Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
All these years you've saved up planning for a secure retirement,
but if you're not careful, it will be the irs
that's living it up when you retire by taxing your
hard earned money. Welcome to the Maggie Tax and Financial
Hour with Robert and Chris Maggie of Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
in tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie
Tax dot Com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:53):
Welcome everyone, and thanks for joining us today. My name
is Robert Maggie and I'm here with my son and
co host, Chris Maggie. Visit our website, Maggie Tax dot Com.
There's a lot of information there. Click on the retirement
calculator if you have an IRA or a four to
one K, take a look and see what your retirement
tax bill is going to be. And then come in
and let's do some tax planning. Let's do some income planning,
investment planning, insurance planning, and let's talk about the Maggie plan.
(01:16):
Visit Maggie tax dot com. Well, give us a call
eight three to three Maggie Tax. So, Chris, we're getting
a lot of questions about Roth conversions. Some people are
doing it wrong, some people are getting the wrong information.
And as you know, and as everybody else out there knows,
we specialize in tax planning. So let's talk about Roth
conversions today.
Speaker 3 (01:34):
Absolutely, so welcome everyone. I'm Chris Maggie. Thank you so
much for tuning into the show. And that's correct. Wroth
conversions many people talk about. Many advisors talk about it,
but they don't complete the story because they don't tell
you what the tax menification is going to be. You
go to your tax for pair and they go ahead
and just do your tax return. But again, how much
should you convert? So a lot of things you need
(01:56):
to be aware of when you do convert it's not
just whatever and one should do Some people should do it,
some people should not. So that's why it's so important
to work with the right advisor who understands investments and
income planning and tax planning because if you do it
the wrong way, you're going to get this tax bill
that you owe thousands of thousands of dollars for taxes.
And it doesn't have to be that way, So you
(02:17):
don't want to be surprised. And that's what we want
to talk about today. Is a roth conversion right for you?
Should you do it? And those are things that many
people have questions on. So visit our website at Maggie
tax dot com, pick up the phone, schedule time to
meet with us eight three three Magi Tax Maggi tax
dot com for more information and we can help you.
Speaker 2 (02:36):
And one of the things that we do that other
advisors do not do is we do it from a
tax return. So if you're thinking of a rough conversion,
don't just go to your tax guy and convert the
money and then pay the big tax. Do it strategically
and have a plan. Here's the question, is it tax
season right now? Chris?
Speaker 3 (02:51):
It's always tax season in our eyes, because taxes are
our biggest expense and you need to always make sure
that you are aware of the tax liability.
Speaker 2 (03:00):
And the reason why I asked that question because in
Maggie Tax, it's tax season all year round. So it's
not just up to April fifteenth, or October or September,
whatever the extensions are. It's all year round, and right
now I think most of you out there are concerned
about if taxes go up. The question is taxes are
going to go up, how is it going to affect you,
whether whether you have an IRA or four to oh
(03:20):
one k. That's why we offer the retirement calculator. We
do advanced tax planning. So now is the time to
call eight three to three Maggie Tax. Right now I
have operators standing by eight three to three Magi Tax.
Let the operator know that this is urgent and just
tell them tax planning at eight three to three Maggie Tax.
I don't care how big your IRA or four to
(03:41):
oh one K is. Folks, you have a deferred account
that you have not paid taxes on. So strategically, no
matter what age you are, whether you be fifty to
fifty five or sixty or even seventy You're going to
pay an unknown tax and that's the problem I think
that most investors have. Most investors hate taxes, but honestly,
when you joy the challenge of minimizing taxes over the
(04:02):
long term. So why is tax planning is an essential
element in smart investing? Chris? Is that play a big
part in many of the clients that we see, Well,
they just committed to buy a stock bond on mutual fund.
Speaker 4 (04:14):
Well that's it.
Speaker 3 (04:15):
You know, you want to make sure you do complete
planning and get Let's talk about some examples here, right,
So about three years ago at a client came in
had three hundred thousand dollars of their IRA money. So
what do we do. We looked at their tax return
and he was receiving Social Security. He had a pension
and then marriage so she was getting sold security as well.
So they had three income streams. They were getting about
five thousand dollars a month of income, very satisfied covered
(04:36):
their need. But they had three hundred thousand dollars of
IRA money. So this account is fully infected with taxes.
And he said to me, he said, what do we
need to do to get this money out? In the
most tax efficient way. So he's thought about it. He said, well,
let's just rip off the band aid and let's go
ahead and pay the tax. So I ran a couple
of different mock returns and I showed him, let's go
ahead and just take the three hundred thousand added to
(04:57):
a solid security his pension, and this what your tax
liability's going to be. So he sat back and it
was kind of sticker shocked, and he said, I don't
want to do that, and I said, you don't have to.
Let's run some more. So what I did was do
some strategic planning. And what we did was we took
out thirty thousand dollars a year for the next seven years.
(05:18):
Is a plan was what it was supposed to be,
and we did and Ron still pays to do it.
But over the past three years, he has paid tax
on thirty thousand dollars of conversion. And again he's only
in the eight percent effective tax bracket on that amount
of money. So he's taken money out of a taxable
environment and converting it to a tax free environment.
Speaker 2 (05:39):
So over the.
Speaker 3 (05:40):
Past three years now he's got eighty five thousand dollars
of money after taxes that he has an a tax
free zone, plus the interest, which is more than when
he converted. So now he's up to over one hundred
and five thousand dollars of tax free money because his
account has now paid the tax, it's earned money, and
now it's on its way to earning more tax free
(06:00):
money in the future. So we got many more years
to do this until he reaches his required minium distribution age,
which is aged seventy three for him. So he is
on a great path moving forward. And every year we
look at this and we're on a tax return and
we talk about should we convert more? But he is
in his sweet spot right now. He doesn't have to
worry about the IRMA tax. He doesn't have to worry
(06:21):
about the Medicare tax, like that's what IRMA is, increase
of Part B premium. And he's sitting pretty. He's got
his income coming in every month. He's converting money to
a tax free zone. His accounts are in a safe spot.
And guess what, he is in control of his return.
Speaker 2 (06:36):
Chris, you just gave everyone a reason out there to
pick up the phone and call eight three to three
Maggie tax. Because there are situations that Chris is talking
about where a long term tax strategy may save you money.
The only thing is you don't know and you don't
see it, even though it requires paying more taxes in
the short term. That's where tax planning comes in and
what Chris and I do. That's what we do advanced
(06:57):
tax planning all year round at Maggie time and folks,
I'll challenge you if you want to come in and
bring in your information and we'll show you and believe me,
if we can help you. We're going to tell you
that we're going to help you. Understand. But guess what,
like Chris said, if we can make your situation better,
and you've got to make the final decision, not me
or Chris, but life has many changes and you have
to be ready and understand the language why so you
(07:20):
can avoid unnecessary taxes Because what's happening now when the
tax cuts expire, it's going to go up at least
thirty percent. Maybe some of you don't see that, but
when you get your taxes in two years, you're going
to see it and you're going to wonder what I
could have done. So consider the long term tax benefits
of WROTH for on one ks and Roth Iras and Chris.
There is a difference, right, absolutely there is.
Speaker 3 (07:41):
And that's one thing that we talk about is all
the time is tax free zones, and there is You're right,
the traditional form on K and also the Wroth form
on K if your employer offers these things. But let
me go back to the example that well not example,
but exactly the client that we were working with here
that did this three years ago. When I talk about
the bucket planning, he said to me, well, what do
(08:01):
I do with the money? How can I position it
now where I can have a plan, where I can
have safety and some risk and take some chances with
some money. And we put together a bucket strategy using
red money, green money, and yellow money, and he was
blown away. He said, my gosh, this is exactly what
I was looking for. And he said to me, he said,
in two years to now, I might want about maybe
(08:21):
another five hundred dollars a month of income. So I
ran another mock tax return and I showed him if
we take five hundred dollars from his IRA money, this
is the tax ramifications. But if now we use his
tax free account, he can have more money. Next six
thousand dollars a year of income and pay no tax.
And he was blown away. They both were, and they said,
this is exactly what we're looking for. This is a plan,
(08:44):
this is a tax plan, it's an income plan, it's
an investment plan. And to make things even better, we
talked about their accounts again and we said, hey, do
you want this to go through probate or do you
want to make sure it goes to your two kids?
And they said, you know the answer to that one.
We want to make sure the money stays in the family.
We put that together where he has an estate plan,
he's got proper beneficiary designation, he's got an estate plan,
(09:06):
his house, his assets, everything's going to avoid probate and
go to where they want it to go. So that
can happen to you too. Just pick up the phone
and schedule time to meet with us. Eight three to
three Maggie tax and.
Speaker 2 (09:17):
One other point traditional four and win ks. They became
available in nineteen seventy eight as a way to save
for retirement, but the four to one K was the
biggest disappointment created. And think about this. You get a
tax deduction on the front end, and you get that
for many years and that's great, But when you start
to withdraw the money, you're going to be paying it
all back for many years and you're going to be
paying three to five times more than the tax deduction
(09:40):
that you received. This is why tax planning is so important.
This is why the retirement calculate that I have on
the website is going to help you understand this. These
plans are offered by employers. The amount in employee contributes
to their account is considered pre tax and it is
deducted from their taxable income. That's fine, That's what a
lot of people did. The retirement account is tax deferred
(10:01):
until the money is withdrawn. During your retirement, employers often
contribute a portion of the employer's contributions called a match,
which is in an added benefit. But it's all taxable, Chris,
every bit of it. And then when you start talking
about withdrawals, which we'll talk about in the next segment,
they're taxed as well. But now at what age are
you taking it out seventy three, seventy four to seventy five,
(10:22):
How much and how much is it's going to affect
your income? This is why tax planning is so important.
