October 17, 2025 • 39 mins
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Speaker 1 (00:00):
All these years you've saved up planning for a secure retirement,
but if you're not careful, it will be the irs
that's living it up when you retire by taxing your
hard earned money. Welcome to the Maggie Tax and Financial
Hour with Robert and Chris Maggie of Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
in tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie
Tax dot Com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:52):
Hello everyone, and thanks for joining us today. You're listening
to the Maggie Tax and Financial Show. I am Robert
Maggie and I'm here with my son Chris Maggie, and
together we're going to be talking about a lot of
different things regarding taxes, about income planning, retirement planning, social security.
These are things that people talk to us every day about.
But the easy way is go to our website, Maggie
Tax dot Com. That's Maggi Tax dot Com on the
(01:16):
lower right hand corner. We have a chat box. So
if you're listening to today's program and you have a question,
go to Maggie Tax dot Com. Put it in there
and we'll respond to you. And then if you want
to make an appointment, we could set up something for you.
Eight three three Maggie Tax and don't forget. Every Sunday
at ten thirty on ABC TV, I'll watch the Maggie
Tax and Financial Show and Chris, we want to talk
(01:37):
about a lot of things today, but one of the
biggest questions is could hire taxes derail your retirement approach
because people aren't prepared for taxes in retirement because everybody
thinks the taxes are going to be low and that's
not correct. That's right.
Speaker 3 (01:49):
Welcome everyone, and thank you so much for tuning into
the show. And you're right, could taxes derail your retirement approach?
And that's we're going to talk about today. You know
five ways taxes can rise and how to protect yourself.
And you know we're in a EOO economy. Let's admit it.
You're on your own and we see what's going on
with the administration, we see what's going on with the economy.
(02:09):
So how can you protect yourself? And one of the
big things that you can do is you can pick
up the phone schedule time to meet with us. You
need a partner, you need someone on your side, and
that's what we could do for you. So visit our
website at Maggie tax dot com. There's so much information
right there at your fingertips that you can access. And
what's really cool on the website, there's a chat box.
(02:30):
Go to our website Maggie tax dot com. If you
have any questions during our show, go ahead and type
it in.
Speaker 2 (02:37):
We have.
Speaker 3 (02:39):
Availability to address the questions for you. So if you
have things that are on your mind during our show,
pick up the phone, schedule time to meet with us
eight three to three Maggie Tax, or just go to
Maggi tax dot com and in the chat box go
ahead and ask your question.
Speaker 2 (02:54):
And if you're not aware of it, on the top
of our website. There's a tax retirement calculator. We're going
to be talking about that in a few minutes because
we can actually show you in thirty seconds what your
retirement tax bill will be. It's real simple. Take a
look at it, and like Chris said, go to the
chat box and if you have a question, just ask.
I mean, this way, you don't have to be embarrassed.
We see it and we'll be glad to respond. So
(03:16):
taxes are an important topic when it comes to retirement,
and many people overlook that. And you know, the more
you pay in taxes, the less money, the less income
you're going to have in retirement to spend. And that's
what's happening now, Chris. A lot of people are complaining
about inflation, about the prices of gas going up, food
going up, everything. And when you get into retirement and
(03:36):
you start looking at this, it starts to eat away
at what you think you have and you don't have
enough to live on.
Speaker 3 (03:41):
Well, that's just it. I mean, think about it. You
can't go back to work. So income sources are so valuable.
It's so important. And if your advisor is not talking
about an income plan, then you have to And if
they don't know how an income plan works. They're just
more focused on the accumulation phase. Then that's what we specialize.
You know, it's like going to a doctor. You need
(04:03):
heart surgery, you need to go to a hard doctor
to focus on getting it fixed. Same thing with your retirement.
You know, many advisors are out there talking about the
accumulation phase and yeah, they can grow your money, so
can you can do it by yourself these days, But
they don't focus on the distribution phase. And we specialize
in the distribution phase because income and taxes and investments
(04:24):
and longevity and making sure your assets transfer to where
you want it to go is so valuable.
Speaker 2 (04:30):
So let's talk about three possibilities for taxes. Number one,
your taxes could be lower in retirement they are today.
And this is the premise of tax deferred savings vehicles.
So if you have a four oh one K or
an IRA that's tax deferred. You defer your taxes to
the future and hopes that your tax rate is going
to be lower in retirement than it is during your
(04:51):
working years. And what we see now coming and think
about this talk about legislature risk. They can change the
rules anytime they want. Number two, your taxes could be
the same in retirement as they are today. And savers
who want to maintain their pre retirement lifestyle once they're
retired often need to maintain a similar annual income in retirement. Christen,
that's the question we ask everybody, how much do you
(05:13):
need in retirement? You know, And a lot of people
are afraid to answer that question. But the way they
go is, i'm making this now, can I make that
in retirement? So for these savers, the tax rate may
stay the same in retirement because their income needs stay
the same in retirement. And I don't know if that's
correct with everybody. And again, like we talked about it before,
and you can address it with things are changing, inflation
(05:34):
prices going up that we've seen, that's not right.
Speaker 3 (05:37):
Well, most people that we see come across, as you know,
they're working, they're bringing six thousand dollars a month home
or ten thousand dollars a month home, and pretty much
that's what they're used to getting. So if you are
receiving income now and you're thinking about, oh, what kind
of retirement income should or I have or what will
it look like, it's pretty much about what you have now.
(05:57):
And maybe it's going to get less because you might
have then your house paid off and debt has been
cleared out, or it could increase because of inflation. So
we need to have these variables set in place, and
that's why it's so important to work with the right advisor,
a distribution phase specialist to work with you. So let's
talk about the last possibility for your taxes.
Speaker 2 (06:17):
Well, that'd be your taxes could be higher in retirement
than they are today. And this is a risk many
savers are beginning to understand because we talk about it
every week. We talk about it with every client. But
with our current federal debt and recent congressional spending, tax
rates in the future could be higher than they are today.
I know one thing, and we talk about this all
the time, that Trump tax cuts are going to expire
(06:38):
in twenty twenty five. And what does that mean to
everybody out there? It means the taxes are going to
go up and again if the government stays the same.
The administration right now is spending trillions of dollars. We
have to pay it. We have to pay it back.
It's going to come from iras four oh one k's
and by the way, on four oh one k's. If
you have old four oh one k's and we have
a lot of people calling us, you have to think
(07:00):
about moving it out or roll it over to a better,
safer product because they're not taking care of it, Chris.
And that's the other problem that people don't understand. The
four one K and the IRA are taxable.
Speaker 3 (07:13):
Simply if you don't work for that employer, you shouldn't
have your money there. You should do something with it
where you can have an advisor look at it. Maybe
create some safety buckets, some growth buckets, some opportunistic buckets.
There's a lot of things you can do to help yourself.
So rising taxes in retirement is an important risk for
savers to really understand, and that's why we're talking about
(07:34):
this today. This is especially true for individuals who have
saved all or the majority of their retirement assets and
tax deferred investment vehicles like iras and four one ks
and set plans and TSP traditional accounts. That's what we're
talking about here. These accounts are infected with taxes. You
need to go ahead and start understanding how to diffuse
(07:56):
the big time bomb that these accounts have.
Speaker 2 (07:59):
Exactly tax time bomb. And one more thing. Visit our
website Maggie Tax during the show right now. If you
have questions, go to our Maggie tax dot com. It's
a chatbox on the bottom right. If some of these
concern you, write a question, will be glad to answer it,
and then go to the top of the website for
the tax retirement calculator. Put the information in and in
thirty seconds we could show you what your retirement tax
(08:21):
is going to be. This is something, Chris, that all
people need and it's got to help them. So some
savers are most concerned about higher taxes and retirement. Some
we talked to it doesn't make a difference. But since
higher taxes pose the greatest risk to traditional tax deferred
saving vehicles, what are you doing about it? What are
you doing about it? Do something? Don't just sit there
(08:42):
and wait on Just a real quick note. We had
a client come in last week and we were talking
about what Chris mentioned before, the accumulation phase and the
distribution phase. And he said, guys, listen, you know I've
worked for I don't know how many years, and I
accumulated money, but my guy never talked to me about
the distribution phase. And when we talked about a we
talked about bucket planning, We talked about income now, letting
(09:03):
it grow more for retirement so he could relax. And
you want to know something, he sat back and he said,
I did not know that I could retire with the
money I have. And actually, Chris, you could probably talk
about this. We actually gave him more in retirement than
he did while he was working. And that's just it.
Speaker 3 (09:17):
You know, many people say, oh, I got to get
to a million bucks, I have to get to a
certain number and then I can retire. It's not true.
