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):
Hello everyone, and thanks for joining us today listening to
the Maggie Tax and Financial Show. I just want to
make a point. Be sure to visit our website, Maggie
Tax dot Com and click on at the top the
retirement calculator to find out your tax bill. Take you
thirty seconds to figure out how much tax you're going
to pay on your IRA and four oh one K
and Chris and I are going to talk about that today.
(01:14):
Don't forget. Every Sunday at ten thirty on ABC watch
our TV show and we have a lot to talk
about today. A lot of things are changing, a lot
of things are happening. So Chris, you know wherever you
want to begin, because this is going to be from
here on out. With taxes going up, there's a lot
of noise out there. There's a lot of confusion out there.
I have been getting calls, You have been getting calls
(01:35):
about what do we do about taxes? And that's the
name of the game right now.
Speaker 3 (01:38):
That's it.
Speaker 4 (01:39):
Well, welcome everyone, Thank you so much for tuning into
the Mega Tax and Financial Show. And as always, we
are so grateful and thankful to be here. We love
doing what we do. You know, it's about helping people.
And as you mentioned, Dad, confusion questions and we get
these each and every week. So there's a lot of
noise out there. What do you do? You know, it's
not only about taxes, about investments, is about income planning,
(02:02):
what do you do, how to take Social Security and
maximize these benefits? My gosh, So today we want to
talk about a lot of different things, and so stay tuned.
Visit our website at Maggie tax dot com. There's so
much information right there at your fingertips. But let's just
jump into if you have a traditional IRA or a
Form one K or a TSP thrift savings plan with
the federal government, or if you have a four to
(02:24):
H three B or a four point fifty seven plan,
you have accounts, you're saving for retirement. You're doing the
right thing. But again, guess what you were told the
wrong information?
Speaker 2 (02:35):
Why?
Speaker 4 (02:36):
Because these all all these accounts are infected with taxes,
and that's what we're talking about today. So it's always
a great thing to put away money. So these vehicles
have been created to do that and that's a positive.
But at the end of the day, when the money
comes out, it's all taxable at question mark tax rates.
So that's what we're going to dive in today. So
welcome everyone, Thanks for tuning in. Visit our website. If
(02:57):
you have any questions, pick up the phone, schedule time
to meet with a we have office on both sides
of the bay eight three three Maggie Tax.
Speaker 2 (03:04):
A couple things that Chris mentioned. We all saved for
a timement, but no one talked about your tax bill.
And that's why on the top of my website Maggie
tax dot com do it yourself. It's gonna take thirty
seconds because someone has to be talking to you about this.
I know, we get calls coming in and we meet
clients every day. Their broker doesn't talk about it, their
banker doesn't talk about it, even their CPA doesn't talk
(03:24):
about it, Chris. And that's what responsibility they have to
talk about that, not just to do their taxes. And
if you have a traditional IRA or a four to
oh one K, you save funds for a tirement. The
problem is many of you will pay an unknown tax.
You have a tax bill to Uncle Sam. And you know,
when we sit down with clients and we talk about this,
I'll give you a big example. Client comes in with
(03:45):
a million dollars sitting in his IRA. Ah, I got
a million dollars. This is great. I can travel the country,
travel the world, take the cruises. Chris, what's the answer
to that?
Speaker 4 (03:54):
That's not all yours. And that's the biggest thing, you know,
you know how you get you have birthday, or you
have Christmas, or you have these get togethers. You get
all these presents, but guess what, they're not all yours.
Same thing with the irs and in these IRA accounts
because they have you, they have that portion. It's not
all yours. So figure out what your tax bill is,
(04:15):
figure out really what you can get to keep. And
this is what it's all about. You want to keep
as much as you can in the most tax efficient way.
So Dad, let's talk about what can people do, what
strategies are out there, what kind of steps they should
just take. Maybe the first step is what.
Speaker 2 (04:32):
Look, if you look at your account like we do,
you can do what they call a strategic rollout. And
many people don't understand how to do that. And the
bottom line is that you could take money out of
a taxable account every year and pay the lowest tax
and then put it into a ROTH account where you
pay no tax. And this millionaire client that we talked about,
and he's not the only one, he had time on
(04:52):
his side because as seventy two is when you have
to start taking the required minimum distribution and then it's
going to be text. So what we do it is
we reversed it. It simply called a strategic rollout. Give
us a call at eight three to three, Maggie Tax.
And again if you go to my website, Maggie Tax,
and I'm going to be making this point every week
for a long time. Look at the retirement tax bill.
(05:13):
There's no other advisor out there, there's no other broker
out there that has what we have on our website.
And then you can sit down and talk to us
about a strategic rollout. Because Chris years ago when they
started with the ROTH, everybody, you know, no big deal.
You know, that's okay, We'll just keep putting money in
the taxable account. But guess what, many of you listening
know this when you come in. We see even with
(05:35):
the federal people, you could talk about that for a minute,
they have a TSP ROTH and they don't even know
they have that. So those are ways to get yourself
tax free income Well.
Speaker 4 (05:44):
Let's just say, you know, if you're saving for retirement,
that's a great thing. You want to put money away,
You want to create buckets of money, and the best
way to do it is income tax free so you know,
why not pay the tax on the money today so
that in the future you have tax free income. So yeah,
many people today because they taken our advice. Over the
past five years, seven years, I've seen so much more
(06:06):
money go towards four one K roths or TSP roths
or even just a roth iry or even cash value
life insurance.
Speaker 3 (06:13):
Oh my gosh.
Speaker 4 (06:14):
If you're making a lot of money and you are
phased out because you can't put money away into these
traditional accounts, there are other options. So you can have
a tax free cash savings account that you can start
accumulating and also have tax free income in the future.
Speaker 2 (06:28):
So let's talk about the gorilla in the room, and
that's exactly what the story is. Who is the gorilla?
What is the gorilla? So let's take risk off the table.
I think, Chris, the main thing that people and we
see this all the time, they don't realize the risk
they're taking. They may have eighty five percent of their
money in risk whether they're in the market and they're
going to lose. And what we do is the red
(06:48):
money green money. And we had a client in the
last week we actually flipped it. Well, we could show
me We canna have eighty percent eighty five percent green
and fifteen percent in red and still make money in
the market, and you didn't know that. Because it's about
it education. Chris and I talk about this every time.
You have to understand the rules before you play the game.
So take the time to meet with us eight three
three Maggie Tax. Visit my website Maggie tax dot com.
(07:12):
I'm gonna drill this every week. Go to the retirement
tax bill because if that doesn't wake you up, then
I don't really know what to do. So how do
you feel about taxes in the future. We know taxes
are going to go up if the Trump tax cuts expire.
We know what's happening in the midterm elections. A lot
of things are going to change. So the question I
ask all of you is how do you feel about risk?
(07:32):
And Chris, do they even know what risk is? Because
it's confusing, that's just it. You know, you're listening out there,
you hear what we're saying. You know many people are
not sitting down with you and showing you these strategies.
And that's what we're here to do, and that's what
we want to do. So think of the phone and
schedule time to meet with us. We have office on
both sides of the bay. And the thing about is
is do you want a retirement where you have control?
(07:55):
Do you want flexibility? Do you want to make sure
that you have buckets where you have a purpose with
everything you have? So you have an income plan, a
tax plan, an investment plan, and a state plan. And
if you do and you're serious about your retirement, then
pick up the phone, schedule a time to meet with us.
Let's get together. Why because you deserve it. You deserve
to have a plan, You deserve to have things in order.
(08:16):
You deserve to have control and flexibility and be on
the right side of this in the future when they
start raising taxes, you're going to be in control as
if as opposed to falling victim to it like everyone else.
And that's where we specialize in because we can help
you in a lot of different ways income planning, tax planning,
investment planning, and state planning, soil security maximization planning. So
(08:38):
pick up the phone, schedule time to meet with us. Yeah,
we give you every opportunity to make that call. And
many of you that have met with us, I'm kind
of surprised when they come in. They are going to
meet with both Chris and I and we do that
because we want you to see how we work. I've
been doing this for thirty years and I've been helping
a lot of people do taxes and you know, reduce
their risk. And another thing that's coming up, Chris, about inflation.
(08:59):
You know, you' making four hundred and sixty four dollars
a week and you spend the money on gas and groceries.
You're not making four hundred and sixty four dollars a week,
So think about it. That's how many people are getting
hit with this inflation thing. How do you feel about
the government regulations and what we call legislature risk. If
you don't understand legislature risk, I'll make it simple. Congress
(09:20):
has it written in pencil. They can change the rules
of the game anytime they want. And Chris, it's going
to happen the next few months, and it's going to
happen when the Trump tax cuts expired.
Speaker 4 (09:29):
Well, scary, think about it. That's scary. Think about what's
going on in the economy today, the world today. Right,
things are changing. Things are scary at some points, but
it could happen to you. But what if you didn't
let that happen. You can control certain things, you can't
control certain things. But at the end of the day,
your investments, the risk you're currently taking, the taxes that
you're going to be paying, you can control this. We
(09:50):
had a client that came in last week. My gosh.
We put together their income plan. They have one hundred
thousand dollars of income per year and aren't paying a
diamond tax. Why because they listen to us. We put
together buckets of tax free money, buckets of taxable money,
and we can pick and choose where we where we
take the distribution from to stay under the threshold income.
So think about this. If you're serious about your retirement,
(10:13):
you want a plan, you want a strategy. Now's the time.
