Episode Transcript
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Speaker 1 (00:00):
All these years you've saved up planning for a secure retirement,
but if you're not careful, it will be the irs
that's living it up when you retire by taxing your
hard earned money. Welcome to the Maggie Tax and Financial
Hour with Robert and Chris Maggie of Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
in tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie
Tax dot com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:53):
Welcome everyone, and thanks again for joining us today on
the Maggie Tax and Financial Show. We have a lot
to talk about a couple things. Be sure to visit
our website, Maggie Tax dot com and on the bottom right.
We have a chat box, so if you have any
questions during the show, right in your question, we'll be
glad to answer it and then be sure to go
to the top of the website. If you have questions
about your retirement tax bill, fill in the retirement calculator.
(01:15):
Thirty seconds we can tell you what your retirement tax
bill is going to be and then let's get together
meet with Chris and I. We have offices in Saint
Pete and Palm Harbor and also Loot so we make
it very convenient. There's no cost, there's no obligation, but
we're trying to help you, trying to educate you. Maggie
tax dot Com and here's my son Chris. Well, thank
you so much for listening today's show. We welcome everyone
(01:37):
and thanks for taking your time throughout today to listen
to what we talk about. And we have a passion
for helping people. Why because there's so much there. You know.
Speaker 3 (01:45):
We love showing people how to reduce their tax We
love showing people how to have an investment plan. We
the in create buckets with a strategy and a purpose.
We love showing people on income plan. We have income
in a most tax efficient way you can create your
own family pension. Who doesn't want their own family guaranteed
income stream, We can show you how to do that.
(02:05):
What about we love and take a passion of making
sure that all your money that you have and all
your assets stay in your family, don't go through the
probate process. There are strategies to accomplish that. So pick
up the phone, schedule time to meet with us throughout
today's show, and don't forget visit our website at Maggi
Tax dot com and if you have any questions you
can call us or right there on our website the chatbox.
(02:26):
You have a quick question for us, let us know
we can help eight three to three Magi Tax.
Speaker 2 (02:30):
So we always talk about what we do, the Maggi Tax,
the Maggie Plan, income planning, tax planning, investment planning. But
we always get questions about different things that concern people.
One of them is long term care. And that's probably
a question that a lot of people don't want to
talk about. But look, long term care is a part
of life. We all know that. So maybe it's a
(02:50):
grandparent or a parent, you know, it could be a spouse,
maybe an aunt or an uncle or even a neighbor.
We've all seen this before. We all have our own stories,
so it's there. But in today world of longer lives,
many of us have experienced the impact of long term
care in one way or another, and with a level
of involvement ranging from physically and providing care to visiting
a grandmother in a nursing home once a month. Is there.
(03:13):
We have this, everyone can talk about it. So the emotional, physical,
and financial outcomes of these situations, they vary as their
lives of the people who need care. But here's what
we want to talk about today. We want to talk
about some of these concerns that people have. No one
wants to talk about, but there's flexible protection for a
healthy retirement if you understand the options with long term care, Chris,
(03:36):
because it's part of life. My dad was in a
nursing home and he had a stroke in his valve
and his neck collapse and we had to feed him
through a valve in his stomach. And my dad, being Italian,
I talk about this all the time. He couldn't eat
spaghetti and meatballs through a tube. And I know that's
not funny, but the point is that he was in
a nursing home and it happened. It just happened like that.
(03:57):
No one prepares for that. So Chris, let's talk about
like the couple things that we want to talk about.
Nobody wants to talk about Let's talk about it long
term care.
Speaker 3 (04:04):
Well, I's just saying, no one wants to talk about
it now. We talked about it, but let's not talk
about it now. Let's talk about it. I'm just kidding.
Lets no one wants to talk about it, right, So
we asked this question and we being funny here, but
we should be. We should be serious about it because
it's something we should all address. You know, in some ways,
long term care plan is like maintaining a healthy diet.
You know, everyone agrees that it's important, but many of
(04:25):
us don't take the necessary action. In fact, thirty six
percent of people feel the topic is too difficult to
talk about with their family, and over thirty two percent
admit they don't know even where to start. So this
is a big deal when you're comeing to meet with us,
because when we talk about income, nothing's You're not going
to have a solid retirement income plan if you have
(04:47):
to pay for long term care expense and throughout today
and even this area, we see that it could be
six thousand dollars a month. It could be eight thousand
dollars a month. In some areas it could be ten
thousand dollars a month. So do the math. It's simple math.
If your spouse is there and it's six thousand dollars
a month, you know six thousand times twelve is seventy
two thousand dollars a year that you're going to have
(05:08):
to pay from your assets. So think about if you're
there for three years, then three times seventy two thousands
over two hundred and ten thousand dollars of money. Where
you're going to get the money to pay for it?
Speaker 2 (05:19):
Now?
Speaker 3 (05:19):
What if you and your spouse are in it times too?
So think about that, where are you going to get
the money to pay for the care? That's if it's
six thousand dollars a month, but the costs haven't been increasing.
People living longer, you know, where do you want to stay?
That's your choice, but you want to get the right care.
What about home health care? There's long term care and
there's home health care. You would want to go ahead
(05:41):
and get better where at your house? It's the best
spot to get to. But what if you can't pay
for it? So pick up the phone, schedule time to
meet with us. There's a lot of misconceptions out there.
You need to know that this is real. This is
something that has changed and broken assets because they have
to pay for the care. There's no strategies out there
(06:03):
that people are looking into because they just don't have
a plan. So you need to have a plan. But
if you do have a plan, then there are strategies
that you can protect yourself against these types of issues.
Eight three three Magi tax. Pick up the phone, schedule
time to meet with us. Let's have the conversation. That's
the first part of it. Let's just not do anything.
Let's just have the conversation and see what type of
(06:25):
strategy fits you and your portfolio. Eight three to three
Magi tacks.
Speaker 2 (06:30):
The biggest misconception is well, you know I'll never need it,
or you know I pay too much for premium, I'll
never get it back. And those have changed. And again, Chris,
it goes back to the language, the language to interpret
to have most people out there understand the new rules
of retirement. That's where I see many people sit back.
Speaker 3 (06:46):
And go Wow, we didn't know that absolutely, and we
find out many people want it, they just don't know
how to get it. And the typical of the old
ways where you have to say you have to pay
a premium for it, you know, each and every year,
and it could have cost you a couple thousand dollars
for it, but if you don't use it, you lose it.
So a lot of people say it was waste the
money and it costs too much. Well, guess what, people
living longer. The insurance companies have changed out there. They've
(07:08):
changed the way their thinking has become. They've changed the
products where you can have your cake and eat it too.
You can have money that you put in that you
have the ability to take it all out. You can
use it for income. You can access what they call
a death benefit, so there's tax free money that pays
to the spouse if you don't use it. And also
you can accelerate the death benefit, meaning you can use
(07:30):
the death benefit in a life insurance policy tax free.
So there's a lot of cool different features that you
have available if you just know and take the time
to get to know these different options. So pick up
the phone in schedule time to meet with us. You
can't say n to something you don't know about exactly.
Speaker 2 (07:50):
And again it goes back to what we talk about
explaining and interpret the rules. So another misconception is relatively
few people have long term care insurance. So only around
seven percent of people at age fifty plus own long
term care insurance. While some of that is no doubt
due to those popular misconceptions, many people specifically say, you know,
(08:11):
they don't want long term care if they never need it,
they'll get nothing in return. Like Chris mentioned for the
premium payment, use it or lose it. That's the old way,
and long term care insurance premiums are unpredictable and have
a history of increasing significantly from one year to the next.
We work with a lot of federal employees and as
many times as we do a federal benefits analysis, and
(08:32):
we ask thembout our seminars and webinars they have long
term care option, Chris, they can choose that if they
want to, and then many of them don't, but they
can get it for the whole family. And again, you
don't understand the rules, or if your advisor is not
talking to you, or you're a broker, is not talking
to you and they're only talking about growing your assets,
then guess what you're going to spend those assets on?
(08:53):
Long term care? And that's it.
Speaker 3 (08:54):
So there are solutions, There are hybrid products, solutions out there,
or asset based long term care. It could be a
life insurance policy that includes certain long term care benefits.
These policies are different than just traditional long term care insurance.
Asset based long term care policy provide a middle of
the road approach that may provide protection to your family.
(09:16):
You have choices and also protection to your assets. So
no more use it to lose it. If you never
need long term care or only need a limited amount
that doesn't deplete it's not going to deplete the death benefit.
You know your beneficiaries will receive a life insurance death
benefit tax free. So there are ways to do this,
and so knowing that you have the coverage, knowing that
(09:37):
you have options, knowing that you have strategies to preserve
your assets, and to make sure that you can pay
for it on the most tax efficient way is all
so important. So here's the bottom line. Just get educated.
