Episode 20251122 - Could Taxes Derail Your Retirement

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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 nest day from Uncle Sam. 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 (00:41):
Welcome everyone, and thanks for joining us today. My name
is Robert Maggie and you're listening to the Maggie Tax
and Financial Show. I'm here with my son and co host,
Chris Maggie. Be sure to visit our website, Maggie Tax
dot com. We have a lot of information there. We're
going to talk about what we do the Maggie Plan.

Speaker 3 (00:56):
Today.

Speaker 2 (00:56):
We're going to talk about holistic approach and we're going
to talk our division, so you all know what we do.

Speaker 3 (01:02):
We've helped a.

Speaker 2 (01:03):
Lot of people understand retirement and a lot of people
that come in are confused and they have questions about
should I, you know, start saving for retirement now? When
is it the right time? And Chris, this is questions
that we get every day. But be sure again to
visit our website, Maggie tax dot com and we'll be
happy to answer any questions.

Speaker 4 (01:21):
Welcome everyone. I am Chris Maggie and I'm here and
I thank you so much for listening to the show.
You know, we do what we do because we're passionate
about helping people. There's a lot to retirement, there's a
lot to income planning, there's a lot to investment planning,
a state planning, and what we find many times that
people just have an incomplete plan. And that's what's really
upsetting because a lot of people are older, a lot

(01:44):
of people are setting their ways, but they don't have
the documents or even titling of their accounts set up
the right way. So today we're going to dive into
a lot of different things today to help you because
you need to know. You know, we live in a
EOO economy, you're on your own, and you know who's
telling you to retitle your accounts the right way to
avoid probate. You know who's shown you a way to

(02:04):
have an income plan where you can have guaranteed income
sources coming in for the rest of your life. How
cool is it to wake up on the first of
the month, go out to the mailbox, grab a couple checks,
come back in, and then spend it for the next
thirty days and then do it all over again. How
cool would that be?

Speaker 2 (02:21):
You know?

Speaker 4 (02:21):
Think about your lifestyle, think about the comfort, think about
just the confidence you're going to have in retirement.

Speaker 3 (02:27):
And that's what it's about.

Speaker 4 (02:27):
So pick up the phone today, give us a call
eight three to three Maggie Tax. Visit our website at
Maggie tax dot com. There's so much information right there
at your fingertips and we can help you eight three
to three Magi Tax.

Speaker 2 (02:38):
So we're going to talk about creating a plan. We
call it the Maggie Plan, and this is something that
can help everyone out there because each each division that
we have will address all the issues and concerns that
you have. So we begin by working with you to
identify your short and long term goals. And Chris, this
is interesting because when we ask people how much they
need for retirement, they don't know today the short term goal.

(03:01):
They're working, they're bringing money in, but what about later
on in retirement, what about their long term goals? How
much they're gonna need.

Speaker 4 (03:07):
That's it, and that's where we start. And we start
with a balance sheet. We start to show you exactly
the accounts you have, whether you're taxable, whether they're non taxable.
And that's the other question. You know, a lot of
people come in and they have money that's infected with taxes,
all their money. So when taxes raise and increase in
the future, you know what, a lot of money's gonna
go to Uncle Sam instead of coming to you. So

(03:28):
we start with the balance sheet to educate you and
show you exactly where your money's at, what your income
looks like, to make it clear for you. Because many
people out there come in with piles of statements and
I got to stay in here and I got a
statement there, and I got a statement here. Well, it's confusing.
You really don't know really what it's gonna do. We're
gonna break that down for you. And educate you and
make it very simple on one page to show you

(03:50):
where your money's at.

Speaker 2 (03:51):
And one more thing, Chris, that you're talking about. We
do bucket planning. And bucket planning consist of an income
plan and consist of a short term goal a long
term goal. And these are goals that you have and
you've got to let us know, and we use innovative
strategies and solutions. We understand tax planning. We can help
you there, and we continue to partner with you through

(04:12):
the changing landscape of your financial life because Chris, it
changes every year. So if you're not having a review,
then that's on you. We do reviews with our clients
because things change, right, and things change with the taxes,
the legislative risk that's out there, you know, the market
risk that's out there, and it goes on and on.

Speaker 4 (04:31):
Am I right, absolutely, And that's why it's so important
to work with the right advisor. You mentioned a team, Well,
we have tax professionals, we have financial planners, we have
a state planning attorneys. There's a lot that we do
here to help you along the way. And no plan
is ever just set in a stone. You have to
change it. You have to be creative, you have to
be a chameleon and open to change. And the thing

(04:53):
about this whole thing is it's not about a product,
it's about a plan. And throughout today's show you're going
to hear we are complete planning, complete planning, not incomplete
planning like most people have. And it's not about how
much you have, it's about the want and desire to
put together a plan that you want in retirement.

