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 for joining us today. My name
is Robert Maggie and I'm here with my son and
co host, Chris Maggie. Be sure to visit our website,
Maaggie Tax dot Com and tune in every Sunday ten
thirty am for The Maggie Tax and Financial Show on
ABC TV, and we just love to talk about retirement
and taxes because our mission is simple. It's to educate
(01:13):
you and help you understand the retirement language so that
you can make better decisions, because better decisions lead to
better outcomes. And here's how we're going to do that.
Each and every week. Chris and I are going to
discuss taxes, income planning, investment planning, and estate planning, and
we're going to discuss red money and green money, discuss
roth conversions. And the most important concern for all of
(01:35):
you is legislative risk and tax risk. What the heck
is that? Well, we're going to talk about it, so
stay tuned and you're about to find out. And remember,
our goal is to help you keep more of your
heart earned money. And there's going to be one clear winner,
and that's you. So sit back and enjoy today's show
and visit Maggie tax dot com today and welcome everyone.
Speaker 3 (01:55):
I'm Chris Maggie. Thank you so much for tuning into
our show. And yes, as my dad mentioned, to talk
about and we want to educate you. That's why we're here.
There's so much to discussed to position yourself in a
better situation to deal with what's about to occur. So
visit our website at Maggie tax dot com. There's so
much information right there at your fingertips and think about this.
(02:16):
Income planning, tax planning, investment planning. That's what we do.
So if you have any questions during today's show, pick
up the phone, schedule time to meet with us eight
three to three Maggie Tax. That's eight three to three
Maggie Tax.
Speaker 2 (02:27):
Now on our website, Maggie tax dot com. There's a
chat box, So sometime today or right now during the show,
go to Maggie tax dot com because we get a
lot of questions. And one of the questions that we're
getting Chris, and this concerns a lot of retirees that
are taking required minimum distribution or r mds, and a
lot of people don't know what R and D is.
Speaker 3 (02:49):
So stabay dere, let's come put a pause button on
this and educate our listeners today. If you have an
IRA or form and K years ago is seventy and
a half where you have to start taking with the
called the requirementium distribution. Due to this Secure Act, they
push that back to age seventy two. So let's just
say you have an IRA of one hundred thousand at
one custodian and then two hundred thousand dollars at another custodian.
(03:12):
That's total three hundred thousand dollars of qualified money that
you have. Well, if you don't need the money, you
have to take some type of distribution at age seventy two.
It's called the required minimum distribution, and if you do
not take it, there's a fifty percent penalty for not
taking it, plus you have to pay the tax on
the money. So this is a question here regarding requirementium distribution.
(03:34):
So that let's just jump in and ask the question.
Speaker 2 (03:37):
And one other thing, this is called legislative risk. This
is what we're talking about before where they change it
from seventy and a half to seventy two. A lot
of folks out there don't get it. So this is
a gentleman who wrote in and said I'm seventy two
and want to start taking rmds. He has multiple accounts
from teaching jobs that he had many years ago, plus
a couple of traditional iras, and he also had a
(03:58):
four H one K with the car employer, and his
question is can I total all of these up as
of December thirty first, twenty twenty one or twenty twenty
two actually and take an R and D based on
that number, or does each account have an rm D
based on its value? And you just talked about it,
so answer the question.
Speaker 3 (04:16):
Well, you know, dear John, and we really appreciate you
taking the time to write that question because it needs
to be addressed the right way. The RMD rules for
aggregating retirement plan accounts are very tricky, so you gotta
be careful. All of your traditional iras can be aggregated
with each other, but not with your four oh three
B from your previous teaching job or your four on
(04:37):
one ks. This means that rmds for each IRA account
must be calculated separately, but the total requirement of distribution
may be taken from one or more of your IRA account,
So your multiple four oh three B accounts can also
be aggregated with each other, but not with your iras
or your four one K. This is very very important
to understand that if a Form one K plan uses
(04:59):
what we call still working exemption, you don't have to
take rm ds from the plan until you actually retire.
At that point, the RMD for your four one ks
must be calculated separately and can taken apart from your
IRA and also your four to three b's. So considering
all these moving parts, it's very wise to consider consolidation
(05:21):
to minimize the future RMD hassle. And that's why we
stress it's very important that you meet with the qualified
retirement specialist. And we met with a gentleman last week.
He has one point five million dollars in his iras
and he had no idea how to calculate the requirement
and distribution. So with that said, I said, well, how
long you've been with your advisor? You said about fifteen years.
(05:43):
And I sat back and I said, he has not
talked to you about the required minimum distribution? And he
said no. He said, well how do you calculate it?
And I said, I was very upset about this because
this is an advisor that he has been with this
person for so long and he doesn't know the rules
and even bring it up to his current client. And
he sat back and he said, well, I got to
do something, don't I? And I said, well, yeah, let's
(06:05):
put together a plan, and that's what we did for him.
Speaker 2 (06:07):
Well, i'll tell you what brought him in the retirement
calculator that I have on Maggie tax dot com. And
for all of you, if this made sense to you
or not, go to Maggie tax dot com. Go to
the retirement calculator, put in the information. And the cool
thing about it, it's going to show you, at age
seventy two, what's your required minimum distribution is going to be.
That is when you need to sit down, like Chris said,
(06:28):
because what he had was multiple qualified accounts and just
remember something, all your qualified accounts, your four oh one K,
your four or three b's, your step plans, your IRA,
you've deferred the tax on it. So it's seventy two,
the government's going to come knocking and say, hey, here's
what you have to pay is based on what your
income is. And Chris, the retirement calculator, you've done it
(06:51):
with me. It blows people away because they had no idea.
And here's a perfect example. My goodness, if he doesn't
take it out correctly, he's got a big penalty to pay.
Speaker 3 (06:59):
Penalty plus a TAXI has to pay. So yes, make
sure if you have an IRA four to oh three B.
We just talked about how you cannot aggregate the two
unless it's an IRA or a four on one K.
So get with us. Let's put together a plan. Let's
calculate this for you. Let's show you and if you
go to a website maggitax dot com the retirement calculators
(07:21):
right there. In thirty seconds, you can figure out what
your required minimum distribution will be. So pick up the phone,
schedule time to meet with us. A three to three
MAGI tax. That's a three to three MAGI tax, you know.
Speaker 2 (07:32):
And I said it in the beginning of this segment
that it's your money. It's your hard earned money. So
if you neglect to take a look at this, like
Chris was mentioning with a client that came in, and
your advisor is not talking to you about this, shame
on them, because the bottom line is that ultimately you're
gonna pay at the end, and it's not a good
surprise when someone opens up your tax return and says, hey, Chris,
(07:52):
hey Bobby, look what you got to pay, and then
you're gonna say, well, gee, nobody told me about it.
That's on them. Chris that's on them and the advisor
should be taught about it. But you know what they
always say, speak to a tax advisor.
Speaker 4 (08:03):
Well, that's just it. Let's stay on that for a minute.
Speaker 3 (08:05):
Because a client that came in a month ago, and
he came in, he said, I have an advisor, but
my advisor wants me to talk to my tax guy.
I go to my tax guy and my tax guy said, well,
want you talk to your advisor? And they're not talking
to one another. So the guy is confused. He has assets,
he has a plan that he wants to put together,
but guess what, he can't implement it because he's not
(08:26):
getting the right advice. So that's what we're talking about here.
There's many people out there, many advisors, they call themselves
advisors that all they do is just invest the money. Well,
anybody can invest the money. You can invest your own money.
You can do it yourself. But what about the complete plan.
If you're looking for a complete plan, a tax plan
and an income plan, an investment plan, a social security
maximization plan, legacy planning, medicare planning, a state planning, that's
(08:51):
what we do. We put together a complete plan for you.
So if that's what you're looking for. If you want
to sit down in one office and have all the
questions answered instead of going back and forth, back and forth,
and we can help. So pick up the phone, schedule
time to meet with us eight three to three, Maggie Tax.
Speaker 2 (09:09):
And the nice thing about it, you're gonna meet with
Chris and I. We have three locations, one in Palm Marboro,
one in Loots and one in Saint Pete. So it's
real simple. Pick up the phone eight three to three,
Maggie Tax. Visit our website Maggie Tax dot com. Folks,
we have everything on the website for you. With today's technology,
it's a lot easier for you to go to the website,
take a look at it, put in the information, and
(09:30):
then make an appointment. We've helped so many people, and
there's a complete plan we're talking about. And here's one
thing we talked to people. Many of you don't have
a complete plan, Chris, they have an incomplete plan. And
basically just what you said, if they don't understand the
arm ds or the taxes, they have an incomplete plan.
Speaker 3 (09:47):
Well that's it, because guess what, what's our biggest expense? Taxes?
So you have these investments, but guess what, Uncle Sam's
gonna come by and take it because of taxes. So
what are you doing about it? What's your tax plan?
Do you have a tax plan with your investments? Do
you have a tax plan with your current income plan?
Do you have a tax plan with your future legacy plan?
Speaker 4 (10:10):
Or do you not?
Speaker 3 (10:10):
If you don't, you need to get one. So at
Maggi Tax Advisor and Financial Group, that's what we do.
We take a tax approach to help you. We can
help you in a lot of different ways. So pick
up the phone, schedule the time to meet with us.
