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 (00:52):
Welcome everyone, and thanks for joining us today. My name
is Robert Maggie, and you're listening to the Maggie Tax
and Financial Show. And I'm here with my son, Chris Magi,
and today we're going to be talking about a lot
of topics that we'll concern all of you that maybe
you don't understand. So when you hear what we talk about,
if you have questions, pick up the phone, give us
a call eight three to three Maggie Tax. Be sure
(01:13):
to visit our website Maggie Tax dot com and we're
going to be talking about it as we always have.
Go to the retirement Calculator on the top right and
click in that site there and fill in your information
and in thirty seconds will show you what your tax
liability is going to be. So, Chris, we have a
lot to talk about. We're going to talk about tax
risk and legislative risk. So let's get started.
Speaker 3 (01:33):
Well, let's just say so welcome everyone, Thank you so
much for listening to our show today. There's so much
to cover, and let me talk about what my dad
was mentioning before. When you go to our website, the RTB,
the Retirement tax Bomb, if you have an IRA A
four to one K, you have to stop and you
have to understand what's going on because that is a
huge tax liabilitate you're going to pay in the future,
(01:54):
and many people just keep deferring taxes and put money
away in the form one KS and iras well. Maybe
that could be bucket that year used to having, which
is fine because you get a nice tax deduction. But
think about creating other buckets that are tax free because
as things change in this country, taxes are going to
go up. And that's what we're talking about today, tax
risk and legislative risk. So what the heck is the difference?
Speaker 2 (02:17):
Well, as things stay hot in Washington, and they have
been and they always will be. I'm getting asked this
question more and more, Chris, and I see clients every day.
But both are intertwined risk that can dramatically impact us
savers like you, like all of us, and both are
risk on most savers are underprepared to address. So let's
talk about the first one, because this is the biggest
one tax risk. Tax risk is the risk that a
(02:40):
person's taxes are going to be higher in retirement than planned.
And Chris, most of the people that we see don't
see that because they're not ready to retire or they
have like you just talked about with the retirement calculator. Yeah,
they're going to defer it. They don't have to take
it out till seventy three. Now, no problem. But that's
the window that you have to do the tax strategy
you're talking about bucket planning and reduce the tax risk absolutely,
(03:01):
and those are the strategies that we can use and
we do it each and every day. But the misconception
is that many people think, well, I'll be in a
lower tax bracket when I retire, And maybe that might
be the case, but we see is a lot of
times it's not. And as taxes increase and people take
more out of qualified accounts like iras and form and case,
it's creating tax on solid security. It can be up
(03:22):
to eighty five percent tax on solid security, and that's
where tax rates are going to increase and you're going
to pay more in tax. So that's where many people think, well,
I'm just sixty five, I'm gonna pay less in tax.
It has nothing to do with your age.
Speaker 3 (03:35):
It has to do with the income and the sources
of income that you're putting on your tax return that's
generating the tax.
Speaker 2 (03:41):
And that's a great point you make there because a
lot of people don't see that. And then the other
side of it is when you start transferring money from
a taxable account and you pay the taxes. Now, it
could if you're over sixty five, or if you're on Medicare,
it could affect the arm attax on your Part B, which.
Speaker 4 (03:57):
Is the Medicare tax that you pay for Part B
premium for.
Speaker 2 (04:01):
People don't see that, Chris, it's ridiculous. So what does
that mean? It means more of a retirees income is
going to the IRS as taxes and less of the
income is staying with the retiree like you to spend
on living expenses because think about this, you should be
putting a budget together, Chris, and I always ask you,
know you when you come in, what's your budget because
(04:21):
a lot of people don't know what they're spending, and
you know it's not good if you spend more than
you make. And to prove this, visit Maggie tax dot
com and on the top right you're going to click
on the retirement calculator. Just fill in the information and
in thirty seconds we'll send you what the retirement tax
bill will look like. Even if you do it. I
know people play with it and they give us different numbers,
(04:42):
but it's the tax bracket that you have to look at.
Depending on how much you have, you're going to pay
more to Uncle Sam than you're going.
Speaker 3 (04:49):
To get and that's where you don't want to and
that's why you have to control of the tax risk.
And many people talk about investments. Yeah, we do investments.
We can put together a plan for you. There's a
lot of things we do, but taxes are our biggest
exp and it's going to be the same thing for you.
So think of the phone, schedule time to meet with us.
There's so much to talk about. We're talking about tax
risks today, we're talking about legislative risk today. But also
(05:09):
it's going to affect your investments. So what about your investments?
You know markets a hi markets have been doing well.
What are you doing when it goes the other way?
Where's your protection? Where's your tax protection as well? So
pick up the phone, schedule time to meet with us.
We have office on both sides of the bay. A
three to three Maggie tax that's eight three three maggie tax.
Speaker 2 (05:29):
So in short, tax risk measures the level of taxation
you a saver experience in retirement. And unless you sit
down with a tax person like us who does tax planning,
advanced tax planning, you're not going to know. You're not
going to know until you file that tax return. So
we're talking about your ire, your four H three B
or your TSP plan. It's a tax time bomb. And
(05:50):
people come in and they laugh and they go, I
didn't know that it was a tax time bomb. Well
it is, and it's going to be worse as time
passes by. So check it out and see what we mean.
We're about to see tax risk in action. In twenty
twenty five, several provisions from the twenty seventeen tax will expire.
This includes that reduction in individual income tax brackets. And
(06:11):
if you want a copy of the tax brackets, send
me an email or call me and I'll send it
to you to prove my point, because when we do seminars,
we give this out and it's going to change, meaning
that your tax bracket's going to go up three percent
and you're going to be paying more in taxes. And
I'm telling you, people just hear it, and they hear
it and they don't do anything about it. And it's
like when you open up the door and there's a
big win come and you're going to get hit with it.
(06:32):
So let's try to avoid that now.
Speaker 4 (06:34):
Well, that's just said.
Speaker 3 (06:35):
So when as you listen to our show today, you
know we're talking about taxes, and many people say, I'll
just deal with it during tax season, but it's not
the way to go about this. Taxes are our biggest
expense and they're going to get worse, especially if you're
a savior. So if you have iras and forming case,
we need to start doing bucket planning. What do I
mean by bucket planning? We need to position accounts that
(06:55):
are a taxable in the non taxable account accounts. We
talk about the level of risk that you taken with
your money. Do you need an income plan? Well, we
can develop an income plan where you can have investment
safety and preservation, also investment growth, and also make sure
that the money that you receive is income tax free.
Speaker 2 (07:13):
So think about this.
Speaker 3 (07:13):
Would you rather be in an environment where you're going
to get taxed on everything you take out or would
you rather be in an environment where it's tax free.
It's never taxed anymore. And you can develop these buckets
if you meet with the right advisors. So pick up
the phone, schedule time to meet with us. Eight three
to three MAGI tax that's eight three to three Magi
Tax and.
Speaker 2 (07:32):
A simple word, as we call it, strategic planning. You
don't want to just put everything in one bucket. You
want it strategically spread it out. So, like Chris is
talking about, you have a plan, you have a complete plan.
And I might insult some people here by saying you
have an incomplete plan, because you do. Because if you
don't have a tax plan or an income plan, you
have an incomplete plan. So do something about it. Give
(07:54):
us a call eight three to three Magi Tax, and
don't forget our website, Maggie tax dot com.
Speaker 3 (07:59):
Yeah, I want to talk about other advisors, maybe your
advisor right now, they're managing your money and the market's up,
so everyone's winning, right.
Speaker 4 (08:05):
But get this, that's an incomplete plan.
Speaker 3 (08:07):
Because if you're not talking about taxes and your advisor's
not showing you ways to reduce it or create an
income stream for you where you never outlive your money,
then you have an incomplete plan. And we're talking about
also a state planning as well. Many people out there
don't have a will or a trust, or or documents
or proper beneficiary designation to make sure that everything stays
in the family. You have an incomplete plan At Maggie
(08:29):
Tax Advisor in financial group, we do complete planning. It's
holistic planning. We take a tax approach to help you
reduce your tax. We deal with investments. We can do
bucket planning and manage the money and risk. We could
talk about income planning, we could talk about safety and
guaranteed retirement buckets. We could talk about an estate planning
or maximizing your social Security benefits. So what's on your
(08:50):
mind as you listen today, think about the questions you're
having and we can meet with you. So let's get together,
have a conversation, and let's put together a plan for you.
That's what we call the Maggi Plan. Income planning, tax planning,
investment planning, state planning, social security planning. That's what we
call the Maggi Plan. So visit our website at Maggie
tax dot com. Write this number down eight three to
(09:11):
three Maggie Tax Schedule and appointment today. Let's get together
before it's too late. Where you're subject to one hundred
percent tax on your retirement, which again we call it
a question mark tax rate. In the future, you don't
want to be there where Uncle Sam controls the taxes
you pay. I'd rather pay the tax is now on
some of the money to make sure that I'm incomplete control.
Speaker 4 (09:34):
A three to three Maggie Tax.
Speaker 2 (09:35):
Well, let me kind of make another comment here. We
do seminars two a month. We do them at libraries,
and they're on wills and trusts. And the point is
that many people that come and we talk about wills
and trust we talk about probate, We talk about how
to take your home out of probate because many people
don't have certain documents that would avoid probate. And I
(09:56):
can go into that more, but I would suggest to
go to my website, Maggie Tax dot com. Click on
the top where it says seminars. It's open for registration now,
and I encourage all of you to come in because
if you don't have a will or a trust or
the documents the powers of attorney what we're talking about
and we're going to get into more detail, this seminar
is for you. So give us a call eight three
to three, Maggie Tax, and don't forget. Every Sunday at
(10:17):
ten thirty on ABC TV, tune into the Maggie Tax
and Financial Show, Chris and I talk about a lot
of situations there that pertain to you. And by the way,
it's not selling, it's educating because you have to understand
the language what Chris and I are talking about today.
