Episode Transcript
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Speaker 1 (00:00):
All these years you've saved up planning for secure retirement,
but if you're not careful, it will be the irs
that's living it up when you retire by taxing your
hard earned money. Welcome to the Maggie Tax and Financial
Hour with Robert and Chris Maggie of Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
and tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty or visit Maggie
Tax dot Com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:53):
Welcome everyone. I'm Chris Maggie and thank you so much
for tuning into our show. I'm here with my dad
and cost of the show, Robert Maggie. Today we will
welcome you and we want you to visit our website,
Maggie Tax dot com. There's so much information right there
at your fingertips. There's seminars, there's learning about your tax bill.
There's so much to discover right there about your personal finances.
(01:13):
So pick up the phone, schedule time to meet with
us a three to three Maggie Tax. That's eight three
to three Maggie Tax. Just visit our website, Maggie Tax
dot com. So today we're going to talk about five
personal finance misunderstanding things that you should not fall victim to.
So welcome Dad, and let's jump right into the show.
Speaker 3 (01:31):
So many people make mistakes, as we see every day
when we meet with clients. But handling your personal finances
it's essential to comfortable living, but it can be much
easier said than done when you don't really understand what's
going on. Knowledge is power, and like we always say,
you don't know what you don't know. So meeting with
a financial advisor like Maggie Tax, we can help you out.
(01:52):
And with so many misunderstandings that's floating in the air,
getting a full grasp on the subject, some people think
it's impossible because some people think I can't learn it.
But you can, and Maggie tax is here to clear
up some of these misunderstandings so that you don't fall
victim to them.
Speaker 4 (02:08):
So let's talk about number one.
Speaker 3 (02:09):
Number one, no investment account type is safer or riskier
than another. Let me repeat that no investment account type
is safer or riskier than another. And some people may
opt out of their four to one K in favor
of an IRA or roth IRA or vice versa because
they believe that one account type is safer than the other.
And I think, Chris, what we have found out on
(02:31):
that is they don't understand what that account is. The
definition of a qualified account or a four to one K,
and what makes an investment risky has to do with
the stock that's being invested in. That's invested in, not
the account that you're using to invest with, So kind
of separate that what an IRA four one K is
and you know what's in that account.
Speaker 2 (02:50):
Well, that's just it. You know an IRA and a
four one K. There's both qualified accounts. And basically what
that means is that you have restrictions on those. You
can put a certain amount in. If you put the money,
you have to wait a certain amount of time until
you start taking the money out. And when you have
an IRA four one K, most of those are pre
tax dollars, so you get a tax deduction going in,
(03:10):
but in the future it's all taxable. But they also
have qualified accounts and also WROTH four to one ks
where it's vice versa, where it goes ahead and you
put the money in. Today it's after tax going in,
but in the future it's all tax free. So these
are things that you have to talk about. But when
you talk about the risk, technically you can invest in
the exact same stocks in an IRA as you can
(03:32):
in a form one K. So the misunderstanding is that, well,
I'm just going to take my money out of a
four one K to be safer in an IRA. You can,
but you have to make sure that you understand the
vehicle that you're investing your money in.
Speaker 3 (03:43):
I agree with that, and one of the main differences Chris,
between these accounts involves the rules that you must follow
in order to use them you mentioned a few minutes ago.
Some may have a funding limit, while others may have
penalties for pulling out early. That's a big problem where
people don't realize. Underage fifty nine and a half in
a qualified account. You take money out of a four
one K or an I area, you're going to wind
(04:04):
up with a penalty ten percent penalty for early withdrawal
and a tax. And many times when we see a
tax return, I know people are sometimes you know, they
need money and they take it out without the direction
of wait, we can take it out of another account
that is not going to get a penalty or a tax.
And Chris, we see that so many times.
Speaker 2 (04:20):
That's it. So if you have a distribution that you
need to make, make sure you take it from the
right account. So pick up the phone, schedule time to
meet with us. Let's go over that for you. There's
different types of qualified plans and it's very essential that
you pull out the funds from the right spot to
avoid the penalty and also the tax.
Speaker 3 (04:37):
You know, and again that's one of the reason why
we're doing the seminars. Go to our website Maggie tax
dot com look for seminars. Register for our state planning,
tax planning and social security planning. We discussed this and
this is what you need to do to learn to
get educated. You have to go back to school, start
from the ground up and understand what you have because
if you sit there and do nothing, that's not the
(04:57):
plan and that's not going to solve your problem. So
get it educated and visit our website, Maggie tax dot com.
So number two, diversifying funds does not dilute your ability
to make a profit. So if someone tells you that
there's no point in making a multitude of small investments
because you won't make as much of a return, then
they don't understand the first rule of safe investing. So
(05:18):
you should never put all your eggs in one basket.
We agree with that, and that's especially true in receiving stocks.
If you put your entire savings into a single stock
and listen and it doesn't turn out in your favor,
then there's not much that you can do. But by
having a diverse investment portfolio with a wide range of
various stocks, it's easier to control your overall profit. And Chris,
(05:39):
that's what we do when we talk about manage money.
There's more choices than people and you come across this
every day. In a four to one K or a IRA,
they have limited choices. But in a managed account, and
talk about that, there are more portfolios to choose from
to do what they want for risk or safe money.
Speaker 2 (05:55):
Well, that's just it. You know, many people just really
don't know what they don't know, and that's okay because
they're just not educated fully in and where you can
invest your money. But in a formal K you are
limited to different types of mutual funds. Most of the
time you maybe have ten or fifteen or maybe even
twenty different funds to choose from. And you might have
three large growth funds or two small cap funds, maybe
(06:17):
one international fund. But again you might not have a
variety of options to choose from. But rolling your money
over into an IRA individual retirement account, you have that
ability to invest in multiple investments that you just don't
have in the formal K. So you're talking about diversification
and should you have one stock, should you have multiple
(06:37):
amounts of stock. So that's why the managed portfolios is
so important. If you're looking for an investment plan, we
can help pick up the phone, schedule time to meet
with us. Because our investment side of this, we have
investment portfolios that have a specific purpose, whether it's dividend
producing portfolios, whether it's a buffered index portfolio, whether it's
an inflation protection portfolio, whether it's an absolute yield portfolio
(07:00):
or maybe an aggressive portfolio with the best large cap
small cab stock. So we have to look at this
based on your risk. But when you come in to
meet with us, we can first analyze what you currently
have and see if there's something that might be better
for you where you can take less risk get more return.
These things that we could talk about when you come
in and meet with us. So pick up the phone,
schedule time to meet with us. Eight three three Maggie Tacks.
(07:23):
Get a second opinion on your investments because your current
advisor cannot do that for you. Eight three to three
Maggie Tacks.
Speaker 3 (07:30):
So thing about what we're just talking about. Is it
easy for one person to do all that? No, If
you get some financial advice from a complete planner like
Maggie Tax, then you get all the questions answered and
then you can make And the keyword is choice, your
choice of what you should do.
Speaker 4 (07:44):
So if you want safety, we can give it to you.
If you want risk, we can give it to you.
Speaker 3 (07:48):
And many times, Chris, we meet with husband and wife
and the husband wants more risk, the wife doesn't. We've
seen that so many times, and in the end what
happens is when you satisfy the wife or the husband
what they want, it's a lot easier to present the
plan and they get it. They finally understand I didn't
know that. My advisor many times doesn't tell them that.
Speaker 2 (08:07):
Well, let's just say, you know, let of people really
just don't know what they can and can't do, and
they just think, well, one thing four one K or
one thing stocks. Well, that's just not the case. There's
a lot of different options that you could invest your
money into that you have a purpose with. There're safe
accounts where there are no fees, there are risky accounts
where there are fees. There's loads in some positions out
(08:31):
there which you don't want to have to get into
if you don't have to. So meet with the right advisor.
Make sure that you're asking questions. But when you come
meet with us Maggie Tax Maggi Investments, we'll sit down
and we'll educate you on what you can and can't do,
and then we'll align that with the risk that you
want to take and also the goals and your income.
And that's why we do complete planning. It's tax planning
(08:52):
investment planning, estate planning, social security maximization planning. That's what
we do. Pick up the phone eight three to three
Magi tex.
Speaker 3 (08:59):
And also it's called buck get planning. What Chris is mentioned,
you know income planning, you know a safe money and
later money. Many people think they have a pile of
money and it's got to be the whole pile that
they start taking money out of. But that's not correct.
If you do proper planning for income today that you
need income maybe in five years or ten years, and
then you put all this together with social security and
(09:19):
maybe a pension. Now you have a plan. Now you
have a retirement plan that you can know that you're
going to get guaranteed income. So when we talk about
our seminars, when we talk about a state planning and
tax planning and social security planning, I encourage all of
you to go to our website Maggie tax dot com
and register for the three and one seminar. Because without
a will, probate court and the estate decide what happens
(09:41):
to your assets after you've gone, and that's going to
impact many for a state taxes, so enhanced planning could
help you reduce your estate's exposure to taxes. Many of
you listening know that you've gone we parents have gone
through probate. What are you going to do about it?