Pick up the phone, schedule a time to meet with us.
Eight three three Maggie Tax. We have office on both
sides of the bay. Visit our website. There's so much
information right there. As my dad mentioned before, figure out
what your tax time bomb bill is gonna be.
Speaker 3 (10:30):
We can help you.
Speaker 4 (10:31):
Visit our website at Maggie Tax dot com and don't
forget Every Sunday, tune into ABC TV at ten thirty
for the Maggie Tax and Financial Show. It's a thirty
minute show. We educate you.
Speaker 3 (10:42):
There's a lot of things we do, but you can.
Speaker 4 (10:44):
You can write down your questions, give us a call,
let's get together and let's adjust those for you. Eight
three to three Maggie Tax. The number again, 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 (11:36):
Welcome back and you're listening to the Maggie Tax and
Financial Show. My name is Robert Maggie and I'm here
with my son Chris Maggie. And don't forget visit our website,
Maggie Tax dot com, and tune in every Sunday at
ten thirty on ABC TV to the Maggie Tax and
Financial Show. So along the way, we get a lot
of clients to come in and we do different plans
for these folks, whether it be income, whether it be
(11:57):
tax planning. But Chris, let's talk about when someone and
they want safety of their money, they want guaranteed income,
and they want you know, longevity where they have money
left over for the kids.
Speaker 4 (12:08):
How do we go about that great question? And you know,
if you're out there listening today, and just give an example.
We had a client that came in three years ago
and we just you knowed the reviews each and every year,
and they came in with six hundred thousand dollars and
they retired and they have some income coming in, so
we really didn't need to give them income because they
had two pensions and social securities coming in. So four
income streams that totaled seven thousand dollars a month of
(12:30):
income net after tax, and they only need about five
thousand a month. So they have positive cash flow of
two thousand dollars a month. So they said, well, what
do we do with our six hundred thousand dollars? And
I said, well, what do you want to do with it?
And they sat back and they said, well, we don't
really know, but we do have money in the market
and we're playing the market and it's going up and down.
And I asked them, as safety of your money important
(12:52):
to you? And they both sat back and they said,
at this phase of the game, absolutely it has, isn't
it to everybody?
Speaker 3 (12:57):
And I said, no, it's actually not.
Speaker 4 (13:00):
We have clients that come in sometimes and you know,
if they lose ten bucks, they can't do that, they
can't stomach that, they can't sleep at night. They have
other clients that come in and if they lose a
couple hundred grand because the mark goes up and down,
it's not a big deal. It's going to come back.
So my question to you out there is where are you?
And if you are sitting in a volatile account and
you don't want to be, then you need to raise
(13:20):
your hand and pick up the phone and schedule time
to meet with us. If you are on a conservative
account and you want to take more risk with some
of your money, then you need to pick up the
phone and raise your hand and schedule time to meet
with us. But going back to the client who had
six hundred thousand dollars of money, what we did was
we did the color of money. We did bucket planning.
We call it now money, later money, never money. And
when we organize these accounts into different buckets, they had
(13:43):
safety of their money in the short term. They had
long term growth with money on the other side, which
is never to later money. And what we did was,
we can deal with the risk with those accounts that
we're not going to touch for ten to fifteen to
twenty years. So we did strategic planning where we made
these buckets where they had control, flexibility. And that's where
(14:06):
many people come in they have no plan.
Speaker 3 (14:08):
But when they leave us and they work with us,
guess what, they have a plan.
Speaker 2 (14:14):
Here's what I would say to that, because this is
the biggest question. You're right on everything you said, and
it's encouraging to know that when people come in. This
is what we talk about. But here's the big thing.
When I ask people to bring in their statement, as
you know, many of them have a brokerage account, they
have stock spawns and mutual funds. They have some risk
and no risk. They have some in the fixed account,
but that's not a plan. That's not a plan, that's
(14:36):
not the Maggie plan, that's not an income plan, that's
not a tax plan. And what Chris is referring to,
if you've heard as many times talk about bucket planning,
this is where we can put a plan together for
you based on the money that you have. Now, when
we do a risk tolerance form, and Chris, this is
so important we talk about it. The risk tolerance form
tells us more about a client, what risk they're taking.
(14:57):
And many times you can talk about the they're in
more risk than they even know they are because their
advisor doesn't sit down and tell them that. And that's
a big problem.
Speaker 3 (15:06):
Right, that's it.
Speaker 4 (15:06):
I mean, you know when we do an announce of
your accounts, many people have just piles of money. Think
about this. You have five statements that come in the mail, right,
three statements. Some staments won't even come in the mail,
they come every quarter. You might have an old four
one K that you never really look at anymore, maybe
two or three of them, right, because you've changed your employers.
So the bottom line here is many people have piles
(15:27):
of money, and there's no concrete to those piles. They
can be tumbled down.
Speaker 3 (15:33):
Think of it.
Speaker 4 (15:33):
You know, they just piles of sand, right and they
can be blown away by just market fluctuation. Is that
what you want? Or do you want a concrete plan
where if there is wind blowing and storms changing and
things happening and hurricanes and whatever it is that your
account doesn't move. That's what we need to talk about.
Your color of money. What do you want your money
(15:54):
to do for you? Because if you're looking for a plan,
an investment plan, we can help. And that's why you
pick up the phone. Schedule time to meet with us.
Eight three three, Maggie Tax. Let's get a second opinion
on what you currently have and let's do bucket planning
for you.
Speaker 2 (16:06):
And again I challenge all of you if you have
a plan. Now, we're not trying to break a relationship here.
What we're trying to do is when you come in
and we show you a different strategy and then you
sit back and say, wow, my guy or Mike gal
has not told me that, then we have something to
talk about. Because this is the new rules of retirement.
You have to understand what we're talking about. Roth convergence
and tax planning and income planning. If your folks are
(16:26):
not talking about that, shame on them, because when it
comes to retirement, you want to make sure that you
have enough coming in, like Chris says, the front door
every month where you can just you know, pick up
the check, cash the check and not worry about the
other expenses. And when you start taking a lot of risk, Chris,
and this is what we see, because that's what they
were taught, take a lot of risks. See if the
market goes up, and we all know what's going on
(16:47):
with the market goes up, it goes down. But on
our Maggie plan, the way we do it, we position
a lot of money, not a lot of money, but
the portion that you want to be safe in green buckets.
Green buckets mean it doesn't go down, it only goes up.
Speaker 4 (17:00):
And there's no fees to those buckets either, so they
could be safety and no fees and you don't have
to worry about the risk.
Speaker 2 (17:06):
Which is the biggest question. What's the biggest concern everybody
comes in, what's your fee?
Speaker 4 (17:09):
Worried about the fee to play right, But again it's
not about that. It doesn't have to be that way
if you want safe money.
Speaker 2 (17:15):
But if you're in a Brokens account and you have
an IRA and you're paying fees, you're paying fees on
an account that should be growing, not going down.
Speaker 3 (17:20):
Well that's it.
Speaker 4 (17:21):
And if no one's watching it and it's pretty much
just all transactions and you have loads and commissions, guess
what you're not Your account's not doing what you want
it to do. So that's why it's so important. It's
encouraging pick up the phone, schedule time to meet with us.
We have offices standing by. Let them know that it's
urgent that you need to come in and meet with us.
Because when we see retirement, there's the accumulation phase, there's
(17:42):
the distribution phase of your retirement. Where are you right now?
Because if you are approaching the distribution phase or in
the distribution phase and you see these big volatility markets
go up and they go down, if that doesn't affect
you or scare you, then maybe you start looking at
what's happening. Because if it is affecting you and worrying
(18:03):
you and keeping you up at night, then maybe now
is a time, more than ever before, to make sure
that you get a second opinion.
Speaker 3 (18:09):
And we can help. Eight three three Maggie Tax.
Speaker 2 (18:11):
And don't forget to watch our TV show on Sunday
at ten thirty. We have seminars coming up every month
on a state planning, on tax planning. If you go
to my website, Maggie Tax dot com, they're all listed there.
We do them in libraries so we can educate you.
And that's the whole point for you to come in
and be educated and not be sold. Because once you
understand the ground rules of this income planning, tax planning,
(18:33):
investment planning, market risk, you know all the types of
risks that are out there, the health risk. This is
important for all of you out there. Pick up the phone.
Eight three three Maggie Tax. Visit our website, Maggie Tax
dot com. Click on seminars and register for one of
the seminars. They're free in their education. Eight three three
Magi Tax and visit the Maggie tax dot com Maggie
(18:54):
tax dot com website. On the retirement calculator, click on
Maggie tax dot com. Give us a call right now.
Eight three three Maggie Tex.
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 4 (19:40):
Welcome back to the Maggie Tax and Financial Show. And
each and every week we are so grateful to be here.
Why because we help a lot of people in a
lot of different ways, and that's why we call it
the Maggie Plan. It's a tax planning, it's income planning,
it's investment planning, it's a state planning, it's social security
maximization planning. If you're looking for a path, if you're
looking for a plan, you know we ask many people,
(20:01):
what's your plan. If you don't have a plan, we
can help you. So pick up the phone and schedule
time to meet with us. Eight three to three Maggie Tax.
We have office on both sides of the bay. Visit
our website. There's so much information right there at your fingertips.
We can help you eight three three Magi tax.
Speaker 2 (20:15):
And by the way, we're talking about debt to the IRS.
