Episode 20250823 - Debt to the IRS

Episode Transcript

Speaker 1 (00:00):
All these years you've saved up planning for a secure retirement,
but if you're not careful, it will be the irs
that's living it up when you retire by taxing your
hard earned money. Welcome to the Maggie Tax and Financial
Hour with Robert and Chris Maggie of Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
and tax savings, income planning, and investment opportunities, Robert and

(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty or visit Maggie
Tax dot Com. That's Maggi tax dot com and now

(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.

Speaker 2 (00:52):
Welcome everyone, and thanks for joining us today. My name
is Robert Maggie and I'm here with Chris Maggie and
thanks for joining us today on the Maggie taxin Financial Show.
Be sure to visit our website Maggie tax dot com
and don't forget Every Sunday at ten thirty on ABC TV,
tune into the Maggie Tax and Financial Show. So, Chris,
we have a lot we want to talk about. Taxes,
we want to talk about are what we do with
the Maggi Plan. So let's get started and see what

(01:15):
we got today.

Speaker 3 (01:15):
Welcome everyone, and thank you so much for tuning into
our show. And how many of you out there are
just afraid to ask for help? You know, we're all
human and we get to that point sometimes in our
life that we are afraid to ask for help. But
maybe you are afraid to ask. It might seem stupid
to ask those questions, but really, what's on your mind?
Many people out there are worried about their retirement. They
worried about the market volatility, the word about running out

(01:38):
of money, the word about well when what do I
do with Medicare and social security planning? But you know,
maybe you didn't want to impose on people because you
were afraid to ask for help. And my dad and
I are like that, you know, my brother is like that.
You know, maybe you're that way. We're just human, as
I mentioned before, But sometimes it takes many years until
you reach a point that you are in so much
trouble that you must ask for help. And many people

(02:01):
out there are going through retirement and they really just
don't see the positive focus on what their retirement's going
to look like because they have those fears and then
they're uncertain. And you don't have to be that way
if you do the proper planning, you.

Speaker 2 (02:15):
Know, and there's absolutely nothing wrong with that, because you're
human and we see people every day that need our help,
but we're afraid to ask. Many of you listening right
now need our help. And you have to ask a question.
What's on your mind? You know, what's the elephant in
the room. Are you worried that in twenty twenty five,
the Trump tax cuts are going to expire. We talk
about that every week on our show, and it's starting

(02:35):
to resonate with people because it's going to happen. Are
you afraid to ask for help? Or will you just
wait until you get hit with a huge tax time bomb?
And Chris, with that said, we've had many people coming
in and they're starting to realize that in another in
twenty twenty five, what's going to happen to the taxes,
it's going to go up. So you know, we have
the retirement tax Calculator to help all of them, and

(02:56):
in thirty seconds we can show you what your tax
bill will be in retirement. Just ask for help. It's
that simple.

Speaker 3 (03:04):
And here's an example that we're talking about. Sometimes you
get in so much trouble you will have to ask
for help, and it's never too late. And that's why
I pick up the phone, schedule time to meet with
us eight three to three Maggie Tax and our website,
Maggie tax dot com is so much information right there
at your fingertips and we can help you. If you're
looking for income planning, we can help. If you look
at a tax planning, we can help. We had a

(03:24):
client that came in last week talking about roth conversions
and if they should convert their iras to roths. They said, well,
I hear a lot about it. Is that good for me?
And I explained to them that in their particular situation,
it wasn't the right move. But I had a client
that came in later on that day and guess what
it fit them to the t It was a perfect
opportunity and I showed them ways to create a tax

(03:46):
deduction so they can offset some money coming out of
the IRA and pay the least amount of tax as possible.
So you know, these people are asking for help, they
need it, and we can help. Pick up the phone,
schedule time to meet with us. Eight three three, Maggie, tax.

Speaker 2 (03:58):
A simple way. We have some on a state, social
security and tax planning. And every time we do these seminars,
people say, well, no, I know about that. But when
we start the seminar we start talking about wills and
trusts and we talk about social security and tax planning,
it starts to resonate what people say, now, I need help.
So we also talk about bucket planning and so much more.

(04:19):
And bucket planning, Chris is a big thing right now
because of what we do with clients. You mentioned it before,
had to position their money for income planning, for tax
planning and growth because so many people and I know
the other day we had a client come in. They're
so used to the old way that they have to
keep their accounts there and that's not true. The complaint
that she had is that, well, there's no tax planning

(04:39):
and there's no income planning, and what do I do
and what do you do is sit down and do
some bucket planning?