I know most of you might be confused, but we
can help you with that. Eight three three Maggie Tax.
Visit our website Maggie Tax dot com and get the
(10:40):
Maggie Plan. It's simple and easy to understand. It's a
tax plan, it's an income plan, it's an investment plan,
and it's a legacy plan. Eight three to three Maggie
Tax and visit our website Maggie Tax dot com. You're
listening to the Maggie Tax and Financial Show. Eight three
to three Maggie Tax.
Speaker 1 (10:58):
Stop planning for Uncle Sam's or timeirement and start planning
for your retirement. As we return to the Maggie Tax
and Financial Hour with your host father and son, Robert
and Chris. Maggie. For additional information on how you can
create a tax free retirement, visit Maggie Tax dot com.
That's ma gg I tax dot com or call eight
(11:19):
one three three two two twenty five twenty that's eight
one three three two two twenty five twenty now your
host for the Maggie Tax and Financial Hour. Father and
son from Maggie Tax Advisory and Financial Group, Robert and
Chris Maggie.
Speaker 2 (11:36):
Hello again, and welcome to the Maggie Tax and Financial Show.
I am Robert Maggie and I'm here with my son,
Chris Maggie, and we're talking today about some topics and
one of them is tax risk, and we're going to
get into legislative risk. But I just want to bring
something up because what's going to happen in a couple
of years when the tax cuts expire. A couple things
this five things that can happen. You can you can
(11:56):
change your tax brackets, which is going to affect you.
Tax brackets may change around you, which is proposed. Deductions
are eliminated, which is very important to think about, and
the way assets are tax changes. There's a lot of
things on the table in Congress. They're talking about I
can't go into doo much detail now, and then new
taxes are enacted for everybody. So what is your plan
(12:18):
Because in twenty twenty six, many of you will find
that your tax brackets rates they're going to be higher
than they are today, and it's going to cause you
to pay more in taxes even while maintaining the same
amount of income. So on the tax risk side, this
is important for all of you. Give us a call
at eighty three to three Maggie Tax we'll go over
the whole thing. I have a brochure that I could
send to you on the five ways taxes will go up.
(12:41):
And I don't think any other advisor is doing this,
but just give me a call. I'll be glad to
send it to you. There's no obligations and see for yourself.
You have to get educated and understand what's going on. So, Chris,
we kind of talked about tax risk in a short way,
but there's a lot there. Let's talk about legislative risk.
What the heck is that?
Speaker 3 (12:58):
Well, before we do that, you know, think about my
dad just mentioned tax risk, right, what's your plan? What's
your tax plan? Do you have one? Because many people
think about taxes is just tax preparation. That's not what
it's about. Tax preparation is what was done last year
or the prior year, and you're paying the tax on
the income you generated, whether it's from Social Security income,
(13:19):
pension income, wage income, schedule ce income, business income, rental income, right,
that's what you're paying tax on prior year. But as
my dad mentioned that the tax risks and what's happening,
things are going to change and no one's talking about this.
I guarantee you that your CPA is not talking to
you about tax planning. I guarantee your investment guy or
(13:41):
your financial advisors not talking about taxes. I guarantee it.
And if they are, then you've got a good one.
But I'll tell you what, there's nothing being done. And
that's why, Maggie Tax Advisor and financial group we do
complete planning because we understand the tax side of this.
It incorporates with your investment side and also your income
plan in the future and also your state plan. So
where we're going with this is that what's your plan.
(14:03):
If you don't have a tax plan, then now's the
time to get one. You need to come in and
meet with us. We need to get together. I'm telling
you because in the future, when you take a distribution
and guess what, you have to pay more in tax.
That means less income to you. So do you want
to go back to work? No, you don't want to
go back to work. When you set retirement up. You
want to enjoy yourself. So if you're listening today and
(14:25):
you have no plan, then we need to get one.
That's a tax plan. But what about your investments? What's
your investment plan? What's your income plan? What is your
estate plan? These are things we do. So what Maggie
Tax Advisory. We can help you. So pick up the phone,
schedule time to meet with us. Eight three to three
Magi tax. That's eight three to three Maggie Tax.
Speaker 2 (14:43):
Let me give you an example to kind of help
you understand. For many of you look at your IRA
or four oh one K. I'll give you a perfect example.
Had a client go to the retirement tax build and
he filled it out for me, and he has a
million dollar IRA. But what he did is he put
fifteen percent tax bracket. Do you think that's a fifteen
percent tax bracket? No, it's not. I had another gentleman
(15:03):
come in with two million dollars and folks, this is
the problem. I RS is your partner and when you
look at the tax sid of it, even if you
have five or ten years before you start taking out
the requiredmentimum distribution, you have a tax problem. You have
a big tax problem because the tax rates are going
to go up. So it's not fifteen percent on a million,
it's not twenty percent. It probably thirty nine to forty percent.
Speaker 4 (15:25):
When you agree with well, that's the thing. Right now,
it's thirty seven.
Speaker 3 (15:28):
But the tax Trump tax cuts are going to expire
in a couple of years, and guess what, they're going
to go back up.
Speaker 4 (15:34):
So what does this mean for you?
Speaker 3 (15:35):
That means more tax, that means less income, That means
that you have to and especially inflation. How are you
going to combat this? What's your plan? You know, we
talk about tax risk, now we're talking about legislative risk
because this is exactly what we're talking about. It's the
risk that Congress can change the rules and those changes
negatively impact all of you in your retirement approach.
Speaker 4 (15:56):
And that's what we're going at.
Speaker 3 (15:57):
We see the future when it comes down to this,
you're thinking about the present right now. You look at
your account, your investment account. Oh my god, it's going up.
My formal K is going up. Yeah, but guess what,
you're creating more of a tax time bomb that you
have to pay the tax on. So where are the
buckets are being created to generate tax free income? Do
you have a tax plan, do you have an income plan?
(16:18):
Do you have an investment plan that can coordinate with
all of this. That's what we can do. So pick
up the phone, schedule a time to meet with us.
Avoid the legislative risk, avoid those measures that the structure
of taxation is going to hurt you. You don't want
that to happen. And the way to do that is
having a plan. So pick up the phone, schedule time to.
Speaker 4 (16:37):
Meet with us.
Speaker 3 (16:38):
Eight three three Maggie Tax. Visit our website at Maggie
tax dot com.
Speaker 4 (16:41):
That's m A. G. I Tax dot com.
Speaker 2 (16:44):
And you know, the question is what is taxed, when
is it going to be taxed, and whom is it
going to be taxed? And those are questions that you
need to know because it's going to reduce your retirement.
So we just experienced a good example of legislative risk
in twenty nineteen. And when we talk about this at
the seminar, people don't know. So I'll even ask you.
In the Secure Act, Congress included a provision eliminating the
(17:05):
stretch IRA for most Americans and Chris. The stretch IRA
was where a parent could pass away and pass it
to the kid for their lifetime and their grandkid. They
took that away. They took that away because they want
more tax So this change impacted when inherited iras are taxed,
potentially upending tax strategies. And IRA owners had to put
in place for their errors because even when you inherit
(17:27):
an IRA, the Secure Act number two said you have
to take it over ten years. How many of you
know that? And when we talk about this at the seminar,
people are shocked because they don't know. And again it's
tax planning and together tax and legislative risk, it's going
to impact the saver's total tax burden in retirement and beyond,
and that impacts could mean less money. And that's the
(17:48):
big question. They always say, Well, you know, it's not
how much money you have, it's how much money you keep. Yeah,
so how much money are you going to keep?
Speaker 4 (17:55):
You know?
Speaker 2 (17:55):
And if you think you have enough, just maybe you don't.
So let's we ate a solid retirement income plan for
you before tax risk hit and legislative risk. And it's
not going to change, Chris, It's going to get worse.
Speaker 4 (18:08):
Well that's it.
Speaker 3 (18:08):
So right now, listening today's show, you have to think
about yourself. You have to think about what your tax
plan is going to be. Are you prepared for the
possibility of higher taxes in retirement? Think about that and
if the answer is you're not prepared, then now's the
time to do something about this. At MAGI Tax Advisor
and Financial Group, that's what we do. We take a
tax approach. Yes, we can put together an income plan,
(18:29):
we can put together an investment plan. We deal with investments.
We can show you the type of risk you're currently
taking with your money. You know where should you allocate
those accounts so you have safety and preservation and growth
inflation protection? How do you go about that on a
most tax efficient way? So again, are you prepared for
the possibility of higher tax and retirement?
Speaker 4 (18:50):
If not, pick up the phone, schedule time to meet
with us. Eight three three MAGI Tax.
Speaker 3 (18:54):
That's eight three to three mag Atax and don't forget
Every Sunday on ABC TV, The mag A Tax and
Financial Show ten thirty am. Maggie Tax dot Com.
Speaker 1 (19:03):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie tax dot com. That's
ma gg I tax dot com or call eight one
(19:25):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty now your host
for the Maggie Tax and Financial Hour. Father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 3 (19:42):
Welcome back to the Maggie Tax and Financial Show, and
feel free to visit our website, Maggie Tax dot com.
There's so much information right there at your fingertips. Do
you have a tax plan? Do you have an income plan?
