Episode 20251101 - Personal Misunderstandings and Hidden Tax

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Episode Transcript

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

(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement next day from Uncle Stam. Call them at
eight three three Maggie Tax or online at Maggie Tax
dot com. And now your host for the Maggie Tax
and Financial Show, Robert and Chris Maggie.

Speaker 2 (00:40):
Welcome everyone, I'm Chris Maggie. Thank you so much for
tuning into our show. I'm here with my dad and
cost of the show, Robert Maggie, and today we welcome
you and we want you to visit our website, Maggie
Tax dot com. There's so much information right there at
your fingertips. There's seminars, there's learning about your tax build.
There's so much to discover right there about your personal
fund finances. So pick up the phone, schedule time to

(01:02):
meet with us A three to three Maggie Tax. That's
eight three to three Maggie Tax. Just visit our website,
Maggie Tax dot com. So today we're going to talk
about five personal finance misunderstanding things that you should not
fall victim too. So welcome Dad, and let's jump right
into the show.

Speaker 3 (01:18):
So many people make mistakes, as we see every day
when we meet with clients, but handling your personal finances
it's essential to comfortable living, but it can be much
easier said than done when you don't really understand what's
going on. Knowledge is power, and like we always say,
you don't know what you don't know. So meeting with
a financial advisor like Maggie Tax, we can help you out.

(01:39):
And with so many misunderstandings that's floating in the air,
getting a full grasp on the subject, some people think
it's impossible because some people think I can't learn it,
but you can, and Maggie Tax is here to clear
up some of these misunderstandings so that you don't fall
victim to them. So let's talk about number one. Number one,
No investment account type is safer or risk than another.

(02:01):
Let me repeat that no investment account type is safer
or riskier than another. And some people may opt out
of their four to one K in favor of an
IRA or roth IRA or vice versa because they believe
that one account type is safer than the other. And
I think, Chris, what we have found out on that
is they don't understand what that account is the definition
of a qualified account or a four to one K,

(02:23):
And what makes an investment risky has to do with
the stock that's being invested in. That's invested in, not
the account that you're using to invest with, So kind
of separate that what an IRA four one K is
and you know what's in that account.

Speaker 4 (02:37):
Well, that's just it.

Speaker 2 (02:37):
You know an IRA and a four one K, there's
both qualified accounts, And basically what that means is that
you have restrictions on those. You can put a certain
amount in h if you put the money in, you
have to wait a certain amount of time until you
start taking the money out. And when you have an
IRA four on one K, most of those are pre
tax dollars, so you get a tax deduction going in,
but in the future it's all taxaball. They also have

(03:00):
qualified accounts and also WROTH four to one ks, where
it's vice versa, where it goes ahead and you put
the money in. Today it's after tax going in, but
in the future it's all tax free. So these things
that you have to talk about. But when you talk
about the risk, technically you can invest in the exact
same stocks in an IRA as you can in a
four one K. So the misunderstanding is that, well, I'm

(03:22):
just going to take my money out of a four
um one K to be safer in an IRA. You can,
but you have to make sure that you understand the
vehicle that you're investing your money in.

Speaker 3 (03:30):
I agree with that, and one of the main differences, Chris,
between these accounts involves the rules that you must follow
in order to use them.

Speaker 5 (03:37):
You mentioned a few minutes ago.

Speaker 3 (03:38):
Some may have a funding limit, while others may have
penalties for pulling out early. That's a big problem when
people don't realize, underage fifty nine and a half, in
a qualified account, you take money out of a four
to one K or an IRA, you're going to wind
up with a penalty ten percent penalty for early withdrawal
and a tax and many times when we see a
tax return, I know people are sometimes you know, they

(03:58):
need money and they take it out without the direction
of wait, we can take it out of another account
that is not going to get a penalty or a tax.
And Chris, we see that so many times.

Speaker 4 (04:07):
That's it.

Speaker 2 (04:07):
So if you have a distribution that you need to make,
make sure you take it from the right account. So
pick up the phone, schedule time to meet with us.
Let's go over that for you. There's different types of
qualified plans and it's very essential that you pull out
the funds from the right spot to avoid the penalty
and also the tax.

Speaker 3 (04:24):
You know, and again that's one of reason why we're
doing the seminars. Go to our website Maggie tax dot com,
look for seminars. Register for our state planning, tax planning
and social security planning. We discussed this and this is
what you need to do to learn. To get educated.
You have to go back to school, start from the
ground up and understand what you have because if you
sit there and do nothing, that's not the plan and

(04:44):
that's not going to solve your problem. So get educated
and visit our website Maggie tax dot com. So number two,
diversifying funds does not dilute your ability to make a profit.
So if someone tells you that there's no point in
making a multitude of small investments because you won't make
as much of a return, then they don't understand the
first rule of safe investing. So you should never put

(05:06):
all your eggs in one basket. Well, you agree with that,
and that's especially true in receiving stocks. If you put
your entire savings into a single stock and listen and
it doesn't turn out in your favor, then there's not
much that you can do. But by having a diverse
investment portfolio with a wide range of various stocks, it's
easier to control your overall profit. And Chris, that's what

(05:27):
we do when we talk about manage money. There's more
choices than people. And you come across this every day.
In a four to one K or a IRA, they
have limited choices. But in a managed account and talk
about that there are more portfolios to choose from to
do what they want for risk or safe money.