You know, there's different products, there's different strategies that you
can create your own family guaranteed income for a bucket
of money, and you don't need that much to do it,
and you can create another buckets for liquidity and other
buckets for more play checks. There's a lot of things
(09:38):
you can do and you just don't know how because
you just don't know what you don't know. So it's
very simple, pick up the phone, schedule time to meet
with us. Let's get together. We have offices on both
sides of the Bay to help you very convenient. Visit
our website at Maggie Tax dot com. As my dad
mentioned before, there's so much information right there at your fingertips,
you know, so you might be wondering will my taxes
be lower, the same or high in retirement. Let's get
(10:02):
that question answered. We had a client that came in
last week, great client of ours. They want to know
if they should start converting their money from iras to
roth iras. And what we did was in the office,
we went ahead and did a mock tax return. We
showed him let's maybe convert a certain amount of this,
or if we rip off the band aid, what it's
gonna look like. And guess what they both said, We
don't really need to convert, do we know? He said, yes,
(10:24):
you don't have to. So your situation was a little
different than everybody else, because you know, every situation, every
plan that we put together is different, and it's your money.
So pick up the phone, schedule time to meet with us.
Eight three three Maggie Tax. That's eight three to three
mag Attacks and don't forget to tune in every Sunday
for the Maggie Tax and Financial Show on ABC TV
(10:45):
at ten thirty am. Eight three three Magi Tax. Don't
forget visit our website Maggie tax dot com. If you
have a question, there's a chatbox rate there we can
answer it for eight three to three Maggie Tax.
Speaker 1 (10:57):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie tax dot com. That's
Maggi tax dot com. Or call eight one three three
(11:19):
two two twenty five twenty. That's eight one three three
two two twenty five twenty. Now your host for the
Maggie Tax and Financial Hour, Father and son from Maggie
Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 3 (11:34):
Welcome everyone, and thank you so much for tuning in.
Welcome back in visit our website at Maggi tax dot com.
There's so much information right there at your fingertips, and
it's about education, and that's what we strive to do
to help you. Why because we feel as if you
are educated enough, you can make the right decisions and
you can empower yourself and your retirement. And that's what
we need during these times right now in America. So
(11:58):
go ahead, right now, visit our website at Maggie Tax
dot com. A top right hand corner the retirement tax bill.
In thirty seconds, just thirty seconds, you can understand what
your qualified account retirement tax bill will be. Talking about
iras and forming kes. Guess what, you don't have all
that amount of money in those accounts. So Uncle Sam
has a portion, so figure out what that is and
(12:19):
we can help a three to three Maggie Tax.
Speaker 2 (12:22):
One thing, we met with a client the other day,
just a point what you just said. He thought he
had one point five million in his IRA and once
we sat down and show him the retirement tax bill
and a calculator. I'm not laughing, but he was shocked
that half of that was not his money. So he
saved all his life for this and now he has
to do something. So education from Maggie Tax is so important.
And why financial education is important, It's because due to
(12:44):
recent tax law changes, we talk about legislative risk and
uncertain future for social security and the shift toward employee
directed retirement plans, the need for sound financial strategies has
never been greater. That's what Chris and I talk about
a complete plan. So if you're listening to this and
you don't have an income plan, or a tax plan,
or an insurance plan or an investment plan, you have
(13:07):
an incomplete plan. So, in straightforward language, Maggie Tax will
explain time tested strategies that help you to make informed
financial decisions. And again, Chris, I'm going to go back
to a client we met the other day. Old rules
don't apply anymore. New rules apply. So if you sit
down with Chris and I, keep an open mind because
(13:27):
there's new rules and you have to listen and apply them.
And then you're going to say, wow, no one told
me about that. Well, that's just it.
Speaker 3 (13:33):
You know, we want you to have confidence, We want
to empower you. Why because this is your money, this
is your retirement. You know, you don't have to rely
on the stock market and other people's decisions on what
you can and can do. This is what you've deserved
to do. So make your retirement the way you want
it to be. That's why you should have an income plan,
you should have a tax plan. You should have an
income plan and also an investment plan. How it relates
(13:55):
together in a state plan. Make sure everything stays in
your family. This is what we do and you can
have it too. So pick up the phone, schedule time
to meet with us, write your questions down.
Speaker 2 (14:03):
Let's help you.
Speaker 3 (14:05):
You know whether your objective is to build a nest
egg or protect your assets or preserve your lifestyle throughout
your retirement. This course and what we do when we educate,
you can plan your future with confidence. And by working
with us today, you will learn about many ways to
save for retirement as well as the advantages and the
disadvantages of each. You know, what are the tax ramifications,
(14:27):
what are the income and the inflation objectives? How do
I go combat that? What about paychecks and playchecks? What's
a playcheck? Well, we have clients that have playchecks. They
have money coming in every month and you just spend
it and guess what it comes back in the next
thirty days, forever and ever and ever. It's called the
play check. They spend it on whatever they want. Do
you want a playcheck? We can help you with that
(14:49):
as well. A three to three magi texs and.
Speaker 2 (14:51):
Again with all the volatility. You know, we see a
lot of clients but their account is up, their account
is down, But we have clients that have not lost
a penny when the market's been down. And if you
don't have that plan, then you have an incomplete plan.
So we can help all of you discover how to
save money on taxes. Again, go to Maggie tax dot com.
The top right you'll see the retirement calculator. Click on it.
(15:11):
It'll take you thirty seconds, fill in the information. It'll
send you a report back, and it's going to make
you wake up and see what's really going on and
then sit down and give us a call. Eight thirty
three Magie Tax. So this is on you, folks. We're
trying to educate you. That's what our show is about.
It's not about selling, because we can't sell you anything.
It's not a store. This is about your retirement. This
is about your savings. This is about what you worked
(15:33):
hard for, and this is about what you plan for
in retirement.
Speaker 3 (15:36):
And you just said it, you know, that's what it's about.
We're not a transactional advisor just sells things. That's not
what it's about. You deserve better. I don't care if
you have fifty thousand. I don't care if you have
fifty million. It doesn't matter. You need a plan. You
deserve a plan. Why because you've worked so hard, you
put money away, you saved, and guess what they're going
to go after the people who have the money. And
if you have money, you need to have a plan.
(15:58):
And that's why it's so important to meet with us.
Now is the time. There are strategies that you could
put together today to put you in position to take
advantage of these opportunities that are about to happen. We're
talking about recession, we're talking about the market volatility, we're
talking about inflation. Of these concerns for you. Absolutely, they're
concerns for everybody.
Speaker 2 (16:19):
But guess what.
Speaker 3 (16:20):
The only small amount of people take advantage of opportunities
to put together a complete plan. Many people want a
tax plan, they just don't know where to get it.
They have an advisor, but guess what, they don't talk
to them about that we talked about this last segment.
Many people come in and they say, well, my advisors said,
goes talk to my tax guy. And then when they
go talk to their tax guy, the tax guy says,
we'll go talk to your financial guy. They're not talking
(16:42):
together for you, but we do that here. So pick
up the phone, schedule time to meet with us. We
can help eight three to three Maggie Tax.
Speaker 2 (16:48):
And again we can help all of you discover how
to save money on taxes, manage investment risks, and protect
your assets from potential long term healthcare expenses. And that's
another big concern curs about long term care. We have
a solution for that. So above all, at Maggie Tax,
we can show you how to access your money financial
situations are different for everybody, and develop a personalized plan
(17:10):
to achieve your retirement goals. And one thing again we're
going to keep you know, pounding on this. Go to
my website, Maggie tax dot com. Click on the retirement
calculator on the top right. Fill in the information because
if you have an IRA or a four oh one K,
or you're getting close to retirement, we talked about it
before because of legislative risk that no one's talking about,
but we are that they change the rules on you
(17:32):
because it's written in pencil. Taxes are going to go up.
I don't care if you're a Republican, Democrat, independent, anything.
Taxes will affect everybody in this nation, so you have
to do something about it. Look at your situation and
see if your plan is a complete plan or an
incomplete plan. And like Chris talks about, and we both
talk about, if you have a problem with taxes, now
(17:53):
is the time to address it.
Speaker 3 (17:54):
So get a second opinion. You know, do you have
confidence in your current advisor to get a second opinion?
Let me think about it. This is your money. The
advisor used to work for you, not you work for them,
And that's why it's so important to make sure that
you get your accounts lined up into different buckets. Many
people have piles of money, but guess what, they go
up and they go down. They don't have to if
you don't want them to. So what do you want?
(18:16):
What do you want? Ask that question to yourself listening
today because we can help you. We can help you
navigate a plan, put together one that's customized for you.
So pick up the phone, schedule time to meet with us.
Eight three three MAGI tax. We do income planning, tax planning,
investment planning, a state planning. Do you have a will?
Do you have a trust? Well, we have attorneys that
take care of all that for you. But guess what,
(18:38):
we're all talking in one room to help you. What
about medicare planning, what about Social Security maximization planning? When's
the best time to take it? We can help, So
pick up the phone. Schedule time to meet with us.
Eight three to three mag Attacks and don't forget. Every
Sunday on ABC TV at ten thirty in the morning,
watch ABCTV for the mag Attax and Financial Show eight
three to three meg Attacks.
Speaker 2 (18:59):
Schedule time this.