Speaker 3 (05:11):
So pick up the phone.

Speaker 4 (05:12):
Today's schedule time to meet with us. We look forward
to working with you. You know, this is what it's about.
It's helping people do the right thing. And that's how
we're set up here at Maggie Tax Advisory and Financial Group.
We have our tax division, we have our insurance division,
we have our investment division, we have our state planning division.
These things we get to help you with, also Medicare

(05:32):
planning and college fund and funding. If you have any
grandkids or children wanting to go to school, we can
show you out to fund that in the most tax
efficient way.

Speaker 2 (05:41):
So let's break it down to our financial division first, Chris,
because the services that we offer, let's talk about IRA
four oh one K and four H three B plans,
and these are qualified plans. If you are under fifty
nine and a half, you cannot roll them over or
take it out without a penalty, and we want to
try to avoid that. So if you go to a
website Maggie tax dot com, there is a correct way

(06:03):
to roll over you for a one K without getting
hit with a penalty. And the tax are some that
we would discuss as we go along. But if you
have those qualified plans, Chris talk about a lot of
times people don't even know they have them and they
just sit there doing nothing.

Speaker 3 (06:17):
Well, it's it.

Speaker 4 (06:18):
You might work for a company or companies along the
way and spend two years there, five years there, and
they have a retirement plan that you're contributing to, or
if not, maybe they are contributing to the plan for
you and you just don't know. But again, they do
educate you and tell you that you do have this option.
But many people are so engulfed in working data day
that they forget about these plans that they have and

(06:40):
retirement accounts. So one thing that we talk about is
making sure that you roll over these accounts and consolidate
into the right spot and an individual retirement account or
an IRA is a nice spot to consolidate, and then
we can talk about bucket planning. How do you invest
those funds in the most tax efficient way and also
in a risk tolerance way. You want to make sure

(07:02):
that you're taking the right amount of risk with your money.
And that's what we'd call bucket planning. And we'll get
into red money and green money throughout today's show, but
that's where you start. And you want to make sure
that these accounts, if you have iras and form one case,
that these accounts are rolled over the right way. But
also now you can take the next step and maybe
start converting them to tax free buckets, which we can

(07:22):
show you as well.

Speaker 3 (07:23):
Yeah, and that's when they was going to bring up too.

Speaker 2 (07:25):
But the other side of it is a lot of
you have I guess the luxury if you will, that
you could put money in in the company matches and
a lot of times we see you put in more
than the match.

Speaker 3 (07:36):
Well, we could show you a strategy.

Speaker 2 (07:38):
And concept that might work better than taking that money
that's over the match and put it into something that's
going to grow tax free, come out tax free, and
you don't have to worry about the market risk, which
is where I'm going to Chris. Everything that we do
is managing risk, and we do a risk tolerance form
for every client because I would say, and you could
agree with me, many people don't know what kind of

(07:59):
risk they're taking.

Speaker 4 (08:00):
That correct absolutely, and that's the thing we see each
and every day because many people have these accounts and
they just haven't touched it. They haven't looked at it
for years, months, whatever it is. And maybe five years
ago they were more had the ability to take more risk,
but now you know, safety is important to them, or
they want to dial that back a little bit, or
the volatility in the market has scared people.

Speaker 3 (08:21):
Who knows.

Speaker 4 (08:22):
But the bottom line is making sure that you have
the right amount of risk with your money. So pick
up the phone, schedule time to meet with us. Let's
look at your risk. It's called the risk tolerance evaluation.
And what we're going to do is really dissect your
risk tolerance and see, you know how much risk you
can take and maybe it's not a lot, but then
then you want to go ahead and make sure that
you're in the right spots so you're not taking that risk.

(08:43):
But on the flip side, if you want to take
a risk with your accounts then and you're in a
conservative investment, then you need to change that too. So
let's talk about it. Let's sit down, have a conversation
eight three to three Magi techs.

Speaker 2 (08:55):
And along in the financial service that we are for,
you have social security to consider. How are you going
to be planning for social security to max it out
retirement income? These are the income buckets that you need
to look at. And then also the big thing I
think is important, Chris, is the income planning. How much
income do you need in retirement? So in all the
financial puzzle, if we call it, you have to look

(09:17):
at these areas, each one of them and see if
that's going to be the right thing to do for retirement.
And by the way, don't wait until you retire to
do this. This is not the right way to do it.

Speaker 3 (09:27):
Absolutely.

