit down and tell them that. And that's a
big problem.
Speaker 4 (15:04):
Right, that's it.
Speaker 3 (15:05):
I mean, you know when we do an analynce of
your accounts, many people have just piles of money. Think
about this. You have five statements that come in the mail, right,
three statements. Some stamans won't even come in the mail.
They come every quarter. You might have an old four
one K that you never really look at anymore, maybe
two or three of them, right, because you've changed your employers.
So the bottom line here is many people have piles
(15:25):
of money and there's no concrete to those piles. They
can be tumbled down.
Speaker 4 (15:31):
Think of it.
Speaker 3 (15:32):
You know, they just piles of sand, right, and they
can be blown away by just market fluctuation.
Speaker 4 (15:38):
Is that what you want?
Speaker 3 (15:39):
Or do you want a concrete plan where if there
is wind blowing and storms changing and things happening and
hurricanes and whatever it is that your account doesn't move.
That's what we need to talk about. Your color of money.
What do you want your money to do for you?
Because if you're looking for a plan, an investment plan,
we can help. And that's why you pick up the phone.
Schedule time to meet with us. Eight three three tax.
(16:00):
Let's get a second opinion on what you currently have
and let's do bucket planning for you.
Speaker 2 (16:04):
And again I challenge all of you if you have
a plan. Now, we're not trying to break a relationship here.
What we're trying to do is when you come in
and we show you a different strategy and then you
sit back and say, wow, my guy or Mike gal
has not told me that, then we have something to
talk about. Because this is the new rules of retirement.
You have to understand what we're talking about roth convergence
and tax planning and income planning. If your folks are
(16:25):
not talking about that, shame on them, because when it
comes to retirement, you want to make sure that you
have enough coming in, like Chris says, the front door
every month where you can just you know, pick up
the check, cash the check and not worry about the
other expenses. And when you start taking a lot of risks, Chris,
and this is what we see, because that's what they
were taught, take a lot of risks. See if the
market goes up, and we all know what's going on
(16:46):
with the market goes up, it goes down. But on
our Maggie plan, the way we do it, we position
a lot of money, not a lot of money, but
the portion that you want to be safe in green buckets.
Green buckets mean it doesn't go down, it only goes up.
Speaker 3 (16:59):
And there's no fees to those buckets either, So they
could be safety and no fees, and you don't have
to worry about the resk.
Speaker 2 (17:04):
Which is the biggest question. What's the biggest concern. Everybody
comes in, what's your fee?
Speaker 3 (17:08):
Worried about the fee to play? Right, But again it's
not about that. It doesn't have to be that way
if you want safe money.
Speaker 2 (17:13):
But if you're in a broken's account and you have
an IRA and you're paying fees, you're paying fees on
an account that should be growing, not going down.
Speaker 4 (17:19):
Well that's it.
Speaker 3 (17:19):
And if no one's watching it and there's pretty much
just all transactions and you have loads and commissions, guess
what you're not Your account's not doing what you want
it to do. So that's why it's so important. It's
encouraging pick up the phone, schedule time to meet with us.
We have offices standing by. Let them know that it's
urgent that you need to come in and meet with us.
Because when we see retirement, there's the accumulation phase, there's
(17:40):
the distribution phase of your retirement. Where are you right now?
Because if you are approaching the distribution phase or in
the distribution phase and you see these big volatility markets
go up and they go down, if that doesn't affect
you or scare you, then maybe you start looking at
what's happening, because if it is a affecting you and
(18:01):
worrying you and keeping you up at night, then maybe
now is a time, more than ever before, to make
sure that you get a second opinion and we can
help eight three three Maggie Tax, and.
Speaker 2 (18:10):
Don't forget to watch our TV show on Sunday at
ten thirty. We have seminars coming up every month on
a state planning, on tax planning. If you go to
my website, Maggie Tax dot com, they're all listed there.
We do them in libraries so we can educate you.
And that's the whole point for you to come in
and be educated and not be sold. Because once you
understand the ground rules of this income planning, tax planning,
(18:31):
investment planning, market risk, you know all the types of
risks that are out there, the health risk. This is
important for all of you out there pick up the
phone eight three to three Maggie Tax. Visit our website
Maggie Tax dot com. Click on seminars and register for
one of the seminars. They're free and they're educational. Eight
three three Magi Tax and visit the Maggie Tax dot
Com Maggie tax dot com website. On the retirement calculator,
(18:55):
click on Maggie tax dot com. Give us a call
right now eight three to three Maggie Tax.
Speaker 1 (19:02):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie Tax dot com. That's
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 it 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 retirement? And
(20:24):
that's what we're talking about today. You need to have
a plan. 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 (20:37):
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 (20:49):
Uncle Sam Oh?
Speaker 3 (20:50):
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.
Speaker 2 (20:57):
Is that thirty thousand free, Chris.
Speaker 4 (20:58):
Nope, you have to pay Sam oh.
Speaker 2 (21:01):
You have to pay le Sam.
Speaker 3 (21:02):
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.
Speaker 2 (21:13):
Not true, it's not true.
Speaker 3 (21:14):
But as today's retiremies are discovering, that's often not the case.
Speaker 2 (21:18):
And we see this every day. In a perfect example
is when you make more money, your 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
(21:38):
for yourself. Well, come to one of our seminars and
I'll give you that at the seminar, and how we
can help you mitigate that tax risk.
Speaker 4 (21:45):
Think about that.
Speaker 2 (21:47):
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 include details
of a new or expanded tax. Let me ask you
a question. So, the total government revenue in twenty twenty
(22:10):
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, you know,
you have a credit card, you got to pay it back, okay,
but we're not even paying back half of it. Chris, Well,
let's just said. I mean things you can't control. Right,
(22:31):
we know that the government is spending more. That's not
a topic we want to go into right now.