Let us show you asset based long term care. Let
me show you how this could fit as a part
of your bucket a bucket strategy with your money. So
(10:00):
you have an income pliant, a tax plan, investment plan.
What about a long term care strategy plan without using
a lot of your money to do it? Pick up
the phone, schedule a time to meet with us. Eight
three to three Maggie Tax.
Speaker 2 (10:11):
Okay, so what do we do now? We have to
start thinking about it. But many people who amass a
sizeable nest egg during their working years rely on using
their assets to pay for long term care. That's basically
what most people think, and this approach might work out fine.
But maybe you'll never need long term care or need
it only briefly. So when you become disabled to something,
you might need long term care. But if you do
(10:33):
face significant long term care expenses, you may end up
depending on your family more than you'd like to. And
this is a situation that a lot of family don't
want to talk about. You know what happens if, well,
I told you about my dad. We couldn't take care
of him, so we had to put him in a
nursing home. Broke my heart. If you have any questions,
go to Maggie Tax dot com the chatbox eight three
(10:53):
to three Magi Tax. Let's get together and have a conversation.
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 m a gg I tax dot com or call
(11:19):
eight one three three two two twenty five twenty. That's
eight one three three two two twenty five twenty. Now
your host for the Maggie Tax and Financial Hour, father
and son from Maggie Tax Advisory and Financial Group, Robert
and Chris Maggie.
Speaker 2 (11:35):
Well, come back and thanks for joining us today. My
name is Robert Maggie and I'm here with my son
and co host. Don't forget to visit our website, Maggie
Tax dot com. And also we're every Sunday on Channel
ABC TV at ten thirty. Tune into the Maggie Tax
and Financial Show. And when you're on our website, Maggie
tex dot com, click on the retirement tax calculator up top.
If you have an IRA A four one k A
(11:57):
four to three B A step plan TSP, any qualified plan.
Clicking the information in thirty seconds will show you what
your retirement tax bill will be. And then let's sit
down and have a conversation because it helps to use
your own common sense to reason out the best course
of action for you and your family and even your business.
Because if you know there are strategies and concepts to use,
(12:19):
it's going to help you. And this process doesn't take
that long. Well, we're going to be doing We've been
asking you questions to help you organize your thinking so
you can discover on your own. And this is what
it's about. If someone tells you, you're not going to listen.
But if I can educate you and Chris can explain
what the strategies and concepts are and involve you, I
think you'll feel better about it and the most beneficial
(12:39):
strategy for you. So we have the Maggie Plan, we
have the chatbox on our website, we have the retirement
tax calculator, so Chris we can help and it's much
easier process to schedule the time and ask us questions
and see if we can come up with a solution.
Speaker 3 (12:53):
You know how many things are happening out there, and
you can really gain insight very quickly about the manipulations
of the government and flow information and we see it, right,
So what are you doing about it? It's called legislative risk.
That's when the government can change the rules whenever they want.
So again, it puts you in position where you have
to fall victim to them, but not if you already
have things set up. And we're talking about even taxes
(13:15):
and tax free buckets. Do you have tax free buckets?
Some people com meet with they have no tax free buckets.
They have a lot of money that's infected with taxes,
meaning that when you start taking a distribution in the future,
when you're retired or when you need income, guess what
you're gonna be hit with the high taxes. You're gonna
be hit with those taxes that you're gonna pay a
question mark or an unknown tax rate. Do you want
(13:36):
to be in that position? You know, what if you
need twenty grant and what if now you're thinking, oh,
I got to just take out twenty three thousand to
net the twenty thousand. That it might be okay today,
but what about in the future when you have to
take out twenty seven or twenty eight thousand, so you
net that twenty Guess what that's more to Uncle Sam
less to you. How long will you money last? If
(13:58):
this is the case, that's what we're talking about legislative risk.
Things will change, and it's so important to get together.
Let's have a conversation. Talk about you, talk about your
situation and what you want to achieve. A three to
three maggie.
Speaker 2 (14:10):
Tax and think about this. There are many ways that
governments manipulate taxes and pensions and healthcare. So let me
talk about this. Do you all know the financial state
of the Union. How about the financial state of the states,
and the financial state of the cities and the pension database.
The financial state of the Union is terrifying. The federal
government will require much more revenue in the future, and
(14:34):
that taxes alone will not even come close to covering
the shortfall. And we're going to have to print enormous
amounts of money to provide the promise benefits. Well, guess
what we'll see our government renege on the promise benefits
by reducing those benefits. They're doing it now. That's called
legislature risk. They can do what they want whenever they want,
So what are you doing about it? What are you
(14:55):
doing about market risk that Chris talks about. What are
you doing about income risk? What happens when you have
to pay more taxes and have less income? Have you
thought about that? What about tax risk? We've discussed what
the government can do and we'll do it's called legislature risk.
Write that down, and Chris, this is where the fear comes.
They don't understand what's behind the curtain that's going to
(15:18):
be coming up very soon.
Speaker 3 (15:19):
My gosh, you know, listening to you today and hearing
what you just said, I mean people just need to
stop and think for a minute. You mentioned a lot
of different risks income risk, market risk, legislative risk, tax risk.
Holy moly thinking about those things, and there's more and
there's more, right, but I'm getting fearful thinking about those
if I didn't have a plan. But if I had
a plan, then guess what. You move on and you
(15:41):
moveing on with confidence. And that's where you can be too.
So when you come to meet with us, we can
design income buckets. We can design how to have pay
less taxes in the future, and when we talk about
we can design buckets that don't have the market risk.
We can design buckets that do have market risk if
you want that. So what is it that you want.
This is your plan when you come to meet with us.
(16:01):
We call it the Maggi plan, but it's really your plan.
It's planned because it's what you will decide on. What
you want to do. How much safety do you want,
how much risk do you want, how much income do
you want? How much taxes do you want to pay?
If not, we can show you how to do that
in the most tax division way. When we talk about
risks out there, take a deep breath because they can
be solved with the right planning. And that's what we
(16:23):
can do. So pick up the phone, schedule time to
meet with us. Eight three to three, Maggi tax.
Speaker 2 (16:27):
Let me throw you some heartbreaking information out there, because
the US government has only four point eight nine trillion
of assets available to listen to this to pay bills
totally one three eight point twenty eight trillion. So let's
break that down and total, and we can show you
what's unfunded liabilities. Our followers think about it, and this
is what many people don't think about. Medicare benefits fifty
(16:49):
eight point one trillion, social security benefits forty five point
four trillion, publicly held debt, twenty two point three four
retirement benefits ten point eighteen. So the whole total comes
to like one one hundred and thirty eight point two
to eight trillion. Do those numbers even make sense to you?
Because probably it doesn't. But let me ask you, does
(17:11):
the government desperately need this money? And will they go
after people with money or people who don't have money?
Speaker 3 (17:16):
To stop for a second, who has the money? Everyone
thinks about the millionaires out there and the billionaires out there. Yeah,
they got the money, but guess where the money's at?
People who have iras four one k's, four O three b's,
thrift savings plans. All these retirement accounts accounts have not
been taxed yet. So do you think it's very simple
(17:38):
for them called legislative risk to change it and increase
the tax rate on these accounts Because it's very simple.
They know how much money is out there in pre
tax money accounts that are infected with taxes, so they
can increase this to get the revenue they want and
continue to spend. So they're going to accomplish what they
want to do. But what about you. You know you're
(17:58):
gonna be in the situation we have to pay more
in taxes and you don't have to. And that's what
we call the government plan. Do you have the government plan?
Speaker 2 (18:05):
If so? Why? Why so?
Speaker 3 (18:07):
If you have choices to make sure it's better for
you and your family. So pick up the phone, schedule
time to meet with us. Visit our website at Maggi
tax dot com. There's so much information right there at
top right hand corner of retirement tax savings time bomb.
It's gonna blow up because of taxes. What are you
gonna do about it? So you can calculate your taxes today.
We can show you what your tax bomb is today.
(18:30):
So get the Maggie Plan. It's the income plan, it's
tax planning, it's investment planning, it's income planning. This is
what we're talking about, a state planning. There's a lot
there to help you. So pick up the phone, schedule
a time to meet with us, A three three Maggie
Tax and don't forget tune in every Sunday on ABC
TV for the Maggie Tax and Financial Show thirty minutes
to educate you right there on ABC at ten thirty
(18:53):
every Sunday. Visit our website at Maggi tax dot com.
That's eight three three Magi Tax Schedule. Time to meet
with us eight three three tax.
Speaker 1 (19:03):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son, Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie tax dot com. That's
ma gg I tax dot com. Or call eight one
(19:25):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty. Now your host
for the Maggie Tax and Financial Hour, Father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 3 (19:40):
Thanks for tuning into the Maggie Tax and Financial Show.