Speaker 4 (09:27):
So that's why with a Maggi Tax Advisor, Financial group,
complete planning. We have a financial division. You know, we
do iras, social Security maximization, income planning, retirement planning. We
have our tax division. We do tax preparation. Tax planning
strategies help people reduce their taxes income on a most
tax efficient way. Our insurance division where we can do

(09:48):
life insurance. We could do safe annuities like index annuities
or fixed annuities, long term care, funeral trust, what about
medicare so many different options, especially if you're about to
approach sixty five College funding we do for a lot
of families out there wanting their kids to go to
school in the most tax efficient way. And then also
we have a state planning attorneys that work with us

(10:09):
do the wills, the trust, the power of attorneys. You know,
think about this, If you have a will that's outdated
for so many years, do you think it's time to
get it updated.

Speaker 3 (10:17):
Well.

Speaker 4 (10:17):
Proper beneficiaries is so important on all your accounts. So
pick up the phone, schedule time to meet with us.
We can help you out income planning, tax planning, investment planning,
college fund planning, social security maximization planning. Get the Maggie Plan.
It's a plan that's simple and easy for you to understand.
Maggie Tax dot Com. Pick up the phone, schedule time
to meet with us eight three to three. Maggie Tax.

(10:39):
We have office on both sides of the Bay, very
convenient for you to meet with us. Eight three three
Maggie Tax.

Speaker 1 (10:49):
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
Meaggie 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

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

Speaker 2 (11:18):
Welcome back and thanks for joining us today. My name
is Robert Maggie and I'm here with my son and
co host. Don't forget to visit our website, Maggie Tax
dot com and also where every Sunday on Channel ABC
TV at ten thirty tune into The Maggie Tax and
Financial Show. And when you're on our website, Maggie Tax
dot com, click on the retirement tax calculator up top.

Speaker 3 (11:38):
If you have an IRA A four oh one k
A four to three B.

Speaker 2 (11:41):
A step Plan, TSP, any qualified plan, click in the
information in thirty seconds will show you what your retirement
tax bill will be. And then let's sit down and
have a conversation. Because it helps to use your own
common sense to reason out the best course of action
for you and your family and even your business. Because
if you know there are strategies and concepts to use,

(12:02):
it's going to help you on This process doesn't take
that long.

Speaker 3 (12:05):
What we're going to be doing.

Speaker 2 (12:06):
We've been asking you questions to help you organize your
thinking so you can discover on your own. And this
is what it's about. If someone tells you, you're not
going to listen. But if I can educate you and
Chris can explain what the strategies and concepts are and
involve you, I think you'll feel better about it and
the most beneficial strategy for you. So we have the
Maggie Plan, we have the chat box on our website,

(12:27):
we have the Retirement Tax calculator. So Chris we can
help and it's much easier process to schedule the time
and ask us questions and see if we can come
up with a solution.

Speaker 4 (12:36):
You know, many things are happening out there and you
can really gain insight very quickly about the manipulations of
the government influent information and we see it, right, so
what are you doing about it? It's called legislative risk.
That's when the government can change the rules whenever they want.
So again, it puts you in position where you have
to fall victim to them, But not if you already
have things set up. And we're talking about even taxes

(12:58):
and tax free buckets. Do you have tax free buckets?
Some people com meet with they have no tax free buckets.
They have a lot of money that's infected with taxes,
meaning that when you start taking a distribution in the future,
when you're retired or when you need income, guess what
you're gonna be hit with the high taxes. You're gonna
be hit with those taxes that you're gonna pay out
question mark or an unknown tax rate. Do you want

(13:19):
to be in that position? You know, what if you
need twenty grant and what if now you're thinking, oh,
I got to just take out twenty three thousand to
net the twenty thousand. That it might be okay today,
but what about in the future when you have to
take out twenty seven or twenty eight thousand so you
net that twenty Guess what that's more to Uncle Sam
less to you. How long will you money last? If

(13:41):
this is the case, That's what we're talking about. Legislative
risk things will change, and it's so important to get together.
Let's have a conversation, talk about you, talk about your
situation and what you want to achieve. Eight three to
three Maggie, tax and.

Speaker 3 (13:54):
Think about this.

Speaker 2 (13:54):
There are many ways that governments manipulate taxes and pensions
in healthcare. So let me talk about this. Do you
all know the financial state of the Union? About the
financial state of the states, and the financial state of
the cities, and the pension database. The financial state of
the Union is terrifying. The federal government will require much

(14:15):
more revenue in the future, and that taxes alone will
not even come close to covering the shortfall, and we're
going to have to print enormous amounts of money to
provide the promise benefits. Well, guess what we'll see our
government renege on the promise benefits by reducing those benefits.
They're doing it now. That's called legislature risk. They can
do what they want whenever they want. So what are

(14:36):
you doing about it? What are you doing about market
risk that Chris talks about? What are you doing about
income risk? What happens when you have to pay more
taxes and have less income. Have you thought about that?
What about tax risk. We've discussed what the government can
do and we'll do. It's called legislature risk. Write that down,
and Chris, this is where the fear comes. They don't

(14:58):
understand what's behind the curtain that's going to be coming
up very soon.