Speaker 3 (04:45):
Wellus, it's exactly it. I mean, every account that you
have with us has a purpose, whether it's for safety,
whether it's for growth, whether it's the combat inflation in
the future, whether it's a paycheck that you need, or
whether it's a play check. Playcheck is just extra income
coming in the front door that you can play with.
You can spend the heck out of it and do
it all over the next thirty days, so for the
forever and in your life. So these are income streams

(05:08):
that can come in and that's why we do bucket planning.
Why not spend down one of those buckets, but the
other bucket goes right back up to where you started.
So really you're living off of interest. How cool is that?
So pick up the phone, schedule time to meet with us.
If you're looking for an investment plan, we can help.
If you're looking for an income plan, we can help.
If you're looking for a tax plan, we can help.

(05:29):
If you can want to put all those three together,
so you have income in the most tax efficient way,
and you have accounts that are growing with safety and growth.
If that's what you want, we can help, So pick
up that phone, give us a call eight three three
Maggie Tax.

Speaker 2 (05:41):
Well we make it sound so simple, but the bottom
line is all you have to do is just ask.
So why are we making such a big deal of
asking for help? Because eventually all of us have to
make changes and ask for help. Something's going to happen
where you definitely need to make help. We take an
holistic approach. So what does that mean? We're a complete advisor?
And what the heck does that mean? We are a fiduciary?

(06:04):
So what does that mean? And why are we making
a big deal of this today? Why? Because if you
do not ask for help, then you have nothing to
complain about. And why are you listening to the Maggie
Tax and Financial Show. I hope you're looking to get
something out of it. Why because you need help, You
need professional help, and we can help. Just ask eight
three to three Magi Tax And ask now before taxes

(06:26):
go up, and ask now before your benefits get cut.
These are the complaints that we're hearing. All of you
can probably share the same thing. Ask for help now
if you think you will not have enough to retire,
So ask now why we talk about bucket planning and
why we discuss safe options. Ask now for help, So
sit down with us, have a conversation. Eight three to

(06:47):
three Magi tax. Because doing nothing is not a.

Speaker 3 (06:50):
Plan, absolutely, and you know doing something can save you
from worrying about these things that you can't control. So
pick up the phone, schedule a time to meet with us.
Eight three to three Menie tax. That's eight three to
three Maggie tax.

Speaker 2 (07:03):
And we're hoping that you listen to our show because
you want a better plan than what you have now,
and you have to start thinking about that. Many people
are complaining about things and they want to hide behind
the door and wait for something to happen. Please don't
do that. We take education very seriously because the more
that you know, meaning know, the more you know now,
then you can make a better decision. And we want

(07:25):
you to be ahead of the game so you can
enjoy your retirement and have control over what happens in
your life. How many of you would like that, Just
give us a call. It's real simple, eight three to
three Magie tax and let's discuss the Maggie Plan. Simple
and easy to understand.

Speaker 3 (07:40):
And that's exactly what the Maggie Plan is about. It's
income planning. It's a tax plan. It's guaranteed income planning
for life. It's a as I mentioned, a tax plan,
so you can avoid the unnecessary higher taxes that are
coming to all of you. It's coming, it's coming. Do
something now so you could take advantage of the opportunities
that will be there for you. As opposed to saying,

(08:00):
oh my gosh, I'm part of everyone, or everyone lost money,
or everyone's paying more in tax, or everyone doesn't have income. No,
that's not the case. Do the planning now so you
can have a plan. You know, it's an insurance plan.
You know, it's a tax free retirement plan. That's what
the Maggie Plans about. It's bucket planning. It's looking from
a complete angle. Think about looking through glasses from a

(08:23):
different lens. You know, you might be looking at retirement
right now of I got to get to a certain
amount and then I can retire. Well, that might not
be the case. There might be some other strategies that
you already have enough money. We had a client, two
clients last week that came in and the first thing
when we met with them, they said, I have to
keep working because I have to get to a certain number.
And we stopped and we looked at their social Security,

(08:45):
We looked at their income. We asked them how much
they need per month, and guess what the amount of
money they had. They just didn't know what to do
with it. So we created bucket planning and we showed
them that you turn this bucket on, you let these grow.
This will give you the guaranteed income in the most
tax efficient way. And guess what, but they can retire
for life. And they sat back and they said, what
about inflation, Well, those are the other two buckheats that

(09:06):
are growing. So when inflation does happen worse than it
is now, then you could turn on for guaranteed income
for more income. And they said, oh my gosh, we
never were shown this before. You know our advisor who
is currently looking at their accounts. All they do is
buy and sell and that's not what they're looking for.
They want a plan. They deserve a plan. You do too,

(09:26):
So pick up the phone, schedule time they meet with us.
Eight three to three mag Attacks. We have office on
both sides of the Bay. Magi Tax dot Com eight
three to three Magi Tax and.

Speaker 2 (09:35):
Just remember it's an insurance plan where you can have
tax free income when you pass. It's an investment plan
where you work with a complete advisor who offers institutional
money managers. Chris, we talk about this all the time
with our clients, about transactional and institutional. And every time
you do a comparison, when you do the comparison of
their accounts, they don't realize what they do realize once

(09:56):
you get to tell them that they have transactional advisor.
That's all they're given. There's no other options to make
it better.