Right now, pick up the phone eight three to three
Maggie Tax. Sit down with us and go over this.
This is going to be something that's going to be ongoing.
And if your tax prepairer is not addressing these issues
like Chris and I are, shame on them. Eight three
to three Maggie Tax. Visit our website Maggie Tax dot
(10:43):
com and every Sunday listen watch our TV show with
ten thirty, The Maggie Tax and Financial Show. Visit Maggie
Tax dot com today and give us a call at
eight three three Magie Tax. That's eight three to three
Maggie Tax.
Speaker 1 (10:58):
Stop planning for Uncle Sam's or timeirement and start planning
for your retirement. As we return to the Maggie Tax
and Financial Hour with your host, father and son Robert
and Chris.
Speaker 2 (11:08):
Maggie.
Speaker 1 (11:08):
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 two two
twenty five twenty. That's eight one three three two two
twenty five twenty. Now your host for the Maggie Tax
(11:29):
and Financial Hour, Father and son from Maggie Tax Advisory
and Financial Group. Robert and Chris Maggie.
Speaker 2 (11:35):
Hello, and welcome back to the Maggie Tax and Financial Show.
My name is Robert Maggie and I'm here with my son,
Chris Maggie. A couple things real important for all of you.
If you're just tuning in, go to our website, Maggie
Tax dot Com. On the top right there's the retirement calculator.
Click on it and fill in the information. Let's see
what your tax bill is going to be, and in
thirty seconds we could show you what it is. Number two,
(11:56):
there's a chat box on this so if you're driving
or you have questions, go to the chat box, fill
in the question. We will respond to you. And more importantly,
to educate everybody out there and help when we're doing
seminars every month, So go to the Maggie Tax dot
com look for upcoming seminars. The dates are there. Register
and let's get a chance to meet with you, because
isn't it imperative that all of you reason out for
(12:18):
yourself that you can have a strategy under any circumstances.
And again, Chris, most people come in and they go, gee, guys,
I don't have a lot of money. That's not the
question we're asking you. The question we're asking you is
how can we help you? So, my guess is many
of you do not know this information, and it's because
you're not asking your advisor why, because it's the language.
(12:39):
We talk about, the language, and many of you do
not understand. So we can help. We call it the
Maggie Plan, simple and easy to understand. And for many
of you that have met with us, you understand what
I'm saying because we made it simple and understand. Chris
talked about some clients that came in before we talk
about this every week. They came in and they were shocked, Wow,
I really could do that. So many people in our
(13:00):
country believe that the government's going to take care of them. Look,
in fact, isn't it the majority of people many of
you listening, Sure it is. So how do we get
you to understand that it has now become mathematically impossible
that the government's going to take care of you? Christen,
what's happening is they're doing the opposite. They're making it
worse for us. Well, that's just saying, and you can't
control that.
Speaker 3 (13:20):
Right where in a yoyo economy, you're on your own
and many people work hard, you know, they go to
have a job, they put money away, they don't know
what to do with it.
Speaker 4 (13:27):
That's where we come in.
Speaker 3 (13:28):
You know, how do you structure all this where you
can have income in the most tax efficient way. How
do you structure this where you can have a tax
plan where you pay least amount of taxes possible, but
do it legally. How do you put together an investment
plan where you have different buckets doing different things to
combat inflation? How do you make sure that everything you
put together stays in your family and doesn't have to
(13:50):
go through the probate process or has to go through
through taxes or just heartache with other beneficiaries. It doesn't
have to happen. It's called succession planning. And how do
you put this together? So that's what we're discussing here.
And if you have questions, now's the time to stop
for a minute, take a deep breath, you know, pick
up the phone and schedule a time to meet with us.
(14:12):
You know, a goal without a plan is really not
going to be achievable. So what do you do. You
have to have to schedule time to meet with us.
You have to come in and let's let's have a
conversation why because you deserve it, you put away money.
Now is the time to put together a plan.
Speaker 2 (14:27):
You just brought something up that just hit me. You
called it succession planning. Many people call it enhanced planning
or state planning. But talk about succession planning for a minute,
because it applies to everything that we're talking about, Chris,
about income planning, about tax planning, about four oh one
k rollovers. It's about succession planning. How do you get
to the next level because people do not understand the language,
(14:51):
and if you do not take action, you're simply just
going to lose. And if you do take action, you
can win. It's that easy. And what I'm saying, it's
that easy. Once you learn and the game and you
learn the rules, you can make something happen. And we
can help all of you arrive at this important determination
because you're probably worrying too much. Why are we sharing
(15:11):
this with you? We do this every week, we do
our TV show. You know. I've been speaking in person,
you know, and on the radio and on TV for years,
and I have been stunned to discover how few people
understand this vital information because they don't take the time, Chris,
to stop for a second and let me put this.
It's an hour an hour and a half of your
time instead of going to the beach or going bowling,
(15:34):
or going whatever, or drinking. Am I right around?
Speaker 3 (15:37):
I mean because if you don't understand this information, it's
possible that you will not realize the damage that you're
doing to your financial and retirement success.
Speaker 4 (15:45):
And that's pretty simple.
Speaker 3 (15:47):
I mean, if you take the time to just carve
out a little bit of time to do what you
need to do to put yourself in good order, then
you can have fun from there.
Speaker 2 (15:55):
You know.
Speaker 3 (15:56):
We talked about a client of mine that we had
last and last a segment. We discussed how they had
no idea how to generate the income, and they came
to us and they said, I got this lum sum pension.
What do I do with it? How do I get
income in the most tax efficient way? Well, we created
bucket planning. They'll never outlive that money. Ever, they will
(16:16):
have guaranteed income coming in eight thousand dollars a month
for the rest of their life.
Speaker 4 (16:21):
You know what.
Speaker 3 (16:22):
And how settling is that? How comforting is that? So
when I say the question is what are you doing
about it, or if you don't understand this information that
we're talking about, is possible that you will not realize
that the damage that you're doing to your financial your
future of financial and retirement success.
Speaker 2 (16:39):
You know, and again it doesn't matter if it's intentional
or unintentional. And one of the things that you know
what you brought up about education, about language, about teaching
our young folks and our kids how to save for
retirement because nobody's doing that. Why because they're not making
enough money to even save. But there is a way
to save a portion of your money if you understand
the way it works. And here's the worst part. Many
(17:00):
of you are unaware of the poor choice that you're
making because you are being informed in ways that are
beneficial to the sellers of these non beneficial products. You
don't understand what you have with mutual funds and stocks
and what the fees are and what the risk is.
And Chris talk about the comparison when we do that
with many clients, because when we ask them, are you
married to that stock or do you know what you have?
(17:20):
The answer always is, uh, I don't know.
Speaker 4 (17:22):
Well, let's just say it. How many people follow the crowd.
Speaker 3 (17:24):
How many people just try to keep up with the
Joneses right their neighbors, and they just don't know what
they don't know, and that is the biggest thing. So
we have clients that come in and they say, just
like my dad mentioned, well I don't have a lot
of money, but meanwhile they do. They have enough money
so they can retire. They have enough money where you
can create a guaranteed income plan and they stay within
(17:48):
their income and their budget, and they're great. They can
do that. They don't have to have millions of dollars.
You don't have to get to a certain number like
the TV tells us or these advertisements tell us to do.
Have to You don't know what you don't know. And
that's the thing, and that's why when you come in
to meet with us, we'll tell you. You know, as
a fiduciary, we got to tell you the best thing.
(18:08):
We got to do the best thing for you. This
is your money, not ours. But we can help because
a lot of things we do as a complete planner,
we can help. So pick up the phone, schedule time
to meet with us. Every Sunday, we have a TV
show on ABCTV at ten thirty. It's called the Maggie
Tax and Financial Show. And why do we do it
Because we enjoy teaching, We enjoy educating you. Why because
(18:31):
you need this information. When's the last class you had
on income planning, tax planning, investment planning, estate planning, social
security planning, medicare planning. When's the last time you had
a class on that. You don't even have a class
on how to buy and sell a house. That's how
the educational system we have is not complete. That's why
(18:52):
we need to meet with you. So pick up the phone,
schedule time to meet with us. We look forward at
meeting with you. Visit our website at Maggie tax dot com.
That's Maggie dot com.
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 thanks for joining us today. My name
is Robert Maggie and I'm here with my son Chris Maggie.
We are talking about a lot of information, but more
importantly a couple things that stand out. If you're just
tuning in, register for our seminars educational seminars on estate planning,
on tax planning, on solid security, and a lot more. So.
Go to our website, Maggie Tax dot com, right click
(20:00):
on seminars. You'll see the seminar dates and locations. Pick
one that's convenient for you and just register and spend
some time with us. Also, if you have a retirement
account like an IRA A four oh one K A
four oh three B A TSP, remember it's all taxable,
taxable at what rate. Well, if you go to my
retirement calculator on the top, right click on it and
in thirty seconds we can tell you what your retirement
(20:22):
tax bill will be and then give us a call.
Eight three to three Maggie Tax. Set a time. Let's
have a conversation let's explain that to you so you
understand it, because Chris, so many people are confused today.