Eight three three Maggie Tax, don't forget. Visit our website
at Maggie Tax dot com. There's so much information rate there.
And also tune in every Sunday on ABC TV at
(10:31):
ten thirty for the Magi Tax and Financial Show. Maggie
Tax dot Com. Eight three three Maggie Tax, and don't forget.
Visit our website at Maggi tax dot com and on
the top right hand corner click on the retirement tax bill.
In thirty seconds thirty seconds you can understand what your
tax bill will be on your retirement account. Visit us
Maggie Tax dot Com. Schedule time to meet with us
(10:53):
eight three to three Maggi Tax.
Speaker 1 (10:58):
Stop planning for Uncle Sam's or timeirement and start planning
for your retirement. As we return to the Maggie Tax
and Financial Hour with your host father and son Robert
and Chris Maggie. For additional information on how you can
create a tax free retirement, visit Maggie tax dot com.
That's ma 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):
We'll come back and you're listening to the Maggie Tax
and Financial Show. I'm here with my son Chris Maggie
and if you just join this, we've been talking about
bucket planning and how to manage risk. Uh would you
always get questions about how much income do you need
when you retire? And the biggest concern is if I'm
going to run out of money? So we just talked
about the first two buckets. So now let's get to
the last bucket because the third bucket we ideally aren't
(11:58):
touching for income for ten to fifteen years. And Chris,
you talked about it earlier. The first bucket was like
for the first five to seven years and then it disappears,
it's gone. But then you pick up the second bucket
for the next seven to ten years, and then it disappears.
But let's talk about what happens in the third bucket,
because the money doesn't disappear, correct, absolutely, And that's where
we got some real time on our side to let
(12:20):
the market do with the market does.
Speaker 3 (12:22):
And our plan would be to place the percentage of
assets in this bucket, and we can grow this over time,
you know, many years, and it'll be greater than the
original amount that we started with, and at that point,
reassess income needs and we can start a new plan
all over again, because the third bucket grows back to
the original amount that we put in. So it's a
great way to really optimize your assets and develop an
(12:47):
income plan.
Speaker 2 (12:48):
Let me ask you a question. When we show this
the first bucket, they know the income is there, and
then they see the second bucket. But when you put
the money in the third bucket and it grows for
ten years. The biggest question we get as you know, well,
if the market goes down, if the market goes up,
but don't they have a better option that during that
tenure period for you to manage that risk. When the
market goes down, you can keep it low, but when
(13:12):
it goes up, they're going to take advantage of the games.
Speaker 4 (13:14):
Well, that's just it.
Speaker 3 (13:14):
You want to take advantage of the opportunities that are
out there, and with time on your side, you're able
to do that. So we can have a guaranteed plan,
we call it the green plan, which there's no risk
at all, just guaranteed income creating your own family pension.
Or we can have a plan with what you like,
some risk and that we use yellow money in that bucket.
We can have income for life. We can have the
(13:36):
accounts grow, we can take the dividends their dividend portfolios
that we can access that you can take each and
every every month for income for life. So when you
start thinking about this, there are ways to structure.
Speaker 4 (13:48):
An income plan.
Speaker 3 (13:49):
So when many people out there, they don't know what
to do, right, so the thought process comes to your mind.
I accumulated all this money.
Speaker 2 (13:58):
What do I do with it?
Speaker 3 (14:00):
We met with a girl last week and she has
a million dollars in a retirement account. She has a
pension that's about to come in and also social Security,
and she says, I want to retire. I just don't
know what to do with the million dollars to generate
the income. How do I go about doing it? So
I show to the bucket planning and she was amazed
and she said, oh my gosh, I had no idea.
You're telling me I can create three different buckets, have
(14:21):
income for life, and then in ten years, my million
dollars is going to still be there. I'll just be
taking income or interest for the remaining years.
Speaker 2 (14:30):
Yeah. But one thing other, it's amazing.
Speaker 3 (14:32):
She thought this was a great plan because she never
saw this before.
Speaker 2 (14:36):
Sorry to interrupt you. One other thing that was very
important with you said, and we've had many clients talk
about this. When you do the income or the bucket planning,
at the end, they want to leave that money to
their beneficiaries, and a substantial amount too, so they're not
worried too much at that point when we show how
bucket planning works, because number one, you're taking care of
you your income for life, and then when you visit
(14:58):
the angels in the sky, then the rest goes to
your beneficiaries the way you want it.
Speaker 3 (15:03):
I mean, how simple is that, Chris. No, that's just
the way it works. And when you develop an income plan,
that's what we're talking about. You can have an investment plan,
an income plan, a tax plan all one. So when
you do this, you have to meet with the right
advisor because most advisors just they're transactional advisors. They just
deal with investments. And well, anybody can deal with investments.
(15:25):
You can manage your own money. But when you talk
about what's your income plan, if you don't have one,
how's the time to pick up the phone and schedule
time to meet with us. Let's get together. We have
office on both sides of the Bay. Eight three to
three Maggie Tax. That's eight three to three Maggie Tax.
Visit our website at Maggi tax dot com. There's so
much information right there at your fingertips. Watch our show
every Sunday on ABC at ten thirty AM for the
(15:48):
Magi Tax and Financial Show.
Speaker 2 (15:50):
Here's a critical point many of you, I'm probably thinking,
when do we reassess the plan. Well, we do that
automatically because we want to see if it's if it's
going the right way. So we reassess income needs and
we can start a new plan all over again if
we had to, because remember, something life changes. Maybe you'll
inherit some money and you get some extra money. You
might just win some money in a lot of if
(16:11):
that's the way it is. But it's about reassessing your
plan and doing it maybe annually or semiannually. And I
may have made that sound simple, and I can tell
you we put a lot more detail together when we
finalize a plan. And remember, finalize your plan, not our plan.
We call it the Maggie plan. But it's a tax plan,
it's an income plan, it's an investment plan. But I
(16:33):
hope that simple strategy and thought process that we talked
about today gives you a different way to look at investing.
Take the time and pick up the phone and let's
have a conversation. And Chris and I talk about this
all the time people have met with us. It's a conversation.
What are you worried about? What keeps you up at night?
And one more thing to add, Life doesn't always work
as simple as I just stated with this today with
(16:54):
bucket planning, So draw your plan and pencil. Be like Congress.
They draw their plan pencil, Chris. You know they can
make changes all the time, not pen But.
Speaker 3 (17:03):
Here's the thing though with the difference is that when
you have a retirement plan and you draw up a plan,
you can change it, you can modify it, you can
make things happen where it benefits you. And that's what
it's about. You know, you work so hard. This is
your blood, sweat and tears. This is your money. You
need to do something with it. So when you come
to us and we sit down and have a conversation,
we're going to talk about your taxes, your income, your investments,
(17:26):
your state planning. You know, I keep talking about last
week and the clients will meet with but each and
every week we see the same thing. The girl had
a million dollars in a retirement account, no beneficiaries were
set up, she had non qualified money, no beneficiaries were
set up, and she has three kids and her main
goal was to make sure that they are taking care
of Well, it's not going to happen the way she
(17:47):
has it right now. Why because you didn't do the planning.
So if you're out there thinking about today, you know,
you're driving around, or you're in your house or wherever
it is, do you have a plan? Ask yourself, what's
my investment plan, what's my income plan, what's my tax plan?
And if you can't answer those three questions, then just
pick up the phone schedule time to meet with us.
(18:07):
Because we talked about Bucket planning is one of the
ideas that we have. There's a lot of them, especially
when it comes to tax planning strategies. Oh my gosh,
there's a lot of advanced tax planning strategies that we
know that we can help you. So pick up the phone,
schedule time to meet with us. Bucket planning is a
great way to develop your income plan. Eight three to
three magi tax. That's eight three to three magi tax.
Speaker 2 (18:28):
And remember we take an holistic approach to every client
that comes in, which means we talk about tax planning,
social security, a state planning, legacy planning, income planning, investment planning,
any kind of plan that you're looking for because it
all ties together to your money and your plan. A
three to three magi tax or give us a call
(18:48):
A three to three Magi Tax. We have operators standing
by right now. There's a lot we talked about. Please
pick up the phone, Let's have a conversation. Let Chris
and I sit down with you and educate you a
three to three Magi tax and you listen to the
Maggie Tex and Financial Show.
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 (19:41):
Welcome back to the Maggie Tax and Financial Show, and
feel free to visit our website, Maggie Tax dot com.
There's so much information right there at your fingertips. Do
you have a tax plan? Do you have an income plan?
Do you have an investment plan? And you know what,
do you have an estate plan? If you said no
to any one of those, you need to listen up
because now is a time to put together a plan
(20:02):
for you and your family. A three to three magi tax,
that's eight three to three maggie tax. There's so much
there that we could talk about. You know, at our
firm we talk about the Maggi plan. You know we're
talking about taxes today, but how do they incorporate with
your investments? If you are paying more in tax, guess what,
less income to you and your family. So are you
prepared for the possibility of higher taxes in retirement? And
(20:24):
that's what we're talking about today. You need to have
a plan. You need to have an investment plan, a
tax plan, and also an income plan eight three to
three magi, a tax schedule. Time to meet with us.
We have obvious on both sides of the day, a
three to three magi tax.
