Episode Transcript
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Speaker 1 (00:00):
All these years you've saved up planning for a secure retirement,
but if you're not careful, it will be the irs
that's living it up when you retire by taxing your
hard earned money. Welcome to the Maggie Tax and Financial
Hour with Robert and Chris Maggie of Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
and tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie
Tax dot com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:53):
Hello everyone, and thanks for joining us today. My name
is Robert Maggie. I'm here with my son and co host,
Chris Maggie. Be sure to visit our website at Maggie
Tax dot com. There's a lot of information on there.
There's a retirement calculator there that we're going to talk
about through today's show to kind of give you an
idea how much you're going to owe Uncle Sam in retirement.
And we've been doing a lot of planning with a
lot of people. So remember we do income planning, we
(01:15):
do tax planning, and we do a state planning. And
here's another thing just to remind everybody before we get
on with the show, if you do not have a
will or a trust or a power of attorney, it's
time to get one. So call eight three to three
Maggie Tax and just visit us online at Maggie Tax
dot com and reach out to us so you know, again,
welcome everyone, thanks for joining us today, and also be
sure every Sunday we have our TV show on ABC
(01:38):
at ten thirty tune in and there's a lot of
information there as well. So we're trying to help everyone
out there. The key to what Chris and I do
is we want to educate you. And for many of
you that have listened to our show and come in
and met with us, it's about education. It's not about
selling you a product or a service. It's about planning
and that's a keyword, planning. So just be sure that
(01:59):
you give us a call eight three to three Magi Tax. So, Chris,
I'm always excited about the show. But we meet a
lot of people every day and we see different situations.
So let's talk about a couple of things and you know,
let me know what's on your mind.
Speaker 3 (02:12):
Well, let's just say welcome everyone and thank you so
much for tuning into the Magi Tax and Financial Showing.
My dad hit a couple of good points here. You know,
education is so important, and what we see each and
every day is people have questions, they have concerns and
they don't know what to do. So when they come in,
you know, I know you have piles of money. You
have statements here and there. Old for one k's an
account here, a CD here, a bank account here. But
(02:33):
guess what, there's so much there to talk about. Think
about the titling of those accounts. Think about what's the
plan with those accounts. You looking to generate income? Are
you looking to get money out from an infected area
of taxes to tax free? Do you want to eliminate
Uncle Sam forever and ever and ever? Well, those things
can be done if you work with the right advisors.
So pick up the phone, schedule time to meet with
(02:54):
us eight three three Maggie Tax, and visit our website
at Maggie tax dot com.
Speaker 2 (02:58):
And one more point I wanted to make for many
of you that have four oh one k's and maybe
you lost your job or you're changing your job, give
us a call so we can show you how to
transfer that into a tax free account with no taxes.
So give us a call eight three to three Maggie Tax.
And we're excited today because we're going to be discussing
a new solution for all of you. It's called the
(03:18):
Retirement Tax Calculator. So just visit our website Maggie Tax
dot com and on the top look for your tax
bill in retirement. Just click on the link. It's going
to take you to a landing page. Just fill in
what your IRA or four oh one K account would
look like in retirement. Because you don't know what kind
of taxes you're going to pay.
Speaker 4 (03:37):
Let's just stop there for a second.
Speaker 3 (03:38):
There's a lot of people out there, maybe they don't
know what we're talking about. But if you have an IRA,
a full one K, a step IRA, four oh three
b A four point fifty seven plan. You have accounts
that what we call are infected with taxes, meaning that
all that money you have in there, guess what, it's
not yours, it's uncle Sam. So with the retirement tax
bill is going to show you how much of that
(04:01):
million dollar IRA you have or three hundred thousand dollars
IRA that you have or four million dollar IRA that
you have, what really is yours and what's Uncle Sam's.
And then when you start doing some planning where we
can keep more in your pocket than given to Uncle Sam.
Speaker 2 (04:17):
Yeah, and I think that's the key because many people,
you know, when they meet with an advisor, they think
they're going to be sold to stock bond of mutual
phone Folks. That's not the way it works, you know, Chris,
and I want to do it from the tax uh standpoint,
because you need to know what taxes are going to
be when you retire or when you take money out
of an IRA four one k and you don't know that,
So don't be afraid on this retirement calculate. It's going
(04:39):
to ask you how much your value is put in
your number, be honest. And then I get the email
it's kind of going to tell you exactly what the
tax is going to be and let's plan from there.
Eight three to three Maggie Tax. Be sure to visit
our website Maggie tax dot com and click on that
link at the top retirement tax bill and we can
help you and get it from there.
Speaker 4 (05:00):
Tax advisor.
Speaker 3 (05:00):
Even your broker or your current advisor's not discussing your
retirement tax bill, then pretty much shame on them. They're
not doing the right service for you. And let's just
be honest. It's the truth. I mean, taxes are our
biggest expense. And if your current advisor says they do
taxes and they don't, then they're lying to you. And
it doesn't matter what kind of relationship you have. But
at the end of the day, you need to get
(05:22):
these answers. And that's what's so important because why because
you're going to be the one that's going to pay
Uncle Sam. It's gonna be less to you and your family.
That's not what you want, especially during retirement.
Speaker 2 (05:32):
Yeah, you know, we just gave you a reason to
meet with us, no cost, no obligation, simple and we
make it very easy to understand. And that's the thing
education is simple to understand. So call eight three three
Maggie Tax. Let's set a free consultation and explain to
you what your retirement tax bill is going to look like,
and it will show what your required minimum distribution. Here's
(05:55):
the best part of this, Chris, what you recording and
distribution is going to be at seventy two. So if
you're not seventy two yet and you look at the
tax deferred account grow, what happens? It grows, Chris, it
grows tax deferred. But then what happens when they get
to seventy two, Well, you have to take a distribution
and you have to take it. If you don't take it,
there's a fifty percent penalty for not taking it. So
(06:15):
you need to be aware. You know, many people have
different qualified accounts. Maybe you have an IRA here for
one K there, maybe another iray you know from an
old employer. So when you look at this these accounts,
you have to figure out how to calculate that required
minimum distribution because if you just take it and you're
not taken enough, guess what, there's a fifty percent penalty
(06:36):
for not taking it. Plus it's taxable. So make sure
that this is calculated the right way, and on the
calculator it shows you one what your taxes are going
to be.
Speaker 3 (06:46):
And also too is a great point. I'm going to
show you every year what your require minimum distribution number
has to be. So pick up the phone, schedule time
to meet with us. Let's get together. You know, this
is your money, this is your retirement. You don't want
to mess this up. You want to do it the
right way.
Speaker 4 (07:01):
So pick up the phone. Schedule time eight three to three, Maggie.
Speaker 5 (07:04):
Tax Chris. Here's the thing.
Speaker 2 (07:06):
People come in and we ask them, how can we
help you? Well, I want to reduce my taxes and
I want to be sure I have enough money in
retirement that I pay the least amount of taxes. But
that's not true because when people come in and we
ask them that question and they say, well, guys, I
want to reduce my taxes, when we get to the
end of the line, they still can't make a decision
to reduce their taxes, even though we show them exactly
(07:28):
what's going to happen. You know, then we can start
making plans to minimize taxes. We had a gentleman come in. Okay,
he's a millionaire, and we asked him the question how
much do you want in retirement? And he couldn't give
us an answer. So how do we back it up?
What are you getting now? We're getting ten thousand a month,
and we showed him he can still get them ten
thousand a month, but we showed them away where he
(07:49):
can get it and pay no tax at all.
Speaker 3 (07:51):
Chris, So think about that one hundred and twenty thousand
dollars of income. But the way we put this together,
he pays no tax. His Social Security won't be taxed.
You can stand to the threshold income and guess what
he has income for the rest of his life and
paying no tax. So he's an environment right now where
he eliminated Uncle Sam forever and ever. So if that's
(08:13):
what you want, we could do the same thing for you.
Pick up the phone, schedule time to meet with us.
Let's get together. Visit our website at Maggie tax dot com.
That's m A G G I T a X dot com.
We have office on both sides of the bay to
help you. You know, this is uh, this is about
your retirement. You know you work so hard, you know,
especially now we see things happening in the in the
country and the economy. And you know what do you
(08:35):
want to do? Do you want to be you want
to fall victim to those things or you want to
be on the other side of those things where you're
in control. You can do it. Pick up the phone,
schedule time to meet with us. Eight three three Maggie Tax.
Speaker 5 (08:45):
And one more thing, Chris.
Speaker 2 (08:46):
This is called legislature risk because Congress can change the
rules anytime they want because it's written in pencil, so
no matter what happens coming up. But I can tell
you that Trump tax cuts expire, they're going to go
up at least three percent. But then think about what
Chris just said. Inflation. You know taxes are going to
go up. Do you understand what's going to happen to
your retirement? You think you have a million dollars or
(09:08):
five hundred thousand, guess what you got?
Speaker 5 (09:10):
You got a lot less. So start planning. We take
it seriously.
Speaker 2 (09:13):
We want you to take it serious as well, So
be careful what you ask for because if you want
to reduce taxes, we can show you how. Eight three
to three Maggie Tax. Please visit my website Maggie tax
dot com. On the top of the website. You'll see
retirement calculator.
Speaker 5 (09:28):
Click on it. It's going to take you to a page.
Speaker 2 (09:30):
It's pretty simple to fill out and then we get
an email and we can go from there. Folks, have something,
have a map, have a plan. That's what it's all about. Planning, Chris,
you can't get anywhere without a plan.
