November 26, 2025 • 38 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 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 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 I'm here with Chris Maggie. Don't
forget go to our website, Maggie Tax dot com and
look for seminars and enroll in one of our state
planning seminars. Also, we have all the dates there. Visit
our website Maggie Tax. Also for the retirement tax bill.
Speaker 3 (00:57):
This is so important.
Speaker 2 (00:58):
We're getting a lot of calls on this see what
your retirement tax bill is going to be. If you
have an IRA four oh one K four oh three
b TSP, I don't care if it what qualified plan.
Please go to the website many of you have and
you have the report, and we're getting appointments because now
you're starting to understand that when the Trump tax cuts expire,
you need to see someone and reduce your taxes. Also,
(01:19):
every Sunday at ten thirty, watch the Maggie Tax and
Financial Show and then right after that we're on the
radio again. So we have a lot to offer, but
be sure to visit our website Maggie tax dot com.
Speaker 3 (01:29):
And Chris, we have a lot to talk about.
Speaker 2 (01:30):
We're going to talk about a state planning, but we
also have some other topics that you want to discuss.
Speaker 4 (01:35):
And that's it. So welcome everyone, Thank you so much
for tuning into the show. And each and every week
we talk about getting a plan. We call it the
Maggi Plan. It's tax planning, it's income planning, it's social
Security maximization planning, it's investment planning, and it's also a
state planning. And if you are looking for an advisor
who looks at everything, not just your investments, but also
the tax implications and the income plan and how everything's
(01:58):
going to pass. Then you need to set appointent and
meet with us. So pick up the phone, schedule time
to meet with us. Visit our website at Maggie tax
dot com. That's m a Ggi tax dot com. So
let's jump into today's show because as always, we have
a lot to talk about because many people out there,
just like you listening today, have questions and you just
don't know where to go. But it's very simple. Just
(02:18):
pick up the phone, schedule time to meet with us.
Eight three three Maggie Tax.
Speaker 2 (02:22):
So let's discuss one of the topics that we have
at our three and one seminar. We talk about social security,
we talk about tax planning, and today let's discuss what
a state planning documents that you need in the state
of Florida. And the state planning or enhanced planning is
some people call it applius to all of you that's
listening today, So register today at Maggie tax dot com,
click on seminars and all the locations and times are listed.
(02:45):
And we do these seminars at libraries because it's about
education and a library is a great place to learn.
So we have a lot of people that have been common.
We have fifty sixty people attend. And the funny thing
about this, Chris, is that when we start talking about
estate planning, wills and trust, many people just don't know
the difference between what a will does, what a trust does,
what something's called they quit claim deed or a ladybird
(03:08):
deed is and they just totally confused. So another reason
to attend is we will give all of you a
free copy of our first book that we wrote. We
want to educate you. Stop funding Uncle Sam's retirement. Get
a plan that's simple and easy to understand. We call
it the Maggie Plan. It's a tax plan, it's an
income plan. It's also an investment plan. And a little
bit later in the show, we're going to talk about
(03:28):
a client that came in and all of this applied
to him because he came to the seminar. So, Chris,
you know, this is the biggest problem that I see
with people. They don't understand there's a lot of you know,
commotion out there, and you know, just don't understand what
the heck.
Speaker 3 (03:42):
Is going on. Well that's just it. You know, there's
a lot to it.
Speaker 4 (03:44):
We had met with a client last week and they
came in and said, you know, they're losing money, or
they came in and said, well what can I do
with this market? Well, what's the rest of the story. Well,
they had income planning needs that they had to attend to.
They had to make sure that they have the income
coming in every month when they retire. How they going
to get it? Yeah, the investments play a big role
in it because what if you have market risk and
the market goes down twenty thirty percent and guess what
(04:07):
you lose income? What about the state planned? They had
no will, they had no power of attorney, they had
no living trust. They wanted to stay in the family,
just didn't know how to go about doing it. So
they had questions about how do we file for Social Security?
When's the best time to do it. These are things
that we do each and every day that you need
to look into when you talk about your financial plan.
(04:27):
And there are many advisors out there, and a lot
of them are on the retail side they just sell
you something. But on the institutional side, when you work
with the fiduciary who understands complete planning like we do.
That's where you want to meet. So we're talking about
today a lot of different things, but we're going to
discuss what documents are required in the state of Florida
for you, because if you want to keep your money
in your pocket and to your family, some of the
(04:48):
things have to happen for you to accomplish that goal.
Speaker 2 (04:51):
Well, we also are going to give everybody a free
copy of the Social Security brochure because what we found
out at these seminars, a lot of you don't understand
to leave it earning the earnings test. They don't understand
when you can get take some security, why you should
take it at a different date, the tax are This
is all at our seminar, and again we give this
brochure out, so let's discuss what documents are required in Florida.
(05:12):
There's a handful of things that need to be sorted
out before you can set things in stone to ensure
that everything goes smoothly. But it can be a lot
for a single person to keep track of, and not
everyone may understand the terminology involved and what's happening, Chris,
that we see with widows and widowers they don't understand
how to set their a state up with beneficiaries with
(05:33):
wills or a trust because they just hear it from
their neighbor or their friend, or you know, you don't
need this, or you don't have a lot of money,
and that's not true. And that's why Maggie tax is
here to let you know what documents are needed for
a state planning and an explanation of what they are.
And we work with a national group of attorneys to
get all the documents you need. So this is important
because if you work with an attorney, sometimes it takes
(05:55):
a lot of time. Sometimes it's a lot more expensive.
That's why we encourage you to come. So the question is, Chris,
what is a state planning?
Speaker 3 (06:03):
Well, let's it. Well, here's a brief summary.
Speaker 4 (06:05):
Things can happen that may put us in a situation
where we're unable to communicate our intentions when it comes
to our assets or to our own well being, and
whether it be from a sudden disability and an ability
to speak freely or the act of passing, there are
a number of reasons that could cause you to relinquish control.
You're saying things and estate planning prepares you for those
(06:26):
outcomes by setting your wishes in place should any of
these things occur. So estate planning or enhance planning involves
a few types of documentation to ensure the results that
you desire you and your family in each of the
following papers covers your rights to their corresponding fields and
you can enjoy peace of mind by getting it all
(06:46):
down in writing. And that's why we encourage you to
meet with us. We have attorneys that work with us.
Not only do we do this state planning and the
income planning and the investment planning, but the estate planning
is so important. So just keep in mind that it's
important to avoid common estate planning mistakes since you won't
be able to fix them after it's too late. So
let's talk about some of the documents.
Speaker 2 (07:06):
Well, the first thing I want to talk about is
a last will and testament, and this is often seen
as one of the most important documents that you can sign.
Speaker 3 (07:13):
Your last will and testament will make.
Speaker 2 (07:15):
Sure that your assets they go to the people that
you want them to go to as stated, and this
can also be used to designate specific people to be
the guardian of your mind or children. Without this document, Chris,
there's no guarantee that your wishes will be fulfilled after
you pass the bottom line, with a will, it's just
that you know it tells the court where you want
(07:36):
to go, but it still has to be proven and
that goes through probate.
Speaker 4 (07:39):
That's it. So that's one of the documents that you
just should be aware of. What about a living trust
And a lot of people hear about a trust and
they really don't know what it is. And many people
ask the question, do I need a trust or do
I just need a will? Well, a living trust is
this is where how you can make sure that your
possessions will be distributed how you wish. It speaks from
(07:59):
the great So you can personally choose someone you know
to be the trustee to handle all of your assets
for you after you pass, to give you a greater
peace of mind. And you're also able to change who
you designate who you want these accounts to go to.
And you also can designate who you want your trustee
to be as many times you like, for as long
as you live.
Speaker 2 (08:20):
And that's the difference between a will and a trust.
So when you come to the seminar or you come
and meet with us. We're going to explain to both
of these. But now you starts a little bit more serious.
What about power of attorney And if you are ever
in a situation where you are unable to make important
decisions yourself concerning your property or your financial matters and
other assets, a power of attorney they call it a
(08:40):
POA can make those decisions on your behalf. Of course,
you would want someone that you can absolutely trust to
handle such important matters, So this document will establish who
will be your PA, should you ever need one. And Chris,
the important thing about that some banks don't recognize a
power of attorney that you get drawn up. They require
you to draw up your own, and a lot of
people don't know that. So that's important when you have
(09:03):
you know, and many of you listening today maybe someone
passed away that you know and you went through probate,
and what we're telling you, if you don't have these documents,
it just doesn't help you get through the process. The
last thing is healthcare directives. Setting up your healthcare directive
is almost like having a power of attorney, but this
one's for medical concerns, and you can state what types
of treatment you do and do not want, and this
(09:24):
is important. So what surgeries you approve of, whether or
not you would like to donate your organs and so on.
Since this concern is something as personal as your own body,
it's so important to have such matters clearly written. So
this is why we encourage you to talk about a
will and a trust. If your advisor is not talking
about it, and Chris and we see this all the time,
they don't talk about passing it on after they pass.
