October 22, 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 (00:53):
Welcome everyone, and thanks for joining us today. My name
is Robert Maggie and you're listening to the Maggie Tax
and Financial Show. And I am here as i am
every week with my son, Chris Maggie. Be sure to
visit our website, Maggie Tax dot com. Folks, we have
a lot of information there and watch our show every
Sunday on ABC at ten thirty am. It's about education.
We're going to talk about something that happened last week.
(01:16):
The governor talked about financial literacy. So Chris, let's get
going with this show because one of our main topics.
You and I know, we've been doing this for a
long time radio and TV, and it's education that we
find because people don't know about a lot of things,
and you know, they keep saying to us, and you
can elaborate on this, you guys do it all, but
you do it in a way way they can get it.
(01:36):
And that's the bottom line. They have to get it.
And that's just it.
Speaker 3 (01:40):
You know. Welcome everyone, Thank you so much for tuning
into our show. And you're right, they have to get it. Why,
because this is about you. We're in a yoo economy.
You're on your own and you have to get educated
and that's why we do what we do. So we
thank you so much for spending time today with us.
Every Sunday on ABC TV, tune in ten thirty for
the Magie Tax and financials. So I want to welcome
(02:01):
everyone to our show, and I want to thank everyone
for listening, and we're gonna give you a lot of
information today and at the end of the segment, I'm
gonna offer you a special offer. And I just have
to listen throughout today's show, So visit our website at
Maggie tax dot com. And Governor Santas, you know, signed
the bill that requires Florida high school students to take
a financial literacy class before graduating. Well, thank you so much.
(02:24):
This should have been done years ago. I'll tell you what.
This should have happened many many years ago. And that's why,
you know, the economy we have today and the people
around us, we see they just really don't know and
they need to know. And that's why it's so important
to get educated. So what about all the older people
out there who need education and tax planning, medicare, social security,
(02:47):
investment planning, and estate planning.
Speaker 2 (02:49):
What do we need to do for everybody? Well, we
need to keep educating them, keep doing what we're doing,
and we're gonna go through the show. I'm gonna offer
all of you some special gifts because if you understand
how it works. I'd rather have you understand than someone
tell you. And he signed a bill that would provide
a foundation for students. But what about grandparents and parents?
(03:11):
And we see these people every day and many of
you listening to this show. His bill said that you
would learn more about money management, understanding debt, understanding how
to balance a checkbook. What about understanding your financial statement
and understanding the basic fundamentals of investing. How many of
you understand what a budget is and that's where it
(03:31):
all starts. How many understand Medicare and social Security and
when to take it? And this should be taught in
high school and college. And the new bill revises the
required credits for standard high school diploma. And what they
did is they want to include half a credit half
a credit of instruction in personal financial literacy and money management.
(03:53):
In today's world, you know, with all the confusion and
economic challenges, sound financial management skills Chris are vitally important
to everyone, no matter how old they are. But what
confused me about it is that the students have to
take half a credit with financial literacy to graduate. It's
amazing how they know they have to.
Speaker 3 (04:13):
This should be a foundation that every student you know
needs and requires their education to be the foundation of
their future. And you know, we didn't get this class
in high school. You know, I majored in finance, we
and it was what I wanted to do and I
seek to get the information. But you know a lot
(04:33):
of my peers out there, they don't have this education.
And I'm so glad now that it's mandatory that you
have to have this before you're able to graduate. Because
financial literacy is important life skill for everybody. We need
to learn all the skills to manage our finances and
perhaps you know, one day, you know, we might own
a business or that's when the dividends will pay for
(04:56):
our future. And how many of us understand taxes? People
don't even understand what a tax return looks like and
how to go about filing one. Well, this is so important.
You know, how many of you know how to do
income planning?
Speaker 2 (05:08):
You don't?
Speaker 3 (05:08):
You know, we do, That's what we do each every day,
and we can teach you. How many of you out
there know the risks and the fees that you're taking
in your investment accounts. We're to even start how to
do income planning and retirement planning and investment planning. Well
we do, and that's why you're listening to the show.
But how many of you know out there how to
invest in safe instruments and for future growth. Well we do,
(05:29):
but that's what hopefully they'll teach, and that's why we
do what we do. So for those of you who
are out there today, you don't have to go back
to high school to get this information. But that's why
it's so important to just pick up the phone, schedule
a time to meet with us. We believe in education.
Eight three three Maggie Tax. Visit our website at Maggie
tax dot com. There's so much there right at your fingertips.
(05:49):
Financial literacy, Oh my gosh, that's what it's about. We've
been talking about this for years and I'm so glad
Governor DeSantis put this into fruition to make sure that
this is mandatory.
Speaker 2 (06:00):
Yeah. I mean, you look around. We see people every
day and we ask them about their advisors, what they
you know, talk to them about and they say, well,
just no stock, bond and mutual fund And when we
look at their statements, they only have mutual funds and
they have no idea what they're doing. They have no idea,
what it is and how it's going to pay in
the future. So it's a big problem. So financial literacy.
And you know, as a fiduciary, Chris, we're obligated. We're
(06:24):
supposed to train people full transparency and let them make
the decision, not you or me. That's just it.
Speaker 3 (06:30):
I mean, when you know what options are available, it
makes it so much easier for you. That's when you
have confidence, you have clarity, you have peace of mind.
I mean, think about a will and trust. How many
times do we see people who are fifty five, sixty five,
seventy years old, seventy five and we asked them, do
you have a state planning and put into place? And
they sit there and they put their heads know what
(06:50):
it is? When they like, oh my gosh, I know
I don't have that, well it's okay, but here's what
they say, I know I need it, but yeah, I
know I need it. And that's what we got. We
got to clean them up to make sure that they
have these things in place. So pick up the phone,
schedule time to meet with us. Eight three to three
maggie tax. That's eight three to three maggie tax.
Speaker 2 (07:06):
So important, folks. So important. We wrote a couple books
we're going to get into in a few minutes. But
go to our website, Maggie tax dot com. It's free,
it's free. Go to Maggie tax dot com. There's some
links on the top. Four roth conversions four one case
a tax planning, it's thirty minutes. Look at it and
then pick up the phone and give it the call.
(07:27):
And how many of you know about estate planning? How
many of you don't have a will like Chris is
talking about, or maybe do you need a trust? We
get that question all the time. How many of you
want to stand titling? What is titling? Chris? On all
the accounts? And how does it avoid probate? What's titling? Wow?
Speaker 3 (07:44):
Great, great question. I mean think about this. Maybe you're
married and you have an account in your name, and
then your spouse has an account in her name, or
what about the joint accounts?
Speaker 2 (07:56):
Well titling? How do you have it?
Speaker 3 (07:58):
Because it's really sad when people come in and they
got a lot of money in cash and checking and
savings and there's no titling done by the proper custodian.
I'm talking about your banks. I'm talking about Bank of America,
well's far ago fifth third. I mean, think about this.
Not to name them, but it's the truth. It's the truth,
we see it. They don't take the time to help
(08:18):
you and make sure that your accounts are going to
avoid probate. They don't take the time to call you
and let you know, oh my gosh, got one hundred
and fifty thousand dollars and any in cash, but there's
no beneficiaries on this account. They didn't talln't tell you
about that. That's what we're talking about here. So pick
up the phone, schedule time to meet with us, because
when you meet with us, we're gonna go look at
every account that you have. And you might have a
(08:38):
fifty thousand dollars account sitting at the bank. There's nothing
wrong with that. That's liquid money, but make sure it
passes the right way where you wanted to go. Pick
up the phone. Schedule time eight three to three.
Speaker 2 (08:48):
Maggie Tax And many of you listening today graduated from
high school without having basic financial literacy about money management.
I mean, our parents never talked about money management. When
they came in the room. It was like remember if Hutton,
everybody kept quiet. You weren't supposed to talk. So the
legislature finds that, in light of economic challenges nationwide, sound
(09:09):
financial management skills are vitally important to everyone listening to
this show. And I don't care how old you are,
but take a message. This is for you, and with
the right education, you can be better prepared to achieve
financial stability. And more importantly, this is critical you're independence. Chris,
how is I mean? I stutter at that. Now.
Speaker 3 (09:30):
We've been talking about this for years and we always say,
when's the last class you had on social security maximization
or income planning or investment planning or you know, how
to buy a home?
Speaker 2 (09:40):
You don't.
Speaker 3 (09:40):
You don't get this information. And finally, if finally it's here,
it's what you need to have to graduate. So I
applaud Governor DeSantis for putting this finally into It's a start.
Speaker 2 (09:52):
Yeah, it's a start.
Speaker 3 (09:53):
It's what's needed for people to grow and to bebly
move forward and to have the right choices. And they
can they can get this if they just know what
to do.