Speaker 3 (09:41):
That's exactly right. And you know, my dad mentioned one
thing about legislative risk. That means that the laws can change.
The laws can change with taxes, laws can change with
how much can put away each and every year in
retirement account in your form of KY. But guess what
will never change. When you eliminate Uncle Sam forever and
ever and ever, he can't go back and make that tax.
So think about this. If you have iras that are
(10:02):
infected with taxes, and you have a tax problem where
you just have tons of money that's just earmarked for taxes,
you have to do something about it. So pick up
the phone, schedule a time to meet with us. Meet
with us, let's get together. You need a tax plan,
an investment plan, an income plan, and a state plan.
That's what we do. It's called the Maggie Plan. Income planning,
(10:23):
Tax planning, social security maximization planning, investment planning. That's what
we do. Eight three to three Maggie Tax.
Speaker 2 (10:30):
So be sure to visit our website, Maggie Tax dot Com.
I can't emphasize that enough. Retirement tax bill up top
for everyone. Click on it and let's see what it does,
and let's get together, let's explain it to you. Let's
show you how to reduce your taxes. Eight three to
three Maggie Tax, and don't forget. Every Sunday at ten
thirty on ABC TV, watch the Maggie Tax and Financial
(10:50):
Show Maggie Tax dot Com.
Speaker 5 (10:52):
Eight three to three Maggie Tax.
Speaker 1 (10:57):
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
Maggi tax dot com. Or call eight one three three
(11:19):
two two twenty five twenty. That's eight one three three
two two twenty five twenty. Now your host for the
Maggie Tax and Financial Hour, Father and Son from Maggie
Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 2 (11:35):
Welcome back, everyone, and thanks for joining us today. We
were just talking about our divisions and we're going to
continue with that. We just talked about the financial division
and just to recap about iras and managing risk and
income planning, social security planning.
Speaker 5 (11:48):
So if you're not focused on that, come in. We'll
talk about that.
Speaker 2 (11:52):
So, Chris, let's talk about the second division that we have,
which I think is pretty much for everybody, the tax division.
We do individual tax preparation, we do corporations, we do
business owners. And one thing about business owners, I want
to just mention, if you're not planning for retirement, then
now is the time to start doing that because there's
a lot of things you can do now to plan
(12:13):
for retirement. Maybe you want to sell your business or
something and you don't know, you know what kind of
game you're going to have. How do you position that
and we can help you with that. Talk about trust
and you know, big people. A lot of people ask
us about gift tax. These are things that are tax
planning issues. And when it comes to advanced tax planning, Chris,
we've been trained for a long, long time on doing
tax planning, and we've helped a lot of people understand
(12:35):
because the tax code or the tax book is about
seventy thousand pages. Do you folks know what's in it?
And I'm not sure the CPA is and even IRS
knows what's in it, to be honest with you, But
you want to make it simple. Individual businesses, we can help.
Let's just say, you know, let's let's make it very simple.
Taxes are our biggest expense and they're going to get worse.
(12:55):
And what's going to happen is you're going to pay
more in taxes. Think about what you do you pay
else tax Now you know, we're in a state that
there's no state tax, which is great, but we pay
federal taxes. There's taxes every which way, right, so we
see it. But it's going to get to the point
where we just keep paying and paying and paying. So
what do you keep right? So tax planning is so crucial.
(13:16):
If you're not working with the right advisor because they
don't talk about taxes, then what are you doing? You're
really missing the boat because you're missing a key component
in your retirement, in your future life because now you're
letting go of more income that you can keep if
you just know how. So pick up the phone and
schedule time to meet with us tax planning. If you're
not getting a tax analysis, and if your current advisor
(13:38):
is not even talking about taxes, or you have no
idea how they are relating to one another, which they do,
because your investment advisor could be causing you to pay
more in taxes. We see this each and every day
when we do look at the tax return, you know,
we look at when people come in. We say, well,
why'd you take out forty thousand from your IRA? Well
I needed some money. Well you didn't have to do that,
(13:58):
you could have took it from another. These are some
of the things that we talk about. We see and
we want to make sure that you understand. So pick
up the phone, schedule time to meet with us. Our
tax division is so important. We take a tax approach
and whatever we do to help you. So one thing, Chris,
that we offer everyone out there is an after tax statement.
And when I ask clients what's your after tax statement?
(14:18):
They look at me confused, But when do you want
the irs to get their taxes? And remember, everyone out there,
mostly everyone I take that back, have to pay taxes.
But when you have a qualified account like an IRA
four to one K four three B, you've been told
you could save on a deferred basis and let it grow,
let it grow to age seventy two, and then you
(14:40):
have to take out money. But then when you take
it out, what's your tax situation. So strategically, what we
try to help people is roll the money out over
time so you're in the lowest tax bracket to pay
the lowest amount of tax, and then put it into
a tax free account Chris where.
Speaker 5 (14:56):
There is no tax.
Speaker 2 (14:57):
And time and time again we see clients not on
this that, and they go, how do we do that?
Because from a tax tax statement that we get from you,
we can show you. We can show you how it's
going to progress, and then you can decide how much
tax do you want to pay? So when do you
want to pay the irs because you owe them taxes,
and we can show you a way to pay the
taxes now before the Trump tax cuts expire and then
(15:19):
you get an increase of thirty percent.
Speaker 5 (15:20):
It doesn't make sense, Chris, Well.
Speaker 3 (15:22):
That's just say you know, tax planning, so you want
to have future income let's make it simple. If you
have accounts that you've saved for for so many years
and they're all what we call infective with taxes, then
pretty much you're strapped because every dollar you take out
of that account or those accounts, Uncle Sam is going
to get paid. And the thing about it is it's
a question mark tax rate. You don't know what it's
(15:43):
going to be. It could be higher, it could be
much higher, it could be lower, but most of the
time we think it's going to be higher because with
all the debt and the things they're doing. So think
about this, They need tax money. So what if you
can position yourself for tax free buckets of money? Now,
could you transfer all your money to a tax free environment?
You sure can, has got to pay to get there,
(16:04):
and we can show you what that looks like and
what that number is going to be. But eventually, as
my dad mentioned before, strategic planning or strategic rollouts, let's
do it over time to stay under the threshold income
of the tax brackets, so you're in control. So we're
talking about here is having a strategy. And if you
don't have a strategy, pick up the phone, schedule time
(16:25):
to meet with us. Right, that's what we do. We
do this each and every day. And we understand the
tax codes. We understand how you can roll out money.
We understand the next tax brackets. I mean you need
to understand this. We can make it very simple for
you when we will, when you come in and meet
with us eight three to three Maggie.
Speaker 5 (16:42):
Tax, and think about this. Your retirement assets.
Speaker 2 (16:44):
They're under attack from taxes and legislative risk, and we
can help get the new Holistic plan and get the
Maggi Plan.
Speaker 5 (16:51):
But I mentioned legislative risk. What does that mean.
Speaker 2 (16:54):
What it means is they can change the rules anytime,
and they do and they will. So buy out the
IRS and eliminate the tax risk today. Let irs get
what they are supposed to get now at the lowest
amount rate now when taxes are low. Get Holistic plan
and get the Maggi Plan, and let's eliminate the risk
and mitigate tax risk. Take action today, give us a
(17:16):
call eight three to three Maggie Tax and protect your retirement.
Get a self what Chris talked about before, write this down,
get a self completing plan and get the new Holistic plan.
Speaker 5 (17:26):
Get the Maggie Plan.
Speaker 4 (17:27):
That's just it.
Speaker 3 (17:28):
You know, the transactional accounts and accounts everywhere. People are confused.
They have no idea how to access the funds inside
of those accounts. And again, is it going to cause
a taxable event or is it not? Are you gonna
get a ten nine to nine at the end of
the year and you really just don't know what to
do with it because you could have avoided it. Those
things we're talking about. So when it comes to retirement,
(17:50):
the tax code is written in pencil, So what are
you doing about it? You know it comes to retirement,
the IRS is your silent partner, especially in your form
on K, your IRA, and you have no protection. So
it's time to take back the ownership. And that's what
we're going to do here. So visit our website at
Maggi tax dot com schedule time to meet with us.
Tax planning, tax preparation, income planning, designing a plan for
(18:13):
you for guaranteed income for life, investment planning, making sure
you're allocated in the right buckets of money with the
right risk. What about leveraging your money tax free? Do
your beneficiaries? How do you go about doing that? We
can show you a tax free plan that's what we
do here at Maggie Tax Advisor and Financial Group. It's
an option that many people are looking for, they just
don't know where to get it. Pick up the phone,
(18:34):
schedule time to meet with us eight three to three
Magi Tax. All of us have a mandatory tax bill.
Do you know what your optional tax bill is? No
one wants to pay mandatory taxes. Why should you so?
Pick up the phone, schedule the time to meet with
us eight three to three Maggie Tax. That's eight three
to three Maggie Tax. And visit our website Magi tax
(18:54):
dot com. There's so much information right there to educate you.
That's what it's about. Education three three Maggie Tax.
Speaker 1 (19:02):
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
Maggi Tax dot com. Or call eight one three three
(19:25):
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 (19:40):
Welcome back and you're listening to the Maggie Tax and
Financial Show. We've been talking about tax planning and tax strategies.
I'm going to discuss a retirement concept that we use.
In a minute, visit our website Maggie Tax dot com,
click on the retirement calculator and in thirty seconds, let's
see what your retirement tax bill is going to be.
Speaker 5 (19:57):
And don't forget.