(09:47):
It's all about you know, the stock, the bond, the
interest rate, and there's so much termoil right now, you
know this, it's not the answer, correct.
Speaker 4 (09:53):
That's exactly right. I mean is your assets? It doesn't
matter what your account has in your checking account or
savings account, are they titled the right way? What about
your retirement accounts? Your four one K or four one k's,
you know you might have multiple retirement plans at different
locations that you're not working there anymore. Are they titled
the right way? What do you want your accounts to
do for you? This is a loaded question, but also
(10:14):
it's important because this is your money. So pick up
the phone, schedule time to meet with us. If you
need an estate plan weekn help. If you're looking for
income planning and investment planning, and sold security planning and
medicare planning and want to encompass everything together, WEE can help.
So pick up the phone A three to three Maggie Tax,
visit our website at Maggie tax dot com, and don't forget.
Every Sunday on ABC TV, tune in for the half
(10:36):
an hour show of The Maggie Tax and Financial Show.
There's so much information right there at your fingertips Maggie
Tax dot com. Eight three to 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 you're
(11:11):
host with Maggie Tax and Wealth Advisors Robert and Chris Maggie.
Speaker 3 (11:15):
Welcome back to the.
Speaker 4 (11:16):
Magi Tax and Financial Show. I'm Chris Maggie and I'm
here my dad and cost of the show, Robert Maggie.
Every Sunday on ABC TV at ten thirty am, we
have our show. It's thirty minutes. It's a live show.
What we do is we help people understand their retirement
issues from the tax side of it, from the income side,
from the investment side, from the estate planning. So we
(11:37):
do complete planning. And today we're focusing on roth conversions.
And what is a roth conversion. Well, many people out
there have iras and formal keys and TSPs. If you're
a federal or a SEP planned self employed plan, these
accounts are infected with taxes. They grow tax deferred, which
means when you start taking money out, they have to
(11:58):
hit you with taxes. You get a ten nine nine
taxable event. So in the future, what can you do?
What are you doing to protect yourself on the income side,
and these things we're talking about here today to help you.
But you can start converting from the IRA and get
the money out of a taxable environment into tax free accounts.
How do you do that? And that's what we're discussing today.
(12:19):
So Dad, let's talk about the second question here. How
much of your future income will you need from your
investments or save these accounts.
Speaker 2 (12:27):
That's a great question that we ask everyone because you
have to tell us what you're looking for. And when
you have a text deferred account with five hundred thousand
or a million dollars, your first thought is we've got
to take it from there.
Speaker 3 (12:38):
But do you have a plan to convert that?
Speaker 2 (12:40):
So the common portfolio practice tells us that there's a
certain amount of distribution that an investment portfolio can withstand
without depleting itself over time. What you want to do
is have guaranteed income over your lifetime. So if you're
currently distributing a significant percentage of your IRA on which
to pay for living expenses, and then you have to
ask your portfolio to also pay the taxes for the conversions,
(13:05):
you can quickly get to the no go situation on converting. Now,
when I say that, it's because that's what people think.
But there are ways to convert this where it makes
sense to do it, and we can show you that.
So we like to use a rule of thumb of
four percent as the maximum distribution from your total IRA,
and this does not apply to every situation. So again,
when you meet with us, we're going to go over
(13:25):
this and we're going to show you how it works.
But it's a great starting point to see if you
should proceed with the notion of a conversion. And the
reason why the conversion is so important is because we
can show you strategically over a five or seven year
window to pay that tax and have no tax to pay.
And remember something I said before, when you're saving all
your life for tax retirement. For retirement, you have a
(13:49):
tax deferred account. So when you start taking it out
the R and DS and Chris, the distribution is so
important right now because along with that we look at
the pensions, so security and how much do you really
need to make up the difference in that it probably
comes from your IRA, but why not have it come
from a wroth tax free account.
Speaker 4 (14:06):
Well that's just said, so think about this when in
the future you need income. So let's just say you
retire and you get sold security of two thousand a
month and your spouse gets a thousand a month. That's
three thousand dollars a month of income. Well what if
you need five what do you do? Many people think, well,
just take it from my IRA. Well that's a two
thousand dollars a month distribution. Well, now you're going to
(14:27):
get a ten ninety nine and that's taxable one hundred
percent taxed. So what if you were able to create
tax free buckets? So maybe you take a thousand from
your IRA and a thousand from your wroth IRA. Now
you have five thousand dollars a month of income. But
guess what you will be under the threshold income, which
means that you won't have to file a tax term
(14:48):
because you won't have to pay any tax. So many
people are thinking, well, how's that happen. Well, many people
don't understand how solid security is taxed. So in this
in this situation I just mentioned, you can go ahead
and protect yourself from paying more tax in the future
by doing the planning now, so pick up the phone,
schedule time to meet with us. Let's talk about how
(15:08):
you can create tax free buckets and if you should
convert your money to the rough IRA. Eight three three,
Maggie Tax. Pick up the phone today. It's so crucial
because tax rates are going to go up. What are
you doing if you have the opportunity to convert. Let's
convert on the most tax efficient way and we can
show you eight three three, Maggie Tax.
Speaker 2 (15:28):
And all of us have a debt to the irs,
So don't take that away because you saved on a
tax deferred basis. Now you got to pay the tax
that they'll that you save on. And the problem now
is that when taxes go up, and they will, then
most people will not see that Chris, because they weren't
aware of the fact that tax cuts and jobs act
to reduce their taxes years ago. But look right now,
if you have a million dollar IRA, or a five
(15:50):
hundred thousand dollar IRA or a two hundred thousand I
don't care what's in the IRA of four to one k,
you need to start thinking about converting because you're going
to pay tax maybe ten to twenty times more then
the tax deduction that you got years ago.
Speaker 3 (16:03):
So think about it.
Speaker 2 (16:04):
You know, I'd rather have tax free money, and it's
it's gonna hurt a little bit. But when you look
at it and you say, I have to pay that
tax because then I own it, that's what you want
to do. It's like the mortgage on your house. You
have to pay a mortgage, but when you pay it off,
you own that house. It's the same thing with your
roth account or your RMD or your IRA. If you
pay the tax, then you have no more rm D,
(16:26):
you have no more tax on Social Security, you have
no more ARM. And if your advisor's not talking to
you about this or your tax prepairer, please give us
a call eight three to three Maggie Tax, eight three
to three Magi Tax. Let Chris and I run a
conversion for you and prove it to you, and I
can go with examples later that I can show you
how we helped a million dollar IRA basically pay little
or no tax, but they got it all back and
(16:48):
now it's a tax free account.
Speaker 3 (16:49):
Which would you rather have?
Speaker 4 (16:50):
That's the thing, you know, think about it? Moving forward?
The tax rates are going to go up. The DEBTONUS
country is high. Where are they going to get the money?
They know how much money you have in qualified accounts,
They know you know. That's what the thing about it
is is that they can increase tax rates three percent,
five percent, eight percent, ten percent in the future. And
guess what that means more money to them, less to you.
(17:12):
But not if you have tax free buckets, because then
you just eliminated Uncle Sam forever and ever and ever.
Would you want to eliminate Uncle Sam? Absolutely? If you can,
how do you do it? That's the planning. We talk about,
so let's do tax planning for you. Let's do income planning,
Let's do investment planning. Let's put it all together and
do a state planning. My gosh, how many people out
(17:33):
there don't have wills or trusts or power of attorneys
or state planning documents. Well, these are just crucial. And
I met with a client last week, sixty five years old.
My gosh, has three quarters of a million dollars and
guess what. They have no estate plan, they have no
income plan, they have no investment plan, they have no
tax plan. But now they do so because they talked
about how do we convert, how do we put our
(17:55):
money in the right position so we can have tax
free money in the future. They were concerned about the
increase in tax rates. They're concerned about the administration. They're
concerned about the legislative risk. What we mean by that
is when they start changing the tax code, just by
the it's written in pencil, they're gonna change it. So
what do you do tax planning? Pick up the phone,
schedule time to meet with us. Eight three to three,
(18:16):
Maggie tax. We have offices on both sides of the bay.
Visit our website Maggie Tax dot com. That's m a
g Gi tax dot com. Once again, schedule time to
meet with us. We look forward to meeting with you
and every Sunday on ABC TV at ten thirty am.
Tune into our show ten thirty am Abc TV on
Sunday for the Magi Tax and Financial Show eight three
(18:37):
three Magi Tax. That's eight three to three Magi 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
three Maggie Tax or visit Maggie tax dot com. Now
(19:05):
you're host with Maggie Tax and Wealth Advisors Robert and
Chris Maggie.
Speaker 4 (19:11):
Hello, every want to thank you so much for tuning
into our show. We thank you for taking the time
because there's so much to learn, there's so much to
get educated about. This is your retirement. You only retire once.