What about your tax bill and retirement? Could it be
too big? In thirty seconds, we'll show you what your
(10:02):
tax bill is going to be. If you have an
IRA or a four to oh one K, or even
a TSP or any tax deferred retirement account, you will
want to know what your tax bill is going to be.
Speaker 4 (10:11):
And then last, social Security. Social Security can be confusing.
Speaker 3 (10:15):
So for many of you that are getting to be
on Social Security or trying to figure out when you
should take it sixty two, sixty six, or how it's taxed.
That's why you need to register for the three and
one seminar. Go to Maggie tax dot com look for seminars.
We have seminars every week and they're very educational. It's
a lot of fun, but you're going to walk away
with information. Maggie Tax dot Com. Pick up the phone,
(10:37):
give us a call eight three to three Maggie Tax.
Set a time today and let's get together. And just
another reminder, Every Sunday at ten thirty, tune into the
Maggie Tax and Financial Show on ABC TV. That's ten
thirty on ABC TV to the Maggie Tax and Financial
Show eight three to three Maggie Tax.
Speaker 1 (10:58):
Stop planning for Uncle Sam's or timeirement 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
(11:19):
one three three two two twenty five twenty. That's eight
one three three two two twenty five twenty now your
host for the Maggie Tax and Financial Hour, Father and
son from Maggie Tax Advisory and Financial Group, Robert and
Chris Maggie.
Speaker 2 (11:36):
Welcome back to the Maggie Tax and Financial Show, and
thank you for tuning in. I'm Chris Maggie and I'm
here at my dad and coast of the show, Robert Maggie.
And visit our website at Maggie Tax dot com. There's
so much information right there at your fingertips. We're talking
about seminars to get educated. Three in one seminar learn
about your tax bill. If you have an IRA form
on K it's a it's a tax time bomb about
(11:57):
to explode with taxes. How do you defuse is that
time bomb? We can help you. Visit our website at
magatax dot com. Schedule time to meet with us. Let's
get together. We have office on both sides of the bay.
Let's review your investments. Let's put together an income plan.
Let's show you what you can do, put together a
complete plan for you and your family. So one of
the things we're talking about today, because we're talking about
(12:19):
the seminars that we do, we discuss the enhanced plan
and the estate planning. What about Social Security? And there's
four things to understand before making decisions about your Social
Security benefits. So Dad, let's start with number one. It
all starts when you pay in correct exactly.
Speaker 3 (12:35):
So each paycheck that you receive from your employer is
subject to Social Security tax that amounts to about twelve
point four percent of your salary, but split evenly at
six point two percent for you and six point two
percent for your employer. So you pay that amount on
everything you earn up to a certain amount of this
one one hundred and forty seven thousand, and each one
(12:56):
five hundred and ten dollars that you earned provides you
with one so Social Security credit up to four credits
per year, and once you've collected forty credits, you are
eligible to receive benefits. And this, Chris, is the biggest
question we get. Do they have enough credits? How do
they establish the credits? And if I don't have enough credits,
what do I do That' said?
Speaker 2 (13:14):
So most people, if you work ten years and you
work throughout the whole year, you get four credits a year.
That's forty quarters. You're good to go. But a lot
of people we meet with sometimes they're short. Sometimes they
have thirty eight credits. They just don't qualify for the benefit.
So it all starts when you pay in. So the
second thing that's really important for you do understand about
making solid security decisions that you increase your benefit as
(13:36):
you earn more. So let's talk about that.
Speaker 3 (13:38):
Sure, well, you may be eligible to receive Social Security
benefits after working as few as ten years. The amount
you receive is calculated over a greater time period, So
your benefit amount is based on your highest thirty five
years of earnings. If you've worked fewer than thirty five years.
The missing years are counted at zero. Again, Chris, we
run a Social Security Maximization report that clears all this
(14:00):
up and when we do the seminar, the second segment
is the Social Security I can't tell you how many
questions we get on this.
Speaker 4 (14:06):
It's just so confusing to a lot of people.
Speaker 2 (14:08):
Absolutely, and that's why it's so important to make sure
that you go to SSA dot gov and look to
see if your earnings are calculated correctly. But a quick example,
my mom, my mom here, what she did was look
at our social security statement and one year there was
zero on her earnings record. They didn't calculate it. So
all we had to do we notified SOLI Security Administration.
(14:28):
We showed her the W two and guess what they
changed that real quick. So if that happens to you,
don't be alarmed to pick up the phone, schedule time
to meet with us. Let's go over call solid security.
But also making sure that you have everything credited and
your earnings are there. So talking about solid security and
number three, the things that you need to understand is
that the earliest you can receive benefits is age sixty two.
(14:51):
So let's elaborate on that for a little bit.
Speaker 3 (14:52):
Correct, So you may begin to receive early benefits from
self security age sixty two. That's a few years before
what the Social Security Administryation calls your full retirement age
or FRA. Full retirement age r FRA is the age
at which you can receive one hundred percent of your
primary insurance amount. And this is important because when we
(15:13):
do tax planning and we do taxes, it depends on
the biggest question we get, when should I take it? Well,
you can take it at sixty two if you definitely
need it, but there's a couple of variables in there
that if you're working, Chris and you're making more than
a certain amount, you don't need to be taking solid security.
I guess the biggest concern most people have that it's
not going to be there. So each month that you
delay receiving your Social Security benefit, the amount that you're
(15:36):
going to receive increases. Retire at sixty two and you
may only receive seventy five percent of your primary insurance amount.
Retire it your full retirement age, and you're going to
receive one hundred percent of your FRA. So wait even
longer and you may receive an additional eight percent each
year up to age seventy. So what happens is from
sixty two to sixty six it grows at six point
(15:57):
two percent, and sixty six to seventy was at eight percent.
And Chris, many times when we show this to clients,
they don't really understand, Wow, maybe I can wait, and
this is how come it's growing.
Speaker 2 (16:07):
So when's the best time to take it? Every situation
is different. There's no one age for everybody that's the
best option for them. So what you need to do
is meet with the right advisor. Bringing your Social Security statement,
Let's analyze it. Let's do the maximization report for you
and your spouse so we can show you when's the
best time to take the benefit, and we also will
(16:28):
show you how much you're going to get per month.
And this is part of the income plan. This is
part of the incomplaining that we do, and it correlates
with your investment plan and your tax plan and your
overall enhanced plan. So that's why it's so important to
meet with us. Let's go over social Security, Let's explain it,
and let's answer those questions that you have. So we're
talking about here today. What you need to do to
(16:48):
understand your benefits about Social Security, and number four is
find your when. We talk about this all the time,
but find your when. Elaborate on that for me day exactly.
Speaker 3 (16:58):
And this is one of the most challenging questions. That
is when to start receiving your Social Security benefit? Should
you start collecting at sixty two, wait until seventy, or
choose somewhere in the middle because you can if you're
age sixty two or older. The first question you should
ask yourself is if you need the money, and if
you do need solid security income to meet your expenses
in retirement, you'll need to take your Social Security income
(17:21):
or consider other options. If you don't need the money,
it might make sense to consider delaying your benefits to
let your future payment increase until you reach one hundred
percent of your PIA and Chris, many times that we
meet with clients, their advisors are not talking about this.
They're not addressing as state taxes, they're not talking about
Social Security because they don't understand it. So you have
(17:42):
to understand how it works and how it's going to
benefit you. That's why the seminar the three and one
seminar that we put together is so important. Go to
Maggie tax dot com. Registered today, You're invited. It's simple
and there's the locations are right there in the times.
Speaker 2 (17:55):
And if you can't visit our seminar, then no problem.
Just pick up the phone. Schedule time to meet with
us individually. We have office on both sides of the bay.
Schedule appointment to meet with us. So we talked about
four different things that you need to understand about social security,
but also there's benefits for spouses and x spouses and
widows and widowers. So there's so much there education about
(18:17):
social security. They should have a whole class on this
because many people have no idea how it starts. What
the benefits are, the cost of living adjustments? How is
that based off of my gosh, you know what happens
if someone passes away, who gets the higher of the two.
Usually it's a spouse that's living gets the higher of
the two, But many people don't understand that. So spousal benefits,
(18:38):
death benefits your benefits. There's a lot to discover, and
there's also it's important to understand. This is very crucial
to understanding your retirement income needs. So pick up the phone,
schedule time to meet with us. Eight three three Magi Attacks.
That's a three to three mag Attacks and don't forget
Every Sunday on ABC TV. Tune in on ABC TV
at ten thirty for the mag Attacks and find show
(19:00):
eight three three Maggie Tax.
Speaker 1 (19:03):
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
(19:25):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty. Now your host
for the Maggie Tax and Financial Hour, Father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 2 (19:41):
Welcome back to the Megie Tax and Financial Show, and
thank you so much for tuning in and visit our
website at Maggie Tax dot com. In thirty seconds you
can find out what your tax bill would be in retirement.
If you have an IRA four one K you need
to understand what this number is. Why because it can't
affect your retirement future income. Maggietax dot com up a
(20:03):
right hand corner tax bill in retirement. Click on it
and you can discover what that will be. But more importantly,
schedule time to meet with us. There's so much information
to talk about. If you have questions about how do
I design an income plan for my retirement where it
has inflation built in and multiple income sources and guaranteed income,
how do I go about doing that? We can help.