Speaker 2 (19:57):
Every Sunday on ABC at ten thirty, listen and watch
the Maggie Tax and Financial Show. So, Chris, the question
comes out, will Congress's new tax and spending bill impact
you now and in retirement? And the Senate passed the
Inflation Reduction Act. It includes four hundred and fifty billion
in new taxes. So what does this mean for all
of you? So with the current administration in the White House,
(20:18):
you need to act fast. You have to do some
tax planning now and make protecting what she was a
top priority. So let's talk about a retirement income strategy
that we use with a lot of clients.
Speaker 3 (20:28):
So one of the strategies my dad's talking about is
bucket planning. And if you're not doing bucket planning, your
advisors not talking about bucket planning, you're missing the boat.
I'll tell you why, because every account that you have
should have a purpose. You know, most advisors just get
the money and they just invest it into maybe cookie
cutter different types of products or investment plans or just
(20:50):
different strategies that are pretty much the same for everybody.
And that's not what we do here. Every account that
you have has a specific purpose, and we tailor the
retirement plan to you and to your needs. And that's
what makes us very different. And on top of being
a fiduciary, we do the best thing for you, but
we do complete planning, so income planning, tax planning, investment planning,
(21:12):
is state planning. And one of the strategies, as I
mentioned before, bucket planning, and it's a strategy that diversifies
across different types of assets, tax diversification and also income strategies.
So when we talk about bucket planning, there are taxable accounts,
there's tax later accounts, and there's also accounts that are
tax now accounts. So when we look at tax planning.
(21:32):
We're also looking at investment planning, We're also looking at
income planning. We all want to tie this all these
together because when we put together the right bucket, we
can have income on a tax favored basis and pay
less tax We can have other buckets of money growing
on a tax deferred basis or even a tax free basis,
where you can have money coming in for guaranteeing and
(21:52):
for the rest of your life.
Speaker 2 (21:53):
So one of the reasons to put money into a
tax deferred retirement account is because you believe that your
taxes will be low after you're retired, and that's not true,
so you may be earning less money. You should still
think carefully about whether you're likely to pay less taxes
in retirement. And if you have doubts or if you
want the financial peace of mind that comes with knowing
your withdrawals will be tax free, then talk to us
(22:16):
about the retirement plan. Because what Chris is talking about,
and a good example is the biggest question we ask
people is how much money do you need now? And
then Chris, that's always a question like I don't know, well,
here's what you need to do. How much do you
need per month? To pay all your bills and put
your feet on the ground, whatever number that is. That's
where we start with the bucket planning, because you want
to put money maybe for ten years to cover that,
(22:38):
and then in the second bucket tax later, and the
third bucket that's going to be taxed never. That's what
we're talking about the retirement calculator. So what you need
to do is come in and talk about the bucket planning.
Speaker 5 (22:50):
Am I right or wrong? Absolutely?
Speaker 4 (22:52):
I mean have an example.
Speaker 3 (22:52):
We got a client that came in last week at
one point three million dollars in is IRA. So it
came to us and says, I want to retire in
two years.
Speaker 4 (22:58):
What do I do?
Speaker 3 (23:00):
He's sixty two years old and he has no planning,
no one managing his money currently in his Form one K,
but he's got a nice chunk of money in his
four one K. So what we did was and a
lot of people out there probably just don't know. If
you have a four one K or a thrift savings
plan and you're over age fifty nine and a half,
you could do what they call an age base withdraw.
You can separate your money from a four one K
(23:21):
roll it over to an IRA and pay no tax.
Now why would you do that? One You can create buckets.
You can create investment accounts with the purpose, whether it's
for income in the future, whether it's for growth, whether
it's for inflation, whatever it is. But while you're doing that,
you keep your four one K open, so you keep contributing,
you keep matching. But now you separated the money into
(23:42):
different buckets bucket planning, and that's what we did. So
he said, hey, I want to retire in a couple
of years. So I looked at social Security for him
and his wife, and he was four thousand dollars short
of the amount of money they need in retirement.
Speaker 4 (23:54):
So what do we do.
Speaker 3 (23:56):
We created the first bucket. We put four hundred and
eighty thousand dollars in the bucket number one. Let it
grow for a couple of years, and when he retires,
he can turn that on for the next ten years
guaranteed income of four thousand dollars a month of forty
eight thousand dollars a year of income coming in the
front door, plus his social Security. He was blown away.
So we said, what do you do with the remaining
(24:16):
amount of money?
Speaker 4 (24:17):
No problem.
Speaker 3 (24:18):
What we did was we create his own family pension.
Bucket number two we created. We put three hundred thousand
dollars in bucket number two. So in ten years, when
the first bucket goes down to zero, well, bucket two
and bucket three are growing. So guess what in year
eleven we turn on bucket number two for guaranteed income
for the rest of his life. We put together strategy
(24:39):
create his own pension plan guaranteed income so he'll never
outlive his money. So what do we do. We just
put a relief on his whole mind and his plan
because now he knows that he has income for life.
We solve the income plan for him. Now he said,
what do I do with the rest? Well, it's up
to him. We talked about, hey, let's put this into
(25:01):
some buckets where you have safety. On the downside, we
can have some growth opportunities. In the upside, we can
play over time. That's called later money. We can have
some fun with this money because we don't depend on it.
It's pretty much later money, if not maybe even never
money that he's ever going to touch. But he said
to us, well, can I do something even better? And
then we said, well, how come or what if you
(25:23):
want tax free income, And he said, how do I
go about doing that? So that's what we talked about.
How to roll out his money. We took the remaining
amount of bucket and did a strategic rollout. We got
money out of an account that's infected with taxes into
a tax free account. And Dad, what does that look
like for him and his family in the future.
Speaker 2 (25:42):
Well, it's an AHA moment and it basically like you
said it before, it's a relief because now they don't
have to worry about income, they're not worried about the risk.
They took risk off the table, and they have lowered
their taxes. So here's my question to all of you.
Is there someone at the Internal Revenue Service that you
are so madly in love with that you want to
leave them a whole bunch of your money? Come on,
give me a break. No, but you have to do
(26:04):
something about it. And where is it written in finance
that you have to lose thirty to fifty or even
seventy percent? And think about two thousand and one. In
two thousand and eight, Chris, how many people came to
that date and wanted to retire and then the market
went down because they had no tax planning, they had
no income planning, and basically they had no bucket planning.
Are we making sense right now to all of you?
(26:24):
Because please give us a call we'll show you this.
Eight three three, Maggie.
Speaker 3 (26:28):
Tex Now you're so right, and we're so passionate about
this because why because just now he can go to work,
he can retire whenever he wants.
Speaker 4 (26:36):
He's in total control.
Speaker 3 (26:38):
He doesn't have to fall victim to all the speculation
out there, or if the market turns twenty to thirty
forty percent on the downside, he doesn't have to be
one of those victims that said, well everyone lost money,
you don't have to be there. So that's the question
we have for you. Where is it written that you
have to lose when everyone loses, you don't have to.
If you work with a broker or you work with
(26:59):
a transaction advisor, then maybe your stock, but you don't
have to. That's why you pick up the phone, schedule
time to meet with us, work with a complete planner,
work with an investment advisor representative who's a fiduciary. It's
the best thing for you. Why, Because you deserve a plan,
You deserve to create these buckets. We're talking about bucket planning.
If your advisor is not doing bucket planning, then pick
(27:19):
up the phone, schedule time to meet with us. A
three three Maggie Techs.
Speaker 5 (27:23):
So here's another question for all of you out there.
Speaker 2 (27:25):
Do you have enough confidence in your current advisor to
get a second opinion? And we've had clients come in
that even spoke to their CPA, and when they came
in they told.
Speaker 5 (27:34):
Us, well, gee, my CPA never told us that.
Speaker 2 (27:37):
And this is an important issue because you're not locked
into that one advisor. Get a second opinion because your
first advisor can't give you a second.
Speaker 3 (27:45):
Well, you mentioned the CPA. You give a quick example.
We had a client two months ago came in twenty
five years with their CPA. Guess what the CPA sold
them transactional products, a variable annuity, a class AM mutual fund,
loads fees. Oh my gosh, no manager. But guess what
he's with him twenty five years. So he came to
us and he said, what can I do to make
things better? So we did a plan. We analyzed his accounts,
(28:08):
we looked at what he currently has. We showed him
all the fees he's currently paying the risk that he's
taking with his money. And he said, that's not what
I want. And I said, well, are you telling your
advisor your CPA? And he says, we are, but he's
just not listening. He's at least he's basically telling us
what he thinks or what we want to hear.
Speaker 4 (28:27):
But again he's not doing anything about it. So what
do we do?
Speaker 3 (28:29):
We put together a plan to help him. We created buckets,
we created safety, we created opportunities for long term growth.
We talked about liquidity, we talked about tax free money,
we talked about the Maggie Plan, putting together a plan
we can maximize the social security and guess what, he
has an estate plan as well, which he never had
before twenty five years with a CPA, never talked about
(28:52):
estate planning or even leaving the account to avoid probate.
Is that you It doesn't have to be. So pick
up the phone, schedule time to meet with us. Eight
three to three, Maggie tax So.
Speaker 2 (29:02):
Kind of let me wrap this up in a bow here.
Think about this question for a minute. Have you ever
thought about this? Doesn't it take forty years of employment
to create eighty years of income?
Speaker 5 (29:12):
How will you do that and think about that question again.