Do you have an investment plan? And you know what,
do you have an estate plan? If you said no
to any one of those, you need to listen up
because now is the time to put together a plan
(20:03):
for you and your family. A three to three Magi
tax that's eight three to three Maggie Tax. There's so
much there that we could talk about. You know, at
our firm, we talk about the Maggi Plan. You know,
we're talking about taxes today, but how do they incorporate
with your investments? If you are paying more in tax,
guess what, less income to you and your family. So
are you prepared for the possibility of higher taxes in retirement?
(20:25):
And that's what we're talking about today. You need to
have a plan. You need to have an investment plan,
a tax plan, and also an income plan, a three
to three magi tax, schedule time to meet with us.
We have obvious on both sides of the day, a
three to three magi tax.
Speaker 2 (20:38):
And by the way, we do tax preparation. So if
you want to make an appointment, come on in. But
let me mention one thing that happened this week. And
it's really simple. Everyone that works you make income, right,
who's the first one that you have to pay?
Speaker 4 (20:50):
Uncle Sam?
Speaker 1 (20:51):
Oh?
Speaker 2 (20:51):
So so let's just say you make twenty thousand last
year and you make fifty thousand this year, you've increased
by thirty thousand. Is that thirty thousand free.
Speaker 4 (20:59):
Chris, Nope, you have to pay uncle sam Oh.
Speaker 2 (21:02):
You have to pay Uncle Sam. See I'm making light
of this because this is where people getting confused. When
I talked about the five ways that taxes are going
to go up, so many of you assume that your
taxes will be lower in the future. Not true, it's
not true. But as today's retireies are discovering, that's often
not the case. And we see this every day. In
a perfect example is when you make more money, your
(21:23):
tax bracket's going to go up, you have to pay more.
So if taxes keep going up and the tax brackets
keep rising, you get less. So we can help you
understand the five ways your taxes could go up in retirement.
And again, I have a brochure. If you want to
call my office, just give me your email. I'll be
glad to send it to you in an email and
you can see for yourself. Well, come to one of
our seminars and I'll give you that at the seminar,
(21:44):
and how we can help you mitigate that tax risk.
Think about that. Does your advisor talk about mitigating tax risk?
Now they talk about putting more money in another account.
So from the congressional spending to tax bracket changes, you're
going to learn how to position taxes in your retirement.
And every news item out of washing con seems to
(22:04):
include details of a new or expanded tax. Let me
ask you a question. So, the total government revenue in
twenty twenty two was four point nine trillion. That's what
the government takes in in revenue. That was in twenty
twenty two. Total government spending in fiscal year twenty two
was six point three trillion. Do the math. It's like,
(22:25):
you know you have a credit card, you got to
pay it back, okay, but we're not even paying back
half of it. Chris Well, that's just said. I mean
things you can't control. Right, we know that the government
is spending more. That's not a topic we want to
go into right now.
Speaker 3 (22:36):
It is what it is. They're spending more than they
take in. But what does that mean to you? What
does that mean to me?
Speaker 2 (22:42):
Right?
Speaker 4 (22:42):
What does it mean to our generation?
Speaker 3 (22:44):
It means that we are going to pay more in
tax because they know how much money you have in iras,
They know how much money you have in form one case,
they know how much money you having a TSP if
you're a federal employee. They know these are all qualified
accounts that are infected with tax. So very simple. You're
exposed to tax risk. You're exposed to legislative risk where
(23:04):
they can change the rules. What I mean by that
is they can change the rules on how much they
tax you. They tax me right. These are things that
we need to start controlling today. And you can if
you put together a tax plan. That's why I ask you,
what's your plan? What's your tax plan? If you don't
have one, now is the time to start really putting
one together and we can help. So pick up the phone,
(23:25):
schedule time to meet with us. Because when we put
together a tax plan, we can put together an income plan.
And what's better having taxable income or tax free income,
and when you can show a tax return like we
do to our clients in retirement that I don't care
if they increase taxes because our clients' plans have tax
free money. So when they retire and they take income
(23:48):
and government says, well we need to pay our deficeit
and we need to increase taxes, our clients aren't affected
by that because they have a tax plan. That's what
we can do for you. So pick up the phone,
schedule time to meet with us. Eight three three Maggie tax.
That's eight three three Maggie tax.
Speaker 2 (24:02):
And this is a race that we all must learn
to win where we're ahead of it, not behind it,
because that's when people get in trouble in at every
seminar that we do. This is the question that we
ask the audience, and I'm asking all of you, how
many people think taxes are going up in the future.
And I know everybody raises their hand. Nearly everyone raised
their hands because it's going to go up. So the
point Chris and I are making today is tax planning
(24:24):
is essential. You've got to start thinking about it. Whether
you have low income or high income, it doesn't make
a difference. Yet, while you understand we've entered it into
a rising tax environment, surprisingly few of you have used
that knowledge to change how you save for retirement. And
if your advisor's not talking to you about this, which
is why we say, go to my retirement calculator on
(24:44):
Maggie tax dot com and see for yourself what your
tax is going to be. Chris, that's very important.
Speaker 3 (24:50):
Well let's just talk about that. You know, when we
meet with clients, what are we seeing. We're seeing tons
of IRA accounts, tons of Form and K accounts, tons
of these accounts that are deferred. We see this and
they've been with their advisors for years. They're not doing
the right job.
Speaker 4 (25:03):
I'll tell you what. Yeah, anyone can manage your money.
Speaker 3 (25:05):
You can manage yourself with this market where it's at
and the amount of money they're pumping in and the
environment they're playing with the interest rates, everyone's making money.
Speaker 4 (25:13):
That's easy, that's the easy part of it. But what
about the end of the game.
Speaker 3 (25:16):
You know, when you think about a football game and
you're up at halftime, you're all happy because you're up
by forty points, but guess what you got to finish
the game. And that's where Uncle Sam comes in, and
that's where he blows it right by you and you
lose forty three to forty because you did not have
a tax plan. So pick up the phone, schedule time
to meet with us. Let's put together an investment plan.
Let's put together an income plan. Let's put together that
(25:38):
tax plan that you need to generate guaranteed safety and
also income in the future. What's wrong with going to
the mailbox every month when you're retired, pick it up
a check and that's tax free money and spending the
heck out of it and doing all over again for
the rest of your life.
Speaker 4 (25:52):
How cool would that be?
Speaker 3 (25:53):
Because when you hear the news and hear all the
drama and they talk about, oh my gosh, taxes are
going to go up.
Speaker 2 (25:58):
Tax are the highs.
Speaker 3 (25:59):
It's ever then you can say and put a smile
on your face and say that doesn't affect.
Speaker 2 (26:04):
They're not higher, they're lower and the lowest point now chorus.
Speaker 3 (26:08):
But how cool could it be in the future when
that happens, that you don't have to be affected by it.
That's why we can put together a tax plan eight
three three magi tax. Get the tax plan. We have
office on both sides of the bay eight three to
three magi tax.
Speaker 2 (26:20):
So if you all continue to defer taxes, which many
of you do in an IRA four oh one K
four h three B on all or most of your
retirement assets, you're going to have a large tax bill
to pay. So why would you do that? If you
can do strategic planning or like Chris and I talk
about bucket planning, where you have income that may be
tax free, you have growth and you have later money,
(26:42):
but you take that money and you have tax free money.
We can do that. That's what we do. That's called
the Maggie Plan. It's a tax plan, it's an income plan,
it's an investment plan, and it's a legacy plan. And
please one other thing. Many of you don't have a
will or a trust and you sit back and say
I don't need it, because well you do. So there's
one of our seminars. Go to my website Maggie tax
(27:02):
dot com. We have two seminars a month. Take a
look at the dates and times and locations and come.
There's no obligation, no lunch, no dinner, no nothing, just
explaining to you what this is about. I think that's
more important getting you education and understanding the language than
feeding people. And you know what, I've done that for
years and it's okay, but it's not what I want.
If you want information, then you come to my seminar.
(27:23):
I will give you the information because that's what you need.
So how can we help overcome this disconnect of taxes
and legislative risk? And at Magi Tax we help our
clients face new risks. People work with Maggi Tax because
we help. And here's the word mitigate risk. Chris, does
any advisor are talking about mitigate risk?
Speaker 3 (27:43):
No, they don't talk about that. That that's why it's
so disappointing. Think about it. You don't have clients like
we see this. We meet with clients and they come
in with statements. Yeah it's five hundred thousand, Yeah it's
one point two million, Yeah it's three hundred thousand, yeah
it's four million. It doesn't matter. At the end of
the day, there's no planning. There's no planning. It's just
investment accounts. You've got piles of money. We see in this.
This is what advisors are doing. They're just dealing with investments. Yeah,
(28:05):
you have money. I don't care. The fact of men
is what's the end of the game look like for you?
The tax side of this, because yeah, you can have
four million bucks, but guess what when we run the
tax time calculator and that four million dollars is not
worth four million, It's worth two million, or it's worth
two point five million. Guess what, Uncle Sam is your partner.
(28:25):
How do you remove Uncle Sam from your partner forever
and ever and ever? So we can show you how
to do this. So here's the misunderstanding that you just
said that people have. I have a lot of money.
I have two million, I have one million, I have
five hundred thousand.
Speaker 2 (28:37):
No you don't. Here's the question that we ask every
single person that comes into meets with us, how much
income do you need per month? Forget about how much
you have? How much do you need per month? Am
I right or wrong?
Speaker 4 (28:50):
Yeah?
Speaker 2 (28:51):
And then where are we going to get it from?