Speaker 3 (22:34):
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.
Speaker 4 (22:57):
So very simple.
Speaker 3 (23:00):
Exposed to tax risk, You're exposed to legislative risk 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
(23:22):
one together and we can help. So pick 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
(23:43):
free money. So when they retire 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 (24:01):
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
(24:23):
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
(24:43):
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 advices for years. They're not doing
the right job.
Speaker 4 (25:02):
I'll tell you what. Yeah, anyone can 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 with 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 in the future.
What's wrong with going to the mailbox every month when
you're retired, pick it up a check and that's tax
(25:47):
free money and spending the heck out of it and
doing all over again for the rest of your life.
How cool would that 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, you can say and
put a smile on your face and say that doesn't affect.
Speaker 2 (26:03):
They're not higher, they're lower and the lowest point now chorus.
Speaker 3 (26:07):
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 we can put together a tax plan eight
three three magi tax. Get the tax plan. We have
office on both sides of the bay 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 or 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 our seminars. Go to my website Maggie Tax
(27:01):
dot com. 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.
(27:22):
I will give you the.
Speaker 3 (27:23):
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 Maggie Tax because we help. And here's
the word, mitigate risk. Chris, does any advisor are talking
about mitigate risk? No, they don't talk about that. That
(27:43):
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. I'm seeing 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 (28:27):
Ever and ever?
Speaker 3 (28:29):
So we can show you how to do this. 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.
Speaker 2 (28:36):
No, you don't.
Speaker 3 (28:37):
Here's the question that we ask every single person that
comes into meets with us, how much income do you
need per month?
Speaker 2 (28:45):
Forget about how much you have. How much do you
need per month? Am I right or wrong?
Speaker 4 (28:49):
Yeah?
Speaker 2 (28:50):
And then where are we gonna 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 tax rebase. 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 more risk
(29:11):
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.
Speaker 3 (29:30):
Go to your advisor, go to your CPA, and ask
them this question, how do you mitigate my tax risk?
Speaker 2 (29:35):
And then be quiet.
Speaker 3 (29:36):
I guarantee you they're going to look at you and
going to stare at you, like, what are you talking about?
Speaker 2 (29:40):
Mitigate lower the tax risk. So it started with the market.
Speaker 3 (29:44):
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,
invest in the stock market, and watch it grow. Oh man,
this is growing great, right.
Speaker 2 (29:58):
Chris, Until it didn't. Until it didn't, and it's going
to happen again. So during the market downturn, savers learned
about what risks, what kind of risk? Chris.
Speaker 3 (30:08):
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, schedule time to meet with us. Let's
(30:30):
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 (30:43):
And then they're saying, what can I do?
Speaker 2 (30:44):
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. Is so much there to help you.
Three to three Maggie tax. Send an appointment today. Eight
three three Maggie 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.
Speaker 2 (31:16):
Maggie.
Speaker 1 (31:16):
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 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
(31:40):
Tax Advisory and Financial Group, Robert and Chris.
Speaker 3 (31:43):
Welcome back to the Megi Tax and Financial Show, and
thank you so much for tuning in today. And we've
been talking about investment debt and getting out of debt
in a good way. Many people think about credit cards,
but I'm not talking about that. I'm talking about the
investment debt that you have on all your retirement accounts.
And think about this. You have ir a form on
kes thrift savings plans four O three b's four fifty
(32:04):
seven plans. Guess what those accounts are infected with taxes
And if you're infected with something, it's not a good thing, right,
So if your retirement accounts are infected with taxes, that
means you have an unknown question mark tax rate that
has to come out. You have a debt to the
irs when you start taking distributions. And many people don't
(32:24):
know that. They look at their statements each and every
month and they say, oh, my gosh, it's up ten grand,
it's down ten it's up thirty thousand, it's up forty thousand,
it's doing great. But guess what, when you start taking
a distribution, it's taxable. So what are you doing about it?
That's the planning that comes into play that has to
be there in your retirement to make sure you have
(32:44):
a solid plan. And if you don't have a plan,
when you're talking about taxes and investments and income, you
need to pick up the phone and schedule time to
meet with us.
Speaker 4 (32:52):
Eight three to three magi tax. That's eight three to
three magi tax.
Speaker 2 (32:56):
And when you put a plan together, you're talking about
putting a tax plan and then come plan and investment
plan and insurance plan. So how can you do it
in an efficient way so that you're not shooting yourself
in the foot while you're going to try to go
tax for you have to pay the taxes first period.
So what we're going to show you is the least
amount of taxes, and then it's not going to be
a hard decision for you to make because if you
(33:17):
have the cash and we can do it from there,
you do it now so that later on you don't
have this big tax.
Speaker 3 (33:21):
Now, that's it. Let's talk about that. So when someone
comes in, what are we going to do? Well, we
understand taxes obviously, So what we can do is show
you right there, will show you what your current tax
return looks like. Then we'll break it down and we'll
show you what if we converted twenty thousand or fifty
thousand from an IRA to a wroth. Well, you have
to pay the tax to get there, right, so we
understand that we're talking about buying out the irs. Let's
(33:44):
do that at a cheaper rate as opposed to later
on where it's very expensive. So we can show you
to you and we can break this down, and we
can sit down and show that what the tax turn
will look like. And you say, I like that strategy.
I like that strategy, but I don't like the other strategy.
That's fine, this is your money. We can put together
a plan and show you options that you can own
(34:04):
and feel good about it, because when you start building
a tax free bucket, what you have done is you
eliminated Uncle Sam and my dad talked about putting your
retirement plan in pencil. Well, let's put it in pen
where it's permanent, where you know that you don't have
to pay taxes forever and ever and ever and ever again.
Now many people don't have that ability, but you can
(34:26):
if you come meet with us, because we'll show you
ways to create a tax deduction. We'll show you ways
to get the money out in the most tax efficient way.
