Episode 20251220 - IRA Conversions Action Plan

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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 nestay 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 (00:40):
Welcome everyone, and thanks for joining us today. My name
is Robert Maggie and I'm here with my son and
co host, Chris Maggie. Visit our website, Maggie Tax dot com.
There's a lot of information there. Click on the retirement
calculator if you have an IRA or a four oh
one K, take a look and see what your retirement
tax bill is going to be, and then come in
and let's do some tax planning. Let's do some income
planning and investment planning, insurance planning, and let's talk about

(01:02):
the Maggie plan. Visit Maggie tax dot com. Well, give
us a call eight three to three Maggie Tax. So, Chris,
we're getting a lot of questions about Roth conversions. Some
people are doing it wrong, some people are getting the
wrong information. And as you know, and as everybody else
out there knows, we specialize in tax planning.

Speaker 3 (01:19):
So let's talk about Roth conversions today. Absolutely, so welcome everyone.
I'm Chris Maggie and thank you so much for tuning
into the show. And that's correct. Wroth conversions many people
talk about. Many advisors talk about it, but they don't
complete the story because they don't tell you what the
tax modification is going to be. You go to your
tax prepare and they go ahead and just do your
tax return. But again, how much should you convert? So

(01:42):
a lot of things you need to be aware of
when you do convert. It's not just what everyone should do.
Some people should do it, some people should not. So
that's why it's so important to work with the right
advisor who understands investments and income planning. And tax planning
because if you do it the wrong way, you're going
to get this tax bill that you owe thousands of
thousands of dollars for taxes. And it doesn't have to

(02:03):
be that way, so you don't want to be surprised.
And that's what we want to talk about today. Is
a Roth conversion right for you? Should you do it?
And those are things that many people have questions on.
So visit our website at Maggie Tax dot com, pick
up the phone, schedule time to meet with us eight
three three Maggie Tax Maggie tax dot com for more
information and we can help you.

Speaker 2 (02:23):
And one of the things that we do that other
advisors do not do is we do it from a
tax return. So if you're thinking of a rough conversion,
don't just go to your tax guy and convert the
money and then pay the big tax. Do it strategically
and have a plan. Here's the question, is it tax
season right now? Chris?

Speaker 3 (02:39):
It's always tax season in our eyes because taxes are
our biggest expense and you need to always make sure
that you are aware of the tax liability.

Speaker 2 (02:47):
And the reason why I asked that question because at
Maggie Tax It's tax season all year round, so it's
not just up to April fifteenth, or October or September,
whatever the extensions are. It's all year round. And right
now I think most of you there are concerned about
if taxes go up. The question is taxes are going
to go up, how is it going to affect you,
whether whether you have an IRA or four oh one K.

(03:08):
That's why we offer the retirement calculator. We do advanced
tax planning, So now is the time to call eight
three to three Maggie tax. Right now, I have operators
standing by eight three to three Magi tax. Let the
operator know that this is urgent and just tell them
tax planning at eight three to three Maggie tax. I
don't care how big your IRA or four oh one

(03:29):
K is. Folks, you have a deferred account that you
have not paid taxes on. So strategically, no matter what
age you are, whether it be fifty to fifty five
or sixty or even seventy, you're going to pay an
unknown tax. And that's the problem I think that most
investors have. Most investors hate taxes, but honestly, we enjoy
the challenge of minimizing taxes. Over the long term. So

(03:51):
why is tax planning is an essential element in smart investing? Chris?
Is that play a big part in many of the
clients that we see where they just commit to buy
a stock, bond on mutual fund. Well, that's it.

Speaker 3 (04:02):
You know, you want to make sure you do complete planning.
And let's talk about some examples here, right, So about
three years ago at a client came in had three
hundred thousand dollars of their IRA money.

Speaker 2 (04:11):
So what do we do.

Speaker 3 (04:11):
We looked at their tax return and he was receiving
solid security. He had a pension and then marriage so
she was getting solid security as well. So they had
three income streams. They were getting about five thousand dollars
a month of income, very satisfied covered their need. But
they had three hundred thousand dollars of IRA money. So
this account is fully infected with taxes. And he said
to me, he said, what do we need to do
to get this money out in the most tax efficient way?

(04:34):
So he's thought about it, and he said, well, let's
just rip off the band aid and let's go ahead
and pay the tax. So I ran a couple of
different mock returns and I showed him, let's go ahead
and just take the three hundred thousand added to a
solid security his pension, and this is what your tax
liability is going to be. So he sat back and
it was kind of sticker shocked and he said, I
don't want to do that, and I said, you don't
have to. Let's run some more. So what I did

(04:56):
was do some strategic planning. And what we did was
we took out thirty thousand dollars a year for the
next seven years, as with a plan was what it
was supposed to be, and we did and Morom still
pays to do it. But over the past three years,
he has paid tax on thirty thousand dollars of conversion,
and again he's only in the eight percent effective tax

(05:19):
bracket on that amount of money. So he's taken money
out of a taxable environment and converting it to a
tax free environment.