Speaker 4 (05:42):
Well, that's just it.

Speaker 2 (05:42):
You know, many people just really don't know what they
don't know, and that's okay because they're just not educated.
Fully and where you can invest your money. But in
a fall one K you are limited to different types
of mutual funds. Most of the time you maybe have
ten or fifteen, or maybe even twenty different funds to
choose from, and you might have three large growth funds
or two small cap funds, maybe one international fund. But

(06:06):
again you might not have a variety of options to
choose from. But rolling your money over into an IRA
individual retirement account, you have that ability to invest in
multiple investments that you just don't have in the formal case.
So you're talking about diversification and should you have one stock,
should you have multiple amounts of stock. So that's why
the managed portfolios is so important. If you're looking for

(06:29):
an investment plan, we can help pick up the phone,
schedule time to meet with us because our investment side
of this, we have investment portfolios that have a specific purpose.
Whether it's dividend producing portfolios, whether it's a buffered index portfolio,
whether it's an inflation protection portfolio, whether it's an absolute
yield portfolio, or or maybe an aggressive portfolio with the

(06:51):
best large cap small cap stock. So we have to
look at this based on your risk. But when you
come in to meet with us. We can first analyze
what you currently have and see if there's something thing
that might be better for you where you can take
less risk, get more return. These things that we could
talk about when you come in and meet with us.
So pick up the phone, schedule time to meet with us.
Eight three three Maggie Tacks. Get a second opinion on

(07:11):
your investments because your current advisor cannot do that for you.
Eight three to three Magi Tacks.

Speaker 3 (07:17):
So thing about what we're just talking about. Is it
easy for one person to do all that? No, If
you get some financial advice from a complete planner like
Maggie Tax, then you get all the questions answered and
then you can make And the keyword is choice, your
choice of what you should do. So if you want safety,
we can give it to you. If you want risk,
we can give it to you. And many times, Chris,
we meet with husband and wife and the husband is

(07:39):
wants more risk, the wife doesn't.

Speaker 5 (07:40):
We've seen that so many times.

Speaker 3 (07:42):
And in the end what happens is when you satisfy
the wife or the husband what they want, it's a
lot easier to present the plan and they get it.
They finally understand I didn't know that in my advisor
many times doesn't tell them that.

Speaker 2 (07:54):
Well, let's just say, you know, let people really just
don't know what they can and can't do, and they
just think, well, one thing four one K or one
thing stocks. Well that's just not the case. There's a
lot of different options that you could invest your money
into that you have a purpose with. There're safe accounts
where there are no fees, there are risky accounts where

(08:14):
there are fees. There's loads in some positions out there
which you don't want to have to get into if
you don't have to, So meet with the right advisor.
Make sure that you're asking questions. But when you come
meet with us MAGI Tax Maggi Investments, we'll sit down
and we'll educate you on what you can and can't do,
and then we'll align that with the risk that you
want to take and also the goals and your income.

(08:36):
And that's why we do. Complete planning is tax planning,
investment planning, estate planning, social security maximization planning.

Speaker 4 (08:43):
That's what we do. Pick up the phone eight three
to three Magi Tex.

Speaker 3 (08:46):
And also it's called bucket planning. What Chris just mentioned
you know income planning, you know a safe money and
later money. Many people think they have a pile of
money and there's got to be the whole pile that
they start taking money out of.

Speaker 5 (08:57):
But that's not correct.

Speaker 3 (08:58):
If you do proper planning income today that you need
income maybe in five years or ten years, and then
you put all this together with social security and maybe
a pension. Now you have a plan. Now you have
a retirement plan that you can know that you're going
to get guaranteed income. So when we talk about our seminars,
when we talk about a state planning and tax planning
and social security planning, I encourage all of you to

(09:19):
go to our website, Maggie tax dot com and register
for the three and one seminar. Because without a will,
probate court and the estate decide what happens to your
assets after you've gone, and that's going to impact many
for a state taxes, so enhanced planning could help you
reduce your estate's exposure to taxes. Many of you listening
know that you've gone, We parents have gone through probate.