We just talked about legislative risk, but they don't know
about you know, and situational risk or situational changes. That
has a lot to do with every listener listening to
(20:43):
this show and watching our TV show on Sunday, because
every situation correct me if I'm wrong, is different. They're
not all the same.
Speaker 4 (20:50):
That's it.
Speaker 3 (20:50):
And a lot of people exposed to have exposure to risks.
There's income risk where you could run out of money.
There's investment risk where if the market goes down and
you can lose principle and you can lose interest. About
tax risk, we talked about that previous segments. Today, What
if legislative risk changes and you go ahead and have
to pay more tax because they increase the percentage of
the taxes that you have to pay, That means less
(21:12):
income to you. What about a state planning risks if
you don't have your accounts properly titled or beneficiaries in
the right spot. Guess what you have probate risk. So
do you want all those different things? There's many types
of risks that you have to look at in retirement.
And why are we talking about this? Why do we
have a show like this?
Speaker 4 (21:30):
Why?
Speaker 3 (21:31):
Because there's so much information to talk about. We have
clients that we meet with each and every week, and
they come to us and they want a full, complete plan.
They just don't want us to manage the money or
just to look at one thing. They want us to
do everything because they're looking for that advisor to do it.
And we can help you in many ways. You can
manage your own money, but what about the risk that
(21:51):
you have associated with it? Are do you have it protected?
Do you have an idea? Are you doing bucket planning?
And that's why we need to meet because you need
to understand the different options that are available out there
to protect you and yourself and also your family. So
pick up the phone, schedule time to meet with us
eight three to three, Maggie Tax. There's so much there
to talk about. Schedule time to meet with us eight
(22:11):
three to three Maggie Tax.
Speaker 2 (22:13):
Plan and simple. It's a financial puzzle that you have
to put together. So let's talk about a couple of
things that we always talk about. We talk about red money,
green money, or you red money, yellow money, But what
is red money? Okay, red money is all are the
majority of your retirement approach is subject to the risk
of changing taxes. Not only changing taxes, but market risk.
Have you done a risk analysis to see what color
(22:36):
is your money? We have clients come in and we
talk about, you know, the percentages. Seventy percent of their
money is in red. You know, thirty percent is green
and they have no idea what that means. What it
means is that you're at risk. Okay, you may have
too much in overweight tax deferred assets like maybe deferred
annuities and four oh one K plans, because this creates
a common driver of high retirement tax bill. And again,
(22:58):
if you go to my retirement tax built on Maggie tax,
you'll see exactly what this means. Why because qualified accounts
like four to one k's and I rays defer your
taxes to the future, then these types of accounts expose
you to higher risk if taxes rise in the future
or if regulation changes the tax rules that are applicable
(23:18):
to these accounts. Because look, if you don't understand the rules,
then you're not going to play the game correctly. Chris,
and am I right when I say that because you
have to understand the rules when you play monopoly, you
play cards. I play cards with your two kids all
the time. If you don't understand the rules, then you're
gonna lose, and it's not fun anymore.
Speaker 1 (23:36):
M hm.
Speaker 4 (23:36):
And that's exactly right.
Speaker 3 (23:37):
So, especially in the retirement game, because if you're retired,
guess what, you're retired, you're gonna go back to work?
Is someone going to hire you? You know you have
to play that game.
Speaker 4 (23:44):
Now.
Speaker 3 (23:45):
You don't want to write you retire for a reason,
because you know you have enough money. You know you're
gonna enjoy your retirement. You're going to know that you're
in position financially to make sure you don't have to
go back to work each and every day. So when
you do this, you're exposed to risks and these risks
that are out there. If you can knock down those
risks and eliminate them, you don't have to worry about them.
(24:06):
You don't have to fall victim to them when they happen,
because they're going to happen to many, many people, and
they're just not prepared. We see it each and every day.
Think about this, how many people come in our office
and do not have an estate plan. They could be sixty, sixty, five, seventy,
they could be fifty, and they have no will, no
estate planning, no proper beneficiary designation, no trust, they have
(24:26):
no documents. You think about that, all those years they've saved,
and guess what they're subject to estate planning risks.
Speaker 2 (24:34):
Yeah, But the answer we always get us, ah, yeah,
but I'm meaning to do it, or I didn't get
to it yet.
Speaker 3 (24:39):
That's not a good answer. But because they'll get to it,
the government will get to it absolutely well. The point
here is that you can't just delay rer retirement. You
can't delay the investments that you have. You can't delay
what's going on in the future for things that you
don't know what's going to happen. So do it now.
Put together an income plan now. Even if you're going
to retire in ten years out, make sure you're set out.
(25:00):
What about your investments. Don't wait five years or ten
years before retirement.
Speaker 4 (25:04):
Do it now.
Speaker 3 (25:05):
If you're listening today, let's get a second opinion. Let's
look at your investments. Let's do an investment review. Eliminate
those investment risk if you can, tax risk. We talk
about that throughout the whole show. It's not about tax preparation.
It's about tax strategies and making sure that you can
get your money out of an area that's infected with taxes.
The tax free money we can show you. So pick
(25:25):
up the phone, schedule time to meet with us. We
have obvious on both sides of the bay eight three
to three Maggi tax schedule time a three to three
Maggi tax.
Speaker 2 (25:33):
And one more thing. When you come to the seminar
what Chris is talking about, we address a state planning.
Who gets what and how is it going to be
distributed the way you want it instead of going through probate.
So many of you listening today probably can answer and
shake your head. I don't have a plan. I don't
have a state planning, Well, what we call enhanced planning.
You don't have a beneficiary on these accounts. Well, that's
the reason why we do these shows. You know, even
(25:54):
with the retirement calculator, this is something that will educate
you on wow, look what my tax bill is going
to be in retirement. So if you have a million
dollars in a qualified plan, I'm sorry, but I have
to be the one to tell you you don't have
a million dollars in a retirement plan.
Speaker 3 (26:07):
You have that account's infected with taxes. And who wants
to be infected with anything? No one does, right, but
your retirement account is. And many people don't understand that.
When you need it most, Guess what you have to
pay Uncle Sam, and it's a question mark tax rate.
Speaker 4 (26:22):
Think about this.
Speaker 3 (26:23):
If five years down the road, say inflation gets even
crazier than it is now, and you need to take
more out of your retirement accounts, guess what you have
to pay Uncle Sam first? At what rate? At his rate.
That's called legislative risk. It's a question mark. It could
be twenty percent now, but in the future it could
be twenty eight percent. Think about it. That's less to
(26:44):
you and more to Uncle Sam. That changes your lifestyle.
Who wants that? You don't want that. That's why you
need to get a plan. Pick up the phone, schedule
time to meet with us. I don't care if you're
about to retire retired, it doesn't matter. You're going to
be subject to these risks if you don't look, look
at them and monitor them. So pick up the phone.
Schedule time to meet with us. Eight three three Maggie Tax.
(27:05):
Write this down eight three to three, Maggie Tax.
Speaker 2 (27:07):
And you mentioned one thing before we wrote off first book.
Stop funding Uncle Sam's retirement and get a plan that's
simple and easy to understand. Because that's what everyone's doing
out there. You're funding Uncle Sam's retirement. Taxes are going
to be effective. So when you talk about red money,
it's risk. We want to take a look at that
for you. So Chris, let's talk about yellow money, because
this is something that you know is confusing to people
because they don't understand the language. But as many times
(27:29):
as we have taken the red money off the table
and put it into green, we also can put some
money into yellow And there's a reason why we do that.
Speaker 3 (27:36):
Yeah, and yellow money is you can stay in the market.
That's fine, but have active money management. Make sure that's
a team behind you. You're better off with a team,
you're not better off by yourself. We all know that
if you've played sports, you know the power of a team.
And when you have someone who has the best interest
in your mind and they help you, then it's a
(27:57):
great team. So when you have yellow money, you have
more of a balance, exposure to the risks of changing
taxes as well as the investment exposure. But there may
be more you can do. While some of these of
these assets are protected from tax changes, you might want
to consider additional diversification to meet your goals. When it
comes to protection from the risk of changing taxes. There's
protection inflation protection portfolios. There's portfolios using dividends. There's portfolios
(28:23):
if the market goes down you could take money. There's
inverse portfolios. There's markets where you have a buffer. So
there's a lot of different things you can do to
help you. Your retirement approach is likely well diversified to
protect against the risk of changing taxes. My gosh, think
about this. We're talking about each and every day taxes, taxes, taxes,
not just about tax preparation. It's your investment risk, it's
(28:46):
your income risk, it's your tax risk. Let's discuss what
your risk score is and how it relates to your
risk tolerance. Time and time again, we meet with husband
and wife and maybe the husband wants to be aggressive,
but the wife wants to conservative. Is all your money
invested in an aggressive stance?
Speaker 4 (29:03):
Do you know?
Speaker 3 (29:05):
But we can help you if you come in and
meet with us, we can look at what you have
and do a second opinion, and then from there we
can show you what you kind of do create bucket
planning eight three three Maggie tax.
Speaker 2 (29:15):
Think about it. We talk about a financial puzzle. You
have financial situations like your IRA and your four h
one K managing risk that Chris is talking about social
security planning, retirement income planning. What about taxes? Taxes, individual taxes?
What about corporate and es corps? What about partnerships? What
about trust and the states? What about gift tax This
(29:36):
is what we talk to every client out there, because
you can't just go to one place and find out
the answers to these That's a financial puzzle. What about
legal How many of you do not have a will
and a trust or powers of attorney or nursing home protection?
What about charitable planning? How many of you are charitably inclined?