Speaker 2 (05:26):
So over the.

Speaker 3 (05:27):
Past three years, now he's got eighty five thousand dollars
of money after taxes that he has an a tax
free zone, plus the interest, which is more than when
he converted. So now he's up to over one hundred
and five thousand dollars of tax free money. Because his
account has now paid the tax, it's earned money, and
now it's on its way to earning more tax free

(05:47):
money in the future. So we got many more years
to do this until he reaches his required minimum distribution age,
which is aged seventy three for him. So he is
on a great path moving forward. And every year we
look at this and we want a tax return, and
we talk about should we convert more? But he is
in his sweet spot right now. He doesn't have to
worry about the IRMA tax. He doesn't have to worry

(06:09):
about the Medicare tax, like that's what IRMA is, increase
of Part B premium. And he's sitting pretty. He's got
his income coming in every month. He's converting money to
a tax for zone. His accounts are in a safe spot.
And guess what, he is in control of his return.

Speaker 2 (06:23):
Chris, you just gave everyone a reason out there to
pick up the phone and call eight three to three
Maggie Tax. Because there are situations that Chris is talking
about where a long term tax strategy may save you money.
The only thing is you don't know and you don't
see it, even though it requires paying more taxes in
the short term. That's where tax planning comes in and
what Chris and I do, that's what we do advanced

(06:44):
tax planning all year round at Maggie Tax and Folks,
I'll challenge you if you want to come in and
bring in your information and we'll show you and believe me,
if we can help you. We're going to tell you
that we're going to help you. Understand. But guess what,
like Chris said, if we can make your situation better,
you got to make the final decision, not me or Chris.
But life has many changes and you have to be
ready and understand the language why so you can avoid

(07:08):
unnecessary taxes because what's happening now when the tax cuts expire,
it's going to go up at least thirty percent. Maybe
some of you don't see that, but when you get
your taxes in two years, you're going to see it
and you go to one to what I could have done.
So consider the long term tax benefits of Wroth for
on one case and Roth Iras and Chris. There is
a difference, right, absolutely there is.

Speaker 3 (07:28):
And that's one thing that we talk about is all
the time is tax free zones, and there is You're right,
the traditional form one K and also the Wroth form
O K if your employer offers these things. But let
me go back to the example that well not example,
but exactly the client that we were working with here
that did this three years ago. When I talk about
the bucket planning, he said to me, well, what do

(07:48):
I do with the money? How can I position it
now where I can have a plan, where I can
have safety and some risk and take some chances with
some money. And we put together a bucket strategy using
red money money and yellow money, and he was blown away.
He said, my gosh, this is exactly what I was
looking for. And he said to me, he said, in
two years, so now I might want about maybe another

(08:09):
five hundred dollars a month of income. So I ran
another mock tax return and I showed him if we
take five hundred dollars from his IRA money, this is
a tax for infocations. But if now we use his
tax free account, he can have more money next six
thousand dollars a year of income and pay no tax.
And he was blown away. They both wore and they said,
this is exactly what we're looking for. This is a plan,

(08:31):
this is a tax plan, it's an income plan, it's
an investment plan. And to make things even better, we
talked about their accounts again and we said, hey, do
you want this to go through probate or do you
want to make sure it goes to your two kids?
And they said, you know the answer to that one.
We want to make sure the money stays in the family.
So we put that together where he has an estate plan,
he's got proper beneficiary designation, he's got an estate plan,

(08:54):
his house, his assets, everything's going to avoid probate and
go to where they wanted to go. So that can
happened to you too. Just pick up the phone and
schedule time to meet with us. Eight three to three
Maggie tax and.