But I want to throw one one thing out there.
If you're a broker or your CPA is not discussing
IRS debt, then shame on them. Maggie Tax. We discuss
this every day with every client because it's not about
selling a product that's a retail person. We talk about
complete planning. And many times when clients come in and
they meet with Chris and I and they say, man,
(20:36):
this is what I thought we were going to get.
You know why, because everybody's I guess, programmed into meeting
with an advisor that they're going to sell you a
stock bond in mutual fund. They don't talk about taxes,
they don't talk about any planning, and that's wrong. So
tax mitigation strategies are becoming a crucial component of retirement
income planning. That's what we do. And if you're a
broker or a CPA is not discussing this and not
(20:57):
discussing tax mitigation strategies, challenge them. And ask them, hey,
by the way, can you talk about some tax mitigation.
You're gonna throw them probably right off the check because
they're not gonna know what the hell're talking about.
Speaker 4 (21:07):
Well, a lot of advisors they say, well, we don't
really do with taxes. You might talk to you your
CPA or your tax prepairer. Meanwhile, you take the time
to go see your tax prepairer and they say, no,
we just do tax preparation. And no one does tax planning,
but we do. That's why it's so important when you
come in to meet with us, we're going to look
at your tax return. Your tax return is like an
(21:28):
X ray to us. See we see it, we understand it.
We understand how the investments work on the tax return,
how they work together. Many advisors don't even they're afraid
of the tax return. They have no idea what it
looks like and how it's causing you to pay taxes.
They're just doing the retail thing. They just want to
sell you a product or sell you a concept. That's
not what it's about. You deserve more. That's why Maggie
(21:48):
Tax Advisor and Financial Group we do complete planning. We
have the Maggie Plan an investment plan, tax planning, insurance planning,
that's what we do. Income planning. Why, because everything is
there to help you in a state plan. How many
people have an account but they have no estate planning?
Speaker 3 (22:05):
My gosh.
Speaker 4 (22:06):
How many people have checking and savings accounts but those
accounts aren't titled the right way?
Speaker 3 (22:10):
Are they going to go through probate? Do you know?
Speaker 4 (22:12):
These are the questions we ask you. So when you
come to meet with us, we're going to take our time.
We're going to go over things with you. Why because
you need to know. You need to know. No one's
telling you quick example, I went to the bank the
other day, a credit union, and open up an account
and guess what when I left five minutes later, I said,
is this account going to pass to my wife and
my two kids? And the girl said, well, is that
(22:33):
what you want? I said absolutely. Why don't you tell
me that there are ways you can you can transfer
these accounts to your beneficiaries and avoid probate. And she said, well,
we're not programmed that way, we're not taught that thing
to do that. And I said, oh my gosh, this
is crazy. But that's why they needed advisors like us.
So pick up the phone, schedule time to meet with us.
Eight three to three Maggie Tax.
Speaker 2 (22:53):
One more thing I want to mention to all of you.
If you go to our website Maggie tax dot com,
click on seminars. We do two minars a month on
a state planning. It's about an hour. We hold them
at libraries across Penelas in Hillsborough County. You go check
it out. The dates and times are there. We've had
sixty seventy eighty people attend because of what we're talking
about today. They don't have it titled correctly, they don't
(23:15):
have the beneficiaries, they have a home and they're saying, well,
I don't want to go through probate. Well guess what.
It's going to go through probate unless you have the
right document. And this is serious business, so we don't
fool around when we talk about all of these things
we're talking about today. You should take it serious. Eight
three to three Maggie Tax. And when you call, just
tell the operator it's urgent. It's urgent that you speak
(23:35):
with us on these issues because these are things that
are going to affect many of you out there. And
here's a question I would ask, if you're a broker
or a CP, are they talking about buying out the irs?
Buying out the irs? What does that mean? Well, that's
what we do when we do strategic planning. Because I
know you don't want to pay the tax today. We
understand that, but you're going to pay a tax later
(23:56):
at a higher amount. So why don't let Chris and
I do a strategic rollout for you, show you how
to pay the lowest tax and have more tax free
money later, because you know what's the rate going to
be later on, and it doesn't make sense, so why
would you do that? So because they do not understand
taxes and Maggie tax we understand taxes and tax planning.
Think about those words tax planning, okay, and taxes. Ask
(24:19):
you broker, and he's going to tell you what Chris
just said. Oh, we don't do that because they don't
have they don't understand taxes. This is a big part, Chris,
of everyone listening to this show.
Speaker 4 (24:28):
Absolutely, and that's why it's important to me with the
right advisor. And you're listening today, you have questions, you
have thoughts, you go to bed at night, you're thinking
about your retirement. Am I going to have enough for retirement?
What kind of income streams am I going to have
in retirement? What's my investments to look like? What if
the market goes down and I have to take income
from it, how's it going to affect me? Well, what
about the taxes if I take this income? How much
(24:50):
is going to be taxed? And what about if I
pass away? Is everything to stay in the family and
go to my kids or my wife?
Speaker 3 (24:56):
How is this?
Speaker 4 (24:57):
Are you thinking these things at night? These are the
questions many people have and they just don't have answers.
But if you're listening today, it's a perfect opportunity to
write our number down eight three to three Maggie Tax.
Visit our website at Maggie tax dot com, schedule time
to meet with us. We have offices on both sides
of the Bay to help you. Eight three to three
Maggie Tax. And here's another strategy and concept that we use.
Speaker 2 (25:19):
Many people are talking about it, you know right now,
Wroth conversions because they pay the tax now and they
have tax free money later. So just be careful if
you do a Wroth conversion, make sure you do it
the right way and do it from your tax return,
so you pay the least amount of taxes. And that's
what we do in Chris when we do a Roth conversion,
we always show them not just this year, but we
(25:39):
show them two, three, four, five years how to take
that money out, pay the least amount of tax and
then they have tax free money. Isn't that a better way?
Speaker 4 (25:46):
Absolutely? But you can control the tax rate, and that's
what's so important. Like when we ask people how much
do you want to pay in tax and they look
at me like, well, I don't know, but when we
look at it, none exactly. But you mentioned a great
word and great phrase is buying out the iron? Why
not do it now? When it's cheaper? You buy things?
You go to the store when and you buy things
why because they're on sale?
Speaker 3 (26:06):
Right?
Speaker 4 (26:07):
So you want to buy a loaf of bread at
a dollar. You're not going to get it anywhere else,
but once it's on sale, you want to buy it.
Speaker 3 (26:13):
So that's the whole point.
Speaker 4 (26:14):
What if taxes rate now in your retirement is on
sale and you can buy out the irs at a
cheaper rate as opposed to later on, which is going
to be a lot higher.
Speaker 3 (26:24):
So think about that. What if you do it strategically.
Speaker 4 (26:26):
What if you have a plan, a tax plan, tax planning, planning,
that's what we're talking about here. You need to understand
that planning is not just with your investments, it's about taxes.
It's about income planning as well. What is your plan,
what's your tax plan? What's your investment plan, what's your
income plan? What's your estate plan? If you don't have one,
we can help you eight three three, Maggie tax.
Speaker 2 (26:47):
But one thing before we can help you address this risk,
we must help all of you understand when we talk
about the language, all right, the language of your debt
to the irs and what strategies you can use to
mitigate the word listen, mitigate mitigate the tax risk? Is
anyone talking to you about that? And help you want
to stand the language. That's why we say eight three three,
maggie tax. Give us a call, tell the operator it's urgent.
(27:09):
You want to talk about and use the words I
want to understand how to mitigate my taxes and I
want to have less tax to pay. And they'll get
the appointment for you, and then we can sit down,
like Chris said, have an adult conversation. And here's how
this works. You tell us your concerns and they will
tell you what we can do. You're going to make
the final decision. You're not pushed into anything. We have
clients come in and say, well, you know, my broker said,
(27:30):
well my CPA said, why are you being told to
do something without understanding what to do? Chris? That always
confuses me.
Speaker 3 (27:37):
Well, that's the thing.
Speaker 4 (27:38):
Many people out there been with their advisor five years
or ten years, and they're scared of their advisor. This
is your money, not theirs. It's not our money, it's yours.
This is your planning. Wouldn't you want to get the
right information so you can make the right educated decision
on what you can and can do. Absolutely, But when's
the last class you had on this stuff? When of
the people talking about this, when they talk about taxes
(27:59):
at your work or in your retirement community, they're not
talking about that.
Speaker 2 (28:02):
We are.
Speaker 4 (28:03):
We retire each and every day. We do this each
and every day to help you, and that's what we do.
You know, you can use the tax of mitigation strategies.
They are out there, but guess what, no one's talking
to you about it, but we are. So make sure
you pick up the phone schedule time to meet with us.
Eight three to three Maggie tax. And many of you
look at your retirement account balances. It's all you look at,
(28:23):
Oh my gosh, there's a going up. Yeah, it went
up ten thousand or one hundred thousand for the year.
But you forget something. You need to net out the
federal government's share. It's like playing a football game and
you're up at halftime and everything is great, but guess
what got You got more minutes to play and that's
when Uncle Sam comes and he beats you because you
got to pay the taxes. So what are you doing
(28:44):
about it? That's what we can do. So pick up
the phone, schedule time to meet with us. Let's help
you diffuse the big tax time bomb that you have
with your investments. Eight three to three Maggie tax.
Speaker 2 (28:54):
The difference is, Chris, they have a plan. It's called
the government plan.