Speaker 2 (10:01):
Yeah, exactly. And here's the thing. There are twenty one
states right now in this nation that require financial literacy
as a prerequisit for high school graduation and high school diploma,
and Florida is now the seventh state in the nation
to require a standalone course in personal financial literacy. So look,
if you're listening out there and you have an opportunity
(10:22):
to take some financial classes in high school, we recommend
you take it or give us a call. We can
help you all the way through this because we like this,
We teach, we understand it, and we can help you.
Eight three to three Magi Tax and again, go to
our website, Maggie Tax dot com. Wa'ts your TV show
every Sunday at ten thirty am. We have a lot
of information there and we take this pretty serious. Chris,
(10:45):
We're very proud of what we do. Eight three to
three Magi Tax. You're listening to the Magi Tax and
Financial Show, and don't forget tune in every Sunday at
ten thirty am on ABC TV for the Magi Tax
and Financial Show.
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
ma Ggi tax dot com or call eight one three
(11:19):
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 (11:35):
Welcome back, and you're listening to the Maggie Tax and
Financial Show. Be sure to visit our website, Maggie tax
dot com, and during today's show, you can go to
Maggie tax dot com. There's a chatbox on the bottom right.
Type in a question. If you're concerned about things. Will
you have a question, It'll go right to us and
we'll be glad to answer it. At the same time,
go to the top of the website for the retirement
tax Calculator if you're concerned about taxes and retirement. In
(11:57):
thirty seconds, we can show you what your tax bill
will be and then we can have a conversation. So, Chris,
we talked about long term care, we talk about taxes,
we talk about income planning, and also now we're going
to talk about social security because indirect taxes can be
double trouble for seniors. And what does that mean? Now?
Many people base their retirement planning on the principle that
(12:17):
income and income taxes are going to drop once the
paychecks stop, and that is why the popularity of pre
tax retirement accounts are important. We talk about that all
the time. Why because contributions save tax currently and future
distributions may fall into low tax brackets. And that may
be the case in some situations, but seniors face two
(12:38):
complex financial demands income tax on Social Security benefits as
well as higher than standard premiums for Medicare. And this
is a big concern and at Maggie Tax we make
a concerted effort to reduce these potential outlays for clients.
So Chris talk about some of the tools that we use.
Because every time we sit down with a person with
a tax return and they're on Social Security, we see
(12:59):
this and now Medica your premiums go up. It is
so confusing to a lot of people. And again the
interpretation and the rules they don't understand.
Speaker 3 (13:06):
Sure is and that's it. You've meant it, you hit
on the head. It it's confusion, it's questions and that's
why we made it so simple. You know, come in
schedule time to meet with us, let's sit down and
have a conversation. We have office on both sides of
the bay, so just pick up the phone schedule time
to meet with us eight three to three MAGI tas
or visit our website at magutax dot com and this
chatbox is right there where you can propose your question,
(13:28):
put it down, Let's see what's on your mind and
then let's get together. Let's have a conversation. You know,
we do tax planning and income planning and estate planning
and a lot of different things. Investment planning and among
one of the tools, the prime tools that we suggest
are WROTH I ray conversions and is it right for you?
Possibly ken We can show you if it is or not,
especially before you require minimum distributions are required to be
(13:52):
taken and as you call the rmds and they begin
at eight seventy two. And also this qualified Charitable Deductions
QCD from iras available after age seventy and a half.
So the rewards of the ROTH iras are valuable. It's
tax free money, it's tax free growth, and who cares
(14:12):
you eliminated yourself from the future tax increases that Uncle
Sam wants to put later on down the road. So
we place some major emphasis on tax free income in
retirement because taxable income affects many different aspects of taxation,
including the tax on Social Security benefits, and many people
don't know how it's calculated. And if you're really bored
(14:34):
one day, just google how is social Security taxed? And
when you go through all the computations and you see
how it is, add this, take away, this, add this,
and if this happens, you'll get confused. And it doesn't
have to be that way. So just pick up the
phone schedule a time to meet with us. Because the
tax on Social Security benefits and also Medicare premium searcharges
this is huge and many people in retirement have no
(14:56):
idea until they're affected by them. So let's get together
and have these conversations to talk about them today.
Speaker 2 (15:02):
Eight three to three Maggie tax and one other thing,
we talk about roth ira conversions. They are very appealing
after age fifty nine and a half and five year
holding period, so any distributions from a roth ira are
free of income tax, and that includes distributions on investment earnings.
Many people don't know that. And not only will such
distributions avoid income tax, they won't be counted as income
(15:26):
for the purposes of taxing which we're talking about now,
social security benefits or raising Medicare premiums. The WROTH IRA
distributions won't be counted as income for the purposes of
taxing social security benefits or raising Medicare premiums. And there
are some fine points to consider here. On the plus side,
the five year requirement really is only four plus years.
(15:48):
Many people are confused about that. The countdown includes the
year of a conversion plus the next four calendar years.
So an example, December twenty two a conversion, you can
allow tax free gain which rolls as early as January
twenty twenty seven. That's four years and some days later.
It's confusing to a lot of people. Again, Chris and
(16:08):
I talk about the language, so we need to sit
down with you. Also, ROTH distributions are first in, first out,
so the day after a conversion, funds up to the
taxable conversion amount may be distributed without any additional income tax.
And Chris, this is very confusing to a lot of
people because when the ROTH came out years ago. No
one really sat down and explained the advantage of it,
what it's going to do. And one of the two
(16:29):
things we talked about, it's going to reduce the tax
on Social Security and it's going to reduce the Medicare premiums.
That's called a stealth tax. Nobody saw that coming.
Speaker 3 (16:37):
Well, that's just say, you know, there's a lot of
stuff that you just mentioned and people are thinking out there.
Speaker 2 (16:40):
What do you just say?
Speaker 3 (16:41):
Well, that's why it's important to get together with us,
because the bottom line here is if you have an
IRA formk TSP thrift savings account four to fifty seven
plan drop money, it's all infected with taxes. These are
basically very simple. They're taxable. They're infected with taxes. When
you touch this money and it comes out to a
taxable event, you create it tennion nine taxable event. Now,
(17:03):
if you do some roth conversions and you already have
your money in a tax free environment, which is the
WROTH iray or cash value life insurance, then guess what,
you don't have to pay the tax anymore. It's done.
So now you're an environment where its eliminates Uncle Sam
forever and ever and ever, So how do you get there?
You will you have to pay the tax to get
there if you want to convert the money, but let's
(17:24):
do it in the most tax efficient way. So that's
one of the things that we do that we can
help you with when you come to meet with us. Well,
schedule time will not only talk about your investments and
your income planning, but also how to get the money
out in the most tax efficient way. Now, you're in
a tax free environment where who cares if Uncle Sam's
raised the tax rates in the future or legislative risk changes,
you won't be affected. So do you want to be
(17:46):
in that environment? It's totally up to you. Pick up
the phone, schedule time to meet with us. Let's do
that mock tax return for you today, a three to
three Maggie tax.
Speaker 2 (17:55):
So visit Maggie tax dot com. Again. We emphasize as
a chat box on the bottom right. Type in your question.
We will get back to you and you know we'll
answer it and then let's see if we should make
an appointment get together and go over all your questions
regarding tax as, income planning, retirement planning, a state planning,
long term care? Is your advisor talking to you about this,
and if they're not, we just gave you reason why
(18:17):
to give us a call. Eight three to three Maggie Tax.
Visit our website Maggie Tax dot com. We have the
chat box and on the top we have the retirement calculator.
Fill in the information and in thirty seconds we can
show you what your tax bill is going to be. Folks,
this is something that I don't think anyone in this
area has. We have it. We want to sit down
with you and let's have the conversation and don't forget.
(18:38):
Every Sunday Tomorrow at ten thirty am, tune into the
Maggie Tax and Financial Show on ABC TV, and then
at eleven o'clock go back to the radio and you
can listen to our show again on Sunday. So we
give you a lot of information. Maggie Tax dot com
eight three three Maggie Tax, and be sure to visit
our website, Maggie Tax dot com. You're listening to the
Maggie Tax and Financial Show.
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 gg I tax dot com. Or call eight one
(19:24):
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 (19:40):
Welcome back. You're listening to the Maggie Tax and Financial Show.
I am Robert Maggie and I'm here with my son
Chris Maggie. Today we've been talking about financial literacy, and
you know what we offer at Maggie Tax because we
wrote five books. We're willing to get all these books
to you because we feel you need to get educated
on a lot of topics. So let's talk about two
other books that we wrote that we are very proud of,
(20:02):
and it's called The Maggie Plan, and this is the
most important one that I feel. The Maggi Plan is
a book about a simple and easy retirement solution. And
think about the word I'm saying, solution. So what is
your solution? To retirement, to income planning, to taxes, because
that's what we do. We talk about advanced tax planning
because if and when taxes increase, we're going to have
(20:24):
to pay a bill to Uncle Sam. And how much
income will you need and how much will it be
in taxes? How much will it be taxed? That's also
called income planning. Another very powerful word that we will
be hearing about is legislator risk. What the heck is
legislature risk? And that's when Congress can change the rules
whenever they want. And the Maggi Plan also talks about
(20:46):
social Security, and many of you want to know when
the best time to take social Security? How much will
be taxed? And this is another reason that should all
have the Maggie Plan. And Chris talk about more of
what the Maggie Plan is, because every time we sit
down with someone, these are the questions that we ask, Well,
you mentioned a keyword there, what's your solution? Do you
have one?
