April 8, 2026 • 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 (00:40):
Welcome everyone, and thanks for joining us today. My name
is Robert Maggie and you're listening to the Maggie Tax
and Financial Show, and I'm here with my son and
co host Chris Maggie. Be sure to visit our website,
Maggie Tax dot com and give us a call at
eight three three Maggie Tax. Also every Sunday at ten thirty,
be sure to tune into the Maggie Tax and financial
show on ABC TV, and there's a lot of information
(01:01):
that we do there and we try to educate people.
We get questions all the time, and that's what we're
trying to address for every show. So it's the show
where we turn stress into tax confidence and help you
keep more of what you've worked so hard for. And again,
these questions come up every week, so if you have
a question, let us know. But today we're going to
talk about one of the most overlooked and most expensive
(01:24):
retirement rules out there. It's called required minimum distribution or
better known as R m D not DMR. So Chris
and I are going to talk about today and again
thanks for joining us today. Give us a call eight
three to three Maggie Tax.
Speaker 3 (01:40):
Hey, welcome everyone.
Speaker 4 (01:41):
I'm Chris Maggie and thanks again for tuning in. We
love being here because we provide education to help people.
We call it the Maggie Plan, a plan that consists
of complete planning, tax planning, income planning, investment planning, transfer planning,
state planning.
Speaker 3 (01:58):
These are things that we talk about. It's complete plan.
Speaker 4 (02:00):
We had a client that came in last weekend. He
wanted to pay lesson tax and he also wanted to
make sure his investments are online to his strategy, and
he said, well, you can do both, and we showed
them what we do and he said, that's where I
want to work. I want to work with you guys,
because he sees the benefits of complete planning. And he said,
can you make sure that everything stays in the family
(02:20):
goes to my two daughters as well. Well, we can
set that up for you as well. So when you
pick up the phone and call us, let's put together
a complete plan for you. So you mentioned the word
require minimum distribution are mds. These are what they call
distributions from your qualified account. What's a qualified account? Well,
your IRA, your four one K, your thrift savings plan.
(02:42):
These accounts that you put money into over the years.
You get a tax deduction by putting money into it.
But guess what, when you start taking it out in
the future. It could be age seventy three or age
seventy five, depending on when you were born, you have
to pay tax on these day distribution, so they're recalled
required minimum distribution. So if you're nearing your seventies, already retired,
(03:08):
or helping a parent with their finances, this is a
must know information.
Speaker 3 (03:11):
So let's dive in.
Speaker 2 (03:12):
So rmds can quietly increase your taxes, raise your Medicare premiums,
which we'll talk about, and catch you completely off guard
if you're not prepared. And I can tell you a
lot of people aren't because when they call me and
they call Chris and they say, what about that DMR,
and that tells me that they don't understand it's RMD
required minimum distribution. So today we're breaking it down into
(03:36):
four simple, easy to understand segments. What rm ds are,
why they start at age seventy three, how they affect
your taxes, and most importantly, what you can do to
stay ahead of them. So let's get into it right now,
because this is a very important topic.
Speaker 3 (03:51):
That's right.
Speaker 4 (03:52):
So let's get started with the big question what exactly
is an RMD Because if you ever heard the return
requirement of distribution and thought that sounds like a gym
class I didn't sign up for, well you're not alone.
You know. When we look at this, many people are confused,
they're isolated, and they just don't know what to do.
But we provide the clarity and the confidence to help you.
So that's what we do. So our MD is basically
(04:12):
the IRIS looking in all those years that you were
super responsible by being a saver and saying, Okay, now
it's a time, friend, it's time to start sharing. And
you've had this tax break for so many years, you
enjoyed the growth, and now the IRS says it's their turn.
So what does that mean. They want the money, they
want the distribution to be tax and they want to
(04:34):
make sure they get their tax money on this Now
rules of change, we'll dive into this later on, but
these accounts are called tax time bombs. If you are
in your seventies, that's fine, you're approaching this distribution time.
But more importantly, if you're in your sixties or your
fifties listening today, you might want to have a different
(04:56):
a plan or approach moving forward with this account if
you currently you have one. So let's break it down.
Rmds are required minimum distributions or withdraw from certain retirement accounts,
and we're talking about iras and form and cays. In
four or three b's all these accounts where you've got
a tax break going in the IRS allowed your money
to grow tax deferred for many years, sometimes decades, but
the rmds are how they make sure that those taxes
(05:18):
eventually get paid. So that's what it is. You don't
get to choose if you take one. You only get
to choose how much. So once you reach the required age,
the withdrawal is mandatory, whether you need the money or not.