Welcome back everyone. I'm Chris Maggie and uh, there's a
lot going on in today's environment. We all know a
lot of people are scared. Some people really just don't
know what to do, and that's why they need to
seek advice. Advice is so important. You know, we're in
a yoyo economy. You're on your own but you're really
not if you work with a team who has a
(20:02):
holistic view to help you. In a MAGI tax Advisor
and financial group, we you tax planning. We take a
tax approach and everything we do we talk about tax
free buckets. We have income planning, we do investment planning.
There's a lot that we do a state planning to
help you. So pick up the phone, schedule time to
meet with us. Eight three three Maggie. Tax and in
today's a volatile political climate, I mean, two new risks
(20:24):
are so important than ever before. And those two risks
to be aware of are closely aligned. Dad, Let's talk
about the two risks that people need to understand what's
out there.
Speaker 2 (20:34):
Sure, the first is tax risk, and tax risk is
simply the risk that your taxes will not be significantly
lower in retirement than they are today. And that's pretty
much what people think. Okay, how exposed are you to
tax risk? And it depends on how much of your investments, well,
your in retirement assets are in tax deferred vehicles. So
(20:55):
think about it for a minute. Most of you have
four to one k's or IRA's like many of you do,
those are tax deferred, which means you were able to
save in those accounts, defer the taxes. You got a
tax break. But the answer is all al most of
this is taxable. If that is your answer, then it
could be you could be faced with a big and
i'll say it again, a big tax bill in retirement
(21:16):
if your taxes don't go down. So let's just talk
about that for a second. Because in three years the
tax is going to be raised by three percent, maybe more,
we don't know. So have you thought about that and
what it's going to do to your retirement when you're
getting when you're planning to retire.
Speaker 3 (21:32):
Well, that's just said. I mean, how big a tax
bill might you face? You know, talk about it now,
think about it now, and if your current advisor is
not talking about it, you need to pick up the
phone and schedule time to meet with us because this
is a big deal. Your biggest expense is taxes. It's
going to be big, especially in retirement when you need
those funds. What you could do is you can request
(21:54):
an after tax statement. And what I mean by that
is if you have a formal k in IRA, you'll
think about it. Say it's five hundred thousand, say it's
a million, dollars use even numbers say it's a million dollars,
Well you don't have a million dollar IRA. Yeah, you
did a great job of accumulating money, but guess what,
it's not all a million is yours. So there's an
after tax statement that we need to generate to show
(22:15):
you really what is really yours because Uncle Sam's gonna
get paid first. And that's why when you keep deferring
money and you keep putting money in these accounts, then
guess what you're facing an unknown question mark tax rate
in the future. And that's what's scary, because we're all
gonna face that if you have these iras and form
on kes. But let's be on the other side of that. Well,
(22:36):
we can eliminate Uncle Sam. So give us a call,
pick up the phone eight three to three Maggie Tax,
request the after tax statement and to find out really
how big your tax bill will be.
Speaker 2 (22:48):
And then with that you can make adjustments and do
some strategic planning to reduce that at tax. We do
it for a lot of clients. So, like Chris said,
pick up the phone eight one three nine zero nine
zero zero two two. Our website Maggie tax dot com
and let's get together. So the second risk that we're
going to talk about is one that a lot of
people don't talk about. It's called legislative risk. And I
(23:09):
bet many of you never heard of legislative risk. So
let me explain what that is. Because legislative risk is
the risk that Washington change is the rules. And remember,
Congress wrote the rules in pencil, and you know, Congress
can do what they want. They can change it when
they want, and when they change it, they're going to
change it to you know, obviously benefit them and not
benefit you. So be careful of that because those changes
(23:32):
will negatively impact your retirement income. And Chris, we've seen
this time and time again when people come in they
don't understand what their tax is going to be. We
run the income plan, We've show them what they're going
to get, and then all of a sudden they go, well,
what about the IRA and the four to one K?
Well what about it? What about it? Is you're going
to pay tax when you take that money out because
it's going to be added to your income. Am I
(23:53):
right or wrong? Absolutely?
Speaker 3 (23:54):
And that's where people really just don't know because they
wait to the last minute to do planning. That's why
it's so important now to pick up the phone. Schedule time.
Let's get together. We have three offices in the Tampa
Bay area. We can help you. Let's sit down have
that conversation today, so you can feel good about your
future and your retirement years, knowing how much you're gonna
(24:15):
pay in tax and what you're going to keep. We
saw a powerful example of legislative risk back in September
as House Democrats unveiled the three point five trillion dollars
spending bill that made significant changes to how iras and
Form one k's and even wroth accounts. And you know,
now's a time to really understand what you have. You know,
(24:36):
a lot of people have statements out there, they have
these accounts that they get. They get statements every month
or maybe every quarter, and they really don't know what's
taxable or what's tax free. I mean, now's the time,
especially if you have iras and Form one k's, they
have a big bullseye on them as our government looks
to do what raise new tax revenue to fund runway
federal spending. And this is what's happening. So now's the
(24:58):
time to be in controls as opposed to being controlled
by what they're going to do.
Speaker 2 (25:05):
And one thing that Jeff to understand is financial professionals,
it's up to us to help you understand this, and
that's why we do the show. That's why we talk
about this, that's why we educate you, that's why we
wrote books on this, because we want you to learn,
you know, and prepare for it, because you don't want
to be, you know, with a cold shot to the
head and all of a sudden you don't know what
it is. So at Maggie Tax Advisory, we can help
(25:27):
you hedge against tax and legislative risk by using a
product we use cause Index Universal Life or maybe a
Wroth account because this is tax free money. And one
thing that's really important. We do bucket planning and I'll
repeat it, bucket planning. And if your advisor is not
doing bucket planning, then you need to sit down with
us and let us explain what that means to you,
(25:47):
because maybe you can do a combination of all three,
maybe a Wroth, maybe an Index Universal Life, and maybe
bucket planning. And you've done it many times for clients
where we put some in a safe bucket for income.
Now put for you know, future income and then later
on and then maybe if they want to put a
little bit in the market they can, but protect the
majority of the money because you need income and tax
(26:10):
risk is what you're talking.
Speaker 3 (26:11):
About, absolutely, and that's why we have now money, later money,
and also never money. So think about this. We talk
about bucket planning. When you come to meet with us,
we're going to educate you, we're going to help you.
We're going to discover what your goals are and also
how much income you need in retirement. You know, this
is your money. You need to make sure that you
put this together the right way. So pick up the phone,
schedule time to meet with us. Eight three to three
(26:33):
MAGI tax. That's eight three to three MAGI tax.
Speaker 2 (26:36):
Some things you need to look out for if you
have an IRA or four oh one K and it's
called a ten percent penalty. But there are exceptions. We
want to talk about this because we get this question
all the time. And for IRA owners and retirement plan
participants who are under the age of fifty nine and
a half, taking a distribution from a retirement account is
typically off limits. The distribution will most likely be taxable,
(26:59):
and there was a good chance that a ten percent
penalty will also apply. And sometimes life gets in the
way and what role needs to be made and what
I mean by that, like with COVID, and sometimes you
need money for something, maybe you lost your job out
there and you've got to take it out. But be
aware there's a ten percent IRS penalty if you're under
the age of fifty nine and a half. And that's
just it.
Speaker 3 (27:18):
And a lot of people aren't really not aware of that.
And then think about it, if you need to pay
thirty thousand, well there's a ten percent penalty for early distribution.
That's three thousand dollars plus got to pay the tax
on those funds. So a lot of people aren't really
educated on how to take or pull money out of
these retirement accounts. And at Mage Tax Advisory and Financial Group,
(27:40):
we understand iras, we understand the tax code, we understand
what needs to be done and how you need to
handle these accounts. So some of the exceptions they do
apply to iras. Just so you know, my dad mentioned COVID,
but that wasn't a reason why people could avoid the
ten percent penalty apply only to plans, and some apply
(28:02):
also to the IRA as well. But exceptions to both
irays and other plans including step iras and simple iras
to avoid the ten percent penalty are pretty much a
couple of these where if you die, you know death,
then there's no ten percent early distribution penalty. If you're
under age fifty nine and a half, if you're disabled,
(28:22):
you can avoid the ten percent early distribution penalty, or
if you do what they call seventy two T. It's
a tax code that you can use. It's substantially equal
periodic payment, So if someone is needing income before age
fifty nine and a half, there are tax codes that
you can use, like at seventy two T to avoid
the ten percent early distribution penalty. So if this is
(28:43):
something that you're looking to do, definitely pick up the phone.
Let's have a conversation, and let's get together and put
a plan together for you. Some other exemptions are medical
expenses if they exceed seven point five percent of your
adjust the gross income, if you have an IRIS levy,
active reservists you know, even birth or adoption, so some
of these avoid the ten percent early distribution penalty. But
(29:06):
if you have iras and formal case, be very cautious
in regarding what you can do and how you take
a distribution from these accounts.
Speaker 2 (29:13):
And the way we find the shat is when you
come in by tax time and we see that because
sometimes you don't think about it, but always ask your
planned participant what the exception is before you take it out.