Speaker 3 (21:04):
Many people out there maybe you just don't have one,
but you need to. You know, this is your hard
earned money, This is your blood, sweat and tears. You
know those financial statements that you receive in the mail,
that's you you know, I don't care if it's two
hundred thousand, I don't care. If it's two million, I
don't care. If it's twenty million, it doesn't matter. This
is about you. What are you doing with it? What's
(21:25):
your solution? Do you even have one? We all want solutions,
we all want to make things better, and that's what
life's all about. So we're in a yoo economy where
you're on your own. You have to do something now.
That's why financial literacy is so important. We've been doing
it for years to educate you, and that's why you
listen to today's show. But very one, very simple thing
(21:45):
that you can do is just write this number down
eight three to three Maggie Tax. Pick up the phone,
schedule time to meet with us, because we can put
together the Maggie Plan for you. It's advanced tax planning,
tax planning strategies. If your advisor's not taking a tax approach,
there's really no reason why you should be with them.
Why Because taxes are our biggest expense, and if they're
(22:07):
not showing you ways to reduce them or ways to
put yourself in a situation to avoid them, That's what
I'm talking about.
Speaker 2 (22:14):
Then you're not in the right spot.
Speaker 3 (22:15):
You need to pick up the phone and schedule time
to meet with us, because there's going to be a day.
There's going to be a time, whether it's next year,
whether it's five years from now, whether it's ten years
from now, when you're going to think about, oh my god,
I cannot believe how much I'm paying in taxes. Put
yourself in an environment where you don't have to worry
about this anymore. You can eliminate Uncle Sam forever. If
you do the right thing, we can show you eight
(22:36):
three three Maggie tax. Well in line with that, think
about when the Trump tax cuts expire and we talk
about this to a client, he's got a three year
window to make the strategic roll out that Chris is
talking about and reduce your taxes happen. And that's what
we can do. We could show it to you because
when you see it on paper, it's real numbers. And
that's what the Maggie Plan is all about. And read
(22:57):
about social security, read about taxes. It also addresses something
Chris that's real important right now, four oh one case solutions.
How many people come in to see us and they
show us their statement and they have old four oh
one k's. Well, not even that they don't remember they had.
Speaker 2 (23:12):
A four h one k.
Speaker 3 (23:13):
That's just it. They have many accounts that are everywhere.
You know, it doesn't matter what you have. You need
to make sure that they're consolidated it. Make sure that
you have an idea where they are at. Why because
if something happens to you, then you want to make
sure it passes. And I'm not just talking about your
checking and savings accounts. I'm talking about life insurance policies.
I'm talking about old four one k's. I'm talking about
the investments that you have. Every one of them should
(23:35):
be on a balance sheet. We coordinate that for you.
We show you on one page what you have to
make it very simple. What's taxable? What's not taxable. Many
people out there want to take a distribution. Where do
they go? They just take it from an IRA. It's
all taxable, it's all effected with taxes. What if you
understand or your advisor understands of tax codes, and so
(23:56):
when you need twenty thousand dollars, maybe you take some
from here, this bucket, that bucket in this bucket and
pay no tax. Why because you could be under the
threshold income. What am I talking about? These are things
that your advisors should be talking about. If not, that's
why you should pick up the phone in schedule a
time to meet with us. We're talking about solutions here.
What is your solution? If you don't have a solution,
(24:17):
it's okay, just pick up the phone, schedule time to
meet with us.
Speaker 2 (24:20):
A three to three, Maggie tax you beat me too. It.
I didn't want to keep repeating the word, but it
is solutions and that's the problem. And here's the thing.
When we do a balance sheet, we shouldn't call it
a balance sheet anymore, Chris, we should call it a
solution sheet because then what you just mentioned. I know
everybody's listening to goal like I have no idea what
they're talking about. But many of you that have seen
the balance sheet that Chris and I are talking about,
show you your piles of money, show you where your
(24:43):
four oh one k's are, and that you can move them,
not just leave them where they You know where they
are now, So what are you doing about it? Do
you know when and how to roll over your four
oh one k We see this all the time because
many people have been lost their jobs and they're changing
jobs all the time. There are safe and here's the
word solution. And that's why we need this book, The
Maggie Plan for you. What about legacy planning. We discussed
(25:05):
why you'll need a will or a power of attorney.
We explain the difference of a trust and why you
should have one, and what a will is and why
you should have one. Chris, many people that we see
every single day and we ask them do you have
a will? And they always go like, uh, yeah, I
think so, or.
Speaker 3 (25:21):
They say well, we have one, and then we asked, well,
when when did you put it together?
Speaker 2 (25:25):
Well, twenty years ago, ten states ago.
Speaker 3 (25:28):
But anyway, we're not joking about it. But it's what's real.
That's the thing. You might be thinking, oh my gosh,
I got everything in my uh situation, you know, in
the right spot, but really your peers, maybe your parents,
they don't. And it's okay if you get the right help.
And that's why it's it's such a great feeling when
(25:49):
we get done put any other a plan for somebody
and they have the confidence, they have the clarity, they
can move forward and they know you could see it
in their eyes that my gosh, I should have been
doing this for years and I finally got it done.
Because it just propels them in a better situation. They
know that if anything happens to them, they don't have
to worry about that their loved ones, they don't have
to worry about the transition. It's very simple if you
(26:11):
have the right advisor who understands taxes, investments, legacy planning.
Speaker 2 (26:15):
And here's how I position it with a lot of
my clients when they come in, what are you concerned about?
And how can we help you? Because it's not about
what we can tell you, it's how we can help
you with what we're talking about throughout this show, with
the books that we wrote, with the topics that we're
discussing from a holistic approach, and again, write this down.
What is your solution, what is your plan? Think about it?
(26:38):
What is your solution to income planning? What is your
solution to retirement because it's going to change. What is
your solution about paying more taxes? We've helped so many
people across pay less in taxes and more for them
in retirement, and they sit there and they go, wow,
how do you guys do this? We don't do this.
It's the tax code, folks. You have to understand. We
know them, you don't. And that's what financial literacy is
(27:00):
all about. Think about what Governor DeSantis just said. Half
a credit for kids to graduate. That's just the beginning
of their life. Do you remember when you went to
high school and then college how you felt? Absolutely? I
mean we all talked about.
Speaker 3 (27:12):
You know, when I started to learn about checkbooks was
in fifth grade and that's when they I can't remember
the teacher or the where we went to, but it
was really neat where we had a whole event. We
had to learn about enterprise village is what it was,
and it was local here in Largo and I'm the
one there still around. But it was really great because
we had a career for that day. We had to
(27:35):
learn how to balance a checkbook. We can spend money
for that day and it was the best thing. I
think it's still in my heart today. But when you
get to middle school and you get to high school,
they don't teach you this stuff. When you graduate, you
go to work on a job, they don't teach you
this stuff.
Speaker 2 (27:49):
We do.
Speaker 3 (27:49):
So what we do, you're right, but that's what we
can do for you. So pick up the phone, schedule
time to meet with us. Let's bring that back in
to fruition because it's so much needed. And I really
really admire that Governor DeSantis put this in play and
he made it mandatory. So the kids out there have
to get the foundation. And it starts with the parents,
(28:09):
and it starts with the people that we know. And
if you're out there today and you have no idea,
that's okay. Just raise your hand, pick up the phone,
schedule time to meet with us. Let's get together, and
let's make it right for you.
Speaker 2 (28:19):
You know, it's funny you talk about grandparents and parents
back in the day, they learned how to save because
they did and they saved. They didn't spend crazy on
crazy things, and they didn't do wild and nutty things.
That's what's happening today. But here's the problem most children
that I had a client come in a year or
two ago and tell me that that my dad's retirement
(28:40):
is mind and he wanted some of the money right now.
And when I asked him, I said, what do you
mean you want some of the money right now? He said, well,
that's my dad's account. But when he dies, I'm going
to get it. And I was bewildered by it, and
I sat back and I said, I asked the client
to leave the room. I just wanted to speak to
the young man. And I said, look, until you learn
how to save like your dad did, and until you
(29:01):
understand what retirement is, don't you dare sit there and
tell me that I have to give you a check
from your dad's retirement because when he runs out of money,
how is he going to live his retirement? And then
I brought the dad back in and I said, look,
I hope you don't get mad at me. I was
really hard on your son. And he said no, because
here's what he told me, said Bobby, I can't be
hard on my son. I don't know how. But yet
(29:22):
the son came in, and it was embarrassing for the dad, Chris,
because I had to make came understand, like I'm trying
to make everyone on this radio show to they understand.