We retire each and every day, so welcome to the
Magi Tax and Financial Show. Thank you so much for
tuning in and today we're talking about income sources. We're
talking about retirement planning. You know, we discuss strategies that
(19:32):
allow you to take money out of your retirement plan
on the most tax efficient way, with the financial flexibility
that you want during your retirement. And above all, you know,
we compare retirement plan distribution choices to help you make
an informed decision. You know, we teach you about strategies
to minimize taxes on your retirement income and avoid those
(19:53):
unnecessary tax penalties up to fifty percent that you don't
have to pay. So we explain the rules for you retirement. Why,
because you need the advisor to help you. It's not
just about put your accounts away into retirement investment hopefully
it's there. You need to understand the distribution rules and
you need to understand how each and every one of
(20:14):
these accounts are going to be taxed. So if you're
not working with an advisor who does complete planning, you
deserve to do that. So pick up the phone, schedule
time to meet with us. We can do it for you.
AID three three Maggie Tax.
Speaker 3 (20:26):
You know, it's so interesting out there.
Speaker 2 (20:27):
There's a lot of topics like we explained rules for
early access to your retirement funds. Chris mentioned, but you
know about cash accounts, stocks, bonds, mutual funds, you know,
exchange traded funds, managed accounts, tax deferd ainuities and important
considerations before you invest. And that's part of all your
retirement planning. But how do you put those pieces of
the puzzle together. One big one right now that we
(20:50):
are talking to every one of our clients about and
you should be doing something about it is legacy planning
or estate planning, and it's just about money. Includes much
more than planning for your death. So think about it.
People think about a state planning. It's called enhanced planning.
How do you know who's going to get wet and
where it's going to go? How does that work when
you pass away? You all know about celebrities that have
(21:12):
not done it right and went through probate. Why should
that happen? And it shouldn't happen, so we can help
you there. And it involves personal decisions that affect you,
you know, even your family and loved ones even while
you're still living. So these are things that you need
to be talking about. Okay, And as a result of
recent tax law changes a state. Planning is a moving
target and folks, things are going to change, and we
(21:34):
discuss how to plan for today and also for your future.
Is your advisor doing that? Is your tax advisor doing that?
And we call it the Maggie Plan because it's a
complete plan. These are things that all of you should
be thinking about. Learn the strategies and techniques to minimize
or eliminate income, gift and estate taxes and expenses and
delays and legal challenges and a shortage of liquid assets
(21:57):
following your death. Why would you let that go? And
you should be talking about it today. I know it's
not a great conversation, Chris, that people don't want to have,
but here's the point. If they don't do anything now,
they're going to have a big problem later on. And
I know they're going to be six feet under. They
could care less. But that's not the answer to that question.
If you have developed in a state, if you've developed
assets and you worked hard, don't you want them to
(22:19):
go to the right person and not the government?
Speaker 3 (22:22):
Well that's just said.
Speaker 4 (22:22):
If you don't have a plan, then guess what someone
that you don't even know is going to dictate how
your assets should be distributed is what you really want? No,
you don't want that, you know, we show you the
best way to hold joint ownership of property or other
assets based on your situation. Your situation. Retirement planning today
is both entertaining and informative. That's what we need to do.
(22:45):
We need to show you how that works because why
most people, most advisors don't even care. We come across
accounts each and every day and we ask about beneficiaries
on these accounts and guess what, the advisor didn't take
the time to actually put a beneficiary on it. Are
you kidding me? This is like, this is unbelievable. I
can't believe it because they don't care about your account.
All they want to do is just gather the money.
(23:06):
They don't care about how it's distributed. They don't care
on how it's going to pass. This is something that
is very very upsetting to me into our firm because
this is something that you need to make sure that
you are aware of. If you have beneficiaries. Guess what
you need to make sure that your accounts stay in
the family.
Speaker 3 (23:25):
You know.
Speaker 4 (23:25):
We focus on specific topics that have the concerns about
what we're talking about here, distribution planning and legacy planning,
and we can help. So pick up the phone, schedule
time to meet with us. Visit our website. There's so
much there at your fingertips. There's videos there, there's ways
to reach out to us, there's ways to well, we
can have a conversation and address the concerns that you
(23:47):
have and these questions that are keeping you up at night.
Eight three to three Maggie tax. That's eight three to
three Maggie tax.
Speaker 3 (23:54):
Wow.
Speaker 2 (23:54):
And again I talk about the Baggie Plan. That's what
we're talking about here. It's a tax plan, it's an
income plans, an insurance plan, it's enhanced planning, it's college planning,
and it's your plan. It's called whatever your name is plan.
We call it the Maggie Plan because we put it
together and think about it. Congressional spending and the impact
to savers that we have today with IRA accounts, four
(24:15):
O one K accounts, Wroth accounts, TSP, and set accounts.
In recent months, Congress has been busy debating new tax
and spending packages as part of President Biden's Build Back
Better agenda. And think about this, the Secure Act that
many people don't even know about has been passed.
Speaker 3 (24:31):
And that's a big hit because.
Speaker 2 (24:33):
If you had an IRA you could take, you would
have to take your money out at seventy and a half.
Well they change out to seventy two and now this
year it's seventy three. I mean, do you know that?
And if you don't know that, you need to understand
what that means when you start taking money out of
your retirement account. And when you go to my retirement
calculator on Maggie tax dot com, it's going to show
(24:53):
you what if you put in your amount that you
have of your IRA or four to one K, and
there's a tax bracket you could put yourself in, and
you're going to see between now and that age seventy three,
what you're going to wind up paying when you start
taking it out. And folks, if you want to pay
a high tax, that's on you. We don't want you
to pay that high tax. And we call it strategic planning.
(25:13):
We call it the sweet spot. Many people that have
come in and listened to our show understand now, wow,
I got to do something about it now because Chris
taxes are low and in two years in twenty twenty six,
the Trump tax it's going to aspire, and guess what,
They're going to be paying a lot more in taxes,
and who knows what Congress is going to do because
it's called legislative risk.
Speaker 4 (25:33):
Well that's just it. You know, legislative risk. That means
they can change the rules. So think about it. Put
yourself in this situation. We talk about it all the time.
You know, you reach retirement, you're all fine and everything
looks great, and then two years into retirement, guess what,
they increase taxes, They change the rules. So now what
Now more taxable situation comes to you, which means less income.
(25:54):
So now you're you're sitting on that five thousand dollars
a month. This is great, I'm getting five thousand of
come every month, no problem spending it, saving a little bit.
But guess what Now the taxes rise and those taxable
accounts that you're taking money out of now they have
to start withholding more. So that means instead of five
thousand dollars, you're really only getting about forty two hundred
(26:16):
dollars a month. So it's a less income because more
in taxes. How are you going to deal with that?
What position or what positions. Are you putting it together
now to take advantage of these opportunities when they happen.
It's going to happen at some point. Yeah, you can't
go back to work, and even if you can, do
you really want to know? So that's why these playchecks
(26:37):
have to be put into place. That's when you turn
on a playcheck, so it goes ahead and takes care
of the inflation or the or the increase in taxes,
so you still get your money each and every month
for the rest of your life. That's called bucket planning.
That's called asset protection. That's called putting together a plan
for you. Eight three three maggie tax. We can do
(26:57):
the same for you, develop a play and a paycheck
eight three to three maggie tax.
Speaker 1 (27:03):
You know.
Speaker 2 (27:03):
And the thing is if they keep spending, and they
authorized spending naturally to fund this new spending. The bills
have also included a multitude of new and expanded tax
proposals let me say it again, tax proposals for individuals
and corporations. Significantly, many of these tax provisions have targeted
iras four oh one k's and if you have one,
(27:23):
stand up and listen, because it's gonna affect you wroth
accounts and other retirement savings vehicles. At a high level,
these proposals represent a significant change in the way Washington
views saving for retirement. They're not letting you save for retirement. Okay,
they want your money. They want the IRA and the
four to one K because it hasn't been taxed yet. Yes,
(27:44):
they gave you a deduction on the front, and that's great,
but here's the point. You're gonna have to pay it back.
Speaker 3 (27:50):
Okay.
Speaker 2 (27:50):
It's like the farmer and the seed. Would you rather
pay a tax on the seed or the harvest? And Chris,
this is where I laughed, because we get millionaire clients
coming in. Don't worry about it. I have a million
dollars in my IRA. I'm okay, No you're not. It's
going to be a big tax aid. Am I right
or wrong on that?
Speaker 3 (28:07):
Well?
Speaker 4 (28:07):
That's it. You know, taxes are going to increase at
some point, and when they do, you have to be
prepared because that means less to you more to Uncle Sam.
And that's where you're going to be in a situation
where it's gonna be tough to combat at that time.
Now is the time to take advantage of these opportunities.
Now is the time to start thinking about a traditional
rollout from the IRA to the roth IRA. We call
(28:29):
it a strategic rollout. How do you go about doing that?