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
ma Ggi tax dot com or call eight one three
(19:24):
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 (19:40):
Welcome back, everyone, and thanks for joining us today. My
name is Robert Maggie. I'm here with my son Chris Maggie,
and today we've been talking about can tax diversification provide
more flexibility. Can tax diversification guard against future taxes. But
there's something very important that goes along with this. So
let's discuss the different phases in one's five financial life.
(20:01):
And let's just jump right into it. Because throughout one's
financial life there are three different phases. And I bet
many of you don't know this or don't realize it.
So in previous shows we've talked about, you know, three
phases of your financial life. So let's talk about the
first phase, which is the accumulation phase, Chris, And that's
everybody out there, you know, they work, they save, and
(20:22):
they accumulate money. And then let's just talk about how
that works. And then we'll go into the second phase,
which is the preservation of principal phase, and then the
last one, the distribution phase.
Speaker 3 (20:32):
You know, we're all young. We were taught to go
to school, get educated, and then get a job. Right.
We always want to get a job and the best
job we can, and that's the accumulation phase. We need
to save for retirement, and this is the time of
building assets by saving and investing. Usually comes from earned
income which you have specifically reserved for retirement. You know,
keep in mind that during your retirement years, your ability
(20:53):
to maintain a comfortable lifestyle well depend on the money
that you've saved. If you have enough money there, you
can continue the lifestyle. You can't, then obviously things are
going to change. So the investments you made and the
assets you accumulated during the accumulation phase are very important.
You know, you contribute to your IRA or maybe a
four one K. Maybe the company you work for offers
a match. Maybe you have some money and manage accounts.
(21:15):
Maybe you have money in CDs or a money market
for access. Maybe you want to accumulate money in risky
investments or gold or precious metals. But you want to
accumulate as much as you can in those working years
so you can retire with a nice income. So that's
what the accumulation phase is. We take some chances, we
create buckets, we keep feeding something, feeding accounts each and
(21:39):
every month, every time we get it. That's the accumulation phase.
Speaker 2 (21:43):
Yeah, and along with that goes the risk tolerance. How
much risk can you take at a young age and
as you get older what your risk tolerance, you know,
starts to change. Many advisors don't go over that and
again it tax. You know, diversification and you know a
state planning has a lot to do with so faced
two two we call the planning or preparation in preservation
phase and this is the core of your retirement planning efforts.
(22:06):
Ideally addressed so seven to ten years prior to your
plan retirement start date. Phase two will include a review
of all your retirement investments, anticipated basic living expenses, lifestyle expenses,
potential tax obligations, social security benefits when you want to
start it, and expected pension if you get one, requirement
of distribution, calculations for all qualified money if you have
(22:29):
that retirement risk profile, and again medical and estate planning
needs and potential debt reduction. Pride to actually retiring. This
is huge because when you accumulate money and then you
start trying to preserve it, these are the things you
have to look for, Chris. When people say, well when
should I start doing this, well, you can never start
too early. The sooner you start, the more you're going
(22:51):
to have for retirement and you're going to have the preservation.
So careful attention is paid to determine your expected retirement
cost of living, which is changing. We know that with
consideration to both your basic monthly living expense as well
as the cost of your desired lifestyle expenses when you retire,
and Chris, not many people think about We always ask,
we talk about this, how much do you need when
(23:12):
you retire? And what's the answer We always get.
Speaker 3 (23:14):
Well, most people really sometimes don't have a clue unless
they do budgeting, and we can help you budget. We
have a budget sheet that we go over and identify
the different types of categories that you need in retirement.
But you know a lot of people want the same
amount of money coming in, so how do they go
about doing that? And that's why the distribution phase is
extremely important as well, so not only on the accumulation phase.
(23:37):
And you know, everyone just keep funding something. Fund the
bucket of money and put towards retirement. You know, you
should pay yourself first. That's a key thing. If you're young.
Every dollar you earn, the first thing you should do
is put it away, and then from there pay your
bills and then from there whatever's left over you spend.
That's a good rule of thumb because it's a rainy
(23:58):
day fund that you can create and also for your retirement.
We call it you're on your own and you are
it's ayoo economy. You got to make sure that you're
putting money away. So not only that on the accumulation phase,
then you got the preparation phase. And that's what my
dad just talked about. You know, maybe seven to ten
years you start really dialing this in. And that's why
(24:18):
if you're going to retire at sixty maybe fifties, when
you start starting meeting with someone like us on the
distribution phase, maybe if you're seventy, now you're ten years
before that's sixty. Now you're really starting getting ready for retirement.
So you talk about the preparation phase, and now we're
talking about, which is so important, the distribution phase. So
what's the distribution phase? That explain what that really means.
Speaker 2 (24:41):
Well, the distribution phases when you decide you retire, and
all retirement planning is done with one primary objective, and
this is to create an income stream that you cannot outlive.
And that's a big concern of everyone listening today. How
much am I going to have? Will I outlive my money?
So phase three starts when you are earned income stops.
Think about it, you're not working anymore, and now you
(25:01):
have to rely on your retirement and this is the
time that you reap the rewards of your retirement planning effort.
So when you save and you put in like we
talked about today, tax deferred accounts or tax free accounts,
this is when you're going to start receiving your monthly
solid security benefit, potential pension if you get it. And
again one thing about pension, we talk about this all
the time. If you don't have a pension, we can
(25:23):
help create a pension and planned income supplements from your
various investments. Because Chris, we talk about this bucket planning.
Have an income bucket, have a growth bucket, and have
a later bucket. And this is the thing that bothers
me and I know it bothers you. They say, well,
I have a pile of money. Yeah, but how you're
going to make a distribution of that and less for
the rest of your life. So the amount of money
(25:44):
that you're going to have to support your distribution phase
is dependent on how well you prepare during your phase one,
the accumulation phase, and your phase two the preparation. And Chris,
this is where people fall short. They just don't start
the race right there.
Speaker 3 (25:58):
So that's why you're listening today there, maybe driving your car,
maybe your home, you know, maybe got pillow speakers on
while you're sleeping. But no, it's interesting how people listen
to the show. But wherever you are, and you start
thinking about what we're talking about here, and ask yourself
the same question, where am I? Where are you in
this phase? Are you in the accumulation phase? Well, we
(26:20):
can help you. We have accumulation accounts. We can help you.
We can show you which buckets to put it into,
whether it's tax defer, tax free, growth, moderate growth, conservative,
whatever it is. We can help you in the accumulation phase,
the second phase, the preparation is so important, my gosh.
We specialize in that, and also the distribution. We also
specialize in the distribution phase. And here's where I would
(26:43):
use the analogy. You know many people here Mount Everest, Well,
a lot of people hike up there, right, they go
all the way to the top. But most people, I
don't know if you know the stats on this, but
most people die on the way down. So think about that.
You go up easily in the accumulation, but when you
come down it's twice as hard. So that's why there's
(27:04):
a lot of more deaths on the downside, and the
same thing is in retirement, the distribution phase. People don't
know how to use the money or the piles of
money to create income for the rest of their life.
That's where we specialize. When you come in to meet
with us, want to tell you if you have enough
to retire or not. If you do and you do
(27:26):
the right thing and put your money with strategies in
different buckets, you should not outlive your money. And that's
what we show our clients. So when you pick up
the phone, schedule time to meet with us. Let's get
together work with someone who specialized in the distribution phase
like we do Maggi Tax Advisory. Visit our website Maggi
tax dot com. Pick up the phone, schedule time to
(27:46):
meet with us. Eight three to three Magi Tax. That's
eight three to three Maggie Tax.
Speaker 2 (27:51):
So you have to ask yourself, what are some of
the most common retirement strategy mistakes and maybe I'm making them.
Number one not having a retirement plan in place. And
we talk about the Maggie Plan every week. The Maggi
plan is an income plan, it's a tax plan, it's
a retirement plan. If you don't have part of that,
then it's time to get together. Number two. Not saving
money now. I know it's hard to save right now,
(28:12):
but at some point you have to look at something,
put something away, and then let's just build on it.
Not investing wisely. We see this many times. You may
be investing in risky stock or risky mutual funds on now.
The market's up and down, and you know you have
to be prepared for that. That's the market risk. Not
taking advantage of your employer four to win key matching.
(28:33):
Here's what happens. If you have a retirement account with
a four to one K and let's say you put
in five percent, and like federal employees, they match five percent.
That's free money. Take advantage of that. That's going to
help you in retirement.
Speaker 3 (28:47):
But stay there for a minute, because if you want
to consumeute more, then you take the difference and let's
fund a after tax account exactly. And if you're young enough,
and you are you got years from retirement, this could
be the best thing you can make change to. So
you have a tax free bucket and you're already started.
Eliminate Uncle Sam forever and ever, Well.
Speaker 2 (29:06):
You beat me too, it because number five is not
planning for tax implications. So think about it. When you
do tax planning, it's tax planning on what income you're
going to receive, what bracket you're going to be in.
And if this legislative risk brings our tax brackets up,
we're all going to be paying more and you have
to be ready for that and not letting your retirement
saving accumulate. Look, the more you save, let accumulate over
(29:28):
time ten twenty thirty years, it's something that's going to
help you when you retire. So what prevents someone from
creating a retirement plan? And this is very important, So Chris,
just address that because that's the number one reason. Well,
that's it.