You have to take control. You have to understand what
the rules are. We say it every time. If you don't,
if you go into a game, you better know the
rules because you want to win the game. You don't
want to lose. The game. And that's just it.
Speaker 3 (29:42):
So why go into the retirement game when you don't
know what the future tax rates are going to be?
You know that they can change the rules at any time.
Why play that game?
Speaker 2 (29:52):
Why? Why?
Speaker 3 (29:53):
Because your your neighbor told you it's a good game
to play, because your boss told you it's a good
game to play. Because why, those are the monopoly That's
what I'm talking about. So seriously, when you pick up
the phone a schedule time to meet with us, you
can get the education that you need, you can get
the questions answered, you can have someone that you can
(30:13):
bounce ideas off of. And in this environment that we
live in today, we need each other. We need teams,
We need a whole team behind you because things are changing.
So either A you can do it all by yourself,
or B you can get with a team that's going
to be with you throughout the way. So pick up
the phone, schedule time to meet with us, and thinking
(30:34):
about today, what is your solution? Use that word, think
about that. What's your solution? What's my solution to incomplaining?
What's my solution to the market risk when it goes
up and down? What's my solution to taxes. What's my
solution to legacy planning? What's my solution to making sure
that I maximize my SOLI security benefit? If you don't
have it, it's okay. That's why you're listening today. You're
(30:57):
never too old to get a retirement plan. Eight three
to three tax. That's eight three three Maggie Tax. We
look forward to working with you eight three three Maggie Tax.
Speaker 1 (31:07):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie Tax dot com. That's
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 2 (31:45):
Welcome back.
Speaker 3 (31:45):
Thanks for tuning into the Maggie Tax and Financial Show,
and today, oh my gosh, what a great show. We're
talking about tax diversification. What does that really mean legislative risk.
Speaker 2 (31:54):
What does that do? H we're talking about the phases
of retirement. Oh my gosh.
Speaker 3 (31:58):
You know we talked about the accumulationation phase and the
second phase where you start planning, preparation phase, and then
also the main phase is the distribution phase. So let's
talk about some of the things that prevent someone from
really creating a retirement plan. What causes someone to not
get this going?
Speaker 2 (32:18):
Well, to wrap this up in a nice bow and
make it simple, because there's a lot inside it. Chris
number one procrastination and not understanding how to save. And
we wrote a couple books already stop funding Uncle Sam's retirement.
We wrote a book The Holistic Approach. Why do we
do that? Because education is so important. I think what
people fail is they don't go and get information that
pertains to them. You have to save something. Saving nothing
(32:42):
is not a retirement plan, and start investing monthly. You
can start early, stick to your plan. And when should
you start planning for retirement? Ideally you start saving in
your twenties, when you first leave school and begin earning paychecks.
I know that sounds weird, but that's the truth. That's
because the sooner you begin saving, the more time your
money has to grow. And Chris, you say it all
(33:04):
the time. You don't have this class in high school
or college.
Speaker 3 (33:07):
Now, they don't teach you that, but you know now
is the time to do it. And many people listening
today are way past that, right. So maybe you should
give a gift of this to your kids or your grandkids.
And the thing that we would talk about is pay
yourself first. We all hear it, but really what does
it mean? So every time you get money, whether you
earn one thousand dollars, take five percent of it or
(33:29):
ten percent of it and put it away before you
deal with the resk. You want to pay taxes, create
a bucket for that. You want to create a bucket
for donations and charity, and then you want to make
sure that you pay your bills right and whatever's left
over is you can spend. But some of the key
things is just get going with something.
Speaker 2 (33:45):
Exactly, and let's talk about that. Retirement planning should include
determining the time horizon when do you want to retire?
And many times like when can you retire? Is going
to be the answer, But estimating expenses. How many of
you don't do a budget sheet, Well, we mix sure
you do calculating retired after tax returns and we offer
an after tax statement because you need to know this.
(34:07):
Assessing risk tolerance, this is so huge right now, risk
tolerance and doing a state planning. How many of you
out there do not have an estate plan? Will a
power of attorney, you know, a healthcare surrogate, Chris, What
is wrong with that?
Speaker 3 (34:20):
My gosh, if you don't just pick up the phone,
schedule time to meet with this because we can help
you as well, my gosh, just making sure that your
accounts are title the right way, making sure that you
have these documents put in place. It's not hard, you
just have to do it. We can help eight three
to three magi tax. That's eight three to three maggie tax.
Speaker 2 (34:36):
You know, in continue with that, start planning for retirement.
As soon as you can pick up the phone, give
us a call eight three to three Maggie tax. For
a free consultation. You have to sit down and have
a conversation and talk about the advantage of power of compounding.
This is where a lot of people don't even talk
about that. Younger investors can take more risk with their
investment like my son, he takes risk for me. No way,
(34:57):
I'm not going to do that because I got to
protect my because I'm in the distribution phase. You know,
retirement plans evolve through the years. It doesn't happen overnight,
and it means that you meet occasionally, maybe every quarter
or maybe every six months or every year because life happens,
which means portfolio should be rebalanced and the state plans
(35:19):
updated is needed. And right now crystal volatility is ridiculous
because we don't know where it's going to go. People
are looking, you know, they lost money, you know, the
two thousand and two, two thousand and eight situation, the
COVID situation. Don't let that happen again. If you know
you can fix it. I don't get why people sit down,
Chris and do nothing. It really does. Well, that's it.
Speaker 3 (35:38):
They're just following the crowd and you don't have to.
And this again, I'm going to say it. You're in
a yoo economy. You're on your own. Don't say or
don't follow the crowd like everyone else and say, well
everyone else lost money, everyone else is down forty percent. No,
it's not true, because you can have accounts. We don't
lose anything. You can actually have accounts make money when
the market's down, we have those accounts. So there's different strategies,
(36:01):
different ways, different objectives moving forward. And you have to
meet with the right advisors. So pick up the phone
schedule time to meet with us. Planning is so important.
The distribution phase is extremely important. We talked about going
to a specialist. Well, that's what we specialize in doing
the distribution phase. Pick up the phone schedule of time
eight three three magi tax. We have offers on both
(36:23):
sides of the bay to help you eight three to
three magi tax.
Speaker 2 (36:26):
One thing I want to remind everyone we talk about
legislative risk, be aware of it because if Congress changes
the rules, then guess what we're all going to be
affected by it. So if someone wants to create a
retirement plan, what do they need to do. There's five
steps for creating the perfect retirement plan. Number one, make
make your portfolio well diversified and invests for long term
(36:49):
debt reduction is essential. I see so many people I
know Chris with credit card that we've got to get
that down. Prepare a budget. My goodness, this is so
huge for all retirement income and expenditures. I'll keep you
a budget sheet and Chris, we've seen this time and
time again. Fill it out. You will be shocked at
what you can do because you have the budget now
and take into account future medical expenses. That's a big
(37:10):
thing right now, Chris. Health insurance, and make plans for
where you will live because things change right now. You
may want a move, you may want to downsize. We
see this all the time. But take advantage of the planning.
That's the keyword, the planning.
Speaker 3 (37:23):
Absolutely so for some key takeaways here. If you're self
employed workers, setting up a retirement plan is a do
it yourself job.
Speaker 2 (37:30):
We can help.
Speaker 3 (37:31):
There are four available plans tail it for the self employed,
maybe a four one K self directed, maybe a step IRA,
simple IRA, or even a KEYO plan. What about your
HSA Health savings plans and traditional and roth iras are
two important areas, and also cash value life insurance. If
you make great money and you have if you're phased
out and you can't put money into a roth IRA
(37:52):
or or a traditional IRA, then you there are other options.
There's cash balance plans, there's there's other plans for you
have tax free money in the future, and that's where
you need to go. Especially with the tax rates. I'm
gonna go up. Trump tax cuts expire in twenty twenty five.
They're definitely going up at least three percent at that point,
(38:12):
if not sooner if Congress makes changes. So pick up
the phone, schedule time to meet with us. You know
we enjoy doing we do and why because we want
to help you. My gosh, we have a passion to
help you. Reduce your tax have more income on a
tax favored basis, protect your money, have investments with us.
Strategy with a purpose, and make sure everything stays in
your family.
Speaker 2 (38:31):
A three to three Maggie tax.
Speaker 3 (38:33):
That's a three to three Maggie tax, and don't forget
Tune in every Sunday ABC TV for the Maggie Tax
and Financial Show ten thirty am eight three 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 Panela's County. Visit Maggie Tax dot
com or call eight one three, three two to two
twenty five twenty. That's eight one three three two two
(39:04):
twenty five twenty and tune in next Saturday at five
for the Maggie Tax and Financial Hour
All these years you've saved up planning for a secure retirement,
but if you're not careful, it will be the irs
that's living it up when you retire by taxing your
hard earned money. Welcome to the Maggie Tax and Financial
Hour with Robert and Chris Maggie of Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
in tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie
Tax dot Com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:53):
Welcome everyone, and thanks for joining us today. My name
is Robert Maggie and you're listening to the Maggie Tax
and Financial Show. And I am here as i am
every week with my son, Chris Maggie. Be sure to
visit our website, Maggie Tax dot com. Folks, we have
a lot of information there and watch our show every
Sunday on ABC at ten thirty am. It's about education.
