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
and tax savings, income planning and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty or visit Maggie
Tax dot com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:52):
Hello and welcome everyone to the Maggie Tax in Financial Show.
My name is Robert Maggie and I'm here with Chris Maggie.
And don't forget visit our website, Maggie Tax dot Com.
Click on seminars and register for our free three in
one seminar on estate planning, tax planning, and social security planning. Folks,
this is educational, it's free and you might learn a
lot because a lot of people have a lot of questions.
(01:13):
So tune in also every Sunday on ABC TV at
ten thirty to The Maggie Tax and Financial Show. So, Chris,
we have a lot to discuss because we see a
lot of people all the time. I think the biggest
question that they get how do I do this? What
do I do? Where do I go? And it's you know,
a bunch of questions. So let's talk today about how
they create a financial plan more importantly with their partner.
Speaker 3 (01:37):
Well, I just said, so welcome everyone. I am Chris Maggie,
and thank you so much for tuning in today and
each and every week. We enjoy doing what we do.
We have a passion for helping people and you know
it shows because there's so much there to help you.
We do complete planning. It's income planning, tax planning, investment planning,
a state planning, social security maximization planning, and real quick
(01:57):
before we get going in today's show, at a client
that came in last week. They were paying unnecessary taxes.
They paid three thousand dollars a year in federal taxes
that they did not have to pay. Why because the
advisor that they're working with does not do complete planning.
They showed the current client how to take money out
of their IRA of wrong distribution and it caused them
(02:18):
three thousand dollars in taxes for the past three years.
If they would have done proper sold security maximization planning
and investment planning, guess what they would have avoided the
three thousand dollars a year federal tax for the past
three years. We got to save them nine thousand dollars
in taxes. So when they came in and met with us,
we did the sole security maximization report. We showed them
how to take sold security and guess what now they
(02:41):
got the same income on a most tax efficient way.
That is complete planning and that's what people need out there.
So pick up the phone, schedule time to meet with
us eight three to three Maggie Tax. Visit our website
at Maggi tax dot com and register for one of
our seminars. Education is so important, or just pick up
the phone schedule time to meet with us at any
one of our three locations eight three to three Maggie
(03:03):
tax And.
Speaker 2 (03:03):
The cool thing about this, the gentleman came to our seminar,
the three and one seminar, And when he came to
the seminari, so I had no idea you guys do
all this. So when he came in and we showed
him what Chris just mentioned, he was blown away because
he said, this is ridiculous. You know, I'm not getting
the proper training or the proper information from my advisor.
So we made a change and we made it better
for him. So today we're going to discuss how do
(03:25):
I create a financial plan with my partner Because a
lot of you out there are married. Maybe the husband
knows more than the wife, or the wife does more
than the husband. Either way, there's got to be a
time when you come together when you have to put
a plan together. So how do you find a financial
advisor to execute the plan. That's what we do. So
we're offering everyone that advice to come to the seminar,
(03:47):
get educated, have the questions answered, and then come in
and put a plan together. And visit our website at
Maggie tax dot com. We have so many videos on there,
all topics that concern many of you, and be sure
to register for the free three and one seminar. We
have it every week, so take a look at it
on a state and enhanced planning, social security of taxes
(04:08):
and if your advisor is not talking to you about this,
shame on them. So all of these topics play an
important part in putting a plan together. So Chris, let's
get started. Because there's so many questions. We'll address all
of them and let's see how we can help the
folks out there put a plan together.
Speaker 3 (04:22):
That's right, so visit Maggi tax dot com. Our number
is eight three to three. Maggie. Tax and money is
often the center point of many arguments. You know, even
amongst long term partners, it's only human nature to be
protective over our hard earned property. But rather than letting
financial choices be the main problem of your relationship, it's
so important to come together to meet both of your goals.
(04:44):
Communication is extremely important and at Maggie Tax Advisory, we
will show you the best way to create a financial
plan with your partner so you both can reap the
rewards of success you work hard you put money away.
You know you have an investment plan. Now is time
for the distribution plan. How do you go about doing
that in the most tax efficient way?
Speaker 2 (05:05):
You know, Chris. And the biggest thing, I bet a
lot of people out there are listening to what you
just said. The time comes when someone passes away, when
it all comes to the top and it's confusion and
it's just terror. It's terrible because they don't know what
to do. So this is important to put a plan
together before things happen. And that's what we talk about.
When do the estate planning and the tax planning and
(05:25):
the SOLI security planning.
Speaker 3 (05:26):
Absolutely, and the Maggi plan applies to all of you
because it's a tax plan, it's an income plan, it's
an investment plan, and for everyone listening today, it's in a
state an enhanced plan. So if you're arguing or disagreeing,
now is a time to get a plan that you
both can agree on. Attend one of our three in
one free seminars on a state planning and enhance planning,
(05:47):
SOLI security planning and tax planning, also investment planning. My gosh,
there's so much information valuable right there? Are your fingertips
that you just don't get. You don't get at the workplace,
you don't get at home. You know, you don't go
out with friends and get this information. You need this information,
So pick up the phone, schedule time to come to
visit us at a three to three Magi attacks or
(06:08):
visit Maggi tax dot com.
Speaker 2 (06:09):
And one thing we always say, simple and easy to understand.
And you know, we encourage open and honest communication. So
when you come in, if we meet with you, there's
a question and answer time that we want to give
you so we can answer your questions and you can
answer ours honestly, because if you don't tell the truth,
then it's going to disrupt the plan. The most important
(06:30):
part about discussing financial plans with your partner is for
both sides to be completely honest and transparent about personal
financial goals and concerns. And Chris, many times when we
see people they say, well, you know, I want risk
and my husband want I want safety. My husband wants risk.
That's a tough road to cross because we got to
get in the middle. But the way I look at it,
(06:50):
you've seen this, they just don't understand what they're saying.
That's it.
Speaker 3 (06:52):
But the main concern that we see amongst a lot
of people is the common theme is they need income.
They want income. They don't want to run out of money.
They need income sources. So it doesn't matter if you
have two hundred thousand or or fifty million, it doesn't matter.
The fact of the matter is most people out there
they want the same thing. They don't want to run
(07:13):
out of money. So that's why it's important to meet
with us because let's put together those types of plans
for you. So any thoughts that you might have are
withheld could come back to serve as a point of
contention later on. So that's why we talk about clarity
and openness. It's best to get everything out on the
open while you both have high hopes for a brighter future.
So take a moment to evaluate your current financial situation
(07:35):
and we can help you make it easy to understand.
So after discussing your main goals, you need to compare
them to your current financial situation. And when you come
in to meet with us, you can't get a second
opinion from your current advisor. So that's why it's so
important to meet with us. We will give you that
second opinion. So when you meet with us, we will
compare your current plan and show you options to improve
what you have. Then you can make a decision on
(07:57):
what you want to do. If it's better, then make it.
If it's not, then you don't have to. But the
end of the day, you need to embrace what you
have and also have the goals be accomplished at some
point so you can move on with clarity and confidence
in your retirement.
Speaker 2 (08:11):
Well, one thing you mentioned before, We had a client
that basically said they were intimidated by their advisor. And
my question is what we asked her? How long of
you had the advisor? Well, we've had him twenty years
and I just can't break the relationship. Guys, Well, the
question is, look what he's done for you. He hasn't
done anything for you. So when we did the comparison,
Chris is talking about our plan was more, was better
(08:33):
than their plan? And she said it, she said, guys,
this is the plan that I want. What do I do?
But she was afraid to be talking to her advisor
and many of you are because she was intimidated. That's ridiculous.
Speaker 3 (08:45):
Career, you don't have to be, you know, in the
new plan. She had an income plan. She had a
tax plan. She was getting income on the most tax
efficient way. Now, she had an investment plan. When she
had bucket planning, she knew where all her investments were
and what they're doing and the risk that she was
taking with it. She had an inflation bucket plan to
that she sprinkled on her plan to go ahead and
have the adjustments for inflation in the future. This is
(09:05):
what we're talking about. And to make it all come
to fruition. She had an estate plan. So God forbid,
something happens to her. Guess what, it stays in her
family that she didn't even have for twenty years. So
her advisor wasn't doing the good job for her. But
guess what she didn't. She thought that was the case
for so many years, but it wasn't because the advisor
(09:27):
did not do complete planning. So pick up the phone,
schedule time to meet with us. Let's get together. Let's
talk about your situation and see if we can help you.
Speaker 2 (09:34):
And one other thing. We talk about a state planning
without a will, probate court and the estate decide what
happens to your assets after you're gone. What Chris just mentioned.
Many of you that we meet with do not have
a state planning folks. It's very simple. It's very simple.
It costs you less today than more later on, and
that's what a lot of people want to avoid probate.
What about your tax bill and retirement? Is it too big?