Speaker 3 (29:41):
You know we talk about meeting with a specialist. Procrastination,
you need to do something, and I know everyone procrastinates
in some aspect of their life, but when it comes
down to this, how many people don't have an estate plan,
a will or a power of attorney or different documents
or maybe your account not even titled the right way?
My gosh, don't procrastinate. You know, we're all at some
(30:03):
point going to pass away, and you want to make
sure that everything is to sit up the right way.
So pick up the phone, schedule time to meet with us.
And as I mentioned, a specialist. You know, say you
have a stomach pain when you're when you're when you're
a baby or a young a young child, you go
to what the pediatrician, right But as you get older,
(30:23):
if you have a stomach pain, you don't go to
the pediatrician anymore. You go to a specialist. And that's
where you start thinking with retirement. You're at the point
where you created buckets of money and piles of money.
Work with a specialist, someone who deals with the distribution
phase of your life, and that's what we do. So
pick up the phone, schedule time to meet with us.
(30:43):
Eight three three Maggie Tax. We do so much we
do incomplaining, tax planning, investment planning, and state planning, so
security maximization, planning, college funding, a lot of things we
do to help you. Eight three three Magi attack and
don't forget to tune into the Magi Tax and Financial
Show on ABC TV Sunday at ten thirty. You listen
to the Maggie Tax and Financial Show. Eight three three
(31:04):
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
Maggi tax dot com or call eight one three three
(31:29):
two two twenty five twenty. That's eight one three three
two two twenty five twenty now your host for the
Maggie Tax and Financial Hour, Father and son from Maggie
Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 2 (31:45):
Welcome back everyone. Thanks for joining us today. You're listening
to the Maggie Tax and Financial Show. Be sure to
visit our website, Maggie Tax dot com and hit the
retirement Calculate it to find out what your tax bill
is going to be. And also be sure to watch
our TV show every Sunday at ten thirty on ABCTV.
I just want to mention something that with the current
administration in the White House, you need to act fest
(32:07):
because the tax plans are directly aimed at your retirement investments.
And here's the story. If you don't want to see
your retirement income potentially take a double digit tax hit.
You've got to do some tax planning now before they
change the laws. And remember it's written in pencils, so
they can do whatever they want. They have already said
raising taxes a top priority. So make protecting what's yours
(32:31):
a top priority. So right now, visit Maggie tax dot Com.
Click on the tax retirement bill on the top of
the website. In thirty seconds, I can tell you your
retirement bill. I said it, yes, in thirty second Maggie
tax dot Com. And that's just it.
Speaker 3 (32:47):
You know, why not?
Speaker 2 (32:49):
Why not?
Speaker 3 (32:49):
Because do you want to fall victim to this or
do you not? The obvious answer is heck no, right,
But then again, why aren't people doing it? Why haven't
you done it?
Speaker 2 (33:01):
Why?
Speaker 3 (33:01):
Because you haven't had the leadership, you haven't had the
person to go to. And that's why we're here. So
pick up the phone, schedule time to meet with us.
Maggie Tax Advisory. That's what we do. We do, full planning,
complete planning. We call it the Maggie Plan. Why do
we call it the Maggi Plan Because it's complete planning,
it's income tax planning, it's tax planning, it is tax preparation.
(33:22):
It is income planning, investment planning, social security maximization planning,
medicare planning, a state planning. Do you want all of
that when you want that for you and your family? Absolutely,
So pick up the phone, schedule time to meet with us.
Speaker 2 (33:37):
And work with a complete advisor like Maggie Tax. And
that's the reason why you should get a second opinion
and not a transactional advisor who's going to tell you
just stay in the market. So when you come in,
you're going to meet with Chris and I. We're going
to sit down with you have a conversation. So let
me talk about a gentleman here that came in. He
works at his job for twenty eight years. He worked
(33:57):
at another company until they closed that branch. So he
received the letter saying that he will have a fifty
percent penalty if he doesn't do something. And his wife
worked for a company for thirty five years and was
let go when COVID hit because of her age. So
her money from from where she work is still sitting
in a four to oh one k Why is it
(34:17):
still there, That's what we asked her, and her answer was, well,
I don't know what to do so. Now she works
part time at another job. They have an autistic son,
he goes to a county program. Until two thirty, they
had no idea they could roll over their four to
one K and do a trustee to trustee transfer and
protect their accounts. And Chris, the point here is if
any of you have an old four to one K
(34:39):
or a four one K with another company, you do
not have to leave it there. And we can show
all of you how to avoid a four to one
K roll over mistake. And that's just it.
Speaker 3 (34:48):
You know, many people just don't know what to do.
So very simply we took the heartache out of all
this and the worry and the concern. And what we
did was, we can open up an IRA and we
can roll the money over. It's non tax trustee to
trustee transfers, there is no tax. But now she says, well,
what do we do with it? So we sat down
with her and we asked a lot of questions and
(35:08):
we discovered what her risk tolerance is and she said,
you know, Chris, Bobby, I'm in the middle. I'm balanced.
And we came to that conclusion as well. So what
we did was we put half of the money in
a safe account where she doesn't lose anything, there's no fees,
she gets the gains of the market if the mark
goes up. If the mark goes down, she doesn't lose
she had protected her money, and then the remaining amount
we actively manage it. There was really cool strategy that
(35:29):
we have that we can put the money in the
S and P five hundred or the Dow An Index
and then there's a twenty percent buffer on the downside.
Speaker 2 (35:36):
This is really cool.
Speaker 3 (35:37):
So if the market goes down within that twenty percent,
she doesn't lose anything. But this is invested in the market.
So if it goes past the twenty percent buffer, then
she just loses the difference. So if the mark goes
down twenty two, she loses two, not twenty two. And
she said, well, how do I go about doing that?
How do I have total protection on one side and
then still have really nice upside potential goes up, but
(36:01):
then again I still have downside protection as well, even
though I'm in the market. And I said, yeah, this
is how we can put this together. And she said,
oh my gosh, I wish I would have met with
you ten years ago.
Speaker 2 (36:12):
So why do people meet with Maggie Tax because you
are confused. You need help and we can help. And
let's talk about the gorilla in the room. I keep
mentioning that there are so many many of you have
no estate planning, and many of you do not have
a proper beneficiary on your accounts. This is what we
do when we meet with the client. We do a
state planning. And even if you keep your accounts with
(36:33):
your advisor, then call us for a beneficiary review and
get a state planning. Why does this happen. It happens
because your advisor does not talk about what we do.
Every client. We discuss medicare planning. We discuss those security planning,
tax planning, income planning, investment planning, so you can avoid
these mistakes, these horror shows that Chris and I are
(36:53):
talking about. So it's up to you. Operators are standing
by eight three to three Magi Tax. Be sure to
visit our website Maggie dot com. Go to the retirement calculator,
punching the information and in thirty seconds we'll tell you
what your tax bill is going to be.
Speaker 3 (37:07):
And that's just said. And if you're serious about looking
for an income plan, where do I take my money
from How do I do it in the most tax
efficient way? You know, how much am I going to
get after tax net? We can show you. And what
if you said, well, what about my accounts? You know,
how do I position them in safe money buckets? Now
money buckets? Later money buckets? Maybe I have some risk
and volatility, And what about later or even never money
(37:28):
buckets where no plans on touching that money? Well, how
do you go about making these buckets fit you and
your family? What about making sure that all my accounts,
all your accounts avoid probate and go to where you
want it to go, God forbid? And when you pass away,
what about making sure that you have a complete plan,
(37:49):
knowing that at the end of the day, I got
things in order. You know, that's how much is that
worth to you? And that's what we do here. So
when you come in and meet with us, these are
things we're going to talk about. We want to talk
about you. We want to talk about what you want
to do, when to talk about the risk. We're going
to get down to each and every account that you have.
So pick up the phone, schedule time to meet with us.
You know, let's talk about the gorilla in the room.
(38:10):
Let's talk. Take the risk off the table. You know,
how do you feel about taxes in the future. How
do you feel about risk? How do you feel about inflation?
How do you feel about government regulations and legislative risk?
You know, have you done any multi generational planning? If not,
why not?
Speaker 1 (38:26):
You know?
Speaker 3 (38:26):
What's your rate of return? What kind of rate are
you getting? If you don't know, pick up the phone,
schedule time to meet with us. That's what we do.
Maggie Tax Advisory and Financial Group. Visit our website Maggie
Tax dot Com and don't forget Every Sunday on ABC
TV at ten thirty for Maggie Tax.
Speaker 2 (38:40):
And Financial Show.