Speaker 2 (29:14):
You work forty years and then you get the retirement,
like we're talking about with every client that comes in,
how are you going to position the rest of your
life for guaranteed income like you were working. Why do
you have to stress out and worry about the market,
worry about the risk when you can design a plan
like we're talking about bucket planning and many of you
come in and you're shocked when we show it to you.
(29:34):
And then, like Chris said, go back to your CPAM,
your CPA isn't showing you that, or you're broker, then
the question is why, and you have a right to
move that account to where you want. Just remember something
very important, it's your money. Remember it's your money and
you could do whatever you want with it. So visit
my website Maggie tax dot com. Look for the retirement calculator.
(29:55):
Get serious about what your taxes are going to be
in retirement. Put your numbers in there, and and if
you don't want to put the right numbers in it,
put the numbers in anyway. In thirty seconds, we're going
to give you a report back and then give us
a call. Let's go over the whole thing, A three
three Maggie tax.
Speaker 4 (30:09):
And that's just it getting educated.
Speaker 3 (30:11):
Right When we talk about getting educated, when's the last
class you had on all this stuff?
Speaker 4 (30:15):
When's the last time we did a review on all
this stuff? You know? Now is a time? Why?
Speaker 3 (30:19):
Because we're living in turbulent times right now, uncertain times, right,
A lot of confusion, a lot of thoughts, a lot
of rumors.
Speaker 4 (30:27):
What's true? What's not true? Am I right?
Speaker 3 (30:29):
So why don't you protect your money? Why don't you
have a plan? Why don't you put together a bucket strategy?
And we can help. So pick up the phone, schedule
time to meet with us. We have office on both
sides of the bay. Visit our website at Maggie tax
dot com. That's m a Ggi tax dot com. Maggie
tax dot com, A three three Maggie Tax. And don't
forget tune into our TV show every Sunday on ABC
(30:53):
TV at ten thirty am for the Maggie Tax and
Financial Show. We talk about a lot of different things
to educate. You, pick up the phone, schedule a time
to meet with us. Eight three three Maggie Tax. That's
eight three three Maggie.
Speaker 1 (31:05):
Tax, 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
(31:28):
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 3 (31:44):
Welcome back, Thanks for tuning into the Maggie Tax and
Financial Show. And today, Oh my gosh, what a great show.
We're talking about tax diversification, what does that really mean?
Legislative risk, what does that do? Uh, we're talking about.
Speaker 4 (31:55):
The phases of retirement. Oh my gosh.
Speaker 3 (31:58):
You know, we talked about the accumulation phase and the
second phase where you start planning, preparation phase, and then
also the main phase is the distribution phase. So let's
talk about some of the things that prevent someone from
really creating a retirement plan. What causes someone to not
get this going.
Speaker 2 (32:18):
Well, to wrap this up in a nice bow and
make it simple, because there's a lot inside it. Chris
number one procrastination and not understanding how to save. And
we wrote a couple books already stop funding Uncle Sam's retirement.
We wrote a book The Holistic Approach. Why do we
do that because education is so important. I think what
people fail is they don't go and get information that
pertains to them. You have to save something. Saving nothing
(32:42):
is not a retirement plan and start investing monthly. You
can start early, stick to your plan. And when should
you start planning for retirement? Ideally you start saving in
your twenties, when you first leave school and begin earning paychecks.
I know that sounds weird, but that's the truth. That's
because the sooner you begin saving, the more time your
money has to grow. And Chris, you say it all
(33:03):
the time. You don't have this class in high school
or college.
Speaker 3 (33:06):
Now, they don't teach you that, but you know now
is the time to do it. And many people listening
today are way past that. Right, So maybe you should
give a gift of this to your kids or your grandkids.
And the thing that we would talk about is pay
yourself first. We all hear it, but really what does
it mean? So every time you get money, whether you
earn one thousand dollars, take five percent of it or
(33:29):
ten percent of it and put it away before you
deal with the resk. You want to pay taxes, create
a bucket for that. You want to create a bucket
for donations and charity, and then you want to make
sure that you pay your bills right and then whatever's
leftover is you can spend. But some of the key
things is just get going with something.
Speaker 2 (33:45):
Exactly, and let's talk about that. Retirement planning should include
determining the time horizon when do you want to retire?
And many times like when can you retire? Is going
to be the answer. But estimating expenses. How many of
you don't do a budget sheet, Well, we make sure
you do, calculating retired after tax returns and we offer
an after tax statement because you need to know this.
(34:06):
Assessing risk tolerance, this is so huge right now, risk
tolerance and doing a state planning. How many of you
out there do not have an estate plan, a will,
a power of attorney, you know, a healthcare surrogate. Chris,
what is wrong with that.
Speaker 3 (34:20):
My gosh, if you don't just pick up the phone,
schedule time to meet with this because we can help
you as well. My gosh, just making sure that your
accounts a title the right way, making sure that you
have these documents put in place. It's not hard, you
just have to do it. We can help eight three
to three Maggie tax. That's eight three to three maggie tax.
Speaker 2 (34:35):
You know, in continue with that, start planning for retirement.
As soon as you can pick up the phone, give
us a call eight three to three Maggie tax for
a free consultation. You have to sit down and have
a conversation and talk about the advantage of power of compounding.
This is where a lot of people don't even talk
about that. Younger investors can take more risk with their investment,
like my son, he takes risk. For me, No way,
(34:57):
I'm not going to do that because I got to
protect my money because I'm in the distribution phase. You know,
retirement plans evolve through the years. It doesn't happen overnight,
and it means that you meet occasionally, maybe every quarter
or maybe every six months or every year because life happens,
which means portfolio should be rebalanced and the state plans
(35:18):
updated is needed and right now crystal volatility is ridiculous
because we don't know where it's going to go. People
are looking, you know, they lost money. You know the
two thousand and two, two thousand and eight situation, the
COVID situation. Don't let that happen again. If you know
you can fix it. I don't get why people sit down,
Chris and do nothing.
Speaker 5 (35:36):
It really does.
Speaker 4 (35:37):
Well, that's it.
Speaker 3 (35:37):
They're just following the crowd and you don't have to.
And this again, I'm going to say it. You're in
a yoo economy. You're on your own. Don't say or
don't follow the crowd like everyone else and say, well
everyone else lost money, everyone else is down forty percent. No,
it's not true, because you can have accounts. We don't
lose anything. You can actually have accounts make money when
the market's down. We have those accounts. So there's different strategies,
(36:01):
different ways, different objectives moving forward. And you have to
meet with the right advisors. So pick up the phone,
schedule time to meet with us. Planning is so important.
The distribution phase is extremely important. We talked about going
to a specialist. Well, that's what we specialize in doing
the distribution phase. Pick up the phone schedule of time
eight three to three magi tax. We have offers on
(36:22):
both sides of the bay to help you eight three
to three magi tax.
Speaker 2 (36:26):
One thing I want to remind everyone we talk about
legislative risk. Be aware of it because if Congress changes
the rules, then guess what we're all going to be
affected by it. So if someone wants to create a
retirement plan, what do they need to do. There's five
steps for creating the perfect retirement plan. Number one, make
make your portfolio well diversified and invests for long term
(36:48):
Debt reduction is essential. I see so many people I know,
Chris with credit card that we've got to get that down.
Speaker 5 (36:54):
Prepare a budget.
Speaker 2 (36:55):
My goodness, this is so huge for all retirement income
and expenditures. I'll give you a budge sheet and Chris,
we've seen this time and time again.
Speaker 5 (37:02):
Fill it out.
Speaker 2 (37:03):
You will be shocked at what you can do because
you have the budget now. And take into account future
medical expenses. That's a big thing right now, Chris, health insurance,
and make plans for where you will live because things
change right now. You may want a move you may
want to downsize. We see this all the time. But
take advantage of the planning. That's the keyword, the planning,
absolutely so for some key takeaways here. If you're self
(37:26):
employed workers, setting up retirement plan is a do it
yourself job.
Speaker 4 (37:29):
We can help.
Speaker 3 (37:30):
There are four available plans tail it for the self employed,
maybe a four to one K self directed, maybe a
sep IRA, simple ira, or even a KEYO plan. What
about your HSA Health savings plans and traditional and roth
iras are two important areas, and also cash value life insurance.
If you make great money and you have if you're
phased out and you can't put money into a roth
(37:51):
ira or or a traditional ira, then you there are
other options. There's cash balance plans, there's there's other plans
for you to have tax free money in the future.
And that's where you need to go. Especially with the
tax rates. I'm gonna go up. Trump tax cuts expire
in twenty twenty five. They're definitely going up at least
three percent at that point, if not sooner if Congress
(38:13):
makes changes. So pick up the phone, schedule time to
meet with us. You know we enjoy doing we do,
and why because we want to help you. My gosh,
we have a passion to help you reduce your tax,
have more income on a tax favored basis, protect your money,
have investments with us strategy with a purpose, and make
sure everything stays in your family. Eight three three Maggie Tax.
That's a three three Maggie tax, and don't forget. Tune
(38:35):
in every Sunday, ABC TV for the Maggazue.
Speaker 1 (38:38):
You've been listening to.
Speaker 5 (38:39):
The Maggi Tax on FINI eighty three.