(20:25):
What if you're looking for an investment plan. A lot
of volatility going on in the market. Does it really
keep you up at night? Are you losing sleep? Do
you have questions? Do you really not know what's going
on and you're afraid to open up your statements. Well,
let's get together and have a conversation about it, because
there might be some bucket planning that we could put
together to design for safety and growth and inflation and
(20:47):
a lot of other opportunities that are in the market today.
What about social security planning? Do you have questions about
how do I maximize it for me and my spouse?
What about a state planning? I want to leave all
this stuff to my heirs. I just don't know how
to do do it? Is everything set up the right way? Well,
we can help these things that we do each and
every day to help you. So pick up the phone
a schedule time to meet with us. We look forward
(21:08):
to get in together with you. Eight three to three
Maggie tax.
Speaker 3 (21:12):
So the question I would ask is how many of
you have a complete plan or an incomplete plan? And
what Chris just mentioned are some of the things that
we see that people have an incomplete plan. So what
are you doing about it? You know what keeps you
up at night? What's that elephant in the room? Is
it about income? Is it about taxes? Is it about
your investments? We know the volatility of the market is there,
(21:35):
but how are you prepared to take less risk and
keep more for yourself? And has anyone ever done a
beneficiary review for you? Quick example, We've had a client,
a couple clients this past year. They passed away and
they had beneficiary designations on there. They had POD and
TOD on their accounts and Chris, the money passed to
their beneficiaries probate free and it didn't have to go
(21:58):
through that process. And people make you know mistakes about
estate planning, let's call it enhanced planning.
Speaker 4 (22:05):
Do you have the.
Speaker 3 (22:06):
List of who you want your assets to go to
and when it should go to them and how much
it should go to them? Are you set up that
way so you know if you have an incomplete plan?
Think about what Chris and I are talking about. If
it's about income, it's about taxes, you confuse about your investments.
You don't understand them. We see this every day we
(22:27):
ask a client, bring in your statement, We ask them
do they understand their investments? And Chris, the answer that
we get all the time is well, not really, that
is just not a good answer, And it's not because
you work hard. You worked hard for the money you have,
the assets that you have, and the worst thing you
want to do is either I have to go back
to work or be outlive your money. And most people
that come in and meet with us, we ask them,
(22:49):
you know what brought you in and the main question
and the answer is I want to make sure I
don't outlive my money and is that going to happen?
And we have to do the analysis to figure it out.
Some times we have to tell people yes at this
pace and with the assets that you have, you will
outlive your money. And that's where it's very, very scary.
(23:09):
So can you retire? We can show you we can.
We can show you the projections, we can show you
what the guarantees are going to be. We can show
you that if you have a concrete plan or a
complete plan, then you'll enjoy retirement. You'll have the inflation
buckets coming in for income in the future, you'll have
the estate plan. So if anything happens to you a
stay in your family. That's what we call developing a
(23:30):
plan because if you don't have a plan, guess what,
you know what, someone who you don't know will make
that plan for you in the future because you didn't
set it up the right way. So check the boxes off.
Do you have a tax plan yes or no? Do
you have an income plan yes or no? Do you
have an investment plan or just laying that money right
in the market. Do you have an estate plan or
(23:52):
an enhanced plan? What about college planning for the children?
Are you aware if you have a mutual fund you're
paying fees? How many fees are you paying? The question
is do you know what your fees are paying? Because
if you're paying fees. It's eating aweight your retirement. So
without a plan, like Chris says, you have nothing. So
everything we do, we have to have a plan. What
(24:13):
are you looking for in an advisor that you would
be willing to work with. We just mentioned a bunch
of topics that we would talk to you about because
we see this all the time. Well, my advisor doesn't
talk about tax planning. Chris or Bobby, you know this
is and when we ask him, what were you hoping
for when you came in? And the answer we get
all the time is wow, not this.
Speaker 2 (24:33):
Well, you know the thing about it is when you
talk about we asked that question, is your current advisor
talking about tax planning? And most of the time, probably
ninety five percent of the time, it's no. And the
question that I have is why. I mean, that's your
biggest expense. Taxes are our biggest expense, and it's going
to get worse. So think about this, your cruising, the retirement,
everything's going well, and guess what legislative risk happens and
(24:55):
the tax code changes, and guess what less to you?
Because now you have to pay more to Uncle Sam.
So that income check every month goes down, and what
about inflation that's happening right now on top of it.
So you're in a situation where you have to change
your lifestyle in retirement. Is that what you want? The
answer is no. But could it happen to you? Yes?
(25:19):
And if you don't have the right plan in place,
like an income plant, a tax plan, investment plan, then yes,
it could happen. And that's what you don't want. So
right now is a time, more than ever before, to
pick up the phone and schedule a time get a
second opinion. Do you have enough confidence in your current advisor?
Get a second opinion? Because it's about you. It's about
(25:39):
your money. It's not about me or your CPA or
your current advisor. It's not about that. It's about what
you want your money to do for you. Do you
want safe money? We can help. Do you want money
in the market where it's risky. We can design buckets
like that as well. But guess what. You have to
have a purpose with everything you do. Why? Because that's
(26:00):
a plan. We all hear, Yeah, you need to have
a plan in life, we all get that. But the
end of the day is, do you have a plan
with your retirement take take control of this and we
can help eight three three Maggie Tax.
Speaker 3 (26:10):
So the biggest question for all of you listening today,
how can we at Maggie Tax and Financial help you.
That's the question. So when you come in, I want
to know the answer. How can we help you? You
know what upsets you every night when you put your
head on that pillow and your mind starts racing about
what you're worried about because you can't control it. You know,
what are you looking to change? And this is the
(26:31):
big question, Chris. Change has to happen in many cases
with people out there because they don't understand their investments,
they don't understand income planning. Their advice is not sitting
down and talking to them. So what would you change?
Think about that? What would you change if you were
educated on what you have that maybe it's not the
(26:51):
right investment for you, maybe it's not the right plan
for you.
Speaker 4 (26:55):
When would you change it? And? Like I said, what's
the elephant in the room?
Speaker 2 (26:59):
And that's you know, is your plan, your present plan
going to get you where you want to go? Do
you know unequivocally if that the answer is yes, if
you are thinking about it, well, I'm really sure or
I don't really know. Then you have to get a
second opinion. You have to look at this. You have
to have someone look at this for you so you
can have that Yeah, absolutely, I know. Absolutely my plan
(27:22):
is going to give me what I want in retirement
and is doing it right now. That's what you want,
the confidence, the clarity, the control, and that's what we
can help you with. So pick up the phone, schedule
time to meet with us. We look photo meeting with you.
We have office on both sides of the bay to
help you. A three to three MAGI tax, that's eight
three to three Maggie tax.
Speaker 3 (27:39):
And here's the big question. Do you all do this
planning on your own? Think about this? The left brain
in you is the more to think about it. The
right brain is the solution side of your brain. We
have both sides working for us, Chris, the left and
the right. Because you're confused, you have to draw a
line in the sand. I can't understand plan. You know,
(28:00):
I think I'm okay, but I'm not. And most people
by what they want, not what they need. And that's
the issue that we try to talk about. What do
you want? You know, what are your needs. How much
income do you want?
Speaker 4 (28:13):
You know?
Speaker 3 (28:13):
Does your advisor have a process, Maggie, tax advisor, We
have a process. We come in and you come in
and meet with us. We ask you questions, you ask
us questions. We do a balance sheet, so we know
where your assets are. We know what the qualified money
is non qualified money. We know where your bank accounts
are if they're titled right. Does your advisor do all this?
(28:34):
We call it red money, green money, and on my
website you can take a look at it. But look,
if you're taking too much risk and you don't know it, folks,
you know Chris does this all the time.
Speaker 4 (28:43):
When are you going to realize that you don't have.
Speaker 3 (28:45):
To take all that risk, you don't have to pay
all those fees, and you don't have to see your
account go down because your advisor says, well, everybody else
is losing.
Speaker 4 (28:54):
No, it's not true, Chris, that's not true.
Speaker 2 (28:56):
That's just it. You know, why follow the crowd and
we don't have to because your advisor says everyone else
has lost money. But where is it written that you
have to lose thirty forty percent? Where is it written
that you have to go down that route? I'm frustrated
because you don't have to. I have clients that come
in and they're like, well, you know, this is what
it is. We lost three hundred thousand dollars with our
(29:17):
old advisor. Why doesn't have to be that way? You know,
maybe you're younger and you got time on your side,
and you can absorb some of these losses. But guess what,
you're in retirement. Why go down to three four, five
hundred thousand dollars. Why you know that's up to you,
but you don't have to. You know, where is it
written that you have to lose twenty thirty forty percent
(29:37):
like everybody else. It's not there. You don't have to
go down that route if you don't want to, So
pick up the phone, schedule a time to meet with us.
Let's show you bucket planning. Let's put together a plan
for you. Buckets. What are buckets? Buckets with a purpose.
You have buckets for safety. You have buckets for inflation.