(09:42):
What are you going to do about it? What about
your tax bill and retirement? Could it be too big?
In thirty seconds, we'll show you what your tax bill
is going to be. If you have an IRA or
a four to one K, or even a TSP or
any tax deferred retirement account, you will want to know
what your tax bill is going to be. And then
last Security, Social Security can be confusing, so for many

(10:03):
of you that are getting to be on Social Security,
we're trying to figure out when you should take it
sixty two, sixty six, or how it's taxed. That's why
you need to register for the three and one seminar.
Go to Maggie Tax dot com look for seminars. We
have seminars every week and they're very educational. It's a
lot of fun, but you're going to walk away with information.
Maggie Tax dot Com. Pick up the phone, give us

(10:25):
a call eight three to three Maggie Tax. Set a
time today and let's get together. And just another reminder,
every Sunday at ten thirty, tune into the Maggie Tax
and Financial Show on ABCTV.

Speaker 5 (10:36):
That's ten thirty on ABCTV to.

Speaker 3 (10:39):
The Maggie Tax and Financial Show eight three to three
Maggie Tax.

Speaker 1 (10:45):
Stop funding Uncle Sam's retirement and start planning for your
own successful retirement. As we return to the Maggie Tax
Financial Show with your host Robert and Chris Maggie with
Maggie Tax and Wealth Advisors. For information on how you
can create a tax for retirement, call eight three three
Maggie Tax or visit Maggie Tax dot com. Now you're

(11:07):
host with Maggie Tax and Wealth Advisors. Robert and Chris Maggie.

Speaker 2 (11:12):
Welcome back to the Maggie Tax and Financial Show, and
we welcome everyone today and thank you so much for listening.
Do you have an action plan to remove the IRS
from your retirement picture? That's a great question. We have
that plan and you should too if you just work
with the right advisor. And I tell you why, because
taxes will increase your retirement is about taxes. Taxes are

(11:36):
our biggest expense. We have proven strategies to dampen Uncle
Sam's impact on your retirement. If you want to take
the IRS wildcard out of the deck, then we can
help pick up the phone and schedule time to meet
with us. Eight three to three Maggie Tax.

Speaker 3 (11:51):
And we have many proven strategies that have proven indispensable
in getting our clients to a zero tax bracket. But
it becomes understanding the language and it's well worth the
time to meet with us. We want to make it
simple and easy for you to understand, and the principles
and tax strategies that we use have empowered meet to
sound in the alarm and rescue many of our clients'

(12:12):
financial future and security from the looming threat of higher taxes.
We talk about this all the time. The retirement tax calculator.
Why because you're going to pay a lot in taxes,
so we can help you. Give us a call eight
three to three Maggie Tax and we could put the
Maggie plant together for you, Chris. And you know that's
what people are looking for.

Speaker 2 (12:32):
Help absolutely, and that's it, you know, help why because
we don't know what you don't know. And that's okay.
You know we do this every day. We retire every
day you retire once. Think about that for a minute.
You know we do this every day. You need some
help and we can help you, So pick up the phone,
schedule time to meet with us. Eight three to three
Magi Tax. And our passion is for designing solutions for
our clients. It's unparalleled in the industry and that's why

(12:55):
we're different. You know, we have a niche where we
help people have taxes free retirement accounts and tax free income.
We provide specific strategies and IRIS approved solutions and why
it is so important to reduce your income taxes and
look forward to a future of a zero tax bracket.
You know, we have clients that are receiving one hundred

(13:16):
thousand dollars a year in income and are a pan
of diamond tax Why because they develop these plans. We
put together these plans for them, and guess what, they're
reaping the awards right now because now they don't have
to worry. They eliminated Uncle Sam forever.

Speaker 5 (13:30):
You know.

Speaker 3 (13:30):
And the thing here that we're trying to make you
understand is that we understand taxes. We understand the tax codes.
They are there and they have been there for years,
but maybe your tax prepairer is not using it. You know,
US taxes are poised to rise dramatically. Think about it.
In twenty twenty six. It's going to the Trump tax
cuts are going to expire, and the math is very

(13:51):
clear and very simple. We have the most up to
date strategies for anyone listening to our show wanting to
retire because that's the biggest question we get, Chris, can
I retire?

Speaker 5 (14:02):
And when we sit.

Speaker 3 (14:02):
Down and show you you can, you're probably in a
better situation that you can retire, only because you don't know.
Like Chris said, what you don't know and that happens
a lot.

Speaker 2 (14:11):
Chris, right, absolutely, And that's why it's so important to
sit down and have a conversation. Why because you don't
know what you don't know? And if we can educate
you and we can show you that this is what
you're doing now and this is what you can do,
would you want to know? And the answer is absolutely so.
All you gotta do is pick up the phone, schedule
time to meet with us. We have obvioics on both
sides of the bay, and when you come in to

(14:31):
meet with us, we're gonna have a conversation. You know,
We're wanna learn more about You're gonna look at your situation,
your taxes, your accounts, figure out what your strategy is.
Do you have an income plan, do you have a
tax plan? Do you have an investment plan? Do you
have an estate plan? Do you have a Social Security
maximization plan? What about a Medicare plan? These are questions
that many retirees are answering in each and every day,

(14:54):
and they just don't get the answer because they don't
know where to go. Well, it's very simple eight three
to three, Maggie tax So.