Higher education expenses, first time home buyer, that's a big one.
Health insurance if you're unemployed because things have changed, you know,
like life events happen, maybe you lost your job. And
(29:34):
exceptions apply to plans only, and they exclude SEP and
simple iras if you're age fifty five, if your age
fifty for public safety employees, Section four to fifty seven
government plans, divorce, they told quadro qualified domestic relations order,
phased retirement distributions from federal plans. Why are we talking
about this because this is where people Chris make mistakes.
(29:57):
They think they know what to do, they go ahead
and do it on their own, and they call us
when they get a letter from IRS and they say,
what happened? How come this got you applied to me?
What do I do now? And that's just it.
Speaker 3 (30:09):
So these are the things we're talking about because we
understand iras. You need to work with an advisor who
understands IRA planning. And at Maggie Tax Advisory, that's what
we do. We do tax planning, income planning with time
and planning, investment planning. That's what we specialize in doing
a complete plan for you. But one of the things
that we didn't mention here, if you want to convert
before age fifty nine and a half from an IRA
(30:31):
to a ROTH, well, there is no ten percent early
distribution penalty. It doesn't apply be to have to pay
the tax. So that's why it's so important to meet
with the qualified advisor, meet with someone that is going
to go over the tax side of this, the investment side,
the future income. So pick up the phone, schedule time
to meet with us eight three three Maggie Tax. Visit
our website at Maggie tax dot com. There's so much
(30:52):
information right there at your fingertips. But now's the time.
Now's the time, especially in the crucial environment that we're
living in, to get a second of pain. Pick up
the phone, schedule time to meet with us. Eight three
three Maggie Tax. That's eight three to 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
ma gg I tax dot com or call eight one
(31:29):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty now your host
for the Maggie Tax and Financial Hour, father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 2 (31:46):
Welcome back. You're listening to the Maggie Tax and Financial Show.
I am Robert Maggie and I'm here with my son
and co host Chris Maggie. Be sure to pick up
the phone, give us a call eight one three non
zero nine zero zero two two. Set an appointment so
we can do that after tax statement for you and
see if you're going to be paying more in taxes
or less than taxes. And don't forget watch our TV
show every Sunday at ten thirty am on ABC TV.
(32:08):
We cover a lot of information there, a lot of
education because we take a holistic approach and what I
mean by that is that Chris and I have developed,
you know, a division of tax division, income division, legacy division,
investment division, and legacy planning and estate planning. How many
of you are missing a state planning. It's a simple
question that we ask everybody. And the other question that
(32:31):
we ask all of you and you should hopefully look
for this. Who's your beneficiary? Who's your beneficiary on your
bank accounts, on your savings account, on your irea's your
four to one ks? Is it someone that you want
that when you pass away that they get it? Or
do you want to go through probate? These are questions
Chris and I always ask everyone when they come in
because this is complete planning. On my website Maggie tax
(32:53):
dot com, I have a video there for roth conversions.
I have a video for four to one K rollovers
because many of you make mistakes when you roll over
your four to one K and the truth is you
don't know and that's the problem. So pick up the phone,
give us a call. And one more thing we tell
people when someone passes away and you get an inheritance,
I'm going to tell you what to do. Do nothing.
(33:14):
Do nothing, because Chris We've seen this time and time again.
People make a big mistake and they're always like, well,
I didn't know.
Speaker 3 (33:20):
Well that's just said. You know, many people don't know
what they're inheriting. They can be inheriting in an account
that's effective attacks and if they just get a check,
then they stop the inheritance, they stop the stretch or
the inherited IRA ten year rule. So there's a lot
of things that you need to understand before you actually
take possession. So the questions I have for you listening
today are the questions that we get from a lot
(33:43):
of people when we meet with them. They always ask
us about risk. But my question to you is are
you over exposed to risk? Do you understand that a
lot of volatility going on in the market. Are you
over exposed to risk? Is that really where you want
to be? You know, what's your appetite for risk? What
kind of roller coaster do you want to ride? Do
you want to ride something smooth and has a little
(34:04):
up and ups and downs or are you okay with
riding the kumba where it goes up and down, up
and down, it's crazy. It's up to you and every
person that we meet with has a different appetite for risk.
What is yours? And if you're not answering that question,
then actually you could be losing a lot of money
or really not gaining a lot of money because you're
not in the right risk environment exactly. So that's why
(34:26):
it's so important to get a second opinion. You know,
we're a specialist in the distribution phase of retirement. You know,
we understand tax diversification, we understand income planning. You know,
this is what it's about. This is the second half
of the game. I mean, this is your retirement, the
distribution phase, and you need to understand how to handle it.
And that's what we do. So pick up the phone,
(34:47):
schedule time to meet with us. Let's put together an
income plan, Let's put together a tax plan, Let's put
together an investment plan. Let's analyze your investments, and let's
analyze and see what type of risk you're taking and
give you a second opinion.
Speaker 2 (35:00):
Exactly, is there someone at the Internal Revenue Service that
you are so madly in love with that you want
to leave them a whole bunch of their money, because
that's what you're doing. So without a tax review, how
are you going to know that you know, when the
government needs more money in the future, where are they
going to get it. They're going to get it from
qualified accounts. Chris from IRAS in four to one k's
(35:20):
and yeah, they gave us a nice deal years ago
to say, hey, save it and we'll tax deferred. But
later on they forgot to tell you something. You have
to pay a tax later on.
Speaker 3 (35:29):
And this is it unknown question mark tax rate. And
that's what's scary about this whole thing, especially what we
see in the market today. We talked about this earlier
in the show Legislative Risk. They can change the tax code,
they can change the rates. We're at a low tax
rate rate now, and many people don't know that the
brackets are low. Go back years ago, they were very high.
(35:49):
Think about when you start taking a distribution from those
retirement accounts that are infected with tax. Guess what, you're
paying a high rate. You don't have to if you
eliminate Uncle Sam's That's what we do for our client.
So pick up the phone, schedule time to meet with us.
Let's show you tax free buckets. Let's show you strategically
how to get the money out of an affected area
of tax to a tax free environment and leave Uncle
(36:11):
Sam forever exactly.
Speaker 2 (36:13):
And here's the question you need to ask yourself. Do
you want to be ritual? Do you want an absolute,
positive guarantee that you're never going to be poor? And
think about it. You've worked for thirty years, maybe forty years.
So now it's the second part where Chris talked about
the second part of the game. What are you going
to do in the second half when you retire? How
are you going to generate the income that you had
when you were working? And do you have any idea
(36:35):
what the tax consequence is going to be? Well, let's
just say it.
Speaker 3 (36:36):
Think about it. I mean, I don't know if people
look at the stats of Mount Everest, but you know
there's the accumulation phase where people go up the mountain
and you reach the peak. Well, many people have saved,
they've done a great job of saving. But guess what
they have to go back down, right, But the stat
is that most people die. More people die going down
Mount Everest than they do going up. So why do
(36:58):
I bring that up? Because in the distribution phase of
your retirement, most people run out of money, and you
don't want to die in retirement with running out of money.
So what you have to do is meet with a specialist.
And that's what we are, a distribution specialist. And when
you come to meet with us, we're going to analyze
your accounts. We're going to put together a plan for you,
an income plan, a tax plan, and investment plan. And
(37:20):
that's what we're going to do for you. Because why
even millionaire people who come in to meet with us,
they have tons of money, but guess what their main
concern is, what outliving their money. So I don't care
how much you have. If it's two hundred thousand, if
it's two million, if it's twenty million, it doesn't matter.
The same thing applies. We need to put together a
plan for you that takes care of everything from income planning,
(37:42):
tax planning, investment planning, also a state planning.
Speaker 2 (37:44):
And this is the last question that I'll ask all
of you. Do you have enough confidence in your current
advisor to get a second opinion? And the reason why
we say that is because he can't tell you anything
different except what he has, So get a second opinion.
Bring in your tax return, your IRA four to one.
Let us do advanced tax planning for you guys, and
it's going to help you understand what you're going to
(38:05):
wind up pain in retirement. So make sure you visit
our website, Maggie Tax dot com. I have the videos
there that we're talking about here during the show, thirty
minute videos, very simple. Give us a call eight three
to three Maggie Tax and don't forget. Every Sunday on
ABC TV at ten thirty tune into the Maggie Tax
and Financial Show. You get an education and there's some
really powerful points we make. But the bottom line is
(38:28):
it's all about you. It's all about you in retirement.
It's all about you for income planning, and it's all
about you to avoid the tax risk and the legislative risk.
You're listening to the Maggie Tax and Financial Show.