Eight three to three Maggie tax will go through that
for you. Schedule time to meet with us, you meet
with us eight three to three Maggie tax.
Speaker 2 (34:40):
So here's how one of the ideas works. The goal
is we're going to start with your retirement account because
that's the one that's taxed the most. So we use
and just use this for concept because when you come
in we'll explain it. But we use a five year
conversion period and at the end of this time period
in which we do the series of structured conversions. We
call them structured because what Chris just said, we'll take
(35:00):
out certain amount one year, certain amount, the second year
from a tax return where we convert the money over
to a roth ira And basically the goal is that
you want to have at least the same amount as
you started with. Let me repeat that. So if you
have five hundred thousand now over the next five years,
when you start converting, we have to use an investment
vehicle that's going to get you back to where you
(35:21):
were five years ago. And that's how we do bucket planning.
So take a second explain how that works. Because it's
three buckets that we use to get there.
Speaker 4 (35:29):
That's it. So let's just give an example.
Speaker 3 (35:30):
What if we had three buckets and you have one
hundred thousand dollars, Well, what if you put twenty thousand
dollars in bucket one, and we put thirty thousand in
bucket two and fifty thousand and bucket three. Well, what
we're designing here is an income plan. So that first
bucket a bucket one of twenty grand. Let's give you
income off of that for the next five years guaranteed.
But that in five years is going to go down
(35:51):
to zero. And many people say, oh my gosh, I
don't want my account to go down to zero. Well,
just bucket one is, but what about bucket two and
bucket three? So when bucket won is given you income,
bucket two and three you're growing and guess what, now
you have just as much if not more income and
value there. But now what after five years? Now you
turn on bucket two. So now bucket two gives you
(36:13):
guaranteed income for life. But now that goes down the
zero after five years. Then you might start thinking, well,
I have no money. No, you forgot about bucket three.
Bucket three grows back to where you started originally, and
you could do it all over again. So that's when
we start talking about bucket planning and income planning. Where
you can have income and you don't run out of money.
You live off of the interest and you live it
(36:35):
off of the way where you can create it, where
you have buckets doing different things with different strategies that
you're protected and diversified in a lot of different ways.
That's income planning right now. What about tax planning, Well,
we use the same concept where we can get money
that's infected with taxes, eliminate Uncle Sam and create a
tax free bucket, so now you don't have to worry
(36:56):
about paying Uncle Sam ever and ever and ever again.
So who can an amount what tax rates are gonna be?
Who cares if tax rates go up? It doesn't matter
to clients of ours who have tax free buckets because
they don't have to worry about it. That's where your
retirement plan is written in pen instead of pencil.
Speaker 2 (37:15):
So what you want to do is call my office
eight three three Maggie Tax and tell them you want
to do this. We're going to tell you what it is.
It's called a strategic rollout. It's called a strategic rollout
and bucket planning. And if your advisor's not talking about this,
then you know, shame on them. They're not giving you
the whole story. And you're going to have a tax
free rough account, which Chris said, you're going to have
paid all the taxes over five or ten year period
(37:36):
at the lowest amount, and you're going to have tax
free income. How good is that? So by the time
that we're done, you probably have more than what you
started with.
Speaker 3 (37:44):
And one more thing, you're going to eliminate Uncle Sam.
Who wants to eliminate Uncle Sam? Well, if I can
eliminate the person who's causing taxes, guess what that's a
great feeling to have, and it's it's kind.
Speaker 2 (37:55):
Of funny because when we show this to people, it's
shocking and they always say, well, I've never heard this before.
For What's because your advisor doesn't talk about taxes, doesn't
talk about income planning, talk about you know, retirement planning,
talk about IRA, R M d S and how it's
going to affect everything that you do. Eight three three
Magi Tax I hope today was helpful to you getting
out of debt to the irs. It's going to be
(38:16):
here for a long time. You need to do something
about it. Eight three three Maggie Tax. Visit our website
Maggie Tax dot com. Click on seminars and register for
the seminar. These are at the library. They're educational. We
talk about everything. Eight three three Maggie Tax and visit
our website Maggie Tax dot com. You're listening to the
Maggie Tax and Financial Show. Eight three three Maggie 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 MAGI 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):
Chriss share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie
Tax dot com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:53):
Welcome every one, and thanks for joining us today. This
is the Maggie Tax and Financial Show. I am Robert
Maggie and I'm here with my son, Chris mang Be
sure to visit our website Maggie Tax dot Com and
don't forget make an appointment called eight three to three
Maggie Tax and just tell them it's urgent that we
meet because we have a lot of stuff to talk
about today. So again eight three three Maggie Tax. Visit
our website, Maggie Tax dot com and let's get going
(01:16):
on today's show, Chris, we have a lot to talk about.
Speaker 3 (01:18):
Absolutely, welcome everyone, and thank you so much for tuning
in in each and every week.
Speaker 4 (01:21):
We enjoy doing what we do.
Speaker 3 (01:22):
Why because we can help people, and it's great when
we talk about reducing taxes for people and tax strategies
to have more income in a most tax efficient way.
We also really get excited when we help people with
investments and having safety in their retirement plan and guaranteed
income and also investment opportunities out there that many people
are just not talking about. And also about a state planning.
(01:43):
Many people have no wills or estate planning documents that
need they need to make sure that everything stays in
the family to make sure it avoids probate.
Speaker 4 (01:51):
So that's all we do. We do a lot of
different things to help you.
Speaker 3 (01:54):
So pick up the phone, schedule time to meet with
us eight three three Maggie Tax. That's eight three three
Maggie Tax.
Speaker 2 (02:00):
So today we're going to discuss how important it is
to get out of debt. Many of you are in
debt and you have ways you're trying to get out
of debt, save and you know, spend it down. But Chris,
let me ask you a question. In your opinion, is
this an important topic getting out of debt?