Speaker 3 (28:57):
That's right, it's.
Speaker 2 (28:58):
Called the plan that they could do whatever they want.
And how I say that, it's called legislat your risk
because think about this. If you have a pencil, hold
it up, because it's all written in pencil. They can
change your rules anytime, and they've done that with the
R and d deadlines. What used to be seventy and
a half now seventy two, now seventy three. They've changed that,
so they can change the tax code anytime. You all
(29:18):
know this. I don't have to educate you on that.
You see it every year. Every four years we get
an election, and here's the biggest thing. Everybody's worried about.
What's going to happen in this election. It doesn't make
a difference. It doesn't make a difference because it's going
to be something that we all know is going to
happen anyway. So you have to do some planning, do
some proper planning. Don't look at it from a micro lens,
look at it from a macro lens. Mean, maybe your
(29:40):
agent has never said those words to you, because we do.
We understand taxes, we understand income. You have market risk,
you have income risk, you have a tax risk. What
else do we have? What other kind of investment risk?
And are they talking about that? No, So you have
to understand this is what you have to say to
an advisor of what you want. It's your money. On
(30:00):
my website, in thirty seconds, you can see what your
retirement tax bill is going to look like. Click on
the retirement tax bill, put in your information, and then
call me eight three to three Magie Tax and tell
the operator it's urgent that we meet to discuss your
debt to the irs again eight three to three Magi Tax.
And the reason why this is so important today is
because many of you may be overestimating the amount of
(30:22):
spendable retirement income that you have. You think you have
a million dollars, You do not. You have a half
a million dollars. So if you're looking for ways to
communicate the risk, we have an easy solution. Visit Maggie
tax dot com, click on the retirement calculator and in
thirty seconds you're going to see what your retirement account
looks like. And I just want to end with this
because there's a way to address debt that's far more
(30:45):
complete than mister Ramsey's approach. And that's true eight three
to three Magie Tax. Visit our website Maggie Tax dot com.
T an in tomorrow every Sunday to a TV show
at ten thirty on ABCTV. We have a lot of information,
a lot of good information. You can go to eight
three to three Maggie Tax to visit Maggie Tax dot Com.
We're listening to the Maggie Tax and Financial Show.
Speaker 1 (31:08):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie tax dot com. That's
ma gg I tax dot com or call eight one
(31:30):
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 (31:46):
Welcome back everyone.
Speaker 4 (31:47):
You listen to the Maggie Tax and Financial Show and
talking about today, well, taxes derail your retirement.
Speaker 3 (31:53):
Think about this.
Speaker 4 (31:54):
We have investment accounts, yeah, but they're not so good
if they're going to get eaten up taxes. So what
are you doing about it? Pick up the phone, schedule
time to meet with us, and now is the time.
It's so important to consider taxes in retirement. Many experts
believe Congress will need to raise additional tax revenue in
the near term. They're talking about this, it's going to happen.
(32:15):
Our national debt has swelled to more than thirty trillion dollars.
You know. Congress is debating trillions of dollars in new
spending priorities. We're seeing it, We're seeing what they're doing.
So what does that mean to you. They need to
offset the spending, and they're not going to change the spendings.
They need to go after the people who have the money,
and that is the people out there who we're talking
(32:35):
to today. You have iras, you have full one k's,
you know. Simply put, these accounts are infected with taxes,
and there is every reason to believe that Washington will
be searching for more tax revenue in the future. So
when it comes to tax in retirement, you may want
to protect against the two related risk that we've been
talking about today, tax risk and also legislative risk. And
(32:56):
tax risk is the risk that taxes are not lowering
the fear future than they are today because of your
income needs and your filing status. And also the big
one or legislative risk, which is the risk our government
introduces new or expand the taxes that will impact your
retirement approach.
Speaker 2 (33:14):
So I'm sure you have questions and you'll confuse, but
that's okay. Go to our website, Maggie tax dot com
and look for the chatbox on the bottom right. It's
time to put in your question because if your concern,
let's talk about it now Maggie tax dot Com. And
then go to the top there's a retirement calculator and
you can fill in the information there and we can
show you in thirty seconds what your retirement tax bill
(33:36):
is going to be. Then it's going to be time
to sit down together. So let's talk about what actions
can you take today to help protect yourself from these risks.
And there's many risks out there. There's income risk, there's
market risk, there's retirement risk. They're all over the place.
Tax diversification right now may be valuable option to consider.
Many of you maybe are afraid of the language, but
(33:59):
again we want to interpret debt for you. Some savers
choose to address the risk of variable taxes in retirement
by incorporating tax free strategies into their retirement approach. Many
people have wroth irays out there because it's tax free.
They use Index Universal Life because you can grow the
money tax free. And this is some strategies and concepts
that maybe not all of you understand. Tax free assets
(34:20):
can serve as a hedge against rising taxes in the future.
Since wroth irays and even WROTH for one case. If
you have them and other tax free saving vehicles, think
about it. They're funded with after tax dollars. No taxes
are due on the funds when they are withdrawn in retirement.
That means if Congress raises taxes in the future, these
(34:41):
funds would not be impacted.
Speaker 4 (34:42):
So do you have these accounts out there? If not,
we can show you how to create these accounts. We
can show you how to convert to these accounts. We
can create a taxable environment that you don't want. You
don't want a taxable environment, right, We'll share the tax
free account that you do want and is very Just
pick up the phone and schedule time to meet with us.
Speaker 3 (35:02):
A three to three Maggie tax.
Speaker 2 (35:03):
You know, it's like when you buy a house. You
buy a house and you have a mortgage, and then
as you go on you pay into it. But then
guess what you still owe the mortgage if you go
sell the house. So you might get equity out of it,
but still you got to pay that back. It's the
same thing with irs. You have grown a tax deferred account,
you agreed to let it grow tax deferred and in
retirement right now because they change your rules to age
(35:24):
seventy two that you have to start taking RMD. The
larger your account, the higher the taxes. You're going to
have less for retirement. So by ensuring a portion of
your retirement funds are in tax reaccounts that Chris is
talking about, you might feel better protected against the risk
of rising taxes in retirement. Folks, we just talked about it.
The Trump tax cuts are going to expire in two years.
(35:48):
That means the tax is going to go up at
least three percent, maybe more if they keep spending trillions
of dollars. It's going to come from your retirement, and
that could help you have a more complete approach to
protecting your funds in retirement. You know, Chris, we talk
about the Maggie plan. It's a tax plan, it's an
income plan, it's an insurance plan, it's an investment plan,
it's a state planning. So if you're sitting there right
(36:09):
now and you're missing some of those go to the
Maggi Tax dot com and hit the chat box and
put a question in. Let's find out what we can
do to help you, because that's what we're trying to do.
Interpret the wording, the language is different for some of you.
We want to make it simple eight three to three
Magi Tax. Be sure to go to our website. The
chat box is right there, Maggie tax dot com. And
(36:29):
if you want an answer about your retirement calculator, the
retirement calculator there is there and in thirty seconds we
can show you what your retirement tax bill is going
to be.
Speaker 4 (36:37):
And that's just it getting a plan. You know, we
thank you so much for listening to today's show. There's
so much information at your fingertips that you can have
acts to if you just want it. You know, right now,
many people are just doing what they do. They go
through life, they have their agenda throughout the day and
guess why they're tired at the end of the day.
They don't take time to focus on these things, and
these are necessary issues that you need to be focusing on.
(37:00):
You're married, whether you're single, whether you're a widow, it
doesn't matter. The fact of the matter is you need
to do something about this. This is your money. You
work so hard, you have assets. Don't get them knocked
down by taxes and future legislation because they want to
get the money that they spend. So pick up the phone,
schedule time to meet with us. A three to three
(37:21):
magi tax. We look forward to meeting with you. There's
so so many opportunities to help you and if you
just know about them. So there's a tax plan you
can create. There's an income plan that you can create.
There's an investment plan that you can have. What about
an estate plan that you can have. These are the
things that we can do for you. Pick up the phone,
schedule time to meet with us, and don't forget visit
(37:41):
our website at Maggi tax dot com. You have any questions,
pick up the phone or just run in the chat
box right there. Write your question. Let's address it for you.
A three to three magi tax.
Speaker 2 (37:51):
So, folks, it's really up to you. You have to
create a plan, a tax plan, an income plan, an
insurance plan. That's what Chris and I, you know, do
with every client that comes in. Let's have a conversation.
You don't have to pay anything there's no charge. I
mean people ask us all the time, come in for
a free consultation and by the way, get a second
opinion because you can't get that opinion from the first
(38:11):
advisor that you have. And many many times that we've
had second opinions that we give to clients. It's an
they open up their eyes and go like Wow, I
think I need to work with you guys. Eight three
three Maggie Tax. Visit our website Maggie Tax dot com.
You have a question, just put it in the chat
box eight three to three Maggie Tax, and don't forget
Tune in tomorrow to our TV show on ABC at
(38:31):
ten thirty am, The Maggie Tax and Financial Show. We
talk about a lot of interesting topics there. See if
we can help you out. Eight three to three Maggie Tax.
I'd be sure to visit our website, Maggie Tax dot com.
Speaker 1 (38:42):
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 Panela's County. Visit Maggie Tax dot com
or call eight one three three two two t five twenty.