Because this helps you along the way, you know, as
(29:56):
you get through retirement. Because this is the financial puzzle
we're talking about. What about insurance? What about life insurance?
I know people say, well, you know I don't want
life insurance because I don't want to give it to
the company. I can tell you that we've helped a
lot of people that have had life insurance and get
a tax free check when that happens. I know you're
not looking for that, but that's part of what you do.
What about fixed index anuities? What about medicare? What about
(30:18):
long term care? Are you talking about this to your advisor?
What about a funeral trust? This is called holistic planning.
This is called the Maggie Plan. This is what we do.
So for all of you that are listening, go to
our seminar. Go to Maggie Tax register for the seminars
coming up about an hour and a half of your time.
It'll help you understand the language.
Speaker 3 (30:37):
Get educated, and my gosh, you talk about so many
different topics right there that we go on and on
and on about each one of those and it takes time.
And when you come in to meet with us, we're
going to educate you. We're going to sit down. We're
not going to overwhelm you or overpower you. That's not
what this is about. If you're looking for an advisor
that you could talk to, someone that you can take
your time with and get educated and make the right
decisions based on what you want.
Speaker 4 (30:57):
We can help pick up the phone schedule time to
meet with us.
Speaker 3 (31:00):
Eight three to three Maggie Tax with a photo meeting
with you eight three three Maggie Tax.
Speaker 1 (31:07):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie Tax dot com. That's
m a 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 (31:45):
Welcome back to the Megi Tax and Financial Show, and
thank you so much for tuning in. And you know,
as every week we're helping people reduce their taxes, we're
helping people with their tax situation. Regarding tax planning, you know,
tax preparation versus tax planning is a big difference. We
do the tax planning side of this to help you
InCom planning, investment planning, and state planning. We can help
visit our website at maggietax dot com. Click on the
(32:07):
Retirement tax Bomb RTB. You have a retirement tax bomb
if you have an IRA Form one K. These accounts
are infected with taxes. So that's what we talked about
today throughout today's show, how to defuse It's a big
tax time bomb that's about to happen if you have
these retirement accounts. So ed, what are the common quotes
that we hear people say, and let's deal with that.
Speaker 2 (32:28):
Well, this is a tax story, so it's affecting everybody
in the most common way we get is don't worry
about it. Don't worry about it. You got to be
kidding me. You have to worry about it. Think about it.
You save this, you saved a long time, and then
you think it's yours. Then you got to give it
back to Uncle Sam or the irs. It's just something
you have to deal with. No, that's not true. Either.
You can do tax planning and you could reduce your
(32:51):
tax and have tax free money. So it's something you
should worry about and you'll be in a lower tax
recket when you retire. No, you won't. Not if the
Trump taxts expire, and you see the way they're spending money,
you know, because it's going to cost us more, every
single one of us, and they're going to take it
out of your IRA. You four oh one K, you
four three B and that's where the money's gonna come from. Why.
Speaker 4 (33:12):
So that's the big thing.
Speaker 3 (33:13):
I mean, the Uncle Sam knows how much money is
invested in iras and formal case, there's a fair market
value that they get each and every year. They know
how much there's trillions of dollars that are before tax
that all they have to do is increase the taxes
by a couple of different percentage points and guess what,
that's more revenue. So they know and they know you're
strapped because they know that you can't do anything about
(33:35):
it unless you do planning. So that's what we're talking
about today. If you do not have a tax plan,
if you do not have an income plan, if you
do not have an investment plan, then pick up the phone,
schedule time to meet with us. Let's show you strategies
where you can reduce your taxes. Let's show you some
strategies where you can offset the money that comes out
of an IRA to a roth Ira. How do you
go about doing this? Well, we can help pick up
(33:57):
the phone, schedule time to meet with us. Eight three three, Maggie.
Speaker 4 (34:01):
Tax.
Speaker 3 (34:01):
We don't want you to hear the stories or your
friends say, hey, don't worry about it, or you're gonna
be in a lower tax bracket in retirement.
Speaker 4 (34:09):
How do they know.
Speaker 3 (34:10):
It's your situation, your situation. So get together with us.
Let's put together a plan, and let's show you where
you're at now and where you're going to be in
the future.
Speaker 2 (34:18):
So the story is also tax procrastination. Nobody's worried about
it until you have to worry about it. And most
times when you worry about it is when you do
your taxes every year.
Speaker 3 (34:27):
And it's too late at that point because again, all
you have to file for the previous year. So get
it ahead of it. And that's what we're talking about.
We call it strategic planning, and you can do that.
So and this is another thing here. Think about this.
Speaker 2 (34:40):
The structure of the four oh one K was always
set up against lower paid or middle class workers from
the very beginning because you're taking money, you're putting in
a tax deferred Okay, now you get to retire at
seventy three and you have to take to RMD or
before that, and it's taxable. But many retirees payback decades
right this down decades worth of tax savings in the
(35:03):
first three to six years of retirement and every three
to six years thereafter. So why are you procrastinating, Why
are you believing those stories that are not true. Take
a stance here and get in front of it. Get
in front of it and do some tax planning. That's
what Chris and I do all the time. And like
I said before, I know this is going to sound weird,
but this over fifteen hundred tax strategies that you can use.
(35:24):
Not that every one of them is going to fit you,
but there are some that you can use. And I'm
telling you right now, you probably don't even know about it.
Christ And that's the mistake people to make it.
Speaker 3 (35:31):
You just don't know what you don't know. So if
you're listening today, you need to know this is your retirement.
Don't get caught up where we've seen clients that they
can't do anything about it because they're stuck. Don't get
stuck in retirement. Get ahead of it. That's what we're
discussing here today, So pick up the phone, schedule time
to meet with us. Let's put together a plan. Let's
look at what you have now, We'll we tell you.
(35:53):
We'll tell you if you're in a good tax situation
or you're not. We can run a mock tax return
right in front of you, and I can show you
what your future is going to be. When you're taking
Social Security, you know, when you're taking money from your investments,
when you're taking money from your dividends, whatever it is.
I can show you today what it's going to be,
and then you can say, well, hey, that's not what
I want to pay. I want to pay less. Well,
how do you go about doing it? Then let's put
(36:14):
together a plan and.
Speaker 4 (36:15):
Do it for you.
Speaker 3 (36:16):
Eight three to three. Maggie Tax get ahead of the game,
Magi tax dot com.
Speaker 2 (36:20):
So let me throw something else at you. The five
risks in retirement. Number one market risk and Chris, I
mean everybody has money, not everybody, but because a lot
of people have money in the market, but it goes up,
it goes down, and when you lose money in the market,
you don't get it back, but you still have to
pay taxes on the game if you do. What about
income risk? How many of you were concerned about how
much income? One of the questions that Chris and I
(36:42):
ask everyone that comes in, how much income do you
need at the mailbox every month to live your life?
And that is the most confusing question when we ask that,
because people don't think about that because when you retire,
you have to have guaranteed income. What about health risk?
Right now? I had a gentleman the other day. He
called me. He's got a problem with this kidneys. I
feel very bad for him, but he said, Bobby, I
(37:02):
don't think I have a long time to live, and
I want to make sure my wife is going to
be taken care of. So his health is not good,
but he's got his investments correct and his beneficiary is correct.
He's got a state planning. And I told him, you're okay,
just live your life and just you know, make sure
that if something happens, your wife will be taken care of.
But here's the big one, and we've been talking about it,
Chris and I. Tax risk. How many of you know
(37:25):
what your tax is going to be when you retire,
And I'll tell you many of you don't know until
you come in and see Chris and I and are
tax preparers, and we show you that you took out.
Like I said before, a gentleman has to take out
thirty eight thousand of r MD folks, that's all taxable,
all of it, and it could affect your armah could
have part be but the last one and this is
the big one. We've been talking about it today, legislative risk. Listen,
(37:48):
Congress wrote the rules in pencil. They're going to change
it every single time, and then this year in the election,
it's going to change again.
Speaker 4 (37:55):
And that's just it. So what are you doing about it?
Speaker 3 (37:57):
So pick up the phone, schedule time to meet with us.
Mentioned market risk, income risk, health risk, tax risk, legislative risk.
Are you just putting money away and forgetting about all
these risks?
Speaker 4 (38:08):
You know?
Speaker 3 (38:09):
What are you doing about it? So let's help you
put together a plan to help you solve all these risks.
So now when you're in retirement or about to retire,
you're ahead of the game. So whatever happens, it happened,
but you'll be in a better tax situation. So pick
up the phone, schedule time to meet with us. More
income on a tax favored basis, that's what you want.
Eight three three Maggie Tax. Visit our website at Maggi
(38:30):
tax dot com and don't forget. Every Sunday, tune into
ABCTV for the Maggie Tax and Financial Show eight three
three Maggie Tax.
Speaker 4 (38:38):
That's eight three three Magitax.
Speaker 1 (38:42):
You've been listening to the Maggie Tax on Financial Hour
discussing tax planning investment strategy is presented by Robert and
Chris Maggie from Maggie Tax Advisory and Financial Services with
offices in Hillsboro and Panela's County. Visit Maggie Tax dot
com or call eight one three three two two twenty
five twenty. That's eight one three three two two twenty
(39:04):
five twenty and tune in next Saturday at five for
the Maggie Tax and Financial Hour
All these years you've saved up planning for a secure retirement,
but if you're not careful, it will be the irs
that's living it up when you retire by taxing your
hard earned money. Welcome to the Maggie Tax and Financial
Hour with Robert and Chris Maggie of Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
in tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie
Tax dot Com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:53):
Welcome everyone, and thanks for joining us today. My name
is Robert Maggie and I'm here with my son and
co host, Chris Maggie. Visit our website, Maggie Tax dot Com.