Do you take a lump sum, do you rebuff the
band aid you just pay the tax now on all
of it? Or do you do it strategically? What's right
for you? You know, it's interesting because we have clients
that come in and they want to take advantage of
it right now. They want to be in a forever,
never taxed environment. So they say, Chris, I'm ready to go.
Let's go in and pay the tax. And here's a check.
(28:52):
How much do I have to stroke to check for
so I can eliminate Uncle Sam forever and ever and ever?
Is that you? Well, if you want to go down
that route, we need to figure out what the tax
ramification is going to be today, and we could do
that in our office throughout the whole year, not just
during tax time, throughout the whole year, and we can
put your investments in accounts where they grow and you
(29:12):
can figure out how you want to what type of
risk do you want to take? Do you want safety
of your money? Do you want risk. Do you want
a combination of both? What is it that you and
your family want? That's what we're talking about here. It's
your plan. Pick up the phone, schedule time to meet
with us. It's called the Maggie Plan, but it's your
plan for retirement. It's a plan that's simple and easy
(29:33):
for you to understand. Tax planning, investment planning, income planning,
estate planning, social security maximization planning. This is all for you.
It's called complete holistic planning. That's what we do eight
three to three Maggie Tax.
Speaker 2 (29:48):
And I can wrap that up by what is your
risk tolerance? I mean, are you aggressive? Are you conservative?
And many times that we talk about red money green money,
we find out that more of your money is in
red money where we call I hope so money, rather
than green money where I know so money. And again
when we do this in front of you and you
see the asset map that shows you where your red
money green money is, it's a winner because now you
(30:11):
understand what you can do with your money, how to
do it, and you know the best way that when
you retire it's going to be easy. Maggie Tax dot
com click on retirement calculator.
Speaker 3 (30:21):
I challenge all of you to go ahead and do that.
Speaker 2 (30:24):
Let's click on it, take a look at it and
see what your retirement tax bill is going to be.
A three to three Maggie Tax and be sure to
watch your show on ABC TV every Sunday at ten thirty.
Speaker 3 (30:33):
You're listening to the Maggie Tax and Financial Show.
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
Magie Tax or visit Maggie Tax dot com. Now your
(31:00):
host with Maggie Tax and Wealth Advisors, Robert and Chris Maggie.
Speaker 3 (31:06):
Welcome back and thanks for joining us today.
Speaker 2 (31:07):
My name is Robert Maggie and I'm here with Chris Maggie,
and today we've been talking about Roth conversions, Roth fo
ow and k's Roth iras. But we're going to talk
about five reasons that you should not open up a Roth. Okay,
Number one, this is a big question we get all
the time. You have no earned income.
Speaker 3 (31:24):
So to be.
Speaker 2 (31:24):
Eligible to open up a roth ira or a traditional
ira with a contribution, a person must have compensation. Wages, salary, commissions,
or other dollars received for personal services all qualify as compensation,
and that's for IRA contribution eligibility. Things that do not
qualify as compensation include pension, an annuity, income, interest, income,
(31:47):
capital gains, or social security benefits. No compensation equals no
wroth ira contribution. This is confusing to a lot of people, Chris,
because people want to put money into tax free accounts.
Speaker 3 (31:58):
This is one reason why they can't.
Speaker 4 (32:00):
That's right, So that's why there's some reasons why you
should and some reasons why you shouldn't. So the second
reason why you should not open up a roth ira
is you have too much earned income. At the other
side of the spectrum our individuals who make too much
money to contribute to a roth ira. There's phase out
limitations in each year. These change. Back in twenty twenty three,
there were two hundred and eighteen thousand to two hundred
(32:21):
and twenty eight thousand for those file and married filing jointly.
If you exceeded that amount, then guess what you cannot contribute?
To a roth ira, So make sure you meet with
the right advisor, make sure that you do proper planning,
because if you make too much money, we can show
you some other avenues that you can contribute to tax
free buckets as opposed to a roth ira exactly.
Speaker 2 (32:43):
Now, another reason here is maybe you need the money soon.
So a person always has access to his roth ira
contributions as we mentioned before, tax and penalty free. But
if you need the money for a big purchase soon,
or if you need the money for daily living expenses,
it might not be well, may not make sense to
go through the process of opening up a roth ira.
And we get these questions all the time, and this
(33:04):
is especially true if you're under age fifty nine and
a half and need access to any earnings that might
accrue within the roth ira. So for those who need
cash now or for a big purchase at some point
in the near future, a non qualified account may be
better option, and we can talk about that with you.
So if managed properly, you're going to have full access
to the principle as well as the earnings and Chris,
(33:25):
that is a big concern of liquidity no matter where
you put your money for any person at any age
of any amount.
Speaker 4 (33:33):
That's true, and that's why when you meet with the
right advisor, we can look at the suitability rules and
also your income and what your discretionary amount is and
your budget and make sure that you have enough money
that you can access. And there's different buckets of money
for different purposes, and when we put together our plans,
we always have liquid buckets available. We know and understand
that emergencies happen and things happen, and you need to
(33:55):
access money. Absolutely, we want to put you in a
situation where to you can succeed, fall victim to the penalties,
or a situation where you're hurt in any which way.
So that's why it's so important to meet with the
right advisor who understands you and what you're doing and
how you can contribute to these plans effectively. Another reason
why you should not contribute to a wroth ira is
(34:16):
that your beneficiary is a charity. You know, charities do
not pay income tax. A lot of people don't know that.
If your goal is to leave your IRA to a charity,
then definitely do not fund a wroth ira. Why should
you pay the tax?
Speaker 2 (34:29):
Now?
Speaker 4 (34:29):
On that you should open up, then an ira get
a tax deduction, so it benefits you. So the money
that goes to the charities or guess what, tax free anyway,
because they do not pay taxes. You know, why pay
tax on the dollars yourself and go out of your
way to create a tax free income source for the
entity that won't pay taxes anyway. That's what we're talking
about here. Then many people make that mistake, and many
(34:52):
people just really don't understand why. But when we show
them now it makes sense, and you know it's the language.
Speaker 3 (34:57):
And I'm going to give you the biggest one right here.
Speaker 2 (35:00):
Just don't trust the government to keep its tax free promise.
And yes, tax laws are effectively written in pencil. We
talk about that all the time. And the tax free
benefits of a roth iray could theoretically be stripped away.
But if you think the rules will change in tax
re earnings on roth iras will be eliminated from the
tax code, then you probably should avoid a wroth ira.
(35:20):
And you know it is our opinion that Congress has
tipped its hand. They love roth iras. Why because you're
paying a tax going in today and you're done. This
was evident in secure two point zero with all the
new Wroth options, the Roth SEP, the Wroth Simple, Roth
Employer Match, et cetera.
Speaker 3 (35:38):
Goes on and on.
Speaker 2 (35:40):
Roth means tax revenue now for the government. And that
is music to the ears of a politician. And again
when you look at my website and go to the
retirement calculator and you start to see that you're deferring
it to age seventy two or seventy three. As that
account grows, and as the taxes go higher, you're paying
more out of your and you're penalizing savers. Okay, that's
(36:03):
the bottom line. And if you have a large IRA
or four to one K, folks, it's not all yours.
You're funding the government. That's what you're doing. You're paying
Uncle Sam. So start thinking about converting the right way,
keeping the tax low and having more tax free income
down the road. Go to my website, Maggie tax dot com,
look on the retirement calculator and put the numbers in yourself.
(36:23):
It's free and in thirty seconds thirty seconds, I don't
think anyone out there can do what we're doing in
thirty seconds, tell you what your tax bill.
Speaker 3 (36:31):
Is going to be.
Speaker 4 (36:31):
That's just it understanding what your tax bill will be,
and we can show you that in thirty seconds. Visit
our website at Maggie tax dot com upper right hand
corner retirement tax bill. You know many people out there
have those iras. They're infected with taxes. They have no
idea how to diffuse the tax time bomb. We can
show you. So today we talked about rothiras versus wroth
(36:52):
four O one k's. We talked about why you should
open up a rothira immediately, and we also talked about
why you should not open up a roth ira. So,
as you see, there are pros and cons to each
and every investment. So that's why when you talk to somebody,
if they're just talking about one thing, those are transactional advisors.
You want to work with a complete advisor. Someone who's
(37:14):
a fiduciary is gonna do the best thing for you,
but also take out a step further. Someone who has
tax planning background, understands taxes, income investments, social security maximization,
a state planning. Someone can do complete planning for you.
Why because everything is interchangeable, they all work together. Should
you contribute to a roth ira? Maybe maybe it's right
(37:35):
for you, but not your neighbor. Maybe you should put
together an IRA why because maybe you should get a
tax deduction on the on the front end, because your
charities are the beneficiaries on the back end. So who knows.
Every situation is different. Pick up the phone, schedule time
to meet with us. We thank you so much for
tuning into our show today. Every Sunday on ABC TV
(37:55):
at ten thirty, tune into the NIGI Tax and Financial
Show A three to three Maggie Tax. That's eight three
three Maggie Tax.