We're going to talk about something that happened last week.
(01:16):
The governor talked about financial literacy. So Chris, let's get
going with this show because one of our main topics.
You and I know, we've been doing this for a
long time radio and TV, and it's education that we
find because people don't know about a lot of things,
and you know, they keep saying to us, and you
can elaborate on this, you guys do it all, but
you do it in a way way they can get it.
(01:36):
And that's the bottom line. They have to get it.
And that's just it.
Speaker 3 (01:40):
You know. Welcome everyone, Thank you so much for tuning
into our show. And you're right, they have to get it. Why,
because this is about you. We're in a yoo economy.
You're on your own and you have to get educated
and that's why we do what we do. So we
thank you so much for spending time today with us.
Every Sunday on ABC TV, tune in ten thirty for
the Magie Tax and financials. So I want to welcome
(02:01):
everyone to our show, and I want to thank everyone
for listening, and we're gonna give you a lot of
information today and at the end of the segment, I'm
gonna offer you a special offer. And I just have
to listen throughout today's show, So visit our website at
Maggie tax dot com. And Governor Santas, you know, signed
the bill that requires Florida high school students to take
a financial literacy class before graduating. Well, thank you so much.
(02:24):
This should have been done years ago. I'll tell you what.
This should have happened many many years ago. And that's why,
you know, the economy we have today and the people
around us, we see they just really don't know and
they need to know. And that's why it's so important
to get educated. So what about all the older people
out there who need education and tax planning, medicare, social security,
(02:47):
investment planning, and estate planning.
Speaker 2 (02:49):
What do we need to do for everybody? Well, we
need to keep educating them, keep doing what we're doing,
and we're gonna go through the show. I'm gonna offer
all of you some special gifts because if you understand
how it works. I'd rather have you understand than someone
tell you. And he signed a bill that would provide
a foundation for students. But what about grandparents and parents?
(03:11):
And we see these people every day and many of
you listening to this show. His bill said that you
would learn more about money management, understanding debt, understanding how
to balance a checkbook. What about understanding your financial statement
and understanding the basic fundamentals of investing. How many of
you understand what a budget is and that's where it
(03:31):
all starts. How many understand Medicare and social Security and
when to take it? And this should be taught in
high school and college. And the new bill revises the
required credits for standard high school diploma. And what they
did is they want to include half a credit half
a credit of instruction in personal financial literacy and money management.
(03:53):
In today's world, you know, with all the confusion and
economic challenges, sound financial management skills Chris are vitally important
to everyone, no matter how old they are. But what
confused me about it is that the students have to
take half a credit with financial literacy to graduate. It's
amazing how they know they have to.
Speaker 3 (04:13):
This should be a foundation that every student you know
needs and requires their education to be the foundation of
their future. And you know, we didn't get this class
in high school. You know, I majored in finance, we
and it was what I wanted to do and I
seek to get the information. But you know a lot
(04:33):
of my peers out there, they don't have this education.
And I'm so glad now that it's mandatory that you
have to have this before you're able to graduate. Because
financial literacy is important life skill for everybody. We need
to learn all the skills to manage our finances and
perhaps you know, one day, you know, we might own
a business or that's when the dividends will pay for
(04:56):
our future. And how many of us understand taxes? People
don't even understand what a tax return looks like and
how to go about filing one. Well, this is so important.
You know, how many of you know how to do
income planning?
Speaker 2 (05:08):
You don't?
Speaker 3 (05:08):
You know, we do, That's what we do each every day,
and we can teach you. How many of you out
there know the risks and the fees that you're taking
in your investment accounts. We're to even start how to
do income planning and retirement planning and investment planning. Well
we do, and that's why you're listening to the show.
But how many of you know out there how to
invest in safe instruments and for future growth. Well we do,
(05:29):
but that's what hopefully they'll teach, and that's why we
do what we do. So for those of you who
are out there today, you don't have to go back
to high school to get this information. But that's why
it's so important to just pick up the phone, schedule
a time to meet with us. We believe in education.
Eight three three Maggie Tax. Visit our website at Maggie
tax dot com. There's so much there right at your fingertips.
(05:49):
Financial literacy, Oh my gosh, that's what it's about. We've
been talking about this for years and I'm so glad
Governor DeSantis put this into fruition to make sure that
this is mandatory.
Speaker 2 (06:00):
Yeah. I mean, you look around. We see people every
day and we ask them about their advisors, what they
you know, talk to them about and they say, well,
just no stock, bond and mutual fund And when we
look at their statements, they only have mutual funds and
they have no idea what they're doing. They have no idea,
what it is and how it's going to pay in
the future. So it's a big problem. So financial literacy.
And you know, as a fiduciary, Chris, we're obligated. We're
(06:24):
supposed to train people full transparency and let them make
the decision, not you or me. That's just it.
Speaker 3 (06:30):
I mean, when you know what options are available, it
makes it so much easier for you. That's when you
have confidence, you have clarity, you have peace of mind.
I mean, think about a will and trust. How many
times do we see people who are fifty five, sixty five,
seventy years old, seventy five and we asked them, do
you have a state planning and put into place? And
they sit there and they put their heads know what
(06:50):
it is? When they like, oh my gosh, I know
I don't have that, well it's okay, but here's what
they say, I know I need it, but yeah, I
know I need it. And that's what we got. We
got to clean them up to make sure that they
have these things in place. So pick up the phone,
schedule time to meet with us. Eight three to three
maggie tax. That's eight three to three maggie tax.
Speaker 2 (07:06):
So important, folks. So important. We wrote a couple books
we're going to get into in a few minutes. But
go to our website, Maggie tax dot com. It's free,
it's free. Go to Maggie tax dot com. There's some
links on the top. Four roth conversions four one case
a tax planning, it's thirty minutes. Look at it and
then pick up the phone and give it the call.
(07:27):
And how many of you know about estate planning? How
many of you don't have a will like Chris is
talking about, or maybe do you need a trust? We
get that question all the time. How many of you
want to stand titling? What is titling? Chris? On all
the accounts? And how does it avoid probate? What's titling? Wow?
Speaker 3 (07:44):
Great, great question. I mean think about this. Maybe you're
married and you have an account in your name, and
then your spouse has an account in her name, or
what about the joint accounts?
Speaker 2 (07:56):
Well titling? How do you have it?
Speaker 3 (07:58):
Because it's really sad when people come in and they
got a lot of money in cash and checking and
savings and there's no titling done by the proper custodian.
I'm talking about your banks. I'm talking about Bank of America,
well's far ago fifth third. I mean, think about this.
Not to name them, but it's the truth. It's the truth,
we see it. They don't take the time to help
(08:18):
you and make sure that your accounts are going to
avoid probate. They don't take the time to call you
and let you know, oh my gosh, got one hundred
and fifty thousand dollars and any in cash, but there's
no beneficiaries on this account. They didn't talln't tell you
about that. That's what we're talking about here. So pick
up the phone, schedule time to meet with us, because
when you meet with us, we're gonna go look at
every account that you have. And you might have a
(08:38):
fifty thousand dollars account sitting at the bank. There's nothing
wrong with that. That's liquid money, but make sure it
passes the right way where you wanted to go. Pick
up the phone. Schedule time eight three to three.
Speaker 2 (08:48):
Maggie Tax And many of you listening today graduated from
high school without having basic financial literacy about money management.
I mean, our parents never talked about money management. When
they came in the room. It was like remember if Hutton,
everybody kept quiet. You weren't supposed to talk. So the
legislature finds that, in light of economic challenges nationwide, sound
(09:09):
financial management skills are vitally important to everyone listening to
this show. And I don't care how old you are,
but take a message. This is for you, and with
the right education, you can be better prepared to achieve
financial stability. And more importantly, this is critical you're independence. Chris,
how is I mean? I stutter at that. Now.
Speaker 3 (09:30):
We've been talking about this for years and we always say,
when's the last class you had on social security maximization
or income planning or investment planning or you know, how
to buy a home?
Speaker 2 (09:40):
You don't.
Speaker 3 (09:40):
You don't get this information. And finally, if finally it's here,
it's what you need to have to graduate. So I
applaud Governor DeSantis for putting this finally into It's a start.
Speaker 2 (09:52):
Yeah, it's a start.
Speaker 3 (09:53):
It's what's needed for people to grow and to bebly
move forward and to have the right choices. And they
can they can get this if they just know what
to do.