There's a lot of information there. Click on the retirement
calculator if you have an IRA or a four to
one K, take a look and see what your retirement
tax bill is going to be. And then come in
and let's do some tax planning. Let's do some income planning,
investment planning, insurance planning, and let's talk about the Maggie plan.
(01:16):
Visit Maggie tax dot com. Well, give us a call
eight three to three Maggie Tax. So, Chris, we're getting
a lot of questions about Roth conversions. Some people are
doing it wrong, some people are getting the wrong information.
And as you know, and as everybody else out there knows,
we specialize in tax planning. So let's talk about Roth
conversions today.
Speaker 3 (01:34):
Absolutely, so welcome everyone. I'm Chris Maggie. Thank you so
much for tuning into the show. And that's correct. Wroth
conversions many people talk about. Many advisors talk about it,
but they don't complete the story because they don't tell
you what the tax menification is going to be. You
go to your tax for pair and they go ahead
and just do your tax return. But again, how much
should you convert? So a lot of things you need
(01:56):
to be aware of when you do convert it's not
just whatever and one should do Some people should do it,
some people should not. So that's why it's so important
to work with the right advisor who understands investments and
income planning and tax planning because if you do it
the wrong way, you're going to get this tax bill
that you owe thousands of thousands of dollars for taxes.
And it doesn't have to be that way, So you
(02:17):
don't want to be surprised. And that's what we want
to talk about today. Is a roth conversion right for you?
Should you do it? And those are things that many
people have questions on. So visit our website at Maggie
tax dot com, pick up the phone, schedule time to
meet with us eight three three Magi Tax Maggi tax
dot com for more information and we can help you.
Speaker 2 (02:36):
And one of the things that we do that other
advisors do not do is we do it from a
tax return. So if you're thinking of a rough conversion,
don't just go to your tax guy and convert the
money and then pay the big tax. Do it strategically
and have a plan. Here's the question, is it tax
season right now? Chris?
Speaker 3 (02:51):
It's always tax season in our eyes, because taxes are
our biggest expense and you need to always make sure
that you are aware of the tax liability.
Speaker 2 (03:00):
And the reason why I asked that question because in
Maggie Tax, it's tax season all year round. So it's
not just up to April fifteenth, or October or September,
whatever the extensions are. It's all year round, and right
now I think most of you out there are concerned
about if taxes go up. The question is taxes are
going to go up, how is it going to affect you,
whether whether you have an IRA or four to oh
(03:20):
one k. That's why we offer the retirement calculator. We
do advanced tax planning. So now is the time to
call eight three to three Maggie Tax. Right now I
have operators standing by eight three to three Magi Tax.
Let the operator know that this is urgent and just
tell them tax planning at eight three to three Maggie Tax.
I don't care how big your IRA or four to
(03:41):
oh one K is. Folks, you have a deferred account
that you have not paid taxes on. So strategically, no
matter what age you are, whether you be fifty to
fifty five or sixty or even seventy You're going to
pay an unknown tax and that's the problem I think
that most investors have. Most investors hate taxes, but honestly,
when you joy the challenge of minimizing taxes over the
(04:02):
long term. So why is tax planning is an essential
element in smart investing? Chris? Is that play a big
part in many of the clients that we see, Well,
they just committed to buy a stock bond on mutual fund.
Speaker 4 (04:14):
Well that's it.
Speaker 3 (04:15):
You know, you want to make sure you do complete
planning and get Let's talk about some examples here, right,
So about three years ago at a client came in
had three hundred thousand dollars of their IRA money. So
what do we do. We looked at their tax return
and he was receiving Social Security. He had a pension
and then marriage so she was getting sold security as well.
So they had three income streams. They were getting about
five thousand dollars a month of income, very satisfied covered
(04:36):
their need. But they had three hundred thousand dollars of
IRA money. So this account is fully infected with taxes.
And he said to me, he said, what do we
need to do to get this money out? In the
most tax efficient way. So he's thought about it. He said, well,
let's just rip off the band aid and let's go
ahead and pay the tax. So I ran a couple
of different mock returns and I showed him, let's go
ahead and just take the three hundred thousand added to
(04:57):
a solid security his pension, and this what your tax
liability's going to be. So he sat back and it
was kind of sticker shocked, and he said, I don't
want to do that, and I said, you don't have to.
Let's run some more. So what I did was do
some strategic planning. And what we did was we took
out thirty thousand dollars a year for the next seven years.
(05:18):
Is a plan was what it was supposed to be,
and we did and Ron still pays to do it.
But over the past three years, he has paid tax
on thirty thousand dollars of conversion. And again he's only
in the eight percent effective tax bracket on that amount
of money. So he's taken money out of a taxable
environment and converting it to a tax free environment.
Speaker 2 (05:39):
So over the.
Speaker 3 (05:40):
Past three years now he's got eighty five thousand dollars
of money after taxes that he has an a tax
free zone, plus the interest, which is more than when
he converted. So now he's up to over one hundred
and five thousand dollars of tax free money because his
account has now paid the tax, it's earned money, and
now it's on its way to earning more tax free
(06:00):
money in the future. So we got many more years
to do this until he reaches his required minium distribution age,
which is aged seventy three for him. So he is
on a great path moving forward. And every year we
look at this and we're on a tax return and
we talk about should we convert more? But he is
in his sweet spot right now. He doesn't have to
worry about the IRMA tax. He doesn't have to worry
(06:21):
about the Medicare tax, like that's what IRMA is, increase
of Part B premium. And he's sitting pretty. He's got
his income coming in every month. He's converting money to
a tax free zone. His accounts are in a safe spot.
And guess what, he is in control of his return.
Speaker 2 (06:36):
Chris, you just gave everyone a reason out there to
pick up the phone and call eight three to three
Maggie tax. Because there are situations that Chris is talking
about where a long term tax strategy may save you money.
The only thing is you don't know and you don't
see it, even though it requires paying more taxes in
the short term. That's where tax planning comes in and
what Chris and I do. That's what we do advanced
(06:57):
tax planning all year round at Maggie time and folks,
I'll challenge you if you want to come in and
bring in your information and we'll show you and believe me,
if we can help you. We're going to tell you
that we're going to help you. Understand. But guess what,
like Chris said, if we can make your situation better,
and you've got to make the final decision, not me
or Chris, but life has many changes and you have
to be ready and understand the language why so you
(07:20):
can avoid unnecessary taxes Because what's happening now when the
tax cuts expire, it's going to go up at least
thirty percent. Maybe some of you don't see that, but
when you get your taxes in two years, you're going
to see it and you're going to wonder what I
could have done. So consider the long term tax benefits
of WROTH for on one ks and Roth Iras and Chris.
There is a difference, right, absolutely there is.
Speaker 3 (07:41):
And that's one thing that we talk about is all
the time is tax free zones, and there is You're right,
the traditional form on K and also the Wroth form
on K if your employer offers these things. But let
me go back to the example that well not example,
but exactly the client that we were working with here
that did this three years ago. When I talk about
the bucket planning, he said to me, well, what do
(08:01):
I do with the money? How can I position it
now where I can have a plan, where I can
have safety and some risk and take some chances with
some money. And we put together a bucket strategy using
red money, green money, and yellow money, and he was
blown away. He said, my gosh, this is exactly what
I was looking for. And he said to me, he said,
in two years to now, I might want about maybe
(08:21):
another five hundred dollars a month of income. So I
ran another mock tax return and I showed him if
we take five hundred dollars from his IRA money, this
is the tax ramifications. But if now we use his
tax free account, he can have more money. Next six
thousand dollars a year of income and pay no tax.
And he was blown away. They both were, and they said,
this is exactly what we're looking for. This is a plan,
(08:44):
this is a tax plan, it's an income plan, it's
an investment plan. And to make things even better, we
talked about their accounts again and we said, hey, do
you want this to go through probate or do you
want to make sure it goes to your two kids?
And they said, you know the answer to that one.
We want to make sure the money stays in the family.
We put that together where he has an estate plan,
he's got proper beneficiary designation, he's got an estate plan,
(09:06):
his house, his assets, everything's going to avoid probate and
go to where they want it to go. So that
can happen to you too. Just pick up the phone
and schedule time to meet with us. Eight three to
three Maggie tax and.
Speaker 2 (09:17):
One other point traditional four and win ks. They became
available in nineteen seventy eight as a way to save
for retirement, but the four to one K was the
biggest disappointment created. And think about this. You get a
tax deduction on the front end, and you get that
for many years and that's great, But when you start
to withdraw the money, you're going to be paying it
all back for many years and you're going to be
paying three to five times more than the tax deduction
(09:40):
that you received. This is why tax planning is so important.
This is why the retirement calculate that I have on
the website is going to help you understand this. These
plans are offered by employers. The amount in employee contributes
to their account is considered pre tax and it is
deducted from their taxable income. That's fine, That's what a
lot of people did. The retirement account is tax deferred
(10:01):
until the money is withdrawn. During your retirement, employers often
contribute a portion of the employer's contributions called a match,
which is in an added benefit. But it's all taxable, Chris,
every bit of it. And then when you start talking
about withdrawals, which we'll talk about in the next segment,
they're taxed as well. But now at what age are
you taking it out seventy three, seventy four to seventy five,
(10:22):
How much and how much is it's going to affect
your income? This is why tax planning is so important.