Speaker 2 (09:04):
One other point traditional four and one k's They became
available in nineteen seventy eight as a way to save
for retirement. But the four and one K was the
biggest disappointment created. And think about this. You get a
tax deduction on the front end, and you get that
for many years, and that's great, But when you start
to withdraw the money, you're going to be paying it
all back for many years and you're going to be
paying three to five times more than the tax deduction

(09:27):
that you received. This is why tax planning is so important.
This is why the retirement calculate that I have on
the website is going to help you understand this. These
plans are offered by employers. The amount in employee contributes
to their account is considered pre tax and it is
deducted from their taxable income. That's fine, that's what a
lot of people did. The retirement account is tax deferred

(09:49):
until the money is withdrawn during your retirement. Employers often
contribute a portion of the employer's contributions called a match,
which is in an added benefit. But it's all taxable, Chris,
every bit of it. And then when you start talking
about with drolls, which we'll talk about in the next segment,
they're taxed as well. But now at what age are
you taking it out seventy three, seventy four, seventy five,

(10:09):
How much and how much is it's going to affect
your income? This is why tax planning is so important.
Right now, pick up the phone eight three three, Maggie,
tax sit down with us and go over this. This
is going to be something that's going to be ongoing.
And if your tax prepairer is not addressing these issues
like Chris and I are shame on them. Eight three
to three Maggie Tax. Visit our website Maggie Tax dot com,

(10:31):
and every Sunday watch our TV show with ten thirty,
The Maggie Tax and Financial Show. Visit Maggie Tax dot
com today and give us a call at eight three
three Maggie Tax. That's 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 you're

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

Speaker 3 (11:14):
Maggie, welcome back to the Maggie Tax and Financial Show,
and we welcome everyone today and thank you so much
for listening. Do you have an action plan to remove
the irs from your retirement picture. That's a great question.
We have that plan and you should too if you
just work with the right advisor. And I tell you why,

(11:35):
because taxes will increase your retirement is about taxes. Taxes
are our biggest expense. We have proven strategies to dampen
Uncle Sam's impact on your retirement. If you want to
take the irs wildcard out of the deck, then we
can help pick up the phone and schedule time to
meet with us. Eight three to three Maggie Tax.

Speaker 2 (11:55):
And we have many proven strategies that have proven indispensable
in getting our clients to a zero tax bracket. But
it becomes understanding the language and it's well worth the
time to meet with us. We want to make it
simple and easy for you to understand, and the principles
and tax strategies that we use have empowered meet to
sound the alarm and rescue many of our clients' financial

(12:17):
future and security from the looming threat of higher taxes.
We talk about this all the time, the retirement tax calculator.
Why because you're going to pay a lot in taxes,
So we can help you. Give us a call eight
three to three Maggie Tax and we could put the
Maggie plant together for you, Chris. And you know that's
what people are looking for.

Speaker 3 (12:36):
Help absolutely, and that's it, you know, help why because
you don't know what you don't know, and that's okay.
You know, we do this every day. We retire every
day you retire once. Think about that for a minute.
You know, we do this every day. You need some
help and we can help you. So pick up the phone,
schedule time to meet with us eight three to three
MAGI Tax and our passion is for designing solutions for
our clients. It's unparalleled in the industry and that's why

(12:59):
we're you know, we have a niche where we help
people have tax free retirement accounts and tax free income.
We provide specific strategies and IRIS approved solutions and why
it is so important to reduce your income taxes and
look forward to a future of a zero tax bracket.
You know, we have clients that are receiving one hundred

(13:20):
thousand dollars a year in income and are a pan
of diamond tax Why because they develop these plans. We
put together these plans for them, and guess what, they're
reaping the awards right now because now they don't have
to worry. They eliminated Uncle Sam forever.

Speaker 1 (13:33):
You know.

Speaker 2 (13:34):
And the thing here that we're trying to make you
understand is that we understand taxes. We understand the tax codes.
They are there and they have been there for years,
but maybe your tax preparer is not using it. You know,
US taxes are poised to rise dramatically, think about it
in twenty twenty six. It's going to the Trump tax
cuts are going to expire, and the math is very

(13:55):
clear and very simple. We have the most up to
date strategies for anyone to our show wanting to retire,
because that's the biggest question we get, Chris, can I retire?
And when we sit down and show you you can,
you're probably in a better situation that you can retire,
only because you don't know. Like Chris said, what you
don't know and that happens a lot.

Speaker 3 (14:15):
Chris, right, absolutely, And that's why it's so important to
sit down and have a conversation. Why because you don't
know what you don't know? And if we can educate
you and we can show you that this is what
you're doing now and this is what you can do,
would you want to know? And the answer is absolutely, so.
All you gotta do is pick up the phone, schedule
time to meet with us. We have obvious on both
sides of the bay. And when you come in to

(14:35):
meet with us. We're gonna have a conversation. You know,
we're gonna learn more about you. We're gonna look at
your situation, your taxes, your accounts, figure out what your
strategy is. Do you have an income plan? Do you
have a tax plan? Do you have an investment plan?
Do you have an estate plan? Do you have a
Social Security maximization plan? What about a Medicare plan? These
are questions that many retirees are answering in each and

(14:57):
every day, and they just don't get the answer because
they don't know where to go. Oh well, it's very
simple eight three to three, Maggie tax.