Speaker 2 (10:01):
Yeah, exactly. And here's the thing. There are twenty one
states right now in this nation that require financial literacy
as a prerequisit for high school graduation and high school diploma,
and Florida is now the seventh state in the nation
to require a standalone course in personal financial literacy. So look,
if you're listening out there and you have an opportunity
(10:22):
to take some financial classes in high school, we recommend
you take it or give us a call. We can
help you all the way through this because we like this,
We teach, we understand it, and we can help you.
Eight three to three Magi Tax and again, go to
our website, Maggie Tax dot com. Wa'ts your TV show
every Sunday at ten thirty am. We have a lot
of information there and we take this pretty serious. Chris,
(10:45):
We're very proud of what we do. Eight three to
three Magi Tax. You're listening to the Magi Tax and
Financial Show, and don't forget tune in every Sunday at
ten thirty am on ABC TV for the Magi Tax
and Financial Show.
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
ma Ggi tax dot com or call eight one three
(11:19):
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 (11:35):
Welcome back, and you're listening to the Maggie Tax and
Financial Show. Be sure to visit our website, Maggie tax
dot com, and during today's show, you can go to
Maggie tax dot com. There's a chatbox on the bottom right.
Type in a question. If you're concerned about things. Will
you have a question, It'll go right to us and
we'll be glad to answer it. At the same time,
go to the top of the website for the retirement
tax Calculator if you're concerned about taxes and retirement. In
(11:57):
thirty seconds, we can show you what your tax bill
will be and then we can have a conversation. So, Chris,
we talked about long term care, we talk about taxes,
we talk about income planning, and also now we're going
to talk about social security because indirect taxes can be
double trouble for seniors. And what does that mean? Now?
Many people base their retirement planning on the principle that
(12:17):
income and income taxes are going to drop once the
paychecks stop, and that is why the popularity of pre
tax retirement accounts are important. We talk about that all
the time. Why because contributions save tax currently and future
distributions may fall into low tax brackets. And that may
be the case in some situations, but seniors face two
(12:38):
complex financial demands income tax on Social Security benefits as
well as higher than standard premiums for Medicare. And this
is a big concern and at Maggie Tax we make
a concerted effort to reduce these potential outlays for clients.
So Chris talk about some of the tools that we use.
Because every time we sit down with a person with
a tax return and they're on Social Security, we see
(12:59):
this and now Medica your premiums go up. It is
so confusing to a lot of people. And again the
interpretation and the rules they don't understand.
Speaker 3 (13:06):
Sure is and that's it. You've meant it, you hit
on the head. It it's confusion, it's questions and that's
why we made it so simple. You know, come in
schedule time to meet with us, let's sit down and
have a conversation. We have office on both sides of
the bay, so just pick up the phone schedule time
to meet with us eight three to three MAGI tas
or visit our website at magutax dot com and this
chatbox is right there where you can propose your question,
(13:28):
put it down, Let's see what's on your mind and
then let's get together. Let's have a conversation. You know,
we do tax planning and income planning and estate planning
and a lot of different things. Investment planning and among
one of the tools, the prime tools that we suggest
are WROTH I ray conversions and is it right for you?
Possibly ken We can show you if it is or not,
especially before you require minimum distributions are required to be
(13:52):
taken and as you call the rmds and they begin
at eight seventy two. And also this qualified Charitable Deductions
QCD from iras available after age seventy and a half.
So the rewards of the ROTH iras are valuable. It's
tax free money, it's tax free growth, and who cares
(14:12):
you eliminated yourself from the future tax increases that Uncle
Sam wants to put later on down the road. So
we place some major emphasis on tax free income in
retirement because taxable income affects many different aspects of taxation,
including the tax on Social Security benefits, and many people
don't know how it's calculated. And if you're really bored
(14:34):
one day, just google how is social Security taxed? And
when you go through all the computations and you see
how it is, add this, take away, this, add this,
and if this happens, you'll get confused. And it doesn't
have to be that way. So just pick up the
phone schedule a time to meet with us. Because the
tax on Social Security benefits and also Medicare premium searcharges
this is huge and many people in retirement have no
(14:56):
idea until they're affected by them. So let's get together
and have these conversations to talk about them today.
Speaker 2 (15:02):
Eight three to three Maggie tax and one other thing,
we talk about roth ira conversions. They are very appealing
after age fifty nine and a half and five year
holding period, so any distributions from a roth ira are
free of income tax, and that includes distributions on investment earnings.
Many people don't know that. And not only will such
distributions avoid income tax, they won't be counted as income
(15:26):
for the purposes of taxing which we're talking about now,
social security benefits or raising Medicare premiums. The WROTH IRA
distributions won't be counted as income for the purposes of
taxing social security benefits or raising Medicare premiums. And there
are some fine points to consider here. On the plus side,
the five year requirement really is only four plus years.
(15:48):
Many people are confused about that. The countdown includes the
year of a conversion plus the next four calendar years.
So an example, December twenty two a conversion, you can
allow tax free gain which rolls as early as January
twenty twenty seven. That's four years and some days later.
It's confusing to a lot of people. Again, Chris and
(16:08):
I talk about the language, so we need to sit
down with you. Also, ROTH distributions are first in, first out,
so the day after a conversion, funds up to the
taxable conversion amount may be distributed without any additional income tax.
And Chris, this is very confusing to a lot of
people because when the ROTH came out years ago. No
one really sat down and explained the advantage of it,
what it's going to do. And one of the two
(16:29):
things we talked about, it's going to reduce the tax
on Social Security and it's going to reduce the Medicare premiums.
That's called a stealth tax. Nobody saw that coming.
Speaker 3 (16:37):
Well, that's just say, you know, there's a lot of
stuff that you just mentioned and people are thinking out there.
Speaker 2 (16:40):
What do you just say?
Speaker 3 (16:41):
Well, that's why it's important to get together with us,
because the bottom line here is if you have an
IRA formk TSP thrift savings account four to fifty seven
plan drop money, it's all infected with taxes. These are
basically very simple. They're taxable. They're infected with taxes. When
you touch this money and it comes out to a
taxable event, you create it tennion nine taxable event. Now,
(17:03):
if you do some roth conversions and you already have
your money in a tax free environment, which is the
WROTH iray or cash value life insurance, then guess what,
you don't have to pay the tax anymore. It's done.
So now you're an environment where its eliminates Uncle Sam
forever and ever and ever, So how do you get there?
You will you have to pay the tax to get
there if you want to convert the money, but let's
(17:24):
do it in the most tax efficient way. So that's
one of the things that we do that we can
help you with when you come to meet with us. Well,
schedule time will not only talk about your investments and
your income planning, but also how to get the money
out in the most tax efficient way. Now, you're in
a tax free environment where who cares if Uncle Sam's
raised the tax rates in the future or legislative risk changes,
you won't be affected. So do you want to be
(17:46):
in that environment? It's totally up to you. Pick up
the phone, schedule time to meet with us. Let's do
that mock tax return for you today, a three to
three Maggie tax.
Speaker 2 (17:55):
So visit Maggie tax dot com. Again. We emphasize as
a chat box on the bottom right. Type in your question.
We will get back to you and you know we'll
answer it and then let's see if we should make
an appointment get together and go over all your questions
regarding tax as, income planning, retirement planning, a state planning,
long term care? Is your advisor talking to you about this,
and if they're not, we just gave you reason why
(18:17):
to give us a call. Eight three to three Maggie Tax.
Visit our website Maggie Tax dot com. We have the
chat box and on the top we have the retirement calculator.
Fill in the information and in thirty seconds we can
show you what your tax bill is going to be. Folks,
this is something that I don't think anyone in this
area has. We have it. We want to sit down
with you and let's have the conversation and don't forget.
(18:38):
Every Sunday Tomorrow at ten thirty am, tune into the
Maggie Tax and Financial Show on ABC TV, and then
at eleven o'clock go back to the radio and you
can listen to our show again on Sunday. So we
give you a lot of information. Maggie Tax dot com
eight three three Maggie Tax, and be sure to visit
our website, Maggie Tax dot com. You're listening to the
Maggie Tax and Financial Show.
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 gg I tax dot com. Or call eight one
(19:24):
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 (19:40):
Welcome back. You're listening to the Maggie Tax and Financial Show.
I am Robert Maggie and I'm here with my son
Chris Maggie. Today we've been talking about financial literacy, and
you know what we offer at Maggie Tax because we
wrote five books. We're willing to get all these books
to you because we feel you need to get educated
on a lot of topics. So let's talk about two
other books that we wrote that we are very proud of,
(20:02):
and it's called The Maggie Plan, and this is the
most important one that I feel. The Maggi Plan is
a book about a simple and easy retirement solution. And
think about the word I'm saying, solution. So what is
your solution? To retirement, to income planning, to taxes, because
that's what we do. We talk about advanced tax planning
because if and when taxes increase, we're going to have
(20:24):
to pay a bill to Uncle Sam. And how much
income will you need and how much will it be
in taxes? How much will it be taxed? That's also
called income planning. Another very powerful word that we will
be hearing about is legislator risk. What the heck is
legislature risk? And that's when Congress can change the rules
whenever they want. And the Maggi Plan also talks about
(20:46):
social Security, and many of you want to know when
the best time to take social Security? How much will
be taxed? And this is another reason that should all
have the Maggie Plan. And Chris talk about more of
what the Maggie Plan is, because every time we sit
down with someone, these are the questions that we ask, Well,
you mentioned a keyword there, what's your solution? Do you
have one?