Speaker 3 (02:13):
Absolutely? I mean it's a big struggle for a lot
of people. And we're going to talk about today debt
where yeah, you have credit card expenses and debt that way,
but we're going to also talk about your iras and
your investment accounts and your qualified account and how you
are in debt because you owe Uncle Sam. So we're
going to get into a lot of that today. And
the bottom line there is you have a debt to
the irs. So but the big question is where do
(02:35):
we start. And we can start by reducing your retirement
tax bill. Go to our website, Maggie Tax dot com.
We have the retirement calculator there for everyone.
Speaker 2 (02:43):
It's simple, put your information in and you're going to
get a report back on what your tax bill is
going to look like and that's the reason why we're
talking about debt, because we all have a debt to
the irs, and every day we see clients and many
times it's impossible to avoid people asking about David Ramsey.
And we like Dave Ramsey. So for anyone out there
that's using Dave Ramsey, he's got a great program. I
(03:03):
like what he does. But Dave Ramsey is perhaps the
best known financial commentator in the country, and his advice
is used by millions of Americans. But one area of
passion for mister Ramsey is his layers of focus on
reducing debt now on TV, on radio, and in print.
Dave Ramsey loves telling people how to get out of debt,
and generally speaking, I agree with this all the way,
(03:25):
but I also take issue with the way mister Ramsey
talks about debt on his radio show and in his
books and on his blog. Here's why Dave Ramsey advises
savers to reduce their debt. That's a great thing. He
talks about paying off student loans, buying new cars with cash,
paying down your mortgage, and paying off your credit card
in full every month. And those are all good things.
(03:46):
When Chris and I meet with clients and we ask
him these questions and we see whether they owe money
on credit cards, question is how do you pay that back?
So why do I take issue with his remarks? Dave
Ramsey's advice on debt is wrong. Okay, it's just incomplete.
And when Chris and I talk about incomplete and complete plans,
he has an incomplete plan. And many times we talk
(04:08):
about a complete plan and an incomplete plan, because once
you understand what that means, you're going to say, wow,
I guess I do have an incomplete plan. It's incomplete
because mister Ramsey never discusses one of the largest debts
the average American holds, Chris, and that's the debt to
the IRS that has built up inside your IRA and
your four oh one K.
Speaker 3 (04:26):
Absolutely, and this is so huge, And what about your
debt to the irs? Does he talk about that? And
the answers no. And right now, Americans currently hold trillions
of dollars in tax deferred retirement accounts, which are immensely
popular vehicles such as IRA's former k's and four to
three b's. And if you're a federal employee, it's a
TSP thrift savings plans.
Speaker 4 (04:45):
So think about this.
Speaker 3 (04:46):
You have accounts that are infected with taxes and in
tax deferred account savers have put off paying their taxes
for the future. And this called and this is called
debt to the irs. And you have it. If you
have an io A form one k at TSP of
four oh three B, you have debt to the irs.
And if you go to our website, Maggie Tax dot com,
(05:07):
click on the Retirement Calculated it's right there on the
top right hand corner and we can tell you in
thirty seconds what your retirement tax bill will look like
and what your debt will be to the irs. You
need to know now because you need to get this
time bomb. This this huge tax time bomb. You need
to diffuse it. And we can show you how. Pick
up the phone, schedule time to meet with us. Eight
three three Maggie Tax.
Speaker 2 (05:28):
This is so important for many of you listening, because
a lot of people Chris, don't look at the IRA
and the forourm one ks debt. They let you save
in these accounts for years, you defer the taxes for years,
and then as you know, you get into retirement and
you have requirement and distribution and then you're paying tax
at a higher rate. And the problem is that all
the tax savings that you had, you're going to pay
back five ten years down the road and at a
(05:51):
higher rate.
Speaker 4 (05:51):
Well think about this.
Speaker 3 (05:52):
You know, you take your retirement accounts you put away
and tax deferred accounts, and they grow in the future
to bigger amounts. But what we don't know, this is
what we're talking about here is the question mark tax rate.
What's your tax rate in two years, in five years,
in ten years, in twenty years when you need that money.
So these big, these big accounts grow and grow and grow.
But when you take the money out, it could be
(06:13):
taxed at thirty percent, it could be taxed at forty percent,
It can be taxed fifty percent. So think about that.
If you need forty thousand dollars out of your retirement
account such as your IRA Form one K, guess what
in the future, it could be taxed at forty to
fifty percent. So if you need forty thousand, you have
to take out eighty thousand to net the forty How
much or how long is your retirement account going to last?
(06:34):
If you have unknown tax rates and.
Speaker 2 (06:36):
You have a partner with irs, and think about this.
We talk about it all the time. So let's say
you're in a twenty four percent tax bracket right now,
and in two years when the Trump tax cuts expire
and it goes up to twenty seven, it goes up
three percent in every tax bracket. Have you planned on
that and have you done any you know, tax planning
on it, because if you don't, that's the reason why
we're telling you to go to our tax retirement calculator,
(06:58):
take a look for yourself. You'll see exactly what the
rates are going to be, and you plug it in
and then let's get together and talk about it. So
Dave Ramsey has an incomplete plan. I think we just
made that point. And whether or not you realize that
that creates a kind of debt, So let me kind
of give you a definition. The Oxford Dictionary defines debt
as something especially money that is owed to someone else.
(07:20):
So you have money and who you owe it to?
Uncle Sam ars And that term applies to the build
up of taxes in iras in four oh one case.
And you know, Chris, I think the disappointing thing for
me and you when we see people come in they're
not told that why they are advised that just build, build, build, build,
tax deferred. You got a lot of money coming out.
But a gentleman I have this, I can prove this.