And then when you start looking at the numbers and
you start budgeting and you start figuring out, well I
only need this amount and I'm okay, let the risk
grow and put on a tax free basis. Why would
you not want to do that? So how do we
do that? It's real simple. We use a process. We
have a process at Maggie Tax. We identify the risk.
And this is so important because older people are taking
(29:12):
more risk than they need to and the advisor's not
talking about risk management we do. We want to quantify
that risk because maybe you're taking too much risk and
we can reduce the risks we have more tax free money.
And here's the thing, write this down. We're going to
build a plan to mitigate to mitigate that risk. You
know what, I challenge all of you. Go to your advisor,
go to your CPA, and ask them this question, how
(29:35):
do you mitigate my tax risk? And then be quiet.
I guarantee you they're going to look at you and
going to stare at you, like, what are you talking
about mitigate lower the tax risk. So it started with
the market. Savers wanted to and this is what Chris
was talking about before, and they needed the power of
the stock market to grow their funds. It was a
simple formula, there was nothing wrong with it. They put
(29:55):
money aside, invest in the stock market, and watch it grow.
Oh man, this is growing great, right Chris, Until it didn't.
Until it didn't, and it's gonna happen again. So during
the market downturn, savers learned about what risks, what kind
of risk Chris.
Speaker 3 (30:09):
There's different types of market risk, right, inflation risk, we
see that, what about tax risk? These are things we're
talking about. So do you have a plan? Many people
out there don't. They just have piles of money. You
get those statements. You have a pile of money, big deal,
But how is it going to come out. What's the
end of the game look like for that account? Pick
up the phone, schedule time to meet with us. Let's
(30:31):
get together. I urge you to do this because we
see this each and every day. Many people they come in,
they think they have a plan, and guess what they don't.
Because when we do tax planning and tax preparation each
and every year, guess what they're paying taxes?
Speaker 4 (30:44):
And then they're saying, what can I do?
Speaker 2 (30:46):
Well?
Speaker 3 (30:47):
You follow the crowd. You didn't listen, and you didn't
put together a plan. Now is the time to do it.
Don't follow the crowd. Eight three three Magi tax. That's
a three to three Magi tax. Visit our website at
maggitax dot com. Is so much there to help you.
Eight three three Maggie Tax. Send appointment today. Eight three
three Maggie Tax.
Speaker 1 (31:08):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie tax dot com. That's
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 2 (31:46):
Welcome back and you're listening to the Maggie Tax and
Financial show, and today we've been talking about tax risk
and legislative risk and a whole bunch of other things.
But what thing I want to bring back this is
for the person out there that you know has been
investing in this for a long time. In the advisor community,
they learned to identify that risk by they created using
fancy terms like alpha and beta. How many people know that?
(32:07):
And the industry helped create tools like Monte Carlo simulations
to quantify that risk for clients. How many know that? Okay,
I'm not worried about that. Finally, advisors would use those
tools to build asset allocation models to mitigate market risk,
not mitigate tax risk. So the question is every time
we see a client come in, did you open up
your statement? Do you know what you have? And they
(32:28):
say no, I don't. They don't know about alpha, beta
and all this other stuff. They just look at the
bottom line and they look at how many fees they're paying. Well,
what is the advisor doing for you? He's not doing
tax risk, he's not doing income risk. So what was
he doing? He's just grown your assets. The focus on
accumulating wealth was the primary focus until a few things
happened the dot com bubble burst, followed shortly there after
(32:50):
by the financial crisis, and suddenly savers were reaching retirement
age with depleted assets and no plan to generate income.
And that problem was compounded by the reality that retirements
were living longer than ever. So none of these advisors
talked about future tax free money or income. And I
asked it before, how much income do you need for
the rest of your life to go to that mailbox
(33:12):
every month and get the check that you want. Advisors
learn to identify that income risk or a longevity risk.
That's what we do. And suddenly it wasn't enough to
just accumulate funds. Savers needed a plan to make those
funds last a lifetime. Chris, And that's what we see
every day now because people are confused, they're isolated, and
they're angry. Would you think it's because they got the
(33:35):
wrong information, they were taught the wrong language.
Speaker 4 (33:38):
Well, this is what's happening.
Speaker 3 (33:39):
People come into tax preparation and guess what when they're
not clients of ours, they're clients of other advisers, and
they come in and they say, I want to get
a plan, So we do the taxes for them and
guess what, they're upset They have a pay a tax
liability and they said, well, my advisor never showed me
a tax plan. So what if you could have a
plan where you have buckets of money Just think about
(33:59):
this for a sec What if you have buckets of
money that have growth with investments that are allocated the
right way to your risk tolerance. What if you have
a couple other buckets that generate guaranteed income so you
can go to the mailbox each and every month and
grab that check and spend the heck out of it
and do it all over again for the rest of
your life. And what if you have like an inflation bucket,
right you can always tap into so when things hit
(34:21):
the fan, you can always tap into and have income
so you don't have to worry about the inflation or
running out of money. Then what if you had those buckets,
every one of them, make sure that they pass to
where you want it to go and avoid the probate process.
Then what if you had some of those buckets that
are tax free, so when you use taxes every year,
(34:41):
you take some from a taxable environment, some from a
tax free and you can stay under the threshold income
so maybe you don't have to file a tax return
or your effective tax rate is very low. That's how
you do planning. What if you can have that, Well,
that's what the Maggie Plans all about. That's the holistic
plan that we do. It's not about just give your money,
let me manage it for you. Anybody can do that.
(35:03):
There's there's more to it. So when you think about
what's happening right now, you're following the crowd. You're the
same as every one of people out there, and there's
there's a small percentage of people out there that actually
have what I just talked about because there's so many
people out there that don't know what to do. If
you're listening today, I urge you to pick up the phone,
schedule a time to meet with us, get a second
(35:25):
opinion on your plan. Eight three three magi tax. That's
eight three to three magi tax. So the question is
how do you make your money last a lifetime? And
what happened things change in this industry. Annuities came out
guaranteed income riders that people have. That was the perfect
solution to provide a guaranteed check and clients could retire
and outlive their money in the In the year two thousand,
(35:47):
advisors became experts in income planning, addressed this major concern,
and that's what we do, and shortly thereafter most advisors
across the industry. We're using annuities to offset income risk. Now,
don't panic when I say the word annuities, because if
you look at your SOILI security and your pension, that's
an annuity.
Speaker 2 (36:04):
So think about it. You just don't understand the language
and how they apply, and some may be bad. I
get it, Chris understands. But until you sit down and
see how the annuity process works. You want guaranteed income
for life, you want a certain amount, we can help you.
So today the headlines are all about taxes, all right.
They just bypassed everything. They shoved it under the blanket.
Advisors who understand tax risks today, like we do with
(36:27):
Maggie tax are the reason why we are successful. Many
of you know us. Many of you come in and
see us and you understand the plan and we do
complete planning. And I'll say it again, you do not
have a complete plan if you do not have a
tax plan or an income plan. And we can apply
the same financial process we use to address market and
income risks. We want to help clients identify your tax risk,
(36:50):
quantifying dollars and cents. That's the bottom line. People say, Bobby, Chris,
how much am I going to get? Bottom line? And
let us find the tools to reduce that risk. That's
up to you. You have to tell us what's concerning
you income, Is it taxes or it's all the above,
Because the biggest thing we hear, Chris, is the market.
The market. Oh, it's up, we're making money. No, you're not.
(37:10):
You got It's not all yours until it crashes, and
then it crashes. Then you lose what, you lose all
that you think you had. That is not a plan
for retirement, Chris. I mean, I'm sorry, I get upset,
but this is what people come in. They think the
market is the best thing in the world for what
For growth, yes, but for retirement you got to start
thinking about change and looking at it through a different lens.
Speaker 3 (37:30):
Absolutely, And that's where there's the complete process. You know
we talked about early in the show. Yeah, you're up
at halftime and it's great, you're all excited, but guess what,
the second half comes around, and that's where Uncle Sam
is he comes out. That's a silent partner that's there
on the other team that you do not see. And
that's what we're showing you today. So when we think
about big picture, we get it. We have people retire
each and every day. You retire once, so we retire
(37:53):
each and every day and we can show you how
it's going to look. So think up the phone and
schedule time to meet with us. We have office on
both sides of the Bay. We do a radio show. Obviously,
we do a TV show every Sunday on ABC TV
at ten thirty am. Tune in watch. Go to our
website Maggie Tax dot com. See what we do. You're
listening today. If you do not have a plan, we
(38:14):
can help. If you want an income plan, a tax plan,
an investment plan, and a state plan, a social security
maximization plan, we can help. What are you doing If
you do not have a plan, you need to get
one eight three to three Magi Tax. We look forward
to working with you, forward to meeting with you. Get
the Maggie Plan. Tax planning, income planning, investment planning, social
security planning, a state planning. Get eight plan. You deserve
(38:38):
it eight three three Magi Tax. That's eight three to
three tax.