(09:56):
Do you even know what it is? Go to my
website Maggie tax dot com, click on the retirement calculator
on the top right, put in your information if you
have a four to one K or an IRA, and
in thirty seconds, no one has this out there. In
thirty seconds, we can tell you what your tax bill
is going to be. Why is that important? Because now
we're giving you a reason to come in and sit down.
Like we mentioned before about the gentleman who was paying
(10:19):
more in taxes that he needed to, why would you
do that? And one thing we'll get into a little bit,
the Secure Act change the required minimum distributions from many
people out there, Many people don't even know what that is.
So it's very important to understand why Chris and I
do these educational seminars and it's fun, you know. We
give out books, we give out a Social Security brochure,
we give out tax information, we give out you know,
(10:40):
stop funding Uncle Sam's retirement. Give us a call eight
three to three Maggie Tax. Be sure to visit Maggie
tax dot com today, register for one of the seminars
and give us a call eight three to three Magi Tax.
You're listening to the Maggie Tax and Financial Show eight
three to three Maggie Tax.
Speaker 1 (10:58):
Stop planning for Uncle Sam's or timeirement and start planning
for your retirement. As we return to the Maggie Tax
and Financial Hour with your host, father and son Robert
and Chris Maggie. For additional information on how you can
create a tax free retirement, visit Maggie Tax dot com.
That's ma Ggi tax dot com or call eight one
(11:19):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty now your host
for the Maggie Tax and Financial Hour, Father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 2 (11:35):
Welcome back to the Maggie Tax and Financial Show. I
am Robert Maggie and I'm here with Chris Maggie. Be
sure to visit our website, Maggie Tax dot com. Click
on seminars and register for one of our three and
one on a state planning, social security and taxes. It's educational,
it's free, and it's at a library. Also visit the
Maggie Tax dot com for the retirement tax bill. We
are giving you so many options to look at, and
(11:57):
there's so much information on our website. So take a
look at the videos and then give us a call
eight three to three Magi Tax. So think about this
in this uncertain world. Wouldn't people ask what kind of
strategy or option would help us? And we have those, okay?
Would you want to know about proven strategies and concepts
that work and want to use going forward? Of course
(12:18):
you would. The reason is you don't ask, and that's
what we try to do. So of course you would
want that because maybe you don't have the best plan
right now, you know, maybe you don't have the best
income plan, well the best you know tax plan. Now
is the time to take a look and like I
said before, take action. Doing nothing is not a plan.
Get the Maggie Plan simple and easy to understand. Eight
(12:39):
three three Maggie Tax.
Speaker 3 (12:40):
And that's just it. You know, when you pick up
the phone, you schedule time to meet with us. You
come in and meet with us. We'll go over a
lot of different things for you. We'll sit down and
listen to you. We'll see what's going on. We'll evaluate
what you currently have and maybe you've got a good plan,
maybe you don't. And if you don't, then we can
show you some steps how you can put together a
plan where you can solidify those issues that many retirees
can cerned about. Income planning, tax planning, investment planning, social
(13:03):
security maximization planning, medicare planning, as state planning. These are
things that many people are concerned about and they need
to complete the puzzle, complete the process, and that's why
we call it a complete plan. So pick up the phone,
schedule a time to meet with us. You know, we
have an experiment for all of you today. You know
we're going to share with you our presentation without asking
(13:24):
you one question. And so let's just get started here,
kind of play and have a good time here. But
mister and missus client out there, are you listening today,
Thank you for meeting with us. We would like to
talk with you about some challenges that we believe you
and your family should be very very worried about. If
these challenges are not addressed, they could change your life forever.
And the first and most important concern is taxes. With
(13:47):
everything happening in our country today and our governments at
every level, they're going to require more and more revenue.
Income taxes will increase, property taxes, sales taxes, excise taxes
as well as inheritance taxes will increase, just to name
a few. So the tax you and your family should
be most concerned about will definitely be income taxes. Since
(14:08):
only around ten percent of Americans out there make more
than one hundred thousand dollars per year, think about about that,
real quick. Ten percent make over one hundred thousand dollars
per year. The only way to increase revenue will be
to increase taxes dramatically on those ten percent. But guess what,
here's another surprise. The government will also have to increase
taxes on the other ninety percent of the people out there,
(14:30):
and that's where most people are. So where do you sit?
Where are you today? When you listen to what I
just mentioned, A small tax increase will still help the
government to begin and achieve their revenue requirements. So think
about this for a minute. The biggest tax surprise all
of us will come is when you transfer these assets.
(14:50):
So Dad talk about that because taxes, taxes, taxes. If
no one's talking about taxes, taxes, taxes, then guess what.
You're not with the right advisor because you're going to
get hit with the tax time bomb that's about to
explode if you're not prepared.
Speaker 2 (15:04):
And again we mentioned this all the time. Go to
Maggie tax dot com, click on the retirement tax bill
on the top right and put in your numbers. I
have people going there every day because they challenge it.
They want to see what it is, but it's real.
Put in your numbers. You can put in your tax bracket.
And just remember in two years, the Trump tax cuts
are going to expire. Every one is going to go
(15:25):
up at least three percent. So tax deferred retirement plans
such as iras. If you have an IRA or a
four oh one K, a four h three B, a
four point fifty seven plan, or a TSP and deferred
annuities to your family after you die, you're going to
be hit with a big tax time bomb. Now what
they're doing now, and one thing from the Secure Act,
(15:46):
they increase the requirement of distribution. I just want to
pause on this for a minute. To seventy three. It
used to be seventy and a half, right, So what
are they doing. They're letting you defer the taxes more
so they can raise the taxes more. And you think
back to the a e these many of you out there,
the tax brackets were eighty percent. You can look it up. Okay,
what's to say it's not going to go up that more.
(16:06):
But what Chris just mentioned before, they're going to increase
the taxes on the ten percent and the ninety percent.
So think about the ten percent if that's you, I
talk about it before you go out to buy groceries.
Higher gas is going up, everything is going up, So
that means it's going to be less for you, and
it's going to be before your family receives anything. Taxes
(16:26):
get paid first, and that's the biggest problem. Why because
it is always taken in a lump sum on these
retirement accounts, and if it is piled on the top
of the beneficiary's current income, the income tax liability can
increase thirty, forty or fifty percent. We have seen this.
And if you don't do tax planning or tax strategies
or the options. You're going to get hit with a
(16:48):
big tax time bomb. So think about it. You're working,
you're working for the government. Okay, they're going to get
part of your income. So you essentially turn yourself into
ready for this. You essentially turn yourself into a tax
colector for the Internal Revenue Service. Let me say that again.
You essentially turn yourself into a tax collector for the
Internal Revenue Services. And that's where they said they would
(17:10):
hire more IRS agents. You now have a new job. Folks,
whether you're retired or not. How many of you knew
that because it's not being said to everyone the way
I just said it to you. You are going to
become a tax collector. And if I was in your shoes,
I would do something about it. And that's why we
have plans that would help you to reduce or even
eliminate that income tax liability. Visit our website at magtax
(17:32):
dot com. We are here to help you.
Speaker 3 (17:34):
We have plans to reduce or even eliminate that tax liability,
and let's show you how to receive those assets in
the most tax efficient way. So visit our website at
magutax dot com and click on the retirement calculator and
in thirty seconds, we can tell you what your retirement
tax bill will look like today. You don't have to
wait years from now to know. You need to know
(17:54):
now because you have this big tax time bomb that
you need to defuse. How do you defuse the tax
time bombs so in the future you have tax free money.
We talk about this at the beginning of the show.
What if you knew something was going to happen before
it actually happened, and you were protected, would you want
to be absolutely That's what we're talking about today. Put
(18:15):
a plan together. Make sure you have your assets and
your investments in the right spot so you could take
advantage of these opportunities as opposed to falling victim to them.
Pick up the phone, schedule time to meet with us.
Eight three to three, Maggie tax I. Talk about this
all the time. You know, we talk about clarity and
providing confidence for your retirement. We can do that for you.
(18:36):
Eight three three Magi tax You want an income plan,
we can help you want an investment plan. We can
help you. Want us reduce your taxes. Let's explore those
options for you. Eight three to three Magi tax. That's
a three to three Magi tax. Schedule time to make
an appointment. We can show you how not to be
an IRS tax collector. It's called tax planning. Eight three
(18:57):
to three Magi tax. That's a three to three Maggie tax.
Speaker 1 (19:03):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie tax dot com. That's
ma gg I tax dot com. Or call eight one
(19:25):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty. Now your host
for the Maggie Tax and Financial Hour, Father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 3 (19:41):
Thank you so much for tuning in today's show. I'm
Chris Maggie, and you listen to Maggie Tax and Financial Show.
And throughout today's show, we're talking about tax planning, investment planning,
income planning, solid security maximization planning. If you have questions
pick up the phone, schedule time to meet with us.