Speaker 5 (14:59):
Think about it.

Speaker 3 (15:00):
Without these techniques that we're offering, you are at the
mercy of circumstances beyond your control. What do I mean
by that called legislative risk. Legislative risk means the Congress
can change the rules anytime it's written in pencil, and
every year we see this. So things are changing right now.
So like it or not, taxes are likely to rise,

(15:20):
and now is the time to reposition your assets now
to avoid higher taxes in the future. Now is the time, Chris,
How hard do we have to say that to people?
Because it's getting closer and closer to the Trump tax
cuts expiring and people that are listening to the show
may not even be aware of it.

Speaker 5 (15:39):
But things are going to change.

Speaker 2 (15:40):
Well, as I said, and you know, visit our website
at Maggietax dot com. There's so much information right there
at your fingertips to help you. And that's why we're here.
If you're serious about maximizing your income and retirement. We
use strategies to help our clients become as tax efficient
as possible. It's not just about what accounts do you have,
and you know we can do this and that, and

(16:00):
we can increase it and we can have this strategy.
It's not about that. It's about taxes. It's about the
whole picture. It's about complete planning. Yeah, you have a
CD at three or four or five percent whatever, but
what are you doing with that? How are you maximizing
on the tax side of it. That's what we're talking
about here. We can guide you through the coming tax
crisis by helping you take advantage of the power of

(16:23):
a zero percent tax bracket. Who wants to get there?
We can show you how to do it by using
the strategies that we develop a three to three Maggie tax.

Speaker 3 (16:33):
And again we do advanced tax planning. We understand taxes.
When you come in, we'll sit down with you, we'll
go over your tax return line by line. Because if
you're looking for a roadmap to shield your hard earned
assets from the impact of taxes, we can help. I
say that every week by talking to you about the
strategies that we use. Have transformed retirement and protected them

(16:55):
from tax train wreck that is just around the corner.
Think about it, a tax train rock. That's what's coming, Chris.

Speaker 2 (17:02):
And it doesn't have to be for you, and you
can get out of the way of that. And that's
why there are clients that are going to pay a
lot in taxes and then those clients who eliminated Uncle
Sam forever and ever now so don't have to worry
about that in the future. Many of our clients are
well prepared for retirement. You know, with just a little
bit of proactive planning, you can insulate yourself from the

(17:23):
threat of higher taxes by creating a total tax free
retirement plan. And how do you go about doing that, Well,
the first step is schedule time to meet with us.
We have office on both sides of the Bay and
every Sunday we have our TV show Maggie Tax Financial Group.
And guess what we know to talk about taxes and
tax planning and social security planning and income planning and

(17:44):
tax planning and investment planning. That's called the Maggie Plan.
That's the holistic approach that we take. But we take
it from a tax angle. Why because that's your biggest
expense and it will always be unless you eliminate Uncle Sam.
So how do you go about doing that? We can
help pick up the phone and schedule time to meet
with us. Eight three three, Maggie Tax.

Speaker 3 (18:01):
It's called the Maggie Plan, simple and easy to understand.
It's a tax plan, it's an income plan, it's an
investment plan. It's legacy planning, and many of you don't
have that, so give us a call eight three to three,
Maggie Tax. Be sure to visit our website, Maggie Tax
dot com. We have a lot of information on that site,
and be sure to click on the retirement calculator and
in thirty seconds we could show you what your retirement

(18:24):
bill will be. We have offices in Loots, we have
an office in Palm Harbor, and we have an office
in Saint Pete. Very easy for all of you to
get to visit our website, Maggie Tax dot com and
give us a call eight.

Speaker 5 (18:34):
Three to three, Maggie Tax. That's eight three three, Maggie Tex.

Speaker 1 (18:41):
Stop funding Uncle Sam's retirement and start planning for your
own successful retirement. As we return to the Maggie Tax
Financial Show with your host Robert and Chris Maggie with
Maggie Tax and Wealth Advisors. For information on how you
can create a tax free retirement. Call eight three three
Maggie Tax or visit Maggie tax dot com. Now you're

(19:03):
host with Maggie Tax and Wealth Advisors, Robert and Chris Maggie.

Speaker 2 (19:10):
Welcome back to the Megatax and Financial Show, and thank
you so much for tuning in and visit our website
at Maggie tax dot com. In thirty seconds, you can
find out what your tax bill would be in retirement.
If you have an IRA Form one K, you need
to understand what this number is why because it can't
affect your retirement future income.

Speaker 4 (19:29):
Maggie Tax dot Com.

Speaker 2 (19:31):
Up a right hand corner tax bill in retirement, Click
on it and you can discover what that will be.
But more importantly, schedule time to meet with us. There's
so much information to talk about. If you have questions
about how do I design an income plan for my
retirement where it has inflation built in and multiple income
sources and guaranteed income, how do I go about doing that?