Speaker 2 (20:38):
And by the way, we do tax preparation. So if
you want to make an appointment, come on in. But
let me mention one thing that happened this week. And
it's really simple. Everyone that works you make income, right,
who's the first one that you have to pay Uncle Sam. Oh. So,
so let's just say you make twenty thousand last year
and you make fifty thousand this year, you've increased by
thirty thousand. Is that thirty thousand free.
Speaker 4 (20:58):
Chris, Nope, you have to Uncle Sam Oh.
Speaker 2 (21:01):
You have to pay Uncle Sam. See I'm making light
of this because this is where people getting confused. When
I talked about the five ways that taxes are going
to go up, so many of you assume that your
taxes will be lower in the future. Not true, it's
not true. But as today's retireies are discovering, that's often
not the case. And we see this every day. In
a perfect example is when you make more money, your
(21:22):
tax bracket's going to go up, you have to pay more.
So if taxes keep going up and the tax brackets
keep rising, you get less. So we can help you
understand the five ways your taxes could go up in retirement.
And again, I have a brochure. If you want to
call my office, just give me your email. I'll be
glad to send it to you in an email and
you can see for yourself. Well, come to one of
our seminars and I'll give you that At the seminar
(21:43):
and how we can help you mitigate that tax risk.
Think about that. Does your advisor talk about mitigating tax risk?
Now they talk about putting more money in another account.
So from the congressional spending to tax bracket changes, you're
going to learn how to position taxes in your retirement.
And every news item out of watching con seems to
(22:03):
include details of a new or expanded tax. Let me
ask you a question. So, the total government revenue in
twenty twenty two was four point nine trillion. That's what
the government takes in in revenue that was in twenty
twenty two. Total government spending in fiscal year twenty two
was six point three trillion. Do the math. It's like,
(22:24):
you know, you have a credit card, you got to
pay it back, Okay, but we're not even paying back
half of it. Chris, Well, that's just said. I mean
things you can't control. Right, we know that the government
is spending more. That's not a topic we want to
go into right now. It is what it is.
Speaker 3 (22:36):
They're spending more than they take in. But what does
that mean to you? What does that mean to me?
Speaker 2 (22:41):
Right? What does it mean to our generation?
Speaker 3 (22:43):
It means that we are going to pay more in
tax because they know how much money you have in iras,
They know how much money you have in formal case,
they know how much money you having a TSP if
you're a federal employee. They know these are all qualified
accounts that are infected with tax so very simple that
you're exposed to tax risk. You're exposed to legislative risk
(23:03):
where they can change the rules. What I mean by
that is they can change the rules on how much
they tax you they tax me. Right, these are things
that we need to start controlling today. And you can
if you put together a tax plan. That's why I
ask you, what's your plan? What's your tax plan? If
you don't have one, now is the time to start
really putting one together and we can help. So pick
(23:24):
up the phone, schedule time to meet with us. Because
when we put together a tax plan, we can put
together an income plan. And what's better having taxable income
or tax free income, and when you can show a
tax return like we do to our clients in retirement
that I don't care if they increase taxes because our
clients' plans have tax free money. So when they retire
(23:46):
and they take income and government says, well, we need
to pay our deficeit and we need to increase taxes.
Our clients aren't affected by that because they have a
tax plan. That's what we can do for you. So
pick up the phone, schedule time to meet with us.
Eight three to three Maggie tax. That's eight three three
maggie tax.
Speaker 2 (24:01):
And this is a race that we all must learn
to win where we're ahead of it, not behind it,
because that's when people get in trouble. In at every
seminar that we do, this is the question that we
ask the audience, and I'm asking all of you how
many people think taxes are going up in the future,
and I know everybody raises their hand. Nearly everyone raised
their hands because it's going to go up. So the
point Chris and I are making today is tax planning
(24:24):
is essential. You've got to start thinking about it. Whether
you have low income or high income, it doesn't make
a difference. Yet, while you understand we've entered it into
a rising tax environment, surprisingly few of you have used
that knowledge to change how you save for retirement. And
if your advisor's not talking to you about this, which
is why we say, go to my retirement calculator on
(24:44):
Maggie tax dot com and see for yourself what your
tax is going to be. Chris, that's very important.
Speaker 3 (24:49):
Well, let's just talk about that. You know, when we
meet with clients, what are we seeing. We're seeing tons
of IRA accounts, tons of Form and K accounts, tons
of these accounts that are deferred. We see this, and
they've been with their advisors for years. They're not doing
the right job.
Speaker 4 (25:02):
I'll tell you what. Yeah, anyone can manage your money.
Speaker 3 (25:04):
You can manage yourself with this market where it's at
and the amount of money they're pumping in and the
environment they're playing with the interest rates, everyone's making money.
Speaker 4 (25:12):
That's easy. That's the easy part of it.
Speaker 2 (25:14):
But what about the end of the game.
Speaker 3 (25:16):
You know, when you think about a football game and
you're up at halftime, you're all happy because you're up
by forty points, but guess what, you got to finish
the game. And that's where Uncle Sam comes in, and
that's where he blows it right by you and you
lose forty three to forty because you did not have
a tax plan. So pick up the phone, schedule time
to meet with us. Let's put together an investment plan.
Let's put together an income plan. Let's put together that
(25:37):
tax plan that you need to generate guaranteed safety and
also income.
Speaker 4 (25:41):
In the future.
Speaker 3 (25:42):
What's wrong with going to the mailbox every month when
you're retired, pick it up a check and that's tax
free money and spending the heck out of it and
doing all over again for the rest of your life.
Speaker 2 (25:51):
How cool would that be?
Speaker 3 (25:52):
Because when you hear the news and hear all the
drama and they talk about, oh my gosh, taxes are
going to go up, tax are the highest it's ever been,
can say and put a smile on your face and
say that doesn't affect They're not higher, they're lower and
the lowest point now chorus, But how cool could it
be in the future when that happens that you don't
have to be affected by it. That's why we can
put together a tax plan eight three three magi tax.
(26:15):
Get the tax plan. We have office on both sides
of the day eight three three magi tax.
Speaker 2 (26:19):
So if you all continue to defer taxes, which many
of you do in an IRA four oh one K
four h three B on all or most of your
retirement assets, you're going to have a large tax bill
to pay, So why would you do that if you
can do strategic planning or like Chris and I talk
about bucket planning where you have income that may be
tax free, you have growth and you have later money,
(26:41):
but you take that money and you have tax free money.
We can do that. That's what we do. That's called
the Maggie Plan. It's a tax plan, it's an income plan,
it's an investment plan, and it's a legacy plan. And
please one other thing. Many of you don't have a
will or a trust and you sit back and say
I don't need it, because well you do, so visit
one of us. Sem Go to my website, Maggie tax
(27:01):
dot com. We have two seminars a month. Take a
look at the dates and times and locations and come.
There's no obligation, no lunch, no dinner, no nothing, just
explaining to you what this is about. I think that's
more important getting you education and understanding the language than
feeding people. And you know what, I've done that for
years and it's okay, but it's not what I want.
If you want information, then you come to my seminar.
(27:22):
I will give you the information because that's what you need.
So how can we help overcome this disconnect of taxes
and legislative risk. And at Magi Tax we help our
clients face new risks. People work with Maggi Tax because
we help And here's the word mitigate risk. Chris, does
any advisor are talking about mitigate risk?
Speaker 3 (27:42):
No, they don't talk about that. That that's why it's
so disappointing. Think about it. You don't have clients like
we see this. We meet with clients and they come
in with statements. Yeah it's five hundred thousand, Yeah it's
one point two million, Yeah it's three hundred thousand, yeah
it's four million. It doesn't matter. At the end of
the day, there's no planning. There's no planning. It's just
investment accounts. You've got piles of money. We see in this.
This is what advisors are doing. They're just dealing with investments. Yeah,
(28:04):
you have money.
Speaker 4 (28:05):
I don't care. The fact of men is what's the
end of the game look like for you?
Speaker 3 (28:09):
The tax side of this, because yeah, you can have
four million bucks, but guess what when we run the
tax time calculator and that four million dollars is not
worth four million, It's worth two million or it's worth
two point five million. Guess what, Uncle Sam is your partner?
How do you remove Uncle Sam from your partner forever
and ever and ever?
Speaker 2 (28:29):
So we can show you.
Speaker 4 (28:30):
How to do this.
Speaker 2 (28:31):
So here's the misunderstanding that you just said that people have.
I have a lot of money. I have two million,
I have one million, I have five hundred thousand. No,
you don't. Here's the question that we ask every single
person that comes into meets with us. How much income
do you need per month? Forget about how much you have.
How much do you need per month? Am I right
or wrong? Yeah? And then where are we going to
(28:51):
get it from? And then when you start looking at
the numbers and you start budgeting and you start figuring out,
well I only need this amount and I'm okay, let
the risk grow and put on a tech free basis.
Why would you not want to do that? So how
do we do that? It's real simple. We use a process.
We have a process at Maggie Tax. We identify the risk.
And this is so important because older people are taking
(29:11):
more risk than they need to and the advisor's not
talking about risk management we do. We want to quantify
that risk because maybe you're taking too much risk, and
we can reduce the risks. We have more tax free money.