If you are at sleep at night and you wake
up and you have questions and one's there to help you,
pick up the phone in the morning, schedule time to
(20:03):
meet with us because we can definitely help you and
talk through your retirement questions. We have offics on both
sides of the bay. Feel free to visit our website
Maggie Tax dot com. That's m A G G I
T a X dot com. There's so much information right
there at your fingertips, and as well as our TV
show every Sunday on ABC TV at ten thirty am
for The Maggie Tax and Financial Show ABC every Sunday
(20:26):
at ten thirty am. So let's continue on what we're
talking about today, the Maggie Plan, but also what are
asset classes and how does someone go about investing the
right way?
Speaker 2 (20:38):
Well, that's a great question, and the asset classes are many,
so we're going to cover them and talk about how
it's related to taxes because you probably have these and
you don't even know what the actual risk is. So
the first one, some asset classes and where they fall
on the tax risk. Let's talk about tax deferred accounts
like four O one ks and iras, and since taxes
(20:59):
all defer to the future on both contributions and growth
in these accounts, one hundred percent of the account value
may be subject to future tax changes. That's what we're
talking about. When the tax cuts expire, what is going
to be your tax rate? So in accordance to that
one hundred percent of the distributions in retirement, they're subject
to the tax regulations an individual situation at the time
(21:22):
of distribution, which could be different. So what did I
just say? There are two things? Okay, you have a
tax deferred account that's growing, but then when you take
it out, it's tax and at what level.
Speaker 3 (21:31):
We don't know. It's a question mark tax rate. Okay,
because tax rates can change and we don't know. It's
called legislative risk. That's the risk that we have and
that's what we don't know of. So we have to
protect that and combat that if we can, and that's
what we can show you how to do.
Speaker 2 (21:46):
So would you agree individual situation on everyone with tax
deferred accounts is different?
Speaker 3 (21:51):
Absolutely, and that's why we have a clients that are
taking money out of a tax deferred account and paying
no tax go because there's ways on the tax side
of this thing to look at it to formulate a
plan as a distribution to take income in the most
tax efficient way.
Speaker 2 (22:04):
I just lead into my next one here. What about
roth accounts like roth iras and WROTH for one case,
and the funds in these accounts can be assessed income
tax free in the future since taxes have already been
paid on contributions and growth in a WROTH is not taxed.
Why are we talking about that because you should be
starting to think about putting money into a tax free
(22:25):
account that they have given us the government to save
for retirement, Pay the tax now at the low rate,
and then have tax free at a rate when you
get retired. And that's what we're talking about. The retirement calculator.
If you don't know what your tax bill is going
to be, now is the time to find out. Go
to my website, Maggie tax dot com, click on the
retirement calculator. Folks, In thirty seconds, I can tell you
(22:46):
what your tax bill is going to be. Then you're
gonna understand what we're trying to tell you and come in,
pick up the phone and meet with us. That's just it.
Speaker 3 (22:52):
You know, understanding what you have. Many people have these statements.
They get these statements of the mail. They sometimes don't
even open them, they just cycle them or leave them,
and they just get bigger and bigger and bigger. And
then someday they go through them and they don't really
know and they just throw them all away and they
don't have no idea what they have. You might have
an account there that's infected with taxes for so long
you have no idea how to diffuse the tax time bomb.
(23:13):
We can show you how you might have accounts out
there that, guess what, you're taking so much risk, you're
losing money, You have no idea what you're invested in.
How many people out there are in that situation. Raise
your hand, It's okay, But there there's a solution for it.
You know. That's why we talk about the Maggie Plan,
because when you come in to meet with us, we're
going to talk about the balance sheet. We're going to
(23:33):
show you where your money's at. We're going to show
you every account that you have, what's taxable, what's non taxable,
what type of risk you're currently taking with your money.
And we talk about asset classes where are you invested in?
Where should you be invested in? Where do you want
to be invested in? Many people have no idea, but
they can if you work with the right advisor.
Speaker 2 (23:54):
So pick up the phone.
Speaker 3 (23:55):
Schedule time to meet with us eight three three Maggie
tax schedule time eight three to three men tax.
Speaker 2 (24:00):
And let me go back to the Wroth account for
a minute, because this protects these accounts from both situational
and legislative future tax changes which we've been talking about,
the government could change tax regulations pertaining to how savers
can contribute. Think about that, because it's written in pencil,
how you withdraw funds. What's going to happen then. So
so with a WROTH account, you have tax free income
(24:21):
that's what you're trying to save for. It avoids the
legislative risk that we're talking about it. So let's discuss
non qualified annuities. This is important because the cost basis
in these accounts. They have been taxed and they're not
subject to future tax changes. Why because taxes are deferred
to the future on all growth inside these accounts, the
(24:41):
portion of the account value representing growth, it may be
subject to both situational and legislative future tax changes and Chris,
it goes back to the same two words, legislative risk
and future tax changes are how are you how are
you listening out there doing something about this?
Speaker 3 (24:57):
Well, as just said, I mean how when in retire,
how can you go along and take a distribution to
go on a cruise, or how do you take a
distribution to go help your family? Or how do you
take a distribution to go and travel without knowing what
type of impact these accounts are going to cause you
tax wise, it doesn't make sense. It's like driving in
(25:17):
a car and not knowing if it's going to if
it can stop with a breakes work or not. That's
what you're doing with the formal K or an irate.
You're going through retirement and you have a question mark
tax rate. You don't know what you're going to pay
in taxes. So working with the right advisor, if we
put together the buckets of money in the right way
where you have tax free money and you also have
(25:38):
taxable money, and how to diffuse the tax time bomb
in the most tax division way, that's so important for
you and your family, especially in retirement. So that's why
you need an advisor to work with you and help you.
And we talk about the puzzle, the financial puzzle throughout
the whole show. Today it's about the income tax piece puzzle,
the investment tax piece puzzle, the tax puzzle. I mean,
(26:03):
how many know what they're going to pay a tax?
These state planning piece puzzle. What are you doing about it?
So if one of these pieces are missing, you don't
put together, the whole puzzle doesn't work right.
Speaker 2 (26:12):
So meet with us, get together.
Speaker 3 (26:14):
Let's have a conversation eight three to three MAGI tax,
tax planning, income planning, investment planning and state planning, solid
security maximization planning, medicare planning. We can help a three
to three MAGI tax.
Speaker 2 (26:26):
And just remember what we're talking about today. A portion
of your assets coming out of these accounts. They're subject
to some tax regulations at the time of distribution, and
it could be different from tax regulations today. Change. That's
what it's called. So let's talk about what about taxable accounts.
The funds in these accounts, they're taxable every year and
(26:46):
they're subject to tax changes around capital gains like dividends,
step up in basis rules and all distributions of growth
in these accounts are subject to the tax regulations again
at the time of distribution, which could be differ different
from the tax regulations of today. Right, And that's what
we're talking about.
Speaker 3 (27:03):
Those brokerage accounts that you have, or maybe the CDs
that you have at the bank, or you know, the
types of non qualified assets. And many people out there
are saying, what's non qualified? That's just exactly it. You
need to understand what's qualified, what's non qualified? Qualified with
the government with the IRS taxable, so non qualified assets,
you don't have to pay one hundred percent on tax
(27:24):
on these accounts. So where are your money, where is
your investments, what are they doing? How is it going
to be taxed? These are the questions that you need
to have answers to. So pick up the phone and
schedule time to meet with us. Let's get together, let's
talk about your concerns. Let's talk about getting a second
opinion for your accounts. Eight three to three Maggie Tax.
(27:44):
Eight three to three Maggie Tax.
Speaker 2 (27:46):
And just a reminder, go to our website Maggie Tax
dot com, click on seminars and register for our upcoming seminars.
They're all over Tampa Bay. Different locations. All you gotta
do is just click on the one you want and attend.
It's about an hour and a half. So these are
things that we want to teach you. We want to
help you. We want to make you understand the language,
because that's what's happening out there. There's so much noise.
(28:07):
If you will out there, Chris, the people are totally
confused and they have no idea. You said it before.
We're in a yo yo economy and people lamp when
we say that. But we are.
Speaker 3 (28:15):
Yeah, and you're on your own, and that shouldn't be
the case. But if you have the education and the knowledge,
and you understand what you've done for your retirement and
how it's going to impact you, then guess what, you're
controlling your retirement and you're not in the yoyo economy
where you're on your own. So many people are going
to fall victim to the changes that are about to happen,
(28:35):
But you don't have to. You know, where is it
written that you have to lose twenty thirty forty percent
of your account in the stock market. Where is it
written that that's okay? You don't have to if you
don't want to take that risk. But if you're taking
that risk right now, then why if you don't want
to just because you're following the crowd, you don't have
to go down that route. You know, do you want
(28:57):
to retire, You don't have to wait to sixty two
or sixty five or seventy just because the Social Security
statement gives you those numbers. You can retire any time. So,
but you need to have a plan to give you
the income every month so you don't have to leave
your house if you don't want to. That's called an
income plan. And also an investment plan that can give
you the income you need so you don't run out
(29:19):
of money. And also and in a tax plan, they
make sure that the money you do receive is not
hitting you so hard with taxes. My gosh, those are
three big impacts that you need to be aware of.