That's eight one three three two two twenty five twenty
(39:05):
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):
Hello everyone, and thanks for joining us today listening to
the Maggie Tax and Financial Show. I just want to
make a point. Be sure to visit our website, Maggie
Tax dot Com and click on at the top the
retirement calculator to find out your tax bill. Take you
thirty seconds to figure out how much tax you're going
to pay on your IRA and four oh one K
and Chris and I are going to talk about that today.
(01:14):
Don't forget. Every Sunday at ten thirty on ABC watch
our TV show and we have a lot to talk
about today. A lot of things are changing, a lot
of things are happening. So Chris, you know wherever you
want to begin, because this is going to be from
here on out. With taxes going up, there's a lot
of noise out there. There's a lot of confusion out there.
I have been getting calls, You have been getting calls
(01:35):
about what do we do about taxes? And that's the
name of the game right now.
Speaker 3 (01:38):
That's it.
Speaker 4 (01:39):
Well, welcome everyone, Thank you so much for tuning into
the Mega Tax and Financial Show. And as always, we
are so grateful and thankful to be here. We love
doing what we do. You know, it's about helping people.
And as you mentioned, Dad, confusion questions and we get
these each and every week. So there's a lot of
noise out there. What do you do? You know, it's
not only about taxes, about investments, is about income planning,
(02:02):
what do you do, how to take Social Security and
maximize these benefits? My gosh, So today we want to
talk about a lot of different things, and so stay tuned.
Visit our website at Maggie tax dot com. There's so
much information right there at your fingertips. But let's just
jump into if you have a traditional IRA or a
Form one K or a TSP thrift savings plan with
the federal government, or if you have a four to
(02:24):
H three B or a four point fifty seven plan,
you have accounts, you're saving for retirement. You're doing the
right thing. But again, guess what you were told the
wrong information?
Speaker 2 (02:35):
Why?
Speaker 4 (02:36):
Because these all all these accounts are infected with taxes,
and that's what we're talking about today. So it's always
a great thing to put away money. So these vehicles
have been created to do that and that's a positive.
But at the end of the day, when the money
comes out, it's all taxable at question mark tax rates.
So that's what we're going to dive in today. So
welcome everyone, Thanks for tuning in. Visit our website. If
(02:57):
you have any questions, pick up the phone, schedule time
to meet with a we have office on both sides
of the bay eight three three Maggie Tax.
Speaker 2 (03:04):
A couple things that Chris mentioned. We all saved for
a timement, but no one talked about your tax bill.
And that's why on the top of my website Maggie
tax dot com do it yourself. It's gonna take thirty
seconds because someone has to be talking to you about this.
I know, we get calls coming in and we meet
clients every day. Their broker doesn't talk about it, their
banker doesn't talk about it, even their CPA doesn't talk
(03:24):
about it, Chris. And that's what responsibility they have to
talk about that, not just to do their taxes. And
if you have a traditional IRA or a four to
oh one K, you save funds for a tirement. The
problem is many of you will pay an unknown tax.
You have a tax bill to Uncle Sam. And you know,
when we sit down with clients and we talk about this,
I'll give you a big example. Client comes in with
(03:45):
a million dollars sitting in his IRA. Ah, I got
a million dollars. This is great. I can travel the country,
travel the world, take the cruises. Chris, what's the answer
to that?
Speaker 4 (03:54):
That's not all yours. And that's the biggest thing, you know,
you know how you get you have birthday, or you
have Christmas, or you have these get togethers. You get
all these presents, but guess what, they're not all yours.
Same thing with the irs and in these IRA accounts
because they have you, they have that portion. It's not
all yours. So figure out what your tax bill is,
(04:15):
figure out really what you can get to keep. And
this is what it's all about. You want to keep
as much as you can in the most tax efficient way.
So Dad, let's talk about what can people do, what
strategies are out there, what kind of steps they should
just take. Maybe the first step is what.
Speaker 2 (04:32):
Look, if you look at your account like we do,
you can do what they call a strategic rollout. And
many people don't understand how to do that. And the
bottom line is that you could take money out of
a taxable account every year and pay the lowest tax
and then put it into a ROTH account where you
pay no tax. And this millionaire client that we talked about,
and he's not the only one, he had time on
(04:52):
his side because as seventy two is when you have
to start taking the required minimum distribution and then it's
going to be text. So what we do it is
we reversed it. It simply called a strategic rollout. Give
us a call at eight three to three, Maggie Tax.
And again if you go to my website, Maggie Tax,
and I'm going to be making this point every week
for a long time. Look at the retirement tax bill.
(05:13):
There's no other advisor out there, there's no other broker
out there that has what we have on our website.
And then you can sit down and talk to us
about a strategic rollout. Because Chris years ago when they
started with the ROTH, everybody, you know, no big deal.
You know, that's okay, We'll just keep putting money in
the taxable account. But guess what, many of you listening
know this when you come in. We see even with
(05:35):
the federal people, you could talk about that for a minute,
they have a TSP ROTH and they don't even know
they have that. So those are ways to get yourself
tax free income Well.
Speaker 4 (05:44):
Let's just say, you know, if you're saving for retirement,
that's a great thing. You want to put money away,
You want to create buckets of money, and the best
way to do it is income tax free so you know,
why not pay the tax on the money today so
that in the future you have tax free income. So yeah,
many people today because they taken our advice. Over the
past five years, seven years, I've seen so much more
(06:06):
money go towards four one K roths or TSP roths
or even just a roth iry or even cash value
life insurance.
Speaker 3 (06:13):
Oh my gosh.
Speaker 4 (06:14):
If you're making a lot of money and you are
phased out because you can't put money away into these
traditional accounts, there are other options. So you can have
a tax free cash savings account that you can start
accumulating and also have tax free income in the future.
Speaker 2 (06:28):
So let's talk about the gorilla in the room, and
that's exactly what the story is. Who is the gorilla?
What is the gorilla? So let's take risk off the table.
I think, Chris, the main thing that people and we
see this all the time, they don't realize the risk
they're taking. They may have eighty five percent of their
money in risk whether they're in the market and they're
going to lose. And what we do is the red
(06:48):
money green money. And we had a client in the
last week we actually flipped it. Well, we could show
me We canna have eighty percent eighty five percent green
and fifteen percent in red and still make money in
the market, and you didn't know that. Because it's about
it education. Chris and I talk about this every time.
You have to understand the rules before you play the game.
So take the time to meet with us eight three
three Maggie Tax. Visit my website Maggie tax dot com.
(07:12):
I'm gonna drill this every week. Go to the retirement
tax bill because if that doesn't wake you up, then
I don't really know what to do. So how do
you feel about taxes in the future. We know taxes
are going to go up if the Trump tax cuts expire.
We know what's happening in the midterm elections. A lot
of things are going to change. So the question I
ask all of you is how do you feel about risk?
(07:32):
And Chris, do they even know what risk is? Because
it's confusing, that's just it. You know, you're listening out there,
you hear what we're saying. You know many people are
not sitting down with you and showing you these strategies.
And that's what we're here to do, and that's what
we want to do. So think of the phone and
schedule time to meet with us. We have office on
both sides of the bay. And the thing about is
is do you want a retirement where you have control?
(07:55):
Do you want flexibility? Do you want to make sure
that you have buckets where you have a purpose with
everything you have? So you have an income plan, a
tax plan, an investment plan, and a state plan. And
if you do and you're serious about your retirement, then
pick up the phone, schedule a time to meet with us.
Let's get together. Why because you deserve it. You deserve
to have a plan, You deserve to have things in order.
(08:16):
You deserve to have control and flexibility and be on
the right side of this in the future when they
start raising taxes, you're going to be in control as
if as opposed to falling victim to it like everyone else.
And that's where we specialize in because we can help
you in a lot of different ways income planning, tax planning,
investment planning, and state planning, soil security maximization planning. So
(08:38):
pick up the phone, schedule time to meet with us. Yeah,
we give you every opportunity to make that call. And
many of you that have met with us, I'm kind
of surprised when they come in. They are going to
meet with both Chris and I and we do that
because we want you to see how we work. I've
been doing this for thirty years and I've been helping
a lot of people do taxes and you know, reduce
their risk. And another thing that's coming up, Chris, about inflation.
(08:59):
You know, you' making four hundred and sixty four dollars
a week and you spend the money on gas and groceries.
You're not making four hundred and sixty four dollars a week,
So think about it. That's how many people are getting
hit with this inflation thing. How do you feel about
the government regulations and what we call legislature risk. If
you don't understand legislature risk, I'll make it simple. Congress
(09:20):
has it written in pencil. They can change the rules
of the game anytime they want. And Chris, it's going
to happen the next few months, and it's going to
happen when the Trump tax cuts expired.
Speaker 4 (09:29):
Well, scary, think about it. That's scary. Think about what's
going on in the economy today, the world today. Right,
things are changing. Things are scary at some points, but
it could happen to you. But what if you didn't
let that happen. You can control certain things, you can't
control certain things. But at the end of the day,
your investments, the risk you're currently taking, the taxes that
you're going to be paying, you can control this. We
(09:50):
had a client that came in last week. My gosh.
We put together their income plan. They have one hundred
thousand dollars of income per year and aren't paying a
diamond tax. Why because they listen to us. We put
together buckets of tax free money, buckets of taxable money,
and we can pick and choose where we where we
take the distribution from to stay under the threshold income.
So think about this. If you're serious about your retirement,
(10:13):
you want a plan, you want a strategy. Now's the time.