And here's the thing, write this down. We're going to
build a plan to mitigate to mitigate that risk. You
know what, I challenge all of you. Go to your advisor,
go to your CPA, and ask them this question, how
(29:34):
do you mitigate my tax risk? And then be quiet.
I guarantee you they're going to look at you and
going to stare at you, like, what are you talking about?
Mitigate lower the tax risk. So it started with the market.
Savers wanted to and this is what Chris was talking
about before, and they needed the power of the stock
market to grow their funds. It was a simple formula,
there was nothing wrong with it. They put money aside,
(29:55):
invest in the stock market and watch it grow. Oh man,
this is growing great, right, Chris, Well, it didn't until
it didn't, and it's going to happen again. So during
the market downturn, savers learned about what risks, what kind
of risk?
Speaker 3 (30:08):
Chris, there's different types of market risk, right, inflation risk,
we see that, what about tax risk? These are things
we're talking about. So do you have a plan. Many
people out there don't. They just have piles of money.
You get those statements. You have a pile of money,
big deal, But how is it going to come out?
What's the end of the game look like for that account?
Pick up the phone, schedule time to meet with us.
(30:30):
Let's get together. I urge you to do this because
we see this each and every day many people. They
come in, they think they have a plan and guess
what they don't because when we do tax planning and
tax preparation each and every year, guess what they're paying taxes?
And then they're saying, what can I do?
Speaker 2 (30:45):
Well?
Speaker 3 (30:46):
You follow the crowd. You didn't listen, and you didn't
put together a plan. Now is the time to do it.
Don't follow the crowd. Eight three three Magi Tax. That's
a three to three Magi tax. Visit our website at
maggitax dot com. There's so much there to help you.
Eight three three Maggie Tax. Set an appointment today 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 m
a 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.
Speaker 3 (31:45):
Maggie, welcome back to the Mega Tax and Financial Showing me.
Thank you so much for tuning in today. And you know,
as always, we enjoy doing what we do. I mean,
it's great when we meet with you. My gosh, put
together plans or so rewarding because we know the clients
can retire. It's great to see that smile on their
face when they know that they're going to get income
in the most tax efficient way. What a great feeling.
(32:05):
So pick up the phone schedule time to meet with us.
We have office on both sides of the bay to
help you. Eight three to three Maggie Tax. That's eight
three to three Maggie Tax.
Speaker 2 (32:13):
Just remember we have a very good staff that understands
how to help all of you in any which way
that we can. So we have to have a conversation
so that you can take action. I think the key
there is take action. So many people don't. They only
talk about it and they procrastinate, and again, stop making excuses.
That is not acceptable. And if you are all paying
attention to what's happening in this world, then that should
(32:35):
be enough to take action to be fuel you get
deeper into trouble than you are right now. Taxes, income planning,
you name it, it's out there. The big question to
all of you is where are we going to get
the money to pay for the taxes and inflation? What
about higher income taxes? What about increasing property taxes? The
list goes on and on. Just remember on December twenty
(32:55):
twenty five, and we talk about it all the time,
that Trump tax cuts, they're going to go back to
what it was. So on January of twenty twenty six,
everyone's going to be paying a higher tax. And how
many of you know that. We've been talking about that,
Chrisphy years and it's getting closer and closer. And again,
when we offer the retirement calculator on our website, it's
because folks, you need to see this. We get millionaire
(33:17):
clients coming in and looking at it and going like,
I didn't think I had to pay that much tax? Well,
what did you think it was free money? They have
a mortgage to Uncle Sam? Right?
Speaker 4 (33:24):
Absolutely.
Speaker 3 (33:25):
You know, we had a client last week has a
two point two million dollar IRA and guess what you know?
He says, Oh my gosh, I got two point two million.
It doesn't matter what you have. Guess what after taxes?
You know you don't have two point two You had
a big account that's infected with tax. What are you
doing about it? And he sat back and he said, well,
that's why I'm here? He said, what can I do
about it? So we talked about his other positions, and
(33:46):
we talked about his other accounts, and he had the
ability to go off set using a tax deduction strategy
where he can have guaranteed income coming in, he can
create a big tax deduction and he can avoid the
capital gains tax. And he said, oh my god, God,
no one's ever showed me this. And he said, well why,
he asked me, why hasn't my advisor shown me? I said,
it's pretty simple. The current advisor that you're with right now,
(34:09):
all they want to do is just manage your money.
Speaker 4 (34:12):
That's it. They're not talking about your taxes. They don't care.
Speaker 3 (34:15):
They're not talking about the way your accounts are going
to transfer. They don't care. They're not looking for your
income best purposes, they don't care. They just want to
manage your money. Is that you out there listening today.
If it is, then you have an incomplete plan. You
just have an investment plan. But there's so much more
to that, especially now when you're talking about taxes. We
(34:35):
do tax planning, we do income planning, we do investment planning.
If you have a brokege account, let's analyze that. Let's
see how it's incorporating with the taxes. Is your advisors,
your broker causing you to pay necessary taxes? Maybe you
don't see it until tax time, but is your CPA
really showing you that as well? So let us dissect
what you got. Let's get a second opinion. Let's show
(34:57):
you eight three to three, mag Attacks, bring your stuff in,
Let's have conversation.
Speaker 4 (35:00):
Let's tell you.
Speaker 3 (35:01):
Tell us what's on your mind. We want to hear
it so we can help you. Eight three to three
Maggie tax.
Speaker 2 (35:06):
And the big question is are you going to wait
and get hit, you know, with that issue. It's going
to affect everyone listening today, whether it be income or
taxes or investments. You know, I don't care who's right
or wrong. What we care about is where are they
going to get the money from? And who will pay
for all of this? And the answer is all of us.
So do you have a plan? Just ask and we
(35:26):
can go on and on, but that's not the point.
Complaining is not a plan, Procrastination is not a plan,
and just saying no is not a plan. And this
is what people are doing out there, Chris. They just afraid.
That's what this whole show is about. Ask for help.
That's how you solve these concerns. Get some help, and remember,
just ask for help. Eight three to three, Maggie. Tax.
(35:47):
Do you know what the answer is to all of
this is? If they do not have enough money to
pay the tax, then the answer is simple, Well, they do,
just print more money.
Speaker 3 (35:57):
And that's what's going to happen, and which creates stealth
taxes and that's going to reduce the purchasing power. And
guess what, this is going to make it more difficult
for you to live because again it's going to affect
the dollars. So what are we doing. That's why it's
so important to put together a plan. I can't stress
this enough, because people who have plans succeed more. They're
gonna take advantage of the opportunities. They're gonna take advantage
(36:18):
if the market goes down this big volatility. Wouldn't you
want to be on the other side of this? When
you want to be on the positive side. It says
instead of saying, oh, my gosh, Ei, there's down twenty
or thirty forty percent like nine to eleven times, or
the housing market times or COVID times. Right, these are
things that you can avoid if you have a plan,
if you work with an advisor that understands concepts and
(36:39):
the distribution phase of your life. What about the taxes,
My gosh, I can't stress this enough. People are going
to pay more in taxes. They're going to come after
the people who have the money. If you have iras
in four oh one k's and TSP, if you are
federal employees, guess what they know how much money you have.
Speaker 4 (36:58):
It's infected with taxes. It's very simple.
Speaker 3 (37:00):
They can increase the tax rate and when they do that,
one point two percentage points five percentage points that means
Uncle Sam gets paid first, you lose your value. Don't
let happen to you. If you have abilities to go
ahead and put together plans to help you, pick up
the phone, schedule time to meet with us. We look
forward to helping you get the Maggie Plan eight three
(37:21):
to three Maggie Tax.
Speaker 2 (37:22):
And one more thing don't forget. Go to our website,
go to seminars and register for one of our seminars
that we do on a state planning and social security
and tax planning. We're probably the only one doing a
three to one event. But here's why, because those three
topics are very important to each and every one of
you out there in some way, shape or form. People
are concerned about social security. People don't know when to
(37:43):
take social security. People don't know how it's tax and
what the amount is going to be taxed in the future.
And that is why it's so important to ask for help,
because these are questions that we're getting asked everyday. Income planning,
tax planning, social security, wills and trust, and how to
take care of your family. Visit our website Maggie Tax
dot com, click on seminars, click on retirement calculator. All
(38:05):
the information is there. Be sure to watch our TV
show every Sunday on ABC at ten thirty and then
following the show, we're back on the radio again with
the Maggie Tax and Financial Show. Folks, it's about education.
Chris and I've been doing this for a long time.
It's up to you. If you have questions, please don't
be afraid to ask write them down. That's why we
do this show. So throughout the show, right out a
question or give us a call. We have operated standing
(38:27):
by right now. Eight three to three Maggie Tax. We
have offices in Palm Harbor, in Loots and also Saint Pete.
So give us a call, ask questions. Eight three to
three Maggie Tax again, eight three to three Maggie Tax.
And you're listening to the Maggie Tax and Financial Show.
Speaker 1 (38:43):
You've been listening to the Maggie Tax on Financial Hour
discussing tax planning investment strategies, presented by Robert and Chris
Maggie from Maggie Tax Advisory and Financial Services with offices
in Hillsboro and Panelas County. Visit Maggie Tax dot com
or call eight one three three two two twenty five twenty.