Speaker 1 (38:43):
You've been listening to the Maggie Tax and Financial Hour
discussing tax planning investment strategy. He's presented by Robert and
Chris Maggie from Maggie Tax Advisory and Financial Services with
offices in Hillsboro and Panela's County. Visit Maggie Tax dot
com or call eight one three three two two twenty
five twenty. That's eight one three three two two twenty
(39:05):
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, and thanks again for joining us today on
the Maggie Tax and Financial Show. We have a lot
to talk about a couple things. Be sure to visit
our website, Maggie Tax dot com and on the bottom right.
We have a chat box, so if you have any
questions during the show, right in your question, we'll be
glad to answer it and then be sure to go
to the top of the website. If you have questions
about your retirement tax bill, fill in the retirement calculator.
(01:15):
Thirty seconds we can tell you what your retirement tax
bill is going to be and then let's get together
meet with Chris and I. We have offices in Saint
Pete and Palm Harbor and also Loot so we make
it very convenient. There's no cost, there's no obligation, but
we're trying to help you, trying to educate you. Maggie
tax dot Com and here's my son Chris. Well, thank
you so much for listening today's show. We welcome everyone
(01:37):
and thanks for taking your time throughout today to listen
to what we talk about. And we have a passion
for helping people. Why because there's so much there. You know.
Speaker 3 (01:45):
We love showing people how to reduce their tax We
love showing people how to have an investment plan. We
the in create buckets with a strategy and a purpose.
We love showing people on income plan. We have income
in a most tax efficient way you can create your
own family pension. Who doesn't want their own family guaranteed
income stream, We can show you how to do that.
(02:05):
What about we love and take a passion of making
sure that all your money that you have and all
your assets stay in your family, don't go through the
probate process. There are strategies to accomplish that. So pick
up the phone, schedule time to meet with us throughout
today's show, and don't forget visit our website at Maggi
Tax dot com and if you have any questions you
can call us or right there on our website the chatbox.
(02:26):
You have a quick question for us, let us know
we can help eight three to three Magi Tax.
Speaker 2 (02:30):
So we always talk about what we do, the Maggi Tax,
the Maggie Plan, income planning, tax planning, investment planning. But
we always get questions about different things that concern people.
One of them is long term care. And that's probably
a question that a lot of people don't want to
talk about. But look, long term care is a part
of life. We all know that. So maybe it's a
(02:50):
grandparent or a parent, you know, it could be a spouse,
maybe an aunt or an uncle or even a neighbor.
We've all seen this before. We all have our own stories,
so it's there. But in today world of longer lives,
many of us have experienced the impact of long term
care in one way or another, and with a level
of involvement ranging from physically and providing care to visiting
a grandmother in a nursing home once a month. Is there.
(03:13):
We have this, everyone can talk about it. So the emotional, physical,
and financial outcomes of these situations, they vary as their
lives of the people who need care. But here's what
we want to talk about today. We want to talk
about some of these concerns that people have. No one
wants to talk about, but there's flexible protection for a
healthy retirement if you understand the options with long term care, Chris,
(03:36):
because it's part of life. My dad was in a
nursing home and he had a stroke in his valve
and his neck collapse and we had to feed him
through a valve in his stomach. And my dad, being Italian,
I talk about this all the time. He couldn't eat
spaghetti and meatballs through a tube. And I know that's
not funny, but the point is that he was in
a nursing home and it happened. It just happened like that.
(03:57):
No one prepares for that. So Chris, let's talk about
like the couple things that we want to talk about.
Nobody wants to talk about Let's talk about it long
term care.
Speaker 3 (04:04):
Well, I's just saying, no one wants to talk about
it now. We talked about it, but let's not talk
about it now. Let's talk about it. I'm just kidding.
Lets no one wants to talk about it, right, So
we asked this question and we being funny here, but
we should be. We should be serious about it because
it's something we should all address. You know, in some ways,
long term care plan is like maintaining a healthy diet.
You know, everyone agrees that it's important, but many of
(04:25):
us don't take the necessary action. In fact, thirty six
percent of people feel the topic is too difficult to
talk about with their family, and over thirty two percent
admit they don't know even where to start. So this
is a big deal when you're comeing to meet with us,
because when we talk about income, nothing's You're not going
to have a solid retirement income plan if you have
(04:47):
to pay for long term care expense and throughout today
and even this area, we see that it could be
six thousand dollars a month. It could be eight thousand
dollars a month. In some areas it could be ten
thousand dollars a month. So do the math. It's simple math.
If your spouse is there and it's six thousand dollars
a month, you know six thousand times twelve is seventy
two thousand dollars a year that you're going to have
(05:08):
to pay from your assets. So think about if you're
there for three years, then three times seventy two thousands
over two hundred and ten thousand dollars of money. Where
you're going to get the money to pay for it?
Speaker 2 (05:19):
Now?
Speaker 3 (05:19):
What if you and your spouse are in it times too?
So think about that, where are you going to get
the money to pay for the care? That's if it's
six thousand dollars a month, but the costs haven't been increasing.
People living longer, you know, where do you want to stay?
That's your choice, but you want to get the right care.
What about home health care? There's long term care and
there's home health care. You would want to go ahead
(05:41):
and get better where at your house? It's the best
spot to get to. But what if you can't pay
for it? So pick up the phone, schedule time to
meet with us. There's a lot of misconceptions out there.
You need to know that this is real. This is
something that has changed and broken assets because they have
to pay for the care. There's no strategies out there
(06:03):
that people are looking into because they just don't have
a plan. So you need to have a plan. But
if you do have a plan, then there are strategies
that you can protect yourself against these types of issues.
Eight three three Magi tax. Pick up the phone, schedule
time to meet with us. Let's have the conversation. That's
the first part of it. Let's just not do anything.
Let's just have the conversation and see what type of
(06:25):
strategy fits you and your portfolio. Eight three to three
Magi tacks.
Speaker 2 (06:30):
The biggest misconception is well, you know I'll never need it,
or you know I pay too much for premium, I'll
never get it back. And those have changed. And again, Chris,
it goes back to the language, the language to interpret
to have most people out there understand the new rules
of retirement. That's where I see many people sit back.
Speaker 3 (06:46):
And go Wow, we didn't know that absolutely, and we
find out many people want it, they just don't know
how to get it. And the typical of the old
ways where you have to say you have to pay
a premium for it, you know, each and every year,
and it could have cost you a couple thousand dollars
for it, but if you don't use it, you lose it.
So a lot of people say it was waste the
money and it costs too much. Well, guess what, people
living longer. The insurance companies have changed out there. They've
(07:08):
changed the way their thinking has become. They've changed the
products where you can have your cake and eat it too.
You can have money that you put in that you
have the ability to take it all out. You can
use it for income. You can access what they call
a death benefit, so there's tax free money that pays
to the spouse if you don't use it. And also
you can accelerate the death benefit, meaning you can use
(07:30):
the death benefit in a life insurance policy tax free.
So there's a lot of cool different features that you
have available if you just know and take the time
to get to know these different options. So pick up
the phone in schedule time to meet with us. You
can't say n to something you don't know about exactly.
Speaker 2 (07:50):
And again it goes back to what we talk about
explaining and interpret the rules. So another misconception is relatively
few people have long term care insurance. So only around
seven percent of people at age fifty plus own long
term care insurance. While some of that is no doubt
due to those popular misconceptions, many people specifically say, you know,
(08:11):
they don't want long term care if they never need it,
they'll get nothing in return. Like Chris mentioned for the
premium payment, use it or lose it. That's the old way,
and long term care insurance premiums are unpredictable and have
a history of increasing significantly from one year to the next.
We work with a lot of federal employees and as
many times as we do a federal benefits analysis, and
(08:32):
we ask thembout our seminars and webinars they have long
term care option, Chris, they can choose that if they
want to, and then many of them don't, but they
can get it for the whole family. And again, you
don't understand the rules, or if your advisor is not
talking to you, or you're a broker, is not talking
to you and they're only talking about growing your assets,
then guess what you're going to spend those assets on?
(08:53):
Long term care? And that's it.
Speaker 3 (08:54):
So there are solutions, There are hybrid products, solutions out there,
or asset based long term care. It could be a
life insurance policy that includes certain long term care benefits.
These policies are different than just traditional long term care insurance.
Asset based long term care policy provide a middle of
the road approach that may provide protection to your family.
(09:16):
You have choices and also protection to your assets. So
no more use it to lose it. If you never
need long term care or only need a limited amount
that doesn't deplete it's not going to deplete the death benefit.
You know your beneficiaries will receive a life insurance death
benefit tax free. So there are ways to do this,
and so knowing that you have the coverage, knowing that
(09:37):
you have options, knowing that you have strategies to preserve
your assets, and to make sure that you can pay
for it on the most tax efficient way is all
so important. So here's the bottom line. Just get educated.
Let us show you asset based long term care. Let
me show you how this could fit as a part
of your bucket a bucket strategy with your money. So
(10:00):
you have an income pliant, a tax plan, investment plan.
What about a long term care strategy plan without using
a lot of your money to do it? Pick up
the phone, schedule a time to meet with us. Eight
three to three Maggie Tax.