Pick up the phone, schedule a time to meet with us.
Eight three three Maggie Tax. We have office on both
sides of the bay. Visit our website. There's so much
information right there. As my dad mentioned before, figure out
what your tax time bomb bill is gonna be.
Speaker 3 (10:30):
We can help you.
Speaker 4 (10:31):
Visit our website at Maggie Tax dot com and don't
forget Every Sunday, tune into ABC TV at ten thirty
for the Maggie Tax and Financial Show. It's a thirty
minute show. We educate you.
Speaker 3 (10:42):
There's a lot of things we do, but you can.
Speaker 4 (10:44):
You can write down your questions, give us a call,
let's get together and let's adjust those for you. Eight
three to three Maggie Tax. The number again, 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 (11:36):
Welcome back and you're listening to the Maggie Tax and
Financial Show. My name is Robert Maggie and I'm here
with my son Chris Maggie. And don't forget visit our website,
Maggie Tax dot com, and tune in every Sunday at
ten thirty on ABC TV to the Maggie Tax and
Financial Show. So along the way, we get a lot
of clients to come in and we do different plans
for these folks, whether it be income, whether it be
(11:57):
tax planning. But Chris, let's talk about when someone and
they want safety of their money, they want guaranteed income,
and they want you know, longevity where they have money
left over for the kids.
Speaker 4 (12:08):
How do we go about that great question? And you know,
if you're out there listening today, and just give an example.
We had a client that came in three years ago
and we just you knowed the reviews each and every year,
and they came in with six hundred thousand dollars and
they retired and they have some income coming in, so
we really didn't need to give them income because they
had two pensions and social securities coming in. So four
income streams that totaled seven thousand dollars a month of
(12:30):
income net after tax, and they only need about five
thousand a month. So they have positive cash flow of
two thousand dollars a month. So they said, well, what
do we do with our six hundred thousand dollars? And
I said, well, what do you want to do with it?
And they sat back and they said, well, we don't
really know, but we do have money in the market
and we're playing the market and it's going up and down.
And I asked them, as safety of your money important
(12:52):
to you? And they both sat back and they said,
at this phase of the game, absolutely it has, isn't
it to everybody?
Speaker 3 (12:57):
And I said, no, it's actually not.
Speaker 4 (13:00):
We have clients that come in sometimes and you know,
if they lose ten bucks, they can't do that, they
can't stomach that, they can't sleep at night. They have
other clients that come in and if they lose a
couple hundred grand because the mark goes up and down,
it's not a big deal. It's going to come back.
So my question to you out there is where are you?
And if you are sitting in a volatile account and
you don't want to be, then you need to raise
(13:20):
your hand and pick up the phone and schedule time
to meet with us. If you are on a conservative
account and you want to take more risk with some
of your money, then you need to pick up the
phone and raise your hand and schedule time to meet
with us. But going back to the client who had
six hundred thousand dollars of money, what we did was
we did the color of money. We did bucket planning.
We call it now money, later money, never money. And
when we organize these accounts into different buckets, they had
(13:43):
safety of their money in the short term. They had
long term growth with money on the other side, which
is never to later money. And what we did was,
we can deal with the risk with those accounts that
we're not going to touch for ten to fifteen to
twenty years. So we did strategic planning where we made
these buckets where they had control, flexibility. And that's where
(14:06):
many people come in they have no plan.
Speaker 3 (14:08):
But when they leave us and they work with us,
guess what, they have a plan.
Speaker 2 (14:14):
Here's what I would say to that, because this is
the biggest question. You're right on everything you said, and
it's encouraging to know that when people come in. This
is what we talk about. But here's the big thing.
When I ask people to bring in their statement, as
you know, many of them have a brokerage account, they
have stock spawns and mutual funds. They have some risk
and no risk. They have some in the fixed account,
but that's not a plan. That's not a plan, that's
(14:36):
not the Maggie plan, that's not an income plan, that's
not a tax plan. And what Chris is referring to,
if you've heard as many times talk about bucket planning,
this is where we can put a plan together for
you based on the money that you have. Now, when
we do a risk tolerance form, and Chris, this is
so important we talk about it. The risk tolerance form
tells us more about a client, what risk they're taking.
(14:57):
And many times you can talk about the they're in
more risk than they even know they are because their
advisor doesn't sit down and tell them that. And that's
a big problem.
Speaker 3 (15:06):
Right, that's it.
Speaker 4 (15:06):
I mean, you know when we do an announce of
your accounts, many people have just piles of money. Think
about this. You have five statements that come in the mail, right,
three statements. Some staments won't even come in the mail,
they come every quarter. You might have an old four
one K that you never really look at anymore, maybe
two or three of them, right, because you've changed your employers.
So the bottom line here is many people have piles
(15:27):
of money, and there's no concrete to those piles. They
can be tumbled down.
Speaker 3 (15:33):
Think of it.
Speaker 4 (15:33):
You know, they just piles of sand, right and they
can be blown away by just market fluctuation. Is that
what you want? Or do you want a concrete plan
where if there is wind blowing and storms changing and
things happening and hurricanes and whatever it is that your
account doesn't move. That's what we need to talk about.
Your color of money. What do you want your money
(15:54):
to do for you? Because if you're looking for a plan,
an investment plan, we can help. And that's why you
pick up the phone. Schedule time to meet with us.
Eight three three, Maggie Tax. Let's get a second opinion
on what you currently have and let's do bucket planning
for you.
Speaker 2 (16:06):
And again I challenge all of you if you have
a plan. Now, we're not trying to break a relationship here.
What we're trying to do is when you come in
and we show you a different strategy and then you
sit back and say, wow, my guy or Mike gal
has not told me that, then we have something to
talk about. Because this is the new rules of retirement.
You have to understand what we're talking about. Roth convergence
and tax planning and income planning. If your folks are
(16:26):
not talking about that, shame on them, because when it
comes to retirement, you want to make sure that you
have enough coming in, like Chris says, the front door
every month where you can just you know, pick up
the check, cash the check and not worry about the
other expenses. And when you start taking a lot of risk, Chris,
and this is what we see, because that's what they
were taught, take a lot of risks. See if the
market goes up, and we all know what's going on
(16:47):
with the market goes up, it goes down. But on
our Maggie plan, the way we do it, we position
a lot of money, not a lot of money, but
the portion that you want to be safe in green buckets.
Green buckets mean it doesn't go down, it only goes up.
Speaker 4 (17:00):
And there's no fees to those buckets either, so they
could be safety and no fees and you don't have
to worry about the risk.
Speaker 2 (17:06):
Which is the biggest question. What's the biggest concern everybody
comes in, what's your fee?
Speaker 4 (17:09):
Worried about the fee to play right, But again it's
not about that. It doesn't have to be that way
if you want safe money.
Speaker 2 (17:15):
But if you're in a Brokens account and you have
an IRA and you're paying fees, you're paying fees on
an account that should be growing, not going down.
Speaker 3 (17:20):
Well that's it.
Speaker 4 (17:21):
And if no one's watching it and it's pretty much
just all transactions and you have loads and commissions, guess
what you're not Your account's not doing what you want
it to do. So that's why it's so important. It's
encouraging pick up the phone, schedule time to meet with us.
We have offices standing by. Let them know that it's
urgent that you need to come in and meet with us.
Because when we see retirement, there's the accumulation phase, there's
(17:42):
the distribution phase of your retirement. Where are you right now?
Because if you are approaching the distribution phase or in
the distribution phase and you see these big volatility markets
go up and they go down, if that doesn't affect
you or scare you, then maybe you start looking at
what's happening. Because if it is affecting you and worrying
(18:03):
you and keeping you up at night, then maybe now
is a time, more than ever before, to make sure
that you get a second opinion.
Speaker 3 (18:09):
And we can help. Eight three three Maggie Tax.
Speaker 2 (18:11):
And don't forget to watch our TV show on Sunday
at ten thirty. We have seminars coming up every month
on a state planning, on tax planning. If you go
to my website, Maggie Tax dot com, they're all listed there.
We do them in libraries so we can educate you.
And that's the whole point for you to come in
and be educated and not be sold. Because once you
understand the ground rules of this income planning, tax planning,
(18:33):
investment planning, market risk, you know all the types of
risks that are out there, the health risk. This is
important for all of you out there. Pick up the phone.
Eight three three Maggie Tax. Visit our website, Maggie Tax
dot com. Click on seminars and register for one of
the seminars. They're free in their education. Eight three three
Magi Tax and visit the Maggie tax dot com Maggie
(18:54):
tax dot com website. On the retirement calculator, click on
Maggie tax dot com. Give us a call right now.
Eight three three Maggie Tex.
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 4 (19:40):
Welcome back to the Maggie Tax and Financial Show. And
each and every week we are so grateful to be here.
Why because we help a lot of people in a
lot of different ways, and that's why we call it
the Maggie Plan. It's a tax planning, it's income planning,
it's investment planning, it's a state planning, it's social security
maximization planning. If you're looking for a path, if you're
looking for a plan, you know we ask many people,
(20:01):
what's your plan. If you don't have a plan, we
can help you. So pick up the phone and schedule
time to meet with us. Eight three to three Maggie Tax.
We have office on both sides of the bay. Visit
our website. There's so much information right there at your fingertips.
We can help you eight three three Magi tax.
Speaker 2 (20:15):
And by the way, we're talking about debt to the IRS.
But I want to throw one one thing out there.
