Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
All these years you've saved up planning for a secure retirement,
but if you're not careful, it will be the irs
that's living it up when you retire by taxing your
hard earned money. Welcome to the Maggie Tax and Financial
Hour with Robert and Chris Maggie of Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
in tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie
Tax dot Com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:53):
Welcome everyone to the Maggie Tax and Financial Show. My
name is Robert Maggie. I'm here with Chris Maggie and
today we're going to be talking about taxes and some
income planning and Chris I know you have a lot
to talk about, so let's get the show started.
Speaker 3 (01:05):
Welcome everyone, and thank you so much for tuning in,
and we appreciate you listening today and each.
Speaker 4 (01:09):
And every week.
Speaker 3 (01:10):
We love doing what we do because you need to
get educated. You know, when's the last class you had
on how to put together an income plan or an
investment plan or a tax plan. Many people have questions
each and every day and they just don't know what
to do. So if you listen today, pick up the phone,
schedule time to meet with us. We have office on
both sides of the Bay to help you. Visit our
website at Maggie Tax dot com. That's m A G
(01:30):
G I T a X dot com. And don't forget
Every Sunday on ABC TV at ten thirty am, tune
into the Maggie Tax and Financial Show on TV. But
let's talk about a lot of things today. My gosh,
there's so much to discuss because we're going to talk
about tax drag.
Speaker 4 (01:47):
So what's tax drag?
Speaker 2 (01:49):
Tax drag? What is tax drag? Well, I believe tax
drag is real, and many of you out there are
going to understand and agree why I believe tax drag
can cause losses in all of your portfolios. I believe
many advisors do not discuss tax planning like we do
with every client at Maggie Tax and at Maggie Tax,
we design and build plans that help mitigate tax drag.
(02:11):
Think about that. Mitigate tax drag? Is your advisor doing that?
But I also believe that many of you listening today
have what we call chris an incomplete plan and part
of it and pretty much most of it is because
of taxes.
Speaker 3 (02:24):
Well, let's just say, you know, think about it. Most
advisors don't talk about taxes. Well, taxes are your biggest
expense and it's there for you. Yeah, we have investments,
Yeah we have piles of money, but what are you
doing with it? How are you putting it all together?
And that's why Maggie Tax Advisor in financial Group, we
do complete planning. You know, we've got tax planning, we
got income planning, we got investment planning. We do a
(02:44):
state planning with attorneys that we work with. So there's
a lot that we do to help you. So pick
up the phone, schedule time to meet with us today.
You know, the Trump tax cuts expire in a couple
of years, What are you doing about it? What's your
future tax strategy? What does that look like? What's your
tax plan? So we can to help you today. So
let's talk about tax drag and really define what it is.
Speaker 2 (03:04):
Okay, so first let's define tax drag and what tax
drig is is the reduction of your portfolios annualize return
due to the tax liability triggered by distributions and capital
gains in a non qualified account. And always remember taxes
have to be paid first, So when you get your
income or you do your tax return, it's based on
(03:25):
your income and then you're going to have whatever tax
brackets you're in. But the textbook solution to tax drag
tends to be using tax shelters like four to one
ks and iras tax deferred vehicles prevent taxation on those
funds come April fifteenth each year. So many of you
that have a tax deferred account like a four to
one K four or three b IRA, that's a tax
(03:46):
deferred and Chris, the problem is that when they start
taking the distributions out, it changes the return on what
they think they have because the taxes bring it down.
Is that a simple way to explain.
Speaker 3 (03:58):
It yeah, we think about it. I mean, you have
a five hundred dollars dollars qualified account. It could be
a four one K a TSP if you're federal, a
four to oh three B a four to oh one
K traditional. Guess what tax deferral means that all the
gains grow tax deferred. Deferred means that you don't pay
it until the future. So if you take your five
hundred thousand dollars retirement account now grows a seven hundred
(04:18):
and fifty thousand, well, you delayed the tax. So deferred
means delayed the tax.
Speaker 4 (04:23):
Right.
Speaker 3 (04:23):
So when you start taking a distribution, what people don't
realize is what their future tax brackets are going to be.
And you add your other income into this, you might
be in a higher tax bracket. So when you take
that money out, guess what You create a taxable event
at a much higher rate, which drags down your account
because of the tax.
Speaker 2 (04:42):
Well that's well said. Drag the account down and think
about this for a second. We have the retirement calculator
that we offer on our website. Just go to maggietax
dot com click on the retirement calculator. What we're talking
about here is you will see what the tax drig
is on your IRA, your four oh one K, your
four three B, and then start planning on it because
there are ways to reduce those taxes if you do
(05:04):
proper tax planning. And yeah, you can be more active
trader of securities within a tax deferred account knowing there
will be no short term tax consequences for those trades.
But that's fine. But when it comes Chris to the
bottom line and they have to start taking the distributions
and they put it on the tax return, it makes
a big difference on what they have for distributions moving forward.
Speaker 3 (05:23):
Well, yeah, you're totally right, and most people are not
thinking about and that's tax planning with investment planning, right,
So when you take a distribution, how much is it
going to be taxed? How much do you need each
and every month? So when we look at complete planning,
taxes make a huge gosh, they're just a huge derailment
of your future income. So what we talk about is
(05:46):
how do you get accounts out of a taxable environment
into a tax free environment so you don't have to
worry about future tax rates and what they're going to
be when you need the money, Whether it's now or
in the future.
Speaker 2 (05:58):
Well, let me ask all of you a question with
what he just said, how would you like to reduce
or eliminate your estate taxes, pay no capital gains tax,
and receive more guaranteed income over your lifetime? And that's
what we're talking about tax planning. So if you're not
doing anything about your iras and your four to one
k's in deferred accounts, and you don't understand tax drag,
(06:19):
trust me, when you do your tax return, it's going
to hit. But we all know that tax deferral in
a IRA of four to one k doesn't happen forever.
So there's a question that we need to explore. Does
tax deferral in itself create its own form of tax
drag and the traditional approach to addressing tax dreg may
actually create more tax dreg in a long term. So
(06:41):
with that in mind, let's do somemanth We're going to
talk about a simple account and Chris and I am
going to look at taxable accounts, tax deferred accounts, and
tax free accounts and then look at the impact of
taxes on each. So ask yourself this question, what do
you have, what kind of account do you have a
tax deferred account, do you have a tax free account?
And then yah, let's see what the impact of taxes
(07:01):
on each one. That's gonna look like chrysal Let me.
Speaker 3 (07:03):
Stop you right there, because a lot of people out
there might not know what they have right so we
see this each and every day, and that's why it's
so important to pick up the phone schedule time to
meet with us, because when you're come in to meet
with us, we're gonna educate you on what you have.
We're gonna put together a balance sheet and make it
simple for You're going to show you what's qualified, what's taxable,
what types of accounts do you have right now? Are
growing tax deferred? And you might be an aye, you
(07:25):
might be like, oh my gosh, I didn't know it
was that much. Or you might be on the other
side where you have non qualified accounts or tax free
accounts and you might not know it, or a combination
of all the three. So it's so important right now
and it's crucial to understand what you have, and when
you're come in to meet with us, we'll put that
together for you. You don't have to worry about it. That's
why we can put together a plan to help you.
(07:46):
And once we do that, then you'll see and you'll know, oh,
my gosh, I got twenty percent of my money that's
tax free. I got eighty percent of my money that's taxable,
and I got maybe ten years to get that money out.
Speaker 4 (07:57):
How do I do it?
Speaker 3 (07:58):
Well, we can show you strategies. My dad was mentioning before,
some charitable leveraging strategies, some ways to reduce your taxes.
There are strategies, there are advanced planning strategies that you
can take advantage of to lower your taxes, will possibly
eliminate some of the capital gains tax. And that's why
when you come to meet with us, we'll put together
a tax plan, an income plan, an investment plan, and
(08:20):
a state plan. Will do the Maggie plan. That's what
we do. So schedule time to meet with us, pick
up the phone, write this number down eight three three
Maggie Tax.
Speaker 2 (08:28):
And one more thing that's important about what we're talking
about is the language and what you understand it to be.
And Chris mentioned before, how many of you know what
tax deferred accounts you have? How many of you know
what's taxable and what's not taxable. This is important because
you know, we talk about language and understanding what we're
trying to teach you, because when you sit with us
(08:49):
and we go over the whole thing, you have to
understand it and feed it back to us and say, guys,
and I think I get it now and I didn't
know that, because that's what we hear all the time.
And there's nothing wrong with nothing wrong with saying that,
because look, we understand. We do this every single day. Okay,
you live your life every single day. You don't come
home and you know, do financial planning and read tax laws.
(09:12):
That's why we do what we do. That's why we're
a complete advisor. I mentioned it before. Many of you
out there have an incomplete plan. And when we do
the seminars, Chris and I sit in front of fifty
people and I tell them they have an incomplete plan.
Their eyes look at me like, what did you say?
So the truth is you do. You do have an
incomplete plan, and you have to start thinking about what
(09:32):
Chris and I are talking about today, tax drag. Write
it down. You're not gonna remember every word we say,
but that's important. We'll talk about that when you come in.
Speaker 3 (09:40):
Absolutely and that's why when you come in to meet
with us, we'll put together plan. We'll put together plan
to help you. And you know, we retire each and
every day. You retire once and when you start thinking
about that, you know, that's how we help our clients.