Speaker 2 (10:11):
Okay, so what do we do now? We have to
start thinking about it. But many people who amass a
sizeable nest egg during their working years rely on using
their assets to pay for long term care. That's basically
what most people think, and this approach might work out fine.
But maybe you'll never need long term care or need
it only briefly. So when you become disabled to something,
you might need long term care. But if you do
(10:33):
face significant long term care expenses, you may end up
depending on your family more than you'd like to. And
this is a situation that a lot of family don't
want to talk about. You know what happens if, well,
I told you about my dad. We couldn't take care
of him, so we had to put him in a
nursing home. Broke my heart. If you have any questions,
go to Maggie Tax dot com the chatbox eight three
(10:53):
to three Magi Tax. Let's get together and have a conversation.
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 m a gg I tax dot com or call
(11:19):
eight one three three two two twenty five twenty. That's
eight one three three two two twenty five twenty. Now
your host for the Maggie Tax and Financial Hour, father
and son from Maggie Tax Advisory and Financial Group, Robert
and Chris Maggie.
Speaker 2 (11:35):
Well, come back and thanks for joining us today. My
name is Robert Maggie and I'm here with my son
and co host. Don't forget to visit our website, Maggie
Tax dot com. And also we're every Sunday on Channel
ABC TV at ten thirty. Tune into the Maggie Tax
and Financial Show. And when you're on our website, Maggie
tex dot com, click on the retirement tax calculator up top.
If you have an IRA A four one k A
(11:57):
four to three B A step plan TSP, any qualified plan.
Clicking the information in thirty seconds will show you what
your retirement tax bill will be. And then let's sit
down and have a conversation because it helps to use
your own common sense to reason out the best course
of action for you and your family and even your business.
Because if you know there are strategies and concepts to use,
(12:19):
it's going to help you. And this process doesn't take
that long. Well, we're going to be doing We've been
asking you questions to help you organize your thinking so
you can discover on your own. And this is what
it's about. If someone tells you, you're not going to listen.
But if I can educate you and Chris can explain
what the strategies and concepts are and involve you, I
think you'll feel better about it and the most beneficial
(12:39):
strategy for you. So we have the Maggie Plan, we
have the chatbox on our website, we have the retirement
tax calculator, so Chris we can help and it's much
easier process to schedule the time and ask us questions
and see if we can come up with a solution.
Speaker 3 (12:53):
You know how many things are happening out there, and
you can really gain insight very quickly about the manipulations
of the government and flow information and we see it, right,
So what are you doing about it? It's called legislative risk.
That's when the government can change the rules whenever they want.
So again, it puts you in position where you have
to fall victim to them, but not if you already
have things set up. And we're talking about even taxes
(13:15):
and tax free buckets. Do you have tax free buckets?
Some people com meet with they have no tax free buckets.
They have a lot of money that's infected with taxes,
meaning that when you start taking a distribution in the future,
when you're retired or when you need income, guess what
you're gonna be hit with the high taxes. You're gonna
be hit with those taxes that you're gonna pay a
question mark or an unknown tax rate. Do you want
(13:36):
to be in that position? You know, what if you
need twenty grant and what if now you're thinking, oh,
I got to just take out twenty three thousand to
net the twenty thousand. That it might be okay today,
but what about in the future when you have to
take out twenty seven or twenty eight thousand, so you
net that twenty Guess what that's more to Uncle Sam
less to you. How long will you money last? If
(13:58):
this is the case, that's what we're talking about legislative risk.
Things will change, and it's so important to get together.
Let's have a conversation. Talk about you, talk about your
situation and what you want to achieve. A three to
three maggie.
Speaker 2 (14:10):
Tax and think about this. There are many ways that
governments manipulate taxes and pensions and healthcare. So let me
talk about this. Do you all know the financial state
of the Union. How about the financial state of the states,
and the financial state of the cities and the pension database.
The financial state of the Union is terrifying. The federal
government will require much more revenue in the future, and
(14:34):
that taxes alone will not even come close to covering
the shortfall. And we're going to have to print enormous
amounts of money to provide the promise benefits. Well, guess
what we'll see our government renege on the promise benefits
by reducing those benefits. They're doing it now. That's called
legislature risk. They can do what they want whenever they want,
So what are you doing about it? What are you
(14:55):
doing about market risk that Chris talks about. What are
you doing about income risk? What happens when you have
to pay more taxes and have less income? Have you
thought about that? What about tax risk? We've discussed what
the government can do and we'll do it's called legislature risk.
Write that down, and Chris, this is where the fear comes.
They don't understand what's behind the curtain that's going to
(15:18):
be coming up very soon.
Speaker 3 (15:19):
My gosh, you know, listening to you today and hearing
what you just said, I mean people just need to
stop and think for a minute. You mentioned a lot
of different risks income risk, market risk, legislative risk, tax risk.
Holy moly thinking about those things, and there's more and
there's more, right, but I'm getting fearful thinking about those
if I didn't have a plan. But if I had
a plan, then guess what. You move on and you
(15:41):
moveing on with confidence. And that's where you can be too.
So when you come to meet with us, we can
design income buckets. We can design how to have pay
less taxes in the future, and when we talk about
we can design buckets that don't have the market risk.
We can design buckets that do have market risk if
you want that. So what is it that you want.
This is your plan when you come to meet with us.
(16:01):
We call it the Maggi plan, but it's really your plan.
It's planned because it's what you will decide on. What
you want to do. How much safety do you want,
how much risk do you want, how much income do
you want? How much taxes do you want to pay?
If not, we can show you how to do that
in the most tax division way. When we talk about
risks out there, take a deep breath because they can
be solved with the right planning. And that's what we
(16:23):
can do. So pick up the phone, schedule time to
meet with us. Eight three to three, Maggi tax.
Speaker 2 (16:27):
Let me throw you some heartbreaking information out there, because
the US government has only four point eight nine trillion
of assets available to listen to this to pay bills
totally one three eight point twenty eight trillion. So let's
break that down and total, and we can show you
what's unfunded liabilities. Our followers think about it, and this
is what many people don't think about. Medicare benefits fifty
(16:49):
eight point one trillion, social security benefits forty five point
four trillion, publicly held debt, twenty two point three four
retirement benefits ten point eighteen. So the whole total comes
to like one one hundred and thirty eight point two
to eight trillion. Do those numbers even make sense to you?
Because probably it doesn't. But let me ask you, does
(17:11):
the government desperately need this money? And will they go
after people with money or people who don't have money?
Speaker 3 (17:16):
To stop for a second, who has the money? Everyone
thinks about the millionaires out there and the billionaires out there. Yeah,
they got the money, but guess where the money's at?
People who have iras four one k's, four O three b's,
thrift savings plans. All these retirement accounts accounts have not
been taxed yet. So do you think it's very simple
(17:38):
for them called legislative risk to change it and increase
the tax rate on these accounts Because it's very simple.
They know how much money is out there in pre
tax money accounts that are infected with taxes, so they
can increase this to get the revenue they want and
continue to spend. So they're going to accomplish what they
want to do. But what about you. You know you're
(17:58):
gonna be in the situation we have to pay more
in taxes and you don't have to. And that's what
we call the government plan. Do you have the government plan?
Speaker 2 (18:05):
If so? Why? Why so?
Speaker 3 (18:07):
If you have choices to make sure it's better for
you and your family. So pick up the phone, schedule
time to meet with us. Visit our website at Maggi
tax dot com. There's so much information right there at
top right hand corner of retirement tax savings time bomb.
It's gonna blow up because of taxes. What are you
gonna do about it? So you can calculate your taxes today.
We can show you what your tax bomb is today.
(18:30):
So get the Maggie Plan. It's the income plan, it's
tax planning, it's investment planning, it's income planning. This is
what we're talking about, a state planning. There's a lot
there to help you. So pick up the phone, schedule
a time to meet with us, A three three Maggie
Tax and don't forget tune in every Sunday on ABC
TV for the Maggie Tax and Financial Show thirty minutes
to educate you right there on ABC at ten thirty
(18:53):
every Sunday. Visit our website at Maggi tax dot com.
That's eight three three Magi Tax Schedule. Time to meet
with us eight three three tax.
Speaker 1 (19:03):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son, Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie tax dot com. That's
ma gg I tax dot com. Or call eight one
(19:25):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty. Now your host
for the Maggie Tax and Financial Hour, Father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 3 (19:40):
Thanks for tuning into the Maggie Tax and Financial Show.
Welcome back everyone. I'm Chris Maggie and uh, there's a
lot going on in today's environment. We all know a
lot of people are scared. Some people really just don't
know what to do, and that's why they need to
seek advice. Advice is so important. You know, we're in
a yoyo economy. You're on your own but you're really
not if you work with a team who has a
(20:02):
holistic view to help you. In a MAGI tax Advisor
and financial group, we you tax planning. We take a
tax approach and everything we do we talk about tax
free buckets. We have income planning, we do investment planning.