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.
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 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 I'm here with Chris Maggie. Don't
forget go to our website, Maggie Tax dot com and
look for seminars and enroll in one of our state
planning seminars. Also, we have all the dates there. Visit
our website Maggie Tax. Also for the retirement tax bill.
Speaker 3 (00:57):
This is so important.
Speaker 2 (00:58):
We're getting a lot of calls on this see what
your retirement tax bill is going to be. If you
have an IRA four oh one K four oh three
b TSP, I don't care if it what qualified plan.
Please go to the website many of you have and
you have the report, and we're getting appointments because now
you're starting to understand that when the Trump tax cuts expire,
you need to see someone and reduce your taxes. Also,
(01:19):
every Sunday at ten thirty, watch the Maggie Tax and
Financial Show and then right after that we're on the
radio again. So we have a lot to offer, but
be sure to visit our website Maggie tax dot com.
Speaker 3 (01:29):
And Chris, we have a lot to talk about.
Speaker 2 (01:30):
We're going to talk about a state planning, but we
also have some other topics that you want to discuss.
Speaker 4 (01:35):
And that's it. So welcome everyone, Thank you so much
for tuning into the show. And each and every week
we talk about getting a plan. We call it the
Maggi Plan. It's tax planning, it's income planning, it's social
Security maximization planning, it's investment planning, and it's also a
state planning. And if you are looking for an advisor
who looks at everything, not just your investments, but also
the tax implications and the income plan and how everything's
(01:58):
going to pass. Then you need to set appointent and
meet with us. So pick up the phone, schedule time
to meet with us. Visit our website at Maggie tax
dot com. That's m a Ggi tax dot com. So
let's jump into today's show because as always, we have
a lot to talk about because many people out there,
just like you listening today, have questions and you just
don't know where to go. But it's very simple. Just
(02:18):
pick up the phone, schedule time to meet with us.
Eight three three Maggie Tax.
Speaker 2 (02:22):
So let's discuss one of the topics that we have
at our three and one seminar. We talk about social security,
we talk about tax planning, and today let's discuss what
a state planning documents that you need in the state
of Florida. And the state planning or enhanced planning is
some people call it applius to all of you that's
listening today, So register today at Maggie tax dot com,
click on seminars and all the locations and times are listed.
(02:45):
And we do these seminars at libraries because it's about
education and a library is a great place to learn.
So we have a lot of people that have been common.
We have fifty sixty people attend. And the funny thing
about this, Chris, is that when we start talking about
estate planning, wills and trust, many people just don't know
the difference between what a will does, what a trust does,
what something's called they quit claim deed or a ladybird
(03:08):
deed is and they just totally confused. So another reason
to attend is we will give all of you a
free copy of our first book that we wrote. We
want to educate you. Stop funding Uncle Sam's retirement. Get
a plan that's simple and easy to understand. We call
it the Maggie Plan. It's a tax plan, it's an
income plan. It's also an investment plan. And a little
bit later in the show, we're going to talk about
(03:28):
a client that came in and all of this applied
to him because he came to the seminar. So, Chris,
you know, this is the biggest problem that I see
with people. They don't understand there's a lot of you know,
commotion out there, and you know, just don't understand what
the heck.
Speaker 3 (03:42):
Is going on. Well that's just it. You know, there's
a lot to it.
Speaker 4 (03:44):
We had met with a client last week and they
came in and said, you know, they're losing money, or
they came in and said, well what can I do
with this market? Well, what's the rest of the story. Well,
they had income planning needs that they had to attend to.
They had to make sure that they have the income
coming in every month when they retire. How they going
to get it? Yeah, the investments play a big role
in it because what if you have market risk and
the market goes down twenty thirty percent and guess what
(04:07):
you lose income? What about the state planned? They had
no will, they had no power of attorney, they had
no living trust. They wanted to stay in the family,
just didn't know how to go about doing it. So
they had questions about how do we file for Social Security?
When's the best time to do it. These are things
that we do each and every day that you need
to look into when you talk about your financial plan.
(04:27):
And there are many advisors out there, and a lot
of them are on the retail side they just sell
you something. But on the institutional side, when you work
with the fiduciary who understands complete planning like we do.
That's where you want to meet. So we're talking about
today a lot of different things, but we're going to
discuss what documents are required in the state of Florida
for you, because if you want to keep your money
in your pocket and to your family, some of the
(04:48):
things have to happen for you to accomplish that goal.
Speaker 2 (04:51):
Well, we also are going to give everybody a free
copy of the Social Security brochure because what we found
out at these seminars, a lot of you don't understand
to leave it earning the earnings test. They don't understand
when you can get take some security, why you should
take it at a different date, the tax are This
is all at our seminar, and again we give this
brochure out, so let's discuss what documents are required in Florida.
(05:12):
There's a handful of things that need to be sorted
out before you can set things in stone to ensure
that everything goes smoothly. But it can be a lot
for a single person to keep track of, and not
everyone may understand the terminology involved and what's happening, Chris,
that we see with widows and widowers they don't understand
how to set their a state up with beneficiaries with
(05:33):
wills or a trust because they just hear it from
their neighbor or their friend, or you know, you don't
need this, or you don't have a lot of money,
and that's not true. And that's why Maggie tax is
here to let you know what documents are needed for
a state planning and an explanation of what they are.
And we work with a national group of attorneys to
get all the documents you need. So this is important
because if you work with an attorney, sometimes it takes
(05:55):
a lot of time. Sometimes it's a lot more expensive.
That's why we encourage you to come. So the question is, Chris,
what is a state planning?
Speaker 3 (06:03):
Well, let's it. Well, here's a brief summary.
Speaker 4 (06:05):
Things can happen that may put us in a situation
where we're unable to communicate our intentions when it comes
to our assets or to our own well being, and
whether it be from a sudden disability and an ability
to speak freely or the act of passing, there are
a number of reasons that could cause you to relinquish control.
You're saying things and estate planning prepares you for those
(06:26):
outcomes by setting your wishes in place should any of
these things occur. So estate planning or enhance planning involves
a few types of documentation to ensure the results that
you desire you and your family in each of the
following papers covers your rights to their corresponding fields and
you can enjoy peace of mind by getting it all
(06:46):
down in writing. And that's why we encourage you to
meet with us. We have attorneys that work with us.
Not only do we do this state planning and the
income planning and the investment planning, but the estate planning
is so important. So just keep in mind that it's
important to avoid common estate planning mistakes since you won't
be able to fix them after it's too late. So
let's talk about some of the documents.
Speaker 2 (07:06):
Well, the first thing I want to talk about is
a last will and testament, and this is often seen
as one of the most important documents that you can sign.
Speaker 3 (07:13):
Your last will and testament will make.
Speaker 2 (07:15):
Sure that your assets they go to the people that
you want them to go to as stated, and this
can also be used to designate specific people to be
the guardian of your mind or children. Without this document, Chris,
there's no guarantee that your wishes will be fulfilled after
you pass the bottom line, with a will, it's just
that you know it tells the court where you want
(07:36):
to go, but it still has to be proven and
that goes through probate.
Speaker 4 (07:39):
That's it. So that's one of the documents that you
just should be aware of. What about a living trust
And a lot of people hear about a trust and
they really don't know what it is. And many people
ask the question, do I need a trust or do
I just need a will? Well, a living trust is
this is where how you can make sure that your
possessions will be distributed how you wish. It speaks from
(07:59):
the great So you can personally choose someone you know
to be the trustee to handle all of your assets
for you after you pass, to give you a greater
peace of mind. And you're also able to change who
you designate who you want these accounts to go to.
And you also can designate who you want your trustee
to be as many times you like, for as long
as you live.
Speaker 2 (08:20):
And that's the difference between a will and a trust.
So when you come to the seminar or you come
and meet with us. We're going to explain to both
of these. But now you starts a little bit more serious.
What about power of attorney And if you are ever
in a situation where you are unable to make important
decisions yourself concerning your property or your financial matters and
other assets, a power of attorney they call it a
(08:40):
POA can make those decisions on your behalf. Of course,
you would want someone that you can absolutely trust to
handle such important matters, So this document will establish who
will be your PA, should you ever need one. And Chris,
the important thing about that some banks don't recognize a
power of attorney that you get drawn up. They require
you to draw up your own, and a lot of
people don't know that. So that's important when you have
(09:03):
you know, and many of you listening today maybe someone
passed away that you know and you went through probate,
and what we're telling you, if you don't have these documents,
it just doesn't help you get through the process. The
last thing is healthcare directives. Setting up your healthcare directive
is almost like having a power of attorney, but this
one's for medical concerns, and you can state what types
of treatment you do and do not want, and this
(09:24):
is important. So what surgeries you approve of, whether or
not you would like to donate your organs and so on.
Since this concern is something as personal as your own body,
it's so important to have such matters clearly written. So
this is why we encourage you to talk about a
will and a trust. If your advisor is not talking
about it, and Chris and we see this all the time,
they don't talk about passing it on after they pass.