Right now, pick up the phone eight three to three
Maggie Tax. Sit down with us and go over this.
This is going to be something that's going to be ongoing.
And if your tax prepairer is not addressing these issues
like Chris and I are, shame on them. Eight three
to three Maggie Tax. Visit our website Maggie Tax dot
(10:43):
com and every Sunday listen watch our TV show with
ten thirty, The Maggie Tax and Financial Show. Visit Maggie
Tax dot com today and give us a call at
eight three three Magie Tax. That's eight three to three
Maggie Tax.
Speaker 1 (10:58):
Stop planning for Uncle Sam's or timeirement and start planning
for your retirement. As we return to the Maggie Tax
and Financial Hour with your host, father and son Robert
and Chris.
Speaker 2 (11:08):
Maggie.
Speaker 1 (11:08):
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 two two
twenty five twenty. That's eight one three three two two
twenty five twenty. Now your host for the Maggie Tax
(11:29):
and Financial Hour, Father and son from Maggie Tax Advisory
and Financial Group. Robert and Chris Maggie.
Speaker 2 (11:35):
Hello, and welcome back to the Maggie Tax and Financial Show.
My name is Robert Maggie and I'm here with my son,
Chris Maggie. A couple things real important for all of you.
If you're just tuning in, go to our website, Maggie
Tax dot Com. On the top right there's the retirement calculator.
Click on it and fill in the information. Let's see
what your tax bill is going to be, and in
thirty seconds we could show you what it is. Number two,
(11:56):
there's a chat box on this so if you're driving
or you have questions, go to the chat box, fill
in the question. We will respond to you. And more importantly,
to educate everybody out there and help when we're doing
seminars every month, So go to the Maggie Tax dot
com look for upcoming seminars. The dates are there. Register
and let's get a chance to meet with you, because
isn't it imperative that all of you reason out for
(12:18):
yourself that you can have a strategy under any circumstances.
And again, Chris, most people come in and they go, gee, guys,
I don't have a lot of money. That's not the
question we're asking you. The question we're asking you is
how can we help you? So, my guess is many
of you do not know this information, and it's because
you're not asking your advisor why, because it's the language.
(12:39):
We talk about, the language, and many of you do
not understand. So we can help. We call it the
Maggie Plan, simple and easy to understand. And for many
of you that have met with us, you understand what
I'm saying because we made it simple and understand. Chris
talked about some clients that came in before we talk
about this every week. They came in and they were shocked, Wow,
I really could do that. So many people in our
(13:00):
country believe that the government's going to take care of them. Look,
in fact, isn't it the majority of people many of
you listening, Sure it is. So how do we get
you to understand that it has now become mathematically impossible
that the government's going to take care of you? Christen,
what's happening is they're doing the opposite. They're making it
worse for us. Well, that's just saying, and you can't
control that.
Speaker 3 (13:20):
Right where in a yoyo economy, you're on your own
and many people work hard, you know, they go to
have a job, they put money away, they don't know
what to do with it.
Speaker 4 (13:27):
That's where we come in.
Speaker 3 (13:28):
You know, how do you structure all this where you
can have income in the most tax efficient way. How
do you structure this where you can have a tax
plan where you pay least amount of taxes possible, but
do it legally. How do you put together an investment
plan where you have different buckets doing different things to
combat inflation? How do you make sure that everything you
put together stays in your family and doesn't have to
(13:50):
go through the probate process or has to go through
through taxes or just heartache with other beneficiaries. It doesn't
have to happen. It's called succession planning. And how do
you put this together? So that's what we're discussing here.
And if you have questions, now's the time to stop
for a minute, take a deep breath, you know, pick
up the phone and schedule a time to meet with us.
(14:12):
You know, a goal without a plan is really not
going to be achievable. So what do you do. You
have to have to schedule time to meet with us.
You have to come in and let's let's have a
conversation why because you deserve it, you put away money.
Now is the time to put together a plan.
Speaker 2 (14:27):
You just brought something up that just hit me. You
called it succession planning. Many people call it enhanced planning
or state planning. But talk about succession planning for a minute,
because it applies to everything that we're talking about, Chris,
about income planning, about tax planning, about four oh one
k rollovers. It's about succession planning. How do you get
to the next level because people do not understand the language,
(14:51):
and if you do not take action, you're simply just
going to lose. And if you do take action, you
can win. It's that easy. And what I'm saying, it's
that easy. Once you learn and the game and you
learn the rules, you can make something happen. And we
can help all of you arrive at this important determination
because you're probably worrying too much. Why are we sharing
(15:11):
this with you? We do this every week, we do
our TV show. You know. I've been speaking in person,
you know, and on the radio and on TV for years,
and I have been stunned to discover how few people
understand this vital information because they don't take the time, Chris,
to stop for a second and let me put this.
It's an hour an hour and a half of your
time instead of going to the beach or going bowling,
(15:34):
or going whatever, or drinking. Am I right around?
Speaker 3 (15:37):
I mean because if you don't understand this information, it's
possible that you will not realize the damage that you're
doing to your financial and retirement success.
Speaker 4 (15:45):
And that's pretty simple.
Speaker 3 (15:47):
I mean, if you take the time to just carve
out a little bit of time to do what you
need to do to put yourself in good order, then
you can have fun from there.
Speaker 2 (15:55):
You know.
Speaker 3 (15:56):
We talked about a client of mine that we had
last and last a segment. We discussed how they had
no idea how to generate the income, and they came
to us and they said, I got this lum sum pension.
What do I do with it? How do I get
income in the most tax efficient way? Well, we created
bucket planning. They'll never outlive that money. Ever, they will
(16:16):
have guaranteed income coming in eight thousand dollars a month
for the rest of their life.
Speaker 4 (16:21):
You know what.
Speaker 3 (16:22):
And how settling is that? How comforting is that? So
when I say the question is what are you doing
about it, or if you don't understand this information that
we're talking about, is possible that you will not realize
that the damage that you're doing to your financial your
future of financial and retirement success.
Speaker 2 (16:39):
You know, and again it doesn't matter if it's intentional
or unintentional. And one of the things that you know
what you brought up about education, about language, about teaching
our young folks and our kids how to save for
retirement because nobody's doing that. Why because they're not making
enough money to even save. But there is a way
to save a portion of your money if you understand
the way it works. And here's the worst part. Many
(17:00):
of you are unaware of the poor choice that you're
making because you are being informed in ways that are
beneficial to the sellers of these non beneficial products. You
don't understand what you have with mutual funds and stocks
and what the fees are and what the risk is.
And Chris talk about the comparison when we do that
with many clients, because when we ask them, are you
married to that stock or do you know what you have?
(17:20):
The answer always is, uh, I don't know.
Speaker 4 (17:22):
Well, let's just say it. How many people follow the crowd.
Speaker 3 (17:24):
How many people just try to keep up with the
Joneses right their neighbors, and they just don't know what
they don't know, and that is the biggest thing. So
we have clients that come in and they say, just
like my dad mentioned, well I don't have a lot
of money, but meanwhile they do. They have enough money
so they can retire. They have enough money where you
can create a guaranteed income plan and they stay within
(17:48):
their income and their budget, and they're great. They can
do that. They don't have to have millions of dollars.
You don't have to get to a certain number like
the TV tells us or these advertisements tell us to do.
Have to You don't know what you don't know. And
that's the thing, and that's why when you come in
to meet with us, we'll tell you. You know, as
a fiduciary, we got to tell you the best thing.
(18:08):
We got to do the best thing for you. This
is your money, not ours. But we can help because
a lot of things we do as a complete planner,
we can help. So pick up the phone, schedule time
to meet with us. Every Sunday, we have a TV
show on ABCTV at ten thirty. It's called the Maggie
Tax and Financial Show. And why do we do it
Because we enjoy teaching, We enjoy educating you. Why because
(18:31):
you need this information. When's the last class you had
on income planning, tax planning, investment planning, estate planning, social
security planning, medicare planning. When's the last time you had
a class on that. You don't even have a class
on how to buy and sell a house. That's how
the educational system we have is not complete. That's why
(18:52):
we need to meet with you. So pick up the phone,
schedule time to meet with us. We look forward at
meeting with you. Visit our website at Maggie tax dot com.
That's Maggie dot com.
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 thanks for joining us today. My name
is Robert Maggie and I'm here with my son Chris Maggie.
We are talking about a lot of information, but more
importantly a couple things that stand out. If you're just
tuning in, register for our seminars educational seminars on estate planning,
on tax planning, on solid security, and a lot more. So.
Go to our website, Maggie Tax dot com, right click
(20:00):
on seminars. You'll see the seminar dates and locations. Pick
one that's convenient for you and just register and spend
some time with us. Also, if you have a retirement
account like an IRA A four oh one K A
four oh three B A TSP, remember it's all taxable,
taxable at what rate. Well, if you go to my
retirement calculator on the top, right click on it and
in thirty seconds we can tell you what your retirement
(20:22):
tax bill will be and then give us a call.
Eight three to three Maggie Tax. Set a time. Let's
have a conversation let's explain that to you so you
understand it, because Chris, so many people are confused today.
We just talked about legislative risk, but they don't know
about you know, and situational risk or situational changes. That
has a lot to do with every listener listening to
(20:43):
this show and watching our TV show on Sunday, because
every situation correct me if I'm wrong, is different. They're
not all the same.
Speaker 4 (20:50):
That's it.