Speaker 2 (15:03):
So think about it. Without these techniques that we're offering,
you are at the mercy of circumstances beyond your control.
What do I mean by that called legislative risk. Legislative
risk means the Congress can change the rules anytime it's
written in pencil, and every year we see this. So
things are changing right now. So like it or not,
taxes are likely to rise, and now is the time

(15:25):
to reposition your assets now to avoid higher taxes in
the future. Now is the time, Chris, How hard do
we have to say that to people? Because it's getting
closer and closer to the Trump tax cuts expiring, and
people that are listening to the show may not even
be aware of it, but things are going to change.

Speaker 3 (15:44):
Well, as I said, and you know, visit our website
at Maggi tax dot com. There's so much information right
there at your fingertips to help you. And that's why
we're here. If you're serious about maximizing your income and retirement,
we use strategies to help our clients become as tax
efficient as possible. It's not just about what accounts do
you have and you know we can do this and that,

(16:04):
and we can increase it and we can have this strategy.
It's not about that. It's about taxes. It's about the
whole picture. It's about complete planning. Yeah, you have a
CD at three or four or five percent whatever, but
what are you doing with that? How are you maximizing
on the tax side of it. That's what we're talking
about here. We can guide you through the coming tax

(16:24):
crisis by helping you take advantage of the power of
a zero percent tax bracket. Who wants to get there?
We can show you how to do it by using
the strategies that we develop. A three three, Maggie Tax.

Speaker 2 (16:36):
And again we do advanced tax planning. We understand taxes.
When you come in, we'll sit down with you, we'll
go over your tax return line by line. Because if
you're looking for a roadmap to shield your heart earned
assets from the impact of taxes, we can help I
say that every week by talking to you about the
strategies that we use have transformed retirement and protected them

(16:59):
from tax train wreck that is just around the corner.
Think about it, a tax train wreck. That's what's coming, Chris.

Speaker 3 (17:06):
And it doesn't have to be for you, and you
can get out of the way of that. And that's
why there are clients that are going to pay a
lot in taxes and those clients who eliminated Uncle Sam
forever and ever now so don't have to worry about
that in the future. Many of our clients are well
prepared for retirement. You know, with just a little bit
of proactive planning, you can insulate yourself from the threat

(17:27):
of higher taxes by creating a total tax free retirement plan.
And how do you go about doing that, Well, the
first step is schedule time to meet with us. We
have office on both sides of the Bay and every
Sunday we have our TV show, Maggie Tax Financial Group,
and guess what we know to talk about taxes and
tax planning and social security planning and income planning and

(17:48):
tax planning and investment planning. That's called the Maggie Plan.
That's the holistic approach that we take, but we take
it from a tax angle. Why because that's your biggest
expense and it will always be unless you eliminate on SAM.
So how do you go about doing that? We can
help pick up the phone and schedule time to need
with us eight three to three Maggie Tax.

Speaker 2 (18:05):
It's called the Maggie Plan, simple and easy to understand.
It's a tax plan, it's an income plan, it's an
investment plan. It's legacy planning and many of you don't
have that, So give us a call eight three to
three Maggie Tax. Be sure to visit our website Maggie
Tax dot com. We have a lot of information on
that site, and be sure to click on the retirement
calculator and in thirty seconds we could show you what

(18:27):
your retirement bill will be. We have offices in Loots,
we have an office in Palm Harbor and we have
an office in Saint Pete. Very easy for all of
you to get to visit our website, Maggie Tax dot
com and give us a call eight three to three
Maggie Tax. That's eight three to 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
Maggie Tax or visit Maggie tax dot com. Now you're

(19:05):
host with Maggie Tax and Wealth Advisors, Robert and Chris Maggie.

Speaker 3 (19:09):
Welcome back to the Maggie Tax and Financial Show, and
feel free to visit our website, Maggie Tax dot com.
There's so much information right there at your fingertips. Do
you have a tax plan? Do you have an income plan?
Do you have an investment plan? And you know what,
do you have an estate plan? If you said no
to any one of those, you need to listen up
because now is the time to put together a plan

(19:30):
for you and your family. A three to three Maggi
Tax that's a three to three Maggie tax. There's so
much there that we could talk about. You know, at
our firm, we talk about the Maggi plan. You know,
we're talking about taxes today, but how do they incorporate
with your investments? If you are paying more in tax,
guess what, less income to you and your family. So
are you prepared for the possibility of higher taxes in retirement?

(19:52):
And that's what we're talking about today. You need to
have a plan. You need to have an investment plan,
a tax plan, and also an income plan. E three
to three mag attacks. Schedule time to meet with us.
We have obvious on both sides of the day aid
three to three Magi tax.