Speaker 1 (38:42):
You've been listening to the Maggie Tax on Financial Hour
discussing tax planning investment strategies, presented by Robert and Chris
Maggie from Maggie Tax Advisory and Financial Services with offices
in Hillsboro and Panela's County. Visit Maggie Tax dot com
or call eight one three three two two twenty five
twenty that's eight one three three two two twenty five
(39:05):
twenty and tune in next Saturday at five for the
Maggie Tax and financial hour,
All these years you've saved up planning for a secure retirement,
but if you're not careful, it will be the irs
that's living it up when you retire by taxing your
hard earned money. Welcome to the Maggie Tax and Financial
Hour with Robert and Chris Maggie of Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
in tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie
Tax dot Com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:52):
Hello everyone, and thanks for joining us today. You're listening
to the Maggie Tax and Financial Show. I am Robert
Maggie and I'm here with my son Chris Maggie, and
together we're going to be talking about a lot of
different things regarding taxes, about income planning, retirement planning, social security.
These are things that people talk to us every day about.
But the easy way is go to our website, Maggie
Tax dot Com. That's Maggi Tax dot Com on the
(01:16):
lower right hand corner. We have a chat box. So
if you're listening to today's program and you have a question,
go to Maggie Tax dot Com. Put it in there
and we'll respond to you. And then if you want
to make an appointment, we could set up something for you.
Eight three three Maggie Tax and don't forget. Every Sunday
at ten thirty on ABC TV, I'll watch the Maggie
Tax and Financial Show and Chris, we want to talk
(01:37):
about a lot of things today, but one of the
biggest questions is could hire taxes derail your retirement approach
because people aren't prepared for taxes in retirement because everybody
thinks the taxes are going to be low and that's
not correct. That's right.
Speaker 3 (01:49):
Welcome everyone, and thank you so much for tuning into
the show. And you're right, could taxes derail your retirement approach?
And that's we're going to talk about today. You know
five ways taxes can rise and how to protect yourself.
And you know we're in a EOO economy. Let's admit it.
You're on your own and we see what's going on
with the administration, we see what's going on with the economy.
(02:09):
So how can you protect yourself? And one of the
big things that you can do is you can pick
up the phone schedule time to meet with us. You
need a partner, you need someone on your side, and
that's what we could do for you. So visit our
website at Maggie tax dot com. There's so much information
right there at your fingertips that you can access. And
what's really cool on the website, there's a chat box.
(02:30):
Go to our website Maggie tax dot com. If you
have any questions during our show, go ahead and type
it in.
Speaker 2 (02:37):
We have.
Speaker 3 (02:39):
Availability to address the questions for you. So if you
have things that are on your mind during our show,
pick up the phone, schedule time to meet with us
eight three to three Maggie Tax, or just go to
Maggi tax dot com and in the chat box go
ahead and ask your question.
Speaker 2 (02:54):
And if you're not aware of it, on the top
of our website. There's a tax retirement calculator. We're going
to be talking about that in a few minutes because
we can actually show you in thirty seconds what your
retirement tax bill will be. It's real simple. Take a
look at it, and like Chris said, go to the
chat box and if you have a question, just ask.
I mean, this way, you don't have to be embarrassed.
We see it and we'll be glad to respond. So
(03:16):
taxes are an important topic when it comes to retirement,
and many people overlook that. And you know, the more
you pay in taxes, the less money, the less income
you're going to have in retirement to spend. And that's
what's happening now, Chris. A lot of people are complaining
about inflation, about the prices of gas going up, food
going up, everything. And when you get into retirement and
(03:36):
you start looking at this, it starts to eat away
at what you think you have and you don't have
enough to live on.
Speaker 3 (03:41):
Well, that's just it. I mean, think about it. You
can't go back to work. So income sources are so valuable.
It's so important. And if your advisor is not talking
about an income plan, then you have to And if
they don't know how an income plan works. They're just
more focused on the accumulation phase. Then that's what we specialize.
You know, it's like going to a doctor. You need
(04:03):
heart surgery, you need to go to a hard doctor
to focus on getting it fixed. Same thing with your retirement.
You know, many advisors are out there talking about the
accumulation phase and yeah, they can grow your money, so
can you can do it by yourself these days, But
they don't focus on the distribution phase. And we specialize
in the distribution phase because income and taxes and investments
(04:24):
and longevity and making sure your assets transfer to where
you want it to go is so valuable.
Speaker 2 (04:30):
So let's talk about three possibilities for taxes. Number one,
your taxes could be lower in retirement they are today.
And this is the premise of tax deferred savings vehicles.
So if you have a four oh one K or
an IRA that's tax deferred. You defer your taxes to
the future and hopes that your tax rate is going
to be lower in retirement than it is during your
(04:51):
working years. And what we see now coming and think
about this talk about legislature risk. They can change the
rules anytime they want. Number two, your taxes could be
the same in retirement as they are today. And savers
who want to maintain their pre retirement lifestyle once they're
retired often need to maintain a similar annual income in retirement. Christen,
that's the question we ask everybody, how much do you
(05:13):
need in retirement? You know, And a lot of people
are afraid to answer that question. But the way they
go is, i'm making this now, can I make that
in retirement? So for these savers, the tax rate may
stay the same in retirement because their income needs stay
the same in retirement. And I don't know if that's
correct with everybody. And again, like we talked about it before,
and you can address it with things are changing, inflation
(05:34):
prices going up that we've seen, that's not right.
Speaker 3 (05:37):
Well, most people that we see come across, as you know,
they're working, they're bringing six thousand dollars a month home
or ten thousand dollars a month home, and pretty much
that's what they're used to getting. So if you are
receiving income now and you're thinking about, oh, what kind
of retirement income should or I have or what will
it look like, it's pretty much about what you have now.
(05:57):
And maybe it's going to get less because you might
have then your house paid off and debt has been
cleared out, or it could increase because of inflation. So
we need to have these variables set in place, and
that's why it's so important to work with the right advisor,
a distribution phase specialist to work with you. So let's
talk about the last possibility for your taxes.
Speaker 2 (06:17):
Well, that'd be your taxes could be higher in retirement
than they are today. And this is a risk many
savers are beginning to understand because we talk about it
every week. We talk about it with every client. But
with our current federal debt and recent congressional spending, tax
rates in the future could be higher than they are today.
I know one thing, and we talk about this all
the time, that Trump tax cuts are going to expire
(06:38):
in twenty twenty five. And what does that mean to
everybody out there? It means the taxes are going to
go up and again if the government stays the same.
The administration right now is spending trillions of dollars. We
have to pay it. We have to pay it back.
It's going to come from iras four oh one k's
and by the way, on four oh one k's. If
you have old four oh one k's and we have
a lot of people calling us, you have to think
(07:00):
about moving it out or roll it over to a better,
safer product because they're not taking care of it, Chris.
And that's the other problem that people don't understand. The
four one K and the IRA are taxable.
Speaker 3 (07:13):
Simply if you don't work for that employer, you shouldn't
have your money there. You should do something with it
where you can have an advisor look at it. Maybe
create some safety buckets, some growth buckets, some opportunistic buckets.
There's a lot of things you can do to help yourself.
So rising taxes in retirement is an important risk for
savers to really understand, and that's why we're talking about
(07:34):
this today. This is especially true for individuals who have
saved all or the majority of their retirement assets and
tax deferred investment vehicles like iras and four one ks
and set plans and TSP traditional accounts. That's what we're
talking about here. These accounts are infected with taxes. You
need to go ahead and start understanding how to diffuse
(07:56):
the big time bomb that these accounts have.
Speaker 2 (07:59):
Exactly tax time bomb. And one more thing. Visit our
website Maggie Tax during the show right now. If you
have questions, go to our Maggie tax dot com. It's
a chatbox on the bottom right. If some of these
concern you, write a question, will be glad to answer it,
and then go to the top of the website for
the tax retirement calculator. Put the information in and in
thirty seconds we could show you what your retirement tax
(08:21):
is going to be. This is something, Chris, that all
people need and it's got to help them. So some
savers are most concerned about higher taxes and retirement. Some
we talked to it doesn't make a difference. But since
higher taxes pose the greatest risk to traditional tax deferred
saving vehicles, what are you doing about it? What are
you doing about it? Do something? Don't just sit there
(08:42):
and wait on Just a real quick note. We had
a client come in last week and we were talking
about what Chris mentioned before, the accumulation phase and the
distribution phase. And he said, guys, listen, you know I've
worked for I don't know how many years, and I
accumulated money, but my guy never talked to me about
the distribution phase. And when we talked about a we
talked about bucket planning, We talked about income now, letting
(09:03):
it grow more for retirement so he could relax. And
you want to know something, he sat back and he said,
I did not know that I could retire with the
money I have. And actually, Chris, you could probably talk
about this. We actually gave him more in retirement than
he did while he was working. And that's just it.
Speaker 3 (09:17):
You know, many people say, oh, I got to get
to a million bucks, I have to get to a
certain number and then I can retire. It's not true.