That's eight one three three two two twenty five twenty
(39:06):
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 for joining us today. My name
is Robert Maggie and I'm here with my son and
co host, Chris Maggie. Be sure to visit our website,
Maaggie Tax dot Com and tune in every Sunday ten
thirty am for The Maggie Tax and Financial Show on
ABC TV, and we just love to talk about retirement
and taxes because our mission is simple. It's to educate
(01:13):
you and help you understand the retirement language so that
you can make better decisions, because better decisions lead to
better outcomes. And here's how we're going to do that.
Each and every week. Chris and I are going to
discuss taxes, income planning, investment planning, and estate planning, and
we're going to discuss red money and green money, discuss
roth conversions. And the most important concern for all of
(01:35):
you is legislative risk and tax risk. What the heck
is that? Well, we're going to talk about it, so
stay tuned and you're about to find out. And remember,
our goal is to help you keep more of your
heart earned money. And there's going to be one clear winner,
and that's you. So sit back and enjoy today's show
and visit Maggie tax dot com today and welcome everyone.
Speaker 3 (01:55):
I'm Chris Maggie. Thank you so much for tuning into
our show. And yes, as my dad mentioned, to talk
about and we want to educate you. That's why we're here.
There's so much to discussed to position yourself in a
better situation to deal with what's about to occur. So
visit our website at Maggie tax dot com. There's so
much information right there at your fingertips and think about this.
(02:16):
Income planning, tax planning, investment planning. That's what we do.
So if you have any questions during today's show, pick
up the phone, schedule time to meet with us eight
three to three Maggie Tax. That's eight three to three
Maggie Tax.
Speaker 2 (02:27):
Now on our website, Maggie tax dot com. There's a
chat box, So sometime today or right now during the show,
go to Maggie tax dot com because we get a
lot of questions. And one of the questions that we're
getting Chris, and this concerns a lot of retirees that
are taking required minimum distribution or r mds, and a
lot of people don't know what R and D is.
Speaker 3 (02:49):
So stabay dere, let's come put a pause button on
this and educate our listeners today. If you have an
IRA or form and K years ago is seventy and
a half where you have to start taking with the
called the requirementium distribution. Due to this Secure Act, they
push that back to age seventy two. So let's just
say you have an IRA of one hundred thousand at
one custodian and then two hundred thousand dollars at another custodian.
(03:12):
That's total three hundred thousand dollars of qualified money that
you have. Well, if you don't need the money, you
have to take some type of distribution at age seventy two.
It's called the required minimum distribution, and if you do
not take it, there's a fifty percent penalty for not
taking it, plus you have to pay the tax on
the money. So this is a question here regarding requirementium distribution.
(03:34):
So that let's just jump in and ask the question.
Speaker 2 (03:37):
And one other thing, this is called legislative risk. This
is what we're talking about before where they change it
from seventy and a half to seventy two. A lot
of folks out there don't get it. So this is
a gentleman who wrote in and said I'm seventy two
and want to start taking rmds. He has multiple accounts
from teaching jobs that he had many years ago, plus
a couple of traditional iras, and he also had a
(03:58):
four H one K with the car employer, and his
question is can I total all of these up as
of December thirty first, twenty twenty one or twenty twenty
two actually and take an R and D based on
that number, or does each account have an rm D
based on its value? And you just talked about it,
so answer the question.
Speaker 3 (04:16):
Well, you know, dear John, and we really appreciate you
taking the time to write that question because it needs
to be addressed the right way. The RMD rules for
aggregating retirement plan accounts are very tricky, so you gotta
be careful. All of your traditional iras can be aggregated
with each other, but not with your four oh three
B from your previous teaching job or your four on
(04:37):
one ks. This means that rmds for each IRA account
must be calculated separately, but the total requirement of distribution
may be taken from one or more of your IRA account,
So your multiple four oh three B accounts can also
be aggregated with each other, but not with your iras
or your four one K. This is very very important
to understand that if a Form one K plan uses
(04:59):
what we call still working exemption, you don't have to
take rm ds from the plan until you actually retire.
At that point, the RMD for your four one ks
must be calculated separately and can taken apart from your
IRA and also your four to three b's. So considering
all these moving parts, it's very wise to consider consolidation
(05:21):
to minimize the future RMD hassle. And that's why we
stress it's very important that you meet with the qualified
retirement specialist. And we met with a gentleman last week.
He has one point five million dollars in his iras
and he had no idea how to calculate the requirement
and distribution. So with that said, I said, well, how
long you've been with your advisor? You said about fifteen years.
(05:43):
And I sat back and I said, he has not
talked to you about the required minimum distribution? And he
said no. He said, well how do you calculate it?
And I said, I was very upset about this because
this is an advisor that he has been with this
person for so long and he doesn't know the rules
and even bring it up to his current client. And
he sat back and he said, well, I got to
do something, don't I? And I said, well, yeah, let's
(06:05):
put together a plan, and that's what we did for him.
Speaker 2 (06:07):
Well, i'll tell you what brought him in the retirement
calculator that I have on Maggie tax dot com. And
for all of you, if this made sense to you
or not, go to Maggie tax dot com. Go to
the retirement calculator, put in the information. And the cool
thing about it, it's going to show you, at age
seventy two, what's your required minimum distribution is going to be.
That is when you need to sit down, like Chris said,
(06:28):
because what he had was multiple qualified accounts and just
remember something, all your qualified accounts, your four oh one K,
your four or three b's, your step plans, your IRA,
you've deferred the tax on it. So it's seventy two,
the government's going to come knocking and say, hey, here's
what you have to pay is based on what your
income is. And Chris, the retirement calculator, you've done it
(06:51):
with me. It blows people away because they had no idea.
And here's a perfect example. My goodness, if he doesn't
take it out correctly, he's got a big penalty to pay.
Speaker 3 (06:59):
Penalty plus a TAXI has to pay. So yes, make
sure if you have an IRA four to oh three B.
We just talked about how you cannot aggregate the two
unless it's an IRA or a four on one K.
So get with us. Let's put together a plan. Let's
calculate this for you. Let's show you and if you
go to a website maggitax dot com the retirement calculators
(07:21):
right there. In thirty seconds, you can figure out what
your required minimum distribution will be. So pick up the phone,
schedule time to meet with us. A three to three
MAGI tax. That's a three to three MAGI tax, you know.
Speaker 2 (07:32):
And I said it in the beginning of this segment
that it's your money. It's your hard earned money. So
if you neglect to take a look at this, like
Chris was mentioning with a client that came in, and
your advisor is not talking to you about this, shame
on them, because the bottom line is that ultimately you're
gonna pay at the end, and it's not a good
surprise when someone opens up your tax return and says, hey, Chris,
(07:52):
hey Bobby, look what you got to pay, and then
you're gonna say, well, gee, nobody told me about it.
That's on them. Chris that's on them and the advisor
should be taught about it. But you know what they
always say, speak to a tax advisor.
Speaker 4 (08:03):
Well, that's just it. Let's stay on that for a minute.
Speaker 3 (08:05):
Because a client that came in a month ago, and
he came in, he said, I have an advisor, but
my advisor wants me to talk to my tax guy.
I go to my tax guy and my tax guy said, well,
want you talk to your advisor? And they're not talking
to one another. So the guy is confused. He has assets,
he has a plan that he wants to put together,
but guess what, he can't implement it because he's not
(08:26):
getting the right advice. So that's what we're talking about here.
There's many people out there, many advisors, they call themselves
advisors that all they do is just invest the money. Well,
anybody can invest the money. You can invest your own money.
You can do it yourself. But what about the complete plan.
If you're looking for a complete plan, a tax plan
and an income plan, an investment plan, a social security
maximization plan, legacy planning, medicare planning, a state planning, that's
(08:51):
what we do. We put together a complete plan for you.
So if that's what you're looking for. If you want
to sit down in one office and have all the
questions answered instead of going back and forth, back and forth,
and we can help. So pick up the phone, schedule
time to meet with us eight three to three, Maggie Tax.
Speaker 2 (09:09):
And the nice thing about it, you're gonna meet with
Chris and I. We have three locations, one in Palm Marboro,
one in Loots and one in Saint Pete. So it's
real simple. Pick up the phone eight three to three,
Maggie Tax. Visit our website Maggie Tax dot com. Folks,
we have everything on the website for you. With today's technology,
it's a lot easier for you to go to the website,
take a look at it, put in the information, and
(09:30):
then make an appointment. We've helped so many people, and
there's a complete plan we're talking about. And here's one
thing we talked to people. Many of you don't have
a complete plan, Chris, they have an incomplete plan. And
basically just what you said, if they don't understand the
arm ds or the taxes, they have an incomplete plan.
Speaker 3 (09:47):
Well that's it, because guess what, what's our biggest expense? Taxes?
So you have these investments, but guess what, Uncle Sam's
gonna come by and take it because of taxes. So
what are you doing about it? What's your tax plan?
Do you have a tax plan with your investments? Do
you have a tax plan with your current income plan?
Do you have a tax plan with your future legacy plan?
Speaker 4 (10:10):
Or do you not?
Speaker 3 (10:10):
If you don't, you need to get one. So at
Maggi Tax Advisor and Financial Group, that's what we do.
We take a tax approach to help you. We can
help you in a lot of different ways. So pick
up the phone, schedule the time to meet with us.