Speaker 4 (15:02):
My gosh, you know, listening to you today and hearing
what you just said, I mean people just need to
stop and think for a minute. You mentioned a lot
of different risks income risk, market risk, legislative risk, tax risk.
Holy moly, thinking about those things, and there's more and
there's more, right, but I'm getting fearful thinking about those
if I didn't have a plan. But if I had
a plan, then guess what. You move on and you

(15:24):
moveing on with confidence. And that's where you can be too.
So when you come to meet with us, we can
design income buckets. We can design how to have pay
less taxes in the future, and what we talk about,
we can design buckets that don't have the market risk.
We can design buckets that do have market risk if
you want that. So what is it that you want?
This is your plan when you come to meet with us.

(15:44):
We call it the Maggie Plan, but it's really your plan.
It's planned because it's what you will decide on what
you want to do. How much safety do you want,
how much risk do you want, how much income do
you want? How much taxes do you want to pay?
If not, we can show you how to do that
in the most tax division way. We talk about risks
out there, take a deep breath, because they can be
solved with the right planning. And that's what we can do.

(16:06):
So pick up the phone, schedule time to meet with US.
Eight three to three, Maggie Tacks.

Speaker 2 (16:10):
Let me throw you some heartbreaking information out there. Because
the US government has only four point eight nine trillion
of assets available. Listen to this to pay bills totaling
one three eight point twenty eight trillion. So let's break
that down and total, and we can show you what's
unfunded liabilities. Our followers think about it, and this is
what many people don't think about. Medicare benefits fifty eight

(16:32):
point one trillion, Social Security benefits forty five point four trillion,
publicly held debt twenty two point three four, retirement benefits
ten point eighteen. So the whole total comes to like
one one hundred and thirty eight point two eight trillion
do those numbers even make sense to you? Because probably
it doesn't. But let me ask you, does the government

(16:54):
desperately need this money? And will they go after people
with money or people who don't have munchy?

Speaker 4 (16:59):
Stop for a second. Who has the money? Everyone thinks
about the millionaires out there and the billionaires out there. Yeah,
they got the money, but guess where the money's at?
People who have iras four one k's, four O three b's,
thrift savings plans. All these retirement accounts accounts have not
been taxed yet. So do you think it's very simple

(17:21):
for them called legislative risk to change it and increase
the tax rate on these accounts Because it's very simple.
They know how much money is out there in pre
tax money accounts that are infected with taxes, so they
can increase this to get the revenue they want and
continue to spend. So they're going to accomplish what they
want to do. But what about you? You know you're

(17:41):
gonna be in the situation we have to pay more
in taxes and you don't have to. And that's what
we call the government plan. Do you have the government plan?
If so?

Speaker 3 (17:49):
Why? Why so?

Speaker 4 (17:50):
If you have choices to make sure it's better for
you and your families. So pick up the phone, schedule
time to meet with us. Visit our website at Maggie
tax dot com. There's so much information right there upright
hand corner of retirement, tax savings and time bomb. It's
gonna blow up because of taxes. What are you gonna
do about it? So you can calculate your taxes today.
We can show you what your tax bomb is today.

(18:13):
So get the Maggie Plan. It's the income plan, it's
tax planning, it's investment planning, it's income planning. This is
what we're talking about, a state planning. There's a lot
there to help you. So pick up the phone, schedule
a time to meet with us A three three Maggie Tax,
and don't forget tune in every Sunday on ABC TV
for the Maggie Tax and Financial Show thirty minutes to

(18:33):
educate you right there on ABC at ten thirty every Sunday.
Visit our website maggatax dot com. That's eight three to
three Maggie Tax Schedule time met with us, eight three
three Maggie Tax.

Speaker 1 (18:43):
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
Magie Tax or visit Maggie Tax dot com. Now you're

(19:06):
host with Maggie Tax and Wealth Advisors, Robert and Chris Maggie.

Speaker 3 (19:09):
Welcome back.

Speaker 2 (19:10):
You're listening to the Maggie Tax and Financial Show. My
name is Robert Maggie and I'm here with my son
Chris Maggie. So we're going to talk about a lot
of things. Don't forget watch your TV show every Sunday
at ten thirty am on ABCTV, and be sure to
visit Maggie Tax dot com. And if you want to
make an appointment to see us, we have operated standing
by right now.