Speaker 4 (19:52):
We can help.

Speaker 2 (19:53):
What if you're looking for an investment plan a lot
of volatility going on in the market, does it really
keep you up at night? Are you losing sleep? Do
you have questions? Do you really not know what's going on?
And you're afraid to open up your statements. Well, let's
get together and have a conversation about it, because there
might be some bucket planning that we could put together
to design for safety and growth and inflation and a

(20:16):
lot of other opportunities that are in the market today.
What about social security planning? Do you have questions about
how do I maximize it for me and my spouse?
What about a state planning? I want to leave all
this stuff to my heirs. I just don't know how
to do it. Is everything set up the right way? Well,
we can help these things that we do each and
every day to help you. So pick up the phone
a schedule time to meet with us. We look forward

(20:36):
to get in together with you. Eight three to three,
Maggie tax.

Speaker 3 (20:40):
So the question I would ask is how many of
you have a complete plan or an incomplete plan? And
what Chris just mentioned on some of the things that
we see that people have an incomplete plan? So what
are you doing about it? You know what keeps you
up at night? What's that elephant in the room. Is
it about income? Is it about taxes? Is about your investments?

(21:00):
We know the volatility of the market is there, but
how are you prepared to take less risk and keep
more for yourself? And has anyone ever done a beneficiary
review for you? Quick example, We've had a client, a
couple clients this past year. They passed away and they
had beneficiary designations on there. They had POD and TOD
on their accounts and Chris, the money passed to their

(21:23):
beneficiaries probate free and it didn't have to go through
that process. And people make mistakes about estate planning, let's
call it enhanced planning. Do you have the list of
who you want your assets to go to and when
it should go to them and how much it should
go to them? Are you set up that way so

(21:45):
you know if you have an incomplete plan? Think about
what Chris and I are talking about. If it's about income,
it's about taxes. You confuse about your investments, you don't
understand them. We see this every day. We ask a
client bring in your statement, We ask them do they
understand their investments? And Chris, the answer that we get
all the time is well not really, that is just
not a good answer, and it's not because you worked hard.

(22:07):
You worked hard for the money you have, the assets
you have, and the worst thing you want to do
is either I have to go back to work or
be outlive your money. And most people that come in
and meet with us, we ask them, you know what
brought you in and the main question and the answer
is I want to make sure I don't outlive my
money and is that going to happen? And we have
to do the analysis to figure it out, and sometimes

(22:28):
we have to tell people yes, at this place and
with the assets that you have, you will outlive your money.
And that's where it's very, very scary. So can you retire?
We can show you we can. We can show you
the projections, we can show you what the guarantees are
going to be. We can show you that if you
have a concrete plan or a complete plan, then you'll

(22:49):
enjoy retirement. You'll have the inflation buckets coming in for
income in the future, you'll have the estate plan so
if anything happens to you a stay in your family.
That's what we call developing a plan, because if you
don't have a plan, guess what, you know what someone
who you don't know will make that plan for you
in the future because you didn't set it up the
right way. So check the boxes off. Do you have

(23:10):
a tax plan yes or no? Do you have an
income plan yes or no? Do you have an investment
plan or just laying that money right in the market.
Do you have an estate plan or an enhanced plan?
What about college planning for the children? Are you aware
if you have a mutual fund you're paying fees? How
many fees are you paying? The question is do you
know what your fees are paying? Because if you're paying fees,

(23:32):
it's eating aweight your retirement. So without a plan, like
Chris says, you have nothing. So everything we do, we
have to have a plan. What are you looking for
in an advisor that you would be willing to work with.
We just mentioned a bunch of topics that we would
talk to you about because we see this all the time. Well,
my advisor doesn't talk about tax planning. Chris or Bobby,

(23:54):
you know this is and when we ask them what
were you hoping for when you came in?

Speaker 5 (23:58):
And he answer we get all the time as well,
not this.

Speaker 2 (24:02):
Well, you know the thing about it is when you
talk about we asked that question, is your current avisor
you're talking about tax planning? And most of the time,
probably ninety five percent of the time, it's no. And
the question that I have is why. I mean, that's
your biggest expense. Taxes are our biggest expense, and it's
going to get worse. So think about this, your cruising
in retirement. Everything's going well, and guess what legislative risk happens?

(24:24):
And the tax code changes, and guess what less to you?
Because now you have to pay more to Uncle Sam,
So that income check every month goes down? And what
about inflation that's happening right now on top of it.
So you're in a situation where you have to change
your lifestyle in retirement. Is that what you want? The
answer is no. But could it happen to you?

Speaker 4 (24:46):
Yes?