Speaker 3 (21:04):
Many people out there maybe you just don't have one,
but you need to. You know, this is your hard
earned money, This is your blood, sweat and tears. You
know those financial statements that you receive in the mail,
that's you you know, I don't care if it's two
hundred thousand, I don't care. If it's two million, I
don't care. If it's twenty million, it doesn't matter. This
is about you. What are you doing with it? What's
(21:25):
your solution? Do you even have one? We all want solutions,
we all want to make things better, and that's what
life's all about. So we're in a yoo economy where
you're on your own. You have to do something now.
That's why financial literacy is so important. We've been doing
it for years to educate you, and that's why you
listen to today's show. But very one, very simple thing
(21:45):
that you can do is just write this number down
eight three to three Maggie Tax. Pick up the phone,
schedule time to meet with us, because we can put
together the Maggie Plan for you. It's advanced tax planning,
tax planning strategies. If your advisor's not taking a tax approach,
there's really no reason why you should be with them.
Why Because taxes are our biggest expense, and if they're
(22:07):
not showing you ways to reduce them or ways to
put yourself in a situation to avoid them, That's what
I'm talking about.
Speaker 2 (22:14):
Then you're not in the right spot.
Speaker 3 (22:15):
You need to pick up the phone and schedule time
to meet with us, because there's going to be a day.
There's going to be a time, whether it's next year,
whether it's five years from now, whether it's ten years
from now, when you're going to think about, oh my god,
I cannot believe how much I'm paying in taxes. Put
yourself in an environment where you don't have to worry
about this anymore. You can eliminate Uncle Sam forever. If
you do the right thing, we can show you eight
(22:36):
three three Maggie tax. Well in line with that, think
about when the Trump tax cuts expire and we talk
about this to a client, he's got a three year
window to make the strategic roll out that Chris is
talking about and reduce your taxes happen. And that's what
we can do. We could show it to you because
when you see it on paper, it's real numbers. And
that's what the Maggie Plan is all about. And read
(22:57):
about social security, read about taxes. It also addresses something
Chris that's real important right now, four oh one case solutions.
How many people come in to see us and they
show us their statement and they have old four oh
one k's. Well, not even that they don't remember they had.
Speaker 2 (23:12):
A four h one k.
Speaker 3 (23:13):
That's just it. They have many accounts that are everywhere.
You know, it doesn't matter what you have. You need
to make sure that they're consolidated it. Make sure that
you have an idea where they are at. Why because
if something happens to you, then you want to make
sure it passes. And I'm not just talking about your
checking and savings accounts. I'm talking about life insurance policies.
I'm talking about old four one k's. I'm talking about
the investments that you have. Every one of them should
(23:35):
be on a balance sheet. We coordinate that for you.
We show you on one page what you have to
make it very simple. What's taxable? What's not taxable. Many
people out there want to take a distribution. Where do
they go? They just take it from an IRA. It's
all taxable, it's all effected with taxes. What if you
understand or your advisor understands of tax codes, and so
(23:56):
when you need twenty thousand dollars, maybe you take some
from here, this bucket, that bucket in this bucket and
pay no tax. Why because you could be under the
threshold income. What am I talking about? These are things
that your advisors should be talking about. If not, that's
why you should pick up the phone in schedule a
time to meet with us. We're talking about solutions here.
What is your solution? If you don't have a solution,
(24:17):
it's okay, just pick up the phone, schedule time to
meet with us.
Speaker 2 (24:20):
A three to three, Maggie tax you beat me too. It.
I didn't want to keep repeating the word, but it
is solutions and that's the problem. And here's the thing.
When we do a balance sheet, we shouldn't call it
a balance sheet anymore, Chris, we should call it a
solution sheet because then what you just mentioned. I know
everybody's listening to goal like I have no idea what
they're talking about. But many of you that have seen
the balance sheet that Chris and I are talking about,
show you your piles of money, show you where your
(24:43):
four oh one k's are, and that you can move them,
not just leave them where they You know where they
are now, So what are you doing about it? Do
you know when and how to roll over your four
oh one k We see this all the time because
many people have been lost their jobs and they're changing
jobs all the time. There are safe and here's the
word solution. And that's why we need this book, The
Maggie Plan for you. What about legacy planning. We discussed
(25:05):
why you'll need a will or a power of attorney.
We explain the difference of a trust and why you
should have one, and what a will is and why
you should have one. Chris, many people that we see
every single day and we ask them do you have
a will? And they always go like, uh, yeah, I
think so, or.
Speaker 3 (25:21):
They say well, we have one, and then we asked, well,
when when did you put it together?
Speaker 2 (25:25):
Well, twenty years ago, ten states ago.
Speaker 3 (25:28):
But anyway, we're not joking about it. But it's what's real.
That's the thing. You might be thinking, oh my gosh,
I got everything in my uh situation, you know, in
the right spot, but really your peers, maybe your parents,
they don't. And it's okay if you get the right help.
And that's why it's it's such a great feeling when
(25:49):
we get done put any other a plan for somebody
and they have the confidence, they have the clarity, they
can move forward and they know you could see it
in their eyes that my gosh, I should have been
doing this for years and I finally got it done.
Because it just propels them in a better situation. They
know that if anything happens to them, they don't have
to worry about that their loved ones, they don't have
to worry about the transition. It's very simple if you
(26:11):
have the right advisor who understands taxes, investments, legacy planning.
Speaker 2 (26:15):
And here's how I position it with a lot of
my clients when they come in, what are you concerned about?
And how can we help you? Because it's not about
what we can tell you, it's how we can help
you with what we're talking about throughout this show, with
the books that we wrote, with the topics that we're
discussing from a holistic approach, and again, write this down.
What is your solution, what is your plan? Think about it?
(26:38):
What is your solution to income planning? What is your
solution to retirement because it's going to change. What is
your solution about paying more taxes? We've helped so many
people across pay less in taxes and more for them
in retirement, and they sit there and they go, wow,
how do you guys do this? We don't do this.
It's the tax code, folks. You have to understand. We
know them, you don't. And that's what financial literacy is
(27:00):
all about. Think about what Governor DeSantis just said. Half
a credit for kids to graduate. That's just the beginning
of their life. Do you remember when you went to
high school and then college how you felt? Absolutely? I
mean we all talked about.
Speaker 3 (27:12):
You know, when I started to learn about checkbooks was
in fifth grade and that's when they I can't remember
the teacher or the where we went to, but it
was really neat where we had a whole event. We
had to learn about enterprise village is what it was,
and it was local here in Largo and I'm the
one there still around. But it was really great because
we had a career for that day. We had to
(27:35):
learn how to balance a checkbook. We can spend money
for that day and it was the best thing. I
think it's still in my heart today. But when you
get to middle school and you get to high school,
they don't teach you this stuff. When you graduate, you
go to work on a job, they don't teach you
this stuff.
Speaker 2 (27:49):
We do.
Speaker 3 (27:49):
So what we do, you're right, but that's what we
can do for you. So pick up the phone, schedule
time to meet with us. Let's bring that back in
to fruition because it's so much needed. And I really
really admire that Governor DeSantis put this in play and
he made it mandatory. So the kids out there have
to get the foundation. And it starts with the parents,
(28:09):
and it starts with the people that we know. And
if you're out there today and you have no idea,
that's okay. Just raise your hand, pick up the phone,
schedule time to meet with us. Let's get together, and
let's make it right for you.
Speaker 2 (28:19):
You know, it's funny you talk about grandparents and parents
back in the day, they learned how to save because
they did and they saved. They didn't spend crazy on
crazy things, and they didn't do wild and nutty things.
That's what's happening today. But here's the problem most children
that I had a client come in a year or
two ago and tell me that that my dad's retirement
(28:40):
is mind and he wanted some of the money right now.
And when I asked him, I said, what do you
mean you want some of the money right now? He said, well,
that's my dad's account. But when he dies, I'm going
to get it. And I was bewildered by it, and
I sat back and I said, I asked the client
to leave the room. I just wanted to speak to
the young man. And I said, look, until you learn
how to save like your dad did, and until you
(29:01):
understand what retirement is, don't you dare sit there and
tell me that I have to give you a check
from your dad's retirement because when he runs out of money,
how is he going to live his retirement? And then
I brought the dad back in and I said, look,
I hope you don't get mad at me. I was
really hard on your son. And he said no, because
here's what he told me, said Bobby, I can't be
hard on my son. I don't know how. But yet
(29:22):
the son came in, and it was embarrassing for the dad, Chris,
because I had to make came understand, like I'm trying
to make everyone on this radio show to they understand.