We understand what retirement looks like. We understand how to
get there. We understand what it looks like as far
as a tax side of it, the investment side of it,
the guaranteed income strategies, and how to go about doing so.
(10:00):
If you have highly appreciated assets, if you have a
tax problem, as far as how do I get my
money out of a taxable environment to tax free strategies
roth conversions, we can help you.
Speaker 4 (10:11):
We can show you is it right for you? Is
it not?
Speaker 3 (10:14):
Many people out there come in and they say, well,
my advisor told me to convert the money.
Speaker 4 (10:17):
Well, it might not be the right strategy for you.
Do you want to know?
Speaker 3 (10:21):
I would, because why pay more unnecessary taxes you don't
have to. And that's why it's so important to get
a second opinion and get a review. So pick up
the phone, schedule time to meet with us. Eight three three,
Maggie Tax. We have office on both sides of the bay.
To help you, visit our website at Maggie Tax dot com.
Go to our website and on the top right hand
corner it's the retirement tax bomb. We can help you
(10:41):
defuse that big tax bomb. Eight three three Maggie Tax.
Pick up the phone, schedule time to meet with us.
Eight three three Maggie Tax. Get the Maggie Plan, tax planning,
income planning and state planning, investment planning, SOB security planning,
Maggie Tax dot com.
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 Ggi tax dot com or call eight one
(11:19):
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 (11:35):
Welcome back everyone and thanks for joining us. My name
is Robert Maggie and I'm here with my son, Chris Maggie.
Be sure to watch your TV show every Sunday at
ten thirty on ABC. And by the way, right after
that show, tune into our radio show on nine seventy
w FLA for more information. So we load you up
with good stuff and hope that helps you out. Give
us a call eight three three Maggie Tax, and visit
(11:56):
our website Maggie tax dot com because the first step
in lowering your tax bill is to know what yours
might be. So in thirty seconds, our free retirement tax
calculator will show you what your current retirement tax bill
looks like. It's simple, it's fast, and it's free. Eight
three three Maggie Tax and Chris, I know you want
to talk about a few things. So what would you
(12:17):
like to talk about? Now?
Speaker 3 (12:18):
Well, that's just it. You know, we tell everyone to
go to our website. Why because you need to know
what your retirement tax bill is and in thirty seconds
we can tell you. Think about this. Do you have
an IRA, do you have a Form one K, do
you have a TSP? If your federal a thrift savings plan?
You know many people out there have accounts that are
growing tax deferred. What does that mean? That means you
pay tax later. You get a tax deduction today on
(12:41):
those amounts that you put away, but in the future
it's all taxable. So we've seen huge iras that are
just big tax time bombs ready to explode with taxes
and with the regulations. You know that we hear each
and every day that are going on, the rumors and whatever.
We are in a tax increasing error, So what are
(13:02):
we doing about it? So leads us to a lot
of different things. When you go to our website. We
had a client that came in, went to our website,
looked at the retirement tax bill. They said, we need
to meet with you as soon as possible. So they
came on in, we scheduled an apployment, came on in,
met with us, and you know that what was on
his mind.
Speaker 2 (13:21):
His biggest question was how do I reduce my taxes?
In the advantage here is when we do tax planning,
all of you know that you have going to take
a requirementium distribution at age seventy two, so he's sixty
four years old. He basically has what eight years to
do some planning to reduce his taxes. So when we
showed him the retirement tax police said guys, what do
(13:43):
I do? And basely, what we did is we explained
him that we could put it into a strategy that
we use that he could put in every year, still
keep his taxes low, but now have tax free retirement,
tax free income and not worry about Uncle Sam and
the required minimum distribution.
Speaker 4 (13:56):
So here's what we did.
Speaker 3 (13:57):
He had eight hundred thousand dollars in his IRA, and
we asked do you ever need the money? And he
said no, I just pretty much just want to leave
it to my wife and to my kids. So he
said okay, We said, well, why don't you leverage that
amount of money? What does he mean by leveraging it? Well,
we can turn that eight hundred thousand dollars into a
lot of money tax free by using OPM, other people's money,
(14:19):
or even Uncle Sam. We can use the strategies and
have Uncle Sam pay the tax. How do we go
about doing that, Well, let's talk about it. So he
had eight hundred thousand dollars IRA and we showed him
what his taxes are going to be in the future,
the retirement Tax Bill. So we did the math, and
he's going to owe about two hundred and thirty thousand
dollars in tax. And so we said, hey, do you
(14:41):
want to rip off the band aid, pay the tax,
and get free from taxes forever and ever? And he said,
you know what, I liked the idea, but I don't
want to go ahead and pay two hundred and thirty
thousands the United States Treasury. So we said, all right,
no problem. What other options do you have? So let's
do this strategically. So what we did was we designed
the bucket where we can go ahead and fund it
over time. As my dad mentioned, he's sixty four years old,
(15:03):
so he has eight years until he has to start
taking money out at seventy two, called the requirement of distribution,
So we have eight years to get money out. So
what we did was we created a bucket where it's
gonna build cash value over time. It's gonna have a
lot of cash. So we're gonna take thirty thousand dollars
out each and every year pay the tax. Now, the
cool thing about this is that he's getting solid security
(15:25):
him and his wife. When we did the mock tax return,
guess what, he's only gonna pay fifteen hundred dollars in tax,
So he's gonna take thirty thousand dollars out, he's gonna
pay fifteen hundred dollars in tax, and he's still gonna
get all the Social Security benefits because that's what he's
living off of. Oh, they are living off of. So
we took the remaining amount of money. We created a
bucket for over the next eight years, it's gonna build
(15:47):
cash value, meaning that if the market goes up, he's
gonna get gains, but if it goes down, he's not
gonna lose anything. So we protected his money. Number two,
he also has a death benefit five hundred thousand dollars
death benefits, so forbid he passes away, gets what's going
to go to his wife income tax free five hundred
thousand plus the value the IRA. But more importantly, what's
(16:09):
really unique about this. He can access the death benefit.
He doesn't have to die to get it. He can
use as a living benefit. So we can use that
as a living benefit to pay for long term care,
for home health care, whatever options he needs in the future.
He has the ability to do. So he sat back
and he said, that's what I want. I can get
money out of the infected area with tax I can
(16:31):
create a tax free bucket and have all those benefits.
How come no one has shown me that before?
Speaker 2 (16:37):
Well, because of what we talked about before. If it's
an insurance agent, they're not going to talk about it,
a broker's not going to talk about it. But an
investment advisor rep of fiduciary will and what we did
here for him, and this is the big question. We've
done this for many is take the gorilla out of
the room. Because if you have a big tax bill,
you have to take the risk off the table also.
And when you do that, you know, how do you
(16:58):
feel about taxes in the future, folks, We're going to
be hit with a big tax increase. So when we
talk about tax planning and the retirement tax bill, come
in and let's just have a conversation. Because once you
get it, like Chris just explained to this client, then
it's easy to understand, simple and easy to understand. You know,
talk about inflation, well we can beat that. How do
(17:20):
you feel about the government regulations and legislate your risk?
Legislate your risk. I'll say that again, because this is
what's going to happen the next three months or the
next two years or whatever, because it's going to be
legislature risk. Because it's written in pencil, they can change
their rules. But we want to show you how to
take advantage of those to bring the tax down. Like
Chris mentioned, have tax free income. And one more thing, Chris,
(17:43):
when you talked about the death benefit, that's insurance on
your IRA tax free? Who's doing that?
Speaker 3 (17:49):
Who has insurance on their IRA? Who has insurance on
their Form one K? Who has insurance on their thrift
savings plan or their four h three via A four
to fifty seventh plan? Do you have insurance on it?
You mean, well, we can show you how to do that.
So pick up the phone, schedule time to meet with
us A three three Magi tax. Visit our website at
Maggi tax dot com and we can show you how
(18:10):
to get that money out that's infected with taxes to
forever non taxable accounts. How would you want to live
in an environment where who cares? If they raise taxes,
you're not going to be affected. So pick up the phone,
schedule time to meet with us eight three three Maggie tax.
That's a three to three Maggie tax I.
Speaker 2 (18:28):
Remember go to our website, Maggie Tax dot com. Your
tax bill in retirement could be a lot larger than
most of you think, and the first step is to
lowering your retirement is to know what it is. We
can help, so in thirty seconds our free retirement tax calculator,
it's going to show you what your current retirement tax
bill looks like. Maggie Tax dot Com. Give us a
call eight three to three Magi Tax, and don't forget.
(18:50):
Every Sunday on ABC at ten thirty, tune into the
Magi Tax and Financial Show again. That's eight three to
three Maggie Tax. 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 Ggi
tax dot Com. Or call eight one three three two
(19:26):
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.
Speaker 2 (19:40):
Maggie, welcome back and thanks for joining us today. You're
listening to the Maggie Tax and Financial Show. Don't forget
Every Sunday tomorrow at ten thirty am on ABC TV.
Tune into the Maggie Tax and Financial Show. And again,
most importantly, visit our website Maggie tax dot com. Why
because on a top right we have the retirement calculator.