You know, there's different products, there's different strategies that you
can create your own family guaranteed income for a bucket
of money, and you don't need that much to do it,
and you can create another buckets for liquidity and other
buckets for more play checks. There's a lot of things
(09:38):
you can do and you just don't know how because
you just don't know what you don't know. So it's
very simple, pick up the phone, schedule time to meet
with us. Let's get together. We have offices on both
sides of the Bay to help you very convenient. Visit
our website at Maggie Tax dot com. As my dad
mentioned before, there's so much information right there at your fingertips,
you know, so you might be wondering will my taxes
be lower, the same or high in retirement. Let's get
(10:02):
that question answered. We had a client that came in
last week, great client of ours. They want to know
if they should start converting their money from iras to
roth iras. And what we did was in the office,
we went ahead and did a mock tax return. We
showed him let's maybe convert a certain amount of this,
or if we rip off the band aid, what it's
gonna look like. And guess what they both said, We
don't really need to convert, do we know? He said, yes,
(10:24):
you don't have to. So your situation was a little
different than everybody else, because you know, every situation, every
plan that we put together is different, and it's your money.
So pick up the phone, schedule time to meet with us.
Eight three three Maggie Tax. That's eight three to three
mag Attacks and don't forget to tune in every Sunday
for the Maggie Tax and Financial Show on ABC TV
(10:45):
at ten thirty am. Eight three three Magi Tax. Don't
forget visit our website Maggie tax dot com. If you
have a question, there's a chatbox rate there we can
answer it for eight three to three Maggie Tax.
Speaker 1 (10:57):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie tax dot com. That's
Maggi tax dot com. Or call eight one three three
(11:19):
two two twenty five twenty. That's eight one three three
two two twenty five twenty. Now your host for the
Maggie Tax and Financial Hour, Father and son from Maggie
Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 3 (11:34):
Welcome everyone, and thank you so much for tuning in.
Welcome back in visit our website at Maggi tax dot com.
There's so much information right there at your fingertips, and
it's about education, and that's what we strive to do
to help you. Why because we feel as if you
are educated enough, you can make the right decisions and
you can empower yourself and your retirement. And that's what
we need during these times right now in America. So
(11:58):
go ahead, right now, visit our website at Maggie Tax
dot com. A top right hand corner the retirement tax bill.
In thirty seconds, just thirty seconds, you can understand what
your qualified account retirement tax bill will be. Talking about
iras and forming kes. Guess what, you don't have all
that amount of money in those accounts. So Uncle Sam
has a portion, so figure out what that is and
(12:19):
we can help a three to three Maggie Tax.
Speaker 2 (12:22):
One thing, we met with a client the other day,
just a point what you just said. He thought he
had one point five million in his IRA and once
we sat down and show him the retirement tax bill
and a calculator. I'm not laughing, but he was shocked
that half of that was not his money. So he
saved all his life for this and now he has
to do something. So education from Maggie Tax is so important.
And why financial education is important, It's because due to
(12:44):
recent tax law changes, we talk about legislative risk and
uncertain future for social security and the shift toward employee
directed retirement plans, the need for sound financial strategies has
never been greater. That's what Chris and I talk about
a complete plan. So if you're listening to this and
you don't have an income plan, or a tax plan,
or an insurance plan or an investment plan, you have
(13:07):
an incomplete plan. So, in straightforward language, Maggie Tax will
explain time tested strategies that help you to make informed
financial decisions. And again, Chris, I'm going to go back
to a client we met the other day. Old rules
don't apply anymore. New rules apply. So if you sit
down with Chris and I, keep an open mind because
(13:27):
there's new rules and you have to listen and apply them.
And then you're going to say, wow, no one told
me about that. Well, that's just it.
Speaker 3 (13:33):
You know, we want you to have confidence, We want
to empower you. Why because this is your money, this
is your retirement. You know, you don't have to rely
on the stock market and other people's decisions on what
you can and can do. This is what you've deserved
to do. So make your retirement the way you want
it to be. That's why you should have an income plan,
you should have a tax plan. You should have an
income plan and also an investment plan. How it relates
(13:55):
together in a state plan. Make sure everything stays in
your family. This is what we do and you can
have it too. So pick up the phone, schedule time
to meet with us, write your questions down.
Speaker 2 (14:03):
Let's help you.
Speaker 3 (14:05):
You know whether your objective is to build a nest
egg or protect your assets or preserve your lifestyle throughout
your retirement. This course and what we do when we educate,
you can plan your future with confidence. And by working
with us today, you will learn about many ways to
save for retirement as well as the advantages and the
disadvantages of each. You know, what are the tax ramifications,
(14:27):
what are the income and the inflation objectives? How do
I go combat that? What about paychecks and playchecks? What's
a playcheck? Well, we have clients that have playchecks. They
have money coming in every month and you just spend
it and guess what it comes back in the next
thirty days, forever and ever and ever. It's called the
play check. They spend it on whatever they want. Do
you want a playcheck? We can help you with that
(14:49):
as well. A three to three magi texs and.
Speaker 2 (14:51):
Again with all the volatility. You know, we see a
lot of clients but their account is up, their account
is down, But we have clients that have not lost
a penny when the market's been down. And if you
don't have that plan, then you have an incomplete plan.
So we can help all of you discover how to
save money on taxes. Again, go to Maggie tax dot com.
The top right you'll see the retirement calculator. Click on it.
(15:11):
It'll take you thirty seconds, fill in the information. It'll
send you a report back, and it's going to make
you wake up and see what's really going on and
then sit down and give us a call. Eight thirty
three Magie Tax. So this is on you, folks. We're
trying to educate you. That's what our show is about.
It's not about selling, because we can't sell you anything.
It's not a store. This is about your retirement. This
is about your savings. This is about what you worked
(15:33):
hard for, and this is about what you plan for
in retirement.
Speaker 3 (15:36):
And you just said it, you know, that's what it's about.
We're not a transactional advisor just sells things. That's not
what it's about. You deserve better. I don't care if
you have fifty thousand. I don't care if you have
fifty million. It doesn't matter. You need a plan. You
deserve a plan. Why because you've worked so hard, you
put money away, you saved, and guess what they're going
to go after the people who have the money. And
if you have money, you need to have a plan.
(15:58):
And that's why it's so important to meet with us.
Now is the time. There are strategies that you could
put together today to put you in position to take
advantage of these opportunities that are about to happen. We're
talking about recession, we're talking about the market volatility, we're
talking about inflation. Of these concerns for you. Absolutely, they're
concerns for everybody.
Speaker 2 (16:19):
But guess what.
Speaker 3 (16:20):
The only small amount of people take advantage of opportunities
to put together a complete plan. Many people want a
tax plan, they just don't know where to get it.
They have an advisor, but guess what, they don't talk
to them about that we talked about this last segment.
Many people come in and they say, well, my advisors said,
goes talk to my tax guy. And then when they
go talk to their tax guy, the tax guy says,
we'll go talk to your financial guy. They're not talking
(16:42):
together for you, but we do that here. So pick
up the phone, schedule time to meet with us. We
can help eight three to three Maggie Tax.
Speaker 2 (16:48):
And again we can help all of you discover how
to save money on taxes, manage investment risks, and protect
your assets from potential long term healthcare expenses. And that's
another big concern curs about long term care. We have
a solution for that. So above all, at Maggie Tax,
we can show you how to access your money financial
situations are different for everybody, and develop a personalized plan
(17:10):
to achieve your retirement goals. And one thing again we're
going to keep you know, pounding on this. Go to
my website, Maggie tax dot com. Click on the retirement
calculator on the top right. Fill in the information because
if you have an IRA or a four oh one K,
or you're getting close to retirement, we talked about it
before because of legislative risk that no one's talking about,
but we are that they change the rules on you
(17:32):
because it's written in pencil. Taxes are going to go up.
I don't care if you're a Republican, Democrat, independent, anything.
Taxes will affect everybody in this nation, so you have
to do something about it. Look at your situation and
see if your plan is a complete plan or an
incomplete plan. And like Chris talks about, and we both
talk about, if you have a problem with taxes, now
(17:53):
is the time to address it.
Speaker 3 (17:54):
So get a second opinion. You know, do you have
confidence in your current advisor to get a second opinion?
Let me think about it. This is your money. The
advisor used to work for you, not you work for them,
And that's why it's so important to make sure that
you get your accounts lined up into different buckets. Many
people have piles of money, but guess what, they go
up and they go down. They don't have to if
you don't want them to. So what do you want?
(18:16):
What do you want? Ask that question to yourself listening
today because we can help you. We can help you
navigate a plan, put together one that's customized for you.
So pick up the phone, schedule time to meet with us.
Eight three three MAGI tax. We do income planning, tax planning,
investment planning, a state planning. Do you have a will?
Do you have a trust? Well, we have attorneys that
take care of all that for you. But guess what,
(18:38):
we're all talking in one room to help you. What
about medicare planning, what about Social Security maximization planning? When's
the best time to take it? We can help, So
pick up the phone. Schedule time to meet with us.
Eight three to three mag Attacks and don't forget. Every
Sunday on ABC TV at ten thirty in the morning,
watch ABCTV for the mag Attax and Financial Show eight
three to three meg Attacks.
Speaker 2 (18:59):
Schedule time this.
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
ma Ggi tax dot com or call eight one three
(19:24):
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 (19:40):
Welcome back, everyone, and thanks for joining us today. My
name is Robert Maggie. I'm here with my son Chris Maggie,
and today we've been talking about can tax diversification provide
more flexibility. Can tax diversification guard against future taxes. But
there's something very important that goes along with this. So
let's discuss the different phases in one's five financial life.