Speaker 3 (19:28):
Give us a call eight three three Magie Tax. So
let's talk about the tax.

Speaker 2 (19:33):
Freight train, because it's coming, and the tax freight train
that's bearing down on your retirement has picked up speed
and there's no stopping it.

Speaker 3 (19:41):
Now.

Speaker 2 (19:41):
We call it legislative risk, where the Congress can change
your rules at any time and be ready for this.
We're talking about twenty twenty six when the Trump tax
cuts expired. So who's going to pay this huge tax
bill when it arrives? So will billionaires pay for it?
I don't really think so. How about major cooperation? Probably not.

(20:01):
And it's going to be every day American's like you
listening to our show today, and probably everyone listening to
the show has a question like who's going to pay it?

Speaker 3 (20:10):
How am I going to pay it? So?

Speaker 2 (20:11):
What are you doing about it? And when the tax
train arrives at your station? We can help. We do
an after tax statement. We can do in the after
tax statement, explain what your debt will be to the
irs and Chris, all they have to do is call
eight three to three Maggie tax. Because I know I'm
trying to make this simple, but it's not simple. It's
very difficult based on the amount of money people have

(20:32):
in retirement accounts.

Speaker 3 (20:33):
Am I right or wrong?

Speaker 4 (20:34):
Yeah, let's just make it very simple. If you have
a four one K and IRA four forty seven plan,
you have an account. These accounts are infected with tax.
So what my dad's talking about here is you might
not think about it now, You might not really have
this in the front of your mind. But you have
these accounts growing, you might look at them. You might
not because you might be in the accumulation mode or
growing and working and really just not even thinking about it.

(20:56):
But what you've done is, Yeah, that train has picked
up speed. What I mean by that is a train
where you can't stop it in the future. And what's
gonna happen is that those accounts, as they grow and
they get bigger and bigger and bigger and bigger and bigger,
they're gonna have to pay and they're gonna get huge,
they're gonna get whacked by taxes.

Speaker 2 (21:16):
And that's the thing.

Speaker 4 (21:16):
You can't stop that train, and it's gonna be a
hard crash at the end when you need the money
the most, when you start taking out those funds, you
have to pay Uncle Sam and the irs. And that's
why we're talking about this, and your advisor might not
be thinking about it today, but we are. That's why
it's so important to get a second opinion, pick up
the phone, schedule time to meet with us. We met

(21:39):
with a client last week forty eight and forty five.
They get almost a million dollars sitting in their form
one ks and iras and the guy separated from his job.
So now he has the form one K and he
rolled it over to his IRA. So he said to me,
he said, well, what do I do? I said, first off,
let's talk about the risk and what you want your
accounts to do. But second off, you know you don't
have a million bucks here. You got to out maybe

(22:00):
six fifty. And he looked at me and he said, well,
what do you mean, no, we got a million bucks?
I said no, not because you have to pay taxes
at some points the after tax statement. So when you
come in to meet with us, we're going to show
you that. But the story behind this is that he
said it was an AHA moment for him and his wife.
He said, you know what, no one's ever talked about this.

(22:20):
We need to start getting this money out. Now, how
do we do it? What's the most tax efficient way
we can do this? So now we have tax free
money moving forward. And that's what they did. So we
created buckets of tax free money. We paid the little
tax on the most strategic way about going about doing it,
and we can do the same thing for you. Eight
three to three Maggie tax And let me give.

Speaker 2 (22:39):
You another example. We met with a couple the other
day and here's what they did. They had IRA money
and they had ROTH money, and we did their tax
return and we showed them that if they took money
out of the IRA up to the tax bracket they're in,
they would pay almost the same amount of tax, but
now positioned into a tax free account.

Speaker 3 (22:58):
So she asked me, is that really a benefit?

Speaker 2 (23:01):
So we'll think about it in three years if the
Trump tax cuts expire, you're going to have less taxable
money when you have to come out. And the other
thing is she's going to be seventy two in a
couple of years once she has to take out to
R and D. So I showed her that she would
take less out of the IRA and she would have
more tax free money in the Roth. Christen, it kind
of just blew her away because she had no idea.

(23:23):
And I keep telling people you have a window between
now and twenty twenty six to do strategic planning.

Speaker 4 (23:28):
That's exactly right. So the question that we have for
you is do you honestly know how much tax you
will have to pay your partner the irs? So think
about that for a minute. If you don't, unless you
can predict what the tax rates will be in the future.
That's what we're talking about. That's the big unknown. It's
a question mark unknown. We have no idea what the
tax rate's going to be in the future. So you

(23:50):
grow these accounts tax deferred. Yeah, it might be fifteen
percent to take the money out today, but it might
be thirty five percent in the future. It might be
depending on tax bracket. It might be twenty five percent
today for you, depending on the income that you have,
but it might be forty five percent in the future.
So you have no idea. And that's the scary part
of this whole thing. Why would you want to be

(24:11):
in a scary environment in the future and an unknown environment.