So if you'll concern about your taxes in retirement, click
(20:02):
on that button. In thirty seconds, we can tell you
what your retirement tax bill is going to be, and
then you could start doing some tax planning. Number two,
we have upcoming seminars every month on taxes, social security,
on everything that we do here. So go to the
website up on the top, it says upcoming seminars. Click
on it. You'll see the dates and the locations and
if you have time, registering and come on out. And
(20:22):
the other thing. Many of you are listening to our
show and have questions. We have a chat box. Click
on the chat box and ask the question and we
can help you out. Now, Chris mentioned something before, I
just want to touch on it, because when everyone comes
into our office, we ask him why are you here, okay,
and they tell us because maybe your taxes or we're
not sure about our advisor. But Chris, you mentioned one
thing before you asked the gentleman, is safety important to you?
(20:46):
Just elaborate on that question with this client, because it
took you in a total different direction, and even took
him in a direction.
Speaker 4 (20:53):
That's exactly right.
Speaker 3 (20:54):
And a client that came in last week and he's
got over two million bucks and the number is not
important to but the fact of the matter is is
when we asked him that question, it does make sense
because we asked him, a safety of your money important
to you? And guess what he said? He said absolutely?
At this age it is so he had all his
papers all over my desk and I'm looking at them,
(21:16):
and he had a variable annuity here, a mutual fund here,
a four one k here, he had a stock portfolio there,
and I looked at everything and I said it again,
a safety of your money important to you? And he
said absolutely? And I said, well, you're all you're in risk.
All your money is in risk. And he said, I know,
but I don't know how or what to do with it.
(21:39):
He said, I just been trained for years to put
money away, and I just did what everyone else was doing,
and I put the money in a four one K
and I got an advisor who just deals with stocks
and I and I put money with this insurance guy
and he deals with variable annuities, and that's that's what
I did. So it was more like a he just
told us a story. It was great, but he said,
(22:00):
that's why I'm here. I want a plan. I want
to create something because I know I can't keep doing
what I'm doing. If if the market goes down and
the volatility is the way it is, I will not
have what I have on this on this desktop.
Speaker 2 (22:15):
Stop you got to stop here. My heart is bubbling
right here. The thing that what Chris just said, and
this is for many of you, and you'll understand. You
are going by the old rules of retirement. They're old,
they don't work. So we want to teach you the
new rules of retirement. We have a book that we wrote,
New rules of Retirement. I can send it to all
of you in an email if you want. I'll be
(22:35):
glad to let you read it. Because as Chris and
I go through the show and through the TV show,
we talk about bucket planning and most of the people
that we talk to and Chrystal agree, they don't know
what bucket planning is. It's a pile of money. It's
putting your money in variables, it's putting your money in
mutual funds and stocks. Where's the plan, where's the income plan,
where's the tax plan, where's the investment plan? And, like
(22:56):
Chris said, it's an old advisor who just gives you
the same thing. Because we're taught to stay in the
same line with everybody. Chris mentions about being with the herd.
You don't have to. You can get off the exit
and go in a different direction. And folks, I don't know.
I'm passionate about that. So it was my son because
we see this every day. I've been doing this for
a long time, been in this business thirty years, and
(23:16):
I'm sick and tired of seeing people sold something that
they don't understand. And Chris, that's the language again. And
you know, I get upset because I'm older than you,
but I see this every day. You've been doing this
for over twenty years with me. You see it every day,
and you're a young guy. It's got to bother you
for the young people as well as the older people.
Am I right or wrong?
Speaker 1 (23:34):
Now?
Speaker 4 (23:34):
That's just it.
Speaker 3 (23:35):
I mean, you don't know what you don't know, and
all the respect A lot of people listening today are
older than I am. But you know, the education is
so important that we can deliver to you so you
can make a sound decision. So you now can know
about what you have. You can know it and you
can feel confident. That's what builds clarity and confidence moving
forward in retirement, and that's why you can be happy
(23:57):
during retirement. You don't have to worry about these ups
and down the volatility. So you know, where is it
printed that you have to lose twenty thirty forty percent
in the market. Where is it written that that's what
you have to do? And the truth is it's not
written anywhere. You don't have to be there if you
don't want to. You know, let's discuss what this means,
because there are poor choices out there. Many of you
(24:19):
contribute to your form one case or iras without determining
if you're receiving a worthwhile upfront tax deduction. You know,
a lot of people talk about by term and invest
the difference. But when you do that, do you really
understand what they're saying? Do you understand what that means?
You know, many people out there are on the radio,
many people out there are on TV. But guess what
are they really delivering the right message? Are they just
(24:41):
selling a product? You here on TV all the time
by gold in your IRA, by gold in your IRA?
Speaker 4 (24:46):
Is that what you need to do? That's a transactional advisor, Chris,
it's not a plan. It's not a plan, you know.
Speaker 2 (24:51):
And again the language that we talk about and trying
to teach everyone on the radio show, in TV for years.
We know this because we see this every day. And
here's another one, use tax deferral to reduce income taxes.
Now you know life insurances allows the investment. And all
of these are ridiculously inaccurate statements because what Chris mentioned before,
you have a transactional advice that's going to sell you
(25:12):
a stock bond and mutual fund doesn't talk about anything else.
You have an insurance guy that's just going to sell
you one product, doesn't talk about anything else. And then
you have a fiduciary like Maggie Investments, who are talking
about income planning, tax planning, investment planning, and how it
pertains to you to your situation because the government tells
you thousands and thousands of times that they are true,
(25:32):
and you begin to believe them. You know, tax deferral, Well,
you all know that in two years the tax cuts
are going to expire and it's going to go up
at least three percent. On my website, I have is
a spot there for retirement calculator. Now they're extending the
R and D. Chris was seventy two. Excuse me, it
was seventy and a half. And then they bumped at
the seventy two and a lot of people didn't know that,
(25:54):
and now you just found out that they're going to
bump at seventy three. So here's what they're doing. If
you understand what we're trying to talk about the language,
they're pushing it out so you don't have to take
the requirementimum distribution and get a higher tax. What they're
telling you is do some planning, do some planning, and
get that money out now at a low tax bracket,
which we can explain to you from a tax standpoint,
(26:16):
and then later on have what Chris, tax free money.
Speaker 3 (26:19):
As you said, over the past year, we've had more
clients I've ever had before want to talk about or
entertain roth conversions and very adamant about doing it. And
we have clients that come in just want to rip
off the band aid and just convert money from iras
which is infected with taxes, to tax free money. They
want to know how to go about doing that. So
(26:39):
I want to do it strategically. That's why we put
together a plan. So when we look at this whole thing,
it's about you. It's about your plan. What's your plan,
Not your neighbors, not your brothers or your sisters down
the street, it's your plan. Every situation a little different.
Are you looking for income, Well, we can give you
income the most tax efficient way. We can have a
guaranteed pension plan, your family guaranteed pension plan. You don't
(27:03):
have to work for a company for twenty years and
retire with them. You don't have to. You could take
what you have and design your own family pension. What
about the investments? What about managed portfolios? Do you have
a purpose with your accounts? Do you have a buffer's
strategy to protect you on the downside? What are you
invested in do you know? Do you really know? That's
(27:23):
what we're discussing here. So when you come in to
meet with us, we're gonna teach you, We're gonna educate you.
We're gonna first show you what you have and if
you got something good, great, we'll keep it. But if
you don't, maybe you want some options. And that's where
we're going with this. Because the cliente came in safety
of his money's important to him. But guess what, he's
one hundred percent in risk. He doesn't want to be there.
But also he just doesn't know how to get to
(27:44):
the other side, and we can show him.
Speaker 2 (27:46):
So if you're listening, let me talk about some of
the things that we do to kind of help you
out here. The question we ask is how can we
help you? You know, what keeps you up at night?
What's that big you know gorilla in the room? What
are you doing about it? Is the question. The first
thing you should do is give you to call eight
three to three Magi tax. Let's discuss the Maggie plan.
Let's discuss the complete plan. So where do we go
(28:06):
from here? It's easy pick up the phone eight three
to three, Maggie tax. And here's another thing. Chris talked
about it before. Has anyone ever done a beneficiary review
for you? We get people coming in and say that
parents just passed away and guess what they did no planning.
Now it's time for them to do the planning. Do
you have what we call a complete plan or an
incomplete plan? And Chris, I have to tell you. When
I tell people this, they get offended by what do
(28:29):
you mean? I have an incomplete plan? And I'm not
trying to be funnyet, but you do. You don't have
an income plan, you don't have a tax plan, you
don't have an investment plan where like Chris just talked
about how much money do you want to lose? It's
not written where you have to lose twenty thirty, forty
percent nowhere. I have books all over my office. I
read a lot. I don't see that anywhere. Chris to you,
it's funny, it's just not working that way.
Speaker 3 (28:50):
But you don't have to do that. And then remember
we live in a yoyo economy. That means you're on
your own. Just because the majority of you follow the herd,
it does not mean that you have to. We all
know that we tell our kids, right, you don't have
to follow Johnny down the street. Right, we have to
do that, but we do. But you don't have to,
especially in retirement, because this is your money. And that's
(29:13):
why many people say, well, get to a million box,
then you can retire. Well, I have clients that don't
have a million box. That's fine. They have two hundred
thousand dollars and they're retired and they enjoying the buckets
of money that are generating the income because that's what
they want. So again, where are you? What do you
want to do? Do you want to maximize income? Do
(29:33):
you want to maximize your estate income tax free? Do
you want to advance tax planning strategy to reduce your taxes?
Speaker 4 (29:40):
Well we can help.