(09:47):
It's all about you know, the stock, the bond, the
interest rate, and there's so much termoil right now, you
know this, it's not the answer, correct.
Speaker 4 (09:53):
That's exactly right. I mean is your assets? It doesn't
matter what your account has in your checking account or
savings account, are they titled the right way? What about
your retirement accounts? Your four one K or four one k's,
you know you might have multiple retirement plans at different
locations that you're not working there anymore. Are they titled
the right way? What do you want your accounts to
do for you? This is a loaded question, but also
(10:14):
it's important because this is your money. So pick up
the phone, schedule time to meet with us. If you
need an estate plan weekn help. If you're looking for
income planning and investment planning, and sold security planning and
medicare planning and want to encompass everything together, WEE can help.
So pick up the phone A three to three Maggie Tax,
visit our website at Maggie tax dot com, and don't forget.
Every Sunday on ABC TV, tune in for the half
(10:36):
an hour show of The Maggie Tax and Financial Show.
There's so much information right there at your fingertips Maggie
Tax dot com. Eight three to 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 you're
(11:11):
host with Maggie Tax and Wealth Advisors Robert and Chris Maggie.
Speaker 3 (11:15):
Welcome back to the.
Speaker 4 (11:16):
Magi Tax and Financial Show. I'm Chris Maggie and I'm
here my dad and cost of the show, Robert Maggie.
Every Sunday on ABC TV at ten thirty am, we
have our show. It's thirty minutes. It's a live show.
What we do is we help people understand their retirement
issues from the tax side of it, from the income side,
from the investment side, from the estate planning. So we
(11:37):
do complete planning. And today we're focusing on roth conversions.
And what is a roth conversion. Well, many people out
there have iras and formal keys and TSPs. If you're
a federal or a SEP planned self employed plan, these
accounts are infected with taxes. They grow tax deferred, which
means when you start taking money out, they have to
(11:58):
hit you with taxes. You get a ten nine nine
taxable event. So in the future, what can you do?
What are you doing to protect yourself on the income side,
and these things we're talking about here today to help you.
But you can start converting from the IRA and get
the money out of a taxable environment into tax free accounts.
How do you do that? And that's what we're discussing today.
(12:19):
So Dad, let's talk about the second question here. How
much of your future income will you need from your
investments or save these accounts.
Speaker 2 (12:27):
That's a great question that we ask everyone because you
have to tell us what you're looking for. And when
you have a text deferred account with five hundred thousand
or a million dollars, your first thought is we've got
to take it from there.
Speaker 3 (12:38):
But do you have a plan to convert that?
Speaker 2 (12:40):
So the common portfolio practice tells us that there's a
certain amount of distribution that an investment portfolio can withstand
without depleting itself over time. What you want to do
is have guaranteed income over your lifetime. So if you're
currently distributing a significant percentage of your IRA on which
to pay for living expenses, and then you have to
ask your portfolio to also pay the taxes for the conversions,
(13:05):
you can quickly get to the no go situation on converting. Now,
when I say that, it's because that's what people think.
But there are ways to convert this where it makes
sense to do it, and we can show you that.
So we like to use a rule of thumb of
four percent as the maximum distribution from your total IRA,
and this does not apply to every situation. So again,
when you meet with us, we're going to go over
(13:25):
this and we're going to show you how it works.
But it's a great starting point to see if you
should proceed with the notion of a conversion. And the
reason why the conversion is so important is because we
can show you strategically over a five or seven year
window to pay that tax and have no tax to pay.
And remember something I said before, when you're saving all
your life for tax retirement. For retirement, you have a
(13:49):
tax deferred account. So when you start taking it out
the R and DS and Chris, the distribution is so
important right now because along with that we look at
the pensions, so security and how much do you really
need to make up the difference in that it probably
comes from your IRA, but why not have it come
from a wroth tax free account.
Speaker 4 (14:06):
Well that's just said, so think about this when in
the future you need income. So let's just say you
retire and you get sold security of two thousand a
month and your spouse gets a thousand a month. That's
three thousand dollars a month of income. Well what if
you need five what do you do? Many people think, well,
just take it from my IRA. Well that's a two
thousand dollars a month distribution. Well, now you're going to
(14:27):
get a ten ninety nine and that's taxable one hundred
percent taxed. So what if you were able to create
tax free buckets? So maybe you take a thousand from
your IRA and a thousand from your wroth IRA. Now
you have five thousand dollars a month of income. But
guess what you will be under the threshold income, which
means that you won't have to file a tax term
(14:48):
because you won't have to pay any tax. So many
people are thinking, well, how's that happen. Well, many people
don't understand how solid security is taxed. So in this
in this situation I just mentioned, you can go ahead
and protect yourself from paying more tax in the future
by doing the planning now, so pick up the phone,
schedule time to meet with us. Let's talk about how
(15:08):
you can create tax free buckets and if you should
convert your money to the rough IRA. Eight three three,
Maggie Tax. Pick up the phone today. It's so crucial
because tax rates are going to go up. What are
you doing if you have the opportunity to convert. Let's
convert on the most tax efficient way and we can
show you eight three three, Maggie Tax.
Speaker 2 (15:28):
And all of us have a debt to the irs,
So don't take that away because you saved on a
tax deferred basis. Now you got to pay the tax
that they'll that you save on. And the problem now
is that when taxes go up, and they will, then
most people will not see that Chris, because they weren't
aware of the fact that tax cuts and jobs act
to reduce their taxes years ago. But look right now,
if you have a million dollar IRA, or a five
(15:50):
hundred thousand dollar IRA or a two hundred thousand I
don't care what's in the IRA of four to one k,
you need to start thinking about converting because you're going
to pay tax maybe ten to twenty times more then
the tax deduction that you got years ago.
Speaker 3 (16:03):
So think about it.
Speaker 2 (16:04):
You know, I'd rather have tax free money, and it's
it's gonna hurt a little bit. But when you look
at it and you say, I have to pay that
tax because then I own it, that's what you want
to do. It's like the mortgage on your house. You
have to pay a mortgage, but when you pay it off,
you own that house. It's the same thing with your
roth account or your RMD or your IRA. If you
pay the tax, then you have no more rm D,
(16:26):
you have no more tax on Social Security, you have
no more ARM. And if your advisor's not talking to
you about this or your tax prepairer, please give us
a call eight three to three Maggie Tax, eight three
to three Magi Tax. Let Chris and I run a
conversion for you and prove it to you, and I
can go with examples later that I can show you
how we helped a million dollar IRA basically pay little
or no tax, but they got it all back and
(16:48):
now it's a tax free account.
Speaker 3 (16:49):
Which would you rather have?
Speaker 4 (16:50):
That's the thing, you know, think about it? Moving forward?
The tax rates are going to go up. The DEBTONUS
country is high. Where are they going to get the money?
They know how much money you have in qualified accounts,
They know you know. That's what the thing about it
is is that they can increase tax rates three percent,
five percent, eight percent, ten percent in the future. And
guess what that means more money to them, less to you.
(17:12):
But not if you have tax free buckets, because then
you just eliminated Uncle Sam forever and ever and ever.
Would you want to eliminate Uncle Sam? Absolutely? If you can,
how do you do it? That's the planning. We talk about,
so let's do tax planning for you. Let's do income planning,
Let's do investment planning. Let's put it all together and
do a state planning. My gosh, how many people out
(17:33):
there don't have wills or trusts or power of attorneys
or state planning documents. Well, these are just crucial. And
I met with a client last week, sixty five years old.
My gosh, has three quarters of a million dollars and
guess what. They have no estate plan, they have no
income plan, they have no investment plan, they have no
tax plan. But now they do so because they talked
about how do we convert, how do we put our
(17:55):
money in the right position so we can have tax
free money in the future. They were concerned about the
increase in tax rates. They're concerned about the administration. They're
concerned about the legislative risk. What we mean by that
is when they start changing the tax code, just by
the it's written in pencil, they're gonna change it. So
what do you do tax planning? Pick up the phone,
schedule time to meet with us. Eight three to three,
(18:16):
Maggie tax. We have offices on both sides of the bay.
Visit our website Maggie Tax dot com. That's m a
g Gi tax dot com. Once again, schedule time to
meet with us. We look forward to meeting with you
and every Sunday on ABC TV at ten thirty am.
Tune into our show ten thirty am Abc TV on
Sunday for the Magi Tax and Financial Show eight three
(18:37):
three Magi Tax. That's eight three to three Magi 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
three Maggie Tax or visit Maggie tax dot com. Now
(19:05):
you're host with Maggie Tax and Wealth Advisors Robert and
Chris Maggie.
Speaker 4 (19:11):
Hello, every want to thank you so much for tuning
into our show. We thank you for taking the time
because there's so much to learn, there's so much to
get educated about. This is your retirement. You only retire once.