Speaker 1 (38:42):
You've been listening to the Maggie Tax and Financial Hour
discussing tax planning investment strategy is presented by Robert and
Chris Maggie from Maggie Tax Advisory and Financial Services with
offices in Hillsboro and Panelas County. Visit Maggi tax dot
com or call eight one three three two two t
five twenty that's eight one three three two two twenty
(39:04):
five twenty and tune in next Saturday at five for
the Maggie Tax and Financial Hour
All these years you've saved up planning for a secure retirement,
but if you're not careful, it will be the irs
that's living it up when you retire by taxing your
hard earned money. Welcome to the Maggie Tax and Financial
Hour with Robert and Chris Maggie of Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
in tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie
Tax dot com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:52):
Welcome everyone, and thanks for joining us today. My name
is Robert Maggie, and you're listening to the Maggie Tax
and Financial Show. And I'm here with my son, Chris Magi,
and today we're going to be talking about a lot
of topics that we'll concern all of you that maybe
you don't understand. So when you hear what we talk about,
if you have questions, pick up the phone, give us
a call eight three to three Maggie Tax. Be sure
(01:13):
to visit our website Maggie Tax dot com and we're
going to be talking about it as we always have.
Go to the retirement Calculator on the top right and
click in that site there and fill in your information
and in thirty seconds will show you what your tax
liability is going to be. So, Chris, we have a
lot to talk about. We're going to talk about tax
risk and legislative risk. So let's get started.
Speaker 3 (01:33):
Well, let's just say so welcome everyone, Thank you so
much for listening to our show today. There's so much
to cover, and let me talk about what my dad
was mentioning before. When you go to our website, the RTB,
the Retirement tax Bomb, if you have an IRA A
four to one K, you have to stop and you
have to understand what's going on because that is a
huge tax liabilitate you're going to pay in the future,
(01:54):
and many people just keep deferring taxes and put money
away in the form one KS and iras well. Maybe
that could be bucket that year used to having, which
is fine because you get a nice tax deduction. But
think about creating other buckets that are tax free because
as things change in this country, taxes are going to
go up. And that's what we're talking about today, tax
risk and legislative risk. So what the heck is the difference?
Speaker 2 (02:17):
Well, as things stay hot in Washington, and they have
been and they always will be. I'm getting asked this
question more and more, Chris, and I see clients every day.
But both are intertwined risk that can dramatically impact us
savers like you, like all of us, and both are
risk on most savers are underprepared to address. So let's
talk about the first one, because this is the biggest
one tax risk. Tax risk is the risk that a
(02:40):
person's taxes are going to be higher in retirement than planned.
And Chris, most of the people that we see don't
see that because they're not ready to retire or they
have like you just talked about with the retirement calculator. Yeah,
they're going to defer it. They don't have to take
it out till seventy three. Now, no problem. But that's
the window that you have to do the tax strategy
you're talking about bucket planning and reduce the tax risk absolutely,
(03:01):
and those are the strategies that we can use and
we do it each and every day. But the misconception
is that many people think, well, I'll be in a
lower tax bracket when I retire, And maybe that might
be the case, but we see is a lot of
times it's not. And as taxes increase and people take
more out of qualified accounts like iras and form and case,
it's creating tax on solid security. It can be up
(03:22):
to eighty five percent tax on solid security, and that's
where tax rates are going to increase and you're going
to pay more in tax. So that's where many people think, well,
I'm just sixty five, I'm gonna pay less in tax.
It has nothing to do with your age.
Speaker 3 (03:35):
It has to do with the income and the sources
of income that you're putting on your tax return that's
generating the tax.
Speaker 2 (03:41):
And that's a great point you make there because a
lot of people don't see that. And then the other
side of it is when you start transferring money from
a taxable account and you pay the taxes. Now, it
could if you're over sixty five, or if you're on Medicare,
it could affect the arm attax on your Part B, which.
Speaker 4 (03:57):
Is the Medicare tax that you pay for Part B
premium for.
Speaker 2 (04:01):
People don't see that, Chris, it's ridiculous. So what does
that mean? It means more of a retirees income is
going to the IRS as taxes and less of the
income is staying with the retiree like you to spend
on living expenses because think about this, you should be
putting a budget together, Chris, and I always ask you,
know you when you come in, what's your budget because
(04:21):
a lot of people don't know what they're spending, and
you know it's not good if you spend more than
you make. And to prove this, visit Maggie tax dot
com and on the top right you're going to click
on the retirement calculator. Just fill in the information and
in thirty seconds we'll send you what the retirement tax
bill will look like. Even if you do it. I
know people play with it and they give us different numbers,
(04:42):
but it's the tax bracket that you have to look at.
Depending on how much you have, you're going to pay
more to Uncle Sam than you're going.
Speaker 3 (04:49):
To get and that's where you don't want to and
that's why you have to control of the tax risk.
And many people talk about investments. Yeah, we do investments.
We can put together a plan for you. There's a
lot of things we do, but taxes are our biggest
exp and it's going to be the same thing for you.
So think of the phone, schedule time to meet with us.
There's so much to talk about. We're talking about tax
risks today, we're talking about legislative risk today. But also
(05:09):
it's going to affect your investments. So what about your investments?
You know markets a hi markets have been doing well.
What are you doing when it goes the other way?
Where's your protection? Where's your tax protection as well? So
pick up the phone, schedule time to meet with us.
We have office on both sides of the bay. A
three to three Maggie tax that's eight three three maggie tax.
Speaker 2 (05:29):
So in short, tax risk measures the level of taxation
you a saver experience in retirement. And unless you sit
down with a tax person like us who does tax planning,
advanced tax planning, you're not going to know. You're not
going to know until you file that tax return. So
we're talking about your ire, your four H three B
or your TSP plan. It's a tax time bomb. And
(05:50):
people come in and they laugh and they go, I
didn't know that it was a tax time bomb. Well
it is, and it's going to be worse as time
passes by. So check it out and see what we mean.
We're about to see tax risk in action. In twenty
twenty five, several provisions from the twenty seventeen tax will expire.
This includes that reduction in individual income tax brackets. And
(06:11):
if you want a copy of the tax brackets, send
me an email or call me and I'll send it
to you to prove my point, because when we do seminars,
we give this out and it's going to change, meaning
that your tax bracket's going to go up three percent
and you're going to be paying more in taxes. And
I'm telling you, people just hear it, and they hear
it and they don't do anything about it. And it's
like when you open up the door and there's a
big win come and you're going to get hit with it.
(06:32):
So let's try to avoid that now.
Speaker 4 (06:34):
Well, that's just said.
Speaker 3 (06:35):
So when as you listen to our show today, you
know we're talking about taxes, and many people say, I'll
just deal with it during tax season, but it's not
the way to go about this. Taxes are our biggest
expense and they're going to get worse, especially if you're
a savior. So if you have iras and forming case,
we need to start doing bucket planning. What do I
mean by bucket planning? We need to position accounts that
(06:55):
are a taxable in the non taxable account accounts. We
talk about the level of risk that you taken with
your money. Do you need an income plan? Well, we
can develop an income plan where you can have investment
safety and preservation, also investment growth, and also make sure
that the money that you receive is income tax free.
Speaker 2 (07:13):
So think about this.
Speaker 3 (07:13):
Would you rather be in an environment where you're going
to get taxed on everything you take out or would
you rather be in an environment where it's tax free.
It's never taxed anymore. And you can develop these buckets
if you meet with the right advisors. So pick up
the phone, schedule time to meet with us. Eight three
to three MAGI tax that's eight three to three Magi
Tax and.
Speaker 2 (07:32):
A simple word, as we call it, strategic planning. You
don't want to just put everything in one bucket. You
want it strategically spread it out. So, like Chris is
talking about, you have a plan, you have a complete plan.
And I might insult some people here by saying you
have an incomplete plan, because you do. Because if you
don't have a tax plan or an income plan, you
have an incomplete plan. So do something about it. Give
(07:54):
us a call eight three to three Magi Tax, and
don't forget our website, Maggie tax dot com.
Speaker 3 (07:59):
Yeah, I want to talk about other advisors, maybe your
advisor right now, they're managing your money and the market's up,
so everyone's winning, right.
Speaker 4 (08:05):
But get this, that's an incomplete plan.
Speaker 3 (08:07):
Because if you're not talking about taxes and your advisor's
not showing you ways to reduce it or create an
income stream for you where you never outlive your money,
then you have an incomplete plan. And we're talking about
also a state planning as well. Many people out there
don't have a will or a trust, or or documents
or proper beneficiary designation to make sure that everything stays
in the family. You have an incomplete plan At Maggie
(08:29):
Tax Advisor in financial group, we do complete planning. It's
holistic planning. We take a tax approach to help you
reduce your tax. We deal with investments. We can do
bucket planning and manage the money and risk. We could
talk about income planning, we could talk about safety and
guaranteed retirement buckets. We could talk about an estate planning
or maximizing your social Security benefits. So what's on your
(08:50):
mind as you listen today, think about the questions you're
having and we can meet with you. So let's get together,
have a conversation, and let's put together a plan for you.
That's what we call the Maggi Plan. Income planning, tax planning,
investment planning, state planning, social security planning. That's what we
call the Maggi Plan. So visit our website at Maggie
tax dot com. Write this number down eight three to
(09:11):
three Maggie Tax Schedule and appointment today. Let's get together
before it's too late. Where you're subject to one hundred
percent tax on your retirement, which again we call it
a question mark tax rate. In the future, you don't
want to be there where Uncle Sam controls the taxes
you pay. I'd rather pay the tax is now on
some of the money to make sure that I'm incomplete control.
Speaker 4 (09:34):
A three to three Maggie Tax.