Speaker 3 (29:41):
What about creating a tax deduction so you can take
more out of your IRA and convert it to a
roth IRA and pay less tax. Would you just say, well,
that's what I'm talking about. Those are advanced tax planning
strategies that you're CPA, you're broker, your advisor, they're not
even talking to you about this. There are strategies out
(30:01):
there that you can take advantage of to accomplish what
you're looking for It's very simple, pick up the phone,
schedule time to meet with us eight three three Maggie Tax.
Speaker 2 (30:11):
So visit Maggie Tax dot com. We gave you some
reasons why. Click on the retirement calculator up top. I
don't think anyone's doing this and anyone talking about it
right now retirement calculator and in thirty seconds we can
tell you what your retirement tax bill is going to be.
Look for this upcoming seminars we do it on taxes
and social Security. Look for the location near you. Register
and come out and see us for an hour an
(30:32):
hour and a half. And then don't forget we have
the chat box on our site, Maggie Tax dot com.
Put a question in, We're going to respond, We're going
to answer, and then we can set up a time
to meet with us eight three to three Maggie Tax.
And be sure to watch our TV show every Sunday
at ten thirty am on ABC TV and learn about
all the information we're talking about. Folks, it's the language.
(30:52):
If you don't understand that, we can help. And remember
we have offices on both sides of the Bay. We
have one in Tampa Palm Harbor and CP so pick
up the phone own eight three to three Maggie Tax.
I'm sure to visit our website, Maggie Tax dot Com.
Eight three three Maggie 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
Maggi tax dot com. Or call eight one three three
(31:30):
two two twenty five twenty. That's eight one three three
two two twenty five twenty. Now your host for the
Maggie Tax and Financial Hour, father and son from Maggie
Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 3 (31:45):
Welcome back to the Maggie Tax and Financial Show, and
thank you so much for tuning in today. And we've
been talking about investment debt and getting out of debt
in a good way. Many people think about credit cards,
but I'm not talking about that. I'm talking about the
investment debt that you have on all your time accounts.
And think about this. You have iras forum on ks
Thrift savings plans four O three b's four fifty seven plans.
Speaker 4 (32:07):
Guess what?
Speaker 3 (32:08):
Those accounts are infected with taxes. And if you're infected
with something, it's not a good thing, right, So, if
your retirement accounts are infected with taxes, that means you
have an unknown question mark tax rate that has to
come out. You have a debt to the irs when
you start taking distributions, and many people don't know that.
They look at their statements each and every month and
(32:30):
they say, oh my gosh, it's up ten grand, it's
down ten it's up thirty thousand, it's up forty thousand.
It's doing great. But guess what when you start taking
a distribution, it's taxable, So what are you doing about it.
That's the planning that comes into play that has to
be there in your retirement to make sure you have
a solid plan. And if you don't have a plan,
when you're talking about taxes and investments and income, you
(32:52):
need to pick up the phone and schedule time to
meet with us eight three to three magi tax. That's
eight three to three magi tax.
Speaker 2 (32:58):
And when you put a plan together, you're talking about
putting a tax plan, an income plan, an investment plan,
an insurance plan. So how can you do it in
an efficient way so that you're not shooting yourself in
the foot while you're going to try to go tax
for you have to pay the taxes first period. So
what we're going to show you is the least amount
of taxes and then it's not going to be a
hard decision for you to make because if you have
(33:20):
the cash and we can do it from there, you
do it now so that later on you don't have
this big tax.
Speaker 4 (33:24):
Now, that's it.
Speaker 3 (33:24):
Let's talk about that. So when someone comes in, what
are we going to do? Well, we understand taxes obviously,
So what we can do is show you right there,
will show you what your current tax return looks like.
Then we'll break it down and we'll show you what
if we converted twenty thousand or fifty thousand from an
IRA to a wroth. Well, you have to pay the
tax to get there, right, So we understand that we're
talking about buying out the irs. Let's do that at
(33:46):
a cheaper rate as opposed to later on where it's
very expensive. So we can show you to you and
we can break this down and we can sit down
and show that the tax turn will look like. And
you say, I like that strategy. I like that strategy,
but I don't like the other strategy.
Speaker 4 (34:00):
That's fine. This is your money.
Speaker 3 (34:02):
We can put together a plan and show you options
that can can you can own and feel good about
it because when you start building a tax free bucket,
what you have done is you eliminated Uncle Sam and
my dad talked about putting your retirement plan in pencil. Well,
let's put it in pen where it's permanent, where you
know that you don't have to pay taxes forever and.
Speaker 4 (34:24):
Ever and ever and ever again.
Speaker 3 (34:26):
Now many people don't have that ability, but you can
if you come meet with us, because we'll show you
ways to create a tax deduction. We'll show you ways
to get the money out in the most tax efficient way.
Eight three to three magi tax will go through that
for you. Schedule time to meet with us, you'll meet
with us eight three to three magi tax.
Speaker 2 (34:42):
So here's how one of the ideas works. The goal
is we're going to start with your retirement account because
that's the one that's taxed the most. So we use
and just use this for concept because when you come
in we'll explain it. But we use a five year
conversion period and at the end of this time period
in which we do the series of structured could versions.
We call them structure because what Chris just said, will
(35:03):
take out certain amount one year, certain amount the second
year from a tax return, where we convert the money
over to a roth ira and basically the goal is
that you want to have at least the same amount
as you started with. Let me repeat that. So if
you have five hundred thousand now over the next five years,
when you start converting, we have to use an investment
vehicle that's going to get you back to where you
(35:23):
were five years ago. And that's how we do bucket planning.
So take a second and explain how that works. Because
it's three buckets that we use to get there.
Speaker 4 (35:31):
That's it. So let's just give an example.
Speaker 3 (35:33):
What if we had three buckets and you have one
hundred thousand dollars, Well, what if you put twenty thousand
dollars in bucket one, and we put thirty thousand in
bucket two, and fifty thousand and bucket three. Well, what
we're designing here is an income plan. So that first
bucket a bucket one of twenty grand Let's give you
income off of that for the next five years guaranteed.
But that in five years is going to go down
(35:54):
to zero. And many people say, oh my gosh, I
don't want my account to go down to zero. Well,
just bucket one is, but what about bucketing two and
bucket three. So when bucket one is given you income,
bucket two and three you're growing and guess what, Now
you have just as much if not more income and
value there. But now what after five years? Now you
turn on bucket two. So now bucket two gives you
(36:15):
guaranteed income for life. But now that goes down the
zero after five years. Then you might start thinking, well,
I have no money. No, you forgot about bucket three.
Bucket three grows back to where you started originally, and
you could do it all over again. So that's when
we start talking about bucket planning and income planning, where
you can have income and you don't run out of money.
You live off of the interest, and you live it
(36:37):
off of the way where you can create it. Where
you have buckets doing different things with different strategies that
you're protected and diversified in a lot of different ways.
That's income planning right now. What about tax planning, Well,
we use the same concept where we can get money
that's infected with taxes, eliminate Uncle Sam and create a
tax free bucket. So now you don't have to worry
(36:58):
about paying Uncle Sam ever and ever and ever again.
So who cares what an amount, what tax rates are
going to be? Who cares if tax rates go up?
It doesn't matter to clients of ours who have tax
free buckets because they don't have to worry about it.
That's where your retirement plan is written in pen instead
of pencil.
Speaker 2 (37:17):
So what you want to do is call my office
eight three three Maggie Tax and tell them you want
to do this. We're going to tell you what it is.
It's called a strategic rollout. It's called a strategic rollout
and bucket planning. And if your advisor's not talking about this,
then you know, shame on them. They're not giving you
the whole story. And you're going to have a tax
free rough account, which Chris said, you're going to have
paid all the taxes over five or ten year period
(37:39):
at the lowest amount, and you're going to have tax
free income. How good is that?
Speaker 3 (37:43):
So?
Speaker 2 (37:43):
By the time that we're done, you probably have more
than what you started with.
Speaker 3 (37:47):
And one more thing. You're going to eliminate Uncle Sam.
Who wants to eliminate Uncle Sam. Well, if I can
eliminate the person who's causing taxes, guess what, that's a
great feeling to have.
Speaker 2 (37:57):
And it's it's kind of funny because when we show
this to people, it's shocking and they always say, well,
I've never heard this before. What's because your advisor doesn't
talk about taxes, doesn't talk about income planning, talk about
you know, retirement planning, talk about IRA, R M d
S and how it's going to affect everything that you do.
Eight three three Maggie Tax. I hope today was helpful
to you getting out of debt to the irs. It's
(38:18):
going to be here for a long time. You need
to do something about it. Eight three three Magie Tax.
Visit our website Maggie tax dot com, click on seminars
and register for the seminar These at the library. They're educational.
We talk about everything. A three three Maggie Tax and
visit our website Maggie Tax dot com. You're listening to
the Maggie Tax and Financial show eight three three Magie Tax.
Speaker 1 (38:43):
You've been listening to The Maggie Tax and Financial Hour
discussing tax planning investment strategy is presented by Robert and
Chris Maggie from Maggie Tax Advisory and Financial Services with
offices in Hillsboro and Panelas County. Visit Maggie Tax dot
com or call eight one three three two two twenty
five twenty. That's eight one three three two two twenty
(39:05):
five twenty and tune in next Saturday at five for
the Maggie Tax and Financial Hour
All these years you've saved up planning for a secure retirement,
but if you're not careful, it will be the irs
that's living it up when you retire by taxing your
hard earned money. Welcome to the Maggie Tax and Financial
Hour with Robert and Chris Maggie of Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
in tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie
Tax dot Com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:53):
Welcome everyone to the Maggie Tax and Financial Show. My
name is Robert Maggie. I'm here with Chris Maggie and
today we're going to be talking about taxes and some
income planning and Chris I know you have a lot
to talk about, so let's get the show started.