Speaker 3 (10:03):
Well, think about it. You know, maybe it's not your fault.
It's not your advisor's fault. Maybe they just with a
brokerage company or a company financial company that offers limited options.
And you know that's why we're independent. We're not tied
to anyone company. We have to do the best thing
for you, so we can go out there and get
whatever we need to help you. If if think about
life insurance for a minute, if if someone has diabetes,

(10:24):
we can go and get a policy that with a
company who understands diabetes or high blood pressure or whatever.
It is same thing with income. If there's a company
that has guaranteed income or higher interest rates. We can
go out and shop that to do the best thing
for you. So that's why it's so important to meet
with us. You know, at mag Tax Advisory we do
a lot of different things. We care about our clients.
We want you to have income in the most tax

(10:46):
efficient way. We want you to enjoy your retirement without
the worry of the volatility of the market.

Speaker 4 (10:51):
It's totally up to you. Pick up the phone, schedule
time to do with us. Three to three.

Speaker 1 (10:55):
Magitets stop planning for Uncle Sam's retirement and start planning
for your retirement. As we return to the Maggie Tax
and Financial Hour with your host, father and son Robert
and Chris Maggie. For additional information on how you can
create a tax free retirement, visit Maggie Tax dot com.
That's ma gg I tax dot com or call eight

(11:18):
one three three two two twenty five twenty. That's eight
one three three two two twenty five twenty now your
host for the Maggie Tax and Financial Hour, Father and
son from Maggie Tax Advisory and Financial Group, Robert and
Chris Maggie.

Speaker 2 (11:34):
Welcome back to the Maggie Tax and Financial Show. I
am Robert Maggie and I'm here with my son Chris
Maggie today. But talking about message frames, and the one
we're talking about today is debt to the irs. Also,
don't forget, you have five risks in retirement that we
talk about with every client. So if your advisor is
not discussing this, we're going to talk about market risk,
We're going to talk about income risk, We're going to

(11:55):
talk about health risk, tax risk, and legislative risk. Those
are all message frames. So remember we're talking today about
the message frame debt to the irs. And let's say
that you have an IRA. Each month you get a
statement showing the funds in your IRA account, and this
month your statement came and said, hey, you have eight
hundred thousand saved in that account. And you think that's great,

(12:17):
but it's not. You know, I have eight hundred thousand
to spend in retirement. No you don't, except you don't
because you cannot cash out that account and go buy
a new eight hundred thousand dollars vacation home. Chris. This
is where people getting confused when they have the IRA
of four to one k. Yeah, it's tax deferred, but
they're not the money's tax deferred. They're going to pay
a tax later on down the road. So you keep saving,

(12:40):
you keep putting money in, but you're going to pay
a tax down the road, and the debt is to
the irs. Why don't people see that, Chris.

Speaker 3 (12:47):
Well, that's just said because people just aren't explaining this, right.
They don't think about each and every day. That's why
you need to have an advisor who understands what you're
going through and the income plying, the tax plan, the
investment plan, because they all work together. And that's why
if your advisor's not showing you this, then you're missing
the boat here. If your tax advisor's not showing you this,

(13:09):
then guess what. They're not doing the right job for you.
And the truth is that every IRA statement is an illusion.
What you really is an illusion illusion. We all like magic,
but not this magic, right. I'll just guys, but the
value listed on that statement is just an illusion. It's
not all yours. You have a silent partner in Uncle Sam.

(13:29):
And if you didn't realize that when you would draw
the money, you certainly realize it when it comes April
fifteenth the following year, because you don't have that amount
of money in your IRA or your TSP or your
four h three B or your four to fifty seven plan.
All these accounts are deferred accounts that deferred. They're infected
with taxes, they're illusion So what are you doing about it?

Speaker 2 (13:50):
Man? You need to see a magician trying to fix that.
Week can help you pull the rabbit out of the hat.
I guess right. I'm not trying to be funny your folks,
but I'm trying to be serious because again, we talk
about this all the time. I don't know other advisors
talking about what we do about you know, the tax
cuts expiring in two years. It is going to affect
every single one listening to today's show, your parents, your brother,

(14:11):
your sister, whoever has an IRA account.

Speaker 4 (14:13):
Let me jump in real.

Speaker 3 (14:13):
Quick, because now you have any good point. But at
a client last week, she wanted to buy a home.
She has a home, she's selling a primary. She wants
to buy a condo. It's three hundred thousand dollars. She
has three hundred thousand dollars in her IRA. So she
called me and says, hey, I would like to take
out the money. And I said to do what? And
she said well, I want to buy a condo for
three hundred thousand, I could just use my IRA. So
we looked at her accounts and I informed her that

(14:36):
before we do that, let's do a mock tax return.
Let me put that amount on your tax return. Let
me show you today what it would be. And she's
going to owe fifty five thousand dollars in tax. And
she wasn't even thinking about it. She just thought that
that three hundred thousand was hers. So we informed her
and she did not do that because she didn't have
the right plan. So when you come in and meet

(14:57):
with us, we're going to show you this. We're going
to show you what you have.