Speaker 2 (20:06):
And by the way, we do tax preparation. So if
you want to make an appointment, come on in. But
let me mention one thing that happened this week. And
it's really simple. Everyone that works you make income, right,
who's the first one that you have to pay? Uncle Sam? Oh?
So let's just say you make twenty thousand last year
and you make fifty thousand this year, You've increased by
thirty thousand. Is that thirty thousand free, Chris? Nope, you

(20:27):
have to pay Uncle Sam. Oh, you have to pay
Uncle Sam. See I'm making light of this because this
is where people getting confused. When I talked about the
five ways that taxes are going to go up, so
many of you assume that your taxes will be lower
in the future. Not true, it's not true. But as
today's retireies are discovering, that's often not the case. And
we see this every day. In a perfect example is

(20:48):
when you make more money, your tax bracket's gonna go up,
you have to pay more. So if taxes keep going
up and the tax brackets keep rising, you get less.
So we can help you understand the five ways your
taxes could go up in retirement. And again I have
a brochure. If you want to call my office, just
give me your email. I'll be glad to send it
to you in an email and you can see for yourself. Well,
come to one of our seminars and I'll give you

(21:10):
that at the seminar, and how we can help you
mitigate that tax risk. Think about that. Does your advisor
talk about mitigating tax risk? No, they talk about, you know,
putting more money in another account. So from the congressional
spending to tax bracket changes, you're going to learn how
to position taxes in your retirement. And every news item
out of Washington seems to include details of a new

(21:32):
or expanded tax. Let me ask you a question. So,
the total government revenue in twenty twenty two was four
point nine trillion. That's what the government takes in in
revenue that was in twenty twenty two. Total government spending
in fiscal year twenty two was six point three trillion.
Do the math. It's like, you know, you have a

(21:53):
credit card, you got to pay it back, Okay, but
we're not even paying back half of it. Chris, Well,
that's just said. I mean things you can't control.

Speaker 1 (21:59):
Right.

Speaker 3 (21:59):
We know that the government is spending more. That's not
a topic we want to go into right now.

Speaker 2 (22:03):
Is what it is. They're spending more than they take in.
But what does that mean to you? What does that
mean to me? Right? What does it mean to our generation?

Speaker 3 (22:11):
It means that we are going to pay more in
tax because they know how much money you have in iras,
They know how much money you have in formal case,
they know how much money you have in a TSP
if you're a federal employee. They know these are all
qualified accounts that are infected with tax so very simple.
You're exposed to tax risk. You're exposed to legislative risk,

(22:31):
where they can change the rules. What I mean by
that is they can change the rules on how much
they tax you they tax me. Right, these are things
that we need to start controlling today. And you can
if you put together a tax plan. That's why I
ask you, what's your plan? What's your tax plan? If
you don't have one, now is the time to start
really putting one together. And we can help. So pick

(22:52):
up the phone, schedule time to meet with us. Because
when we put together a tax plan, we can put
together an income plan. And what's better having taxable income
or tax free income, and when you can show a
tax return like we do to our clients in retirement
that I don't care if they increase taxes because our clients'
plans have tax free money. So when they retire and

(23:14):
they take income and government says, well we need to
pay our deficet and we need to increase taxes, our
clients aren't affected by that because they have a tax plan.

Speaker 2 (23:23):
That's what we can do for you.

Speaker 3 (23:24):
So pick up the phone, schedule a time to meet
with us eight three to three Maggi tax. That's eight
three to three Maggie tax.

Speaker 2 (23:29):
And this is a race that we all must learn
to win where we're ahead of it, not behind it,
because that's when people get in trouble. In at every
seminar that we do, this is the question that we
ask the audience, and I'm asking all of you how
many people think taxes are going up in the future,
And I know everybody raises their hand. Nearly everyone raised
their hands because it's going to go up. So the
point Chris and I are making today is tax planning

(23:52):
is essential. You've got to start thinking about it. Whether
you have low income or high income, it doesn't make
a difference. Yet, while you understand we've entered it into
a rousing tax environment, surprisingly few of you have used
that knowledge to change how you save for retirement. And
if your advisors not talking to you about this, which
is why we say, go to my retirement calculator on

(24:12):
Maggie tax dot com and see for yourself what your
tax is going to be. Chris, that's very important. Well,
let's just talk about that.