Speaker 3 (01:05):
Welcome everyone, and thank you so much for tuning in,
and we appreciate you listening today and each.
Speaker 4 (01:09):
And every week.
Speaker 3 (01:10):
We love doing what we do because you need to
get educated. You know, when's the last class you had
on how to put together an income plan or an
investment plan or a tax plan. Many people have questions
each and every day and they just don't know what
to do. So if you listen today, pick up the phone,
schedule time to meet with us. We have office on
both sides of the Bay to help you. Visit our
website at Maggie Tax dot com. That's m A G
(01:30):
G I T a X dot com. And don't forget
Every Sunday on ABC TV at ten thirty am, tune
into the Maggie Tax and Financial Show on TV. But
let's talk about a lot of things today. My gosh,
there's so much to discuss because we're going to talk
about tax drag.
Speaker 4 (01:47):
So what's tax drag?
Speaker 2 (01:49):
Tax drag? What is tax drag? Well, I believe tax
drag is real, and many of you out there are
going to understand and agree why I believe tax drag
can cause losses in all of your portfolios. I believe
many advisors do not discuss tax planning like we do
with every client at Maggie Tax and at Maggie Tax,
we design and build plans that help mitigate tax drag.
(02:11):
Think about that. Mitigate tax drag? Is your advisor doing that?
But I also believe that many of you listening today
have what we call chris an incomplete plan and part
of it and pretty much most of it is because
of taxes.
Speaker 3 (02:24):
Well, let's just say, you know, think about it. Most
advisors don't talk about taxes. Well, taxes are your biggest
expense and it's there for you. Yeah, we have investments,
Yeah we have piles of money, but what are you
doing with it? How are you putting it all together?
And that's why Maggie Tax Advisor in financial Group, we
do complete planning. You know, we've got tax planning, we
got income planning, we got investment planning. We do a
(02:44):
state planning with attorneys that we work with. So there's
a lot that we do to help you. So pick
up the phone, schedule time to meet with us today.
You know, the Trump tax cuts expire in a couple
of years, What are you doing about it? What's your
future tax strategy? What does that look like? What's your
tax plan? So we can to help you today. So
let's talk about tax drag and really define what it is.
Speaker 2 (03:04):
Okay, so first let's define tax drag and what tax
drig is is the reduction of your portfolios annualize return
due to the tax liability triggered by distributions and capital
gains in a non qualified account. And always remember taxes
have to be paid first, So when you get your
income or you do your tax return, it's based on
(03:25):
your income and then you're going to have whatever tax
brackets you're in. But the textbook solution to tax drag
tends to be using tax shelters like four to one
ks and iras tax deferred vehicles prevent taxation on those
funds come April fifteenth each year. So many of you
that have a tax deferred account like a four to
one K four or three b IRA, that's a tax
(03:46):
deferred and Chris, the problem is that when they start
taking the distributions out, it changes the return on what
they think they have because the taxes bring it down.
Is that a simple way to explain.
Speaker 3 (03:58):
It yeah, we think about it. I mean, you have
a five hundred dollars dollars qualified account. It could be
a four one K a TSP if you're federal, a
four to oh three B a four to oh one
K traditional. Guess what tax deferral means that all the
gains grow tax deferred. Deferred means that you don't pay
it until the future. So if you take your five
hundred thousand dollars retirement account now grows a seven hundred
(04:18):
and fifty thousand, well, you delayed the tax. So deferred
means delayed the tax.
Speaker 4 (04:23):
Right.
Speaker 3 (04:23):
So when you start taking a distribution, what people don't
realize is what their future tax brackets are going to be.
And you add your other income into this, you might
be in a higher tax bracket. So when you take
that money out, guess what You create a taxable event
at a much higher rate, which drags down your account
because of the tax.
Speaker 2 (04:42):
Well that's well said. Drag the account down and think
about this for a second. We have the retirement calculator
that we offer on our website. Just go to maggietax
dot com click on the retirement calculator. What we're talking
about here is you will see what the tax drig
is on your IRA, your four oh one K, your
four three B, and then start planning on it because
there are ways to reduce those taxes if you do
(05:04):
proper tax planning. And yeah, you can be more active
trader of securities within a tax deferred account knowing there
will be no short term tax consequences for those trades.
But that's fine. But when it comes Chris to the
bottom line and they have to start taking the distributions
and they put it on the tax return, it makes
a big difference on what they have for distributions moving forward.
Speaker 3 (05:23):
Well, yeah, you're totally right, and most people are not
thinking about and that's tax planning with investment planning, right,
So when you take a distribution, how much is it
going to be taxed? How much do you need each
and every month? So when we look at complete planning,
taxes make a huge gosh, they're just a huge derailment
of your future income. So what we talk about is
(05:46):
how do you get accounts out of a taxable environment
into a tax free environment so you don't have to
worry about future tax rates and what they're going to
be when you need the money, Whether it's now or
in the future.
Speaker 2 (05:58):
Well, let me ask all of you a question with
what he just said, how would you like to reduce
or eliminate your estate taxes, pay no capital gains tax,
and receive more guaranteed income over your lifetime? And that's
what we're talking about tax planning. So if you're not
doing anything about your iras and your four to one
k's in deferred accounts, and you don't understand tax drag,
(06:19):
trust me, when you do your tax return, it's going
to hit. But we all know that tax deferral in
a IRA of four to one k doesn't happen forever.
So there's a question that we need to explore. Does
tax deferral in itself create its own form of tax
drag and the traditional approach to addressing tax dreg may
actually create more tax dreg in a long term. So
(06:41):
with that in mind, let's do somemanth We're going to
talk about a simple account and Chris and I am
going to look at taxable accounts, tax deferred accounts, and
tax free accounts and then look at the impact of
taxes on each. So ask yourself this question, what do
you have, what kind of account do you have a
tax deferred account, do you have a tax free account?
And then yah, let's see what the impact of taxes
(07:01):
on each one. That's gonna look like chrysal Let me.
Speaker 3 (07:03):
Stop you right there, because a lot of people out
there might not know what they have right so we
see this each and every day, and that's why it's
so important to pick up the phone schedule time to
meet with us, because when you're come in to meet
with us, we're gonna educate you on what you have.
We're gonna put together a balance sheet and make it
simple for You're going to show you what's qualified, what's taxable,
what types of accounts do you have right now? Are
growing tax deferred? And you might be an aye, you
(07:25):
might be like, oh my gosh, I didn't know it
was that much. Or you might be on the other
side where you have non qualified accounts or tax free
accounts and you might not know it, or a combination
of all the three. So it's so important right now
and it's crucial to understand what you have, and when
you're come in to meet with us, we'll put that
together for you. You don't have to worry about it. That's
why we can put together a plan to help you.
(07:46):
And once we do that, then you'll see and you'll know, oh,
my gosh, I got twenty percent of my money that's
tax free. I got eighty percent of my money that's taxable,
and I got maybe ten years to get that money out.
Speaker 4 (07:57):
How do I do it?
Speaker 3 (07:58):
Well, we can show you strategies. My dad was mentioning before,
some charitable leveraging strategies, some ways to reduce your taxes.
There are strategies, there are advanced planning strategies that you
can take advantage of to lower your taxes, will possibly
eliminate some of the capital gains tax. And that's why
when you come to meet with us, we'll put together
a tax plan, an income plan, an investment plan, and
(08:20):
a state plan. Will do the Maggie plan. That's what
we do. So schedule time to meet with us, pick
up the phone, write this number down eight three three
Maggie Tax.
Speaker 2 (08:28):
And one more thing that's important about what we're talking
about is the language and what you understand it to be.
And Chris mentioned before, how many of you know what
tax deferred accounts you have? How many of you know
what's taxable and what's not taxable. This is important because
you know, we talk about language and understanding what we're
trying to teach you, because when you sit with us
(08:49):
and we go over the whole thing, you have to
understand it and feed it back to us and say, guys,
and I think I get it now and I didn't
know that, because that's what we hear all the time.
And there's nothing wrong with nothing wrong with saying that,
because look, we understand. We do this every single day. Okay,
you live your life every single day. You don't come
home and you know, do financial planning and read tax laws.
(09:12):
That's why we do what we do. That's why we're
a complete advisor. I mentioned it before. Many of you
out there have an incomplete plan. And when we do
the seminars, Chris and I sit in front of fifty
people and I tell them they have an incomplete plan.
Their eyes look at me like, what did you say?
So the truth is you do. You do have an
incomplete plan, and you have to start thinking about what
(09:32):
Chris and I are talking about today, tax drag. Write
it down. You're not gonna remember every word we say,
but that's important. We'll talk about that when you come in.
Speaker 3 (09:40):
Absolutely and that's why when you come in to meet
with us, we'll put together plan. We'll put together plan
to help you. And you know, we retire each and
every day. You retire once and when you start thinking
about that, you know, that's how we help our clients.
We understand what retirement looks like. We understand how to
get there. We understand what it looks like as far
as a tax side of it, the investment side of it,
the guaranteed income strategies, and how to go about doing so.