Speaker 2 (09:35):
Well, let me kind of make another comment here. We
do seminars two a month. We do them at libraries,
and they're on wills and trusts. And the point is
that many people that come and we talk about wills
and trust we talk about probate, We talk about how
to take your home out of probate because many people
don't have certain documents that would avoid probate. And I
(09:56):
can go into that more, but I would suggest to
go to my website, Maggie Tax dot com. Click on
the top where it says seminars. It's open for registration now,
and I encourage all of you to come in because
if you don't have a will or a trust or
the documents the powers of attorney what we're talking about
and we're going to get into more detail, this seminar
is for you. So give us a call eight three
to three, Maggie Tax, and don't forget. Every Sunday at
(10:17):
ten thirty on ABC TV, tune into the Maggie Tax
and Financial Show, Chris and I talk about a lot
of situations there that pertain to you. And by the way,
it's not selling, it's educating because you have to understand
the language what Chris and I are talking about today.
I know most of you might be confused, but we
can help you with that. Eight three three Maggie Tax.
Visit our website Maggie Tax dot com and get the
(10:40):
Maggie Plan. It's simple and easy to understand. It's a
tax plan, it's an income plan, it's an investment plan,
and it's a legacy plan. Eight three to three Maggie
Tax and visit our website Maggie Tax dot com. You're
listening to the Maggie Tax and Financial Show. Eight three
to three Maggie Tax.
Speaker 1 (10:58):
Stop planning for Uncle Sam's or timeirement and start planning
for your retirement. As we return to the Maggie Tax
and Financial Hour with your host father and son, Robert
and Chris. Maggie. For additional information on how you can
create a tax free retirement, visit Maggie Tax dot com.
That's ma gg I tax dot com or call eight
(11:19):
one three three two two twenty five twenty that's eight
one three three two two twenty five twenty now your
host for the Maggie Tax and Financial Hour. Father and
son from Maggie Tax Advisory and Financial Group, Robert and
Chris Maggie.
Speaker 2 (11:36):
Hello again, and welcome to the Maggie Tax and Financial Show.
I am Robert Maggie and I'm here with my son,
Chris Maggie, and we're talking today about some topics and
one of them is tax risk, and we're going to
get into legislative risk. But I just want to bring
something up because what's going to happen in a couple
of years when the tax cuts expire. A couple things
this five things that can happen. You can you can
(11:56):
change your tax brackets, which is going to affect you.
Tax brackets may change around you, which is proposed. Deductions
are eliminated, which is very important to think about, and
the way assets are tax changes. There's a lot of
things on the table in Congress. They're talking about I
can't go into doo much detail now, and then new
taxes are enacted for everybody. So what is your plan
(12:18):
Because in twenty twenty six, many of you will find
that your tax brackets rates they're going to be higher
than they are today, and it's going to cause you
to pay more in taxes even while maintaining the same
amount of income. So on the tax risk side, this
is important for all of you. Give us a call
at eighty three to three Maggie Tax we'll go over
the whole thing. I have a brochure that I could
send to you on the five ways taxes will go up.
(12:41):
And I don't think any other advisor is doing this,
but just give me a call. I'll be glad to
send it to you. There's no obligations and see for yourself.
You have to get educated and understand what's going on. So, Chris,
we kind of talked about tax risk in a short way,
but there's a lot there. Let's talk about legislative risk.
What the heck is that?
Speaker 3 (12:58):
Well, before we do that, you know, think about my
dad just mentioned tax risk, right, what's your plan? What's
your tax plan? Do you have one? Because many people
think about taxes is just tax preparation. That's not what
it's about. Tax preparation is what was done last year
or the prior year, and you're paying the tax on
the income you generated, whether it's from Social Security income,
(13:19):
pension income, wage income, schedule ce income, business income, rental income, right,
that's what you're paying tax on prior year. But as
my dad mentioned that the tax risks and what's happening,
things are going to change and no one's talking about this.
I guarantee you that your CPA is not talking to
you about tax planning. I guarantee your investment guy or
(13:41):
your financial advisors not talking about taxes. I guarantee it.
And if they are, then you've got a good one.
But I'll tell you what, there's nothing being done. And
that's why, Maggie Tax Advisor and financial group we do
complete planning because we understand the tax side of this.
It incorporates with your investment side and also your income
plan in the future and also your state plan. So
where we're going with this is that what's your plan.
(14:03):
If you don't have a tax plan, then now's the
time to get one. You need to come in and
meet with us. We need to get together. I'm telling
you because in the future, when you take a distribution
and guess what, you have to pay more in tax.
That means less income to you. So do you want
to go back to work? No, you don't want to
go back to work. When you set retirement up. You
want to enjoy yourself. So if you're listening today and
(14:25):
you have no plan, then we need to get one.
That's a tax plan. But what about your investments? What's
your investment plan? What's your income plan? What is your
estate plan? These are things we do. So what Maggie
Tax Advisory. We can help you. So pick up the phone,
schedule time to meet with us. Eight three to three
Magi tax. That's eight three to three Maggie Tax.
Speaker 2 (14:43):
Let me give you an example to kind of help
you understand. For many of you look at your IRA
or four oh one K. I'll give you a perfect example.
Had a client go to the retirement tax build and
he filled it out for me, and he has a
million dollar IRA. But what he did is he put
fifteen percent tax bracket. Do you think that's a fifteen
percent tax bracket? No, it's not. I had another gentleman
(15:03):
come in with two million dollars and folks, this is
the problem. I RS is your partner and when you
look at the tax sid of it, even if you
have five or ten years before you start taking out
the requiredmentimum distribution, you have a tax problem. You have
a big tax problem because the tax rates are going
to go up. So it's not fifteen percent on a million,
it's not twenty percent. It probably thirty nine to forty percent.
Speaker 4 (15:25):
When you agree with well, that's the thing. Right now,
it's thirty seven.
Speaker 3 (15:28):
But the tax Trump tax cuts are going to expire
in a couple of years, and guess what, they're going
to go back up.
Speaker 4 (15:34):
So what does this mean for you?
Speaker 3 (15:35):
That means more tax, that means less income, That means
that you have to and especially inflation. How are you
going to combat this? What's your plan? You know, we
talk about tax risk, now we're talking about legislative risk
because this is exactly what we're talking about. It's the
risk that Congress can change the rules and those changes
negatively impact all of you in your retirement approach.
Speaker 4 (15:56):
And that's what we're going at.
Speaker 3 (15:57):
We see the future when it comes down to this,
you're thinking about the present right now. You look at
your account, your investment account. Oh my god, it's going up.
My formal K is going up. Yeah, but guess what,
you're creating more of a tax time bomb that you
have to pay the tax on. So where are the
buckets are being created to generate tax free income? Do
you have a tax plan, do you have an income plan?
(16:18):
Do you have an investment plan that can coordinate with
all of this. That's what we can do. So pick
up the phone, schedule a time to meet with us.
Avoid the legislative risk, avoid those measures that the structure
of taxation is going to hurt you. You don't want
that to happen. And the way to do that is
having a plan. So pick up the phone, schedule time to.
Speaker 4 (16:37):
Meet with us.
Speaker 3 (16:38):
Eight three three Maggie Tax. Visit our website at Maggie
tax dot com.
Speaker 4 (16:41):
That's m A. G. I Tax dot com.
Speaker 2 (16:44):
And you know, the question is what is taxed, when
is it going to be taxed, and whom is it
going to be taxed? And those are questions that you
need to know because it's going to reduce your retirement.
So we just experienced a good example of legislative risk
in twenty nineteen. And when we talk about this at
the seminar, people don't know. So I'll even ask you.
In the Secure Act, Congress included a provision eliminating the
(17:05):
stretch IRA for most Americans and Chris. The stretch IRA
was where a parent could pass away and pass it
to the kid for their lifetime and their grandkid. They
took that away. They took that away because they want
more tax So this change impacted when inherited iras are taxed,
potentially upending tax strategies. And IRA owners had to put
in place for their errors because even when you inherit
(17:27):
an IRA, the Secure Act number two said you have
to take it over ten years. How many of you
know that? And when we talk about this at the seminar,
people are shocked because they don't know. And again it's
tax planning and together tax and legislative risk, it's going
to impact the saver's total tax burden in retirement and beyond,
and that impacts could mean less money. And that's the
(17:48):
big question. They always say, Well, you know, it's not
how much money you have, it's how much money you keep. Yeah,
so how much money are you going to keep?
Speaker 4 (17:55):
You know?
Speaker 2 (17:55):
And if you think you have enough, just maybe you don't.
So let's we ate a solid retirement income plan for
you before tax risk hit and legislative risk. And it's
not going to change, Chris, It's going to get worse.
Speaker 4 (18:08):
Well that's it.
Speaker 3 (18:08):
So right now, listening today's show, you have to think
about yourself. You have to think about what your tax
plan is going to be. Are you prepared for the
possibility of higher taxes in retirement? Think about that and
if the answer is you're not prepared, then now's the
time to do something about this. At MAGI Tax Advisor
and Financial Group, that's what we do. We take a
tax approach. Yes, we can put together an income plan,
(18:29):
we can put together an investment plan. We deal with investments.
We can show you the type of risk you're currently
taking with your money. You know where should you allocate
those accounts so you have safety and preservation and growth
inflation protection? How do you go about that on a
most tax efficient way? So again, are you prepared for
the possibility of higher tax and retirement?
Speaker 4 (18:50):
If not, pick up the phone, schedule time to meet
with us. Eight three three MAGI Tax.
Speaker 3 (18:54):
That's eight three to three mag Atax and don't forget
Every Sunday on ABC TV, The mag A Tax and
Financial Show ten thirty am. Maggie Tax dot Com.
Speaker 1 (19:03):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie tax dot com. That's
ma gg I tax dot com or call eight one
(19:25):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty now your host
for the Maggie Tax and Financial Hour. Father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 3 (19:42):
Welcome back to the Maggie Tax and Financial Show, and
feel free to visit our website, Maggie Tax dot com.