(20:01):
And let's just jump right into it. Because throughout one's
financial life there are three different phases. And I bet
many of you don't know this or don't realize it.
So in previous shows we've talked about, you know, three
phases of your financial life. So let's talk about the
first phase, which is the accumulation phase, Chris, And that's
everybody out there, you know, they work, they save, and
(20:22):
they accumulate money. And then let's just talk about how
that works. And then we'll go into the second phase,
which is the preservation of principal phase, and then the
last one, the distribution phase.
Speaker 3 (20:32):
You know, we're all young. We were taught to go
to school, get educated, and then get a job. Right.
We always want to get a job and the best
job we can, and that's the accumulation phase. We need
to save for retirement, and this is the time of
building assets by saving and investing. Usually comes from earned
income which you have specifically reserved for retirement. You know,
keep in mind that during your retirement years, your ability
(20:53):
to maintain a comfortable lifestyle well depend on the money
that you've saved. If you have enough money there, you
can continue the lifestyle. You can't, then obviously things are
going to change. So the investments you made and the
assets you accumulated during the accumulation phase are very important.
You know, you contribute to your IRA or maybe a
four one K. Maybe the company you work for offers
a match. Maybe you have some money and manage accounts.
(21:15):
Maybe you have money in CDs or a money market
for access. Maybe you want to accumulate money in risky
investments or gold or precious metals. But you want to
accumulate as much as you can in those working years
so you can retire with a nice income. So that's
what the accumulation phase is. We take some chances, we
create buckets, we keep feeding something, feeding accounts each and
(21:39):
every month, every time we get it. That's the accumulation phase.
Speaker 2 (21:43):
Yeah, and along with that goes the risk tolerance. How
much risk can you take at a young age and
as you get older what your risk tolerance, you know,
starts to change. Many advisors don't go over that and
again it tax. You know, diversification and you know a
state planning has a lot to do with so faced
two two we call the planning or preparation in preservation
phase and this is the core of your retirement planning efforts.
(22:06):
Ideally addressed so seven to ten years prior to your
plan retirement start date. Phase two will include a review
of all your retirement investments, anticipated basic living expenses, lifestyle expenses,
potential tax obligations, social security benefits when you want to
start it, and expected pension if you get one, requirement
of distribution, calculations for all qualified money if you have
(22:29):
that retirement risk profile, and again medical and estate planning
needs and potential debt reduction. Pride to actually retiring. This
is huge because when you accumulate money and then you
start trying to preserve it, these are the things you
have to look for, Chris. When people say, well when
should I start doing this, well, you can never start
too early. The sooner you start, the more you're going
(22:51):
to have for retirement and you're going to have the preservation.
So careful attention is paid to determine your expected retirement
cost of living, which is changing. We know that with
consideration to both your basic monthly living expense as well
as the cost of your desired lifestyle expenses when you retire,
and Chris, not many people think about We always ask,
we talk about this, how much do you need when
(23:12):
you retire? And what's the answer We always get.
Speaker 3 (23:14):
Well, most people really sometimes don't have a clue unless
they do budgeting, and we can help you budget. We
have a budget sheet that we go over and identify
the different types of categories that you need in retirement.
But you know a lot of people want the same
amount of money coming in, so how do they go
about doing that? And that's why the distribution phase is
extremely important as well, so not only on the accumulation phase.
(23:37):
And you know, everyone just keep funding something. Fund the
bucket of money and put towards retirement. You know, you
should pay yourself first. That's a key thing. If you're young.
Every dollar you earn, the first thing you should do
is put it away, and then from there pay your
bills and then from there whatever's left over you spend.
That's a good rule of thumb because it's a rainy
(23:58):
day fund that you can create and also for your retirement.
We call it you're on your own and you are
it's ayoo economy. You got to make sure that you're
putting money away. So not only that on the accumulation phase,
then you got the preparation phase. And that's what my
dad just talked about. You know, maybe seven to ten
years you start really dialing this in. And that's why
(24:18):
if you're going to retire at sixty maybe fifties, when
you start starting meeting with someone like us on the
distribution phase, maybe if you're seventy, now you're ten years
before that's sixty. Now you're really starting getting ready for retirement.
So you talk about the preparation phase, and now we're
talking about, which is so important, the distribution phase. So
what's the distribution phase? That explain what that really means.
Speaker 2 (24:41):
Well, the distribution phases when you decide you retire, and
all retirement planning is done with one primary objective, and
this is to create an income stream that you cannot outlive.
And that's a big concern of everyone listening today. How
much am I going to have? Will I outlive my money?
So phase three starts when you are earned income stops.
Think about it, you're not working anymore, and now you
(25:01):
have to rely on your retirement and this is the
time that you reap the rewards of your retirement planning effort.
So when you save and you put in like we
talked about today, tax deferred accounts or tax free accounts,
this is when you're going to start receiving your monthly
solid security benefit, potential pension if you get it. And
again one thing about pension, we talk about this all
the time. If you don't have a pension, we can
(25:23):
help create a pension and planned income supplements from your
various investments. Because Chris, we talk about this bucket planning.
Have an income bucket, have a growth bucket, and have
a later bucket. And this is the thing that bothers
me and I know it bothers you. They say, well,
I have a pile of money. Yeah, but how you're
going to make a distribution of that and less for
the rest of your life. So the amount of money
(25:44):
that you're going to have to support your distribution phase
is dependent on how well you prepare during your phase one,
the accumulation phase, and your phase two the preparation. And Chris,
this is where people fall short. They just don't start
the race right there.
Speaker 3 (25:58):
So that's why you're listening today there, maybe driving your car,
maybe your home, you know, maybe got pillow speakers on
while you're sleeping. But no, it's interesting how people listen
to the show. But wherever you are, and you start
thinking about what we're talking about here, and ask yourself
the same question, where am I? Where are you in
this phase? Are you in the accumulation phase? Well, we
(26:20):
can help you. We have accumulation accounts. We can help you.
We can show you which buckets to put it into,
whether it's tax defer, tax free, growth, moderate growth, conservative,
whatever it is. We can help you in the accumulation phase,
the second phase, the preparation is so important, my gosh.
We specialize in that, and also the distribution. We also
specialize in the distribution phase. And here's where I would
(26:43):
use the analogy. You know many people here Mount Everest, Well,
a lot of people hike up there, right, they go
all the way to the top. But most people, I
don't know if you know the stats on this, but
most people die on the way down. So think about that.
You go up easily in the accumulation, but when you
come down it's twice as hard. So that's why there's
(27:04):
a lot of more deaths on the downside, and the
same thing is in retirement, the distribution phase. People don't
know how to use the money or the piles of
money to create income for the rest of their life.
That's where we specialize. When you come in to meet
with us, want to tell you if you have enough
to retire or not. If you do and you do
(27:26):
the right thing and put your money with strategies in
different buckets, you should not outlive your money. And that's
what we show our clients. So when you pick up
the phone, schedule time to meet with us. Let's get
together work with someone who specialized in the distribution phase
like we do Maggi Tax Advisory. Visit our website Maggi
tax dot com. Pick up the phone, schedule time to
(27:46):
meet with us. Eight three to three Magi Tax. That's
eight three to three Maggie Tax.
Speaker 2 (27:51):
So you have to ask yourself, what are some of
the most common retirement strategy mistakes and maybe I'm making them.
Number one not having a retirement plan in place. And
we talk about the Maggie Plan every week. The Maggi
plan is an income plan, it's a tax plan, it's
a retirement plan. If you don't have part of that,
then it's time to get together. Number two. Not saving
money now. I know it's hard to save right now,
(28:12):
but at some point you have to look at something,
put something away, and then let's just build on it.
Not investing wisely. We see this many times. You may
be investing in risky stock or risky mutual funds on now.
The market's up and down, and you know you have
to be prepared for that. That's the market risk. Not
taking advantage of your employer four to win key matching.
(28:33):
Here's what happens. If you have a retirement account with
a four to one K and let's say you put
in five percent, and like federal employees, they match five percent.
That's free money. Take advantage of that. That's going to
help you in retirement.
Speaker 3 (28:47):
But stay there for a minute, because if you want
to consumeute more, then you take the difference and let's
fund a after tax account exactly. And if you're young enough,
and you are you got years from retirement, this could
be the best thing you can make change to. So
you have a tax free bucket and you're already started.
Eliminate Uncle Sam forever and ever, Well.
Speaker 2 (29:06):
You beat me too, it because number five is not
planning for tax implications. So think about it. When you
do tax planning, it's tax planning on what income you're
going to receive, what bracket you're going to be in.
And if this legislative risk brings our tax brackets up,
we're all going to be paying more and you have
to be ready for that and not letting your retirement
saving accumulate. Look, the more you save, let accumulate over
(29:28):
time ten twenty thirty years, it's something that's going to
help you when you retire. So what prevents someone from
creating a retirement plan? And this is very important, So Chris,
just address that because that's the number one reason. Well,
that's it.