Eight three three Maggie Tax, don't forget. Visit our website
at Maggie Tax dot com. There's so much information rate there.
And also tune in every Sunday on ABC TV at
(10:31):
ten thirty for the Magi Tax and Financial Show. Maggie
Tax dot Com. Eight three three Maggie Tax, and don't forget.
Visit our website at Maggi tax dot com and on
the top right hand corner click on the retirement tax bill.
In thirty seconds thirty seconds you can understand what your
tax bill will be on your retirement account. Visit us
Maggie Tax dot Com. Schedule time to meet with us
(10:53):
eight three to three Maggi Tax.
Speaker 1 (10:58):
Stop planning for Uncle Sam's or timeirement and start planning
for your retirement. As we return to the Maggie Tax
and Financial Hour with your host father and son Robert
and Chris Maggie. For additional information on how you can
create a tax free retirement, visit Maggie tax dot com.
That's ma 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):
We'll come back and you're listening to the Maggie Tax
and Financial Show. I'm here with my son Chris Maggie
and if you just join this, we've been talking about
bucket planning and how to manage risk. Uh would you
always get questions about how much income do you need
when you retire? And the biggest concern is if I'm
going to run out of money? So we just talked
about the first two buckets. So now let's get to
the last bucket because the third bucket we ideally aren't
(11:58):
touching for income for ten to fifteen years. And Chris,
you talked about it earlier. The first bucket was like
for the first five to seven years and then it disappears,
it's gone. But then you pick up the second bucket
for the next seven to ten years, and then it disappears.
But let's talk about what happens in the third bucket,
because the money doesn't disappear, correct, absolutely, And that's where
we got some real time on our side to let
(12:20):
the market do with the market does.
Speaker 3 (12:22):
And our plan would be to place the percentage of
assets in this bucket, and we can grow this over time,
you know, many years, and it'll be greater than the
original amount that we started with, and at that point,
reassess income needs and we can start a new plan
all over again, because the third bucket grows back to
the original amount that we put in. So it's a
great way to really optimize your assets and develop an
(12:47):
income plan.
Speaker 2 (12:48):
Let me ask you a question. When we show this
the first bucket, they know the income is there, and
then they see the second bucket. But when you put
the money in the third bucket and it grows for
ten years. The biggest question we get as you know, well,
if the market goes down, if the market goes up,
but don't they have a better option that during that
tenure period for you to manage that risk. When the
market goes down, you can keep it low, but when
(13:12):
it goes up, they're going to take advantage of the games.
Speaker 4 (13:14):
Well, that's just it.
Speaker 3 (13:14):
You want to take advantage of the opportunities that are
out there, and with time on your side, you're able
to do that. So we can have a guaranteed plan,
we call it the green plan, which there's no risk
at all, just guaranteed income creating your own family pension.
Or we can have a plan with what you like,
some risk and that we use yellow money in that bucket.
We can have income for life. We can have the
(13:36):
accounts grow, we can take the dividends their dividend portfolios
that we can access that you can take each and
every every month for income for life. So when you
start thinking about this, there are ways to structure.
Speaker 4 (13:48):
An income plan.
Speaker 3 (13:49):
So when many people out there, they don't know what
to do, right, so the thought process comes to your mind.
I accumulated all this money.
Speaker 2 (13:58):
What do I do with it?
Speaker 3 (14:00):
We met with a girl last week and she has
a million dollars in a retirement account. She has a
pension that's about to come in and also social Security,
and she says, I want to retire. I just don't
know what to do with the million dollars to generate
the income. How do I go about doing it? So
I show to the bucket planning and she was amazed
and she said, oh my gosh, I had no idea.
You're telling me I can create three different buckets, have
(14:21):
income for life, and then in ten years, my million
dollars is going to still be there. I'll just be
taking income or interest for the remaining years.
Speaker 2 (14:30):
Yeah. But one thing other, it's amazing.
Speaker 3 (14:32):
She thought this was a great plan because she never
saw this before.
Speaker 2 (14:36):
Sorry to interrupt you. One other thing that was very
important with you said, and we've had many clients talk
about this. When you do the income or the bucket planning,
at the end, they want to leave that money to
their beneficiaries, and a substantial amount too, so they're not
worried too much at that point when we show how
bucket planning works, because number one, you're taking care of
you your income for life, and then when you visit
(14:58):
the angels in the sky, then the rest goes to
your beneficiaries the way you want it.
Speaker 3 (15:03):
I mean, how simple is that, Chris. No, that's just
the way it works. And when you develop an income plan,
that's what we're talking about. You can have an investment plan,
an income plan, a tax plan all one. So when
you do this, you have to meet with the right
advisor because most advisors just they're transactional advisors. They just
deal with investments. And well, anybody can deal with investments.
(15:25):
You can manage your own money. But when you talk
about what's your income plan, if you don't have one,
how's the time to pick up the phone and schedule
time to meet with us. Let's get together. We have
office on both sides of the Bay. Eight three to
three Maggie Tax. That's eight three to three Maggie Tax.
Visit our website at Maggi tax dot com. There's so
much information right there at your fingertips. Watch our show
every Sunday on ABC at ten thirty AM for the
(15:48):
Magi Tax and Financial Show.
Speaker 2 (15:50):
Here's a critical point many of you, I'm probably thinking,
when do we reassess the plan. Well, we do that
automatically because we want to see if it's if it's
going the right way. So we reassess income needs and
we can start a new plan all over again if
we had to, because remember, something life changes. Maybe you'll
inherit some money and you get some extra money. You
might just win some money in a lot of if
(16:11):
that's the way it is. But it's about reassessing your
plan and doing it maybe annually or semiannually. And I
may have made that sound simple, and I can tell
you we put a lot more detail together when we
finalize a plan. And remember, finalize your plan, not our plan.
We call it the Maggie plan. But it's a tax plan,
it's an income plan, it's an investment plan. But I
(16:33):
hope that simple strategy and thought process that we talked
about today gives you a different way to look at investing.
Take the time and pick up the phone and let's
have a conversation. And Chris and I talk about this
all the time people have met with us. It's a conversation.
What are you worried about? What keeps you up at night?
And one more thing to add, Life doesn't always work
as simple as I just stated with this today with
(16:54):
bucket planning, So draw your plan and pencil. Be like Congress.
They draw their plan pencil, Chris. You know they can
make changes all the time, not pen But.
Speaker 3 (17:03):
Here's the thing though with the difference is that when
you have a retirement plan and you draw up a plan,
you can change it, you can modify it, you can
make things happen where it benefits you. And that's what
it's about. You know, you work so hard. This is
your blood, sweat and tears. This is your money. You
need to do something with it. So when you come
to us and we sit down and have a conversation,
we're going to talk about your taxes, your income, your investments,
(17:26):
your state planning. You know, I keep talking about last
week and the clients will meet with but each and
every week we see the same thing. The girl had
a million dollars in a retirement account, no beneficiaries were
set up, she had non qualified money, no beneficiaries were
set up, and she has three kids and her main
goal was to make sure that they are taking care
of Well, it's not going to happen the way she
(17:47):
has it right now. Why because you didn't do the planning.
So if you're out there thinking about today, you know,
you're driving around, or you're in your house or wherever
it is, do you have a plan? Ask yourself, what's
my investment plan, what's my income plan, what's my tax plan?
And if you can't answer those three questions, then just
pick up the phone schedule time to meet with us.
(18:07):
Because we talked about Bucket planning is one of the
ideas that we have. There's a lot of them, especially
when it comes to tax planning strategies. Oh my gosh,
there's a lot of advanced tax planning strategies that we
know that we can help you. So pick up the phone,
schedule time to meet with us. Bucket planning is a
great way to develop your income plan. Eight three to
three magi tax. That's eight three to three magi tax.
Speaker 2 (18:28):
And remember we take an holistic approach to every client
that comes in, which means we talk about tax planning,
social security, a state planning, legacy planning, income planning, investment planning,
any kind of plan that you're looking for because it
all ties together to your money and your plan. A
three to three magi tax or give us a call
(18:48):
A three to three Magi Tax. We have operators standing
by right now. There's a lot we talked about. Please
pick up the phone, Let's have a conversation. Let Chris
and I sit down with you and educate you a
three to three Magi tax and you listen to the
Maggie Tex and Financial Show.
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 (19:41):
Welcome back to the Maggie Tax and Financial Show, and
feel free to visit our website, Maggie Tax dot com.
There's so much information right there at your fingertips. Do
you have a tax plan? Do you have an income plan?
Do you have an investment plan? And you know what,
do you have an estate plan? If you said no
to any one of those, you need to listen up
because now is a time to put together a plan
(20:02):
for you and your family. A three to three magi tax,
that's eight three to three maggie tax. There's so much
there that we could talk about. You know, at our
firm we talk about the Maggi plan. You know we're
talking about taxes today, but how do they incorporate with
your investments? If you are paying more in tax, guess what,
less income to you and your family. So are you
prepared for the possibility of higher taxes in retirement? And
(20:24):
that's what we're talking about today. You need to have
a plan. You need to have an investment plan, a
tax plan, and also an income plan eight three to
three magi, a tax schedule. Time to meet with us.
We have obvious on both sides of the day, a
three to three magi tax.