(10:00):
If you have highly appreciated assets, if you have a
tax problem, as far as how do I get my
money out of a taxable environment to tax free strategies
roth conversions, we can help you.
Speaker 4 (10:11):
We can show you is it right for you? Is
it not?
Speaker 3 (10:14):
Many people out there come in and they say, well,
my advisor told me to convert the money.
Speaker 4 (10:17):
Well, it might not be the right strategy for you.
Do you want to know?
Speaker 3 (10:21):
I would, because why pay more unnecessary taxes you don't
have to. And that's why it's so important to get
a second opinion and get a review. So pick up
the phone, schedule time to meet with us. Eight three three,
Maggie Tax. We have office on both sides of the bay.
To help you, visit our website at Maggie Tax dot com.
Go to our website and on the top right hand
corner it's the retirement tax bomb. We can help you
(10:41):
defuse that big tax bomb. Eight three three Maggie Tax.
Pick up the phone, schedule time to meet with us.
Eight three three Maggie Tax. Get the Maggie Plan, tax planning,
income planning and state planning, investment planning, SOB security planning,
Maggie Tax dot com.
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 Ggi tax dot com or call eight one
(11:19):
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 (11:35):
Welcome back everyone and thanks for joining us. My name
is Robert Maggie and I'm here with my son, Chris Maggie.
Be sure to watch your TV show every Sunday at
ten thirty on ABC. And by the way, right after
that show, tune into our radio show on nine seventy
w FLA for more information. So we load you up
with good stuff and hope that helps you out. Give
us a call eight three three Maggie Tax, and visit
(11:56):
our website Maggie tax dot com because the first step
in lowering your tax bill is to know what yours
might be. So in thirty seconds, our free retirement tax
calculator will show you what your current retirement tax bill
looks like. It's simple, it's fast, and it's free. Eight
three three Maggie Tax and Chris, I know you want
to talk about a few things. So what would you
(12:17):
like to talk about? Now?
Speaker 3 (12:18):
Well, that's just it. You know, we tell everyone to
go to our website. Why because you need to know
what your retirement tax bill is and in thirty seconds
we can tell you. Think about this. Do you have
an IRA, do you have a Form one K, do
you have a TSP? If your federal a thrift savings plan?
You know many people out there have accounts that are
growing tax deferred. What does that mean? That means you
pay tax later. You get a tax deduction today on
(12:41):
those amounts that you put away, but in the future
it's all taxable. So we've seen huge iras that are
just big tax time bombs ready to explode with taxes
and with the regulations. You know that we hear each
and every day that are going on, the rumors and whatever.
We are in a tax increasing error, So what are
(13:02):
we doing about it? So leads us to a lot
of different things. When you go to our website. We
had a client that came in, went to our website,
looked at the retirement tax bill. They said, we need
to meet with you as soon as possible. So they
came on in, we scheduled an apployment, came on in,
met with us, and you know that what was on
his mind.
Speaker 2 (13:21):
His biggest question was how do I reduce my taxes?
In the advantage here is when we do tax planning,
all of you know that you have going to take
a requirementium distribution at age seventy two, so he's sixty
four years old. He basically has what eight years to
do some planning to reduce his taxes. So when we
showed him the retirement tax police said guys, what do
(13:43):
I do? And basely, what we did is we explained
him that we could put it into a strategy that
we use that he could put in every year, still
keep his taxes low, but now have tax free retirement,
tax free income and not worry about Uncle Sam and
the required minimum distribution.
Speaker 4 (13:56):
So here's what we did.
Speaker 3 (13:57):
He had eight hundred thousand dollars in his IRA, and
we asked do you ever need the money? And he
said no, I just pretty much just want to leave
it to my wife and to my kids. So he
said okay, We said, well, why don't you leverage that
amount of money? What does he mean by leveraging it? Well,
we can turn that eight hundred thousand dollars into a
lot of money tax free by using OPM, other people's money,
(14:19):
or even Uncle Sam. We can use the strategies and
have Uncle Sam pay the tax. How do we go
about doing that, Well, let's talk about it. So he
had eight hundred thousand dollars IRA and we showed him
what his taxes are going to be in the future,
the retirement Tax Bill. So we did the math, and
he's going to owe about two hundred and thirty thousand
dollars in tax. And so we said, hey, do you
(14:41):
want to rip off the band aid, pay the tax,
and get free from taxes forever and ever? And he said,
you know what, I liked the idea, but I don't
want to go ahead and pay two hundred and thirty
thousands the United States Treasury. So we said, all right,
no problem. What other options do you have? So let's
do this strategically. So what we did was we designed
the bucket where we can go ahead and fund it
over time. As my dad mentioned, he's sixty four years old,
(15:03):
so he has eight years until he has to start
taking money out at seventy two, called the requirement of distribution,
So we have eight years to get money out. So
what we did was we created a bucket where it's
gonna build cash value over time. It's gonna have a
lot of cash. So we're gonna take thirty thousand dollars
out each and every year pay the tax. Now, the
cool thing about this is that he's getting solid security
(15:25):
him and his wife. When we did the mock tax return,
guess what, he's only gonna pay fifteen hundred dollars in tax,
So he's gonna take thirty thousand dollars out, he's gonna
pay fifteen hundred dollars in tax, and he's still gonna
get all the Social Security benefits because that's what he's
living off of. Oh, they are living off of. So
we took the remaining amount of money. We created a
bucket for over the next eight years, it's gonna build
(15:47):
cash value, meaning that if the market goes up, he's
gonna get gains, but if it goes down, he's not
gonna lose anything. So we protected his money. Number two,
he also has a death benefit five hundred thousand dollars
death benefits, so forbid he passes away, gets what's going
to go to his wife income tax free five hundred
thousand plus the value the IRA. But more importantly, what's
(16:09):
really unique about this. He can access the death benefit.
He doesn't have to die to get it. He can
use as a living benefit. So we can use that
as a living benefit to pay for long term care,
for home health care, whatever options he needs in the future.
He has the ability to do. So he sat back
and he said, that's what I want. I can get
money out of the infected area with tax I can
(16:31):
create a tax free bucket and have all those benefits.
How come no one has shown me that before?
Speaker 2 (16:37):
Well, because of what we talked about before. If it's
an insurance agent, they're not going to talk about it,
a broker's not going to talk about it. But an
investment advisor rep of fiduciary will and what we did
here for him, and this is the big question. We've
done this for many is take the gorilla out of
the room. Because if you have a big tax bill,
you have to take the risk off the table also.
And when you do that, you know, how do you
(16:58):
feel about taxes in the future, folks, We're going to
be hit with a big tax increase. So when we
talk about tax planning and the retirement tax bill, come
in and let's just have a conversation. Because once you
get it, like Chris just explained to this client, then
it's easy to understand, simple and easy to understand. You know,
talk about inflation, well we can beat that. How do
(17:20):
you feel about the government regulations and legislate your risk?
Legislate your risk. I'll say that again, because this is
what's going to happen the next three months or the
next two years or whatever, because it's going to be
legislature risk. Because it's written in pencil, they can change
their rules. But we want to show you how to
take advantage of those to bring the tax down. Like
Chris mentioned, have tax free income. And one more thing, Chris,
(17:43):
when you talked about the death benefit, that's insurance on
your IRA tax free? Who's doing that?
Speaker 3 (17:49):
Who has insurance on their IRA? Who has insurance on
their Form one K? Who has insurance on their thrift
savings plan or their four h three via A four
to fifty seventh plan? Do you have insurance on it?
You mean, well, we can show you how to do that.
So pick up the phone, schedule time to meet with
us A three three Magi tax. Visit our website at
Maggi tax dot com and we can show you how
(18:10):
to get that money out that's infected with taxes to
forever non taxable accounts. How would you want to live
in an environment where who cares? If they raise taxes,
you're not going to be affected. So pick up the phone,
schedule time to meet with us eight three three Maggie tax.
That's a three to three Maggie tax I.
Speaker 2 (18:28):
Remember go to our website, Maggie Tax dot com. Your
tax bill in retirement could be a lot larger than
most of you think, and the first step is to
lowering your retirement is to know what it is. We
can help, so in thirty seconds our free retirement tax calculator,
it's going to show you what your current retirement tax
bill looks like. Maggie Tax dot Com. Give us a
call eight three to three Magi Tax, and don't forget.
(18:50):
Every Sunday on ABC at ten thirty, tune into the
Magi Tax and Financial Show again. That's eight three to
three Maggie Tax. 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 Ggi
tax dot Com. Or call eight one three three two
(19:26):
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.
Speaker 2 (19:40):
Maggie, welcome back and thanks for joining us today. You're
listening to the Maggie Tax and Financial Show. Don't forget
Every Sunday tomorrow at ten thirty am on ABC TV.
Tune into the Maggie Tax and Financial Show. And again,
most importantly, visit our website Maggie tax dot com. Why
because on a top right we have the retirement calculator.
So if you'll concern about your taxes in retirement, click
(20:02):
on that button. In thirty seconds, we can tell you
what your retirement tax bill is going to be, and
then you could start doing some tax planning. Number two,
we have upcoming seminars every month on taxes, social security,
on everything that we do here. So go to the
website up on the top, it says upcoming seminars. Click
on it. You'll see the dates and the locations and
if you have time, registering and come on out. And
(20:22):
the other thing. Many of you are listening to our
show and have questions. We have a chat box. Click
on the chat box and ask the question and we
can help you out. Now, Chris mentioned something before, I
just want to touch on it, because when everyone comes
into our office, we ask him why are you here, okay,
and they tell us because maybe your taxes or we're
not sure about our advisor. But Chris, you mentioned one
thing before you asked the gentleman, is safety important to you?