And many of our clients who come in each and
every day new clients come in, they have no idea.
But once we put together a plan, it's like an
(29:39):
Aha moment film. They have clarity, they have control, they
understand what they have, and now they're in better position
to enjoy the retirement. So pick up the phone, schedule
time to meet with us eight three to three magi tax.
That's eight three to three magi tax.
Speaker 2 (29:54):
And let me leave you with this Five ways that
taxes can rise in retirement and they may apply to
all of you. One, you can change your tax bracket.
That's the most important one. Tax brackets change around you, okay.
And deductions are eliminated. This is big. What's the standard
deduction now? And does that reduce your taxes? And the
way assets are tax changed, meaning you know, capital gain taxes,
(30:16):
you know things like that, new taxes are enacted. This
is happening right now. This is what we call in
two years, the tax cuts are going to expire. Pick
up the phone eight three three magi tax. Visit our
website Maggie tax dot com. Click on the seminars. Register
for our seminars on all we're talking about estate planning,
tax planning, social security, and anything else that you want
(30:36):
to talk about. It's up to you. Pick up the
phone eight three to three magi tax. They're operator standing
by right now. Don't forget tune into our TV show
every Sunday on ABC at ten thirty. So visit our website,
Maggie tax dot com. Click on seminars, click on the
retirement calculator. We're offering this to each and every one
of you. It's up to you to do something about it.
Eight three to three Magie Tax and visit our website
(30:58):
Magi tax dot com.
Speaker 3 (31:00):
And every Sunday, tune into the Maggie Tax a Financial
Show on ABC TV at ten thirty am. Baggie Tax
dot Com.
Speaker 1 (31:07):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie Tax dot com. That's
ma gg I tax dot com or call eight one
(31:29):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty now your host
for the Maggie Tax and Financial Hour, Father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 2 (31:45):
Welcome back, Thanks for joining us today. My name is
Robert Maggie and I'm here with Chris Maggie and today
we've been talking about Roth conversions rothfo owin ks rothiras.
But we're gonna talk about five reasons that you should
not open up a roth Okay, Number one, this is
a big question we get all the time. You have
no earned income. So to be eligible to open up
a roth ira or a traditional ira with a contribution,
(32:08):
a person must have compensation. Wages, salary, commissions, or other
dollars received for personal services all qualify as compensation, and
that's for IRA contribution eligibility. Things that do not qualify
as compensation include pension, an annuity, income interest, income, capital gains,
or social security benefits. No compensation equals no wroth ira contribution.
(32:33):
This is confusing to a lot of people, Chris, because
people want to put money into tax free accounts. This
is one reason why they can't.
Speaker 3 (32:39):
That's right, So that's why there's some reasons why you
should in some reasons why you shouldn't. So the second
reason why you should not open up a roth ira
is you have too much earned income. At the other
side of the spectrum are individuals who make too much
money to contribute to a wroth ira. There's phase out
limitations in each year. These change. Back in twenty twenty three,
there were two hundred and eighteen thousand to two hundred
(33:01):
and twenty eight thousand for those file and married file
and jointly. If you exceeded that amount, then guess what
you cannot contribute to a roth ira. So make sure
you meet with the right advisor, make sure that you
do proper planning, because if you make too much money,
we can show you some other avenues that you can
contribute to tax free buckets as opposed to a roth
(33:21):
ira exactly.
Speaker 2 (33:22):
Now, another reason here is maybe you need the money soon.
So a person always has access to his roth ira
contributions as we mentioned before, tax and penalty free. But
if you need the money for a big purchase soon,
or if you need the money for daily living expenses,
it might not be well, may not make sense to
go through the process of opening up a roth ira.
And we get these questions all the time, and this
(33:43):
is especially true if you're under age fifty nine and
a half and need access to any earnings that might
accrue within the roth ira. So for those who need
cash now or for a big purchase at some point
in the near future, a non qualified account may be
better option, and we can talk about that with you.
So if managed properly, you're going to have full access
to the principle as well as the earnings and Chris,
(34:05):
that is a big concern of liquidity no matter where
you put your money, for any person at any age
of any amount.
Speaker 3 (34:12):
That's true, and that's why when you meet with the
right advisor, we can look at the suitability rules and
also your income and what your discretionary amount is and
your budget and make sure that you have enough money
that you can access. And there's different buckets of money
for different purposes, and when we put together our plans,
we always have liquid buckets available. We know and understand
that emergencies happen and things happen, and you need to
(34:34):
access money. Absolutely, we want to put you in a
situation where to you can succeed and not fall victim
to the penalties or or a situation where you're hurt
in any which way. So that's why it's so important
to meet with the right advisor who understands you and
what you're doing and how you can contribute to these
plans effectively. Another reason why you should not contribute to
a wroth I array is that your beneficiary is a charity.
(34:58):
You know charities do not pay income tax. A lot
of people don't know that. If your goal is to
leave your ira to a charity, then definitely do not
fund a wroth ira. Why should you pay the tax
now on that you should open up? Then an ira
get a tax deduction, so it benefits you. So the
money that goes to the charities or guess what, tax
free anyway, because they do not pay taxes. You know,
(35:20):
why pay tax on the dollars yourself and go out
of your way to create a tax free income source
for the entity that won't pay taxes anyway. That's what
we're talking about here. Then many people make that mistake,
and many people just really don't understand why. But when
we show them now it makes sense, and.
Speaker 2 (35:35):
You know it's the language. And I'm going to give
you the biggest one right here. You just don't trust
the government to keep its tax free promise. And yes,
tax laws are effectively written in pencil. We talk about
that all the time, and the tax free benefits of
a roth iray could theoretically be stripped away. But if
you think the rules will change in tax re rarnnings
on wroth iras will be eliminated from the tax code
(35:57):
then you probably should avoid a WROTH IRA. And you
know it is our opinion that Congress has tipped its hand.
They love rothiras. Why because you're paying a tax going
in today and you're done. This was evident and secure
two point zero with all the new WROTH options, the
ROTH SEP, the Roth Simple, Roth Employer Match ETCA goes
(36:18):
on and on. Roth means tax revenue now for the government.
And that is music to the ears of a politician.
And again when you look at my website and go
to the retirement calculator and you start to see that
you're deferring it to age seventy two or seventy three.
As that account grows and as the taxes go higher,
you're paying more out of your savings and you're penalizing savers. Okay,
(36:42):
that's the bottom line. And if you have a large
IRA or four oh one k, folks, it's not all yours.
You're funding the government. That's what you're doing. You're paying
Uncle Sam. So start thinking about converting the right way,
keeping the tax low and having more tax free income
down the road. Go to my website, Maggie tax dot com,
look on the retirement calculate and put the numbers in yourself.
(37:03):
It's free and in thirty seconds. Thirty seconds. I don't
think anyone out there can do what we're doing in
thirty seconds tell you what your tax bill.
Speaker 3 (37:10):
Is going to be. That's just it understanding what your
tax bill will be, and we can show you that
in thirty seconds. Visit our website at maggatax dot com
upper right hand corner retirement tax bill. You know, many
people out there have those iras. They're infected with taxes.
They have no idea how to diffuse the tax time bomb.
We can show you. So today we talked about roth
iras versus wroth four O one case. We talked about
(37:32):
why you should open up a roth ira immediately, and
we also talked about why you should not open up
a roth ira. So, as you see, there are pros
and cons to each and every investment. So that's why
when you talk to somebody, if they're just talking about
one thing, those are transactional advisors. You want to work
with a complete advisor. Someone who's a fiduciary is gonna
(37:54):
be the best thing for you. But also take out
a step further, someone who has tax planning background, taxes,
income investments, social security maximization, a state planning. Someone can
do complete planning for you. Why because everything is interchangeable,
they all work together. Should you contribute to a roth
IRA Maybe maybe it's right for you, but not your neighbor.
(38:16):
Maybe you should put together on IRA. Why because maybe
you should get a tax deduction on the on the
front end, because your charities are the beneficiaries on the
back end. So who knows? Every situation is different. Pick
up the phone, schedule time to meet with us. We
thank you so much for tuning into our show today
Every Sunday on ABC TV at ten thirty, tune into
the Maggie Tax and Financial Show A three to three
(38:38):
Maggie Tax.
Speaker 2 (38:38):
That's eight three to three Legi tax.
Speaker 1 (38:40):
You've been listening to the Maggie Tax and Financial Hour
discussing tax planning investment strategy is presented by Robert and
Chris Maggie from Maggie Tax Advisory and Financial Services with
offices in Hillsboro and Panela's County. Visit Maggi tax dot
Com or called eight one three three two two twenty
five twenty that's a one three three two two twenty
(39:02):
five twenty and tune in next Saturday at five for
the Maggie Tax and Financial Hour,
All these years you've saved up planning for a secure retirement,
but if you're not careful, it will be the irs
that's living it up when you retire by taxing your
hard earned money. Welcome to the Maggie Tax and Financial
Hour with Robert and Chris Maggie of Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
and tax savings, income planning and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty or visit Maggie
Tax dot com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:52):
Hello and welcome everyone to the Maggie Tax in Financial Show.