You have buckets for future guaranteed income. You have buckets
for the volatility control. You have buckets to take advantage
(30:00):
of the opportunity in the markets down. You have buckets
to take advantage when the market goes down. You have
buckets out there to provide buffer and strategies to protection
against no loss in the market. How do you go
about doing these things because every account needs to have
a purpose based on what you are looking for. What
is it that you want? That's the question. When you
come in, We're going to ask you that question. We're
(30:21):
going to listen to you, we're going to hear you.
We're going to make this very very real for you
to try to accomplish what you are looking for. We're
going to educate you, We're going to take our time.
We're going to build the confidence, build the clarity, and
you're going to have the control in retirement. If that's
what you want, you can pick up the phone and
schedule time to meet with us. We look forward at
meeting with you. Why because this is real. Things are
(30:43):
changing and you need to be on the other side
to take advantage of these opportunities as opposed to falling
victim to them. So pick up the phone. We look
forward to meeting with you. Eight three three Magi Tax
and Don't Forget Every Sunday for the mag Attacks and
Financial Show on tv ABC TV at ten thirty a m.
Visit our website Maggie Tax dot com, schedule time to
(31:04):
meet with us eight three three Magie Tax.
Speaker 1 (31:08):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son, Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie Tax dot com. That's
ma gg I tax dot com or call eight one
(31:29):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty now your host
for the Maggie Tax and Financial Hour, Father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 2 (31:45):
Welcome back to the Mega Tax and Financial Show, and
we thank you so much for tuning in today. And
you know, as always, we enjoy doing what we do.
I mean, it's great when we meet with you my
gosh put together plans or so rewarding because we know
the clients can retire and it's great to see that
smile on their face when they know that they're going
to get income in the most tax efficient way. What
a great feeling. So pick up the phone, schedule time
(32:06):
to meet with us. We have office on both sides
of the bay to help you. Eight three to three
maggie tax. That's eight three to three maggie tax.
Speaker 3 (32:13):
Just remember we have a very good staff that understands
how to help all of you in any which way
that we can. So we have to have a conversation
so that you can take action. I think the key
there is take action. So many people don't. They only
talk about it, and they procrastinate, and again, stop making excuses.
Speaker 4 (32:29):
That is not acceptable. And if you are all.
Speaker 3 (32:31):
Paying attention to what's happening in this world, then that
should be enough to take action before you get deeper
into trouble than you are right now. Taxes, income planning,
you name it, it's out there. The big question to
all of you is where are we going to get
the money to pay for the taxes and inflation? What
about higher income taxes? What about increasing property taxes? The
(32:52):
list goes on and on. Just remember on December twenty
twenty five, and we talk about it all the time,
the Trump tax cuts, they're going to go back to
what it was. So on January of twenty twenty six,
everyone's going to be paying a higher tax.
Speaker 4 (33:05):
And how many of you know that.
Speaker 3 (33:06):
We've been talking about that, Chrisphy years and it's getting
closer and closer. And again, when we offer the retirement
Calculator on our website, it's because folks, you need to
see this. We get millionaire clients coming in and looking
at it and going like, I didn't think I had
to pay that much tax?
Speaker 4 (33:20):
Well, what did you think? It was free money? They
have a mortgage to Uncle Sam.
Speaker 2 (33:24):
Right, absolutely, you know. We had a client last week
has a two point two million dollar IRA and guess
what you know? He says, Oh, my gosh, I got
two point two million. It doesn't matter what you have.
Guess what after taxes? You know you don't have two
point two You had a big account that's infected with tax.
What are you doing about it? And he sat back
and he said, well that's why I'm here. He said,
what can I do about it? So we talked about
(33:44):
his other positions, and we talked about his other accounts,
and he had the ability to go off set using
a tax deduction strategy where he can have guaranteed income
coming in, he can create a big tax deduction and
he can avoid the capital gains tax. And he said,
oh my god, no one ever showed me this. And
he said, well why, he asked me, why hasn't my
(34:04):
advisor shown me. I said, it's pretty simple. The current
advisor that you're with right now, all they want to
do is just manage your money. That's it. They're not
talking about your taxes. They don't care. They're not talking
about the way your accounts are going to transfer. They
don't care. They're not looking for your income best purposes,
they don't care. They just want to manage your money.
Is that you out there listening today. If it is,
(34:26):
then you have an incomplete plan. You just have an
investment plan. But there's so much more to that, especially
now when you're talking about taxes. We do tax planning,
we do income planning, we do investment planning. If you
have a brokerage account, let's analyze that. Let's see how
it's incorporating with the taxes. Is your advisor, your broker
causing you to pay necessary taxes? Maybe you don't see
(34:47):
it until tax time, but is your CPA really showing
you that as well? So let us dissect what you got.
Let's get a second opinion. Let's show you. Eight three
to three, mag Attacks. Bring your stuff in, Let's have
a conversation. Let's tell you. Tell us what's on your mind.
Would we want to hear it so we can help you.
Eight three to three Maggie Tax.
Speaker 3 (35:05):
And the big question is are you going to wait
and get hit? You know with that issue, it's going
to affect everyone listening today, whether it be income or
taxes or investments. You know, I don't care who's right
or wrong. What we care about is where are they
going to get the money from?
Speaker 4 (35:19):
And who will.
Speaker 3 (35:20):
Pay for all of this? And the answer is all
of us. So do you have a plan? Just ask
and we can go on and on, but that's not
the point. Complaining is not a plan, Procrastination is not
a plan, and just saying no is not a plan.
Speaker 4 (35:35):
And this is what people are doing out there, Chris.
They just afraid. That's what this whole show is about.
Ask for help.
Speaker 3 (35:41):
That's how you solve these concerns. Get some help, and remember,
just ask for help. Eight three to three Maggie Tax.
Do you know what the answer is to all of
this is? If they do not have enough money to
pay the tax, then the answer is simple.
Speaker 4 (35:55):
Well, they do just print more money.
Speaker 2 (35:56):
And that's what's going to happen, and which creates stealth taxes,
and that's going to do there's the purchasing power and
guess what. This is going to make it more difficult
for you to live because again it's going to affect
the dollars. So what are we doing. That's why it's
so important to put together a plan. I can't stress
this enough, because people who have plans succeed more. They're
gonna take advantage of the opportunities. They're gonna take advantage
(36:18):
if the market goes down this big volatility. When you
want to be on the other side of this, when
you want to be on the positive side. It says
instead of saying, oh my gosh, Ei, there's down twenty
or thirty forty percent like nine to eleven times, or
the housing market times or COVID times. Right, these are
things that you can avoid if you have a plan,
if you work with an advisor that understands concepts and
(36:39):
the distribution phase of your life. What about the taxes,
My gosh, I can't stress this enough. People are going
to pay more in taxes. They're gonna come after the
people who have the money. If you have iris in
four oh one k's and TSP. If you are federal employees,
guess what they know how much money you have. It's
infected with taxes. It's very simple. They can increase the
(37:01):
tax rate and when they do that one point two
percentage points five percentage points, that means Uncle Sam gets
paid first. You lose your value. Don't let happen to you.
If you have abilities to go ahead and put together
plans to help you, pick up the phone, schedule time
to meet with us. We look forward to helping you
get the Maggie Plan eight three to three Maggie Tax.
Speaker 4 (37:22):
And one more thing don't forget.
Speaker 3 (37:23):
Go to our website, go to seminars and register for
one of our seminars that we do on a state
planning and social security and tax planning. We'll probably the
only one doing a three to one event. But here's why.
Because those three topics are very important to each and
every one of you out there in some way, shape
or form. People are concerned about social security. People don't
know when to take social security, people don't know how
(37:44):
it's tax and what the amount is going to be
taxed in the future. And That is why it's so
important to ask for help, because these are questions that
we're getting asked everyday. Income planning, tax planning, social security,
wills and trust, and how to take care of your family.
Visit our website, Maaggie Tax dot com, click on seminars,
click on retirement calculator. All the information is there. Be
(38:06):
sure to watch our TV show every Sunday on ABC
at ten thirty and then following the show, we're back
on the radio again with the Maggie Tax and Financial Show. Folks,
it's about education. Chris and I've been doing this for
a long time. It's up to you. If you have questions,
please don't be afraid to ask write them down. That's
why we do this show. So throughout the show, right
out a question, well, give us a call. We have
operated standing by right now. Eight three to three Maggie Tax.
(38:28):
We have offices in Palm Harbor, in Loots and also
Saint Pete.
Speaker 4 (38:32):
So give us a call ask questions.
Speaker 3 (38:34):
Eight three to three Maggie Tax again, eight three to
three Maggie Tax. And you're listening to the Maggie Tax
and Financial Show.
Speaker 1 (38:41):
You've been listening to the Maggie Tax on Financial Hour
discussing tax planning investment strategies, presented by Robert and Chris
Maggie from Maggie Tax Advisory and Financial Services with offices
in Hillsboro and Panelas County. Visit Maggie tax dot com
or call eight one three three two two twenty five twenty.