(20:46):
Just elaborate on that question with this client, because it
took you in a total different direction, and even took
him in a direction.
Speaker 4 (20:53):
That's exactly right.
Speaker 3 (20:54):
And a client that came in last week and he's
got over two million bucks and the number is not
important to but the fact of the matter is is
when we asked him that question, it does make sense
because we asked him, a safety of your money important
to you? And guess what he said? He said absolutely?
At this age it is so he had all his
papers all over my desk and I'm looking at them,
(21:16):
and he had a variable annuity here, a mutual fund here,
a four one k here, he had a stock portfolio there,
and I looked at everything and I said it again,
a safety of your money important to you? And he
said absolutely? And I said, well, you're all you're in risk.
All your money is in risk. And he said, I know,
but I don't know how or what to do with it.
(21:39):
He said, I just been trained for years to put
money away, and I just did what everyone else was doing,
and I put the money in a four one K
and I got an advisor who just deals with stocks
and I and I put money with this insurance guy
and he deals with variable annuities, and that's that's what
I did. So it was more like a he just
told us a story. It was great, but he said,
(22:00):
that's why I'm here. I want a plan. I want
to create something because I know I can't keep doing
what I'm doing. If if the market goes down and
the volatility is the way it is, I will not
have what I have on this on this desktop.
Speaker 2 (22:15):
Stop you got to stop here. My heart is bubbling
right here. The thing that what Chris just said, and
this is for many of you, and you'll understand. You
are going by the old rules of retirement. They're old,
they don't work. So we want to teach you the
new rules of retirement. We have a book that we wrote,
New rules of Retirement. I can send it to all
of you in an email if you want. I'll be
(22:35):
glad to let you read it. Because as Chris and
I go through the show and through the TV show,
we talk about bucket planning and most of the people
that we talk to and Chrystal agree, they don't know
what bucket planning is. It's a pile of money. It's
putting your money in variables, it's putting your money in
mutual funds and stocks. Where's the plan, where's the income plan,
where's the tax plan, where's the investment plan? And, like
(22:56):
Chris said, it's an old advisor who just gives you
the same thing. Because we're taught to stay in the
same line with everybody. Chris mentions about being with the herd.
You don't have to. You can get off the exit
and go in a different direction. And folks, I don't know.
I'm passionate about that. So it was my son because
we see this every day. I've been doing this for
a long time, been in this business thirty years, and
(23:16):
I'm sick and tired of seeing people sold something that
they don't understand. And Chris, that's the language again. And
you know, I get upset because I'm older than you,
but I see this every day. You've been doing this
for over twenty years with me. You see it every day,
and you're a young guy. It's got to bother you
for the young people as well as the older people.
Am I right or wrong?
Speaker 1 (23:34):
Now?
Speaker 4 (23:34):
That's just it.
Speaker 3 (23:35):
I mean, you don't know what you don't know, and
all the respect A lot of people listening today are
older than I am. But you know, the education is
so important that we can deliver to you so you
can make a sound decision. So you now can know
about what you have. You can know it and you
can feel confident. That's what builds clarity and confidence moving
forward in retirement, and that's why you can be happy
(23:57):
during retirement. You don't have to worry about these ups
and down the volatility. So you know, where is it
printed that you have to lose twenty thirty forty percent
in the market. Where is it written that that's what
you have to do? And the truth is it's not
written anywhere. You don't have to be there if you
don't want to. You know, let's discuss what this means,
because there are poor choices out there. Many of you
(24:19):
contribute to your form one case or iras without determining
if you're receiving a worthwhile upfront tax deduction. You know,
a lot of people talk about by term and invest
the difference. But when you do that, do you really
understand what they're saying? Do you understand what that means?
You know, many people out there are on the radio,
many people out there are on TV. But guess what
are they really delivering the right message? Are they just
(24:41):
selling a product? You here on TV all the time
by gold in your IRA, by gold in your IRA?
Speaker 4 (24:46):
Is that what you need to do? That's a transactional advisor, Chris,
it's not a plan. It's not a plan, you know.
Speaker 2 (24:51):
And again the language that we talk about and trying
to teach everyone on the radio show, in TV for years.
We know this because we see this every day. And
here's another one, use tax deferral to reduce income taxes.
Now you know life insurances allows the investment. And all
of these are ridiculously inaccurate statements because what Chris mentioned before,
you have a transactional advice that's going to sell you
(25:12):
a stock bond and mutual fund doesn't talk about anything else.
You have an insurance guy that's just going to sell
you one product, doesn't talk about anything else. And then
you have a fiduciary like Maggie Investments, who are talking
about income planning, tax planning, investment planning, and how it
pertains to you to your situation because the government tells
you thousands and thousands of times that they are true,
(25:32):
and you begin to believe them. You know, tax deferral, Well,
you all know that in two years the tax cuts
are going to expire and it's going to go up
at least three percent. On my website, I have is
a spot there for retirement calculator. Now they're extending the
R and D. Chris was seventy two. Excuse me, it
was seventy and a half. And then they bumped at
the seventy two and a lot of people didn't know that,
(25:54):
and now you just found out that they're going to
bump at seventy three. So here's what they're doing. If
you understand what we're trying to talk about the language,
they're pushing it out so you don't have to take
the requirementimum distribution and get a higher tax. What they're
telling you is do some planning, do some planning, and
get that money out now at a low tax bracket,
which we can explain to you from a tax standpoint,
(26:16):
and then later on have what Chris, tax free money.
Speaker 3 (26:19):
As you said, over the past year, we've had more
clients I've ever had before want to talk about or
entertain roth conversions and very adamant about doing it. And
we have clients that come in just want to rip
off the band aid and just convert money from iras
which is infected with taxes, to tax free money. They
want to know how to go about doing that. So
(26:39):
I want to do it strategically. That's why we put
together a plan. So when we look at this whole thing,
it's about you. It's about your plan. What's your plan,
Not your neighbors, not your brothers or your sisters down
the street, it's your plan. Every situation a little different.
Are you looking for income, Well, we can give you
income the most tax efficient way. We can have a
guaranteed pension plan, your family guaranteed pension plan. You don't
(27:03):
have to work for a company for twenty years and
retire with them. You don't have to. You could take
what you have and design your own family pension. What
about the investments? What about managed portfolios? Do you have
a purpose with your accounts? Do you have a buffer's
strategy to protect you on the downside? What are you
invested in do you know? Do you really know? That's
(27:23):
what we're discussing here. So when you come in to
meet with us, we're gonna teach you, We're gonna educate you.
We're gonna first show you what you have and if
you got something good, great, we'll keep it. But if
you don't, maybe you want some options. And that's where
we're going with this. Because the cliente came in safety
of his money's important to him. But guess what, he's
one hundred percent in risk. He doesn't want to be there.
But also he just doesn't know how to get to
(27:44):
the other side, and we can show him.
Speaker 2 (27:46):
So if you're listening, let me talk about some of
the things that we do to kind of help you
out here. The question we ask is how can we
help you? You know, what keeps you up at night?
What's that big you know gorilla in the room? What
are you doing about it? Is the question. The first
thing you should do is give you to call eight
three to three Magi tax. Let's discuss the Maggie plan.
Let's discuss the complete plan. So where do we go
(28:06):
from here? It's easy pick up the phone eight three
to three, Maggie tax. And here's another thing. Chris talked
about it before. Has anyone ever done a beneficiary review
for you? We get people coming in and say that
parents just passed away and guess what they did no planning.
Now it's time for them to do the planning. Do
you have what we call a complete plan or an
incomplete plan? And Chris, I have to tell you. When
I tell people this, they get offended by what do
(28:29):
you mean? I have an incomplete plan? And I'm not
trying to be funnyet, but you do. You don't have
an income plan, you don't have a tax plan, you
don't have an investment plan where like Chris just talked
about how much money do you want to lose? It's
not written where you have to lose twenty thirty, forty
percent nowhere. I have books all over my office. I
read a lot. I don't see that anywhere. Chris to you,
it's funny, it's just not working that way.
Speaker 3 (28:50):
But you don't have to do that. And then remember
we live in a yoyo economy. That means you're on
your own. Just because the majority of you follow the herd,
it does not mean that you have to. We all
know that we tell our kids, right, you don't have
to follow Johnny down the street. Right, we have to
do that, but we do. But you don't have to,
especially in retirement, because this is your money. And that's
(29:13):
why many people say, well, get to a million box,
then you can retire. Well, I have clients that don't
have a million box. That's fine. They have two hundred
thousand dollars and they're retired and they enjoying the buckets
of money that are generating the income because that's what
they want. So again, where are you? What do you
want to do? Do you want to maximize income? Do
(29:33):
you want to maximize your estate income tax free? Do
you want to advance tax planning strategy to reduce your taxes?
Speaker 4 (29:40):
Well we can help.