Even if your bills are paid and your savings are
comfortably situated, the IRIS still says take out the money
any way. It has to come out, and there's a
(05:40):
penalty if you don't, so continue, well the.
Speaker 2 (05:43):
Amount that he saw. The amount is calculated using life expectancy tables,
so the IRS basically looks at your account balance and
uses a standard formula based on age and essentially estimating
how long you'll live and how quickly they want that
money because they want that much before you die. And
every year you have to take out more and more.
(06:03):
And there's no crystal ball needed, just math. And I'm
not sure what math they use, but they've got the
math down, and sometimes we don't get it, and we're
probably never going to get it. But sometimes it's math
that feels a little rude. And Chris, it's funny because
it's simple, but it's not because here's why when you
started working, you were allowed to put money into a
tax deferred account. Oh that was great, you've got a
(06:26):
tax deferral on the front end. But I asked this question,
how many of you can go back over the years
and see how much that you actually had tax deferred
and what kind of tax benefit did you get? And
now when you're starting to take it out, the amount
is taxable at what rate?
Speaker 4 (06:42):
Chris, Well, that's the thing. It's a question mark tax rate.
We don't know and today we know the tax rates are.
But fast forward five years, seven years, ten years, fifteen years,
do we really know what the tax rates are going
to be? No. So that's why these are tax time
bombs that are ready to explode, and you have to
make sure that that you put them in the right situation.
So if you ignore the RMD, there's a penalty. And
(07:05):
it's no joke because skipping or underwdrawing the rm D
the requirement and distribution can result in a penalty up
to twenty five percent of the amount you should have taken.
So that's not a slap on the wrist. Years ago
it was fifty percent, I was twenty five. But that's
the irs. Basically saying, you know, we really meant it,
We really want you to take this distribution. So that's
(07:27):
why planning is important. When you when you visit our
website maggietax dot com, if you talk about that up
the upright hand corner, the retirement savings tax bahm, right,
what can they do? Because when you do this, for
when you enter your information in the how much IRIS
you have and the value, I want to show you
what you have to take out for the requirement and distribution.
(07:47):
This is so important. Many people meet with they have
no idea and they say, oh my gosh, this is
exactly what my advisors even show me, and then how
do we plan for it? But when you go on
a website, what do you need to do to get that?
Speaker 2 (07:57):
All you got to do is put in your information
of the value of IRA or four oh one K
and be honest. I mean, you don't have to lie,
and if you want to, that's fine, just to see
what the numbers look like. But it's going to tell
you what tax bracket you're going to be in and
what you're going to wind up taking out at seventy three,
So think about it. I have millionaire clients come in
all the time because they've saved all their life and
they got very very good IRA's account. Now they got
(08:18):
a million dollars sitting in there, or they think they
have a million dollars in there, because when you start
looking at the tax and you're at the highest tax bracket,
what's the math, Chris, A million dollars minus what thirty
seven percent?
Speaker 3 (08:29):
You don't have all of that, do you?
Speaker 4 (08:31):
No, that's a lot of money that does earmarked for who,
Uncle Sam so, and the rest is going to you.
Speaker 3 (08:36):
But that's at today's rate.
Speaker 4 (08:38):
What if it changes between to forty two percent, what
it goes at the forty eight percent? What if it
goes up to fifty six percent? Then guess what less
to you, more to them.
Speaker 2 (08:46):
So on the retirement tax bill, what we look for
there is what you're going to pay, and it gives
us an opportunity to show you strategically how to take
that money out over maybe three, five or seven years
at the lowest tax rate and then at the end
have all tax free money. So could you have a
million dollars of tax free money? Yes, if you do
it strategically and do it.
Speaker 4 (09:05):
Correct, that's exactly right. So now you know what rmds are.
It's called the requirementium distributions or withdrawals. It's irs formulas
and penalties that you definitely want to avoid. You know,
they're not spooky, they're not personal, but they are something
that every retire needs to understand before they sneak up
on you. And that's why if you're fifty fifty five,
(09:26):
sixty sixty five, there are options where you could do
strategic rollouts, roth conversions, ways to get out of the
tax infected area where most people are. I mean, you've
did a great job, you say, for a long time.
You know, you did what everyone told you to do,
put money away into a form. Okay, but again these
(09:48):
are tax time bombs. But so this requirement of distribution
has to be taken. And what's really interesting that you
might be asking yourself why seventy three we're not seventy
or seventy five, or let's be honest, never Well, that
age didn't just come out of nowhere, and the rules
have changed more than once. Years ago was seventy and
a half, then it was seventy two. Now it's seventy
(10:09):
three and seventy five. So coming up next, we're going
to dive into this a lot more on these requirement
of distributions. Also these iras, how they're infected with taxes,
a tax time bomb waiting to explode, and many people
are on that avenue of just going down that lane.