That's eight one three three two two twenty five twenty
(39:04):
and tune in next Saturday at five for the Maggie
Tax and Financial Hour
All these years you've saved up planning for secure retirement,
but if you're not careful, it will be the irs
that's living it up when you retire by taxing your
hard earned money. Welcome to the Maggie Tax and Financial
Hour with Robert and Chris Maggie of Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
and tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty or visit Maggie
Tax dot Com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:53):
Welcome everyone. I'm Chris Maggie and thank you so much
for tuning into our show. I'm here with my dad
and cost of the show, Robert Maggie. Today we will
welcome you and we want you to visit our website,
Maggie Tax dot com. There's so much information right there
at your fingertips. There's seminars, there's learning about your tax bill.
There's so much to discover right there about your personal finances.
(01:13):
So pick up the phone, schedule time to meet with
us a three to three Maggie Tax. That's eight three
to three Maggie Tax. Just visit our website, Maggie Tax
dot com. So today we're going to talk about five
personal finance misunderstanding things that you should not fall victim to.
So welcome Dad, and let's jump right into the show.
Speaker 3 (01:31):
So many people make mistakes, as we see every day
when we meet with clients. But handling your personal finances
it's essential to comfortable living, but it can be much
easier said than done when you don't really understand what's
going on. Knowledge is power, and like we always say,
you don't know what you don't know. So meeting with
a financial advisor like Maggie Tax, we can help you out.
(01:52):
And with so many misunderstandings that's floating in the air,
getting a full grasp on the subject, some people think
it's impossible because some people think I can't learn it.
But you can, and Maggie tax is here to clear
up some of these misunderstandings so that you don't fall
victim to them.
Speaker 4 (02:08):
So let's talk about number one.
Speaker 3 (02:09):
Number one, no investment account type is safer or riskier
than another. Let me repeat that no investment account type
is safer or riskier than another. And some people may
opt out of their four to one K in favor
of an IRA or roth IRA or vice versa because
they believe that one account type is safer than the other.
And I think, Chris, what we have found out on
(02:31):
that is they don't understand what that account is. The
definition of a qualified account or a four to one K,
and what makes an investment risky has to do with
the stock that's being invested in. That's invested in, not
the account that you're using to invest with, So kind
of separate that what an IRA four one K is
and you know what's in that account.
Speaker 2 (02:50):
Well, that's just it. You know an IRA and a
four one K. There's both qualified accounts. And basically what
that means is that you have restrictions on those. You
can put a certain amount in. If you put the money,
you have to wait a certain amount of time until
you start taking the money out. And when you have
an IRA four one K, most of those are pre
tax dollars, so you get a tax deduction going in,
(03:10):
but in the future it's all taxable. But they also
have qualified accounts and also WROTH four to one ks
where it's vice versa, where it goes ahead and you
put the money in. Today it's after tax going in,
but in the future it's all tax free. So these
are things that you have to talk about. But when
you talk about the risk, technically you can invest in
the exact same stocks in an IRA as you can
(03:32):
in a form one K. So the misunderstanding is that, well,
I'm just going to take my money out of a
four one K to be safer in an IRA. You can,
but you have to make sure that you understand the
vehicle that you're investing your money in.
Speaker 3 (03:43):
I agree with that, and one of the main differences Chris,
between these accounts involves the rules that you must follow
in order to use them you mentioned a few minutes ago.
Some may have a funding limit, while others may have
penalties for pulling out early. That's a big problem where
people don't realize. Underage fifty nine and a half in
a qualified account. You take money out of a four
one K or an I area, you're going to wind
(04:04):
up with a penalty ten percent penalty for early withdrawal
and a tax. And many times when we see a
tax return, I know people are sometimes you know, they
need money and they take it out without the direction
of wait, we can take it out of another account
that is not going to get a penalty or a tax.
And Chris, we see that so many times.
Speaker 2 (04:20):
That's it. So if you have a distribution that you
need to make, make sure you take it from the
right account. So pick up the phone, schedule time to
meet with us. Let's go over that for you. There's
different types of qualified plans and it's very essential that
you pull out the funds from the right spot to
avoid the penalty and also the tax.
Speaker 3 (04:37):
You know, and again that's one of the reason why
we're doing the seminars. Go to our website Maggie tax
dot com look for seminars. Register for our state planning,
tax planning and social security planning. We discussed this and
this is what you need to do to learn to
get educated. You have to go back to school, start
from the ground up and understand what you have because
if you sit there and do nothing, that's not the
(04:57):
plan and that's not going to solve your problem. So
get it educated and visit our website, Maggie tax dot com.
So number two, diversifying funds does not dilute your ability
to make a profit. So if someone tells you that
there's no point in making a multitude of small investments
because you won't make as much of a return, then
they don't understand the first rule of safe investing. So
(05:18):
you should never put all your eggs in one basket.
We agree with that, and that's especially true in receiving stocks.
If you put your entire savings into a single stock
and listen and it doesn't turn out in your favor,
then there's not much that you can do. But by
having a diverse investment portfolio with a wide range of
various stocks, it's easier to control your overall profit. And Chris,
(05:39):
that's what we do when we talk about manage money.
There's more choices than people and you come across this
every day. In a four to one K or a IRA,
they have limited choices. But in a managed account, and
talk about that, there are more portfolios to choose from
to do what they want for risk or safe money.
Speaker 2 (05:55):
Well, that's just it. You know, many people just really
don't know what they don't know, and that's okay because
they're just not educated fully in and where you can
invest your money. But in a formal K you are
limited to different types of mutual funds. Most of the
time you maybe have ten or fifteen or maybe even
twenty different funds to choose from. And you might have
three large growth funds or two small cap funds, maybe
(06:17):
one international fund. But again you might not have a
variety of options to choose from. But rolling your money
over into an IRA individual retirement account, you have that
ability to invest in multiple investments that you just don't
have in the formal K. So you're talking about diversification
and should you have one stock, should you have multiple
(06:37):
amounts of stock. So that's why the managed portfolios is
so important. If you're looking for an investment plan, we
can help pick up the phone, schedule time to meet
with us. Because our investment side of this, we have
investment portfolios that have a specific purpose, whether it's dividend
producing portfolios, whether it's a buffered index portfolio, whether it's
an inflation protection portfolio, whether it's an absolute yield portfolio
(07:00):
or maybe an aggressive portfolio with the best large cap
small cab stock. So we have to look at this
based on your risk. But when you come in to
meet with us, we can first analyze what you currently
have and see if there's something that might be better
for you where you can take less risk get more return.
These things that we could talk about when you come
in and meet with us. So pick up the phone,
schedule time to meet with us. Eight three three Maggie Tacks.
(07:23):
Get a second opinion on your investments because your current
advisor cannot do that for you. Eight three to three
Maggie Tacks.
Speaker 3 (07:30):
So thing about what we're just talking about. Is it
easy for one person to do all that? No, If
you get some financial advice from a complete planner like
Maggie Tax, then you get all the questions answered and
then you can make And the keyword is choice, your
choice of what you should do.
Speaker 4 (07:44):
So if you want safety, we can give it to you.
If you want risk, we can give it to you.
Speaker 3 (07:48):
And many times, Chris, we meet with husband and wife
and the husband wants more risk, the wife doesn't. We've
seen that so many times, and in the end what
happens is when you satisfy the wife or the husband
what they want, it's a lot easier to present the
plan and they get it. They finally understand I didn't
know that. My advisor many times doesn't tell them that.
Speaker 2 (08:07):
Well, let's just say, you know, let of people really
just don't know what they can and can't do, and
they just think, well, one thing four one K or
one thing stocks. Well, that's just not the case. There's
a lot of different options that you could invest your
money into that you have a purpose with. There're safe
accounts where there are no fees, there are risky accounts
where there are fees. There's loads in some positions out
(08:31):
there which you don't want to have to get into
if you don't have to. So meet with the right advisor.
Make sure that you're asking questions. But when you come
meet with us Maggie Tax Maggi Investments, we'll sit down
and we'll educate you on what you can and can't do,
and then we'll align that with the risk that you
want to take and also the goals and your income.
And that's why we do complete planning. It's tax planning
(08:52):
investment planning, estate planning, social security maximization planning. That's what
we do. Pick up the phone eight three to three
Magi tex.
Speaker 3 (08:59):
And also it's called buck get planning. What Chris is mentioned,
you know income planning, you know a safe money and
later money. Many people think they have a pile of
money and it's got to be the whole pile that
they start taking money out of. But that's not correct.
If you do proper planning for income today that you
need income maybe in five years or ten years, and
then you put all this together with social security and
(09:19):
maybe a pension. Now you have a plan. Now you
have a retirement plan that you can know that you're
going to get guaranteed income. So when we talk about
our seminars, when we talk about a state planning and
tax planning and social security planning, I encourage all of
you to go to our website Maggie tax dot com
and register for the three and one seminar. Because without
a will, probate court and the estate decide what happens
(09:41):
to your assets after you've gone, and that's going to
impact many for a state taxes, so enhanced planning could
help you reduce your estate's exposure to taxes. Many of
you listening know that you've gone we parents have gone
through probate. What are you going to do about it?