Speaker 3 (29:41):
What about creating a tax deduction so you can take
more out of your IRA and convert it to a
roth IRA and pay less tax. Would you just say, well,
that's what I'm talking about. Those are advanced tax planning
strategies that you're CPA, you're broker, your advisor, they're not
even talking to you about this. There are strategies out
(30:01):
there that you can take advantage of to accomplish what
you're looking for It's very simple, pick up the phone,
schedule time to meet with us eight three three Maggie Tax.
Speaker 2 (30:11):
So visit Maggie Tax dot com. We gave you some
reasons why. Click on the retirement calculator up top. I
don't think anyone's doing this and anyone talking about it
right now retirement calculator and in thirty seconds we can
tell you what your retirement tax bill is going to be.
Look for this upcoming seminars we do it on taxes
and social Security. Look for the location near you. Register
and come out and see us for an hour an
(30:32):
hour and a half. And then don't forget we have
the chat box on our site, Maggie Tax dot com.
Put a question in, We're going to respond, We're going
to answer, and then we can set up a time
to meet with us eight three to three Maggie Tax.
And be sure to watch our TV show every Sunday
at ten thirty am on ABC TV and learn about
all the information we're talking about. Folks, it's the language.
(30:52):
If you don't understand that, we can help. And remember
we have offices on both sides of the Bay. We
have one in Tampa Palm Harbor and CP so pick
up the phone own eight three to three Maggie Tax.
I'm sure to visit our website, Maggie Tax dot Com.
Eight three three Maggie 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
Maggi tax dot com. Or call eight one three three
(31:30):
two two twenty five twenty. That's eight one three three
two two twenty five twenty. Now your host for the
Maggie Tax and Financial Hour, father and son from Maggie
Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 3 (31:45):
Welcome back to the Maggie Tax and Financial Show, and
thank you so much for tuning in today. And we've
been talking about investment debt and getting out of debt
in a good way. Many people think about credit cards,
but I'm not talking about that. I'm talking about the
investment debt that you have on all your time accounts.
And think about this. You have iras forum on ks
Thrift savings plans four O three b's four fifty seven plans.
Speaker 4 (32:07):
Guess what?
Speaker 3 (32:08):
Those accounts are infected with taxes. And if you're infected
with something, it's not a good thing, right, So, if
your retirement accounts are infected with taxes, that means you
have an unknown question mark tax rate that has to
come out. You have a debt to the irs when
you start taking distributions, and many people don't know that.
They look at their statements each and every month and
(32:30):
they say, oh my gosh, it's up ten grand, it's
down ten it's up thirty thousand, it's up forty thousand.
It's doing great. But guess what when you start taking
a distribution, it's taxable, So what are you doing about it.
That's the planning that comes into play that has to
be there in your retirement to make sure you have
a solid plan. And if you don't have a plan,
when you're talking about taxes and investments and income, you
(32:52):
need to pick up the phone and schedule time to
meet with us eight three to three magi tax. That's
eight three to three magi tax.
Speaker 2 (32:58):
And when you put a plan together, you're talking about
putting a tax plan, an income plan, an investment plan,
an insurance plan. So how can you do it in
an efficient way so that you're not shooting yourself in
the foot while you're going to try to go tax
for you have to pay the taxes first period. So
what we're going to show you is the least amount
of taxes and then it's not going to be a
hard decision for you to make because if you have
(33:20):
the cash and we can do it from there, you
do it now so that later on you don't have
this big tax.
Speaker 4 (33:24):
Now, that's it.
Speaker 3 (33:24):
Let's talk about that. So when someone comes in, what
are we going to do? Well, we understand taxes obviously,
So what we can do is show you right there,
will show you what your current tax return looks like.
Then we'll break it down and we'll show you what
if we converted twenty thousand or fifty thousand from an
IRA to a wroth. Well, you have to pay the
tax to get there, right, So we understand that we're
talking about buying out the irs. Let's do that at
(33:46):
a cheaper rate as opposed to later on where it's
very expensive. So we can show you to you and
we can break this down and we can sit down
and show that the tax turn will look like. And
you say, I like that strategy. I like that strategy,
but I don't like the other strategy.
Speaker 4 (34:00):
That's fine. This is your money.
Speaker 3 (34:02):
We can put together a plan and show you options
that can can you can own and feel good about
it because when you start building a tax free bucket,
what you have done is you eliminated Uncle Sam and
my dad talked about putting your retirement plan in pencil. Well,
let's put it in pen where it's permanent, where you
know that you don't have to pay taxes forever and.
Speaker 4 (34:24):
Ever and ever and ever again.
Speaker 3 (34:26):
Now many people don't have that ability, but you can
if you come meet with us, because we'll show you
ways to create a tax deduction. We'll show you ways
to get the money out in the most tax efficient way.
Eight three to three magi tax will go through that
for you. Schedule time to meet with us, you'll meet
with us eight three to three magi tax.
Speaker 2 (34:42):
So here's how one of the ideas works. The goal
is we're going to start with your retirement account because
that's the one that's taxed the most. So we use
and just use this for concept because when you come
in we'll explain it. But we use a five year
conversion period and at the end of this time period
in which we do the series of structured could versions.
We call them structure because what Chris just said, will
(35:03):
take out certain amount one year, certain amount the second
year from a tax return, where we convert the money
over to a roth ira and basically the goal is
that you want to have at least the same amount
as you started with. Let me repeat that. So if
you have five hundred thousand now over the next five years,
when you start converting, we have to use an investment
vehicle that's going to get you back to where you
(35:23):
were five years ago. And that's how we do bucket planning.
So take a second and explain how that works. Because
it's three buckets that we use to get there.
Speaker 4 (35:31):
That's it. So let's just give an example.
Speaker 3 (35:33):
What if we had three buckets and you have one
hundred thousand dollars, Well, what if you put twenty thousand
dollars in bucket one, and we put thirty thousand in
bucket two, and fifty thousand and bucket three. Well, what
we're designing here is an income plan. So that first
bucket a bucket one of twenty grand Let's give you
income off of that for the next five years guaranteed.
But that in five years is going to go down
(35:54):
to zero. And many people say, oh my gosh, I
don't want my account to go down to zero. Well,
just bucket one is, but what about bucketing two and
bucket three. So when bucket one is given you income,
bucket two and three you're growing and guess what, Now
you have just as much if not more income and
value there. But now what after five years? Now you
turn on bucket two. So now bucket two gives you
(36:15):
guaranteed income for life. But now that goes down the
zero after five years. Then you might start thinking, well,
I have no money. No, you forgot about bucket three.
Bucket three grows back to where you started originally, and
you could do it all over again. So that's when
we start talking about bucket planning and income planning, where
you can have income and you don't run out of money.
You live off of the interest, and you live it
(36:37):
off of the way where you can create it. Where
you have buckets doing different things with different strategies that
you're protected and diversified in a lot of different ways.
That's income planning right now. What about tax planning, Well,
we use the same concept where we can get money
that's infected with taxes, eliminate Uncle Sam and create a
tax free bucket. So now you don't have to worry
(36:58):
about paying Uncle Sam ever and ever and ever again.
So who cares what an amount, what tax rates are
going to be? Who cares if tax rates go up?
It doesn't matter to clients of ours who have tax
free buckets because they don't have to worry about it.
That's where your retirement plan is written in pen instead
of pencil.
Speaker 2 (37:17):
So what you want to do is call my office
eight three three Maggie Tax and tell them you want
to do this. We're going to tell you what it is.
It's called a strategic rollout. It's called a strategic rollout
and bucket planning. And if your advisor's not talking about this,
then you know, shame on them. They're not giving you
the whole story. And you're going to have a tax
free rough account, which Chris said, you're going to have
paid all the taxes over five or ten year period
(37:39):
at the lowest amount, and you're going to have tax
free income. How good is that?
Speaker 3 (37:43):
So?
Speaker 2 (37:43):
By the time that we're done, you probably have more
than what you started with.
Speaker 3 (37:47):
And one more thing. You're going to eliminate Uncle Sam.
Who wants to eliminate Uncle Sam. Well, if I can
eliminate the person who's causing taxes, guess what, that's a
great feeling to have.
Speaker 2 (37:57):
And it's it's kind of funny because when we show
this to people, it's shocking and they always say, well,
I've never heard this before. What's because your advisor doesn't
talk about taxes, doesn't talk about income planning, talk about
you know, retirement planning, talk about IRA, R M d
S and how it's going to affect everything that you do.
Eight three three Maggie Tax. I hope today was helpful
to you getting out of debt to the irs. It's
(38:18):
going to be here for a long time. You need
to do something about it. Eight three three Magie Tax.
Visit our website Maggie tax dot com, click on seminars
and register for the seminar These at the library. They're educational.
We talk about everything. A three three Maggie Tax and
visit our website Maggie Tax dot com. You're listening to
the Maggie Tax and Financial show eight three three Magie Tax.
Speaker 1 (38:43):
You've been listening to The Maggie Tax and Financial Hour
discussing tax planning investment strategy is presented by Robert and
Chris Maggie from Maggie Tax Advisory and Financial Services with
offices in Hillsboro and Panelas County. Visit Maggie Tax dot
com or call eight one three three two two twenty
five twenty. That's eight one three three two two twenty
(39:05):
five twenty and tune in next Saturday at five for
the Maggie Tax and Financial Hour
Popular Podcasts
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!
The Breakfast Club
The World's Most Dangerous Morning Show, The Breakfast Club, With DJ Envy And Charlamagne Tha God!
The Joe Rogan Experience
The official podcast of comedian Joe Rogan.