(07:40):
We have a call that comes in a million dollar IRA,
two million dollar IRA, and I have to tell them
it's not all theirs, it's not all there's That million
dollars is maybe five hundred thousand, that two million is
maybe a million. So what kind of planning do they do? Now?
Speaker 4 (07:53):
Well, that's it.
Speaker 3 (07:54):
People don't plan and that's why we do tax planning here.
We do income planning, we do investment planning, we do
a state planning. This a lot that we do at
Maggie Tax Advisory and Financial Group. So pick up the phone,
schedule time to meet with us. We have office on
both sides of the Bay, and when you come in,
we can help you defuse the big tax time bomb
eight three three Maggie Tax. Visit our website at Maggie
Tax dot com that's m A G G I T
(08:16):
A X dot com and we can help you defuse
the tax time bomb.
Speaker 2 (08:20):
And let me kind of give you an example. It's
pretty simple. Consider this issue is a sixty five year
old client that comes into our office he has an
IRA statement show when he has five hundred thousand saved
in his account, he's happy, He's thrilled. I got a
lot of money, right, But can that client cash out
the IRA and go buy a five hundred thousand dollars
vacation home. And the answer is no, of course not.
(08:40):
But until someone educates him and understand the language, he's
thinking he's got five hundred, so after all, not all
of that five hundred thousand in the IRA is his
to spend. You have a partner with Uncle Sam. It's great,
you know, Chris. You work for a business and you
save and then you start taking money out and then
you get a partner. And he said, well, I want
twenty percent of the proper and then next year says
(09:01):
I want thirty percent, and the following uisays he wants
forty percent. What's wrong with that? And that's what the
IRS is doing.
Speaker 4 (09:06):
That's the question mark tax rate.
Speaker 3 (09:08):
So how can you live in retirement knowing that it's
a variable tax Rate's a question mark tax rate? And
that's the thing because if you have to pay more
in taxes, guess what less income to you? So don't
let it happen that way, and that's why we put
together tax planning and income planning and investment planning. That's
what we call the Maggie Plan because we can we
help you understand what that dollar is and let's get
(09:30):
that money out of taxable environments into tax free environments.
Let's have a tax free zone for you so you
don't have to worry about that question. Mark tax rate
eight three to three magi tax, schedule, time to meet
with us eight three to three magi tax.
Speaker 2 (09:43):
And one more thing. What people don't understand is what
tax bracket they're in. So in this case, his tax
liability is twenty percent, only four hundred thousand of those
funds really belong to him. He doesn't think about that
when he goes to bed at night. He's thinking about
what he's going to spend and where he's going to go.
So the other one hundred thousand he owes to the
RS form of taxes. And again just write this down.
It's a debt to the irs. So pick up the
(10:04):
phone call eight three to three magi tax. When you
talk to the operator, tell them it's urgent that we
speak to you about your debt to the irs. Folks.
This is the only way we can help you. Let
us do the illustration with you, show you what tax
bracket you're in, and show you what real money you have.
And then let's plan because if you're looking for guaranteed income,
we can help you put a plan together. It's called
(10:25):
the Maggie Plan. It's a tax plan, it's an income plan,
it's an investment plan, and like Chris said before, the
most important thing, it's an estate plan. Eight three three
Maggie Tax. And don't forget Every Sunday at ten thirty,
what's your TV show on ABC TV? Folks will give
you a lot of resources here eight three to three
Magi Tax. Be sure to visit our website, Maggie Tax
(10:46):
dot com. There's so much information on there. You're listening
to the Maggie Tax and Financial Show and remember eight
three to three Maggie Tax. Eight three three Magi 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.
Speaker 2 (11:07):
Maggie.
Speaker 1 (11:07):
For additional information on how you can create a tax
free retirement, visit Maggie tax dot com that's ma Ggi
Tax dot com. Or call eight one three three two
two twenty five twenty. That's eight one three three two
two twenty five twenty. Now your host for the Maggie
(11:28):
Tax and Financial Hour, father and son from Maggie Tax
Advisory and Financial Group, Robert and Chris Maggie.
Speaker 2 (11:35):
Welcome back and you're listening to the Maggie Tax and
Financial Show. My name is Robert Maggie and I'm here
with my son, Chris Maggie. And don't forget visit our website,
Maggie Tax dot com and tune in every Sunday at
ten thirty on ABC TV to the Maggie Tax and
Financial Show. So along the way, we get a lot
of clients to come in and we do different plans
for these folks, whether it be income, whether it be
(11:55):
tax planning. But Chris, let's talk about when someone comes
in and they want, say of their money, they want
guaranteed income, and they want you know, longevity where they
have money left over for the kids.
Speaker 3 (12:06):
How do we go about that great question? And you know,
if you're out there listening today, and just give an example.
We had a client that came in three years ago
and we just you know, the reviews each and every year.
And they came in with six hundred thousand dollars and
they retired and they have some income coming in, so
we really didn't need to give them income because they
had two pensions and social securities coming in. So four
income streams that totaled seven thousand dollars a month of
(12:28):
income net after tax, and they only need about five
thousand a month. So they have positive cash flow of
two thousand dollars a month. So they said, well, what
do we do what our six hundred thousand dollars? And
I said, well, what do you want to do with it?
And they sat back and they said, well, we don't
really know, but we do have money in the market
and we're playing the market and it's going up and down.
And I asked them, as safety of your money important
(12:50):
to you? And they both sat back and they said,
at this phase of the game, absolutely it has, isn't
it to everybody? And I said, no, it's actually not.
We have clients that come in sometimes, you know, if
they lose ten bucks, they can't do that, they can't
stomach that, they can't sleep at night. They have other
clients that come in and if they lose a couple
hundred grand because the mark goes up and down, it's
not a big deal. It's going to come back. So
my question to you out there is where are you?