My name is Robert Maggie and I'm here with Chris Maggie.
And don't forget visit our website, Maggie Tax dot Com.
Click on seminars and register for our free three in
one seminar on estate planning, tax planning, and social security planning. Folks,
this is educational, it's free and you might learn a
lot because a lot of people have a lot of questions.
(01:13):
So tune in also every Sunday on ABC TV at
ten thirty to The Maggie Tax and Financial Show. So, Chris,
we have a lot to discuss because we see a
lot of people all the time. I think the biggest
question that they get how do I do this? What
do I do? Where do I go? And it's you know,
a bunch of questions. So let's talk today about how
they create a financial plan more importantly with their partner.
Speaker 3 (01:37):
Well, I just said, so welcome everyone. I am Chris Maggie,
and thank you so much for tuning in today and
each and every week. We enjoy doing what we do.
We have a passion for helping people and you know
it shows because there's so much there to help you.
We do complete planning. It's income planning, tax planning, investment planning,
a state planning, social security maximization planning, and real quick
(01:57):
before we get going in today's show, at a client
that came in last week. They were paying unnecessary taxes.
They paid three thousand dollars a year in federal taxes
that they did not have to pay. Why because the
advisor that they're working with does not do complete planning.
They showed the current client how to take money out
of their IRA of wrong distribution and it caused them
(02:18):
three thousand dollars in taxes for the past three years.
If they would have done proper sold security maximization planning
and investment planning, guess what they would have avoided the
three thousand dollars a year federal tax for the past
three years. We got to save them nine thousand dollars
in taxes. So when they came in and met with us,
we did the sole security maximization report. We showed them
how to take sold security and guess what now they
(02:41):
got the same income on a most tax efficient way.
That is complete planning and that's what people need out there.
So pick up the phone, schedule time to meet with
us eight three to three Maggie Tax. Visit our website
at Maggi tax dot com and register for one of
our seminars. Education is so important, or just pick up
the phone schedule time to meet with us at any
one of our three locations eight three to three Maggie
(03:03):
tax And.
Speaker 2 (03:03):
The cool thing about this, the gentleman came to our seminar,
the three and one seminar, And when he came to
the seminari, so I had no idea you guys do
all this. So when he came in and we showed
him what Chris just mentioned, he was blown away because
he said, this is ridiculous. You know, I'm not getting
the proper training or the proper information from my advisor.
So we made a change and we made it better
for him. So today we're going to discuss how do
(03:25):
I create a financial plan with my partner Because a
lot of you out there are married. Maybe the husband
knows more than the wife, or the wife does more
than the husband. Either way, there's got to be a
time when you come together when you have to put
a plan together. So how do you find a financial
advisor to execute the plan. That's what we do. So
we're offering everyone that advice to come to the seminar,
(03:47):
get educated, have the questions answered, and then come in
and put a plan together. And visit our website at
Maggie tax dot com. We have so many videos on there,
all topics that concern many of you, and be sure
to register for the free three and one seminar. We
have it every week, so take a look at it
on a state and enhanced planning, social security of taxes
(04:08):
and if your advisor is not talking to you about this,
shame on them. So all of these topics play an
important part in putting a plan together. So Chris, let's
get started. Because there's so many questions. We'll address all
of them and let's see how we can help the
folks out there put a plan together.
Speaker 3 (04:22):
That's right, so visit Maggi tax dot com. Our number
is eight three to three. Maggie. Tax and money is
often the center point of many arguments. You know, even
amongst long term partners, it's only human nature to be
protective over our hard earned property. But rather than letting
financial choices be the main problem of your relationship, it's
so important to come together to meet both of your goals.
(04:44):
Communication is extremely important and at Maggie Tax Advisory, we
will show you the best way to create a financial
plan with your partner so you both can reap the
rewards of success you work hard you put money away.
You know you have an investment plan. Now is time
for the distribution plan. How do you go about doing
that in the most tax efficient way?
Speaker 2 (05:05):
You know, Chris. And the biggest thing, I bet a
lot of people out there are listening to what you
just said. The time comes when someone passes away, when
it all comes to the top and it's confusion and
it's just terror. It's terrible because they don't know what
to do. So this is important to put a plan
together before things happen. And that's what we talk about.
When do the estate planning and the tax planning and
(05:25):
the SOLI security planning.
Speaker 3 (05:26):
Absolutely, and the Maggi plan applies to all of you
because it's a tax plan, it's an income plan, it's
an investment plan, and for everyone listening today, it's in a
state an enhanced plan. So if you're arguing or disagreeing,
now is a time to get a plan that you
both can agree on. Attend one of our three in
one free seminars on a state planning and enhance planning,
(05:47):
SOLI security planning and tax planning, also investment planning. My gosh,
there's so much information valuable right there? Are your fingertips
that you just don't get. You don't get at the workplace,
you don't get at home. You know, you don't go
out with friends and get this information. You need this information,
So pick up the phone, schedule time to come to
visit us at a three to three Magi attacks or
(06:08):
visit Maggi tax dot com.
Speaker 2 (06:09):
And one thing we always say, simple and easy to understand.
And you know, we encourage open and honest communication. So
when you come in, if we meet with you, there's
a question and answer time that we want to give
you so we can answer your questions and you can
answer ours honestly, because if you don't tell the truth,
then it's going to disrupt the plan. The most important
(06:30):
part about discussing financial plans with your partner is for
both sides to be completely honest and transparent about personal
financial goals and concerns. And Chris, many times when we
see people they say, well, you know, I want risk
and my husband want I want safety. My husband wants risk.
That's a tough road to cross because we got to
get in the middle. But the way I look at it,
(06:50):
you've seen this, they just don't understand what they're saying.
That's it.
Speaker 3 (06:52):
But the main concern that we see amongst a lot
of people is the common theme is they need income.
They want income. They don't want to run out of money.
They need income sources. So it doesn't matter if you
have two hundred thousand or or fifty million, it doesn't matter.
The fact of the matter is most people out there
they want the same thing. They don't want to run
(07:13):
out of money. So that's why it's important to meet
with us because let's put together those types of plans
for you. So any thoughts that you might have are
withheld could come back to serve as a point of
contention later on. So that's why we talk about clarity
and openness. It's best to get everything out on the
open while you both have high hopes for a brighter future.
So take a moment to evaluate your current financial situation
(07:35):
and we can help you make it easy to understand.
So after discussing your main goals, you need to compare
them to your current financial situation. And when you come
in to meet with us, you can't get a second
opinion from your current advisor. So that's why it's so
important to meet with us. We will give you that
second opinion. So when you meet with us, we will
compare your current plan and show you options to improve
what you have. Then you can make a decision on
(07:57):
what you want to do. If it's better, then make it.
If it's not, then you don't have to. But the
end of the day, you need to embrace what you
have and also have the goals be accomplished at some
point so you can move on with clarity and confidence
in your retirement.
Speaker 2 (08:11):
Well, one thing you mentioned before, We had a client
that basically said they were intimidated by their advisor. And
my question is what we asked her? How long of
you had the advisor? Well, we've had him twenty years
and I just can't break the relationship. Guys, Well, the
question is, look what he's done for you. He hasn't
done anything for you. So when we did the comparison,
Chris is talking about our plan was more, was better
(08:33):
than their plan? And she said it, she said, guys,
this is the plan that I want. What do I do?
But she was afraid to be talking to her advisor
and many of you are because she was intimidated. That's ridiculous.
Speaker 3 (08:45):
Career, you don't have to be, you know, in the
new plan. She had an income plan. She had a
tax plan. She was getting income on the most tax
efficient way. Now, she had an investment plan. When she
had bucket planning, she knew where all her investments were
and what they're doing and the risk that she was
taking with it. She had an inflation bucket plan to
that she sprinkled on her plan to go ahead and
have the adjustments for inflation in the future. This is
(09:05):
what we're talking about. And to make it all come
to fruition. She had an estate plan. So God forbid,
something happens to her. Guess what, it stays in her
family that she didn't even have for twenty years. So
her advisor wasn't doing the good job for her. But
guess what she didn't. She thought that was the case
for so many years, but it wasn't because the advisor
(09:27):
did not do complete planning. So pick up the phone,
schedule time to meet with us. Let's get together. Let's
talk about your situation and see if we can help you.
Speaker 2 (09:34):
And one other thing. We talk about a state planning
without a will, probate court and the estate decide what
happens to your assets after you're gone. What Chris just mentioned.
Many of you that we meet with do not have
a state planning folks. It's very simple. It's very simple.
It costs you less today than more later on, and
that's what a lot of people want to avoid probate.
What about your tax bill and retirement? Is it too big?