You don't have to. We'll talk about how Congress landed
on that number, and most importantly, how timing can actually
(10:31):
work in your favor if you plan ahead, pick up
the phone, schedule time with us eight three to three
Maggie Tax. You listen to the Maggie Tax and Financial Show.
Speaker 1 (10:48):
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 Advisor. For information on how you
can create a tax free retirement, call eight three three
Maggie Tax or visit Maggie Tax dot com. Now your
(11:10):
host with Maggie Tax and Wealth Advisors, Robert and Chris Maggie.
Speaker 4 (11:14):
Welcome back to the Megi Tax and Financial Show. And
we've been talking about require minimum distributions. If you have
an IORA A four to one K, A thrift savings
plan A four to three B. Guess what your These
accounts are infected with taxes, so what are you doing? Well,
you have a tax time bomb that's waiting to erupt
at some point. And what's really interesting is that we
(11:36):
don't even know what tax rate it's going to come
out at. So if you have saved in these accounts
for so long, we're talking about when do you have
to start taking out? Years ago, the required minimum distribution
was aged seventy and a half or so long, and
it was seventy two, and now it's seventy three, and
also seventy five based on the year that you were born.
So why do R and ds start at seventy three?
Speaker 2 (12:00):
Big question, confusing question, and we're going to try to
answer it for you. So here we go. Now that
we know that you know what R and ds are,
and if you don't remember one thing, it's not DMR.
Please don't say that it's an rm D. Let's talk
about the question I hear all the time, Why on
earth do they start at age seventy three? Not seventy
not seventy five, seventy three And no, it wasn't picked
(12:22):
out of a hat. This number has changed several times
and each change has everything to do with how long
we're living, how the government thinks about retirement, and believe
it or not, how much opportunity you actually have to
save on taxes. And this segment is important because understanding
why the age of seventy three helps you understand what
(12:42):
to do before rm ds start, and that can make
a huge difference in how much you keep versus how much.
Speaker 3 (12:48):
You give to the irs.
Speaker 2 (12:50):
So let's break it down into four simple ideas so
you can see exactly why rm ds start when they
do and what that timing really means mean for you.
Speaker 4 (13:00):
Well, you know, simply, people are living longer than what
they used to. Right, So when our MD rules were
first created, life expectancy was much shorter, and today many
retirees are living well into their eighties and nineties. So
Congress adjusted the rules to better match today's longer retirement.
So it gives you gives your money more time to
work before withdrawals are required, which is a good thing,
(13:23):
but also too, it's a bad thing because the pot
gets bigger and bigger and bigger and bigger, which means
more tax down the line. See, the fact of the
matter is is that they know how much IRA money
is out there, they know how much is going to
be subject to tax. That's why we call legislative risk.
Legislative risk means that they can change the rules. So
if there's billions and billions and even more billions of
(13:45):
dollars out there later on, they know the tax revenue
that's going to come in. So the government wanted to
extend the tax deferred growth period, and that's why they did.
By pushing the rm DS start age back to seventy three,
lawmakers gave retirement accounts more time to grow without the
immediate taxation. But that extra year or two of tax
deferred compound they can make a meaningful difference in long
(14:08):
term savings.
Speaker 3 (14:09):
And that's where we're going with this.
Speaker 4 (14:10):
People, when you're at this age now seventy three seventy five,
you have to start taking the REQUIREMENTUM you need a plan.
But more importantly, if you're fifty sixty sixty five right
approaches seventy you need an exit strategy. And we can
show you how to exit these accounts the most tax
efficient way.
Speaker 2 (14:28):
And if you really want to wake up call go
to our website Maggie Tax click on the retirement tax
Miill on.
Speaker 3 (14:33):
The top right.
Speaker 2 (14:34):
Put your numbers in, Well, ask you for the tax
bracket and I'll show you what you have to start
taking out. What Chris mentioned at fifty fifty five sixty,
You don't have to take it out to seventy three.
It will show you what you're going to have to
take out. We're going to get into that in a minute.
And then what it's going to do to your tax return.
Because you have Social Security, you have pension, it's going
to bring you in a higher tax bracket. And boy,
(14:55):
isn't that what the government wants to pay more taxes? Chris,
that's pretty simple.
Speaker 4 (14:59):
Well, they need to revenue. And see, you think you're
saving for so long, but then you're not. You get
hit with an unknown tax act.
Speaker 2 (15:08):
You're saving, you're saving for the irs retirement, you're not
saving for your retirement.