Speaker 2 (24:47):
And if you don't have the right plan in place,
like an income plan, a tax plan, investment plan, then yes,
it could happen. And that's what you don't want. So
right now is a time, more than ever before, to
pick up the phone. Schedule a time, get a second opinion.
Do you have enough confidence in your current advisor? Get
a second opinion? Because it's about you it's about your money.

(25:08):
It's not about me or or your CPA or your
current advisor. It's not about that. It's about what you
want your money to do for you. Do you want
safe money, we can help. Do you want money in
the market where it's risky. We can design buckets like
that as well. But guess what. You have to have
a purpose with everything you do. Why because that's a plan.

Speaker 4 (25:28):
We all hear.

Speaker 2 (25:29):
Yeah, you need to have a plan in life. We
all get that. But the end of the day is
do you have a plan with your retirement? Take take
control of this and we can help eight three three
Maggie Tax.

Speaker 3 (25:38):
So the biggest question for all of you listening today,
how can we at Maggie Tax and Financial help you.
That's the question. So when you come in, I want
to know the answer. How can we help you? You
know what upsets you every night when you put your
head on that pillow and your minds thoughts racing about
what you're worried about because you can't control it. You know,
what are you looking to change? And this is the

(25:59):
big question, Chris. Change has to happen in many cases
with people out there because they don't understand their investments.
They don't understand income planning. Their advice is not sitting
down and talking to them. So what would you change?
Think about that? What would you change if you were
educated on what you have that Maybe it's not the

(26:20):
right investment for you, maybe it's not the right plan
for you. When would you change it? And like I said,
what's the elephant in the room?

Speaker 4 (26:27):
And that's just it.

Speaker 2 (26:28):
You know, is your plan, your present plan, going to
get you where you want to go? Do you know unequivocally?
If that the answer is yes, If you are thinking
about it, well I'm really sure or I don't really know,
then you have to get a second opinion. You have
to look at this. You have to have someone look
at this for you so you can have that Yeah, absolutely,

(26:49):
I know absolutely my plan is going to give me
what I want in retirement and is doing it right now.
That's what you want, the confidence, the clarity, the control,
and that's what we can help you with. So pick
up the phone, schedule time to meet with us. We
look forward to meeting with you. We have office on
both sides of the bay to help you. A three
to three Maggie tax that's eight three to three Maggie Tax.

Speaker 3 (27:08):
And here's the big question. Do you all do this
planning on your own? Think about this. The left brain
in you is the more to think about it. The
right brain is the solution side of your brain. We
have both sides working for us, Chris, the left and
the right. Because you're confused, you have to draw a
line in the sand. I can't understand planning, you know.

(27:29):
I think I'm okay, but I'm not. And most people
by what they want, not what they need. And that's
the issue that we try to talk about. What do
you want?

Speaker 5 (27:39):
You know? What are your needs? How much income do
you want? You know?

Speaker 3 (27:42):
Does your advisor have a process, Maggie tax advisor, We
have a process. We come in and you come in
and meet with us. We ask you questions, you ask
us questions. We do a balance sheet, so we know
where your assets are. We know what the qualified money
is non qualified money. We know where your bank accounts
are if they're titled right. Does your advisor do all this?

(28:02):
We call it red money, green money, and on my
website you can take a look at it.

Speaker 5 (28:06):
But look, if you're taking.

Speaker 3 (28:07):
Too much risk and you don't know it, folks, you
know Chris does this all the time. When are you
going to realize that you don't have to take all
that risk, you don't have to pay all those fees,
and you don't have to see your account go down
because your advisor says, well, everybody else is losing.

Speaker 5 (28:22):
No, it's not true, Chris, that's not true.

Speaker 4 (28:24):
Well that's just it.

Speaker 2 (28:25):
You know, why follow the crowd and you don't have
to just because your advisor says everyone else has lost money?
But where is it written that you have to lose
thirty forty percent? Where is it written that you have
to go down that route. I'm frustrated because you don't
have to. I have clients that come in and they're like, well,
you know, this is what it is. We lost three
hundred thousand dollars with our old advisor. Why doesn't have

(28:47):
to be that way?

Speaker 4 (28:49):
You know, maybe.

Speaker 2 (28:49):
You're younger and you got time on your side and
you can absorb some of these losses. But guess what,
you're in retirement. Why go down two, three, four, five
hundred thousand dollars?

Speaker 4 (28:59):
Why? You know that's up to you, but you don't
have to.

Speaker 2 (29:02):
You know, where is it written that you have to
lose twenty thirty forty percent like everybody else, it's not there.
You don't have to go down that route if you
don't want to, So pick up the phone, schedule a
time to meet with us. Let's show you bucket planning.
Let's put together a plan for you. Buckets. What are
buckets Buckets with a purpose. You have buckets for safety.
You have buckets for inflation. You have buckets for future

(29:23):
guaranteed income. You have buckets for the volatility control. You
have buckets to take advantage of the opportunity in the
markets down. You have buckets to take advantage when the
market goes down. You have buckets out there to provide
buffer and strategies to protection against no loss in the market.
How do you go about doing these things? Because every
account needs to have a purpose based on what you

(29:43):
are looking for?