We retire each and every day, so welcome to the
Magi Tax and Financial Show. Thank you so much for
tuning in and today we're talking about income sources. We're
talking about retirement planning. You know, we discuss strategies that
(19:32):
allow you to take money out of your retirement plan
on the most tax efficient way, with the financial flexibility
that you want during your retirement. And above all, you know,
we compare retirement plan distribution choices to help you make
an informed decision. You know, we teach you about strategies
to minimize taxes on your retirement income and avoid those
(19:53):
unnecessary tax penalties up to fifty percent that you don't
have to pay. So we explain the rules for you retirement. Why,
because you need the advisor to help you. It's not
just about put your accounts away into retirement investment hopefully
it's there. You need to understand the distribution rules and
you need to understand how each and every one of
(20:14):
these accounts are going to be taxed. So if you're
not working with an advisor who does complete planning, you
deserve to do that. So pick up the phone, schedule
time to meet with us. We can do it for you.
AID three three Maggie Tax.
Speaker 3 (20:26):
You know, it's so interesting out there.
Speaker 2 (20:27):
There's a lot of topics like we explained rules for
early access to your retirement funds. Chris mentioned, but you
know about cash accounts, stocks, bonds, mutual funds, you know,
exchange traded funds, managed accounts, tax deferd ainuities and important
considerations before you invest. And that's part of all your
retirement planning. But how do you put those pieces of
the puzzle together. One big one right now that we
(20:50):
are talking to every one of our clients about and
you should be doing something about it is legacy planning
or estate planning, and it's just about money. Includes much
more than planning for your death. So think about it.
People think about a state planning. It's called enhanced planning.
How do you know who's going to get wet and
where it's going to go? How does that work when
you pass away? You all know about celebrities that have
(21:12):
not done it right and went through probate. Why should
that happen? And it shouldn't happen, so we can help
you there. And it involves personal decisions that affect you,
you know, even your family and loved ones even while
you're still living. So these are things that you need
to be talking about. Okay, And as a result of
recent tax law changes a state. Planning is a moving
target and folks, things are going to change, and we
(21:34):
discuss how to plan for today and also for your future.
Is your advisor doing that? Is your tax advisor doing that?
And we call it the Maggie Plan because it's a
complete plan. These are things that all of you should
be thinking about. Learn the strategies and techniques to minimize
or eliminate income, gift and estate taxes and expenses and
delays and legal challenges and a shortage of liquid assets
(21:57):
following your death. Why would you let that go? And
you should be talking about it today. I know it's
not a great conversation, Chris, that people don't want to have,
but here's the point. If they don't do anything now,
they're going to have a big problem later on. And
I know they're going to be six feet under. They
could care less. But that's not the answer to that question.
If you have developed in a state, if you've developed
assets and you worked hard, don't you want them to
(22:19):
go to the right person and not the government?
Speaker 3 (22:22):
Well that's just said.
Speaker 4 (22:22):
If you don't have a plan, then guess what someone
that you don't even know is going to dictate how
your assets should be distributed is what you really want? No,
you don't want that, you know, we show you the
best way to hold joint ownership of property or other
assets based on your situation. Your situation. Retirement planning today
is both entertaining and informative. That's what we need to do.
(22:45):
We need to show you how that works because why
most people, most advisors don't even care. We come across
accounts each and every day and we ask about beneficiaries
on these accounts and guess what, the advisor didn't take
the time to actually put a beneficiary on it. Are
you kidding me? This is like, this is unbelievable. I
can't believe it because they don't care about your account.
All they want to do is just gather the money.
(23:06):
They don't care about how it's distributed. They don't care
on how it's going to pass. This is something that
is very very upsetting to me into our firm because
this is something that you need to make sure that
you are aware of. If you have beneficiaries. Guess what
you need to make sure that your accounts stay in
the family.
Speaker 3 (23:25):
You know.
Speaker 4 (23:25):
We focus on specific topics that have the concerns about
what we're talking about here, distribution planning and legacy planning,
and we can help. So pick up the phone, schedule
time to meet with us. Visit our website. There's so
much there at your fingertips. There's videos there, there's ways
to reach out to us, there's ways to well, we
can have a conversation and address the concerns that you
(23:47):
have and these questions that are keeping you up at night.
Eight three to three Maggie tax. That's eight three to
three Maggie tax.
Speaker 3 (23:54):
Wow.
Speaker 2 (23:54):
And again I talk about the Baggie Plan. That's what
we're talking about here. It's a tax plan, it's an
income plans, an insurance plan, it's enhanced planning, it's college planning,
and it's your plan. It's called whatever your name is plan.
We call it the Maggie Plan because we put it
together and think about it. Congressional spending and the impact
to savers that we have today with IRA accounts, four
(24:15):
O one K accounts, Wroth accounts, TSP, and set accounts.
In recent months, Congress has been busy debating new tax
and spending packages as part of President Biden's Build Back
Better agenda. And think about this, the Secure Act that
many people don't even know about has been passed.
Speaker 3 (24:31):
And that's a big hit because.
Speaker 2 (24:33):
If you had an IRA you could take, you would
have to take your money out at seventy and a half.
Well they change out to seventy two and now this
year it's seventy three. I mean, do you know that?
And if you don't know that, you need to understand
what that means when you start taking money out of
your retirement account. And when you go to my retirement
calculator on Maggie tax dot com, it's going to show
(24:53):
you what if you put in your amount that you
have of your IRA or four to one K, and
there's a tax bracket you could put yourself in, and
you're going to see between now and that age seventy three,
what you're going to wind up paying when you start
taking it out. And folks, if you want to pay
a high tax, that's on you. We don't want you
to pay that high tax. And we call it strategic planning.
(25:13):
We call it the sweet spot. Many people that have
come in and listened to our show understand now, wow,
I got to do something about it now because Chris
taxes are low and in two years in twenty twenty six,
the Trump tax it's going to aspire, and guess what,
They're going to be paying a lot more in taxes,
and who knows what Congress is going to do because
it's called legislative risk.
Speaker 4 (25:33):
Well that's just it. You know, legislative risk. That means
they can change the rules. So think about it. Put
yourself in this situation. We talk about it all the time.
You know, you reach retirement, you're all fine and everything
looks great, and then two years into retirement, guess what,
they increase taxes, They change the rules. So now what
Now more taxable situation comes to you, which means less income.
(25:54):
So now you're you're sitting on that five thousand dollars
a month. This is great, I'm getting five thousand of
come every month, no problem spending it, saving a little bit.
But guess what Now the taxes rise and those taxable
accounts that you're taking money out of now they have
to start withholding more. So that means instead of five
thousand dollars, you're really only getting about forty two hundred
(26:16):
dollars a month. So it's a less income because more
in taxes. How are you going to deal with that?
What position or what positions. Are you putting it together
now to take advantage of these opportunities when they happen.
It's going to happen at some point. Yeah, you can't
go back to work, and even if you can, do
you really want to know? So that's why these playchecks
(26:37):
have to be put into place. That's when you turn
on a playcheck, so it goes ahead and takes care
of the inflation or the or the increase in taxes,
so you still get your money each and every month
for the rest of your life. That's called bucket planning.
That's called asset protection. That's called putting together a plan
for you. Eight three three maggie tax. We can do
(26:57):
the same for you, develop a play and a paycheck
eight three to three maggie tax.
Speaker 1 (27:03):
You know.
Speaker 2 (27:03):
And the thing is if they keep spending, and they
authorized spending naturally to fund this new spending. The bills
have also included a multitude of new and expanded tax
proposals let me say it again, tax proposals for individuals
and corporations. Significantly, many of these tax provisions have targeted
iras four oh one k's and if you have one,
(27:23):
stand up and listen, because it's gonna affect you wroth
accounts and other retirement savings vehicles. At a high level,
these proposals represent a significant change in the way Washington
views saving for retirement. They're not letting you save for retirement. Okay,
they want your money. They want the IRA and the
four to one K because it hasn't been taxed yet. Yes,
(27:44):
they gave you a deduction on the front, and that's great,
but here's the point. You're gonna have to pay it back.
Speaker 3 (27:50):
Okay.
Speaker 2 (27:50):
It's like the farmer and the seed. Would you rather
pay a tax on the seed or the harvest? And Chris,
this is where I laughed, because we get millionaire clients
coming in. Don't worry about it. I have a million
dollars in my IRA. I'm okay, No you're not. It's
going to be a big tax aid. Am I right
or wrong on that?
Speaker 3 (28:07):
Well?
Speaker 4 (28:07):
That's it. You know, taxes are going to increase at
some point, and when they do, you have to be
prepared because that means less to you more to Uncle Sam.
And that's where you're going to be in a situation
where it's gonna be tough to combat at that time.
Now is the time to take advantage of these opportunities.
Now is the time to start thinking about a traditional
rollout from the IRA to the roth IRA. We call
(28:29):
it a strategic rollout. How do you go about doing that?