Speaker 2 (24:15):
Well you don't have to, but christie with that, because
I'll give you a real to me an example that
makes sense. Open your window like a quarter of the
way and that's how much time you have left before
that window closes. To stay in the tax brackets you're in,
pay the least the amount of tax, and when that closes,
you're going to have all tax free money.

Speaker 3 (24:34):
What is wrong with that?

Speaker 4 (24:36):
That's exactly right. So that's why we're talking about this.
If your advisor is not talking about tax free buckets.
You really got to start thinking about where you're with
the right advisor, because when you don't talk about taxes,
that's our biggest expense. So, yeah, anyone can accumulate your money.
You can accumulate yourself. You don't need an advisor to accumulate.

(24:56):
There's a whole bunch of growth things and investments you
can invest out there. But do you really know the
distribution phase or how to get the money out in
the most tax efficient way. That's what we're talking about.
So we can put together a complete plan. We could
do the investment side of this, We could do the
income planning, we could do the tax planning side, the
estate planning. And the big thing we ask everyone today

(25:17):
is do you know what you have? Do you know
how much you're going to pay in tax? And let's
just face the truth. If you have a tax deferred account,
you are a partners So you're in partnership with Uncle Sam.
They're gonna determine how much you get to spend in
retirement unless you do something about it.

Speaker 2 (25:36):
Yeah, before the twenty twenty five Trump tax cuts expire,
and you know, for all of us, we were going
to have an increase in taxes. But I always ask
the question, what are you doing about it? Well, everybody's
complaining about it and moaning about it. Well that's not
the answer. Would you like to know? Give us a
call eight three to three Magi Tax. Let's sit down
and do an after tax statement. It doesn't cost you anything,

(25:58):
and visit Maggie tax dot com and schedule the time
that we can discuss what I call the tax freight
train eight three three, Maggie Tax. Because for years we've
been talking about the tax freight train bearing down on
all of us, and a lot of advisers are not
talking about that, talking about just you know, getting higher gains.
Well that's not true either. You know, we've been teaching
all of you how important it is to invest in

(26:21):
tax free accounts like a tax free wroth Well cash
value life insurance? Is your advisor talking about that? We've
helped many of you do strategic tax planning. Write that down,
strategic tax planning. What does strategic mean? You do it
in a way that you're going to benefit, Okay, to
avoid the tax freight train. And there's a movie all
of you should watch. It's called The Power of zero.

(26:43):
The tax train is coming and I personally have moved
my wealth to tax free accounts, including cash Value life
insurance and Roth tax free accounts. You should do the
same eight three to three Maggie Tax and visit Maggie
tax dot com.

Speaker 3 (26:56):
Folks.

Speaker 2 (26:57):
I have webinars on there that you can sit and
watch about the rowth and the four to one K
that Chris and I talk about every week. Sit down
for thirty minutes and take a look at it. And
you know there's a second risk that all of us
is going to be faced. It's called longevity risk. And
Chris no one talks about longevity risk absolutely. You know
all advisors talk about market risk. Well, what about sequence
of return risk? Do you know what that is?

Speaker 4 (27:19):
You know?

Speaker 3 (27:20):
We do? You know what?

Speaker 4 (27:22):
What kind of risks are you associated with that you're
just not aware of? What about long term care risk?
Is your advisor talking about that?

Speaker 3 (27:31):
Well, we do?

Speaker 4 (27:33):
What about the big one inflation risk? And what about
legislative risk? Do you all know what that means? It's
when Congress can change the rules. Why are we entering
in the game of putting money into an IRA and
form one K where we don't even know.

Speaker 3 (27:48):
What the rules are. That's wrong.

Speaker 4 (27:50):
Why would you go into a board game without knowing
the rules, especially with your retirement. And I'm talking about
when the rules are not even established because they can
change it. Tax rates, Uncle Sam can change them. They
could be twenty five percent today, they could be forty
five percent tomorrow or in five years from now when
you need the money most. So why you playing the

(28:11):
game if you don't know the rules. They are written
in pencil. We can't just think about market returns and
risk that way. We have to start thinking about tax risk,
legislative risk. And that's what we're talking about. So pick
up the phone, schedule time to meet with us. A
three to three Maggie tax.

Speaker 2 (28:28):
Yeah, And the antidote to a longevity risk is guaranteed
lifetime income inflation adjusted income. Who's talking to you about that?
That's why we talk about bucket planning, which we'll get
into on another show, because bucket planning is the most
powerful planning you could do. Where you have income and
you have growth, and then you have later money. Do
you know how much money you're gonna need in retirement?