Speaker 1 (38:41):
Three Tax Planning Investment Strategy is presented by Robert and
Chris Maggie from Maggie Tax Advisory and Financial Services with
offices in Hillsboro and Panela's County. Visit Maggie Tax dot
com or call eight one three three two two twenty
five twenty. That's eight one three three two two t
five twenty and tune in next Saturday at five for
(39:03):
the Maggie Tax and Financial Hour
All these years you've saved up planning for a secure retirement,
but if you're not careful, it will be the irs
that's living it up when you retire by taxing your
hard earned money. Welcome to the Maggie Tax and Financial
Hour with Robert and Chris Maggie of Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
and tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie
Tax dot com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:53):
Hello everyone, and thanks for joining us today. My name
is Robert Maggie. I'm here with my son and co host,
Chris Maggie. Be sure to visit our website at Maggie
Tax dot com. There's a lot of information on there.
There's a retirement calculator there that we're going to talk
about through today's show to kind of give you an
idea how much you're going to owe Uncle Sam in retirement.
And we've been doing a lot of planning with a
lot of people. So remember we do income planning, we
(01:15):
do tax planning, and we do a state planning. And
here's another thing just to remind everybody before we get
on with the show, if you do not have a
will or a trust or a power of attorney, it's
time to get one. So call eight three to three
Maggie Tax and just visit us online at Maggie Tax
dot com and reach out to us so you know, again,
welcome everyone, thanks for joining us today, and also be
sure every Sunday we have our TV show on ABC
(01:38):
at ten thirty tune in and there's a lot of
information there as well. So we're trying to help everyone
out there. The key to what Chris and I do
is we want to educate you. And for many of
you that have listened to our show and come in
and met with us, it's about education. It's not about
selling you a product or a service. It's about planning
and that's a keyword, planning. So just be sure that
(01:59):
you give us a call eight three to three Magi Tax. So, Chris,
I'm always excited about the show. But we meet a
lot of people every day and we see different situations.
So let's talk about a couple of things and you know,
let me know what's on your mind.
Speaker 3 (02:12):
Well, let's just say welcome everyone and thank you so
much for tuning into the Magi Tax and Financial Showing.
My dad hit a couple of good points here. You know,
education is so important, and what we see each and
every day is people have questions, they have concerns and
they don't know what to do. So when they come in,
you know, I know you have piles of money. You
have statements here and there. Old for one k's an
account here, a CD here, a bank account here. But
(02:33):
guess what, there's so much there to talk about. Think
about the titling of those accounts. Think about what's the
plan with those accounts. You looking to generate income? Are
you looking to get money out from an infected area
of taxes to tax free? Do you want to eliminate
Uncle Sam forever and ever and ever? Well, those things
can be done if you work with the right advisors.
So pick up the phone, schedule time to meet with
(02:54):
us eight three three Maggie Tax, and visit our website
at Maggie tax dot com.
Speaker 2 (02:58):
And one more point I wanted to make for many
of you that have four oh one k's and maybe
you lost your job or you're changing your job, give
us a call so we can show you how to
transfer that into a tax free account with no taxes.
So give us a call eight three to three Maggie Tax.
And we're excited today because we're going to be discussing
a new solution for all of you. It's called the
(03:18):
Retirement Tax Calculator. So just visit our website Maggie Tax
dot com and on the top look for your tax
bill in retirement. Just click on the link. It's going
to take you to a landing page. Just fill in
what your IRA or four oh one K account would
look like in retirement. Because you don't know what kind
of taxes you're going to pay.
Speaker 4 (03:37):
Let's just stop there for a second.
Speaker 3 (03:38):
There's a lot of people out there, maybe they don't
know what we're talking about. But if you have an IRA,
a full one K, a step IRA, four oh three
b A four point fifty seven plan. You have accounts
that what we call are infected with taxes, meaning that
all that money you have in there, guess what, it's
not yours, it's uncle Sam. So with the retirement tax
bill is going to show you how much of that
(04:01):
million dollar IRA you have or three hundred thousand dollars
IRA that you have or four million dollar IRA that
you have, what really is yours and what's Uncle Sam's.
And then when you start doing some planning where we
can keep more in your pocket than given to Uncle Sam.
Speaker 2 (04:17):
Yeah, and I think that's the key because many people,
you know, when they meet with an advisor, they think
they're going to be sold to stock bond of mutual
phone Folks. That's not the way it works, you know, Chris,
and I want to do it from the tax uh standpoint,
because you need to know what taxes are going to
be when you retire or when you take money out
of an IRA four one k and you don't know that,
So don't be afraid on this retirement calculate. It's going
(04:39):
to ask you how much your value is put in
your number, be honest. And then I get the email
it's kind of going to tell you exactly what the
tax is going to be and let's plan from there.
Eight three to three Maggie Tax. Be sure to visit
our website Maggie tax dot com and click on that
link at the top retirement tax bill and we can
help you and get it from there.
Speaker 4 (05:00):
Tax advisor.
Speaker 3 (05:00):
Even your broker or your current advisor's not discussing your
retirement tax bill, then pretty much shame on them. They're
not doing the right service for you. And let's just
be honest. It's the truth. I mean, taxes are our
biggest expense. And if your current advisor says they do
taxes and they don't, then they're lying to you. And
it doesn't matter what kind of relationship you have. But
at the end of the day, you need to get
(05:22):
these answers. And that's what's so important because why because
you're going to be the one that's going to pay
Uncle Sam. It's gonna be less to you and your family.
That's not what you want, especially during retirement.
Speaker 2 (05:32):
Yeah, you know, we just gave you a reason to
meet with us, no cost, no obligation, simple and we
make it very easy to understand. And that's the thing
education is simple to understand. So call eight three three
Maggie Tax. Let's set a free consultation and explain to
you what your retirement tax bill is going to look like,
and it will show what your required minimum distribution. Here's
(05:55):
the best part of this, Chris, what you recording and
distribution is going to be at seventy two. So if
you're not seventy two yet and you look at the
tax deferred account grow, what happens? It grows, Chris, it
grows tax deferred. But then what happens when they get
to seventy two, Well, you have to take a distribution
and you have to take it. If you don't take it,
there's a fifty percent penalty for not taking it. So
(06:15):
you need to be aware. You know, many people have
different qualified accounts. Maybe you have an IRA here for
one K there, maybe another iray you know from an
old employer. So when you look at this these accounts,
you have to figure out how to calculate that required
minimum distribution because if you just take it and you're
not taken enough, guess what, there's a fifty percent penalty
(06:36):
for not taking it. Plus it's taxable. So make sure
that this is calculated the right way, and on the
calculator it shows you one what your taxes are going
to be.
Speaker 3 (06:46):
And also too is a great point. I'm going to
show you every year what your require minimum distribution number
has to be. So pick up the phone, schedule time
to meet with us. Let's get together. You know, this
is your money, this is your retirement. You don't want
to mess this up. You want to do it the
right way.
Speaker 4 (07:01):
So pick up the phone. Schedule time eight three to three, Maggie.
Speaker 5 (07:04):
Tax Chris. Here's the thing.
Speaker 2 (07:06):
People come in and we ask them, how can we
help you? Well, I want to reduce my taxes and
I want to be sure I have enough money in
retirement that I pay the least amount of taxes. But
that's not true because when people come in and we
ask them that question and they say, well, guys, I
want to reduce my taxes, when we get to the
end of the line, they still can't make a decision
to reduce their taxes, even though we show them exactly
(07:28):
what's going to happen. You know, then we can start
making plans to minimize taxes. We had a gentleman come in. Okay,
he's a millionaire, and we asked him the question how
much do you want in retirement? And he couldn't give
us an answer. So how do we back it up?
What are you getting now? We're getting ten thousand a month,
and we showed him he can still get them ten
thousand a month, but we showed them away where he
(07:49):
can get it and pay no tax at all.
Speaker 3 (07:51):
Chris, So think about that one hundred and twenty thousand
dollars of income. But the way we put this together,
he pays no tax. His Social Security won't be taxed.
You can stand to the threshold income and guess what
he has income for the rest of his life and
paying no tax. So he's an environment right now where
he eliminated Uncle Sam forever and ever. So if that's
(08:13):
what you want, we could do the same thing for you.
Pick up the phone, schedule time to meet with us.
Let's get together. Visit our website at Maggie tax dot com.
That's m A G G I T a X dot com.
We have office on both sides of the bay to
help you. You know, this is uh, this is about
your retirement. You know you work so hard, you know,
especially now we see things happening in the in the
country and the economy. And you know what do you
(08:35):
want to do? Do you want to be you want
to fall victim to those things or you want to
be on the other side of those things where you're
in control. You can do it. Pick up the phone,
schedule time to meet with us. Eight three three Maggie Tax.
Speaker 5 (08:45):
And one more thing, Chris.
Speaker 2 (08:46):
This is called legislature risk because Congress can change the
rules anytime they want because it's written in pencil, so
no matter what happens coming up. But I can tell
you that Trump tax cuts expire, they're going to go
up at least three percent. But then think about what
Chris just said. Inflation. You know taxes are going to
go up. Do you understand what's going to happen to
your retirement? You think you have a million dollars or
(09:08):
five hundred thousand, guess what you got?
Speaker 5 (09:10):
You got a lot less. So start planning. We take
it seriously.
Speaker 2 (09:13):
We want you to take it serious as well, So
be careful what you ask for because if you want
to reduce taxes, we can show you how. Eight three
to three Maggie Tax. Please visit my website Maggie tax
dot com. On the top of the website. You'll see
retirement calculator.
Speaker 5 (09:28):
Click on it. It's going to take you to a page.
Speaker 2 (09:30):
It's pretty simple to fill out and then we get
an email and we can go from there. Folks, have something,
have a map, have a plan. That's what it's all about. Planning, Chris,
you can't get anywhere without a plan.