Speaker 3 (24:18):
You know, when we meet with clients, what are we seeing,
We're seeing tons of Irrah accounts, tons of form and
K accounts, tons of these accounts that are deferred. We
see this, and they've been with their advisors for years.
They're not doing the right job. I'll tell you what, Yeah,
anyone can manage your money. You can manage yourself. With
this market where it's at and the amount of money
they're pumping in and the environment they're playing with the

(24:38):
interest rates, everyone's making money. That's easy, that's the easy
part of it. But what about the end of the game.
You know, when you think about a football game and
you're up at halftime, you're all happy because you're up
by forty points, but guess what, You've got to finish
the game. And that's where Uncle Sam comes in, and
that's where he blows it right by you and you
lose forty three to forty because you did not have
a tax plan. So pick up the phone, schedule time

(25:00):
to meet with us. Let's put together an investment plan,
Let's put together an income plan. Let's put together that
tax plan that you need to generate guaranteed safety and
also income in the future. What's wrong with going to
the mailbox every month when you're retired pick it up
a check and that's tax free money and spending the
heck out of it and doing it all over again
for the rest of your life.

Speaker 2 (25:19):
How cool would that be?

Speaker 3 (25:20):
Because when you hear the news and hear all the
drama and they talk about, oh my gosh, taxes are
going to go up, tax are the highest it's ever been,
you can say and put a smile on your face
and say that doesn't affect.

Speaker 2 (25:31):
They're not higher, they're lower. This is the lowest point now, Chris.

Speaker 3 (25:35):
But how cool could it be in the future when
that happens that you don't have to be affected by it.
That's why we can put together a tax plan eight
three three magi tax. Get the tax plan. We have
office on both sides of the Bay eight three to
three magi tax.

Speaker 2 (25:47):
So if you all continue to defer taxes, which many
of you do in an IRA four to one K
four or three B on all or most of your
retirement assets, you're going to have a large tax bill
to pay. So why would you do that? If you
can do strategic planning or like Chris and I talk
about bucket planning, where you have income that may be
tax free, you have growth and you have later money,

(26:09):
but you take that money and you have tax free money.
We can do that. That's what we do. That's called
the Maggie Plan. It's a tax plan, it's an income plan,
it's an investment plan, and it's a legacy plan. And
please one other thing. Many of you don't have a
will or a trust and you sit back and say
I don't need it, because well you do, so visit
one of our seminars. Go to my website Maggie tax

(26:29):
dot com. We have two seminars a month. Take a
look at the dates and times and locations and come.
There's no obligation, no lunch, no dinner, no nothing, just
explaining to you what this is about. I think that's
more important getting you education and understanding the language than
feeding people. And you know what, I've done that for
years and it's okay, but it's not what I want.
If you want information, then you come to my seminar.

(26:50):
I will give you the information because that's what you need.
So how can we help overcome this disconnect of taxes
and legislative risk? And at Maggie tex we help our
clients face new risks. People work with Maggie Tax because
we help. And here's the word mitigate risk. Chris, Does
any advis are talking about mitigate risk?

Speaker 3 (27:10):
No, they don't talk about that. That that's why it's
so disappointing. Think about it. You don't have clients like
we see this. We meet with clients and they come
in with statements. Yeah it's five hundred thousand, Yeah it's
one point two million, Yeah it's three hundred thousand, Yeah
it's four million. It doesn't matter. At the end of
the day, there's no planning. There's no planning. It's just
investment accounts. You've got piles of money. We see in this.
This is what advisors are doing. They're just dealing with investments. Yeah,

(27:32):
you have money. I don't care. The fact of men
is what's the end of the game look like for you?
The tax side of this, because yeah, you can have
four million bucks, but guess what when we run the
tax time calculator and that four million dollars is not
worth four million, It's worth two million, or it's worth
two point five million. Guess what, Uncle Sam is your partner.

(27:52):
How do you remove Uncle Sam from your partner forever
and ever and ever? So we can show you how
to do this. So here's the mission this day that
you just said that people have. I have a lot
of money. I have two million, I have one million,
I have five hundred thousand.

Speaker 2 (28:05):
No you don't.

Speaker 3 (28:06):
Here's the question that we ask every single person that
comes into meets with us. How much income do you
need per month? Forget about how much you have? How
much do you need per month? Am I right or wrong?
And then where we going to get it from? And
then when you start looking at the numbers and you
start budgeting and you start figuring out, well I only
need this amount and I'm okay, let the risk grow

(28:27):
and put on a tax free basis. Why would you
not want to do that? So how do we do that?
It's real simple. We use a process. We have a
process at Maggie Tax. We identify the risk. And this
is so important because older people are taking more risk
than they need to and the advisor's not talking about
risk management we do. We want to quantify that risk
because maybe you're taking too much risk and we can

(28:48):
reduce the risks so you have more tax free money.