There's so much information right there at your fingertips. Do
you have a tax plan? Do you have an income plan?
Do you have an investment plan? And you know what,
do you have an estate plan? If you said no
to any one of those, you need to listen up
because now is the time to put together a plan
(20:03):
for you and your family. A three to three Magi
tax that's eight three to three Maggie Tax. There's so
much there that we could talk about. You know, at
our firm, we talk about the Maggi Plan. You know,
we're talking about taxes today, but how do they incorporate
with your investments? If you are paying more in tax,
guess what, less income to you and your family. So
are you prepared for the possibility of higher taxes in retirement?
(20:25):
And that's what we're talking about today. You need to
have a plan. You need to have an investment plan,
a tax plan, and also an income plan, a three
to three magi tax, schedule time to meet with us.
We have obvious on both sides of the day, a
three to three magi tax.
Speaker 2 (20:38):
And by the way, we do tax preparation. So if
you want to make an appointment, come on in. But
let me mention one thing that happened this week. And
it's really simple. Everyone that works you make income, right,
who's the first one that you have to pay?
Speaker 4 (20:50):
Uncle Sam?
Speaker 1 (20:51):
Oh?
Speaker 2 (20:51):
So so let's just say you make twenty thousand last
year and you make fifty thousand this year, you've increased
by thirty thousand. Is that thirty thousand free.
Speaker 4 (20:59):
Chris, Nope, you have to pay uncle sam Oh.
Speaker 2 (21:02):
You have to pay Uncle Sam. See I'm making light
of this because this is where people getting confused. When
I talked about the five ways that taxes are going
to go up, so many of you assume that your
taxes will be lower in the future. Not true, it's
not true. But as today's retireies are discovering, that's often
not the case. And we see this every day. In
a perfect example is when you make more money, your
(21:23):
tax bracket's going to go up, you have to pay more.
So if taxes keep going up and the tax brackets
keep rising, you get less. So we can help you
understand the five ways your taxes could go up in retirement.
And again, I have a brochure. If you want to
call my office, just give me your email. I'll be
glad to send it to you in an email and
you can see for yourself. Well, come to one of
our seminars and I'll give you that at the seminar,
(21:44):
and how we can help you mitigate that tax risk.
Think about that. Does your advisor talk about mitigating tax risk?
Now they talk about putting more money in another account.
So from the congressional spending to tax bracket changes, you're
going to learn how to position taxes in your retirement.
And every news item out of washing con seems to
(22:04):
include details of a new or expanded tax. Let me
ask you a question. So, the total government revenue in
twenty twenty two was four point nine trillion. That's what
the government takes in in revenue. That was in twenty
twenty two. Total government spending in fiscal year twenty two
was six point three trillion. Do the math. It's like,
(22:25):
you know you have a credit card, you got to
pay it back, okay, but we're not even paying back
half of it. Chris Well, that's just said. I mean
things you can't control. Right, we know that the government
is spending more. That's not a topic we want to
go into right now.
Speaker 3 (22:36):
It is what it is. They're spending more than they
take in. But what does that mean to you? What
does that mean to me?
Speaker 2 (22:42):
Right?
Speaker 4 (22:42):
What does it mean to our generation?
Speaker 3 (22:44):
It means that we are going to pay more in
tax because they know how much money you have in iras,
They know how much money you have in form one case,
they know how much money you having a TSP if
you're a federal employee. They know these are all qualified
accounts that are infected with tax. So very simple. You're
exposed to tax risk. You're exposed to legislative risk where
(23:04):
they can change the rules. What I mean by that
is they can change the rules on how much they
tax you. They tax me right. These are things that
we need to start controlling today. And you can if
you put together a tax plan. That's why I ask you,
what's your plan? What's your tax plan? If you don't
have one, now is the time to start really putting
one together and we can help. So pick up the phone,
(23:25):
schedule time to meet with us. Because when we put
together a tax plan, we can put together an income plan.
And what's better having taxable income or tax free income,
and when you can show a tax return like we
do to our clients in retirement that I don't care
if they increase taxes because our clients' plans have tax
free money. So when they retire and they take income
(23:48):
and government says, well we need to pay our deficeit
and we need to increase taxes, our clients aren't affected
by that because they have a tax plan. That's what
we can do for you. So pick up the phone,
schedule time to meet with us. Eight three three Maggie tax.
That's eight three three Maggie tax.
Speaker 2 (24:02):
And this is a race that we all must learn
to win where we're ahead of it, not behind it,
because that's when people get in trouble in at every
seminar that we do. This is the question that we
ask the audience, and I'm asking all of you, how
many people think taxes are going up in the future.
And I know everybody raises their hand. Nearly everyone raised
their hands because it's going to go up. So the
point Chris and I are making today is tax planning
(24:24):
is essential. You've got to start thinking about it. Whether
you have low income or high income, it doesn't make
a difference. Yet, while you understand we've entered it into
a rising tax environment, surprisingly few of you have used
that knowledge to change how you save for retirement. And
if your advisor's not talking to you about this, which
is why we say, go to my retirement calculator on
(24:44):
Maggie tax dot com and see for yourself what your
tax is going to be. Chris, that's very important.
Speaker 3 (24:50):
Well let's just talk about that. You know, when we
meet with clients, what are we seeing. We're seeing tons
of IRA accounts, tons of Form and K accounts, tons
of these accounts that are deferred. We see this and
they've been with their advisors for years. They're not doing
the right job.
Speaker 4 (25:03):
I'll tell you what. Yeah, anyone can manage your money.
Speaker 3 (25:05):
You can manage yourself with this market where it's at
and the amount of money they're pumping in and the
environment they're playing with the interest rates, everyone's making money.
Speaker 4 (25:13):
That's easy, that's the easy part of it. But what
about the end of the game.
Speaker 3 (25:16):
You know, when you think about a football game and
you're up at halftime, you're all happy because you're up
by forty points, but guess what you got to finish
the game. And that's where Uncle Sam comes in, and
that's where he blows it right by you and you
lose forty three to forty because you did not have
a tax plan. So pick up the phone, schedule time
to meet with us. Let's put together an investment plan.
Let's put together an income plan. Let's put together that
(25:38):
tax plan that you need to generate guaranteed safety and
also income in the future. What's wrong with going to
the mailbox every month when you're retired, pick it up
a check and that's tax free money and spending the
heck out of it and doing all over again for
the rest of your life.
Speaker 4 (25:52):
How cool would that be?
Speaker 3 (25:53):
Because when you hear the news and hear all the
drama and they talk about, oh my gosh, taxes are
going to go up.
Speaker 2 (25:58):
Tax are the highs.
Speaker 3 (25:59):
It's ever then you can say and put a smile
on your face and say that doesn't affect.
Speaker 2 (26:04):
They're not higher, they're lower and the lowest point now chorus.
Speaker 3 (26:08):
But how cool could it be in the future when
that happens, that you don't have to be affected by it.
That's why we can put together a tax plan eight
three three magi tax. Get the tax plan. We have
office on both sides of the bay eight three to
three magi tax.
Speaker 2 (26:20):
So if you all continue to defer taxes, which many
of you do in an IRA four oh one K
four h three B on all or most of your
retirement assets, you're going to have a large tax bill
to pay. So why would you do that? If you
can do strategic planning or like Chris and I talk
about bucket planning, where you have income that may be
tax free, you have growth and you have later money,
(26:42):
but you take that money and you have tax free money.
We can do that. That's what we do. That's called
the Maggie Plan. It's a tax plan, it's an income plan,
it's an investment plan, and it's a legacy plan. And
please one other thing. Many of you don't have a
will or a trust and you sit back and say
I don't need it, because well you do. So there's
one of our seminars. Go to my website Maggie tax
(27:02):
dot com. We have two seminars a month. Take a
look at the dates and times and locations and come.
There's no obligation, no lunch, no dinner, no nothing, just
explaining to you what this is about. I think that's
more important getting you education and understanding the language than
feeding people. And you know what, I've done that for
years and it's okay, but it's not what I want.
If you want information, then you come to my seminar.
(27:23):
I will give you the information because that's what you need.
So how can we help overcome this disconnect of taxes
and legislative risk? And at Magi Tax we help our
clients face new risks. People work with Maggi Tax because
we help. And here's the word mitigate risk. Chris, does
any advisor are talking about mitigate risk?
Speaker 3 (27:43):
No, they don't talk about that. That that's why it's
so disappointing. Think about it. You don't have clients like
we see this. We meet with clients and they come
in with statements. Yeah it's five hundred thousand, Yeah it's
one point two million, Yeah it's three hundred thousand, yeah
it's four million. It doesn't matter. At the end of
the day, there's no planning. There's no planning. It's just
investment accounts. You've got piles of money. We see in this.
This is what advisors are doing. They're just dealing with investments. Yeah,
(28:05):
you have money. I don't care. The fact of men
is what's the end of the game look like for you?
The tax side of this, because yeah, you can have
four million bucks, but guess what when we run the
tax time calculator and that four million dollars is not
worth four million, It's worth two million, or it's worth
two point five million. Guess what, Uncle Sam is your partner.
(28:25):
How do you remove Uncle Sam from your partner forever
and ever and ever? So we can show you how
to do this. So here's the misunderstanding that you just
said that people have. I have a lot of money.
I have two million, I have one million, I have
five hundred thousand.
Speaker 2 (28:37):
No you don't. Here's the question that we ask every
single person that comes into meets with us, how much
income do you need per month? Forget about how much
you have? How much do you need per month? Am
I right or wrong?