Speaker 3 (09:41):
That's exactly right. And you know, my dad mentioned one
thing about legislative risk. That means that the laws can change.
The laws can change with taxes, laws can change with
how much can put away each and every year in
retirement account in your form of KY. But guess what
will never change. When you eliminate Uncle Sam forever and
ever and ever, he can't go back and make that tax.
So think about this. If you have iras that are
(10:02):
infected with taxes, and you have a tax problem where
you just have tons of money that's just earmarked for taxes,
you have to do something about it. So pick up
the phone, schedule a time to meet with us. Meet
with us, let's get together. You need a tax plan,
an investment plan, an income plan, and a state plan.
That's what we do. It's called the Maggie Plan. Income planning,
(10:23):
Tax planning, social security maximization planning, investment planning. That's what
we do. Eight three to three Maggie Tax.
Speaker 2 (10:30):
So be sure to visit our website, Maggie Tax dot Com.
I can't emphasize that enough. Retirement tax bill up top
for everyone. Click on it and let's see what it does,
and let's get together, let's explain it to you. Let's
show you how to reduce your taxes. Eight three to
three Maggie Tax, and don't forget. Every Sunday at ten
thirty on ABC TV, watch the Maggie Tax and Financial
(10:50):
Show Maggie Tax dot Com.
Speaker 5 (10:52):
Eight three to three Maggie Tax.
Speaker 1 (10:57):
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
Maggi tax dot com. Or call eight one three three
(11:19):
two two twenty five twenty. That's eight one three three
two two twenty five twenty. Now your host for the
Maggie Tax and Financial Hour, Father and Son from Maggie
Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 2 (11:35):
Welcome back, everyone, and thanks for joining us today. We
were just talking about our divisions and we're going to
continue with that. We just talked about the financial division
and just to recap about iras and managing risk and
income planning, social security planning.
Speaker 5 (11:48):
So if you're not focused on that, come in. We'll
talk about that.
Speaker 2 (11:52):
So, Chris, let's talk about the second division that we have,
which I think is pretty much for everybody, the tax division.
We do individual tax preparation, we do corporations, we do
business owners. And one thing about business owners, I want
to just mention, if you're not planning for retirement, then
now is the time to start doing that because there's
a lot of things you can do now to plan
(12:13):
for retirement. Maybe you want to sell your business or
something and you don't know, you know what kind of
game you're going to have. How do you position that
and we can help you with that. Talk about trust
and you know, big people. A lot of people ask
us about gift tax. These are things that are tax
planning issues. And when it comes to advanced tax planning, Chris,
we've been trained for a long, long time on doing
tax planning, and we've helped a lot of people understand
(12:35):
because the tax code or the tax book is about
seventy thousand pages. Do you folks know what's in it?
And I'm not sure the CPA is and even IRS
knows what's in it, to be honest with you, But
you want to make it simple. Individual businesses, we can help.
Let's just say, you know, let's let's make it very simple.
Taxes are our biggest expense and they're going to get worse.
(12:55):
And what's going to happen is you're going to pay
more in taxes. Think about what you do you pay
else tax Now you know, we're in a state that
there's no state tax, which is great, but we pay
federal taxes. There's taxes every which way, right, so we
see it. But it's going to get to the point
where we just keep paying and paying and paying. So
what do you keep right? So tax planning is so crucial.
(13:16):
If you're not working with the right advisor because they
don't talk about taxes, then what are you doing? You're
really missing the boat because you're missing a key component
in your retirement, in your future life because now you're
letting go of more income that you can keep if
you just know how. So pick up the phone and
schedule time to meet with us tax planning. If you're
not getting a tax analysis, and if your current advisor
(13:38):
is not even talking about taxes, or you have no
idea how they are relating to one another, which they do,
because your investment advisor could be causing you to pay
more in taxes. We see this each and every day
when we do look at the tax return, you know,
we look at when people come in. We say, well,
why'd you take out forty thousand from your IRA? Well
I needed some money. Well you didn't have to do that,
(13:58):
you could have took it from another. These are some
of the things that we talk about. We see and
we want to make sure that you understand. So pick
up the phone, schedule time to meet with us. Our
tax division is so important. We take a tax approach
and whatever we do to help you. So one thing, Chris,
that we offer everyone out there is an after tax statement.
And when I ask clients what's your after tax statement?
(14:18):
They look at me confused, But when do you want
the irs to get their taxes? And remember, everyone out there,
mostly everyone I take that back, have to pay taxes.
But when you have a qualified account like an IRA
four to one K four three B, you've been told
you could save on a deferred basis and let it grow,
let it grow to age seventy two, and then you
(14:40):
have to take out money. But then when you take
it out, what's your tax situation. So strategically, what we
try to help people is roll the money out over
time so you're in the lowest tax bracket to pay
the lowest amount of tax, and then put it into
a tax free account Chris where.
Speaker 5 (14:56):
There is no tax.
Speaker 2 (14:57):
And time and time again we see clients not on
this that, and they go, how do we do that?
Because from a tax tax statement that we get from you,
we can show you. We can show you how it's
going to progress, and then you can decide how much
tax do you want to pay? So when do you
want to pay the irs because you owe them taxes,
and we can show you a way to pay the
taxes now before the Trump tax cuts expire and then
(15:19):
you get an increase of thirty percent.
Speaker 5 (15:20):
It doesn't make sense, Chris, Well.
Speaker 3 (15:22):
That's just say you know, tax planning, so you want
to have future income let's make it simple. If you
have accounts that you've saved for for so many years
and they're all what we call infective with taxes, then
pretty much you're strapped because every dollar you take out
of that account or those accounts, Uncle Sam is going
to get paid. And the thing about it is it's
a question mark tax rate. You don't know what it's
(15:43):
going to be. It could be higher, it could be
much higher, it could be lower, but most of the
time we think it's going to be higher because with
all the debt and the things they're doing. So think
about this, They need tax money. So what if you
can position yourself for tax free buckets of money? Now,
could you transfer all your money to a tax free environment?
You sure can, has got to pay to get there,
(16:04):
and we can show you what that looks like and
what that number is going to be. But eventually, as
my dad mentioned before, strategic planning or strategic rollouts, let's
do it over time to stay under the threshold income
of the tax brackets, so you're in control. So we're
talking about here is having a strategy. And if you
don't have a strategy, pick up the phone, schedule time
(16:25):
to meet with us. Right, that's what we do. We
do this each and every day. And we understand the
tax codes. We understand how you can roll out money.
We understand the next tax brackets. I mean you need
to understand this. We can make it very simple for
you when we will, when you come in and meet
with us eight three to three Maggie.
Speaker 5 (16:42):
Tax, and think about this. Your retirement assets.
Speaker 2 (16:44):
They're under attack from taxes and legislative risk, and we
can help get the new Holistic plan and get the
Maggi Plan.
Speaker 5 (16:51):
But I mentioned legislative risk. What does that mean.
Speaker 2 (16:54):
What it means is they can change the rules anytime,
and they do and they will. So buy out the
IRS and eliminate the tax risk today. Let irs get
what they are supposed to get now at the lowest
amount rate now when taxes are low. Get Holistic plan
and get the Maggi Plan, and let's eliminate the risk
and mitigate tax risk. Take action today, give us a
(17:16):
call eight three to three Maggie Tax and protect your retirement.
Get a self what Chris talked about before, write this down,
get a self completing plan and get the new Holistic plan.
Speaker 5 (17:26):
Get the Maggie Plan.
Speaker 4 (17:27):
That's just it.
Speaker 3 (17:28):
You know, the transactional accounts and accounts everywhere. People are confused.
They have no idea how to access the funds inside
of those accounts. And again, is it going to cause
a taxable event or is it not? Are you gonna
get a ten nine to nine at the end of
the year and you really just don't know what to
do with it because you could have avoided it. Those
things we're talking about. So when it comes to retirement,
(17:50):
the tax code is written in pencil, So what are
you doing about it? You know it comes to retirement,
the IRS is your silent partner, especially in your form
on K, your IRA, and you have no protection. So
it's time to take back the ownership. And that's what
we're going to do here. So visit our website at
Maggi tax dot com schedule time to meet with us.
Tax planning, tax preparation, income planning, designing a plan for
(18:13):
you for guaranteed income for life, investment planning, making sure
you're allocated in the right buckets of money with the
right risk. What about leveraging your money tax free? Do
your beneficiaries? How do you go about doing that? We
can show you a tax free plan that's what we
do here at Maggie Tax Advisor and Financial Group. It's
an option that many people are looking for, they just
don't know where to get it. Pick up the phone,
(18:34):
schedule time to meet with us eight three to three
Magi Tax. All of us have a mandatory tax bill.
Do you know what your optional tax bill is? No
one wants to pay mandatory taxes. Why should you so?
Pick up the phone, schedule the time to meet with
us eight three to three Maggie Tax. That's eight three
to three Maggie Tax. And visit our website Magi tax
(18:54):
dot com. There's so much information right there to educate you.
That's what it's about. Education three three Maggie Tax.
Speaker 1 (19:02):
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
Maggi Tax dot com. Or call eight one three three
(19:25):
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 (19:40):
Welcome back and you're listening to the Maggie Tax and
Financial Show. We've been talking about tax planning and tax strategies.
I'm going to discuss a retirement concept that we use.
In a minute, visit our website Maggie Tax dot com,
click on the retirement calculator and in thirty seconds, let's
see what your retirement tax bill is going to be.
Speaker 5 (19:57):
And don't forget.