(28:49):
Ask yourself that question, because that's the question we ask
every single one coming in Social Security pension?

Speaker 3 (28:55):
Is that going to be enough? And if not, why not?

Speaker 2 (28:58):
And here's what the myth and science show. A successful
retirement is not about asset allocation, diversification or rates of return. Yeah,
that was true during your accumulation phase, but stop and
think for a minute. What about during your retirement. It's
all about curving basic lifetile expenses with guaranteed inflation income
planning in retirement. It's not about assets anymore. It's about

(29:21):
guaranteed income. A successful retirement is really a do it
yourself project. Take the time to meet with Maggie Tax
and meet with the qualified experience advisor. We've helped so
many people out there by making a few simple tweaks
to your portfolio now and you can start reducing your
future tax bill and make sure your retirement income lasts
for the rest of your life. Eight three three Magi.

Speaker 4 (29:42):
Tax Ye and be sure to visit our website at
Maggi tax dot com. And don't forget tune in every
Sunday on ABCTV at ten thirty am for the Maggie
Tax and Financial Show. You know, we have clients that
want to eliminate Uncle Sam forever and they are in
a zero percent tax bracket forever moving forward. If you
want to be, let's explore that as well. Eight three

(30:05):
to three Maggie Tax. When you come in and meet
with us, we're going to review your tax risk, your
income risk, your market risk, your long term care risk,
your longevity risk. These are things we do each and
every day to help you. Pick up the phone, schedule
time to meet with us. Eight three to three Maggie Tax,
and visit our website at Maggie Tax dot com. There's

(30:26):
so much information right there at your fingertips. They have
obvious on both sides of the Bay three locations to
help them. Eight three to three Maggie Tax.

Speaker 1 (30:38):
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

(31:00):
host with Maggie Tax and Wealth Advisors, Robert and Chris Maggie.

Speaker 3 (31:04):
Welcome back everyone.

Speaker 4 (31:05):
You listen to the Maggie Tax and Financial Show we're
talking about today, Well, taxes derail your retirement.

Speaker 3 (31:11):
Think about this. We have investment accounts.

Speaker 4 (31:13):
Yeah, but they're not so good if they're going to
get eaten up to taxes. So what are you doing
about it? Pick up the phone, schedule time to meet
with us. And now is the time. It's so important
to consider taxes in retirement. Many experts believe Congress will
need to raise additional tax revenue in the near term.
They're talking about this, it's going to happen. Our national

(31:33):
debt has swelled to more than thirty trillion dollars. You know,
Congress is debating trillions of dollars in new spending priorities.
We're seeing it. We're seeing what they're doing. So what
does that mean to you? They need to offset the
spending and they're not going to change the spendings. They
need to go after the people who have the money,
and that is the people out there who we're talking
to today. You have irs, you have full one k's,

(31:56):
you know. Simply put, these accounts are infected with tax taxes,
and there is every reason to believe that Washington will
be searching for more tax revenue in the future. So
when it comes to tax and retirement, you may want
to protect against the two related risk that we've been
talking about today, tax risk and also legislative risk. And
tax risk is the risk that taxes are not lower

(32:17):
in the future than they are today because of your
income needs and your filing status. And also the big
one or legislative risk, which is the risk our government
introduces new or expanded taxes that will impact your retirement approach.

Speaker 2 (32:32):
So I'm sure you have questions and you'll confuse, but
that's okay. Go to our website, Maggie tax dot com
and look for the chat box on the bottom right.
It's time to put in your question because if your concerned,
let's talk about it now Maggie tax dot com and
then go to the top there's a retirement calculator and
you can fill in the information there and we can
show you in thirty seconds what your retirement tax bill

(32:54):
is going to be. Then it's going to be time
to sit down together. So let's talk about what actions
can and you take today to help protect yourself from
these risks. And there's many risks out there. There's income risk,
there's market risk, there's retirement risk. They're all over the place.
Tax diversification right now may be valuable option to consider.
Many of you maybe are afraid of the language, but

(33:17):
again we want to interpret that for you. Some savers
choose to address the risk of variable taxes in retirement
by incorporating tax free strategies into their retirement approach. Many
people have WROTH iaries out there because it's tax free.
They use Index Universal Life because you can grow the
money tax free. And this is some strategies and concepts
that maybe not all of you understand. Tax free assets

(33:38):
can serve as a hedge against rising taxes in the future.
Since WROTH irays and even WROTH for one case, if
you have them and other tax free saving vehicles, think
about it. They're funded with after tax dollars. No taxes
are due on the funds when they are withdrawn in retirement.
That means if Congress raises taxes in the future, these

(33:59):
funds would not be impacted.