You have to take control. You have to understand what
the rules are. We say it every time. If you don't,
if you go into a game, you better know the
rules because you want to win the game. You don't
want to lose. The game. And that's just it.
Speaker 3 (29:42):
So why go into the retirement game when you don't
know what the future tax rates are going to be?
You know that they can change the rules at any time.
Why play that game?
Speaker 2 (29:52):
Why? Why?
Speaker 3 (29:53):
Because your your neighbor told you it's a good game
to play, because your boss told you it's a good
game to play. Because why, those are the monopoly That's
what I'm talking about. So seriously, when you pick up
the phone a schedule time to meet with us, you
can get the education that you need, you can get
the questions answered, you can have someone that you can
(30:13):
bounce ideas off of. And in this environment that we
live in today, we need each other. We need teams,
We need a whole team behind you because things are changing.
So either A you can do it all by yourself,
or B you can get with a team that's going
to be with you throughout the way. So pick up
the phone, schedule time to meet with us, and thinking
(30:34):
about today, what is your solution? Use that word, think
about that. What's your solution? What's my solution to incomplaining?
What's my solution to the market risk when it goes
up and down? What's my solution to taxes. What's my
solution to legacy planning? What's my solution to making sure
that I maximize my SOLI security benefit? If you don't
have it, it's okay. That's why you're listening today. You're
(30:57):
never too old to get a retirement plan. Eight three
to three tax. That's eight three three Maggie Tax. We
look forward to working with you eight three three Maggie Tax.
Speaker 1 (31:07):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie Tax dot com. That's
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 2 (31:45):
Welcome back.
Speaker 3 (31:45):
Thanks for tuning into the Maggie Tax and Financial Show,
and today, oh my gosh, what a great show. We're
talking about tax diversification. What does that really mean legislative risk.
Speaker 2 (31:54):
What does that do? H we're talking about the phases
of retirement. Oh my gosh.
Speaker 3 (31:58):
You know we talked about the accumulationation phase and the
second phase where you start planning, preparation phase, and then
also the main phase is the distribution phase. So let's
talk about some of the things that prevent someone from
really creating a retirement plan. What causes someone to not
get this going?
Speaker 2 (32:18):
Well, to wrap this up in a nice bow and
make it simple, because there's a lot inside it. Chris
number one procrastination and not understanding how to save. And
we wrote a couple books already stop funding Uncle Sam's retirement.
We wrote a book The Holistic Approach. Why do we
do that? Because education is so important. I think what
people fail is they don't go and get information that
pertains to them. You have to save something. Saving nothing
(32:42):
is not a retirement plan, and start investing monthly. You
can start early, stick to your plan. And when should
you start planning for retirement? Ideally you start saving in
your twenties, when you first leave school and begin earning paychecks.
I know that sounds weird, but that's the truth. That's
because the sooner you begin saving, the more time your
money has to grow. And Chris, you say it all
(33:04):
the time. You don't have this class in high school
or college.
Speaker 3 (33:07):
Now, they don't teach you that, but you know now
is the time to do it. And many people listening
today are way past that, right. So maybe you should
give a gift of this to your kids or your grandkids.
And the thing that we would talk about is pay
yourself first. We all hear it, but really what does
it mean? So every time you get money, whether you
earn one thousand dollars, take five percent of it or
(33:29):
ten percent of it and put it away before you
deal with the resk. You want to pay taxes, create
a bucket for that. You want to create a bucket
for donations and charity, and then you want to make
sure that you pay your bills right and whatever's left
over is you can spend. But some of the key
things is just get going with something.
Speaker 2 (33:45):
Exactly, and let's talk about that. Retirement planning should include
determining the time horizon when do you want to retire?
And many times like when can you retire? Is going
to be the answer, But estimating expenses. How many of
you don't do a budget sheet, Well, we mix sure
you do calculating retired after tax returns and we offer
an after tax statement because you need to know this.
(34:07):
Assessing risk tolerance, this is so huge right now, risk
tolerance and doing a state planning. How many of you
out there do not have an estate plan? Will a
power of attorney, you know, a healthcare surrogate, Chris, What
is wrong with that?
Speaker 3 (34:20):
My gosh, if you don't just pick up the phone,
schedule time to meet with this because we can help
you as well, my gosh, just making sure that your
accounts are title the right way, making sure that you
have these documents put in place. It's not hard, you
just have to do it. We can help eight three
to three magi tax. That's eight three to three maggie tax.
Speaker 2 (34:36):
You know, in continue with that, start planning for retirement.
As soon as you can pick up the phone, give
us a call eight three to three Maggie tax. For
a free consultation. You have to sit down and have
a conversation and talk about the advantage of power of compounding.
This is where a lot of people don't even talk
about that. Younger investors can take more risk with their
investment like my son, he takes risk for me. No way,
(34:57):
I'm not going to do that because I got to
protect my because I'm in the distribution phase. You know,
retirement plans evolve through the years. It doesn't happen overnight,
and it means that you meet occasionally, maybe every quarter
or maybe every six months or every year because life happens,
which means portfolio should be rebalanced and the state plans
(35:19):
updated is needed. And right now crystal volatility is ridiculous
because we don't know where it's going to go. People
are looking, you know, they lost money, you know, the
two thousand and two, two thousand and eight situation, the
COVID situation. Don't let that happen again. If you know
you can fix it. I don't get why people sit down,
Chris and do nothing. It really does. Well, that's it.
Speaker 3 (35:38):
They're just following the crowd and you don't have to.
And this again, I'm going to say it. You're in
a yoo economy. You're on your own. Don't say or
don't follow the crowd like everyone else and say, well
everyone else lost money, everyone else is down forty percent. No,
it's not true, because you can have accounts. We don't
lose anything. You can actually have accounts make money when
the market's down, we have those accounts. So there's different strategies,
(36:01):
different ways, different objectives moving forward. And you have to
meet with the right advisors. So pick up the phone
schedule time to meet with us. Planning is so important.
The distribution phase is extremely important. We talked about going
to a specialist. Well, that's what we specialize in doing
the distribution phase. Pick up the phone schedule of time
eight three three magi tax. We have offers on both
(36:23):
sides of the bay to help you eight three to
three magi tax.
Speaker 2 (36:26):
One thing I want to remind everyone we talk about
legislative risk, be aware of it because if Congress changes
the rules, then guess what we're all going to be
affected by it. So if someone wants to create a
retirement plan, what do they need to do. There's five
steps for creating the perfect retirement plan. Number one, make
make your portfolio well diversified and invests for long term
(36:49):
debt reduction is essential. I see so many people I
know Chris with credit card that we've got to get
that down. Prepare a budget. My goodness, this is so
huge for all retirement income and expenditures. I'll keep you
a budget sheet and Chris, we've seen this time and
time again. Fill it out. You will be shocked at
what you can do because you have the budget now
and take into account future medical expenses. That's a big
(37:10):
thing right now, Chris. Health insurance, and make plans for
where you will live because things change right now. You
may want a move, you may want to downsize. We
see this all the time. But take advantage of the planning.
That's the keyword, the planning.
Speaker 3 (37:23):
Absolutely so for some key takeaways here. If you're self
employed workers, setting up a retirement plan is a do
it yourself job.
Speaker 2 (37:30):
We can help.
Speaker 3 (37:31):
There are four available plans tail it for the self employed,
maybe a four one K self directed, maybe a step IRA,
simple IRA, or even a KEYO plan. What about your
HSA Health savings plans and traditional and roth iras are
two important areas, and also cash value life insurance. If
you make great money and you have if you're phased
out and you can't put money into a roth IRA
(37:52):
or or a traditional IRA, then you there are other options.
There's cash balance plans, there's there's other plans for you
have tax free money in the future, and that's where
you need to go. Especially with the tax rates. I'm
gonna go up. Trump tax cuts expire in twenty twenty five.
They're definitely going up at least three percent at that point,
(38:12):
if not sooner if Congress makes changes. So pick up
the phone, schedule time to meet with us. You know
we enjoy doing we do and why because we want
to help you. My gosh, we have a passion to
help you. Reduce your tax have more income on a
tax favored basis, protect your money, have investments with us.
Strategy with a purpose, and make sure everything stays in
your family.
Speaker 2 (38:31):
A three to three Maggie tax.
Speaker 3 (38:33):
That's a three to three Maggie tax, and don't forget
Tune in every Sunday ABC TV for the Maggie Tax
and Financial Show ten thirty am eight three 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 Panela's County. Visit Maggie Tax dot
com or call eight one three, three two to two
twenty five twenty. That's eight one three three two two
(39:04):
twenty five twenty and tune in next Saturday at five
for the Maggie Tax and Financial Hour
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