(09:56):
Do you even know what it is? Go to my
website Maggie tax dot com, click on the retirement calculator
on the top right, put in your information if you
have a four to one K or an IRA, and
in thirty seconds, no one has this out there. In
thirty seconds, we can tell you what your tax bill
is going to be. Why is that important? Because now
we're giving you a reason to come in and sit down.
Like we mentioned before about the gentleman who was paying
(10:19):
more in taxes that he needed to, why would you
do that? And one thing we'll get into a little bit,
the Secure Act change the required minimum distributions from many
people out there, Many people don't even know what that is.
So it's very important to understand why Chris and I
do these educational seminars and it's fun, you know. We
give out books, we give out a Social Security brochure,
we give out tax information, we give out you know,
(10:40):
stop funding Uncle Sam's retirement. Give us a call eight
three to three Maggie Tax. Be sure to visit Maggie
tax dot com today, register for one of the seminars
and give us a call eight three to three Magi Tax.
You're listening to the Maggie Tax and Financial Show eight
three to three Maggie Tax.
Speaker 1 (10:58):
Stop planning for Uncle Sam's or timeirement and start planning
for your retirement. As we return to the Maggie Tax
and Financial Hour with your host, father and son Robert
and Chris Maggie. For additional information on how you can
create a tax free retirement, visit Maggie Tax dot com.
That's ma Ggi tax dot com or call eight one
(11:19):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty now your host
for the Maggie Tax and Financial Hour, Father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 2 (11:35):
Welcome back to the Maggie Tax and Financial Show. I
am Robert Maggie and I'm here with Chris Maggie. Be
sure to visit our website, Maggie Tax dot com. Click
on seminars and register for one of our three and
one on a state planning, social security and taxes. It's educational,
it's free, and it's at a library. Also visit the
Maggie Tax dot com for the retirement tax bill. We
are giving you so many options to look at, and
(11:57):
there's so much information on our website. So take a
look at the videos and then give us a call
eight three to three Magi Tax. So think about this
in this uncertain world. Wouldn't people ask what kind of
strategy or option would help us? And we have those, okay?
Would you want to know about proven strategies and concepts
that work and want to use going forward? Of course
(12:18):
you would. The reason is you don't ask, and that's
what we try to do. So of course you would
want that because maybe you don't have the best plan
right now, you know, maybe you don't have the best
income plan, well the best you know tax plan. Now
is the time to take a look and like I
said before, take action. Doing nothing is not a plan.
Get the Maggie Plan simple and easy to understand. Eight
(12:39):
three three Maggie Tax.
Speaker 3 (12:40):
And that's just it. You know, when you pick up
the phone, you schedule time to meet with us. You
come in and meet with us. We'll go over a
lot of different things for you. We'll sit down and
listen to you. We'll see what's going on. We'll evaluate
what you currently have and maybe you've got a good plan,
maybe you don't. And if you don't, then we can
show you some steps how you can put together a
plan where you can solidify those issues that many retirees
can cerned about. Income planning, tax planning, investment planning, social
(13:03):
security maximization planning, medicare planning, as state planning. These are
things that many people are concerned about and they need
to complete the puzzle, complete the process, and that's why
we call it a complete plan. So pick up the phone,
schedule a time to meet with us. You know, we
have an experiment for all of you today. You know
we're going to share with you our presentation without asking
(13:24):
you one question. And so let's just get started here,
kind of play and have a good time here. But
mister and missus client out there, are you listening today,
Thank you for meeting with us. We would like to
talk with you about some challenges that we believe you
and your family should be very very worried about. If
these challenges are not addressed, they could change your life forever.
And the first and most important concern is taxes. With
(13:47):
everything happening in our country today and our governments at
every level, they're going to require more and more revenue.
Income taxes will increase, property taxes, sales taxes, excise taxes
as well as inheritance taxes will increase, just to name
a few. So the tax you and your family should
be most concerned about will definitely be income taxes. Since
(14:08):
only around ten percent of Americans out there make more
than one hundred thousand dollars per year, think about about that,
real quick. Ten percent make over one hundred thousand dollars
per year. The only way to increase revenue will be
to increase taxes dramatically on those ten percent. But guess what,
here's another surprise. The government will also have to increase
taxes on the other ninety percent of the people out there,
(14:30):
and that's where most people are. So where do you sit?
Where are you today? When you listen to what I
just mentioned, A small tax increase will still help the
government to begin and achieve their revenue requirements. So think
about this for a minute. The biggest tax surprise all
of us will come is when you transfer these assets.
(14:50):
So Dad talk about that because taxes, taxes, taxes. If
no one's talking about taxes, taxes, taxes, then guess what.
You're not with the right advisor because you're going to
get hit with the tax time bomb that's about to
explode if you're not prepared.
Speaker 2 (15:04):
And again we mentioned this all the time. Go to
Maggie tax dot com, click on the retirement tax bill
on the top right and put in your numbers. I
have people going there every day because they challenge it.
They want to see what it is, but it's real.
Put in your numbers. You can put in your tax bracket.
And just remember in two years, the Trump tax cuts
are going to expire. Every one is going to go
(15:25):
up at least three percent. So tax deferred retirement plans
such as iras. If you have an IRA or a
four oh one K, a four h three B, a
four point fifty seven plan, or a TSP and deferred
annuities to your family after you die, you're going to
be hit with a big tax time bomb. Now what
they're doing now, and one thing from the Secure Act,
(15:46):
they increase the requirement of distribution. I just want to
pause on this for a minute. To seventy three. It
used to be seventy and a half, right, So what
are they doing. They're letting you defer the taxes more
so they can raise the taxes more. And you think
back to the a e these many of you out there,
the tax brackets were eighty percent. You can look it up. Okay,
what's to say it's not going to go up that more.
(16:06):
But what Chris just mentioned before, they're going to increase
the taxes on the ten percent and the ninety percent.
So think about the ten percent if that's you, I
talk about it before you go out to buy groceries.
Higher gas is going up, everything is going up, So
that means it's going to be less for you, and
it's going to be before your family receives anything. Taxes
(16:26):
get paid first, and that's the biggest problem. Why because
it is always taken in a lump sum on these
retirement accounts, and if it is piled on the top
of the beneficiary's current income, the income tax liability can
increase thirty, forty or fifty percent. We have seen this.
And if you don't do tax planning or tax strategies
or the options. You're going to get hit with a
(16:48):
big tax time bomb. So think about it. You're working,
you're working for the government. Okay, they're going to get
part of your income. So you essentially turn yourself into
ready for this. You essentially turn yourself into a tax
colector for the Internal Revenue Service. Let me say that again.
You essentially turn yourself into a tax collector for the
Internal Revenue Services. And that's where they said they would
(17:10):
hire more IRS agents. You now have a new job. Folks,
whether you're retired or not. How many of you knew
that because it's not being said to everyone the way
I just said it to you. You are going to
become a tax collector. And if I was in your shoes,
I would do something about it. And that's why we
have plans that would help you to reduce or even
eliminate that income tax liability. Visit our website at magtax
(17:32):
dot com. We are here to help you.
Speaker 3 (17:34):
We have plans to reduce or even eliminate that tax liability,
and let's show you how to receive those assets in
the most tax efficient way. So visit our website at
magutax dot com and click on the retirement calculator and
in thirty seconds, we can tell you what your retirement
tax bill will look like today. You don't have to
wait years from now to know. You need to know
(17:54):
now because you have this big tax time bomb that
you need to defuse. How do you defuse the tax
time bombs so in the future you have tax free money.
We talk about this at the beginning of the show.
What if you knew something was going to happen before
it actually happened, and you were protected, would you want
to be absolutely That's what we're talking about today. Put
(18:15):
a plan together. Make sure you have your assets and
your investments in the right spot so you could take
advantage of these opportunities as opposed to falling victim to them.
Pick up the phone, schedule time to meet with us.
Eight three to three, Maggie tax I. Talk about this
all the time. You know, we talk about clarity and
providing confidence for your retirement. We can do that for you.
(18:36):
Eight three three Magi tax You want an income plan,
we can help you want an investment plan. We can
help you. Want us reduce your taxes. Let's explore those
options for you. Eight three to three Magi tax. That's
a three to three Magi tax. Schedule time to make
an appointment. We can show you how not to be
an IRS tax collector. It's called tax planning. Eight three
(18:57):
to three Magi tax. That's a three to three Maggie tax.
Speaker 1 (19:03):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie tax dot com. That's
ma gg I tax dot com. Or call eight one
(19:25):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty. Now your host
for the Maggie Tax and Financial Hour, Father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 3 (19:41):
Thank you so much for tuning in today's show. I'm
Chris Maggie, and you listen to Maggie Tax and Financial Show.
And throughout today's show, we're talking about tax planning, investment planning,
income planning, solid security maximization planning. If you have questions
pick up the phone, schedule time to meet with us.