(13:12):
And if you are sitting in a volatile account and
you don't want to be, then you need to raise
your hand and pick up the phone and schedule time
to meet with us. If you are on a conservative
account and you want to take more risk with some
of your money, then you need to pick up the
phone and raise your hand and schedule time to meet
with us. But going back to the client who had
six hundred thousand dollars of money, what we did was
(13:32):
we did the color of money. We did bucket planning.
We call it now money later money, never money. And
when we organize these accounts into different buckets, they had
safety of their money in the short term. They had
long term growth with money on the other side, which
is never to later money. And what we did was
we can deal with the risk with those accounts that
(13:54):
we're not going to touch for ten to fifteen to
twenty years. So we did strategic planning where we these
buckets where they had control, flexibility, and that's where many
people come in they have no plan. But when they
leave us and they work with us, guess what, they
have a plan.
Speaker 2 (14:12):
Here's what I would say to that, because this is
the biggest question. You're right on everything you said, and
it's encouraging to know that. When people come in, this
is what we talk about. But here's the big thing.
When I ask people to bring in their statement. As
you know, many of them have a brokerage account, they
have stocksponds and mutual funds. They have some risk and
no risk. They have some in the fixed account. But
(14:32):
that's not a plan. That's not a plan. That's not
the Maggie plan. That's not an income plan, that's not
a tax plan. And what Chris is referring to, if
you've heard as many times talk about bucket planning, this
is where we can put a plan together for you
based on the money that you have. Now, when we
do a risk tolerance form, and Chris, this is so
important we talk about it. The risk tolerance form tells
(14:53):
us more about a client, what risk they're taking. And
many times you can talk about this. They're in more
rooms then they even know they are. Because their advisor
doesn't sit down and tell them that. And that's a
big problem.
Speaker 4 (15:04):
Right, that's it.
Speaker 3 (15:05):
I mean, you know when we do an analynce of
your accounts, many people have just piles of money. Think
about this. You have five statements that come in the mail, right,
three statements. Some stamans won't even come in the mail.
They come every quarter. You might have an old four
one K that you never really look at anymore, maybe
two or three of them, right, because you've changed your employers.
So the bottom line here is many people have piles
(15:25):
of money and there's no concrete to those piles. They
can be tumbled down.
Speaker 4 (15:31):
Think of it.
Speaker 3 (15:32):
You know, they just piles of sand, right, and they
can be blown away by just market fluctuation.
Speaker 4 (15:38):
Is that what you want?
Speaker 3 (15:39):
Or do you want a concrete plan where if there
is wind blowing and storms changing and things happening and
hurricanes and whatever it is that your account doesn't move.
That's what we need to talk about. Your color of money.
What do you want your money to do for you?
Because if you're looking for a plan, an investment plan,
we can help. And that's why you pick up the phone.
Schedule time to meet with us. Eight three three tax.
(16:00):
Let's get a second opinion on what you currently have
and let's do bucket planning for you.
Speaker 2 (16:04):
And again I challenge all of you if you have
a plan. Now, we're not trying to break a relationship here.
What we're trying to do is when you come in
and we show you a different strategy and then you
sit back and say, wow, my guy or Mike gal
has not told me that, then we have something to
talk about. Because this is the new rules of retirement.
You have to understand what we're talking about roth convergence
and tax planning and income planning. If your folks are
(16:25):
not talking about that, shame on them, because when it
comes to retirement, you want to make sure that you
have enough coming in, like Chris says, the front door
every month where you can just you know, pick up
the check, cash the check and not worry about the
other expenses. And when you start taking a lot of risks, Chris,
and this is what we see, because that's what they
were taught, take a lot of risks. See if the
market goes up, and we all know what's going on
(16:46):
with the market goes up, it goes down. But on
our Maggie plan, the way we do it, we position
a lot of money, not a lot of money, but
the portion that you want to be safe in green buckets.
Green buckets mean it doesn't go down, it only goes up.
Speaker 3 (16:59):
And there's no fees to those buckets either, So they
could be safety and no fees, and you don't have
to worry about the resk.
Speaker 2 (17:04):
Which is the biggest question. What's the biggest concern. Everybody
comes in, what's your fee?
Speaker 3 (17:08):
Worried about the fee to play? Right, But again it's
not about that. It doesn't have to be that way
if you want safe money.
Speaker 2 (17:13):
But if you're in a broken's account and you have
an IRA and you're paying fees, you're paying fees on
an account that should be growing, not going down.
Speaker 4 (17:19):
Well that's it.
Speaker 3 (17:19):
And if no one's watching it and there's pretty much
just all transactions and you have loads and commissions, guess
what you're not Your account's not doing what you want
it to do. So that's why it's so important. It's
encouraging pick up the phone, schedule time to meet with us.
We have offices standing by. Let them know that it's
urgent that you need to come in and meet with us.
Because when we see retirement, there's the accumulation phase, there's
(17:40):
the distribution phase of your retirement. Where are you right now?
Because if you are approaching the distribution phase or in
the distribution phase and you see these big volatility markets
go up and they go down, if that doesn't affect
you or scare you, then maybe you start looking at
what's happening, because if it is a affecting you and
(18:01):
worrying you and keeping you up at night, then maybe
now is a time, more than ever before, to make
sure that you get a second opinion and we can
help eight three three Maggie Tax, and.
Speaker 2 (18:10):
Don't forget to watch our TV show on Sunday at
ten thirty. We have seminars coming up every month on
a state planning, on tax planning. If you go to
my website, Maggie Tax dot com, they're all listed there.
We do them in libraries so we can educate you.
And that's the whole point for you to come in
and be educated and not be sold. Because once you
understand the ground rules of this income planning, tax planning,
(18:31):
investment planning, market risk, you know all the types of
risks that are out there, the health risk. This is
important for all of you out there pick up the
phone eight three to three Maggie Tax. Visit our website
Maggie Tax dot com. Click on seminars and register for
one of the seminars. They're free and they're educational. Eight
three three Magi Tax and visit the Maggie Tax dot
Com Maggie tax dot com website. On the retirement calculator,
(18:55):
click on Maggie tax dot com. Give us a call
right now eight three to three Maggie Tax.