Speaker 4 (28:50):
Yeah?
Speaker 2 (28:51):
And then where are we going to get it from?
And then when you start looking at the numbers and
you start budgeting and you start figuring out, well I
only need this amount and I'm okay, let the risk
grow and put on a tax free basis. Why would
you not want to do that? So how do we
do that? It's real simple. We use a process. We
have a process at Maggie Tax. We identify the risk.
And this is so important because older people are taking
(29:12):
more risk than they need to and the advisor's not
talking about risk management we do. We want to quantify
that risk because maybe you're taking too much risk and
we can reduce the risks we have more tax free money.
And here's the thing, write this down. We're going to
build a plan to mitigate to mitigate that risk. You
know what, I challenge all of you. Go to your advisor,
go to your CPA, and ask them this question, how
(29:35):
do you mitigate my tax risk? And then be quiet.
I guarantee you they're going to look at you and
going to stare at you, like, what are you talking
about mitigate lower the tax risk. So it started with
the market. Savers wanted to and this is what Chris
was talking about before, and they needed the power of
the stock market to grow their funds. It was a
simple formula, there was nothing wrong with it. They put
(29:55):
money aside, invest in the stock market, and watch it grow.
Oh man, this is growing great, right Chris, Until it didn't.
Until it didn't, and it's gonna happen again. So during
the market downturn, savers learned about what risks, what kind
of risk Chris.
Speaker 3 (30:09):
There's different types of market risk, right, inflation risk, we
see that, what about tax risk? These are things we're
talking about. So do you have a plan? Many people
out there don't. They just have piles of money. You
get those statements. You have a pile of money, big deal,
But how is it going to come out. What's the
end of the game look like for that account? Pick
up the phone, schedule time to meet with us. Let's
(30:31):
get together. I urge you to do this because we
see this each and every day. Many people they come in,
they think they have a plan, and guess what they don't.
Because when we do tax planning and tax preparation each
and every year, guess what they're paying taxes?
Speaker 4 (30:44):
And then they're saying, what can I do?
Speaker 2 (30:46):
Well?
Speaker 3 (30:47):
You follow the crowd. You didn't listen, and you didn't
put together a plan. Now is the time to do it.
Don't follow the crowd. Eight three three Magi tax. That's
a three to three Magi tax. Visit our website at
maggitax dot com. Is so much there to help you.
Eight three three Maggie Tax. Send appointment today. Eight three
three Maggie Tax.
Speaker 1 (31:08):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie tax dot com. That's
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 2 (31:46):
Welcome back and you're listening to the Maggie Tax and
Financial show, and today we've been talking about tax risk
and legislative risk and a whole bunch of other things.
But what thing I want to bring back this is
for the person out there that you know has been
investing in this for a long time. In the advisor community,
they learned to identify that risk by they created using
fancy terms like alpha and beta. How many people know that?
(32:07):
And the industry helped create tools like Monte Carlo simulations
to quantify that risk for clients. How many know that? Okay,
I'm not worried about that. Finally, advisors would use those
tools to build asset allocation models to mitigate market risk,
not mitigate tax risk. So the question is every time
we see a client come in, did you open up
your statement? Do you know what you have? And they
(32:28):
say no, I don't. They don't know about alpha, beta
and all this other stuff. They just look at the
bottom line and they look at how many fees they're paying. Well,
what is the advisor doing for you? He's not doing
tax risk, he's not doing income risk. So what was
he doing? He's just grown your assets. The focus on
accumulating wealth was the primary focus until a few things
happened the dot com bubble burst, followed shortly there after
(32:50):
by the financial crisis, and suddenly savers were reaching retirement
age with depleted assets and no plan to generate income.
And that problem was compounded by the reality that retirements
were living longer than ever. So none of these advisors
talked about future tax free money or income. And I
asked it before, how much income do you need for
the rest of your life to go to that mailbox
(33:12):
every month and get the check that you want. Advisors
learn to identify that income risk or a longevity risk.
That's what we do. And suddenly it wasn't enough to
just accumulate funds. Savers needed a plan to make those
funds last a lifetime. Chris, And that's what we see
every day now because people are confused, they're isolated, and
they're angry. Would you think it's because they got the
(33:35):
wrong information, they were taught the wrong language.
Speaker 4 (33:38):
Well, this is what's happening.
Speaker 3 (33:39):
People come into tax preparation and guess what when they're
not clients of ours, they're clients of other advisers, and
they come in and they say, I want to get
a plan, So we do the taxes for them and
guess what, they're upset They have a pay a tax
liability and they said, well, my advisor never showed me
a tax plan. So what if you could have a
plan where you have buckets of money Just think about
(33:59):
this for a sec What if you have buckets of
money that have growth with investments that are allocated the
right way to your risk tolerance. What if you have
a couple other buckets that generate guaranteed income so you
can go to the mailbox each and every month and
grab that check and spend the heck out of it
and do it all over again for the rest of
your life. And what if you have like an inflation bucket,
right you can always tap into so when things hit
(34:21):
the fan, you can always tap into and have income
so you don't have to worry about the inflation or
running out of money. Then what if you had those buckets,
every one of them, make sure that they pass to
where you want it to go and avoid the probate process.
Then what if you had some of those buckets that
are tax free, so when you use taxes every year,
(34:41):
you take some from a taxable environment, some from a
tax free and you can stay under the threshold income
so maybe you don't have to file a tax return
or your effective tax rate is very low. That's how
you do planning. What if you can have that, Well,
that's what the Maggie Plans all about. That's the holistic
plan that we do. It's not about just give your money,
let me manage it for you. Anybody can do that.
(35:03):
There's there's more to it. So when you think about
what's happening right now, you're following the crowd. You're the
same as every one of people out there, and there's
there's a small percentage of people out there that actually
have what I just talked about because there's so many
people out there that don't know what to do. If
you're listening today, I urge you to pick up the phone,
schedule a time to meet with us, get a second
(35:25):
opinion on your plan. Eight three three magi tax. That's
eight three to three magi tax. So the question is
how do you make your money last a lifetime? And
what happened things change in this industry. Annuities came out
guaranteed income riders that people have. That was the perfect
solution to provide a guaranteed check and clients could retire
and outlive their money in the In the year two thousand,
(35:47):
advisors became experts in income planning, addressed this major concern,
and that's what we do, and shortly thereafter most advisors
across the industry. We're using annuities to offset income risk. Now,
don't panic when I say the word annuities, because if
you look at your SOILI security and your pension, that's
an annuity.
Speaker 2 (36:04):
So think about it. You just don't understand the language
and how they apply, and some may be bad. I
get it, Chris understands. But until you sit down and
see how the annuity process works. You want guaranteed income
for life, you want a certain amount, we can help you.
So today the headlines are all about taxes, all right.
They just bypassed everything. They shoved it under the blanket.
Advisors who understand tax risks today, like we do with
(36:27):
Maggie tax are the reason why we are successful. Many
of you know us. Many of you come in and
see us and you understand the plan and we do
complete planning. And I'll say it again, you do not
have a complete plan if you do not have a
tax plan or an income plan. And we can apply
the same financial process we use to address market and
income risks. We want to help clients identify your tax risk,
(36:50):
quantifying dollars and cents. That's the bottom line. People say, Bobby, Chris,
how much am I going to get? Bottom line? And
let us find the tools to reduce that risk. That's
up to you. You have to tell us what's concerning
you income, Is it taxes or it's all the above,
Because the biggest thing we hear, Chris, is the market.
The market. Oh, it's up, we're making money. No, you're not.
(37:10):
You got It's not all yours until it crashes, and
then it crashes. Then you lose what, you lose all
that you think you had. That is not a plan
for retirement, Chris. I mean, I'm sorry, I get upset,
but this is what people come in. They think the
market is the best thing in the world for what
For growth, yes, but for retirement you got to start
thinking about change and looking at it through a different lens.
Speaker 3 (37:30):
Absolutely, And that's where there's the complete process. You know
we talked about early in the show. Yeah, you're up
at halftime and it's great, you're all excited, but guess what,
the second half comes around, and that's where Uncle Sam
is he comes out. That's a silent partner that's there
on the other team that you do not see. And
that's what we're showing you today. So when we think
about big picture, we get it. We have people retire
each and every day. You retire once, so we retire
(37:53):
each and every day and we can show you how
it's going to look. So think up the phone and
schedule time to meet with us. We have office on
both sides of the Bay. We do a radio show. Obviously,
we do a TV show every Sunday on ABC TV
at ten thirty am. Tune in watch. Go to our
website Maggie Tax dot com. See what we do. You're
listening today. If you do not have a plan, we
(38:14):
can help. If you want an income plan, a tax plan,
an investment plan, and a state plan, a social security
maximization plan, we can help. What are you doing If
you do not have a plan, you need to get
one eight three to three Magi Tax. We look forward
to working with you, forward to meeting with you. Get
the Maggie Plan. Tax planning, income planning, investment planning, social
security planning, a state planning. Get eight plan. You deserve
(38:38):
it eight three three Magi Tax. That's eight three to
three tax.
Speaker 1 (38:42):
You've been listening to the Maggie Tax and Financial Hour
discussing tax planning investment strategy is presented by Robert and
Chris Maggie from Maggie Tax Advisory and Financial Services with
offices in Hillsboro and Panelas County. Visit Maggi tax dot
com or call eight one three three two two t
five twenty that's eight one three three two two twenty
(39:04):
five twenty and tune in next Saturday at five for
the Maggie Tax and Financial Hour
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