Speaker 2 (15:00):
IRA.

Speaker 3 (15:01):
There are other ways where you can buy that condo,
but let's do it in the most tax efficient way.
And that's what we're talking about here. So pick up
the phone, schedule time to meet with us. Let's put
together a plan for you, a tax plant, income plant,
an investment plan, all this and a state plan because
you need to understand how all this works for you.
A three three Maggie tax and.

Speaker 2 (15:19):
Just remember the IRS has first rights to a portion
of your tax deferred retirement assets. Think about it, You're
saving for Uncle Sam's retirement. And as you withdraw funds
from your account, you owe the IRS its share in
the form of taxes. And if you have an effective
tax rate of twenty percent, it essentially means the IRS
and its partners owns twenty percent of your IRA. Think

(15:43):
about that. So whatever you have in there, whatever tax
bracket you are, and that's why we have the retirement
calculator on our website. Do it yourself. Go see what
I'm talking about. In thirty seconds, you put in the
numbers of your IRA. In four to oh one K,
you can put in the tax bracket and you're going
to see what you owe. Chris. That's as simple as
I can make it. Because people are going to the website.

(16:03):
We have a lot of people going there and it's like, wow,
are you serious? Now, what do we do about it?

Speaker 3 (16:08):
Well, that's the thing, and that's where you're come in
to meet with us, because we can put together a
plan for you. We can show you if you need
to convert from an IRA to the roth iary, we
can show you how to do its strategic roll out
where you can put money in tax free buckets, where
you can leverage your money to tax free money, and
you want to take care of long term care, even
home health care, there's strategies to do that optimize it.
You want to leave money to your to your wife,

(16:30):
to your to your husband income tax free, or even
to your kids or even grandkids. Why not leverage the
money for future tax free money. How do you do that? Well,
I guarantee you that most advisors don't even go down
that route because all they want to do is put
your money in the market and let it ride. What
there's more to that. If you want a plan, we
can help you.

Speaker 2 (16:47):
You just said something. Talk about what you just said
about different advisors. There's an advisor who just sells a
product that's called.

Speaker 4 (16:54):
A want transactional advisor.

Speaker 2 (16:56):
And then there's a complete advisor like we are, who does.

Speaker 4 (16:59):
What complete place planning or holistic planning.

Speaker 2 (17:01):
What do you mean by complete planning?

Speaker 3 (17:02):
Well, that's a great point, you know, you think about
it here. Would you want your advisor who's dealing with
your investments to understand the tax side of this and
also the income side, Yes, I think so.

Speaker 2 (17:13):
Yeah.

Speaker 3 (17:13):
Would you want your current tax advisor to understand what's
causing the taxes so they could put you in the
right investment, so you have tax free money.

Speaker 2 (17:21):
I'll let you know first before the shock comes, right.

Speaker 3 (17:24):
Yes, you would you want someone to make sure that
if they're putting together a plan for you, that all
your accounts are going to avoid probate and go to
where you want.

Speaker 4 (17:31):
It to go. Oh.

Speaker 3 (17:32):
Absolutely, So why would you work with one advisor who's
transactional that just wants to put you in a product
or something for their own benefit instead of doing a
holistic plan.

Speaker 2 (17:42):
Let me tell you what a client said to me
this week, and it's not the first time we heard it,
he said, Bobby. The reason why we came to Maggie
taxes because you guys talk about taxes all year round.
You talk about advanced tax planning strategies. You talk about
the five risks and retirement market risk. What does that mean?
How are you set up in your accounts? What about
income risk? This is the biggest one when you retire.

(18:04):
How much income do you need coming in the front door.
What about the health risk? You all know the health
insurance is going higher and hire. But the one that
we're talking about today is tax risk debt to the irs.
Are you prepared because in two years it's going to
hit the fan, Chris, and they need to do something
about it. And how does that work. It's called legislative risk.
They have the rules. They can change the rules anytime

(18:26):
because it's written in pencil, and all of you know that,
because they made changes the past two years with the
Secure Act, with the RMD distribution, with the age you're
taking it out? Are you folks hearing that? Because this
is what's creating problems. We see this every day when
people meet with us and they ask us, why did
this happen? What's going on? My advisor didn't tell me,
My CPA didn't tell me. Folks, we are Maggie Tax

(18:48):
dot Com. Go to our website, watch your TV show
on Sunday at ten thirty ABC TV, and make an
appointment today Maggie Tax dot Com eight three to three
Maggie Tax.

Speaker 1 (19:02):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host father and son, Robert and Chris.

Speaker 2 (19:12):
Maggie.