Speaker 1 (19:02):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie Tax dot com. That's
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 it 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 retirement? And
(20:24):
that's what we're talking about today. You need to have
a plan. 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 (20:37):
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 (20:49):
Uncle Sam Oh?
Speaker 3 (20:50):
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.
Speaker 2 (20:57):
Is that thirty thousand free, Chris.
Speaker 4 (20:58):
Nope, you have to pay Sam oh.
Speaker 2 (21:01):
You have to pay le Sam.
Speaker 3 (21:02):
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.
Speaker 2 (21:13):
Not true, it's not true.
Speaker 3 (21:14):
But as today's retiremies are discovering, that's often not the case.
Speaker 2 (21:18):
And we see this every day. In a perfect example
is when you make more money, your 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
(21:38):
for yourself. Well, come to one of our seminars and
I'll give you that at the seminar, and how we
can help you mitigate that tax risk.
Speaker 4 (21:45):
Think about that.
Speaker 2 (21:47):
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 include details
of a new or expanded tax. Let me ask you
a question. So, the total government revenue in twenty twenty
(22:10):
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, you know,
you have a credit card, you got to pay it back, okay,
but we're not even paying back half of it. Chris, Well,
let's just said. I mean things you can't control. Right,
(22:31):
we know that the government is spending more. That's not
a topic we want to go into right now.
Speaker 3 (22:34):
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.
Speaker 4 (22:57):
So very simple.
Speaker 3 (23:00):
Exposed to tax risk, You're exposed to legislative risk 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
(23:22):
one together and we can help. So pick 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
(23:43):
free money. So when they retire 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 (24:01):
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
(24:23):
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
(24:43):
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 advices for years. They're not doing
the right job.
Speaker 4 (25:02):
I'll tell you what. Yeah, anyone can 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 with 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 in the future.
What's wrong with going to the mailbox every month when
you're retired, pick it up a check and that's tax
(25:47):
free money and spending the heck out of it and
doing all over again for the rest of your life.
How cool would that 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, you can say and
put a smile on your face and say that doesn't affect.
Speaker 2 (26:03):
They're not higher, they're lower and the lowest point now chorus.
Speaker 3 (26:07):
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 we can put together a tax plan eight
three three magi tax. Get the tax plan. We have
office on both sides of the bay 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 or 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 our seminars. Go to my website Maggie Tax
(27:01):
dot com. 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.
(27:22):
I will give you the.
Speaker 3 (27:23):
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 Maggie Tax because we help. And here's
the word, mitigate risk. Chris, does any advisor are talking
about mitigate risk? No, they don't talk about that. That
(27:43):
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. I'm seeing 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 (28:27):
Ever and ever?
Speaker 3 (28:29):
So we can show you how to do this. 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.
Speaker 2 (28:36):
No, you don't.
Speaker 3 (28:37):
Here's the question that we ask every single person that
comes into meets with us, how much income do you
need per month?
Speaker 2 (28:45):
Forget about how much you have. How much do you
need per month? Am I right or wrong?
Speaker 4 (28:49):
Yeah?
Speaker 2 (28:50):
And then where are we gonna 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 tax rebase. 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 more risk
(29:11):
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.
Speaker 3 (29:30):
Go to your advisor, go to your CPA, and ask
them this question, how do you mitigate my tax risk?
Speaker 2 (29:35):
And then be quiet.
Speaker 3 (29:36):
I guarantee you they're going to look at you and
going to stare at you, like, what are you talking about?
Speaker 2 (29:40):
Mitigate lower the tax risk. So it started with the market.
Speaker 3 (29:44):
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,
invest in the stock market, and watch it grow. Oh man,
this is growing great, right.
Speaker 2 (29:58):
Chris, Until it didn't. Until it didn't, and it's going
to happen again. So during the market downturn, savers learned
about what risks, what kind of risk? Chris.
Speaker 3 (30:08):
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, schedule time to meet with us. Let's
(30:30):
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 (30:43):
And then they're saying, what can I do?
Speaker 2 (30:44):
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. Is so much there to help you.
Three to three Maggie tax. Send an appointment today. Eight
three three Maggie 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.
Speaker 2 (31:16):
Maggie.
Speaker 1 (31:16):
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 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
(31:40):
Tax Advisory and Financial Group, Robert and Chris.
Speaker 3 (31:43):
Welcome back to the Megi Tax and Financial Show, and
thank you so much for tuning in today. And we've
been talking about investment debt and getting out of debt
in a good way. Many people think about credit cards,
but I'm not talking about that. I'm talking about the
investment debt that you have on all your retirement accounts.
And think about this. You have ir a form on
kes thrift savings plans four O three b's four fifty
(32:04):
seven plans. Guess what those accounts are infected with taxes
And if you're infected with something, it's not a good thing, right,
So if your retirement accounts are infected with taxes, that
means you have an unknown question mark tax rate that
has to come out. You have a debt to the
irs when you start taking distributions. And many people don't
(32:24):
know that. They look at their statements each and every
month and they say, oh, my gosh, it's up ten grand,
it's down ten it's up thirty thousand, it's up forty thousand,
it's doing great. But guess what, when you start taking
a distribution, it's taxable. So what are you doing about it?
That's the planning that comes into play that has to
be there in your retirement to make sure you have
(32:44):
a solid plan. And if you don't have a plan,
when you're talking about taxes and investments and income, you
need to pick up the phone and schedule time to
meet with us.
Speaker 4 (32:52):
Eight three to three magi tax. That's eight three to
three magi tax.