Speaker 2 (20:38):
And by the way, we do tax preparation. So if
you want to make an appointment, come on in. But
let me mention one thing that happened this week. And
it's really simple. Everyone that works you make income, right,
who's the first one that you have to pay Uncle Sam. Oh. So,
so let's just say you make twenty thousand last year
and you make fifty thousand this year, you've increased by
thirty thousand. Is that thirty thousand free.
Speaker 4 (20:58):
Chris, Nope, you have to Uncle Sam Oh.
Speaker 2 (21:01):
You have to pay Uncle Sam. See I'm making light
of this because this is where people getting confused. When
I talked about the five ways that taxes are going
to go up, so many of you assume that your
taxes will be lower in the future. Not true, it's
not true. But as today's retireies are discovering, that's often
not the case. And we see this every day. In
a perfect example is when you make more money, your
(21:22):
tax bracket's going to go up, you have to pay more.
So if taxes keep going up and the tax brackets
keep rising, you get less. So we can help you
understand the five ways your taxes could go up in retirement.
And again, I have a brochure. If you want to
call my office, just give me your email. I'll be
glad to send it to you in an email and
you can see for yourself. Well, come to one of
our seminars and I'll give you that At the seminar
(21:43):
and how we can help you mitigate that tax risk.
Think about that. Does your advisor talk about mitigating tax risk?
Now they talk about putting more money in another account.
So from the congressional spending to tax bracket changes, you're
going to learn how to position taxes in your retirement.
And every news item out of watching con seems to
(22:03):
include details of a new or expanded tax. Let me
ask you a question. So, the total government revenue in
twenty twenty two was four point nine trillion. That's what
the government takes in in revenue that was in twenty
twenty two. Total government spending in fiscal year twenty two
was six point three trillion. Do the math. It's like,
(22:24):
you know, you have a credit card, you got to
pay it back, Okay, but we're not even paying back
half of it. Chris, Well, that's just said. I mean
things you can't control. Right, we know that the government
is spending more. That's not a topic we want to
go into right now. It is what it is.
Speaker 3 (22:36):
They're spending more than they take in. But what does
that mean to you? What does that mean to me?
Speaker 2 (22:41):
Right? What does it mean to our generation?
Speaker 3 (22:43):
It means that we are going to pay more in
tax because they know how much money you have in iras,
They know how much money you have in formal case,
they know how much money you having a TSP if
you're a federal employee. They know these are all qualified
accounts that are infected with tax so very simple that
you're exposed to tax risk. You're exposed to legislative risk
(23:03):
where they can change the rules. What I mean by
that is they can change the rules on how much
they tax you they tax me. Right, these are things
that we need to start controlling today. And you can
if you put together a tax plan. That's why I
ask you, what's your plan? What's your tax plan? If
you don't have one, now is the time to start
really putting one together and we can help. So pick
(23:24):
up the phone, schedule time to meet with us. Because
when we put together a tax plan, we can put
together an income plan. And what's better having taxable income
or tax free income, and when you can show a
tax return like we do to our clients in retirement
that I don't care if they increase taxes because our
clients' plans have tax free money. So when they retire
(23:46):
and they take income and government says, well, we need
to pay our deficeit and we need to increase taxes.
Our clients aren't affected by that because they have a
tax plan. That's what we can do for you. So
pick up the phone, schedule time to meet with us.
Eight three to three Maggie tax. That's eight three three
maggie tax.
Speaker 2 (24:01):
And this is a race that we all must learn
to win where we're ahead of it, not behind it,
because that's when people get in trouble. In at every
seminar that we do, this is the question that we
ask the audience, and I'm asking all of you how
many people think taxes are going up in the future,
and I know everybody raises their hand. Nearly everyone raised
their hands because it's going to go up. So the
point Chris and I are making today is tax planning
(24:24):
is essential. You've got to start thinking about it. Whether
you have low income or high income, it doesn't make
a difference. Yet, while you understand we've entered it into
a rising tax environment, surprisingly few of you have used
that knowledge to change how you save for retirement. And
if your advisor's not talking to you about this, which
is why we say, go to my retirement calculator on
(24:44):
Maggie tax dot com and see for yourself what your
tax is going to be. Chris, that's very important.
Speaker 3 (24:49):
Well, let's just talk about that. You know, when we
meet with clients, what are we seeing. We're seeing tons
of IRA accounts, tons of Form and K accounts, tons
of these accounts that are deferred. We see this, and
they've been with their advisors for years. They're not doing
the right job.
Speaker 4 (25:02):
I'll tell you what. Yeah, anyone can manage your money.
Speaker 3 (25:04):
You can manage yourself with this market where it's at
and the amount of money they're pumping in and the
environment they're playing with the interest rates, everyone's making money.
Speaker 4 (25:12):
That's easy. That's the easy part of it.
Speaker 2 (25:14):
But what about the end of the game.
Speaker 3 (25:16):
You know, when you think about a football game and
you're up at halftime, you're all happy because you're up
by forty points, but guess what, you got to finish
the game. And that's where Uncle Sam comes in, and
that's where he blows it right by you and you
lose forty three to forty because you did not have
a tax plan. So pick up the phone, schedule time
to meet with us. Let's put together an investment plan.
Let's put together an income plan. Let's put together that
(25:37):
tax plan that you need to generate guaranteed safety and
also income.
Speaker 4 (25:41):
In the future.
Speaker 3 (25:42):
What's wrong with going to the mailbox every month when
you're retired, pick it up a check and that's tax
free money and spending the heck out of it and
doing all over again for the rest of your life.
Speaker 2 (25:51):
How cool would that be?
Speaker 3 (25:52):
Because when you hear the news and hear all the
drama and they talk about, oh my gosh, taxes are
going to go up, tax are the highest it's ever been,
can say and put a smile on your face and
say that doesn't affect They're not higher, they're lower and
the lowest point now chorus, But how cool could it
be in the future when that happens that you don't
have to be affected by it. That's why we can
put together a tax plan eight three three magi tax.
(26:15):
Get the tax plan. We have office on both sides
of the day eight three three magi tax.
Speaker 2 (26:19):
So if you all continue to defer taxes, which many
of you do in an IRA four oh one K
four h three B on all or most of your
retirement assets, you're going to have a large tax bill
to pay, So why would you do that if you
can do strategic planning or like Chris and I talk
about bucket planning where you have income that may be
tax free, you have growth and you have later money,
(26:41):
but you take that money and you have tax free money.
We can do that. That's what we do. That's called
the Maggie Plan. It's a tax plan, it's an income plan,
it's an investment plan, and it's a legacy plan. And
please one other thing. Many of you don't have a
will or a trust and you sit back and say
I don't need it, because well you do, so visit
one of us. Sem Go to my website, Maggie tax
(27:01):
dot com. We have two seminars a month. Take a
look at the dates and times and locations and come.
There's no obligation, no lunch, no dinner, no nothing, just
explaining to you what this is about. I think that's
more important getting you education and understanding the language than
feeding people. And you know what, I've done that for
years and it's okay, but it's not what I want.
If you want information, then you come to my seminar.
(27:22):
I will give you the information because that's what you need.
So how can we help overcome this disconnect of taxes
and legislative risk. And at Magi Tax we help our
clients face new risks. People work with Maggi Tax because
we help And here's the word mitigate risk. Chris, does
any advisor are talking about mitigate risk?
Speaker 3 (27:42):
No, they don't talk about that. That that's why it's
so disappointing. Think about it. You don't have clients like
we see this. We meet with clients and they come
in with statements. Yeah it's five hundred thousand, Yeah it's
one point two million, Yeah it's three hundred thousand, yeah
it's four million. It doesn't matter. At the end of
the day, there's no planning. There's no planning. It's just
investment accounts. You've got piles of money. We see in this.
This is what advisors are doing. They're just dealing with investments. Yeah,
(28:04):
you have money.
Speaker 4 (28:05):
I don't care. The fact of men is what's the
end of the game look like for you?
Speaker 3 (28:09):
The tax side of this, because yeah, you can have
four million bucks, but guess what when we run the
tax time calculator and that four million dollars is not
worth four million, It's worth two million or it's worth
two point five million. Guess what, Uncle Sam is your partner?
How do you remove Uncle Sam from your partner forever
and ever and ever?
Speaker 2 (28:29):
So we can show you.
Speaker 4 (28:30):
How to do this.
Speaker 2 (28:31):
So here's the misunderstanding that you just said that people have.
I have a lot of money. I have two million,
I have one million, I have five hundred thousand. No,
you don't. Here's the question that we ask every single
person that comes into meets with us. How much income
do you need per month? Forget about how much you have.
How much do you need per month? Am I right
or wrong? Yeah? And then where are we going to
(28:51):
get it from? And then when you start looking at
the numbers and you start budgeting and you start figuring out,
well I only need this amount and I'm okay, let
the risk grow and put on a tech free basis.
Why would you not want to do that? So how
do we do that? It's real simple. We use a process.
We have a process at Maggie Tax. We identify the risk.
And this is so important because older people are taking
(29:11):
more risk than they need to and the advisor's not
talking about risk management we do. We want to quantify
that risk because maybe you're taking too much risk, and
we can reduce the risks. We have more tax free money.
And here's the thing, write this down. We're going to
build a plan to mitigate to mitigate that risk. You
know what, I challenge all of you. Go to your advisor,
go to your CPA, and ask them this question, how
(29:34):
do you mitigate my tax risk? And then be quiet.