Speaker 4 (29:45):
What is it that you want?

Speaker 2 (29:47):
That's the question. When you come in, We're going to
ask you that question. We're going to listen to you,
we're going to hear you. We're going to make this
very very real for you to try to accomplish what
you are looking for. We're going to educate you. We
going to take our time. We're going to build a confidence,
build the clarity, and you're going to have the control
in retirement. If that's what you want, you can pick
up the phone in schedule time to meet with us.

(30:07):
We look forward a meeting with you. Why because this
is real. Things are changing and you need to be
on the other side to take advantage of these opportunities
as opposed to falling victim to them.

Speaker 4 (30:18):
So pick up the phone. We look photo meeting with you.

Speaker 2 (30:20):
Eight three three Maggie Tax and don't forget every Sunday
for the Magi Tax and Financial Show on tv ABC
TV at ten thirty am. Visit our website Maggie Tax
dot com. Schedule time to meet with us. Eight three
three Magi Tax.

Speaker 1 (30:36):
Stop funding Uncle Sam's retirement and start planning for your
own successful retirement. As we return to the Maggie Tax
Financial Show with your host Robert and Chris Maggie with
Maggie Tax and Wealth Advisors. For information on how you
can create a tax free retirement. Call eight three three
Maggie Tax, or visit Maggie Tax dot com. Now your

(30:58):
host with Maggie Tax and Wealth with Advisors Robert and
Chris Maggie.

Speaker 5 (31:02):
Welcome back.

Speaker 3 (31:03):
My name is Robert Maggie and you're listening to the
Maggie Tax and Financial Show, and I'm here with my son,
Chris Maggie. So let's go back to a couple of things.
We talked about about the hidden tax. So what would
you do if you were presented with a retirement plan
that lost seven point five percent every year? So if
you're not diversified when it comes to the tax status
of your retirement accounts, that could be exactly what you're doing.

(31:24):
And many of you are financial advisors are accustomed to
building plans to protect against market losses, and I challenge
that too, because we've seen many clients come in that
they are losing money and nothing's been done about it.
Sometimes I wonder if they actually do that on purpose.
But a loss from tax policy change can be just
as impactful. A loss is a loss regardless of what

(31:45):
it caused. So it's time to add tax risk to
the checklist that you need to look at. We talked
about market risk, we talked about income risk, and we're
now talking about tax risk. And Folks, if your plan
is just built on growth, and you know having money
in the account, a big pile of money, then what's
the rest of the story, Chris. They don't have anything
in case the market goes down. We talked about that,

(32:07):
they don't have an income plan in case. Then when
they retire, what they do. And the big thing now,
when the Trump tax cuts expired, they don't have a
tax plan.

Speaker 5 (32:14):
What the hell is going on?

Speaker 2 (32:15):
Well, that's just it. And you know, think about this
the analogy. I'll put it together for everyone listening today.
I mean, think about a football game, right, you know,
you're all excited, your favorite team. They're up at halftime,
it's twenty to three, and my gosh, the game's over, right,
but guess what. You know, you're accumulating, you're building up
the score. But guess what happens the second half of
the game. Well, Uncle Sam comes and guess what you

(32:36):
lose by a field goal. It's twenty three to twenty
because Uncle Sam comes back with the taxes. And that's
what we're talking about here. Yeah, market risk is real.
We might mitigate it through asset allocation. Yes, every advisor
can do that. You can do it yourself, it's pretty simple.
What about income risk, Well, that's really real because we
might mitigate it through the use of different types of

(32:59):
products that have guarantees, like annuities or safe annuities, whatever
it is to have guaranteed streams of income, create your
own family pension. But the tax risk that is really real.
You know, we must mitigate this risk to the use
of tax free strategies. And how are you going about
doing that with your plan with your investments? Where is

(33:20):
your tax free money? Because it's if you don't have
tax free money, it's going to cause less income in
the future. And when you showed you through the examples
we talked about today, that hidden tax risk number one.
Inflation could be number two, and just those two alone
could be over a ten percent decline in your accounts
every year. Because you have to account for this, it

(33:40):
means less income for you when you need it most.
So that's why it's so important to pick up the phone,
schedule time to meet with us eight three to three
MAGI tax eight three to three MAGI tax.

Speaker 5 (33:50):
Now, one other thing we do seminars every month.

Speaker 3 (33:53):
We do it on tax planning, we do it on
social security, and the big one we do on wills
and trusts. Because many of you a couple things we're
talking about today don't have a will and don't have
a trust, and you don't have your beneficiary set up
correctly in the accounts, and that's the most important part.
So when you come, we're going to ask you the
question do you have a will? And if you're listening
right now and you don't, give my office a call,

(34:14):
sit down with us will show you exactly what you
can do.