Speaker 2 (32:56):
And when you put a plan together, you're talking about
putting a tax plan and then come plan and investment
plan and insurance plan. So how can you do it
in an efficient way so that you're not shooting yourself
in the foot while you're going to try to go
tax for you have to pay the taxes first period.
So what we're going to show you is the least
amount of taxes, and then it's not going to be
a hard decision for you to make because if you
(33:17):
have the cash and we can do it from there,
you do it now so that later on you don't
have this big tax.
Speaker 3 (33:21):
Now, that's it. Let's talk about that. So when someone
comes in, what are we going to do? Well, we
understand taxes obviously, So what we can do is show
you right there, will show you what your current tax
return looks like. Then we'll break it down and we'll
show you what if we converted twenty thousand or fifty
thousand from an IRA to a wroth. Well, you have
to pay the tax to get there, right, so we
understand that we're talking about buying out the irs. Let's
(33:44):
do that at a cheaper rate as opposed to later
on where it's very expensive. So we can show you
to you and we can break this down, and we
can sit down and show that what the tax turn
will look like. And you say, I like that strategy.
I like that strategy, but I don't like the other strategy.
That's fine, this is your money. We can put together
a plan and show you options that you can own
(34:04):
and feel good about it, because when you start building
a tax free bucket, what you have done is you
eliminated Uncle Sam and my dad talked about putting your
retirement plan in pencil. Well, let's put it in pen
where it's permanent, where you know that you don't have
to pay taxes forever and ever and ever and ever again.
Now many people don't have that ability, but you can
(34:26):
if you come meet with us, because we'll show you
ways to create a tax deduction. We'll show you ways
to get the money out in the most tax efficient way.
Eight three to three Maggie tax will go through that
for you. Schedule time to meet with us, you meet
with us eight three to three Maggie tax.
Speaker 2 (34:40):
So here's how one of the ideas works. The goal
is we're going to start with your retirement account because
that's the one that's taxed the most. So we use
and just use this for concept because when you come
in we'll explain it. But we use a five year
conversion period and at the end of this time period
in which we do the series of structured conversions. We
call them structured because what Chris just said, we'll take
(35:00):
out certain amount one year, certain amount, the second year
from a tax return where we convert the money over
to a roth ira And basically the goal is that
you want to have at least the same amount as
you started with. Let me repeat that. So if you
have five hundred thousand now over the next five years,
when you start converting, we have to use an investment
vehicle that's going to get you back to where you
(35:21):
were five years ago. And that's how we do bucket planning.
So take a second explain how that works. Because it's
three buckets that we use to get there.
Speaker 4 (35:29):
That's it. So let's just give an example.
Speaker 3 (35:30):
What if we had three buckets and you have one
hundred thousand dollars, Well, what if you put twenty thousand
dollars in bucket one, and we put thirty thousand in
bucket two and fifty thousand and bucket three. Well, what
we're designing here is an income plan. So that first
bucket a bucket one of twenty grand. Let's give you
income off of that for the next five years guaranteed.
But that in five years is going to go down
(35:51):
to zero. And many people say, oh my gosh, I
don't want my account to go down to zero. Well,
just bucket one is, but what about bucket two and
bucket three? So when bucket won is given you income,
bucket two and three you're growing and guess what, now
you have just as much if not more income and
value there. But now what after five years? Now you
turn on bucket two. So now bucket two gives you
(36:13):
guaranteed income for life. But now that goes down the
zero after five years. Then you might start thinking, well,
I have no money. No, you forgot about bucket three.
Bucket three grows back to where you started originally, and
you could do it all over again. So that's when
we start talking about bucket planning and income planning. Where
you can have income and you don't run out of money.
You live off of the interest and you live it
(36:35):
off of the way where you can create it, where
you have buckets doing different things with different strategies that
you're protected and diversified in a lot of different ways.
That's income planning right now. What about tax planning, Well,
we use the same concept where we can get money
that's infected with taxes, eliminate Uncle Sam and create a
tax free bucket, so now you don't have to worry
(36:56):
about paying Uncle Sam ever and ever and ever again.
So who can an amount what tax rates are gonna be?
Who cares if tax rates go up? It doesn't matter
to clients of ours who have tax free buckets because
they don't have to worry about it. That's where your
retirement plan is written in pen instead of pencil.
Speaker 2 (37:15):
So what you want to do is call my office
eight three three Maggie Tax and tell them you want
to do this. We're going to tell you what it is.
It's called a strategic rollout. It's called a strategic rollout
and bucket planning. And if your advisor's not talking about this,
then you know, shame on them. They're not giving you
the whole story. And you're going to have a tax
free rough account, which Chris said, you're going to have
paid all the taxes over five or ten year period
(37:36):
at the lowest amount, and you're going to have tax
free income. How good is that? So by the time
that we're done, you probably have more than what you
started with.
Speaker 3 (37:44):
And one more thing, you're going to eliminate Uncle Sam.
Who wants to eliminate Uncle Sam? Well, if I can
eliminate the person who's causing taxes, guess what that's a
great feeling to have, and it's it's kind.
Speaker 2 (37:55):
Of funny because when we show this to people, it's
shocking and they always say, well, I've never heard this before.
For What's because your advisor doesn't talk about taxes, doesn't
talk about income planning, talk about you know, retirement planning,
talk about IRA, R M d S and how it's
going to affect everything that you do. Eight three three
Magi Tax I hope today was helpful to you getting
out of debt to the irs. It's going to be
(38:16):
here for a long time. You need to do something
about it. Eight three three Maggie Tax. Visit our website
Maggie Tax dot com. Click on seminars and register for
the seminar. These are at the library. They're educational. We
talk about everything. Eight three three Maggie Tax and visit
our website Maggie Tax dot com. You're listening to the
Maggie Tax and Financial Show. Eight three three Maggie 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 MAGI 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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