Speaker 3 (29:41):
You know we talk about meeting with a specialist. Procrastination,
you need to do something, and I know everyone procrastinates
in some aspect of their life, but when it comes
down to this, how many people don't have an estate plan,
a will or a power of attorney or different documents
or maybe your account not even titled the right way?
My gosh, don't procrastinate. You know, we're all at some
(30:03):
point going to pass away, and you want to make
sure that everything is to sit up the right way.
So pick up the phone, schedule time to meet with us.
And as I mentioned, a specialist. You know, say you
have a stomach pain when you're when you're when you're
a baby or a young a young child, you go
to what the pediatrician, right But as you get older,
(30:23):
if you have a stomach pain, you don't go to
the pediatrician anymore. You go to a specialist. And that's
where you start thinking with retirement. You're at the point
where you created buckets of money and piles of money.
Work with a specialist, someone who deals with the distribution
phase of your life, and that's what we do. So
pick up the phone, schedule time to meet with us.
(30:43):
Eight three three Maggie Tax. We do so much we
do incomplaining, tax planning, investment planning, and state planning, so
security maximization, planning, college funding, a lot of things we
do to help you. Eight three three Magi attack and
don't forget to tune into the Magi Tax and Financial
Show on ABC TV Sunday at ten thirty. You listen
to the Maggie Tax and Financial Show. Eight three three
(31:04):
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
Maggi tax dot com or call eight one three three
(31:29):
two two twenty five twenty. That's eight one three three
two two twenty five twenty now your host for the
Maggie Tax and Financial Hour, Father and son from Maggie
Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 2 (31:45):
Welcome back everyone. Thanks for joining us today. You're listening
to the Maggie Tax and Financial Show. Be sure to
visit our website, Maggie Tax dot com and hit the
retirement Calculate it to find out what your tax bill
is going to be. And also be sure to watch
our TV show every Sunday at ten thirty on ABCTV.
I just want to mention something that with the current
administration in the White House, you need to act fest
(32:07):
because the tax plans are directly aimed at your retirement investments.
And here's the story. If you don't want to see
your retirement income potentially take a double digit tax hit.
You've got to do some tax planning now before they
change the laws. And remember it's written in pencils, so
they can do whatever they want. They have already said
raising taxes a top priority. So make protecting what's yours
(32:31):
a top priority. So right now, visit Maggie tax dot Com.
Click on the tax retirement bill on the top of
the website. In thirty seconds, I can tell you your
retirement bill. I said it, yes, in thirty second Maggie
tax dot Com. And that's just it.
Speaker 3 (32:47):
You know, why not?
Speaker 2 (32:49):
Why not?
Speaker 3 (32:49):
Because do you want to fall victim to this or
do you not? The obvious answer is heck no, right,
But then again, why aren't people doing it? Why haven't
you done it?
Speaker 2 (33:01):
Why?
Speaker 3 (33:01):
Because you haven't had the leadership, you haven't had the
person to go to. And that's why we're here. So
pick up the phone, schedule time to meet with us.
Maggie Tax Advisory. That's what we do. We do, full planning,
complete planning. We call it the Maggie Plan. Why do
we call it the Maggi Plan Because it's complete planning,
it's income tax planning, it's tax planning, it is tax preparation.
(33:22):
It is income planning, investment planning, social security maximization planning,
medicare planning, a state planning. Do you want all of
that when you want that for you and your family? Absolutely,
So pick up the phone, schedule time to meet with us.
Speaker 2 (33:37):
And work with a complete advisor like Maggie Tax. And
that's the reason why you should get a second opinion
and not a transactional advisor who's going to tell you
just stay in the market. So when you come in,
you're going to meet with Chris and I. We're going
to sit down with you have a conversation. So let
me talk about a gentleman here that came in. He
works at his job for twenty eight years. He worked
(33:57):
at another company until they closed that branch. So he
received the letter saying that he will have a fifty
percent penalty if he doesn't do something. And his wife
worked for a company for thirty five years and was
let go when COVID hit because of her age. So
her money from from where she work is still sitting
in a four to oh one k Why is it
(34:17):
still there, That's what we asked her, and her answer was, well,
I don't know what to do so. Now she works
part time at another job. They have an autistic son,
he goes to a county program. Until two thirty, they
had no idea they could roll over their four to
one K and do a trustee to trustee transfer and
protect their accounts. And Chris, the point here is if
any of you have an old four to one K
(34:39):
or a four one K with another company, you do
not have to leave it there. And we can show
all of you how to avoid a four to one
K roll over mistake. And that's just it.
Speaker 3 (34:48):
You know, many people just don't know what to do.
So very simply we took the heartache out of all
this and the worry and the concern. And what we
did was, we can open up an IRA and we
can roll the money over. It's non tax trustee to
trustee transfers, there is no tax. But now she says, well,
what do we do with it? So we sat down
with her and we asked a lot of questions and
(35:08):
we discovered what her risk tolerance is and she said,
you know, Chris, Bobby, I'm in the middle. I'm balanced.
And we came to that conclusion as well. So what
we did was we put half of the money in
a safe account where she doesn't lose anything, there's no fees,
she gets the gains of the market if the mark
goes up. If the mark goes down, she doesn't lose
she had protected her money, and then the remaining amount
we actively manage it. There was really cool strategy that
(35:29):
we have that we can put the money in the
S and P five hundred or the Dow An Index
and then there's a twenty percent buffer on the downside.
Speaker 2 (35:36):
This is really cool.
Speaker 3 (35:37):
So if the market goes down within that twenty percent,
she doesn't lose anything. But this is invested in the market.
So if it goes past the twenty percent buffer, then
she just loses the difference. So if the mark goes
down twenty two, she loses two, not twenty two. And
she said, well, how do I go about doing that?
How do I have total protection on one side and
then still have really nice upside potential goes up, but
(36:01):
then again I still have downside protection as well, even
though I'm in the market. And I said, yeah, this
is how we can put this together. And she said,
oh my gosh, I wish I would have met with
you ten years ago.
Speaker 2 (36:12):
So why do people meet with Maggie Tax because you
are confused. You need help and we can help. And
let's talk about the gorilla in the room. I keep
mentioning that there are so many many of you have
no estate planning, and many of you do not have
a proper beneficiary on your accounts. This is what we
do when we meet with the client. We do a
state planning. And even if you keep your accounts with
(36:33):
your advisor, then call us for a beneficiary review and
get a state planning. Why does this happen. It happens
because your advisor does not talk about what we do.
Every client. We discuss medicare planning. We discuss those security planning,
tax planning, income planning, investment planning, so you can avoid
these mistakes, these horror shows that Chris and I are
(36:53):
talking about. So it's up to you. Operators are standing
by eight three to three Magi Tax. Be sure to
visit our website Maggie dot com. Go to the retirement calculator,
punching the information and in thirty seconds we'll tell you
what your tax bill is going to be.
Speaker 3 (37:07):
And that's just said. And if you're serious about looking
for an income plan, where do I take my money
from How do I do it in the most tax
efficient way? You know, how much am I going to
get after tax net? We can show you. And what
if you said, well, what about my accounts? You know,
how do I position them in safe money buckets? Now
money buckets? Later money buckets? Maybe I have some risk
and volatility, And what about later or even never money
(37:28):
buckets where no plans on touching that money? Well, how
do you go about making these buckets fit you and
your family? What about making sure that all my accounts,
all your accounts avoid probate and go to where you
want it to go, God forbid? And when you pass away,
what about making sure that you have a complete plan,
(37:49):
knowing that at the end of the day, I got
things in order. You know, that's how much is that
worth to you? And that's what we do here. So
when you come in and meet with us, these are
things we're going to talk about. We want to talk
about you. We want to talk about what you want
to do, when to talk about the risk. We're going
to get down to each and every account that you have.
So pick up the phone, schedule time to meet with us.
You know, let's talk about the gorilla in the room.
(38:10):
Let's talk. Take the risk off the table. You know,
how do you feel about taxes in the future. How
do you feel about risk? How do you feel about inflation?
How do you feel about government regulations and legislative risk?
You know, have you done any multi generational planning? If not,
why not?
Speaker 1 (38:26):
You know?
Speaker 3 (38:26):
What's your rate of return? What kind of rate are
you getting? If you don't know, pick up the phone,
schedule time to meet with us. That's what we do.
Maggie Tax Advisory and Financial Group. Visit our website Maggie
Tax dot Com and don't forget Every Sunday on ABC
TV at ten thirty for Maggie Tax.
Speaker 2 (38:40):
And Financial Show.
Speaker 1 (38:42):
You've been listening to the Maggie Tax on Financial Hour
discussing tax planning investment strategies, presented by Robert and Chris
Maggie from Maggie Tax Advisory and Financial Services with offices
in Hillsboro and Panela's County. Visit Maggie Tax dot com
or call eight one three three two two twenty five
twenty that's eight one three three two two twenty five
(39:05):
twenty and tune in next Saturday at five for the
Maggie Tax and financial hour,
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