Speaker 2 (28:51):
And here's the thing, write this down. We're going to
build a plan to mitigate to mitigate that risk. You
know what a challenge all of you. Go to your advisor,
go to CPA and ask them this question, how do
you mitigate my tax risk? And then be quiet. I
guarantee you they're going to look at you, Andre gonna
stare at you like, what are you talking about? Mitigate
lower the tax risk. So it started with the market.

(29:12):
Savers wanted to and this is what Chris was talking
about before, and they needed the power of the stock
market to grow their funds. It was a simple formula,
there was nothing wrong with it. They put money aside,
invest in the stock market and watch it grow. Oh man,
this is growing great, right Chris, Until it didn't. Until
it didn't, and it's gonna happen again. So during the
market downturn, savers learned about what risks, what kind of

(29:36):
risk Chris, there's different types. Are at market risk? Right?

Speaker 3 (29:38):
Inflation risk? We see that, What about tax risk? These
are things we're talking about. So do you have a plan?
Many people out there don't. They just have piles of money.
You get those statements. You have a pile of money,
big deal, But how is it going to come out?
What's the end of the game look like for that account?
Pick up the phone, schedule time to meet with us.
Let's get together. I arde to do this because we

(30:00):
see this each and every day. Many people. They come in,
they think they have a plan, and guess what they
don't because when we do tax planning and tax preparation
each and every year, guess what they're paying taxes? And
then they're saying, what can I do?

Speaker 2 (30:13):
Well?

Speaker 3 (30:14):
You follow the crowd. You didn't listen and you didn't
put together a plan. Now's the time to do it.
Don't follow the crowd. Eight three three Maggie Tax. That's
a three three Magi Tax. Visit our website at Maggi
tax dot com. There's so much there to help you.
Eight three three Magi Tax. Send an aployment today. Eight
three three Magi 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
Magie Tax or visit Maggie tax dot com. Now you're

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

Speaker 2 (31:05):
Welcome back everyone.

Speaker 3 (31:06):
Thanks for tuning into the Maget Tax and Financial Show,
and don't forget every Sunday on ABC TV, tune into
the Magi Tax and Financial Show. It's thirty minutes education
and we're right on TV on ABC TV at ten
thirty am on Sundays. And there's so much information right
there to help you. If you have questions, pick up
the phone, schedule time to meet with us. There's so
much to talk about. Worried about tax planning, income plainning,

(31:27):
investment planning, and state planning, legacy planning. That's what we do,
complete planning. If you're looking for a holistic advisor, someoneh's
going to help in a lot of different ways and
look at everything we can help. If you have a
transactional advisor right now and you're just stuck and you
don't know if they're doing the best thing for you,
let's get a second opinion. Pick up the phone, schedule
time to meet with us. Eight three to three Magi Tax.

(31:49):
That's eight three to three Maggie Tax.

Speaker 2 (31:51):
And many of you know that the Trump tax cuts
are going to expire soon, and we talk about this
all the time. So we have an IRA four our
one k TSP, you will have a huge tax bill
to pay the irs. And what Chris and I are
talking about every time we meet with someone is how
to avoid this. Check out my retirement calculator at Maggie
Tax dot com and in thirty seconds you're going to

(32:11):
see what your retirement tax bill will be. But wait,
how would you like to reduce or eliminate your estate taxes,
pay no capital gains tax, and receive more guaranteed income
over your lifetime. These are the questions that Chris and
I get every day. So pick up the phone, give
us a call eight three to three Maggie Tax, Visit
our website Maggie tax dot com, register for one of

(32:32):
our seminars coming up every month throughout the year, and
also check out the retirement calculator. But here's the thing.
At Maggie Tax, we always discuss proven strategies and concepts
that work. And that's why Chris, when we sit down
with the client and we show them what we always
do every day, it's something that we've done many, many,
many times, and they sit up and they go, boy,
you know what my advisor never told me that, Well,

(32:54):
we know that, that's why you're here. So what is
your biggest fear? Are you worried about income tax? Youre
worried about are you worried about out leaving your money?
What are you worried about? So today we want to
discuss a few that would we would recommend and it
all depends on each individual situation, Chris, because each individual
situation is different. But one thing people say, well, I
don't have enough money. Anything you have is enough money,

(33:17):
right because they saved for What's that's confusing? Well, that's
just it.