Do you take a lump sum, do you rebuff the
band aid you just pay the tax now on all
of it? Or do you do it strategically? What's right
for you? You know, it's interesting because we have clients
that come in and they want to take advantage of
it right now. They want to be in a forever,
never taxed environment. So they say, Chris, I'm ready to go.
Let's go in and pay the tax. And here's a check.
(28:52):
How much do I have to stroke to check for
so I can eliminate Uncle Sam forever and ever and ever?
Is that you? Well, if you want to go down
that route, we need to figure out what the tax
ramification is going to be today, and we could do
that in our office throughout the whole year, not just
during tax time, throughout the whole year, and we can
put your investments in accounts where they grow and you
(29:12):
can figure out how you want to what type of
risk do you want to take? Do you want safety
of your money? Do you want risk. Do you want
a combination of both? What is it that you and
your family want? That's what we're talking about here. It's
your plan. Pick up the phone, schedule time to meet
with us. It's called the Maggie Plan, but it's your
plan for retirement. It's a plan that's simple and easy
(29:33):
for you to understand. Tax planning, investment planning, income planning,
estate planning, social security maximization planning. This is all for you.
It's called complete holistic planning. That's what we do eight
three to three Maggie Tax.
Speaker 2 (29:48):
And I can wrap that up by what is your
risk tolerance? I mean, are you aggressive? Are you conservative?
And many times that we talk about red money green money,
we find out that more of your money is in
red money where we call I hope so money, rather
than green money where I know so money. And again
when we do this in front of you and you
see the asset map that shows you where your red
money green money is, it's a winner because now you
(30:11):
understand what you can do with your money, how to
do it, and you know the best way that when
you retire it's going to be easy. Maggie Tax dot
com click on retirement calculator.
Speaker 3 (30:21):
I challenge all of you to go ahead and do that.
Speaker 2 (30:24):
Let's click on it, take a look at it and
see what your retirement tax bill is going to be.
A three to three Maggie Tax and be sure to
watch your show on ABC TV every Sunday at ten thirty.
Speaker 3 (30:33):
You're listening to the Maggie Tax and Financial Show.
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
Magie Tax or visit Maggie Tax dot com. Now your
(31:00):
host with Maggie Tax and Wealth Advisors, Robert and Chris Maggie.
Speaker 3 (31:06):
Welcome back and thanks for joining us today.
Speaker 2 (31:07):
My name is Robert Maggie and I'm here with Chris Maggie,
and today we've been talking about Roth conversions, Roth fo
ow and k's Roth iras. But we're going to talk
about five reasons that you should not open up a Roth. Okay,
Number one, this is a big question we get all
the time. You have no earned income.
Speaker 3 (31:24):
So to be.
Speaker 2 (31:24):
Eligible to open up a roth ira or a traditional
ira with a contribution, a person must have compensation. Wages, salary, commissions,
or other dollars received for personal services all qualify as compensation,
and that's for IRA contribution eligibility. Things that do not
qualify as compensation include pension, an annuity, income, interest, income,
(31:47):
capital gains, or social security benefits. No compensation equals no
wroth ira contribution. This is confusing to a lot of people, Chris,
because people want to put money into tax free accounts.
Speaker 3 (31:58):
This is one reason why they can't.
Speaker 4 (32:00):
That's right, So that's why there's some reasons why you
should and some reasons why you shouldn't. So the second
reason why you should not open up a roth ira
is you have too much earned income. At the other
side of the spectrum our individuals who make too much
money to contribute to a roth ira. There's phase out
limitations in each year. These change. Back in twenty twenty three,
there were two hundred and eighteen thousand to two hundred
(32:21):
and twenty eight thousand for those file and married filing jointly.
If you exceeded that amount, then guess what you cannot contribute?
To a roth ira, So make sure you meet with
the right advisor, make sure that you do proper planning,
because if you make too much money, we can show
you some other avenues that you can contribute to tax
free buckets as opposed to a roth ira exactly.
Speaker 2 (32:43):
Now, another reason here is maybe you need the money soon.
So a person always has access to his roth ira
contributions as we mentioned before, tax and penalty free. But
if you need the money for a big purchase soon,
or if you need the money for daily living expenses,
it might not be well, may not make sense to
go through the process of opening up a roth ira.
And we get these questions all the time, and this
(33:04):
is especially true if you're under age fifty nine and
a half and need access to any earnings that might
accrue within the roth ira. So for those who need
cash now or for a big purchase at some point
in the near future, a non qualified account may be
better option, and we can talk about that with you.
So if managed properly, you're going to have full access
to the principle as well as the earnings and Chris,
(33:25):
that is a big concern of liquidity no matter where
you put your money for any person at any age
of any amount.
Speaker 4 (33:33):
That's true, and that's why when you meet with the
right advisor, we can look at the suitability rules and
also your income and what your discretionary amount is and
your budget and make sure that you have enough money
that you can access. And there's different buckets of money
for different purposes, and when we put together our plans,
we always have liquid buckets available. We know and understand
that emergencies happen and things happen, and you need to
(33:55):
access money. Absolutely, we want to put you in a
situation where to you can succeed, fall victim to the penalties,
or a situation where you're hurt in any which way.
So that's why it's so important to meet with the
right advisor who understands you and what you're doing and
how you can contribute to these plans effectively. Another reason
why you should not contribute to a wroth ira is
(34:16):
that your beneficiary is a charity. You know, charities do
not pay income tax. A lot of people don't know that.
If your goal is to leave your IRA to a charity,
then definitely do not fund a wroth ira. Why should
you pay the tax?
Speaker 2 (34:29):
Now?
Speaker 4 (34:29):
On that you should open up, then an ira get
a tax deduction, so it benefits you. So the money
that goes to the charities or guess what, tax free anyway,
because they do not pay taxes. You know, why pay
tax on the dollars yourself and go out of your
way to create a tax free income source for the
entity that won't pay taxes anyway. That's what we're talking
about here. Then many people make that mistake, and many
(34:52):
people just really don't understand why. But when we show
them now it makes sense, and you know it's the language.
Speaker 3 (34:57):
And I'm going to give you the biggest one right here.
Speaker 2 (35:00):
Just don't trust the government to keep its tax free promise.
And yes, tax laws are effectively written in pencil. We
talk about that all the time. And the tax free
benefits of a roth iray could theoretically be stripped away.
But if you think the rules will change in tax
re earnings on roth iras will be eliminated from the
tax code, then you probably should avoid a wroth ira.
(35:20):
And you know it is our opinion that Congress has
tipped its hand. They love roth iras. Why because you're
paying a tax going in today and you're done. This
was evident in secure two point zero with all the
new Wroth options, the Roth SEP, the Wroth Simple, Roth
Employer Match, et cetera.
Speaker 3 (35:38):
Goes on and on.
Speaker 2 (35:40):
Roth means tax revenue now for the government. And that
is music to the ears of a politician. And again
when you look at my website and go to the
retirement calculator and you start to see that you're deferring
it to age seventy two or seventy three. As that
account grows, and as the taxes go higher, you're paying
more out of your and you're penalizing savers. Okay, that's
(36:03):
the bottom line. And if you have a large IRA
or four to one K, folks, it's not all yours.
You're funding the government. That's what you're doing. You're paying
Uncle Sam. So start thinking about converting the right way,
keeping the tax low and having more tax free income
down the road. Go to my website, Maggie tax dot com,
look on the retirement calculator and put the numbers in yourself.
(36:23):
It's free and in thirty seconds thirty seconds, I don't
think anyone out there can do what we're doing in
thirty seconds, tell you what your tax bill.
Speaker 3 (36:31):
Is going to be.
Speaker 4 (36:31):
That's just it understanding what your tax bill will be,
and we can show you that in thirty seconds. Visit
our website at Maggie tax dot com upper right hand
corner retirement tax bill. You know many people out there
have those iras. They're infected with taxes. They have no
idea how to diffuse the tax time bomb. We can
show you. So today we talked about rothiras versus wroth
(36:52):
four O one k's. We talked about why you should
open up a rothira immediately, and we also talked about
why you should not open up a roth ira. So,
as you see, there are pros and cons to each
and every investment. So that's why when you talk to somebody,
if they're just talking about one thing, those are transactional advisors.
You want to work with a complete advisor. Someone who's
(37:14):
a fiduciary is gonna do the best thing for you,
but also take out a step further. Someone who has
tax planning background, understands taxes, income investments, social security maximization,
a state planning. Someone can do complete planning for you.
Why because everything is interchangeable, they all work together. Should
you contribute to a roth ira? Maybe maybe it's right
(37:35):
for you, but not your neighbor. Maybe you should put
together an IRA why because maybe you should get a
tax deduction on the on the front end, because your
charities are the beneficiaries on the back end. So who knows.
Every situation is different. Pick up the phone, schedule time
to meet with us. We thank you so much for
tuning into our show today. Every Sunday on ABC TV
(37:55):
at ten thirty, tune into the NIGI Tax and Financial
Show A three to three Maggie Tax. That's eight three
three Maggie Tax.
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.
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