I guarantee you they're going to look at you and
going to stare at you, like, what are you talking about?
Mitigate lower the tax risk. So it started with the market.
Savers wanted to and this is what Chris was talking
about before, and they needed the power of the stock
market to grow their funds. It was a simple formula,
there was nothing wrong with it. They put money aside,
(29:55):
invest in the stock market and watch it grow. Oh man,
this is growing great, right, Chris, Well, it didn't until
it didn't, and it's going to happen again. So during
the market downturn, savers learned about what risks, what kind
of risk?
Speaker 3 (30:08):
Chris, there's different types of market risk, right, inflation risk,
we see that, what about tax risk? These are things
we're talking about. So do you have a plan. Many
people out there don't. They just have piles of money.
You get those statements. You have a pile of money,
big deal, But how is it going to come out?
What's the end of the game look like for that account?
Pick up the phone, schedule time to meet with us.
(30:30):
Let's get together. I urge you to do this because
we see this each and every day many people. They
come in, they think they have a plan and guess
what they don't because when we do tax planning and
tax preparation each and every year, guess what they're paying taxes?
And then they're saying, what can I do?
Speaker 2 (30:45):
Well?
Speaker 3 (30:46):
You follow the crowd. You didn't listen, and you didn't
put together a plan. Now is the time to do it.
Don't follow the crowd. Eight three three Magi Tax. That's
a three to three Magi tax. Visit our website at
maggitax dot com. There's so much there to help you.
Eight three three Maggie Tax. Set an appointment today 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 m
a 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.
Speaker 3 (31:45):
Maggie, welcome back to the Mega Tax and Financial Showing me.
Thank you so much for tuning in today. And you know,
as always, we enjoy doing what we do. I mean,
it's great when we meet with you. My gosh, put
together plans or so rewarding because we know the clients
can retire. It's great to see that smile on their
face when they know that they're going to get income
in the most tax efficient way. What a great feeling.
(32:05):
So pick up the phone schedule time to meet with us.
We have office on both sides of the bay to
help you. Eight three to three Maggie Tax. That's eight
three to three Maggie Tax.
Speaker 2 (32:13):
Just remember we have a very good staff that understands
how to help all of you in any which way
that we can. So we have to have a conversation
so that you can take action. I think the key
there is take action. So many people don't. They only
talk about it and they procrastinate, and again, stop making excuses.
That is not acceptable. And if you are all paying
attention to what's happening in this world, then that should
(32:35):
be enough to take action to be fuel you get
deeper into trouble than you are right now. Taxes, income planning,
you name it, it's out there. The big question to
all of you is where are we going to get
the money to pay for the taxes and inflation? What
about higher income taxes? What about increasing property taxes? The
list goes on and on. Just remember on December twenty
(32:55):
twenty five, and we talk about it all the time,
that Trump tax cuts, they're going to go back to
what it was. So on January of twenty twenty six,
everyone's going to be paying a higher tax. And how
many of you know that. We've been talking about that,
Chrisphy years and it's getting closer and closer. And again,
when we offer the retirement calculator on our website, it's
because folks, you need to see this. We get millionaire
(33:17):
clients coming in and looking at it and going like,
I didn't think I had to pay that much tax? Well,
what did you think it was free money? They have
a mortgage to Uncle Sam? Right?
Speaker 4 (33:24):
Absolutely.
Speaker 3 (33:25):
You know, we had a client last week has a
two point two million dollar IRA and guess what you know?
He says, Oh my gosh, I got two point two million.
It doesn't matter what you have. Guess what after taxes?
You know you don't have two point two You had
a big account that's infected with tax. What are you
doing about it? And he sat back and he said, well,
that's why I'm here? He said, what can I do
about it? So we talked about his other positions, and
(33:46):
we talked about his other accounts, and he had the
ability to go off set using a tax deduction strategy
where he can have guaranteed income coming in, he can
create a big tax deduction and he can avoid the
capital gains tax. And he said, oh my god, God,
no one's ever showed me this. And he said, well why,
he asked me, why hasn't my advisor shown me? I said,
it's pretty simple. The current advisor that you're with right now,
(34:09):
all they want to do is just manage your money.
Speaker 4 (34:12):
That's it. They're not talking about your taxes. They don't care.
Speaker 3 (34:15):
They're not talking about the way your accounts are going
to transfer. They don't care. They're not looking for your
income best purposes, they don't care. They just want to
manage your money. Is that you out there listening today.
If it is, then you have an incomplete plan. You
just have an investment plan. But there's so much more
to that, especially now when you're talking about taxes. We
(34:35):
do tax planning, we do income planning, we do investment planning.
If you have a brokege account, let's analyze that. Let's
see how it's incorporating with the taxes. Is your advisors,
your broker causing you to pay necessary taxes? Maybe you
don't see it until tax time, but is your CPA
really showing you that as well? So let us dissect
what you got. Let's get a second opinion. Let's show
(34:57):
you eight three to three, mag Attacks, bring your stuff in,
Let's have conversation.
Speaker 4 (35:00):
Let's tell you.
Speaker 3 (35:01):
Tell us what's on your mind. We want to hear
it so we can help you. Eight three to three
Maggie tax.
Speaker 2 (35:06):
And the big question is are you going to wait
and get hit, you know, with that issue. It's going
to affect everyone listening today, whether it be income or
taxes or investments. You know, I don't care who's right
or wrong. What we care about is where are they
going to get the money from? And who will pay
for all of this? And the answer is all of us.
So do you have a plan? Just ask and we
(35:26):
can go on and on, but that's not the point.
Complaining is not a plan, Procrastination is not a plan,
and just saying no is not a plan. And this
is what people are doing out there, Chris. They just afraid.
That's what this whole show is about. Ask for help.
That's how you solve these concerns. Get some help, and remember,
just ask for help. Eight three to three, Maggie. Tax.
(35:47):
Do you know what the answer is to all of
this is? If they do not have enough money to
pay the tax, then the answer is simple, Well, they do,
just print more money.
Speaker 3 (35:57):
And that's what's going to happen, and which creates stealth
taxes and that's going to reduce the purchasing power. And
guess what, this is going to make it more difficult
for you to live because again it's going to affect
the dollars. So what are we doing. That's why it's
so important to put together a plan. I can't stress
this enough, because people who have plans succeed more. They're
gonna take advantage of the opportunities. They're gonna take advantage
(36:18):
if the market goes down this big volatility. Wouldn't you
want to be on the other side of this? When
you want to be on the positive side. It says
instead of saying, oh, my gosh, Ei, there's down twenty
or thirty forty percent like nine to eleven times, or
the housing market times or COVID times. Right, these are
things that you can avoid if you have a plan,
if you work with an advisor that understands concepts and
(36:39):
the distribution phase of your life. What about the taxes,
My gosh, I can't stress this enough. People are going
to pay more in taxes. They're going to come after
the people who have the money. If you have iras
in four oh one k's and TSP, if you are
federal employees, guess what they know how much money you have.
Speaker 4 (36:58):
It's infected with taxes. It's very simple.
Speaker 3 (37:00):
They can increase the tax rate and when they do that,
one point two percentage points five percentage points that means
Uncle Sam gets paid first, you lose your value. Don't
let happen to you. If you have abilities to go
ahead and put together plans to help you, pick up
the phone, schedule time to meet with us. We look
forward to helping you get the Maggie Plan eight three
(37:21):
to three Maggie Tax.
Speaker 2 (37:22):
And one more thing don't forget. Go to our website,
go to seminars and register for one of our seminars
that we do on a state planning and social security
and tax planning. We're probably the only one doing a
three to one event. But here's why, because those three
topics are very important to each and every one of
you out there in some way, shape or form. People
are concerned about social security. People don't know when to
(37:43):
take social security. People don't know how it's tax and
what the amount is going to be taxed in the future.
And that is why it's so important to ask for help,
because these are questions that we're getting asked everyday. Income planning,
tax planning, social security, wills and trust, and how to
take care of your family. Visit our website Maggie Tax
dot com, click on seminars, click on retirement calculator. All
(38:05):
the information is there. Be sure to watch our TV
show every Sunday on ABC at ten thirty and then
following the show, we're back on the radio again with
the Maggie Tax and Financial Show. Folks, it's about education.
Chris and I've been doing this for a long time.
It's up to you. If you have questions, please don't
be afraid to ask write them down. That's why we
do this show. So throughout the show, right out a
question or give us a call. We have operated standing
(38:27):
by right now. Eight three to three Maggie Tax. We
have offices in Palm Harbor, in Loots and also Saint Pete.
So give us a call, ask questions. Eight three to
three Maggie Tax again, eight three to three Maggie Tax.
And you're listening to the Maggie Tax and Financial Show.
Speaker 1 (38:43):
You've been listening to the Maggie Tax on Financial Hour
discussing tax planning investment strategies, presented by Robert and Chris
Maggie from Maggie Tax Advisory and Financial Services with offices
in Hillsboro and Panelas County. Visit Maggie Tax dot com
or call eight one three three two two twenty five twenty.
That's eight one three three two two twenty five twenty
(39:06):
and tune in next Saturday at five for the Maggie
Tax and Financial Hour
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