Speaker 3 (33:22):
I mean, I mean you have money, you saved and
maybe you don't have enough, maybe you do, it doesn't matter.
I mean, we don't put together one plan for everybody.
One size does not fit everyone. And there are advisors
out there that that's what they do. They do transactional
and what happened with transactional advisors is that they just
put the same thing in front of everybody and it

(33:42):
doesn't fit everybody. And that's why when you come to
mag Tax Advisor and Financial Group, we're going to put
together a plan for you. And what we mean by
that is we're going to customize this for you. And
want to listen to you. We're going to talk about income.
We're going to figure out how much income you need.
We're going to talk about budgets. We're going to talk
about buckets of money for safety, buckets of money for
risk buddy, buckets of money for taxable or tax free accounts.

(34:04):
This is what we're talking about here, and we're going
to wrap it up where everything you have is going
to stay in your family. It's going to go to
your family members on the most tax efficient way. That's
what it's about. So when you come in to meet
with us, that's why we need to see you. We
need to talk to you. We need to figure out
what's best for you. What's on your mind. My dad
mentioned this before. If you have questions and stuff is
keeping you up at night, what are you doing about it?

(34:25):
Write those questions down, come in and meet with us.
We have office on both sides of the day to
help you. Eight three three Maggie Tax. Pick up the
phone eight three to three Maggie Tax.

Speaker 2 (34:34):
And one thing that I will say, maybe we can help,
and maybe we can't, but I will promise you this.
If we can help, then we're going to explain why,
and then you make the decision on why you should
do it. However, if we cannot help you and we
see that what you have is fine, that's what you
want to know. Second opinion, that's what we talk about,
and we're going to let you know so you have
a clear future. Give us a call eight three to

(34:56):
three Maggie Tax. Visit our website Maggie tax dot com.
There's a lot of videos on there, short videos. You
can take a look at it before you come in.
Get an idea what we're going to do. So let's
get started. Eight three to three Maggie Tax, Maggie tax
dot com. Yeah, let's talk about some tax strategies. You know,
that's what it's about.

Speaker 3 (35:13):
Taxes are our biggest expense, so let's talk about ways
where you can reduce your taxes and help you maximize
the income. And we heard a lot about this because
many people out there want to maximize their income. But
how do you how do you create these tax deductions
or how do you go about finding a way to
reduce your taxes? And most people they really just don't

(35:33):
know what to do. But we do tax planning all
year round, and maybe your advisor or even your CPA,
they don't recommend tax planning strategies. I met with a
couple people last week and we talked to them about
what is your advisor talking to you about with taxes,
And they look at each other and they say, well,
not nothing. We get no tax advice from my advisor
for the past ten years that we've been with and

(35:55):
that's why they're here with us. They want to encompass
a whole plan. So when you meet with us, we're
going to put the tother an income plan, a tax plan,
an investment plan, and a state plan and make sure
that you have more income in the most tax efficient way.

Speaker 2 (36:06):
So pick up the phone eight three to three Magi
Tax and you don't need to study for hours on
end to be an expert on taxes before you can
reap the benefits. And just remember when the Trump tax
cuts expire, it's going to cause a lot of confusion.
The language is going to be different, and that's what
we do. So here's an example. All of you go
to Maggi tax dot com, click on the retirement calculator

(36:27):
at the top, fill in your information. It's going to
take you like thirty seconds, and how much you have
in the IRA four to one K or a TSP
if you're a federal employee. But in thirty seconds you're
going to receive your own retirement tax bill. And why
is this important? Because you're going to see at what
age you have to start taking out D, R and
D and your advisor's not talking about this. Then we

(36:48):
can meet and share some strategies and concepts to minimize
your taxes. That's one strategy that you can use right
now at MAGI Tax. We want to show you two
simple strategies that can help you maximize your taxes. Come
a tax free person with a Wroth conversion or strategies
and concepts that we used to reduce your taxes.

Speaker 3 (37:07):
And that's where when you come in to meet with us,
it's about planning. It's simple. I mean, when you come
in to meet with us, we're gonna talk to you.
We're gonna want to ask you a lot of questions.
You know, we want you to be open minded. We
want you to let us know what you're looking to
achieve and let's see if we accomplish that. You know,
there's many strategies here that we can help you with.
And if you look at reduce your taxes, maybe there's
ways we can create a tax deduction to offset some

(37:29):
money that comes out of your IRA to convert to
the wroth IRA. Those things happen. We do it all year.
That's what we do each and every day. So when
you come in to meet with us, we're gonna help you.
We're going to show you a plan. That's what we
call the Maggie Plan. Income planning, tax planning, investment planning,
social Security maximization planning, Medicare planning, estate planning. My gosh,
it's all right there. Eight three three Maggie Tax. We

(37:50):
look forward to meeting with you. Eight three three Magi
Tax Schedule appointment today. Visit our website at Maggie Tax
dot com. We thank you so much for listening to
an in next week for the Maggi Tax in Front
of to show.

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.