What about your tax bill and retirement? Could it be
too big? In thirty seconds, we'll show you what your
(10:02):
tax bill is going to be. If you have an
IRA or a four to oh one K, or even
a TSP or any tax deferred retirement account, you will
want to know what your tax bill is going to be.
Speaker 4 (10:11):
And then last, social Security. Social Security can be confusing.
Speaker 3 (10:15):
So for many of you that are getting to be
on Social Security or trying to figure out when you
should take it sixty two, sixty six, or how it's taxed.
That's why you need to register for the three and
one seminar. Go to Maggie tax dot com look for seminars.
We have seminars every week and they're very educational. It's
a lot of fun, but you're going to walk away
with information. Maggie Tax dot Com. Pick up the phone,
(10:37):
give us a call eight three to three Maggie Tax.
Set a time today and let's get together. And just
another reminder, Every Sunday at ten thirty, tune into the
Maggie Tax and Financial Show on ABC TV. That's ten
thirty on ABC TV to the Maggie Tax and Financial
Show eight three to three Maggie Tax.
Speaker 1 (10:58):
Stop planning for Uncle Sam's or timeirement 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
(11:19):
one three three two two twenty five twenty. That's eight
one three three two two twenty five twenty now your
host for the Maggie Tax and Financial Hour, Father and
son from Maggie Tax Advisory and Financial Group, Robert and
Chris Maggie.
Speaker 2 (11:36):
Welcome back to the Maggie Tax and Financial Show, and
thank you for tuning in. I'm Chris Maggie and I'm
here at my dad and coast of the show, Robert Maggie.
And visit our website at Maggie Tax dot com. There's
so much information right there at your fingertips. We're talking
about seminars to get educated. Three in one seminar learn
about your tax bill. If you have an IRA form
on K it's a it's a tax time bomb about
(11:57):
to explode with taxes. How do you defuse is that
time bomb? We can help you. Visit our website at
magatax dot com. Schedule time to meet with us. Let's
get together. We have office on both sides of the bay.
Let's review your investments. Let's put together an income plan.
Let's show you what you can do, put together a
complete plan for you and your family. So one of
the things we're talking about today, because we're talking about
(12:19):
the seminars that we do, we discuss the enhanced plan
and the estate planning. What about Social Security? And there's
four things to understand before making decisions about your Social
Security benefits. So Dad, let's start with number one. It
all starts when you pay in correct exactly.
Speaker 3 (12:35):
So each paycheck that you receive from your employer is
subject to Social Security tax that amounts to about twelve
point four percent of your salary, but split evenly at
six point two percent for you and six point two
percent for your employer. So you pay that amount on
everything you earn up to a certain amount of this
one one hundred and forty seven thousand, and each one
(12:56):
five hundred and ten dollars that you earned provides you
with one so Social Security credit up to four credits
per year, and once you've collected forty credits, you are
eligible to receive benefits. And this, Chris, is the biggest
question we get. Do they have enough credits? How do
they establish the credits? And if I don't have enough credits,
what do I do That' said?
Speaker 2 (13:14):
So most people, if you work ten years and you
work throughout the whole year, you get four credits a year.
That's forty quarters. You're good to go. But a lot
of people we meet with sometimes they're short. Sometimes they
have thirty eight credits. They just don't qualify for the benefit.
So it all starts when you pay in. So the
second thing that's really important for you do understand about
making solid security decisions that you increase your benefit as
(13:36):
you earn more. So let's talk about that.
Speaker 3 (13:38):
Sure, well, you may be eligible to receive Social Security
benefits after working as few as ten years. The amount
you receive is calculated over a greater time period, So
your benefit amount is based on your highest thirty five
years of earnings. If you've worked fewer than thirty five years.
The missing years are counted at zero. Again, Chris, we
run a Social Security Maximization report that clears all this
(14:00):
up and when we do the seminar, the second segment
is the Social Security I can't tell you how many
questions we get on this.
Speaker 4 (14:06):
It's just so confusing to a lot of people.
Speaker 2 (14:08):
Absolutely, and that's why it's so important to make sure
that you go to SSA dot gov and look to
see if your earnings are calculated correctly. But a quick example,
my mom, my mom here, what she did was look
at our social security statement and one year there was
zero on her earnings record. They didn't calculate it. So
all we had to do we notified SOLI Security Administration.
(14:28):
We showed her the W two and guess what they
changed that real quick. So if that happens to you,
don't be alarmed to pick up the phone, schedule time
to meet with us. Let's go over call solid security.
But also making sure that you have everything credited and
your earnings are there. So talking about solid security and
number three, the things that you need to understand is
that the earliest you can receive benefits is age sixty two.
(14:51):
So let's elaborate on that for a little bit.
Speaker 3 (14:52):
Correct, So you may begin to receive early benefits from
self security age sixty two. That's a few years before
what the Social Security Administryation calls your full retirement age
or FRA. Full retirement age r FRA is the age
at which you can receive one hundred percent of your
primary insurance amount. And this is important because when we
(15:13):
do tax planning and we do taxes, it depends on
the biggest question we get, when should I take it? Well,
you can take it at sixty two if you definitely
need it, but there's a couple of variables in there
that if you're working, Chris and you're making more than
a certain amount, you don't need to be taking solid security.
I guess the biggest concern most people have that it's
not going to be there. So each month that you
delay receiving your Social Security benefit, the amount that you're
(15:36):
going to receive increases. Retire at sixty two and you
may only receive seventy five percent of your primary insurance amount.
Retire it your full retirement age, and you're going to
receive one hundred percent of your FRA. So wait even
longer and you may receive an additional eight percent each
year up to age seventy. So what happens is from
sixty two to sixty six it grows at six point
(15:57):
two percent, and sixty six to seventy was at eight percent.
And Chris, many times when we show this to clients,
they don't really understand, Wow, maybe I can wait, and
this is how come it's growing.
Speaker 2 (16:07):
So when's the best time to take it? Every situation
is different. There's no one age for everybody that's the
best option for them. So what you need to do
is meet with the right advisor. Bringing your Social Security statement,
Let's analyze it. Let's do the maximization report for you
and your spouse so we can show you when's the
best time to take the benefit, and we also will
(16:28):
show you how much you're going to get per month.
And this is part of the income plan. This is
part of the incomplaining that we do, and it correlates
with your investment plan and your tax plan and your
overall enhanced plan. So that's why it's so important to
meet with us. Let's go over social Security, Let's explain it,
and let's answer those questions that you have. So we're
talking about here today. What you need to do to
(16:48):
understand your benefits about Social Security, and number four is
find your when. We talk about this all the time,
but find your when. Elaborate on that for me day exactly.
Speaker 3 (16:58):
And this is one of the most challenging questions. That
is when to start receiving your Social Security benefit? Should
you start collecting at sixty two, wait until seventy, or
choose somewhere in the middle because you can if you're
age sixty two or older. The first question you should
ask yourself is if you need the money, and if
you do need solid security income to meet your expenses
in retirement, you'll need to take your Social Security income
(17:21):
or consider other options. If you don't need the money,
it might make sense to consider delaying your benefits to
let your future payment increase until you reach one hundred
percent of your PIA and Chris, many times that we
meet with clients, their advisors are not talking about this.
They're not addressing as state taxes, they're not talking about
Social Security because they don't understand it. So you have
(17:42):
to understand how it works and how it's going to
benefit you. That's why the seminar the three and one
seminar that we put together is so important. Go to
Maggie tax dot com. Registered today, You're invited. It's simple
and there's the locations are right there in the times.
Speaker 2 (17:55):
And if you can't visit our seminar, then no problem.
Just pick up the phone. Schedule time to meet with
us individually. We have office on both sides of the bay.
Schedule appointment to meet with us. So we talked about
four different things that you need to understand about social security,
but also there's benefits for spouses and x spouses and
widows and widowers. So there's so much there education about
(18:17):
social security. They should have a whole class on this
because many people have no idea how it starts. What
the benefits are, the cost of living adjustments? How is
that based off of my gosh, you know what happens
if someone passes away, who gets the higher of the two.
Usually it's a spouse that's living gets the higher of
the two, But many people don't understand that. So spousal benefits,
(18:38):
death benefits your benefits. There's a lot to discover, and
there's also it's important to understand. This is very crucial
to understanding your retirement income needs. So pick up the phone,
schedule time to meet with us. Eight three three Magi Attacks.
That's a three to three mag Attacks and don't forget
Every Sunday on ABC TV. Tune in on ABC TV
at ten thirty for the mag Attacks and find show
(19:00):
eight three three Maggie Tax.
Speaker 1 (19:03):
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
(19:25):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty. Now your host
for the Maggie Tax and Financial Hour, Father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 2 (19:41):
Welcome back to the Megie Tax and Financial Show, and
thank you so much for tuning in and visit our
website at Maggie Tax dot com. In thirty seconds you
can find out what your tax bill would be in retirement.
If you have an IRA four one K you need
to understand what this number is. Why because it can't
affect your retirement future income. Maggietax dot com up a
(20:03):
right hand corner tax bill in retirement. Click on it
and you can discover what that will be. But more importantly,
schedule time to meet with us. There's so much information
to talk about. If you have questions about how do
I design an income plan for my retirement where it
has inflation built in and multiple income sources and guaranteed income,
how do I go about doing that? We can help.