Speaker 1 (19:13):
For additional information on how you can create a tax
free retirement, visit Maggie tax dot com. That's ma Ggi
tax dot com or call eight one three three two
two twenty five twenty. That's eight one three three two
two twenty five twenty now your host for the Maggie

(19:33):
Tax and Financial Hour. Father and son from Maggie Tax
Advisory and Financial Group, Robert and Chris.

Speaker 3 (19:39):
Maggie, Welcome back to the Maggie Tax and Financial Show
and feel free to visit our website, Maggie Tax dot com.
There's so much information right there at your fingertips. Do
you have a tax plan, do you have an income plan?
Do you have an investment plan? And you know what,
do you have an estate plan? If you said no
to any one of those, you need to listen up
because now is a time to put together a plan

(20:01):
for you and your family. A three to three Maggie tax.
That's a three to three Maggie tax. There's so much
there that we could talk about. You know, at our
firm we talk about the Maggie Plan. You know, we're
talking about taxes today, but how do they incorporate with
your investments? If you are paying more in tax, guess what,
less income to you and your family. So are you
prepared for the possibility of higher taxes in retirement? And

(20:23):
that's what we're talking about today. You need to have
a plan. You need to have an investment plan, a
tax plan and also an income plan, a three to
three magi tax schedule.

Speaker 4 (20:32):
Time to meet with us.

Speaker 3 (20:33):
We have obvious on both sides of the day ad
three to three maggi tax.

Speaker 2 (20:37):
And by the way, we do tax preparation. So if
you want to make an appointment, come on in. But
let me mention one thing that happened this week. And
it's really simple. Everyone that works you make income, right,
who's the first one that you have to pay?

Speaker 4 (20:49):
Uncle Sam? Oh?

Speaker 2 (20:50):
So let's just say you make twenty thousand last year
and you make fifty thousand this year, you've increased by
thirty thousand. Is that thirty thousand free, Chris, Nope, you
have to pay Uncle sam Oh. You have to pay
Oncle Sam. See I'm making light of this because this
is where people getting confused. When I talked about the
five ways that taxes are going to go up, so
many of you assume that your taxes will be lower

(21:11):
in the future. Not true, it's not true. But as
today's retiremies are discovering, that's often not the case. And
we see this every day. In a perfect example is
when you make more money, your tax bracket's going to
go up. You have to pay more. So if taxes
keep going up and the tax brackets keep rising, you
get less. So we can help you understand the five
ways your taxes could go up in retirement. And again,

(21:32):
I have a brochure. If you want to call my office,
just give me your email. I'll be glad to send
it to you in an email and you can see
for yourself. Well, come to one of our seminars and
I'll give you that at the seminar, and how we
can help you mitigate that tax risk. Think about that.
Does your advisor talk about mitigating tax risk? Now they
talk about putting more money in another account. So from

(21:53):
the congressional spending to tax bracket changes, you're going to
learn how to position taxes in your retirement. Every news
item out of Washington seems to include details of a
new or expanded tax. Let me ask you a question.
So the total government revenue in twenty twenty two was
four point nine trillion. That's what the government takes in
in revenue. That was in twenty twenty two. Total government

(22:17):
spending in fiscal year twenty two was six point three trillion.
Do the math. It's like, you know, you have a
credit card, you got to pay it back, Okay, but
we're not even paying back half of it. Chris, Well,
that's just said. I mean things you can't control.

Speaker 1 (22:30):
Right.

Speaker 3 (22:30):
We know that the government is spending more. That's not
a topic we want to go into right now. It
is what it is. They're spending more than they take in.
But what does that mean to you? What does that
mean to me?

Speaker 2 (22:40):
Right?

Speaker 4 (22:40):
What does it mean to our generation?

Speaker 3 (22:42):
It means that we are going to pay more in
tax because they know how much money you have in iras,
They know how much money you have in form one case,
they know how much money you having a TSP if
you're a federal employee. They know these are all qualified
accounts that are infected with tax.

Speaker 4 (22:57):
So very simple.

Speaker 3 (22:59):
You're exposed to tax risk. You're exposed to legislative risk
where they can change the rules. What I mean by
that is they can change the rules on how much
they tax you they tax me. Right, these are things
that we need to start controlling today, and you can
if you put together a tax plan. That's why I
ask you, what's your plan? What's your tax plan. If
you don't have one, now is the time to start

(23:21):
really putting one together and we can help. So pick
up the phone, schedule time to meet with us. Because
when we put together a tax plan, we can put
together an income plan. And what's better having taxable income
or tax free income, and when you can show a
tax return like we do to our clients in retirement
that I don't care if they increase taxes because our
clients' plans have tax free money. So when they retire

(23:45):
and they take income and government says, well, we need
to pay our deficeit and we need to increase taxes,
our clients aren't affected by that because they have a
tax plan. That's what we can do for you. So
pick up the phone, schedule time to meet with us.
Eight three to three magi tax. That's eight three to
three Maggie tax.