There's a lot that we do a state planning to
help you. So pick up the phone, schedule time to
meet with us. Eight three three Maggie. Tax and in
today's a volatile political climate, I mean, two new risks
(20:24):
are so important than ever before. And those two risks
to be aware of are closely aligned. Dad, Let's talk
about the two risks that people need to understand what's
out there.
Speaker 2 (20:34):
Sure, the first is tax risk, and tax risk is
simply the risk that your taxes will not be significantly
lower in retirement than they are today. And that's pretty
much what people think. Okay, how exposed are you to
tax risk? And it depends on how much of your investments, well,
your in retirement assets are in tax deferred vehicles. So
(20:55):
think about it for a minute. Most of you have
four to one k's or IRA's like many of you do,
those are tax deferred, which means you were able to
save in those accounts, defer the taxes. You got a
tax break. But the answer is all al most of
this is taxable. If that is your answer, then it
could be you could be faced with a big and
i'll say it again, a big tax bill in retirement
(21:16):
if your taxes don't go down. So let's just talk
about that for a second. Because in three years the
tax is going to be raised by three percent, maybe more,
we don't know. So have you thought about that and
what it's going to do to your retirement when you're
getting when you're planning to retire.
Speaker 3 (21:32):
Well, that's just said. I mean, how big a tax
bill might you face? You know, talk about it now,
think about it now, and if your current advisor is
not talking about it, you need to pick up the
phone and schedule time to meet with us because this
is a big deal. Your biggest expense is taxes. It's
going to be big, especially in retirement when you need
those funds. What you could do is you can request
(21:54):
an after tax statement. And what I mean by that
is if you have a formal k in IRA, you'll
think about it. Say it's five hundred thousand, say it's
a million, dollars use even numbers say it's a million dollars,
Well you don't have a million dollar IRA. Yeah, you
did a great job of accumulating money, but guess what,
it's not all a million is yours. So there's an
after tax statement that we need to generate to show
(22:15):
you really what is really yours because Uncle Sam's gonna
get paid first. And that's why when you keep deferring
money and you keep putting money in these accounts, then
guess what you're facing an unknown question mark tax rate
in the future. And that's what's scary, because we're all
gonna face that if you have these iras and form
on kes. But let's be on the other side of that. Well,
(22:36):
we can eliminate Uncle Sam. So give us a call,
pick up the phone eight three to three Maggie Tax,
request the after tax statement and to find out really
how big your tax bill will be.
Speaker 2 (22:48):
And then with that you can make adjustments and do
some strategic planning to reduce that at tax. We do
it for a lot of clients. So, like Chris said,
pick up the phone eight one three nine zero nine
zero zero two two. Our website Maggie tax dot com
and let's get together. So the second risk that we're
going to talk about is one that a lot of
people don't talk about. It's called legislative risk. And I
(23:09):
bet many of you never heard of legislative risk. So
let me explain what that is. Because legislative risk is
the risk that Washington change is the rules. And remember,
Congress wrote the rules in pencil, and you know, Congress
can do what they want. They can change it when
they want, and when they change it, they're going to
change it to you know, obviously benefit them and not
benefit you. So be careful of that because those changes
(23:32):
will negatively impact your retirement income. And Chris, we've seen
this time and time again when people come in they
don't understand what their tax is going to be. We
run the income plan, We've show them what they're going
to get, and then all of a sudden they go, well,
what about the IRA and the four to one K?
Well what about it? What about it? Is you're going
to pay tax when you take that money out because
it's going to be added to your income. Am I
(23:53):
right or wrong? Absolutely?
Speaker 3 (23:54):
And that's where people really just don't know because they
wait to the last minute to do planning. That's why
it's so important now to pick up the phone. Schedule time.
Let's get together. We have three offices in the Tampa
Bay area. We can help you. Let's sit down have
that conversation today, so you can feel good about your
future and your retirement years, knowing how much you're gonna
(24:15):
pay in tax and what you're going to keep. We
saw a powerful example of legislative risk back in September
as House Democrats unveiled the three point five trillion dollars
spending bill that made significant changes to how iras and
Form one k's and even wroth accounts. And you know,
now's a time to really understand what you have. You know,
(24:36):
a lot of people have statements out there, they have
these accounts that they get. They get statements every month
or maybe every quarter, and they really don't know what's
taxable or what's tax free. I mean, now's the time,
especially if you have iras and Form one k's, they
have a big bullseye on them as our government looks
to do what raise new tax revenue to fund runway
federal spending. And this is what's happening. So now's the
(24:58):
time to be in controls as opposed to being controlled
by what they're going to do.
Speaker 2 (25:05):
And one thing that Jeff to understand is financial professionals,
it's up to us to help you understand this, and
that's why we do the show. That's why we talk
about this, that's why we educate you, that's why we
wrote books on this, because we want you to learn,
you know, and prepare for it, because you don't want
to be, you know, with a cold shot to the
head and all of a sudden you don't know what
it is. So at Maggie Tax Advisory, we can help
(25:27):
you hedge against tax and legislative risk by using a
product we use cause Index Universal Life or maybe a
Wroth account because this is tax free money. And one
thing that's really important. We do bucket planning and I'll
repeat it, bucket planning. And if your advisor is not
doing bucket planning, then you need to sit down with
us and let us explain what that means to you,
(25:47):
because maybe you can do a combination of all three,
maybe a Wroth, maybe an Index Universal Life, and maybe
bucket planning. And you've done it many times for clients
where we put some in a safe bucket for income.
Now put for you know, future income and then later
on and then maybe if they want to put a
little bit in the market they can, but protect the
majority of the money because you need income and tax
(26:10):
risk is what you're talking.
Speaker 3 (26:11):
About, absolutely, and that's why we have now money, later money,
and also never money. So think about this. We talk
about bucket planning. When you come to meet with us,
we're going to educate you, we're going to help you.
We're going to discover what your goals are and also
how much income you need in retirement. You know, this
is your money. You need to make sure that you
put this together the right way. So pick up the phone,
schedule time to meet with us. Eight three to three
(26:33):
MAGI tax. That's eight three to three MAGI tax.
Speaker 2 (26:36):
Some things you need to look out for if you
have an IRA or four oh one K and it's
called a ten percent penalty. But there are exceptions. We
want to talk about this because we get this question
all the time. And for IRA owners and retirement plan
participants who are under the age of fifty nine and
a half, taking a distribution from a retirement account is
typically off limits. The distribution will most likely be taxable,
(26:59):
and there was a good chance that a ten percent
penalty will also apply. And sometimes life gets in the
way and what role needs to be made and what
I mean by that, like with COVID, and sometimes you
need money for something, maybe you lost your job out
there and you've got to take it out. But be
aware there's a ten percent IRS penalty if you're under
the age of fifty nine and a half. And that's
just it.
Speaker 3 (27:18):
And a lot of people aren't really not aware of that.
And then think about it, if you need to pay
thirty thousand, well there's a ten percent penalty for early distribution.
That's three thousand dollars plus got to pay the tax
on those funds. So a lot of people aren't really
educated on how to take or pull money out of
these retirement accounts. And at Mage Tax Advisory and Financial Group,
(27:40):
we understand iras, we understand the tax code, we understand
what needs to be done and how you need to
handle these accounts. So some of the exceptions they do
apply to iras. Just so you know, my dad mentioned COVID,
but that wasn't a reason why people could avoid the
ten percent penalty apply only to plans, and some apply
(28:02):
also to the IRA as well. But exceptions to both
irays and other plans including step iras and simple iras
to avoid the ten percent penalty are pretty much a
couple of these where if you die, you know death,
then there's no ten percent early distribution penalty. If you're
under age fifty nine and a half, if you're disabled,
(28:22):
you can avoid the ten percent early distribution penalty, or
if you do what they call seventy two T. It's
a tax code that you can use. It's substantially equal
periodic payment, So if someone is needing income before age
fifty nine and a half, there are tax codes that
you can use, like at seventy two T to avoid
the ten percent early distribution penalty. So if this is
(28:43):
something that you're looking to do, definitely pick up the phone.
Let's have a conversation, and let's get together and put
a plan together for you. Some other exemptions are medical
expenses if they exceed seven point five percent of your
adjust the gross income, if you have an IRIS levy,
active reservists you know, even birth or adoption, so some
of these avoid the ten percent early distribution penalty. But
(29:06):
if you have iras and formal case, be very cautious
in regarding what you can do and how you take
a distribution from these accounts.
Speaker 2 (29:13):
And the way we find the shat is when you
come in by tax time and we see that because
sometimes you don't think about it, but always ask your
planned participant what the exception is before you take it out.
Higher education expenses, first time home buyer, that's a big one.