Speaker 2 (19:57):
Every Sunday on ABC at ten thirty, listen and watch
the Maggie Tax and Financial Show. So, Chris, the question
comes out, will Congress's new tax and spending bill impact
you now and in retirement? And the Senate passed the
Inflation Reduction Act. It includes four hundred and fifty billion
in new taxes. So what does this mean for all
of you? So with the current administration in the White House,
(20:18):
you need to act fast. You have to do some
tax planning now and make protecting what she was a
top priority. So let's talk about a retirement income strategy
that we use with a lot of clients.
Speaker 3 (20:28):
So one of the strategies my dad's talking about is
bucket planning. And if you're not doing bucket planning, your
advisors not talking about bucket planning, you're missing the boat.
I'll tell you why, because every account that you have
should have a purpose. You know, most advisors just get
the money and they just invest it into maybe cookie
cutter different types of products or investment plans or just
(20:50):
different strategies that are pretty much the same for everybody.
And that's not what we do here. Every account that
you have has a specific purpose, and we tailor the
retirement plan to you and to your needs. And that's
what makes us very different. And on top of being
a fiduciary, we do the best thing for you, but
we do complete planning, so income planning, tax planning, investment planning,
(21:12):
is state planning. And one of the strategies, as I
mentioned before, bucket planning, and it's a strategy that diversifies
across different types of assets, tax diversification and also income strategies.
So when we talk about bucket planning, there are taxable accounts,
there's tax later accounts, and there's also accounts that are
tax now accounts. So when we look at tax planning.
(21:32):
We're also looking at investment planning, We're also looking at
income planning. We all want to tie this all these
together because when we put together the right bucket, we
can have income on a tax favored basis and pay
less tax We can have other buckets of money growing
on a tax deferred basis or even a tax free basis,
where you can have money coming in for guaranteeing and
(21:52):
for the rest of your life.
Speaker 2 (21:53):
So one of the reasons to put money into a
tax deferred retirement account is because you believe that your
taxes will be low after you're retired, and that's not true,
so you may be earning less money. You should still
think carefully about whether you're likely to pay less taxes
in retirement. And if you have doubts or if you
want the financial peace of mind that comes with knowing
your withdrawals will be tax free, then talk to us
(22:16):
about the retirement plan. Because what Chris is talking about,
and a good example is the biggest question we ask
people is how much money do you need now? And
then Chris, that's always a question like I don't know, well,
here's what you need to do. How much do you
need per month? To pay all your bills and put
your feet on the ground, whatever number that is. That's
where we start with the bucket planning, because you want
to put money maybe for ten years to cover that,
(22:38):
and then in the second bucket tax later, and the
third bucket that's going to be taxed never. That's what
we're talking about the retirement calculator. So what you need
to do is come in and talk about the bucket planning.
Speaker 5 (22:50):
Am I right or wrong? Absolutely?
Speaker 4 (22:52):
I mean have an example.
Speaker 3 (22:52):
We got a client that came in last week at
one point three million dollars in is IRA. So it
came to us and says, I want to retire in
two years.
Speaker 4 (22:58):
What do I do?
Speaker 3 (23:00):
He's sixty two years old and he has no planning,
no one managing his money currently in his Form one K,
but he's got a nice chunk of money in his
four one K. So what we did was and a
lot of people out there probably just don't know. If
you have a four one K or a thrift savings
plan and you're over age fifty nine and a half,
you could do what they call an age base withdraw.
You can separate your money from a four one K
(23:21):
roll it over to an IRA and pay no tax.
Now why would you do that? One You can create buckets.
You can create investment accounts with the purpose, whether it's
for income in the future, whether it's for growth, whether
it's for inflation, whatever it is. But while you're doing that,
you keep your four one K open, so you keep contributing,
you keep matching. But now you separated the money into
(23:42):
different buckets bucket planning, and that's what we did. So
he said, hey, I want to retire in a couple
of years. So I looked at social Security for him
and his wife, and he was four thousand dollars short
of the amount of money they need in retirement.
Speaker 4 (23:54):
So what do we do.
Speaker 3 (23:56):
We created the first bucket. We put four hundred and
eighty thousand dollars in the bucket number one. Let it
grow for a couple of years, and when he retires,
he can turn that on for the next ten years
guaranteed income of four thousand dollars a month of forty
eight thousand dollars a year of income coming in the
front door, plus his social Security. He was blown away.
So we said, what do you do with the remaining
(24:16):
amount of money?
Speaker 4 (24:17):
No problem.
Speaker 3 (24:18):
What we did was we create his own family pension.
Bucket number two we created. We put three hundred thousand
dollars in bucket number two. So in ten years, when
the first bucket goes down to zero, well, bucket two
and bucket three are growing. So guess what in year
eleven we turn on bucket number two for guaranteed income
for the rest of his life. We put together strategy
(24:39):
create his own pension plan guaranteed income so he'll never
outlive his money. So what do we do. We just
put a relief on his whole mind and his plan
because now he knows that he has income for life.
We solve the income plan for him. Now he said,
what do I do with the rest? Well, it's up
to him. We talked about, hey, let's put this into
(25:01):
some buckets where you have safety. On the downside, we
can have some growth opportunities. In the upside, we can
play over time. That's called later money. We can have
some fun with this money because we don't depend on it.
It's pretty much later money, if not maybe even never
money that he's ever going to touch. But he said
to us, well, can I do something even better? And
then we said, well, how come or what if you
(25:23):
want tax free income, And he said, how do I
go about doing that? So that's what we talked about.
How to roll out his money. We took the remaining
amount of bucket and did a strategic rollout. We got
money out of an account that's infected with taxes into
a tax free account. And Dad, what does that look
like for him and his family in the future.
Speaker 2 (25:42):
Well, it's an AHA moment and it basically like you
said it before, it's a relief because now they don't
have to worry about income, they're not worried about the risk.
They took risk off the table, and they have lowered
their taxes. So here's my question to all of you.
Is there someone at the Internal Revenue Service that you
are so madly in love with that you want to
leave them a whole bunch of your money? Come on,
give me a break. No, but you have to do
(26:04):
something about it. And where is it written in finance
that you have to lose thirty to fifty or even
seventy percent? And think about two thousand and one. In
two thousand and eight, Chris, how many people came to
that date and wanted to retire and then the market
went down because they had no tax planning, they had
no income planning, and basically they had no bucket planning.
Are we making sense right now to all of you?
(26:24):
Because please give us a call we'll show you this.
Eight three three, Maggie.
Speaker 3 (26:28):
Tex Now you're so right, and we're so passionate about
this because why because just now he can go to work,
he can retire whenever he wants.
Speaker 4 (26:36):
He's in total control.
Speaker 3 (26:38):
He doesn't have to fall victim to all the speculation
out there, or if the market turns twenty to thirty
forty percent on the downside, he doesn't have to be
one of those victims that said, well everyone lost money,
you don't have to be there. So that's the question
we have for you. Where is it written that you
have to lose when everyone loses, you don't have to.
If you work with a broker or you work with
(26:59):
a transaction advisor, then maybe your stock, but you don't
have to. That's why you pick up the phone, schedule
time to meet with us, work with a complete planner,
work with an investment advisor representative who's a fiduciary. It's
the best thing for you. Why, Because you deserve a plan,
You deserve to create these buckets. We're talking about bucket planning.
If your advisor is not doing bucket planning, then pick
(27:19):
up the phone, schedule time to meet with us. A
three three Maggie Techs.
Speaker 5 (27:23):
So here's another question for all of you out there.
Speaker 2 (27:25):
Do you have enough confidence in your current advisor to
get a second opinion? And we've had clients come in
that even spoke to their CPA, and when they came
in they told.
Speaker 5 (27:34):
Us, well, gee, my CPA never told us that.
Speaker 2 (27:37):
And this is an important issue because you're not locked
into that one advisor. Get a second opinion because your
first advisor can't give you a second.
Speaker 3 (27:45):
Well, you mentioned the CPA. You give a quick example.
We had a client two months ago came in twenty
five years with their CPA. Guess what the CPA sold
them transactional products, a variable annuity, a class AM mutual fund,
loads fees. Oh my gosh, no manager. But guess what
he's with him twenty five years. So he came to
us and he said, what can I do to make
things better? So we did a plan. We analyzed his accounts,
(28:08):
we looked at what he currently has. We showed him
all the fees he's currently paying the risk that he's
taking with his money. And he said, that's not what
I want. And I said, well, are you telling your
advisor your CPA? And he says, we are, but he's
just not listening. He's at least he's basically telling us
what he thinks or what we want to hear.
Speaker 4 (28:27):
But again he's not doing anything about it. So what
do we do?
Speaker 3 (28:29):
We put together a plan to help him. We created buckets,
we created safety, we created opportunities for long term growth.
We talked about liquidity, we talked about tax free money,
we talked about the Maggie Plan, putting together a plan
we can maximize the social security and guess what, he
has an estate plan as well, which he never had
before twenty five years with a CPA, never talked about
(28:52):
estate planning or even leaving the account to avoid probate.
Is that you It doesn't have to be. So pick
up the phone, schedule time to meet with us. Eight
three to three, Maggie tax So.
Speaker 2 (29:02):
Kind of let me wrap this up in a bow here.
Think about this question for a minute. Have you ever
thought about this? Doesn't it take forty years of employment
to create eighty years of income?
Speaker 5 (29:12):
How will you do that and think about that question again.