Speaker 2 (24:00):
And this is a race that we all must learn
to win where we're ahead of it, not behind it,
because that's when people get in trouble. In at every
seminar that we do, this is the question that we
ask the audience, and I'm asking all of you, how
many people think taxes are going up in the future
and I know everybody raises their hand. Nearly everyone raised
their hands because it's going to go up. So the
point Chris and I are making today is tax planning

(24:22):
is essential. You've got to start thinking about it. Whether
you have low income or high income, it doesn't make
a difference. Yet. While you understand we've entered it into
a rising tax environment, surprisingly few of you have used
that knowledge to change how you save for retirement. And
if your advisor's not talking to you about this, which
is why we say, go to my retirement calculator on

(24:42):
Maggie tax dot com and see for yourself what your
tax is going to be. Chris, that's very important. Well
let's just talk about that. You know, when we meet
with clients, what are we seeing. We're seeing tons of
IRAH accounts, tons of Form and K accounts, tons of
these accounts that are deferred. We see this, and they've
been with their advisors for years.

Speaker 4 (25:00):
I'm not doing the right job. I'll tell you what.

Speaker 3 (25:02):
Yeah, anyone can manage your money. You can manage yourself
with this market where it's at and the amount of
money they're pumping in and the environment they're playing with
the interest rates, everyone's making money. That's easy, that's the
easy part of it. But what about the end of
the game. You know, when you think about a football
game and you're up at halftime, you're all happy because
you're up by forty points, but guess what, you got
to finish the game. And that's where Uncle Sam comes in,

(25:23):
and that's where he blows it right by you and
you lose forty three to forty because you did not
have a tax plan. So pick up the phone, schedule
time to meet with us. Let's put together an investment plan.
Let's put together an income plan. Let's put together that
tax plan that you need to generate guaranteed safety and
also income in the future. What's wrong with going to
the mailbox every month when you're retired, pick it up

(25:45):
a check and that's tax free money and spending the
heck out of it and doing it all over again
for the rest of your life.

Speaker 4 (25:50):
How cool would that be?

Speaker 3 (25:51):
Because when you hear the news and hear all the
drama and they talk about, oh my gosh, taxes are
going to go up, tax are the highest it's ever been,
you can say and put us a mile on your
face and say that doesn't affect.

Speaker 2 (26:02):
They're not higher, they're lower the lowest point now chorus.

Speaker 3 (26:06):
But how cool could it be in the future when
that happens, that you don't have to be affected by it.
That's why we can put together a tax plan eight
three three magi tax. Get the tax plan. We have
office on both sides of the day. Eight three to
three magi tax.

Speaker 2 (26:18):
So if you all continue to defer taxes, which many
of you do in an IRA four oh one K
four or three B on all or most of your
retirement assets, you're going to have a large tax bill
to pay. So why would you do that? If you
can do strategic planning or like Chris and I talk
about bucket planning, where you have income that may be
tax free, you have growth and you have later money,

(26:40):
but you take that money and you have tax free money.
We can do that. That's what we do. That's called
the Maggie Plan. It's a tax plan, it's an income plan,
it's an investment plan, and it's a legacy plan. And
please one other thing. Many of you don't have a
will or a trust and you sit back and say
I don't need it, because well you do, so visit
one of our seminars. Go to my website Maggie tax

(27:00):
dot com. We have two seminars a month. Take a
look at the dates and times and locations and come.
There's no obligation, no lunch, no dinner, no nothing, just
explaining to you what this is about. I think that's
more important getting you education and understanding the language than
feeding people. And you know what, I've done that for
years and it's okay, but it's not what I want.
If you want information, then you come to my seminar.

(27:21):
I will give you the information because that's what you need.
So how can we help overcome this disconnect of taxes
and legislative risk? And at Magi Tax we help our
clients face new risks. People work with Maggi Tax because
we help. And here's the word, mitigate risk. Chris, does
any advisor are talking about mitigate risk?

Speaker 3 (27:41):
No, they don't talk about that. That that's why it's
so disappointing. Think about it. You don't have clients like
we see this. We meet with clients and they come
in with statements. Yeah it's five hundred thousand, Yeah it's
one point two million, Yeah it's three hundred thousand, Yeah
it's four million, it doesn't matter. At the end of
the day, there's no planning. There's no planning. It's just
investment accounts. You've got piles of money, we're see in them.
This is what advisors are doing. They're just dealing with investments. Yeah,

(28:03):
you have money. I don't care. The fact of men
is what's the end of the game look like for you?
The tax side of this, because yeah, you can have
four million bucks, but guess what when we run the
tax time calculator and that four million dollars is not
worth four million, It's worth two million, or it's worth
two point five million. Guess what, Uncle Sam is your partner.