Speaker 3 (20:50):
And a lot of people exposed to have exposure to risks.
There's income risk where you could run out of money.
There's investment risk where if the market goes down and
you can lose principle and you can lose interest. About
tax risk, we talked about that previous segments. Today, What
if legislative risk changes and you go ahead and have
to pay more tax because they increase the percentage of
the taxes that you have to pay, That means less
(21:12):
income to you. What about a state planning risks if
you don't have your accounts properly titled or beneficiaries in
the right spot. Guess what you have probate risk. So
do you want all those different things? There's many types
of risks that you have to look at in retirement.
And why are we talking about this? Why do we
have a show like this?
Speaker 4 (21:30):
Why?
Speaker 3 (21:31):
Because there's so much information to talk about. We have
clients that we meet with each and every week, and
they come to us and they want a full, complete plan.
They just don't want us to manage the money or
just to look at one thing. They want us to
do everything because they're looking for that advisor to do it.
And we can help you in many ways. You can
manage your own money, but what about the risk that
(21:51):
you have associated with it? Are do you have it protected?
Do you have an idea? Are you doing bucket planning?
And that's why we need to meet because you need
to understand the different options that are available out there
to protect you and yourself and also your family. So
pick up the phone, schedule time to meet with us
eight three to three, Maggie Tax. There's so much there
to talk about. Schedule time to meet with us eight
(22:11):
three to three Maggie Tax.
Speaker 2 (22:13):
Plan and simple. It's a financial puzzle that you have
to put together. So let's talk about a couple of
things that we always talk about. We talk about red money,
green money, or you red money, yellow money, But what
is red money? Okay, red money is all are the
majority of your retirement approach is subject to the risk
of changing taxes. Not only changing taxes, but market risk.
Have you done a risk analysis to see what color
(22:36):
is your money? We have clients come in and we
talk about, you know, the percentages. Seventy percent of their
money is in red. You know, thirty percent is green
and they have no idea what that means. What it
means is that you're at risk. Okay, you may have
too much in overweight tax deferred assets like maybe deferred
annuities and four oh one K plans, because this creates
a common driver of high retirement tax bill. And again,
(22:58):
if you go to my retirement tax built on Maggie tax,
you'll see exactly what this means. Why because qualified accounts
like four to one k's and I rays defer your
taxes to the future, then these types of accounts expose
you to higher risk if taxes rise in the future
or if regulation changes the tax rules that are applicable
(23:18):
to these accounts. Because look, if you don't understand the rules,
then you're not going to play the game correctly. Chris,
and am I right when I say that because you
have to understand the rules when you play monopoly, you
play cards. I play cards with your two kids all
the time. If you don't understand the rules, then you're
gonna lose, and it's not fun anymore.
Speaker 1 (23:36):
M hm.
Speaker 4 (23:36):
And that's exactly right.
Speaker 3 (23:37):
So, especially in the retirement game, because if you're retired,
guess what, you're retired, you're gonna go back to work?
Is someone going to hire you? You know you have
to play that game.
Speaker 4 (23:44):
Now.
Speaker 3 (23:45):
You don't want to write you retire for a reason,
because you know you have enough money. You know you're
gonna enjoy your retirement. You're going to know that you're
in position financially to make sure you don't have to
go back to work each and every day. So when
you do this, you're exposed to risks and these risks
that are out there. If you can knock down those
risks and eliminate them, you don't have to worry about them.
(24:06):
You don't have to fall victim to them when they happen,
because they're going to happen to many, many people, and
they're just not prepared. We see it each and every day.
Think about this, how many people come in our office
and do not have an estate plan. They could be sixty, sixty, five, seventy,
they could be fifty, and they have no will, no
estate planning, no proper beneficiary designation, no trust, they have
(24:26):
no documents. You think about that, all those years they've saved,
and guess what they're subject to estate planning risks.
Speaker 2 (24:34):
Yeah, But the answer we always get us, ah, yeah,
but I'm meaning to do it, or I didn't get
to it yet.
Speaker 3 (24:39):
That's not a good answer. But because they'll get to it,
the government will get to it absolutely well. The point
here is that you can't just delay rer retirement. You
can't delay the investments that you have. You can't delay
what's going on in the future for things that you
don't know what's going to happen. So do it now.
Put together an income plan now. Even if you're going
to retire in ten years out, make sure you're set out.
(25:00):
What about your investments. Don't wait five years or ten
years before retirement.
Speaker 4 (25:04):
Do it now.
Speaker 3 (25:05):
If you're listening today, let's get a second opinion. Let's
look at your investments. Let's do an investment review. Eliminate
those investment risk if you can, tax risk. We talk
about that throughout the whole show. It's not about tax preparation.
It's about tax strategies and making sure that you can
get your money out of an area that's infected with taxes.
The tax free money we can show you. So pick
(25:25):
up the phone, schedule time to meet with us. We
have obvious on both sides of the bay eight three
to three Maggi tax schedule time a three to three
Maggi tax.
Speaker 2 (25:33):
And one more thing. When you come to the seminar
what Chris is talking about, we address a state planning.
Who gets what and how is it going to be
distributed the way you want it instead of going through probate.
So many of you listening today probably can answer and
shake your head. I don't have a plan. I don't
have a state planning, Well, what we call enhanced planning.
You don't have a beneficiary on these accounts. Well, that's
the reason why we do these shows. You know, even
(25:54):
with the retirement calculator, this is something that will educate
you on wow, look what my tax bill is going
to be in retirement. So if you have a million
dollars in a qualified plan, I'm sorry, but I have
to be the one to tell you you don't have
a million dollars in a retirement plan.
Speaker 3 (26:07):
You have that account's infected with taxes. And who wants
to be infected with anything? No one does, right, but
your retirement account is. And many people don't understand that.
When you need it most, Guess what you have to
pay Uncle Sam, and it's a question mark tax rate.
Speaker 4 (26:22):
Think about this.
Speaker 3 (26:23):
If five years down the road, say inflation gets even
crazier than it is now, and you need to take
more out of your retirement accounts, guess what you have
to pay Uncle Sam first? At what rate? At his rate.
That's called legislative risk. It's a question mark. It could
be twenty percent now, but in the future it could
be twenty eight percent. Think about it. That's less to
(26:44):
you and more to Uncle Sam. That changes your lifestyle.
Who wants that? You don't want that. That's why you
need to get a plan. Pick up the phone, schedule
time to meet with us. I don't care if you're
about to retire retired, it doesn't matter. You're going to
be subject to these risks if you don't look, look
at them and monitor them. So pick up the phone.
Schedule time to meet with us. Eight three three Maggie Tax.
(27:05):
Write this down eight three to three, Maggie Tax.
Speaker 2 (27:07):
And you mentioned one thing before we wrote off first book.
Stop funding Uncle Sam's retirement and get a plan that's
simple and easy to understand. Because that's what everyone's doing
out there. You're funding Uncle Sam's retirement. Taxes are going
to be effective. So when you talk about red money,
it's risk. We want to take a look at that
for you. So Chris, let's talk about yellow money, because
this is something that you know is confusing to people
because they don't understand the language. But as many times
(27:29):
as we have taken the red money off the table
and put it into green, we also can put some
money into yellow And there's a reason why we do that.
Speaker 3 (27:36):
Yeah, and yellow money is you can stay in the market.
That's fine, but have active money management. Make sure that's
a team behind you. You're better off with a team,
you're not better off by yourself. We all know that
if you've played sports, you know the power of a team.
And when you have someone who has the best interest
in your mind and they help you, then it's a
(27:57):
great team. So when you have yellow money, you have
more of a balance, exposure to the risks of changing
taxes as well as the investment exposure. But there may
be more you can do. While some of these of
these assets are protected from tax changes, you might want
to consider additional diversification to meet your goals. When it
comes to protection from the risk of changing taxes. There's
protection inflation protection portfolios. There's portfolios using dividends. There's portfolios
(28:23):
if the market goes down you could take money. There's
inverse portfolios. There's markets where you have a buffer. So
there's a lot of different things you can do to
help you. Your retirement approach is likely well diversified to
protect against the risk of changing taxes. My gosh, think
about this. We're talking about each and every day taxes, taxes, taxes,
not just about tax preparation. It's your investment risk, it's
(28:46):
your income risk, it's your tax risk. Let's discuss what
your risk score is and how it relates to your
risk tolerance. Time and time again, we meet with husband
and wife and maybe the husband wants to be aggressive,
but the wife wants to conservative. Is all your money
invested in an aggressive stance?
Speaker 4 (29:03):
Do you know?
Speaker 3 (29:05):
But we can help you if you come in and
meet with us, we can look at what you have
and do a second opinion, and then from there we
can show you what you kind of do create bucket
planning eight three three Maggie tax.
Speaker 2 (29:15):
Think about it. We talk about a financial puzzle. You
have financial situations like your IRA and your four h
one K managing risk that Chris is talking about social
security planning, retirement income planning. What about taxes? Taxes, individual taxes?
What about corporate and es corps? What about partnerships? What
about trust and the states? What about gift tax This
(29:36):
is what we talk to every client out there, because
you can't just go to one place and find out
the answers to these That's a financial puzzle. What about
legal How many of you do not have a will
and a trust or powers of attorney or nursing home protection?
What about charitable planning? How many of you are charitably inclined?
Because this helps you along the way, you know, as
(29:56):
you get through retirement. Because this is the financial puzzle
we're talking about. What about insurance? What about life insurance?