Speaker 5 (34:16):
It's very simple.

Speaker 3 (34:17):
We work with a national group of attorneys so that
we can get the will or the trust package done.
And another thing, a big important thing is most people
concerned about their home and what happens when you die.
Who's it going to go to? Well, do you have
a quit claim deed or a lady bird deed? And
many of you listening today are looking at me or
listening to me and going like no, Well, that's why
you need to meet with us. Eight three to three

(34:38):
Maggie Tax. Visit my website Maggie Tax dot com. On
the top where it says seminars, it'll show you the seminars.

Speaker 5 (34:44):
That we're doing. They're held at a library.

Speaker 3 (34:46):
There's no cost, there's no lunch, there's nothing that you
have to do but show up and watch the three
and one seminar.

Speaker 5 (34:51):
That we do.

Speaker 3 (34:52):
And I'll say it this way, because your advisor is
not talking about social Security. He's not discussing tax planning
with you or income planning like Chris and I are
discussing today. And you have to come in and take
a look at it from a different lens because things
are changing and legislative risk is right here, meaning that
congres can change the rules Chris, any single time they want,
and they're going to change it in two years. And

(35:13):
you know what, people are listening, but they're not doing
anything about it. And in a year from now, people
are going to go, oh my god, what am I
going to do? Well, that may be too late. So
that's why we're challenging you. Pick up the phone eight
three to three, Maggie Tax. I visit my website Maggie
tax dot com. On the top right, you'll see retirement
tax bill. Click it, put the information in, and in
thirty seconds, I can tell you what your retirement tax

(35:35):
bill will be. And my goodness, Chris, if that doesn't
wake them up, I don't.

Speaker 5 (35:39):
Know what will.

Speaker 2 (35:39):
Well, that's it, you know, the tax, the hidden tax impact.
That's what we're talking about today, And you're right, most
people aren't thinking about this, but there are clients that
are doing something about it.

Speaker 4 (35:50):
But there needs to be more.

Speaker 2 (35:52):
More people need to be aware of what's going to happen,
and most advisors don't care.

Speaker 4 (35:57):
It's pretty simple.

Speaker 2 (35:58):
Most advisors have no no care for you paying high
in taxes because that's not how their firm is built.
But at our firm it is. We want you to
go ahead and pay least amount taxes possible, have more
income in a most tax efficient way, and have your
investments grow and accumulate based on the risk that you want.
That's what we do. And we wrap it up why
doing a state planning and we have all your accounts,

(36:18):
make sure that they stay in your family and not
go through probate and uncle Sam. So when you sit
down and you start thinking about what you want in
your retirement plan, pick up the phone, schedule time to
meet with this.

Speaker 4 (36:30):
Let's just have a conversation. You know.

Speaker 2 (36:31):
Visit our website at maggietax dot com. My dad mentioned
this click on the top right hand corner of the
retirement time bomb. My gosh, the tax bill is huge.
If you put your IRA amount in there, or your
TSP or your qualified account you'll see what the tax
impact is going to be and you might get very
sick by seeing that. And that's that today is low rates.

(36:53):
What about when they rise? And that's what we're talking
about today. Tax risk, legislative risk, income risk, market risk,
social security, maximization risk. Pick up the phone, schedule time
to meet with us A three three Maggie Tax, and
don't forget.

Speaker 3 (37:06):
Every Sunday at ten thirty on ABC TV, tune into
the Maggie Tax and Financial Show. And then right after
that we're back on the radio on nine to seventy WFLA.

Speaker 5 (37:15):
So we're giving you a lot of help.

Speaker 3 (37:17):
We're trying to make you see it from a different
lens because there's so much going to be changing right now.
Chris mentioned the word legislative risk, and that's going to
be affecting everybody. I don't care if you're young, old,
or whatever in between. So give us a call eight
three to three Maggie Tax. It's time to sit down
and put a plan together, holistic plan that includes taxes, income, investments,

(37:38):
and more important wills and trust. If you don't have that,
give us a call eight three to three Magi Tax.
Be sure to visit our website Maggie Tax dot com.
Tune in every Sunday ten thirty on ABC TV to
the Maggie Tax and Financial Show. So pick up the phone,
call us an eight three three Magi Tax and be
sure to visit.

Speaker 5 (37:55):
Maggie Tax dot com. That's eight three to three Maggie Tax.

Speaker 1 (37:58):
Thank you for listening to Maggie Tax and Financial Show
with Robert and Chris. Maggie of Maggie Tax Wealth Advisors.
Listen here five to six pm every Saturday and from
eleven am till noon every Sunday, or any time on
the free iHeartRadio app. And remember you can pay less
tax with Maggie Tax Program. Content provided by Maggie Tax

(38:19):
Wealth and Advisors. Call them at eight three three Maggie
Tax or visit them online at Maggietax dot com