(28:23):
How do you remove Uncle Sam from your partner forever
and ever and ever? So we can show you how
to do this. So here's the misunderstanding that you just
said that people have. I have a lot of money.
I have two million, I have one million, I have
five hundred thousand.

Speaker 2 (28:36):
No, you don't. Here's the question that we ask every
single person that comes into meets with us, how much
income do you need per month? Forget about how much
you have. How much do you need per month? Am
I right or wrong? Yeah? And then where are we
gonna get it from. And then when you start looking
at the numbers and you start budgeting and you start
figuring out, well I only need this amount, and I'm okay,

(28:57):
let the risk grow and put on a tax free basis.
Why would you not want to do that? So how
do we do that? It's real simple. We use a process.
We have a process at Maggie Tax. We identify the risk.
And this is so important because older people are taking
more risk than they need to and the advisor's not
talking about risk management we do. We want to quantify
that risk because maybe you're taking too much risk and

(29:19):
we can reduce the risks we have more tax free money.
And here's the thing, write this down. We're going to
build a plan to mitigate to mitigate that risk. You
know what, I challenge all of you. Go to your advisor,
go to your CPA and ask them this question, how
do you mitigate my tax risk? And then be quiet.
I guarantee you they're going to look at you and
going to stare at you, like, what are you talking about?

(29:39):
Mitigate lower the tax risk. So it started with the market.
Savers wanted to and this is what Chris was talking
about before, and they needed the power of the stock
market to grow their funds. It was a simple formula.
There was nothing wrong with it. They put money aside,
invest in the stock market, and watch it grow. Oh man,
this is growing great, right Chris, Until it didn't. Until

(30:00):
it didn't, and it's gonna happen again. So during the
market downturn, saviors learned about what risks, what kind of
risk Chris.

Speaker 3 (30:07):
There's different types of market risk, right, inflation risk, we
see that, what about tax risk? These are things we're
talking about. So do you have a plan? Many people
out there don't. They just have piles of money. You
get those statements. You have a pile of money, big deal,
But how is it going to come out? What's the
end of the game look like for that account? Pick
up the phone, schedule time to meet with us. Let's

(30:29):
get together. I urge you to do this because we
see this each and every day. Many people they come in,
they think they have a plan, and guess what they
don't because when we do tax planning and tax preparation
each and every year, guess what they're paying taxes?

Speaker 4 (30:42):
And then they're saying, what can I do?

Speaker 2 (30:44):
Well?

Speaker 3 (30:45):
You follow the crowd. You didn't listen and you didn't
put together a plan, Now is the time to do it.
Don't follow the crowd. Eight three three Magi Tax. That's
a three to three Magi tax. Visit our website at
maggietax dot com. There's so much there to help you.
Eight three three Maggie Tax. Send an appointment today. 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
ma gg I tax dot com or call eight one

(31:28):
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):
Are you looking for the most tax advantaged ways to
save under the tax code? Where we can help, That's
what we do, so welcome back to the Maggie Tax
and Financial Show. Get the holistic retirement plan. That's what
we do here. Get a complete retirement plan. Get the
Maggie Plan. It's a tax plans, an income plan. It's
a simple and easy plan for you to understand. It's
an investment plan. It's called the Maggie Plan. If you

(32:08):
don't have the Maggie Plan, get the Maggi Plan because
it's a complete holistic approach for you for your retirement
eight three to three Maggie tax.

Speaker 2 (32:16):
And what we're trying to say to everyone out there
is get out of the line of fire if they're
shooting bullets at you. And be aware of the heightened
legislative risk that we're talking about that will affect qualified
accounts and wrote accounts. And we can help What is risk.
It is market risk, it's income risk, it's tax risk,

(32:37):
it's legislative risk. Which one will do the most damage
to you. And we can help create a new, like
Chris mentioned, a new holistic plan today. Get the Maggie Plan.
So when do you want the irs to get their taxes?
You know we can show you a way to pay
the taxes now before the Trump tax cuts expire and
you get an increase of thirty percent. And if you're

(32:57):
concerned about market risk, income risk or taxes. Then you
have what we call an incomplete plan and get a
new plan and a holistic plan. Get the Maggie Plan.
How many of you have an IRA or a Furro
one k you have a tax deferral plan, but we
can show you the cost of tax deferral before taxes increase.
Go to my website, Maggie tax dot com and click

(33:19):
on the retirement calculator. I challenge all of you. Go
ahead and do it and plug it in and I'll
respond to you. But you're gonna get the information that's
gonna shock you.

Speaker 4 (33:26):
You know, it's really interesting.

Speaker 3 (33:28):
You mentioned different types of risks, and many people just
think of risk as market risk. Well, you have an
income risk if you don't have an income plan and
you run out of money. You know, what about legislative risk?
Many people are talking about how the tax code changes. Well,
if you have the risk of these laws changing and
taxes increasing and guess what, less income for you. What

(33:49):
about the investment risk? You know, yeah, the market with
the volatility, that's another risk. So what are you doing
about it? That's why we do the show, That's why
we do this eat every week. That's why I have
a show on Sunday for the MAGI Tax and Financial
you know show, because we want to educate you. There's
so much there to talk about because people need help.