Health insurance if you're unemployed because things have changed, you know,
like life events happen, maybe you lost your job. And
(29:34):
exceptions apply to plans only, and they exclude SEP and
simple iras if you're age fifty five, if your age
fifty for public safety employees, Section four to fifty seven
government plans, divorce, they told quadro qualified domestic relations order,
phased retirement distributions from federal plans. Why are we talking
about this because this is where people Chris make mistakes.
(29:57):
They think they know what to do, they go ahead
and do it on their own, and they call us
when they get a letter from IRS and they say,
what happened? How come this got you applied to me?
What do I do now? And that's just it.
Speaker 3 (30:09):
So these are the things we're talking about because we
understand iras. You need to work with an advisor who
understands IRA planning. And at Maggie Tax Advisory, that's what
we do. We do tax planning, income planning with time
and planning, investment planning. That's what we specialize in doing
a complete plan for you. But one of the things
that we didn't mention here, if you want to convert
before age fifty nine and a half from an IRA
(30:31):
to a ROTH, well, there is no ten percent early
distribution penalty. It doesn't apply be to have to pay
the tax. So that's why it's so important to meet
with the qualified advisor, meet with someone that is going
to go over the tax side of this, the investment side,
the future income. So pick up the phone, schedule time
to meet with us eight three three Maggie Tax. Visit
our website at Maggie tax dot com. There's so much
(30:52):
information right there at your fingertips. But now's the time.
Now's the time, especially in the crucial environment that we're
living in, to get a second of pain. Pick up
the phone, schedule time to meet with us. Eight three
three Maggie Tax. That's eight three to 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
ma gg I tax dot com or call eight one
(31:29):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty now your host
for the Maggie Tax and Financial Hour, father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 2 (31:46):
Welcome back. You're listening to the Maggie Tax and Financial Show.
I am Robert Maggie and I'm here with my son
and co host Chris Maggie. Be sure to pick up
the phone, give us a call eight one three non
zero nine zero zero two two. Set an appointment so
we can do that after tax statement for you and
see if you're going to be paying more in taxes
or less than taxes. And don't forget watch our TV
show every Sunday at ten thirty am on ABC TV.
(32:08):
We cover a lot of information there, a lot of
education because we take a holistic approach and what I
mean by that is that Chris and I have developed,
you know, a division of tax division, income division, legacy division,
investment division, and legacy planning and estate planning. How many
of you are missing a state planning. It's a simple
question that we ask everybody. And the other question that
(32:31):
we ask all of you and you should hopefully look
for this. Who's your beneficiary? Who's your beneficiary on your
bank accounts, on your savings account, on your irea's your
four to one ks? Is it someone that you want
that when you pass away that they get it? Or
do you want to go through probate? These are questions
Chris and I always ask everyone when they come in
because this is complete planning. On my website Maggie tax
(32:53):
dot com, I have a video there for roth conversions.
I have a video for four to one K rollovers
because many of you make mistakes when you roll over
your four to one K and the truth is you
don't know and that's the problem. So pick up the phone,
give us a call. And one more thing we tell
people when someone passes away and you get an inheritance,
I'm going to tell you what to do. Do nothing.
(33:14):
Do nothing, because Chris We've seen this time and time again.
People make a big mistake and they're always like, well,
I didn't know.
Speaker 3 (33:20):
Well that's just said. You know, many people don't know
what they're inheriting. They can be inheriting in an account
that's effective attacks and if they just get a check,
then they stop the inheritance, they stop the stretch or
the inherited IRA ten year rule. So there's a lot
of things that you need to understand before you actually
take possession. So the questions I have for you listening
today are the questions that we get from a lot
(33:43):
of people when we meet with them. They always ask
us about risk. But my question to you is are
you over exposed to risk? Do you understand that a
lot of volatility going on in the market. Are you
over exposed to risk? Is that really where you want
to be? You know, what's your appetite for risk? What
kind of roller coaster do you want to ride? Do
you want to ride something smooth and has a little
(34:04):
up and ups and downs or are you okay with
riding the kumba where it goes up and down, up
and down, it's crazy. It's up to you and every
person that we meet with has a different appetite for risk.
What is yours? And if you're not answering that question,
then actually you could be losing a lot of money
or really not gaining a lot of money because you're
not in the right risk environment exactly. So that's why
(34:26):
it's so important to get a second opinion. You know,
we're a specialist in the distribution phase of retirement. You know,
we understand tax diversification, we understand income planning. You know,
this is what it's about. This is the second half
of the game. I mean, this is your retirement, the
distribution phase, and you need to understand how to handle it.
And that's what we do. So pick up the phone,
(34:47):
schedule time to meet with us. Let's put together an
income plan, Let's put together a tax plan, Let's put
together an investment plan. Let's analyze your investments, and let's
analyze and see what type of risk you're taking and
give you a second opinion.
Speaker 2 (35:00):
Exactly, is there someone at the Internal Revenue Service that
you are so madly in love with that you want
to leave them a whole bunch of their money, because
that's what you're doing. So without a tax review, how
are you going to know that you know, when the
government needs more money in the future, where are they
going to get it. They're going to get it from
qualified accounts. Chris from IRAS in four to one k's
(35:20):
and yeah, they gave us a nice deal years ago
to say, hey, save it and we'll tax deferred. But
later on they forgot to tell you something. You have
to pay a tax later on.
Speaker 3 (35:29):
And this is it unknown question mark tax rate. And
that's what's scary about this whole thing, especially what we
see in the market today. We talked about this earlier
in the show Legislative Risk. They can change the tax code,
they can change the rates. We're at a low tax
rate rate now, and many people don't know that the
brackets are low. Go back years ago, they were very high.
(35:49):
Think about when you start taking a distribution from those
retirement accounts that are infected with tax. Guess what, you're
paying a high rate. You don't have to if you
eliminate Uncle Sam's That's what we do for our client.
So pick up the phone, schedule time to meet with us.
Let's show you tax free buckets. Let's show you strategically
how to get the money out of an affected area
of tax to a tax free environment and leave Uncle
(36:11):
Sam forever exactly.
Speaker 2 (36:13):
And here's the question you need to ask yourself. Do
you want to be ritual? Do you want an absolute,
positive guarantee that you're never going to be poor? And
think about it. You've worked for thirty years, maybe forty years.
So now it's the second part where Chris talked about
the second part of the game. What are you going
to do in the second half when you retire? How
are you going to generate the income that you had
when you were working? And do you have any idea
(36:35):
what the tax consequence is going to be? Well, let's
just say it.
Speaker 3 (36:36):
Think about it. I mean, I don't know if people
look at the stats of Mount Everest, but you know
there's the accumulation phase where people go up the mountain
and you reach the peak. Well, many people have saved,
they've done a great job of saving. But guess what
they have to go back down, right, But the stat
is that most people die. More people die going down
Mount Everest than they do going up. So why do
(36:58):
I bring that up? Because in the distribution phase of
your retirement, most people run out of money, and you
don't want to die in retirement with running out of money.
So what you have to do is meet with a specialist.
And that's what we are, a distribution specialist. And when
you come to meet with us, we're going to analyze
your accounts. We're going to put together a plan for you,
an income plan, a tax plan, and investment plan. And
(37:20):
that's what we're going to do for you. Because why
even millionaire people who come in to meet with us,
they have tons of money, but guess what their main
concern is, what outliving their money. So I don't care
how much you have. If it's two hundred thousand, if
it's two million, if it's twenty million, it doesn't matter.
The same thing applies. We need to put together a
plan for you that takes care of everything from income planning,
(37:42):
tax planning, investment planning, also a state planning.
Speaker 2 (37:44):
And this is the last question that I'll ask all
of you. Do you have enough confidence in your current
advisor to get a second opinion? And the reason why
we say that is because he can't tell you anything
different except what he has, So get a second opinion.
Bring in your tax return, your IRA four to one.
Let us do advanced tax planning for you guys, and
it's going to help you understand what you're going to
(38:05):
wind up pain in retirement. So make sure you visit
our website, Maggie Tax dot com. I have the videos
there that we're talking about here during the show, thirty
minute videos, very simple. Give us a call eight three
to three Maggie Tax and don't forget. Every Sunday on
ABC TV at ten thirty tune into the Maggie Tax
and Financial Show. You get an education and there's some
really powerful points we make. But the bottom line is
(38:28):
it's all about you. It's all about you in retirement.
It's all about you for income planning, and it's all
about you to avoid the tax risk and the legislative risk.
You're listening to the Maggie Tax and Financial Show.
Speaker 1 (38:43):
You've been listening to the Maggie Tax and Financial Hour
discussing tax planning investment strategy. He's presented by Robert and
Chris Maggie from Maggie Tax Advisory and Financial Services with
offices in Hillsboro and Panela's County. Visit Maggie Tax dot
com or call eight one three three two two twenty
five twenty. That's eight one three three two two twenty
(39:05):
five twenty and tune in next Saturday at five for
the Maggie Tax and Financial Hour
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