If you're a broker or your CPA is not discussing
IRS debt, then shame on them. Maggie Tax. We discuss
this every day with every client because it's not about
selling a product that's a retail person. We talk about
complete planning. And many times when clients come in and
they meet with Chris and I and they say, man,
(20:36):
this is what I thought we were going to get.
You know why, because everybody's I guess, programmed into meeting
with an advisor that they're going to sell you a
stock bond in mutual fund. They don't talk about taxes,
they don't talk about any planning, and that's wrong. So
tax mitigation strategies are becoming a crucial component of retirement
income planning. That's what we do. And if you're a
broker or a CPA is not discussing this and not
(20:57):
discussing tax mitigation strategies, challenge them. And ask them, hey,
by the way, can you talk about some tax mitigation.
You're gonna throw them probably right off the check because
they're not gonna know what the hell're talking about.
Speaker 4 (21:07):
Well, a lot of advisors they say, well, we don't
really do with taxes. You might talk to you your
CPA or your tax prepairer. Meanwhile, you take the time
to go see your tax prepairer and they say, no,
we just do tax preparation. And no one does tax planning,
but we do. That's why it's so important when you
come in to meet with us, we're going to look
at your tax return. Your tax return is like an
(21:28):
X ray to us. See we see it, we understand it.
We understand how the investments work on the tax return,
how they work together. Many advisors don't even they're afraid
of the tax return. They have no idea what it
looks like and how it's causing you to pay taxes.
They're just doing the retail thing. They just want to
sell you a product or sell you a concept. That's
not what it's about. You deserve more. That's why Maggie
(21:48):
Tax Advisor and Financial Group we do complete planning. We
have the Maggie Plan an investment plan, tax planning, insurance planning,
that's what we do. Income planning. Why, because everything is
there to help you in a state plan. How many
people have an account but they have no estate planning?
Speaker 3 (22:05):
My gosh.
Speaker 4 (22:06):
How many people have checking and savings accounts but those
accounts aren't titled the right way?
Speaker 3 (22:10):
Are they going to go through probate? Do you know?
Speaker 4 (22:12):
These are the questions we ask you. So when you
come to meet with us, we're going to take our time.
We're going to go over things with you. Why because
you need to know. You need to know. No one's
telling you quick example, I went to the bank the
other day, a credit union, and open up an account
and guess what when I left five minutes later, I said,
is this account going to pass to my wife and
my two kids? And the girl said, well, is that
(22:33):
what you want? I said absolutely. Why don't you tell
me that there are ways you can you can transfer
these accounts to your beneficiaries and avoid probate. And she said, well,
we're not programmed that way, we're not taught that thing
to do that. And I said, oh my gosh, this
is crazy. But that's why they needed advisors like us.
So pick up the phone, schedule time to meet with us.
Eight three to three Maggie Tax.
Speaker 2 (22:53):
One more thing I want to mention to all of you.
If you go to our website Maggie tax dot com,
click on seminars. We do two minars a month on
a state planning. It's about an hour. We hold them
at libraries across Penelas in Hillsborough County. You go check
it out. The dates and times are there. We've had
sixty seventy eighty people attend because of what we're talking
about today. They don't have it titled correctly, they don't
(23:15):
have the beneficiaries, they have a home and they're saying, well,
I don't want to go through probate. Well guess what.
It's going to go through probate unless you have the
right document. And this is serious business, so we don't
fool around when we talk about all of these things
we're talking about today. You should take it serious. Eight
three to three Maggie Tax. And when you call, just
tell the operator it's urgent. It's urgent that you speak
(23:35):
with us on these issues because these are things that
are going to affect many of you out there. And
here's a question I would ask, if you're a broker
or a CP, are they talking about buying out the irs?
Buying out the irs? What does that mean? Well, that's
what we do when we do strategic planning. Because I
know you don't want to pay the tax today. We
understand that, but you're going to pay a tax later
(23:56):
at a higher amount. So why don't let Chris and
I do a strategic rollout for you, show you how
to pay the lowest tax and have more tax free
money later, because you know what's the rate going to
be later on, and it doesn't make sense, so why
would you do that? So because they do not understand
taxes and Maggie tax we understand taxes and tax planning.
Think about those words tax planning, okay, and taxes. Ask
(24:19):
you broker, and he's going to tell you what Chris
just said. Oh, we don't do that because they don't
have they don't understand taxes. This is a big part, Chris,
of everyone listening to this show.
Speaker 4 (24:28):
Absolutely, and that's why it's important to me with the
right advisor. And you're listening today, you have questions, you
have thoughts, you go to bed at night, you're thinking
about your retirement. Am I going to have enough for retirement?
What kind of income streams am I going to have
in retirement? What's my investments to look like? What if
the market goes down and I have to take income
from it, how's it going to affect me? Well, what
about the taxes if I take this income? How much
(24:50):
is going to be taxed? And what about if I
pass away? Is everything to stay in the family and
go to my kids or my wife?
Speaker 3 (24:56):
How is this?
Speaker 4 (24:57):
Are you thinking these things at night? These are the
questions many people have and they just don't have answers.
But if you're listening today, it's a perfect opportunity to
write our number down eight three to three Maggie Tax.
Visit our website at Maggie tax dot com, schedule time
to meet with us. We have offices on both sides
of the Bay to help you. Eight three to three
Maggie Tax. And here's another strategy and concept that we use.
Speaker 2 (25:19):
Many people are talking about it, you know right now,
Wroth conversions because they pay the tax now and they
have tax free money later. So just be careful if
you do a Wroth conversion, make sure you do it
the right way and do it from your tax return,
so you pay the least amount of taxes. And that's
what we do in Chris when we do a Roth conversion,
we always show them not just this year, but we
(25:39):
show them two, three, four, five years how to take
that money out, pay the least amount of tax and
then they have tax free money. Isn't that a better way?
Speaker 4 (25:46):
Absolutely? But you can control the tax rate, and that's
what's so important. Like when we ask people how much
do you want to pay in tax and they look
at me like, well, I don't know, but when we
look at it, none exactly. But you mentioned a great
word and great phrase is buying out the iron? Why
not do it now? When it's cheaper? You buy things?
You go to the store when and you buy things
why because they're on sale?
Speaker 3 (26:06):
Right?
Speaker 4 (26:07):
So you want to buy a loaf of bread at
a dollar. You're not going to get it anywhere else,
but once it's on sale, you want to buy it.
Speaker 3 (26:13):
So that's the whole point.
Speaker 4 (26:14):
What if taxes rate now in your retirement is on
sale and you can buy out the irs at a
cheaper rate as opposed to later on, which is going
to be a lot higher.
Speaker 3 (26:24):
So think about that. What if you do it strategically.
Speaker 4 (26:26):
What if you have a plan, a tax plan, tax planning, planning,
that's what we're talking about here. You need to understand
that planning is not just with your investments, it's about taxes.
It's about income planning as well. What is your plan,
what's your tax plan? What's your investment plan, what's your
income plan? What's your estate plan? If you don't have one,
we can help you eight three three, Maggie tax.
Speaker 2 (26:47):
But one thing before we can help you address this risk,
we must help all of you understand when we talk
about the language, all right, the language of your debt
to the irs and what strategies you can use to
mitigate the word listen, mitigate mitigate the tax risk? Is
anyone talking to you about that? And help you want
to stand the language. That's why we say eight three three,
maggie tax. Give us a call, tell the operator it's urgent.
(27:09):
You want to talk about and use the words I
want to understand how to mitigate my taxes and I
want to have less tax to pay. And they'll get
the appointment for you, and then we can sit down,
like Chris said, have an adult conversation. And here's how
this works. You tell us your concerns and they will
tell you what we can do. You're going to make
the final decision. You're not pushed into anything. We have
clients come in and say, well, you know, my broker said,
(27:30):
well my CPA said, why are you being told to
do something without understanding what to do? Chris? That always
confuses me.
Speaker 3 (27:37):
Well, that's the thing.
Speaker 4 (27:38):
Many people out there been with their advisor five years
or ten years, and they're scared of their advisor. This
is your money, not theirs. It's not our money, it's yours.
This is your planning. Wouldn't you want to get the
right information so you can make the right educated decision
on what you can and can do. Absolutely, But when's
the last class you had on this stuff? When of
the people talking about this, when they talk about taxes
(27:59):
at your work or in your retirement community, they're not
talking about that.
Speaker 2 (28:02):
We are.
Speaker 4 (28:03):
We retire each and every day. We do this each
and every day to help you, and that's what we do.
You know, you can use the tax of mitigation strategies.
They are out there, but guess what, no one's talking
to you about it, but we are. So make sure
you pick up the phone schedule time to meet with us.
Eight three to three Maggie tax. And many of you
look at your retirement account balances. It's all you look at,
(28:23):
Oh my gosh, there's a going up. Yeah, it went
up ten thousand or one hundred thousand for the year.
But you forget something. You need to net out the
federal government's share. It's like playing a football game and
you're up at halftime and everything is great, but guess
what got You got more minutes to play and that's
when Uncle Sam comes and he beats you because you
got to pay the taxes. So what are you doing
(28:44):
about it? That's what we can do. So pick up
the phone, schedule time to meet with us. Let's help
you diffuse the big tax time bomb that you have
with your investments. Eight three to three Maggie tax.
Speaker 2 (28:54):
The difference is, Chris, they have a plan. It's called
the government plan.