If you are at sleep at night and you wake
up and you have questions and one's there to help you,
pick up the phone in the morning, schedule time to
(20:03):
meet with us because we can definitely help you and
talk through your retirement questions. We have offics on both
sides of the bay. Feel free to visit our website
Maggie Tax dot com. That's m A G G I
T a X dot com. There's so much information right
there at your fingertips, and as well as our TV
show every Sunday on ABC TV at ten thirty am
for The Maggie Tax and Financial Show ABC every Sunday
(20:26):
at ten thirty am. So let's continue on what we're
talking about today, the Maggie Plan, but also what are
asset classes and how does someone go about investing the
right way?
Speaker 2 (20:38):
Well, that's a great question, and the asset classes are many,
so we're going to cover them and talk about how
it's related to taxes because you probably have these and
you don't even know what the actual risk is. So
the first one, some asset classes and where they fall
on the tax risk. Let's talk about tax deferred accounts
like four O one ks and iras, and since taxes
(20:59):
all defer to the future on both contributions and growth
in these accounts, one hundred percent of the account value
may be subject to future tax changes. That's what we're
talking about. When the tax cuts expire, what is going
to be your tax rate? So in accordance to that
one hundred percent of the distributions in retirement, they're subject
to the tax regulations an individual situation at the time
(21:22):
of distribution, which could be different. So what did I
just say? There are two things? Okay, you have a
tax deferred account that's growing, but then when you take
it out, it's tax and at what level.
Speaker 3 (21:31):
We don't know. It's a question mark tax rate. Okay,
because tax rates can change and we don't know. It's
called legislative risk. That's the risk that we have and
that's what we don't know of. So we have to
protect that and combat that if we can, and that's
what we can show you how to do.
Speaker 2 (21:46):
So would you agree individual situation on everyone with tax
deferred accounts is different?
Speaker 3 (21:51):
Absolutely, and that's why we have a clients that are
taking money out of a tax deferred account and paying
no tax go because there's ways on the tax side
of this thing to look at it to formulate a
plan as a distribution to take income in the most
tax efficient way.
Speaker 2 (22:04):
I just lead into my next one here. What about
roth accounts like roth iras and WROTH for one case,
and the funds in these accounts can be assessed income
tax free in the future since taxes have already been
paid on contributions and growth in a WROTH is not taxed.
Why are we talking about that because you should be
starting to think about putting money into a tax free
(22:25):
account that they have given us the government to save
for retirement, Pay the tax now at the low rate,
and then have tax free at a rate when you
get retired. And that's what we're talking about. The retirement calculator.
If you don't know what your tax bill is going
to be, now is the time to find out. Go
to my website, Maggie tax dot com, click on the
retirement calculator. Folks, In thirty seconds, I can tell you
(22:46):
what your tax bill is going to be. Then you're
gonna understand what we're trying to tell you and come in,
pick up the phone and meet with us. That's just it.
Speaker 3 (22:52):
You know, understanding what you have. Many people have these statements.
They get these statements of the mail. They sometimes don't
even open them, they just cycle them or leave them,
and they just get bigger and bigger and bigger. And
then someday they go through them and they don't really
know and they just throw them all away and they
don't have no idea what they have. You might have
an account there that's infected with taxes for so long
you have no idea how to diffuse the tax time bomb.
(23:13):
We can show you how you might have accounts out
there that, guess what, you're taking so much risk, you're
losing money, You have no idea what you're invested in.
How many people out there are in that situation. Raise
your hand, It's okay, But there there's a solution for it.
You know. That's why we talk about the Maggie Plan,
because when you come in to meet with us, we're
going to talk about the balance sheet. We're going to
(23:33):
show you where your money's at. We're going to show
you every account that you have, what's taxable, what's non taxable,
what type of risk you're currently taking with your money.
And we talk about asset classes where are you invested in?
Where should you be invested in? Where do you want
to be invested in? Many people have no idea, but
they can if you work with the right advisor.
Speaker 2 (23:54):
So pick up the phone.
Speaker 3 (23:55):
Schedule time to meet with us eight three three Maggie
tax schedule time eight three to three men tax.
Speaker 2 (24:00):
And let me go back to the Wroth account for
a minute, because this protects these accounts from both situational
and legislative future tax changes which we've been talking about,
the government could change tax regulations pertaining to how savers
can contribute. Think about that, because it's written in pencil,
how you withdraw funds. What's going to happen then. So
so with a WROTH account, you have tax free income
(24:21):
that's what you're trying to save for. It avoids the
legislative risk that we're talking about it. So let's discuss
non qualified annuities. This is important because the cost basis
in these accounts. They have been taxed and they're not
subject to future tax changes. Why because taxes are deferred
to the future on all growth inside these accounts, the
(24:41):
portion of the account value representing growth, it may be
subject to both situational and legislative future tax changes and Chris,
it goes back to the same two words, legislative risk
and future tax changes are how are you how are
you listening out there doing something about this?
Speaker 3 (24:57):
Well, as just said, I mean how when in retire,
how can you go along and take a distribution to
go on a cruise, or how do you take a
distribution to go help your family? Or how do you
take a distribution to go and travel without knowing what
type of impact these accounts are going to cause you
tax wise, it doesn't make sense. It's like driving in
(25:17):
a car and not knowing if it's going to if
it can stop with a breakes work or not. That's
what you're doing with the formal K or an irate.
You're going through retirement and you have a question mark
tax rate. You don't know what you're going to pay
in taxes. So working with the right advisor, if we
put together the buckets of money in the right way
where you have tax free money and you also have
(25:38):
taxable money, and how to diffuse the tax time bomb
in the most tax division way, that's so important for
you and your family, especially in retirement. So that's why
you need an advisor to work with you and help you.
And we talk about the puzzle, the financial puzzle throughout
the whole show. Today it's about the income tax piece puzzle,
the investment tax piece puzzle, the tax puzzle. I mean,
(26:03):
how many know what they're going to pay a tax?
These state planning piece puzzle. What are you doing about it?
So if one of these pieces are missing, you don't
put together, the whole puzzle doesn't work right.
Speaker 2 (26:12):
So meet with us, get together.
Speaker 3 (26:14):
Let's have a conversation eight three to three MAGI tax,
tax planning, income planning, investment planning and state planning, solid
security maximization planning, medicare planning. We can help a three
to three MAGI tax.
Speaker 2 (26:26):
And just remember what we're talking about today. A portion
of your assets coming out of these accounts. They're subject
to some tax regulations at the time of distribution, and
it could be different from tax regulations today. Change. That's
what it's called. So let's talk about what about taxable accounts.
The funds in these accounts, they're taxable every year and
(26:46):
they're subject to tax changes around capital gains like dividends,
step up in basis rules and all distributions of growth
in these accounts are subject to the tax regulations again
at the time of distribution, which could be differ different
from the tax regulations of today. Right, And that's what
we're talking about.
Speaker 3 (27:03):
Those brokerage accounts that you have, or maybe the CDs
that you have at the bank, or you know, the
types of non qualified assets. And many people out there
are saying, what's non qualified? That's just exactly it. You
need to understand what's qualified, what's non qualified? Qualified with
the government with the IRS taxable, so non qualified assets,
you don't have to pay one hundred percent on tax
(27:24):
on these accounts. So where are your money, where is
your investments, what are they doing? How is it going
to be taxed? These are the questions that you need
to have answers to. So pick up the phone and
schedule time to meet with us. Let's get together, let's
talk about your concerns. Let's talk about getting a second
opinion for your accounts. Eight three to three Maggie Tax.
(27:44):
Eight three to three Maggie Tax.
Speaker 2 (27:46):
And just a reminder, go to our website Maggie Tax
dot com, click on seminars and register for our upcoming seminars.
They're all over Tampa Bay. Different locations. All you gotta
do is just click on the one you want and attend.
It's about an hour and a half. So these are
things that we want to teach you. We want to
help you. We want to make you understand the language,
because that's what's happening out there. There's so much noise.
(28:07):
If you will out there, Chris, the people are totally
confused and they have no idea. You said it before.
We're in a yo yo economy and people lamp when
we say that. But we are.
Speaker 3 (28:15):
Yeah, and you're on your own, and that shouldn't be
the case. But if you have the education and the knowledge,
and you understand what you've done for your retirement and
how it's going to impact you, then guess what, you're
controlling your retirement and you're not in the yoyo economy
where you're on your own. So many people are going
to fall victim to the changes that are about to happen,
(28:35):
But you don't have to. You know, where is it
written that you have to lose twenty thirty forty percent
of your account in the stock market. Where is it
written that that's okay? You don't have to if you
don't want to take that risk. But if you're taking
that risk right now, then why if you don't want
to just because you're following the crowd, you don't have
to go down that route. You know, do you want
(28:57):
to retire, You don't have to wait to sixty two
or sixty five or seventy just because the Social Security
statement gives you those numbers. You can retire any time. So,
but you need to have a plan to give you
the income every month so you don't have to leave
your house if you don't want to. That's called an
income plan. And also an investment plan that can give
you the income you need so you don't run out
(29:19):
of money. And also and in a tax plan, they
make sure that the money you do receive is not
hitting you so hard with taxes. My gosh, those are
three big impacts that you need to be aware of.