(34:09):
You need help out there. You know, we care about
our retirement plans. Why because people could pay less tax,
have more income. They don't have to lose when the
market goes down forty percent. Where is it written that
you have to lose thirty percent or forty percent like
everyone else? Where's it written that you have to go
down that ride? You don't have to. So if you're

(34:30):
in that environment right now and you want out and
you don't know how to get out, we can show
you if you look in for strategies for your investment plan,
if you want an incomplan that correlates with your tax plan,
then guess what we can help. So pick up the phone,
schedule time to meet with us eight three to three
MAGI Tax and you.

Speaker 2 (34:48):
Can write this down because all of your retirement hassets
there under attack from taxes and legislative risk. And remember
that word legislative risk. And we can help get the
new holistic plan, get the Maggie plan. Think about this,
buy out the irs and eliminate tax risks today, let
irs get what they are supposed to get. Now. I
know that sounds weird, but it's the truth. When taxes

(35:10):
are low, that's where it is right now. Get a
new holistic plan and get the Maggie Plan. And folks,
what we're trying to say to you here is you
have to understand that taxes are low right now. They
are they're at their lowest amount ever. And if you
remember back to the eighties and many of you listening,
it was at eighty ninety percent. Do you think that
could happen again? Absolutely you can. So let's eliminate risk

(35:32):
and mitigate tax risk. Take action today and protect your
retirement and get a self completing plan. Think about that.
Get the new Holistic plan, and get the Maggie Plan,
but make it a complete plan. Write that down the language.
Complete plan. And Chris, that's what people we see do
not have. When we throw that on the table, all
of a sudden, you know, the light bulbs go on

(35:53):
and they go You know, I didn't think about it
that way. You guys are right.

Speaker 3 (35:56):
It is because if you have an incomplete plan, you
got problems. I said, I said, a great point I'm
gonna just reiterate what you said. You know your retirement
assets are under attack, and think about it. They are,
and they lead you down the road where everything's cool,
where you don't have to pay taxes on it now,
tax deferral, tax deferral, tax deferral. With those iras and
form k's, everything's great. But guess what, they're under attack

(36:19):
because they're infected with taxes. Eliminate Uncle Sam forever and ever.
They are a silent partner. Eliminate them. How do you
go about doing it? We can show you. That's why
it's so important to get together and let's have a
conversation because maybe you do should do a strategic rollout
from your IRA to your wroth IRA, or create a
tax free bucket in retirement so you don't have to

(36:40):
worry about the increasing taxes or the legislative risk or
the different types of risks that we talked about early
on in today's show. When it comes to retirement, the
tax code is written in pencil. What are you doing
about it? They can change it. So when it comes
to retirement, the IRIS is your silent partner in your
form on K, your IRA, you have no protecttion get

(37:01):
a plan. We call it the Maggi plan. It's time
to take back ownership. Why because you deserve it. You
work hard. You work hard, all those hours, all those
times you get up in the morning, all those times
that you do things that you can't do because you
have to work, and you save for retirement, and you
do the right thing. Guess what they're going to go
after people who have the money. You have the money,

(37:22):
So what are they going to do? They want to
tax you. So do me a favor, do yourself a favor.
Listen to what we're saying here, pick up the phone,
schedule time to meet with us. Visit our website at
Maggie tax dot com. Get educated, know something about retirement
and we can help you a three three Magi tax.

Speaker 2 (37:39):
And think about this. Creating a plan for you for
your financial will being I know it can be a lot,
you know, like solving a jigsaw puzzle, but our comprehensive
approach can help you put the pieces together. So we
begin by working with you to identify your short long
term goals. Are you doing that? We use these goals
as our primary focus to provide you with innovative strategies

(38:01):
and solutions that we're talking about, and we continue to
partner with you through the changing landscape, through the legislative risk,
through the tax risk, through the income risk, through the
investment risk, through a legacy planning risk, through college planning risk.
If you're not talking about that, or your advisor's not
talking about that, shame on them. Pick up the phone

(38:21):
eight three to three Maggie Tax. Be sure to visit
our website Maggie Tax dot com. Click on the retirement
calculator and see what I mean. In thirty seconds, we
can tell you what your retirement tax bill will be.
Schedule time to meet with us. Operators are standing by
right now. Eight three to three Maggie Tax. That's eight
three to three Maggie Tax.

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 Panelas County. Visit Magi tax dot
com or call eight one three three two to two
U twenty five twenty that's eight one three three two

(39:03):
two twenty five twenty and tune in next Saturday at
five for the Maggie Tax and Financial Hour,