(20:25):
What if you're looking for an investment plan. A lot
of volatility going on in the market. Does it really
keep you up at night? Are you losing sleep? Do
you have questions? Do you really not know what's going
on and you're afraid to open up your statements. Well,
let's get together and have a conversation about it, because
there might be some bucket planning that we could put
together to design for safety and growth and inflation and
(20:47):
a lot of other opportunities that are in the market today.
What about social security planning? Do you have questions about
how do I maximize it for me and my spouse?
What about a state planning? I want to leave all
this stuff to my heirs. I just don't know how
to do do it? Is everything set up the right way? Well,
we can help these things that we do each and
every day to help you. So pick up the phone
a schedule time to meet with us. We look forward
(21:08):
to get in together with you. Eight three to three
Maggie tax.
Speaker 3 (21:12):
So the question I would ask is how many of
you have a complete plan or an incomplete plan? And
what Chris just mentioned are some of the things that
we see that people have an incomplete plan. So what
are you doing about it? You know what keeps you
up at night? What's that elephant in the room? Is
it about income? Is it about taxes? Is it about
your investments? We know the volatility of the market is there,
(21:35):
but how are you prepared to take less risk and
keep more for yourself? And has anyone ever done a
beneficiary review for you? Quick example, We've had a client,
a couple clients this past year. They passed away and
they had beneficiary designations on there. They had POD and
TOD on their accounts and Chris, the money passed to
their beneficiaries probate free and it didn't have to go
(21:58):
through that process. And people make you know mistakes about
estate planning, let's call it enhanced planning.
Speaker 4 (22:05):
Do you have the.
Speaker 3 (22:06):
List of who you want your assets to go to
and when it should go to them and how much
it should go to them? Are you set up that
way so you know if you have an incomplete plan?
Think about what Chris and I are talking about. If
it's about income, it's about taxes, you confuse about your investments.
You don't understand them. We see this every day we
(22:27):
ask a client, bring in your statement, We ask them
do they understand their investments? And Chris, the answer that
we get all the time is well, not really, that
is just not a good answer, And it's not because
you work hard. You worked hard for the money you have,
the assets that you have, and the worst thing you
want to do is either I have to go back
to work or be outlive your money. And most people
that come in and meet with us, we ask them,
(22:49):
you know what brought you in and the main question
and the answer is I want to make sure I
don't outlive my money and is that going to happen?
And we have to do the analysis to figure it out.
Some times we have to tell people yes at this
pace and with the assets that you have, you will
outlive your money. And that's where it's very, very scary.
(23:09):
So can you retire? We can show you we can.
We can show you the projections, we can show you
what the guarantees are going to be. We can show
you that if you have a concrete plan or a
complete plan, then you'll enjoy retirement. You'll have the inflation
buckets coming in for income in the future, you'll have
the estate plan. So if anything happens to you a
stay in your family. That's what we call developing a
(23:30):
plan because if you don't have a plan, guess what,
you know what, someone who you don't know will make
that plan for you in the future because you didn't
set it up the right way. So check the boxes off.
Do you have a tax plan yes or no? Do
you have an income plan yes or no? Do you
have an investment plan or just laying that money right
in the market. Do you have an estate plan or
(23:52):
an enhanced plan? What about college planning for the children?
Are you aware if you have a mutual fund you're
paying fees? How many fees are you paying? The question
is do you know what your fees are paying? Because
if you're paying fees. It's eating aweight your retirement. So
without a plan, like Chris says, you have nothing. So
everything we do, we have to have a plan. What
(24:13):
are you looking for in an advisor that you would
be willing to work with. We just mentioned a bunch
of topics that we would talk to you about because
we see this all the time. Well, my advisor doesn't
talk about tax planning. Chris or Bobby, you know this
is and when we ask him, what were you hoping
for when you came in? And the answer we get
all the time is wow, not this.
Speaker 2 (24:33):
Well, you know the thing about it is when you
talk about we asked that question, is your current advisor
talking about tax planning? And most of the time, probably
ninety five percent of the time, it's no. And the
question that I have is why. I mean, that's your
biggest expense. Taxes are our biggest expense, and it's going
to get worse. So think about this, your cruising, the retirement,
everything's going well, and guess what legislative risk happens and
(24:55):
the tax code changes, and guess what less to you?
Because now you have to pay more to Uncle Sam.
So that income check every month goes down, and what
about inflation that's happening right now on top of it.
So you're in a situation where you have to change
your lifestyle in retirement. Is that what you want? The
answer is no. But could it happen to you? Yes?
(25:19):
And if you don't have the right plan in place,
like an income plant, a tax plan, investment plan, then yes,
it could happen. And that's what you don't want. So
right now is a time, more than ever before, to
pick up the phone and schedule a time get a
second opinion. Do you have enough confidence in your current advisor?
Get a second opinion? Because it's about you. It's about
(25:39):
your money. It's not about me or your CPA or
your current advisor. It's not about that. It's about what
you want your money to do for you. Do you
want safe money? We can help. Do you want money
in the market where it's risky. We can design buckets
like that as well. But guess what. You have to
have a purpose with everything you do. Why? Because that's
(26:00):
a plan. We all hear, Yeah, you need to have
a plan in life, we all get that. But the
end of the day is, do you have a plan
with your retirement take take control of this and we
can help eight three three Maggie Tax.
Speaker 3 (26:10):
So the biggest question for all of you listening today,
how can we at Maggie Tax and Financial help you.
That's the question. So when you come in, I want
to know the answer. How can we help you? You
know what upsets you every night when you put your
head on that pillow and your mind starts racing about
what you're worried about because you can't control it. You know,
what are you looking to change? And this is the
(26:31):
big question, Chris. Change has to happen in many cases
with people out there because they don't understand their investments,
they don't understand income planning. Their advice is not sitting
down and talking to them. So what would you change?
Think about that? What would you change if you were
educated on what you have that maybe it's not the
(26:51):
right investment for you, maybe it's not the right plan
for you.
Speaker 4 (26:55):
When would you change it? And? Like I said, what's
the elephant in the room?
Speaker 2 (26:59):
And that's you know, is your plan, your present plan
going to get you where you want to go? Do
you know unequivocally if that the answer is yes, if
you are thinking about it, well, I'm really sure or
I don't really know. Then you have to get a
second opinion. You have to look at this. You have
to have someone look at this for you so you
can have that Yeah, absolutely, I know. Absolutely my plan
(27:22):
is going to give me what I want in retirement
and is doing it right now. That's what you want,
the confidence, the clarity, the control, and that's what we
can help you with. So pick up the phone, schedule
time to meet with us. We look photo meeting with you.
We have office on both sides of the bay to
help you. A three to three MAGI tax, that's eight
three to three Maggie tax.
Speaker 3 (27:39):
And here's the big question. Do you all do this
planning on your own? Think about this? The left brain
in you is the more to think about it. The
right brain is the solution side of your brain. We
have both sides working for us, Chris, the left and
the right. Because you're confused, you have to draw a
line in the sand. I can't understand plan. You know,
(28:00):
I think I'm okay, but I'm not. And most people
by what they want, not what they need. And that's
the issue that we try to talk about. What do
you want? You know, what are your needs. How much
income do you want?
Speaker 4 (28:13):
You know?
Speaker 3 (28:13):
Does your advisor have a process, Maggie, tax advisor, We
have a process. We come in and you come in
and meet with us. We ask you questions, you ask
us questions. We do a balance sheet, so we know
where your assets are. We know what the qualified money
is non qualified money. We know where your bank accounts
are if they're titled right. Does your advisor do all this?
(28:34):
We call it red money, green money, and on my
website you can take a look at it. But look,
if you're taking too much risk and you don't know it, folks,
you know Chris does this all the time.
Speaker 4 (28:43):
When are you going to realize that you don't have.
Speaker 3 (28:45):
To take all that risk, you don't have to pay
all those fees, and you don't have to see your
account go down because your advisor says, well, everybody else
is losing.
Speaker 4 (28:54):
No, it's not true, Chris, that's not true.
Speaker 2 (28:56):
That's just it. You know, why follow the crowd and
we don't have to because your advisor says everyone else
has lost money. But where is it written that you
have to lose thirty forty percent? Where is it written
that you have to go down that route? I'm frustrated
because you don't have to. I have clients that come
in and they're like, well, you know, this is what
it is. We lost three hundred thousand dollars with our
(29:17):
old advisor. Why doesn't have to be that way? You know,
maybe you're younger and you got time on your side,
and you can absorb some of these losses. But guess what,
you're in retirement. Why go down to three four, five
hundred thousand dollars. Why you know that's up to you,
but you don't have to. You know, where is it
written that you have to lose twenty thirty forty percent
(29:37):
like everybody else. It's not there. You don't have to
go down that route if you don't want to, So
pick up the phone, schedule a time to meet with us.
Let's show you bucket planning. Let's put together a plan
for you. Buckets. What are buckets? Buckets with a purpose.
You have buckets for safety. You have buckets for inflation.