Speaker 3 (28:57):
That's right, it's.
Speaker 2 (28:58):
Called the plan that they could do whatever they want.
And how I say that, it's called legislat your risk
because think about this. If you have a pencil, hold
it up, because it's all written in pencil. They can
change your rules anytime, and they've done that with the
R and d deadlines. What used to be seventy and
a half now seventy two, now seventy three. They've changed that,
so they can change the tax code anytime. You all
(29:18):
know this. I don't have to educate you on that.
You see it every year. Every four years we get
an election, and here's the biggest thing. Everybody's worried about.
What's going to happen in this election. It doesn't make
a difference. It doesn't make a difference because it's going
to be something that we all know is going to
happen anyway. So you have to do some planning, do
some proper planning. Don't look at it from a micro lens,
look at it from a macro lens. Mean, maybe your
(29:40):
agent has never said those words to you, because we do.
We understand taxes, we understand income. You have market risk,
you have income risk, you have a tax risk. What
else do we have? What other kind of investment risk?
And are they talking about that? No, So you have
to understand this is what you have to say to
an advisor of what you want. It's your money. On
(30:00):
my website, in thirty seconds, you can see what your
retirement tax bill is going to look like. Click on
the retirement tax bill, put in your information, and then
call me eight three to three Magie Tax and tell
the operator it's urgent that we meet to discuss your
debt to the irs again eight three to three Magi Tax.
And the reason why this is so important today is
because many of you may be overestimating the amount of
(30:22):
spendable retirement income that you have. You think you have
a million dollars, You do not. You have a half
a million dollars. So if you're looking for ways to
communicate the risk, we have an easy solution. Visit Maggie
tax dot com, click on the retirement calculator and in
thirty seconds you're going to see what your retirement account
looks like. And I just want to end with this
because there's a way to address debt that's far more
(30:45):
complete than mister Ramsey's approach. And that's true eight three
to three Magie Tax. Visit our website Maggie Tax dot com.
T an in tomorrow every Sunday to a TV show
at ten thirty on ABCTV. We have a lot of information,
a lot of good information. You can go to eight
three to three Maggie Tax to visit Maggie Tax dot Com.
We're listening to the Maggie Tax and Financial Show.
Speaker 1 (31:08):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie tax dot com. That's
ma gg I tax dot com or call eight one
(31:30):
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 (31:46):
Welcome back everyone.
Speaker 4 (31:47):
You listen to the Maggie Tax and Financial Show and
talking about today, well, taxes derail your retirement.
Speaker 3 (31:53):
Think about this.
Speaker 4 (31:54):
We have investment accounts, yeah, but they're not so good
if they're going to get eaten up taxes. So what
are you doing about it? Pick up the phone, schedule
time to meet with us, and now is the time.
It's so important to consider taxes in retirement. Many experts
believe Congress will need to raise additional tax revenue in
the near term. They're talking about this, it's going to happen.
(32:15):
Our national debt has swelled to more than thirty trillion dollars.
You know. Congress is debating trillions of dollars in new
spending priorities. We're seeing it, We're seeing what they're doing.
So what does that mean to you. They need to
offset the spending, and they're not going to change the spendings.
They need to go after the people who have the money,
and that is the people out there who we're talking
(32:35):
to today. You have iras, you have full one k's,
you know. Simply put, these accounts are infected with taxes,
and there is every reason to believe that Washington will
be searching for more tax revenue in the future. So
when it comes to tax in retirement, you may want
to protect against the two related risk that we've been
talking about today, tax risk and also legislative risk. And
(32:56):
tax risk is the risk that taxes are not lowering
the fear future than they are today because of your
income needs and your filing status. And also the big
one or legislative risk, which is the risk our government
introduces new or expand the taxes that will impact your
retirement approach.
Speaker 2 (33:14):
So I'm sure you have questions and you'll confuse, but
that's okay. Go to our website, Maggie tax dot com
and look for the chatbox on the bottom right. It's
time to put in your question because if your concern,
let's talk about it now Maggie tax dot Com. And
then go to the top there's a retirement calculator and
you can fill in the information there and we can
show you in thirty seconds what your retirement tax bill
(33:36):
is going to be. Then it's going to be time
to sit down together. So let's talk about what actions
can you take today to help protect yourself from these risks.
And there's many risks out there. There's income risk, there's
market risk, there's retirement risk. They're all over the place.
Tax diversification right now may be valuable option to consider.
Many of you maybe are afraid of the language, but
(33:59):
again we want to interpret debt for you. Some savers
choose to address the risk of variable taxes in retirement
by incorporating tax free strategies into their retirement approach. Many
people have wroth irays out there because it's tax free.
They use Index Universal Life because you can grow the
money tax free. And this is some strategies and concepts
that maybe not all of you understand. Tax free assets
(34:20):
can serve as a hedge against rising taxes in the future.
Since wroth irays and even WROTH for one case. If
you have them and other tax free saving vehicles, think
about it. They're funded with after tax dollars. No taxes
are due on the funds when they are withdrawn in retirement.
That means if Congress raises taxes in the future, these
(34:41):
funds would not be impacted.
Speaker 4 (34:42):
So do you have these accounts out there? If not,
we can show you how to create these accounts. We
can show you how to convert to these accounts. We
can create a taxable environment that you don't want. You
don't want a taxable environment, right, We'll share the tax
free account that you do want and is very Just
pick up the phone and schedule time to meet with us.
Speaker 3 (35:02):
A three to three Maggie tax.
Speaker 2 (35:03):
You know, it's like when you buy a house. You
buy a house and you have a mortgage, and then
as you go on you pay into it. But then
guess what you still owe the mortgage if you go
sell the house. So you might get equity out of it,
but still you got to pay that back. It's the
same thing with irs. You have grown a tax deferred account,
you agreed to let it grow tax deferred and in
retirement right now because they change your rules to age
(35:24):
seventy two that you have to start taking RMD. The
larger your account, the higher the taxes. You're going to
have less for retirement. So by ensuring a portion of
your retirement funds are in tax reaccounts that Chris is
talking about, you might feel better protected against the risk
of rising taxes in retirement. Folks, we just talked about it.
The Trump tax cuts are going to expire in two years.
(35:48):
That means the tax is going to go up at
least three percent, maybe more if they keep spending trillions
of dollars. It's going to come from your retirement, and
that could help you have a more complete approach to
protecting your funds in retirement. You know, Chris, we talk
about the Maggie plan. It's a tax plan, it's an
income plan, it's an insurance plan, it's an investment plan,
it's a state planning. So if you're sitting there right
(36:09):
now and you're missing some of those go to the
Maggi Tax dot com and hit the chat box and
put a question in. Let's find out what we can
do to help you, because that's what we're trying to do.
Interpret the wording, the language is different for some of you.
We want to make it simple eight three to three
Magi Tax. Be sure to go to our website. The
chat box is right there, Maggie tax dot com. And
(36:29):
if you want an answer about your retirement calculator, the
retirement calculator there is there and in thirty seconds we
can show you what your retirement tax bill is going
to be.
Speaker 4 (36:37):
And that's just it getting a plan. You know, we
thank you so much for listening to today's show. There's
so much information at your fingertips that you can have
acts to if you just want it. You know, right now,
many people are just doing what they do. They go
through life, they have their agenda throughout the day and
guess why they're tired at the end of the day.
They don't take time to focus on these things, and
these are necessary issues that you need to be focusing on.
(37:00):
You're married, whether you're single, whether you're a widow, it
doesn't matter. The fact of the matter is you need
to do something about this. This is your money. You
work so hard, you have assets. Don't get them knocked
down by taxes and future legislation because they want to
get the money that they spend. So pick up the phone,
schedule time to meet with us. A three to three
(37:21):
magi tax. We look forward to meeting with you. There's
so so many opportunities to help you and if you
just know about them. So there's a tax plan you
can create. There's an income plan that you can create.
There's an investment plan that you can have. What about
an estate plan that you can have. These are the
things that we can do for you. Pick up the phone,
schedule time to meet with us, and don't forget visit
(37:41):
our website at Maggi tax dot com. You have any questions,
pick up the phone or just run in the chat
box right there. Write your question. Let's address it for you.
A three to three magi tax.
Speaker 2 (37:51):
So, folks, it's really up to you. You have to
create a plan, a tax plan, an income plan, an
insurance plan. That's what Chris and I, you know, do
with every client that comes in. Let's have a conversation.
You don't have to pay anything there's no charge. I
mean people ask us all the time, come in for
a free consultation and by the way, get a second
opinion because you can't get that opinion from the first
(38:11):
advisor that you have. And many many times that we've
had second opinions that we give to clients. It's an
they open up their eyes and go like Wow, I
think I need to work with you guys. Eight three
three Maggie Tax. Visit our website Maggie Tax dot com.
You have a question, just put it in the chat
box eight three to three Maggie Tax, and don't forget
Tune in tomorrow to our TV show on ABC at
(38:31):
ten thirty am, The Maggie Tax and Financial Show. We
talk about a lot of interesting topics there. See if
we can help you out. Eight three to three Maggie Tax.
I'd be sure to visit our website, Maggie Tax dot com.
Speaker 1 (38:42):
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 Panela's County. Visit Maggie Tax dot com
or call eight one three three two two t five twenty.
That's eight one three three two two twenty five twenty
(39:05):
and tune in next Saturday at five for the Maggie
Tax and Financial Hour
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