And many of our clients who come in each and
every day new clients come in, they have no idea.
But once we put together a plan, it's like an
(29:39):
Aha moment film. They have clarity, they have control, they
understand what they have, and now they're in better position
to enjoy the retirement. So pick up the phone, schedule
time to meet with us eight three to three magi tax.
That's eight three to three magi tax.
Speaker 2 (29:54):
And let me leave you with this Five ways that
taxes can rise in retirement and they may apply to
all of you. One, you can change your tax bracket.
That's the most important one. Tax brackets change around you, okay.
And deductions are eliminated. This is big. What's the standard
deduction now? And does that reduce your taxes? And the
way assets are tax changed, meaning you know, capital gain taxes,
(30:16):
you know things like that, new taxes are enacted. This
is happening right now. This is what we call in
two years, the tax cuts are going to expire. Pick
up the phone eight three three magi tax. Visit our
website Maggie tax dot com. Click on the seminars. Register
for our seminars on all we're talking about estate planning,
tax planning, social security, and anything else that you want
(30:36):
to talk about. It's up to you. Pick up the
phone eight three to three magi tax. They're operator standing
by right now. Don't forget tune into our TV show
every Sunday on ABC at ten thirty. So visit our website,
Maggie tax dot com. Click on seminars, click on the
retirement calculator. We're offering this to each and every one
of you. It's up to you to do something about it.
Eight three to three Magie Tax and visit our website
(30:58):
Magi tax dot com.
Speaker 3 (31:00):
And every Sunday, tune into the Maggie Tax a Financial
Show on ABC TV at ten thirty am. Baggie Tax
dot Com.
Speaker 1 (31:07):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie Tax dot com. That's
ma gg I tax dot com or call eight one
(31:29):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty now your host
for the Maggie Tax and Financial Hour, Father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 2 (31:45):
Welcome back, Thanks for joining us today. My name is
Robert Maggie and I'm here with Chris Maggie and today
we've been talking about Roth conversions rothfo owin ks rothiras.
But we're gonna talk about five reasons that you should
not open up a roth Okay, Number one, this is
a big question we get all the time. You have
no earned income. So to be eligible to open up
a roth ira or a traditional ira with a contribution,
(32:08):
a person must have compensation. Wages, salary, commissions, or other
dollars received for personal services all qualify as compensation, and
that's for IRA contribution eligibility. Things that do not qualify
as compensation include pension, an annuity, income interest, income, capital gains,
or social security benefits. No compensation equals no wroth ira contribution.
(32:33):
This is confusing to a lot of people, Chris, because
people want to put money into tax free accounts. This
is one reason why they can't.
Speaker 3 (32:39):
That's right, So that's why there's some reasons why you
should in some reasons why you shouldn't. So the second
reason why you should not open up a roth ira
is you have too much earned income. At the other
side of the spectrum are individuals who make too much
money to contribute to a wroth ira. There's phase out
limitations in each year. These change. Back in twenty twenty three,
there were two hundred and eighteen thousand to two hundred
(33:01):
and twenty eight thousand for those file and married file
and jointly. If you exceeded that amount, then guess what
you cannot contribute to a roth ira. So make sure
you meet with the right advisor, make sure that you
do proper planning, because if you make too much money,
we can show you some other avenues that you can
contribute to tax free buckets as opposed to a roth
(33:21):
ira exactly.
Speaker 2 (33:22):
Now, another reason here is maybe you need the money soon.
So a person always has access to his roth ira
contributions as we mentioned before, tax and penalty free. But
if you need the money for a big purchase soon,
or if you need the money for daily living expenses,
it might not be well, may not make sense to
go through the process of opening up a roth ira.
And we get these questions all the time, and this
(33:43):
is especially true if you're under age fifty nine and
a half and need access to any earnings that might
accrue within the roth ira. So for those who need
cash now or for a big purchase at some point
in the near future, a non qualified account may be
better option, and we can talk about that with you.
So if managed properly, you're going to have full access
to the principle as well as the earnings and Chris,
(34:05):
that is a big concern of liquidity no matter where
you put your money, for any person at any age
of any amount.
Speaker 3 (34:12):
That's true, and that's why when you meet with the
right advisor, we can look at the suitability rules and
also your income and what your discretionary amount is and
your budget and make sure that you have enough money
that you can access. And there's different buckets of money
for different purposes, and when we put together our plans,
we always have liquid buckets available. We know and understand
that emergencies happen and things happen, and you need to
(34:34):
access money. Absolutely, we want to put you in a
situation where to you can succeed and not fall victim
to the penalties or or a situation where you're hurt
in any which way. So that's why it's so important
to meet with the right advisor who understands you and
what you're doing and how you can contribute to these
plans effectively. Another reason why you should not contribute to
a wroth I array is that your beneficiary is a charity.
(34:58):
You know charities do not pay income tax. A lot
of people don't know that. If your goal is to
leave your ira to a charity, then definitely do not
fund a wroth ira. Why should you pay the tax
now on that you should open up? Then an ira
get a tax deduction, so it benefits you. So the
money that goes to the charities or guess what, tax
free anyway, because they do not pay taxes. You know,
(35:20):
why pay tax on the dollars yourself and go out
of your way to create a tax free income source
for the entity that won't pay taxes anyway. That's what
we're talking about here. Then many people make that mistake,
and many people just really don't understand why. But when
we show them now it makes sense, and.
Speaker 2 (35:35):
You know it's the language. And I'm going to give
you the biggest one right here. You just don't trust
the government to keep its tax free promise. And yes,
tax laws are effectively written in pencil. We talk about
that all the time, and the tax free benefits of
a roth iray could theoretically be stripped away. But if
you think the rules will change in tax re rarnnings
on wroth iras will be eliminated from the tax code
(35:57):
then you probably should avoid a WROTH IRA. And you
know it is our opinion that Congress has tipped its hand.
They love rothiras. Why because you're paying a tax going
in today and you're done. This was evident and secure
two point zero with all the new WROTH options, the
ROTH SEP, the Roth Simple, Roth Employer Match ETCA goes
(36:18):
on and on. Roth means tax revenue now for the government.
And that is music to the ears of a politician.
And again when you look at my website and go
to the retirement calculator and you start to see that
you're deferring it to age seventy two or seventy three.
As that account grows and as the taxes go higher,
you're paying more out of your savings and you're penalizing savers. Okay,
(36:42):
that's the bottom line. And if you have a large
IRA or four oh one k, folks, it's not all yours.
You're funding the government. That's what you're doing. You're paying
Uncle Sam. So start thinking about converting the right way,
keeping the tax low and having more tax free income
down the road. Go to my website, Maggie tax dot com,
look on the retirement calculate and put the numbers in yourself.
(37:03):
It's free and in thirty seconds. Thirty seconds. I don't
think anyone out there can do what we're doing in
thirty seconds tell you what your tax bill.
Speaker 3 (37:10):
Is going to be. That's just it understanding what your
tax bill will be, and we can show you that
in thirty seconds. Visit our website at maggatax dot com
upper right hand corner retirement tax bill. You know, many
people out there have those iras. They're infected with taxes.
They have no idea how to diffuse the tax time bomb.
We can show you. So today we talked about roth
iras versus wroth four O one case. We talked about
(37:32):
why you should open up a roth ira immediately, and
we also talked about why you should not open up
a roth ira. So, as you see, there are pros
and cons to each and every investment. So that's why
when you talk to somebody, if they're just talking about
one thing, those are transactional advisors. You want to work
with a complete advisor. Someone who's a fiduciary is gonna
(37:54):
be the best thing for you. But also take out
a step further, someone who has tax planning background, taxes,
income investments, social security maximization, a state planning. Someone can
do complete planning for you. Why because everything is interchangeable,
they all work together. Should you contribute to a roth
IRA Maybe maybe it's right for you, but not your neighbor.
(38:16):
Maybe you should put together on IRA. Why because maybe
you should get a tax deduction on the on the
front end, because your charities are the beneficiaries on the
back end. So who knows? Every situation is different. Pick
up the phone, schedule time to meet with us. We
thank you so much for tuning into our show today
Every Sunday on ABC TV at ten thirty, tune into
the Maggie Tax and Financial Show A three to three
(38:38):
Maggie Tax.
Speaker 2 (38:38):
That's eight three to three Legi tax.
Speaker 1 (38:40):
You've been listening to the Maggie Tax and Financial Hour
discussing tax planning investment strategy is presented by Robert and
Chris Maggie from Maggie Tax Advisory and Financial Services with
offices in Hillsboro and Panela's County. Visit Maggi tax dot
Com or called eight one three three two two twenty
five twenty that's a one three three two two twenty
(39:02):
five twenty and tune in next Saturday at five for
the Maggie Tax and Financial Hour,
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