You have buckets for future guaranteed income. You have buckets
for the volatility control. You have buckets to take advantage
(30:00):
of the opportunity in the markets down. You have buckets
to take advantage when the market goes down. You have
buckets out there to provide buffer and strategies to protection
against no loss in the market. How do you go
about doing these things because every account needs to have
a purpose based on what you are looking for. What
is it that you want? That's the question. When you
come in, We're going to ask you that question. We're
(30:21):
going to listen to you, we're going to hear you.
We're going to make this very very real for you
to try to accomplish what you are looking for. We're
going to educate you, We're going to take our time.
We're going to build the confidence, build the clarity, and
you're going to have the control in retirement. If that's
what you want, you can pick up the phone and
schedule time to meet with us. We look forward at
meeting with you. Why because this is real. Things are
(30:43):
changing and you need to be on the other side
to take advantage of these opportunities as opposed to falling
victim to them. So pick up the phone. We look
forward to meeting with you. Eight three three Magi Tax
and Don't Forget Every Sunday for the mag Attacks and
Financial Show on tv ABC TV at ten thirty a m.
Visit our website Maggie Tax dot com, schedule time to
(31:04):
meet with us eight three three Magie Tax.
Speaker 1 (31:08):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son, Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie Tax dot com. That's
ma gg I tax dot com or call eight one
(31:29):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty now your host
for the Maggie Tax and Financial Hour, Father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 2 (31:45):
Welcome back to the Mega Tax and Financial Show, and
we thank you so much for tuning in today. And
you know, as always, we enjoy doing what we do.
I mean, it's great when we meet with you my
gosh put together plans or so rewarding because we know
the clients can retire and it's great to see that
smile on their face when they know that they're going
to get income in the most tax efficient way. What
a great feeling. So pick up the phone, schedule time
(32:06):
to meet with us. We have office on both sides
of the bay to help you. Eight three to three
maggie tax. That's eight three to three maggie tax.
Speaker 3 (32:13):
Just remember we have a very good staff that understands
how to help all of you in any which way
that we can. So we have to have a conversation
so that you can take action. I think the key
there is take action. So many people don't. They only
talk about it, and they procrastinate, and again, stop making excuses.
Speaker 4 (32:29):
That is not acceptable. And if you are all.
Speaker 3 (32:31):
Paying attention to what's happening in this world, then that
should be enough to take action before you get deeper
into trouble than you are right now. Taxes, income planning,
you name it, it's out there. The big question to
all of you is where are we going to get
the money to pay for the taxes and inflation? What
about higher income taxes? What about increasing property taxes? The
(32:52):
list goes on and on. Just remember on December twenty
twenty five, and we talk about it all the time,
the Trump tax cuts, they're going to go back to
what it was. So on January of twenty twenty six,
everyone's going to be paying a higher tax.
Speaker 4 (33:05):
And how many of you know that.
Speaker 3 (33:06):
We've been talking about that, Chrisphy years and it's getting
closer and closer. And again, when we offer the retirement
Calculator on our website, it's because folks, you need to
see this. We get millionaire clients coming in and looking
at it and going like, I didn't think I had
to pay that much tax?
Speaker 4 (33:20):
Well, what did you think? It was free money? They
have a mortgage to Uncle Sam.
Speaker 2 (33:24):
Right, absolutely, you know. We had a client last week
has a two point two million dollar IRA and guess
what you know? He says, Oh, my gosh, I got
two point two million. It doesn't matter what you have.
Guess what after taxes? You know you don't have two
point two You had a big account that's infected with tax.
What are you doing about it? And he sat back
and he said, well that's why I'm here. He said,
what can I do about it? So we talked about
(33:44):
his other positions, and we talked about his other accounts,
and he had the ability to go off set using
a tax deduction strategy where he can have guaranteed income
coming in, he can create a big tax deduction and
he can avoid the capital gains tax. And he said,
oh my god, no one ever showed me this. And
he said, well why, he asked me, why hasn't my
(34:04):
advisor shown me. I said, it's pretty simple. The current
advisor that you're with right now, all they want to
do is just manage your money. That's it. They're not
talking about your taxes. They don't care. They're not talking
about the way your accounts are going to transfer. They
don't care. They're not looking for your income best purposes,
they don't care. They just want to manage your money.
Is that you out there listening today. If it is,
(34:26):
then you have an incomplete plan. You just have an
investment plan. But there's so much more to that, especially
now when you're talking about taxes. We do tax planning,
we do income planning, we do investment planning. If you
have a brokerage account, let's analyze that. Let's see how
it's incorporating with the taxes. Is your advisor, your broker
causing you to pay necessary taxes? Maybe you don't see
(34:47):
it until tax time, but is your CPA really showing
you that as well? So let us dissect what you got.
Let's get a second opinion. Let's show you. Eight three
to three, mag Attacks. Bring your stuff in, Let's have
a conversation. Let's tell you. Tell us what's on your mind.
Would we want to hear it so we can help you.
Eight three to three Maggie Tax.
Speaker 3 (35:05):
And the big question is are you going to wait
and get hit? You know with that issue, it's going
to affect everyone listening today, whether it be income or
taxes or investments. You know, I don't care who's right
or wrong. What we care about is where are they
going to get the money from?
Speaker 4 (35:19):
And who will.
Speaker 3 (35:20):
Pay for all of this? And the answer is all
of us. So do you have a plan? Just ask
and we can go on and on, but that's not
the point. Complaining is not a plan, Procrastination is not
a plan, and just saying no is not a plan.
Speaker 4 (35:35):
And this is what people are doing out there, Chris.
They just afraid. That's what this whole show is about.
Ask for help.
Speaker 3 (35:41):
That's how you solve these concerns. Get some help, and remember,
just ask for help. Eight three to three Maggie Tax.
Do you know what the answer is to all of
this is? If they do not have enough money to
pay the tax, then the answer is simple.
Speaker 4 (35:55):
Well, they do just print more money.
Speaker 2 (35:56):
And that's what's going to happen, and which creates stealth taxes,
and that's going to do there's the purchasing power and
guess what. This is going to make it more difficult
for you to live because again it's going to affect
the dollars. So what are we doing. That's why it's
so important to put together a plan. I can't stress
this enough, because people who have plans succeed more. They're
gonna take advantage of the opportunities. They're gonna take advantage
(36:18):
if the market goes down this big volatility. When you
want to be on the other side of this, when
you want to be on the positive side. It says
instead of saying, oh my gosh, Ei, there's down twenty
or thirty forty percent like nine to eleven times, or
the housing market times or COVID times. Right, these are
things that you can avoid if you have a plan,
if you work with an advisor that understands concepts and
(36:39):
the distribution phase of your life. What about the taxes,
My gosh, I can't stress this enough. People are going
to pay more in taxes. They're gonna come after the
people who have the money. If you have iris in
four oh one k's and TSP. If you are federal employees,
guess what they know how much money you have. It's
infected with taxes. It's very simple. They can increase the
(37:01):
tax rate and when they do that one point two
percentage points five percentage points, that means Uncle Sam gets
paid first. You lose your value. Don't let happen to you.
If you have abilities to go ahead and put together
plans to help you, pick up the phone, schedule time
to meet with us. We look forward to helping you
get the Maggie Plan eight three to three Maggie Tax.
Speaker 4 (37:22):
And one more thing don't forget.
Speaker 3 (37:23):
Go to our website, go to seminars and register for
one of our seminars that we do on a state
planning and social security and tax planning. We'll probably the
only one doing a three to one event. But here's why.
Because those three topics are very important to each and
every one of you out there in some way, shape
or form. People are concerned about social security. People don't
know when to take social security, people don't know how
(37:44):
it's tax and what the amount is going to be
taxed in the future. And That is why it's so
important to ask for help, because these are questions that
we're getting asked everyday. Income planning, tax planning, social security,
wills and trust, and how to take care of your family.
Visit our website, Maaggie Tax dot com, click on seminars,
click on retirement calculator. All the information is there. Be
(38:06):
sure to watch our TV show every Sunday on ABC
at ten thirty and then following the show, we're back
on the radio again with the Maggie Tax and Financial Show. Folks,
it's about education. Chris and I've been doing this for
a long time. It's up to you. If you have questions,
please don't be afraid to ask write them down. That's
why we do this show. So throughout the show, right
out a question, well, give us a call. We have
operated standing by right now. Eight three to three Maggie Tax.
(38:28):
We have offices in Palm Harbor, in Loots and also
Saint Pete.
Speaker 4 (38:32):
So give us a call ask questions.
Speaker 3 (38:34):
Eight three to three Maggie Tax again, eight three to
three Maggie Tax. And you're listening to the Maggie Tax
and Financial Show.
Speaker 1 (38:41):
You've been listening to the Maggie Tax on Financial Hour
discussing tax planning investment strategies, presented by Robert and Chris
Maggie from Maggie Tax Advisory and Financial Services with offices
in Hillsboro and Panelas County. Visit Maggie tax dot com
or call eight one three three two two twenty five twenty.
That's eight one three three two two twenty five twenty
(39:04):
and tune in next Saturday at five for the Maggie
Tax and Financial Hour
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