I know people say, well, you know I don't want
life insurance because I don't want to give it to
the company. I can tell you that we've helped a
lot of people that have had life insurance and get
a tax free check when that happens. I know you're
not looking for that, but that's part of what you do.
What about fixed index anuities? What about medicare? What about
(30:18):
long term care? Are you talking about this to your advisor?
What about a funeral trust? This is called holistic planning.
This is called the Maggie Plan. This is what we do.
So for all of you that are listening, go to
our seminar. Go to Maggie Tax register for the seminars
coming up about an hour and a half of your time.
It'll help you understand the language.
Speaker 3 (30:37):
Get educated, and my gosh, you talk about so many
different topics right there that we go on and on
and on about each one of those and it takes time.
And when you come in to meet with us, we're
going to educate you. We're going to sit down. We're
not going to overwhelm you or overpower you. That's not
what this is about. If you're looking for an advisor
that you could talk to, someone that you can take
your time with and get educated and make the right
decisions based on what you want.
Speaker 4 (30:57):
We can help pick up the phone schedule time to
meet with us.
Speaker 3 (31:00):
Eight three to three Maggie Tax with a photo meeting
with you eight three three Maggie Tax.
Speaker 1 (31:07):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie Tax dot com. That's
m a 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 (31:45):
Welcome back to the Megi Tax and Financial Show, and
thank you so much for tuning in. And you know,
as every week we're helping people reduce their taxes, we're
helping people with their tax situation. Regarding tax planning, you know,
tax preparation versus tax planning is a big difference. We
do the tax planning side of this to help you
InCom planning, investment planning, and state planning. We can help
visit our website at maggietax dot com. Click on the
(32:07):
Retirement tax Bomb RTB. You have a retirement tax bomb
if you have an IRA Form one K. These accounts
are infected with taxes. So that's what we talked about
today throughout today's show, how to defuse It's a big
tax time bomb that's about to happen if you have
these retirement accounts. So ed, what are the common quotes
that we hear people say, and let's deal with that.
Speaker 2 (32:28):
Well, this is a tax story, so it's affecting everybody
in the most common way we get is don't worry
about it. Don't worry about it. You got to be
kidding me. You have to worry about it. Think about it.
You save this, you saved a long time, and then
you think it's yours. Then you got to give it
back to Uncle Sam or the irs. It's just something
you have to deal with. No, that's not true. Either.
You can do tax planning and you could reduce your
(32:51):
tax and have tax free money. So it's something you
should worry about and you'll be in a lower tax
recket when you retire. No, you won't. Not if the
Trump taxts expire, and you see the way they're spending money,
you know, because it's going to cost us more, every
single one of us, and they're going to take it
out of your IRA. You four oh one K, you
four three B and that's where the money's gonna come from. Why.
Speaker 4 (33:12):
So that's the big thing.
Speaker 3 (33:13):
I mean, the Uncle Sam knows how much money is
invested in iras and formal case, there's a fair market
value that they get each and every year. They know
how much there's trillions of dollars that are before tax
that all they have to do is increase the taxes
by a couple of different percentage points and guess what,
that's more revenue. So they know and they know you're
strapped because they know that you can't do anything about
(33:35):
it unless you do planning. So that's what we're talking
about today. If you do not have a tax plan,
if you do not have an income plan, if you
do not have an investment plan, then pick up the phone,
schedule time to meet with us. Let's show you strategies
where you can reduce your taxes. Let's show you some
strategies where you can offset the money that comes out
of an IRA to a roth Ira. How do you
go about doing this? Well, we can help pick up
(33:57):
the phone, schedule time to meet with us. Eight three three, Maggie.
Speaker 4 (34:01):
Tax.
Speaker 3 (34:01):
We don't want you to hear the stories or your
friends say, hey, don't worry about it, or you're gonna
be in a lower tax bracket in retirement.
Speaker 4 (34:09):
How do they know.
Speaker 3 (34:10):
It's your situation, your situation. So get together with us.
Let's put together a plan, and let's show you where
you're at now and where you're going to be in
the future.
Speaker 2 (34:18):
So the story is also tax procrastination. Nobody's worried about
it until you have to worry about it. And most
times when you worry about it is when you do
your taxes every year.
Speaker 3 (34:27):
And it's too late at that point because again, all
you have to file for the previous year. So get
it ahead of it. And that's what we're talking about.
We call it strategic planning, and you can do that.
So and this is another thing here. Think about this.
Speaker 2 (34:40):
The structure of the four oh one K was always
set up against lower paid or middle class workers from
the very beginning because you're taking money, you're putting in
a tax deferred Okay, now you get to retire at
seventy three and you have to take to RMD or
before that, and it's taxable. But many retirees payback decades
right this down decades worth of tax savings in the
(35:03):
first three to six years of retirement and every three
to six years thereafter. So why are you procrastinating, Why
are you believing those stories that are not true. Take
a stance here and get in front of it. Get
in front of it and do some tax planning. That's
what Chris and I do all the time. And like
I said before, I know this is going to sound weird,
but this over fifteen hundred tax strategies that you can use.
(35:24):
Not that every one of them is going to fit you,
but there are some that you can use. And I'm
telling you right now, you probably don't even know about it.
Christ And that's the mistake people to make it.
Speaker 3 (35:31):
You just don't know what you don't know. So if
you're listening today, you need to know this is your retirement.
Don't get caught up where we've seen clients that they
can't do anything about it because they're stuck. Don't get
stuck in retirement. Get ahead of it. That's what we're
discussing here today, So pick up the phone, schedule time
to meet with us. Let's put together a plan. Let's
look at what you have now, We'll we tell you.
(35:53):
We'll tell you if you're in a good tax situation
or you're not. We can run a mock tax return
right in front of you, and I can show you
what your future is going to be. When you're taking
Social Security, you know, when you're taking money from your investments,
when you're taking money from your dividends, whatever it is.
I can show you today what it's going to be,
and then you can say, well, hey, that's not what
I want to pay. I want to pay less. Well,
how do you go about doing it? Then let's put
(36:14):
together a plan and.
Speaker 4 (36:15):
Do it for you.
Speaker 3 (36:16):
Eight three to three. Maggie Tax get ahead of the game,
Magi tax dot com.
Speaker 2 (36:20):
So let me throw something else at you. The five
risks in retirement. Number one market risk and Chris, I
mean everybody has money, not everybody, but because a lot
of people have money in the market, but it goes up,
it goes down, and when you lose money in the market,
you don't get it back, but you still have to
pay taxes on the game if you do. What about
income risk? How many of you were concerned about how
much income? One of the questions that Chris and I
(36:42):
ask everyone that comes in, how much income do you
need at the mailbox every month to live your life?
And that is the most confusing question when we ask that,
because people don't think about that because when you retire,
you have to have guaranteed income. What about health risk?
Right now? I had a gentleman the other day. He
called me. He's got a problem with this kidneys. I
feel very bad for him, but he said, Bobby, I
(37:02):
don't think I have a long time to live, and
I want to make sure my wife is going to
be taken care of. So his health is not good,
but he's got his investments correct and his beneficiary is correct.
He's got a state planning. And I told him, you're okay,
just live your life and just you know, make sure
that if something happens, your wife will be taken care of.
But here's the big one, and we've been talking about it,
Chris and I. Tax risk. How many of you know
(37:25):
what your tax is going to be when you retire,
And I'll tell you many of you don't know until
you come in and see Chris and I and are
tax preparers, and we show you that you took out.
Like I said before, a gentleman has to take out
thirty eight thousand of r MD folks, that's all taxable,
all of it, and it could affect your armah could
have part be but the last one and this is
the big one. We've been talking about it today, legislative risk. Listen,
(37:48):
Congress wrote the rules in pencil. They're going to change
it every single time, and then this year in the election,
it's going to change again.
Speaker 4 (37:55):
And that's just it. So what are you doing about it?
Speaker 3 (37:57):
So pick up the phone, schedule time to meet with us.
Mentioned market risk, income risk, health risk, tax risk, legislative risk.
Are you just putting money away and forgetting about all
these risks?
Speaker 4 (38:08):
You know?
Speaker 3 (38:09):
What are you doing about it? So let's help you
put together a plan to help you solve all these risks.
So now when you're in retirement or about to retire,
you're ahead of the game. So whatever happens, it happened,
but you'll be in a better tax situation. So pick
up the phone, schedule time to meet with us. More
income on a tax favored basis, that's what you want.
Eight three three Maggie Tax. Visit our website at Maggi
(38:30):
tax dot com and don't forget. Every Sunday, tune into
ABCTV for the Maggie Tax and Financial Show eight three
three Maggie Tax.
Speaker 4 (38:38):
That's eight three three Magitax.
Speaker 1 (38:42):
You've been listening to the Maggie Tax on Financial Hour
discussing tax planning investment strategy is presented by Robert and
Chris Maggie from Maggie Tax Advisory and Financial Services with
offices in Hillsboro and Panela's County. Visit Maggie Tax dot
com or call eight one three three two two twenty
five twenty. That's eight one three three two two twenty
(39:04):
five twenty and tune in next Saturday at five for
the Maggie Tax and Financial Hour
Popular Podcasts
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Special Summer Offer: Exclusively on Apple Podcasts, try our Dateline Premium subscription completely free for one month! With Dateline Premium, you get every episode ad-free plus exclusive bonus content.
The Breakfast Club
The World's Most Dangerous Morning Show, The Breakfast Club, With DJ Envy, Jess Hilarious, And Charlamagne Tha God!
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.