Speaker 4 (34:00):
So do you have these accounts out there? If not,
we can show you how to create these accounts. We
can show you how to convert to these accounts. We
can create a taxable environment that you don't want. You
don't want a taxable environment right, Well, share the tax
free account that you do want, and it's very simple,
just pick up the phone and schedule time to meet
with us. A three to three Maggie tax.

Speaker 2 (34:21):
You know, It's like when you buy a house. You
buy a house and you have a mortgage, and then
as you go on you pay into it. But then
guess what, you still owe the mortgage if you go
sell the house. So you might get equity out of it,
but still you got to pay that back. It's the
same thing with irs. You have grown a tax deferred account,
you agreed to let it grow tax deferred and in
retirement right now, because they change your rules to age

(34:42):
seventy two that you have to start taking rm D.
The larger your account, the higher the taxes. You're going
to have less for retirement. So by ensuring a portion
of your retirement funds are in tax free accounts that
Chris is talking about, you might feel better protected against
the risk of rise taxes in retirement. Folks, we just
talked about it. The Trump tax cuts are going to

(35:04):
expire in two years. That means the tax is going
to go up at least three percent, maybe more if
they keep spending trillions of dollars it's going to come
from your retirement, and that could help you have a
more complete approach to protecting your funds in retirement. You know, Chris,
we talk about the Maggie Plan. It's a tax plan,
it's an income plan, it's an insurance plan, it's an
investment plan, it's a state planning. So if you're sitting

(35:26):
there right now and you're missing some of those, go
to the Maggi Tax dot Com and hit the chat
box and put a question in. Let's find out what
we can do to help you, because that's what we're
trying to do. Interpret the wording, the language is different
for some of you. We want to make it simple.
Eight three to three Magi Tax. Be sure to go
to our website, the chat boxes right there, Maggie tax
dot Com. And if you want an answer about your

(35:48):
retirement calculator, the retirement calculator there is there, and in
thirty seconds, we can show you what your retirement tax
bill is going to be.

Speaker 4 (35:55):
And that's just it getting a plan. You know, we
thank you so much for listening to today's show. There's
so much information at your fingertips that you can have
acts to if you just want it. You know, right now,
many people are just doing what they do. They go
through life, they have their agenda throughout the day and
guess what, they're tired at the end of the day.
They don't take time to focus on these things, and
these are necessary issues that you need to be focusing on.

(36:17):
Whether you're married, whether you're single, whether you're a widow,
it doesn't matter. The fact of the matter is you
need to do something about this. This is your money.
You work so hard, you have assets. Don't get them
knocked down by taxes and future legislation because they want
to get the money that they spend. So pick up
the phone, schedule time to meet with us A three

(36:38):
three MAGI tacks. We look forward to meeting with you.
There's so so many opportunities to help you and if
you just know about them. So there's a tax plan
you can create. There's an income plan that you can create.
There's an investment plan that you can have. What about
an estate plan that you can have. These are the
things that we can do for you. Pick up the phone,
schedule time to meet with us, and don't forget visit

(36:59):
our website at MAGA tax dot com. You have any questions,
pick up the phone or just rent in the chat
box right there, write your question. Let's address it for
you A three three Maggie Tax.

Speaker 3 (37:09):
So folks, it's really up to you.

Speaker 2 (37:10):
You have to create a plan, a tax plan, an
income plan, an insurance plan. That's what Chris and I
you know, do with every client that comes in. Let's
have a conversation. You don't have to pay anything. There's
no charge. I mean people ask us all the time.
Come in for a free consultation, and by the way,
get a second opinion because you can't get that opinion
from the first advisor that you have. And many many

(37:31):
times that we've had second opinions that we give to clients.
It's an They open up their eyes and go like, wow,
I think I need to work with you.

Speaker 3 (37:37):
Guys.

Speaker 2 (37:38):
Eight three three Maggie Tax. Visit our website Maggie Tax
dot com. You have a question, just put it in
the chat box eight three three Maggie Tax, and don't
forget Tune in tomorrow to our TV show on ABC
at ten thirty am, The Maggie Tax and Financial Show.
We talk about a lot of interesting topics there see
if we can help you out a three to three
Magie Tax and be sure to visit our website Maggie

(37:59):
Tax dot com.

Speaker 1 (38:01):
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 anytime on the
free iHeartRadio app. And remember you can pay less tax
with Maggie Tax Program. Content provided by Maggie Tax Wealth

(38:22):
and Advisors. Call them at eight three three Maggie Tax
or visit them online at Maggietax dot com