Speaker 2 (29:14):
You work forty years and then you get the retirement,
like we're talking about with every client that comes in,
how are you going to position the rest of your
life for guaranteed income like you were working. Why do
you have to stress out and worry about the market,
worry about the risk when you can design a plan
like we're talking about bucket planning and many of you
come in and you're shocked when we show it to you.
(29:34):
And then, like Chris said, go back to your CPAM,
your CPA isn't showing you that, or you're broker, then
the question is why, and you have a right to
move that account to where you want. Just remember something
very important, it's your money. Remember it's your money and
you could do whatever you want with it. So visit
my website Maggie tax dot com. Look for the retirement calculator.
(29:55):
Get serious about what your taxes are going to be
in retirement. Put your numbers in there, and and if
you don't want to put the right numbers in it,
put the numbers in anyway. In thirty seconds, we're going
to give you a report back and then give us
a call. Let's go over the whole thing, A three
three Maggie tax.
Speaker 4 (30:09):
And that's just it getting educated.
Speaker 3 (30:11):
Right When we talk about getting educated, when's the last
class you had on all this stuff?
Speaker 4 (30:15):
When's the last time we did a review on all
this stuff? You know? Now is a time? Why?
Speaker 3 (30:19):
Because we're living in turbulent times right now, uncertain times, right,
A lot of confusion, a lot of thoughts, a lot
of rumors.
Speaker 4 (30:27):
What's true? What's not true? Am I right?
Speaker 3 (30:29):
So why don't you protect your money? Why don't you
have a plan? Why don't you put together a bucket strategy?
And we can help. So pick up the phone, schedule
time to meet with us. We have office on both
sides of the bay. Visit our website at Maggie tax
dot com. That's m a Ggi tax dot com. Maggie
tax dot com, A three three Maggie Tax. And don't
forget tune into our TV show every Sunday on ABC
(30:53):
TV at ten thirty am for the Maggie Tax and
Financial Show. We talk about a lot of different things
to educate. You, pick up the phone, schedule a time
to meet with us. Eight three three Maggie Tax. That's
eight three three Maggie.
Speaker 1 (31:05):
Tax, 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
(31:28):
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 3 (31:44):
Welcome back, Thanks for tuning into the Maggie Tax and
Financial Show. And today, Oh my gosh, what a great show.
We're talking about tax diversification, what does that really mean?
Legislative risk, what does that do? Uh, we're talking about.
Speaker 4 (31:55):
The phases of retirement. Oh my gosh.
Speaker 3 (31:58):
You know, we talked about the accumulation phase and the
second phase where you start planning, preparation phase, and then
also the main phase is the distribution phase. So let's
talk about some of the things that prevent someone from
really creating a retirement plan. What causes someone to not
get this going.
Speaker 2 (32:18):
Well, to wrap this up in a nice bow and
make it simple, because there's a lot inside it. Chris
number one procrastination and not understanding how to save. And
we wrote a couple books already stop funding Uncle Sam's retirement.
We wrote a book The Holistic Approach. Why do we
do that because education is so important. I think what
people fail is they don't go and get information that
pertains to them. You have to save something. Saving nothing
(32:42):
is not a retirement plan and start investing monthly. You
can start early, stick to your plan. And when should
you start planning for retirement? Ideally you start saving in
your twenties, when you first leave school and begin earning paychecks.
I know that sounds weird, but that's the truth. That's
because the sooner you begin saving, the more time your
money has to grow. And Chris, you say it all
(33:03):
the time. You don't have this class in high school
or college.
Speaker 3 (33:06):
Now, they don't teach you that, but you know now
is the time to do it. And many people listening
today are way past that. Right, So maybe you should
give a gift of this to your kids or your grandkids.
And the thing that we would talk about is pay
yourself first. We all hear it, but really what does
it mean? So every time you get money, whether you
earn one thousand dollars, take five percent of it or
(33:29):
ten percent of it and put it away before you
deal with the resk. You want to pay taxes, create
a bucket for that. You want to create a bucket
for donations and charity, and then you want to make
sure that you pay your bills right and then whatever's
leftover is you can spend. But some of the key
things is just get going with something.
Speaker 2 (33:45):
Exactly, and let's talk about that. Retirement planning should include
determining the time horizon when do you want to retire?
And many times like when can you retire? Is going
to be the answer. But estimating expenses. How many of
you don't do a budget sheet, Well, we make sure
you do, calculating retired after tax returns and we offer
an after tax statement because you need to know this.
(34:06):
Assessing risk tolerance, this is so huge right now, risk
tolerance and doing a state planning. How many of you
out there do not have an estate plan, a will,
a power of attorney, you know, a healthcare surrogate. Chris,
what is wrong with that.
Speaker 3 (34:20):
My gosh, if you don't just pick up the phone,
schedule time to meet with this because we can help
you as well. My gosh, just making sure that your
accounts a title the right way, making sure that you
have these documents put in place. It's not hard, you
just have to do it. We can help eight three
to three Maggie tax. That's eight three to three maggie tax.
Speaker 2 (34:35):
You know, in continue with that, start planning for retirement.
As soon as you can pick up the phone, give
us a call eight three to three Maggie tax for
a free consultation. You have to sit down and have
a conversation and talk about the advantage of power of compounding.
This is where a lot of people don't even talk
about that. Younger investors can take more risk with their investment,
like my son, he takes risk. For me, No way,
(34:57):
I'm not going to do that because I got to
protect my money because I'm in the distribution phase. You know,
retirement plans evolve through the years. It doesn't happen overnight,
and it means that you meet occasionally, maybe every quarter
or maybe every six months or every year because life happens,
which means portfolio should be rebalanced and the state plans
(35:18):
updated is needed and right now crystal volatility is ridiculous
because we don't know where it's going to go. People
are looking, you know, they lost money. You know the
two thousand and two, two thousand and eight situation, the
COVID situation. Don't let that happen again. If you know
you can fix it. I don't get why people sit down,
Chris and do nothing.
Speaker 5 (35:36):
It really does.
Speaker 4 (35:37):
Well, that's it.
Speaker 3 (35:37):
They're just following the crowd and you don't have to.
And this again, I'm going to say it. You're in
a yoo economy. You're on your own. Don't say or
don't follow the crowd like everyone else and say, well
everyone else lost money, everyone else is down forty percent. No,
it's not true, because you can have accounts. We don't
lose anything. You can actually have accounts make money when
the market's down. We have those accounts. So there's different strategies,
(36:01):
different ways, different objectives moving forward. And you have to
meet with the right advisors. So pick up the phone,
schedule time to meet with us. Planning is so important.
The distribution phase is extremely important. We talked about going
to a specialist. Well, that's what we specialize in doing
the distribution phase. Pick up the phone schedule of time
eight three to three magi tax. We have offers on
(36:22):
both sides of the bay to help you eight three
to three magi tax.
Speaker 2 (36:26):
One thing I want to remind everyone we talk about
legislative risk. Be aware of it because if Congress changes
the rules, then guess what we're all going to be
affected by it. So if someone wants to create a
retirement plan, what do they need to do. There's five
steps for creating the perfect retirement plan. Number one, make
make your portfolio well diversified and invests for long term
(36:48):
Debt reduction is essential. I see so many people I know,
Chris with credit card that we've got to get that down.
Speaker 5 (36:54):
Prepare a budget.
Speaker 2 (36:55):
My goodness, this is so huge for all retirement income
and expenditures. I'll give you a budge sheet and Chris,
we've seen this time and time again.
Speaker 5 (37:02):
Fill it out.
Speaker 2 (37:03):
You will be shocked at what you can do because
you have the budget now. And take into account future
medical expenses. That's a big thing right now, Chris, health insurance,
and make plans for where you will live because things
change right now. You may want a move you may
want to downsize. We see this all the time. But
take advantage of the planning. That's the keyword, the planning,
absolutely so for some key takeaways here. If you're self
(37:26):
employed workers, setting up retirement plan is a do it
yourself job.
Speaker 4 (37:29):
We can help.
Speaker 3 (37:30):
There are four available plans tail it for the self employed,
maybe a four to one K self directed, maybe a
sep IRA, simple ira, or even a KEYO plan. What
about your HSA Health savings plans and traditional and roth
iras are two important areas, and also cash value life insurance.
If you make great money and you have if you're
phased out and you can't put money into a roth
(37:51):
ira or or a traditional ira, then you there are
other options. There's cash balance plans, there's there's other plans
for you to have tax free money in the future.
And that's where you need to go. Especially with the
tax rates. I'm gonna go up. Trump tax cuts expire
in twenty twenty five. They're definitely going up at least
three percent at that point, if not sooner if Congress
(38:13):
makes changes. So pick up the phone, schedule time to
meet with us. You know we enjoy doing we do,
and why because we want to help you. My gosh,
we have a passion to help you reduce your tax,
have more income on a tax favored basis, protect your money,
have investments with us strategy with a purpose, and make
sure everything stays in your family. Eight three three Maggie Tax.
That's a three three Maggie tax, and don't forget. Tune
(38:35):
in every Sunday, ABC TV for the Maggazue.
Speaker 1 (38:38):
You've been listening to.
Speaker 5 (38:39):
The Maggi Tax on FINI eighty three.
Speaker 1 (38:41):
Three Tax Planning Investment Strategy is presented by Robert and
Chris Maggie from Maggie Tax Advisory and Financial Services with
offices in Hillsboro and Panela's County. Visit Maggie Tax dot
com or call eight one three three two two twenty
five twenty. That's eight one three three two two t
five twenty and tune in next Saturday at five for
(39:03):
the Maggie Tax and Financial Hour
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