Speaker 4 (15:11):
So that's why he wrote the book Stop funding Uncle
Sam's retirement exactly.
Speaker 3 (15:15):
And that's people laugh but it's the truth.
Speaker 2 (15:17):
Because the people out there that know what we're talking about,
that see this happening, they're chicking their head saying they're
right because I never saw this coming. But the Secure
Act two point zero and many of you don't even
know what the Secure Act is Modernize Retirement rules, because
this updated legislation recognize that retirement timelines have changed. What
Chris mentioned, you get an older It gradually moved the
(15:39):
starting age from seventy and a half to seventy two,
now seventy three, maybe seventy five, and who knows, with
plans to move it even later, even later, so that
you can accumulate more tax you know, deferred money, showing
that this number isn't fixed forever. So you've got to
understand the rules and what's going on. So the extra opportunity,
you know, the extra time creates a powerful planning. What
(16:00):
we're trying to tell you is that if you can
do a strategic rollout of your IRA, think about it,
and you think you have that much money, you're just
delaying the inevitable. So what you want to do is
do a strategic rollout and start taking the money out
over time. So the years leading up to age seventy
three are prime time for you. A proactive tax planning,
which is exactly what I'm talking about. Roth conversion, strategic withdrawals,
(16:23):
and income management strategies that can significantly reduce future RM
ds and overall tax stress and you know, Chris, every
time we sit down and show this to a client
that come in, they go, wow, I wish I would
have known that before.
Speaker 4 (16:34):
Well you didn't because it wasn't there. Well that's the thing.
I mean, most advisors don't even talk about this. Most
advisors say, go to consult a tax advisor. Well, we're
not only just a tax advisor and tax planner. We
do investment planning and an investment planner. Investment advisor, that's
what we do, and we incorporate everything we could show
you how to get these accounts out of an infected
area tax to a tax free environment, because that's what
(16:57):
it's about. How many tax free buckets do you have?
Who wants to have taxable buckets? That portion is gonna
go to Uncle Sam. You don't have no idea. It's
like being in business with the partner and the partner
can change the rules of how much their share is.
Now stop for a minute. Do you want to be
in that partnership? I wouldn't want to, But that's what
(17:20):
you signed up for with a regular IRA TSP for
one K. Now, that's the problem because you have to
take these requirement and distributions. But why go into a
partnership like that when you don't have to? And we'll
talk about a lot more on the show on what
you could do. So when you hear age seventy three,
don't think of it as irs curveball, you know, think
(17:41):
of it as a little extra runway, because it's breathing
room right now for you. If you're younger than that,
it's planning time. And that's what we do here, planning.
There's tax preparation versus tax planning. Tax preparation is old news.
Tax planning is the future, and that's where our head thinks.
That's where our plans go. And if you use those
years wisely, they can make R and ds a whole
lot less painful down the road. But here's the part
(18:03):
that most people don't see coming. Once those requirement and
distributions actually start, they don't just show up quietly. They
can nudge up your tax bracket, they can affect your
Social Security. They even can bump up your Medicare premium.
So these are silent killers. So coming up next, we're
talking about the R and d's how it's coming out,
and also how the rm d's impact your taxes. You
(18:26):
don't want to miss this and why understanding that this
piece can save you serious, serious money. You're listening to
Magi Tax and Financial Show. Pick up the phone, schedule
time to meet with us. Eight three to three Maggie 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 eight three three Magie Tax,
or visit Maggie Tax dot com. Now you're host with
(19:06):
Maggie Tax and Wealth Advisors, Robert and Chris Maggie.
Speaker 2 (19:10):
All right, welcome back, and you're listening to the Maggie
Tax and Financial Show. My name is Robert Maggie and
I'm here with my son and co host Chris Maggie.
And today we've been talking about required minimum distributions, how
they affect you, trying to educate you on maybe possibly
doing a strategic rollout for those of you that have
IRA values. I get a lot of emails a week,
(19:31):
a million dollars or more they're out there, and what
are you going to do with it? Because it's not
all tax free, it's taxable, and you need to understand
the rules of what the government does and why they
and how they apply it to each and every one
of you. So start thinking about strategies, start thinking about options,
and sit down and give us a call eight three
to three Magie Tax eight three three Maggie Tax. Visit
(19:53):
our website, Maggie Tax dot com. And this is what
you have to do. You have to sit down and
have a plan, have a plan of attack because the
requirement of distributions for all of you that have IRA's
and four oh one k's and four h three b's,
they are coming. And this is when the government says,
knock knock, Now you have to start paying us. So
give us a call eight three to three Maggie Tax.
So now this is where rm ds stop being just
(20:16):
a retirement rule and start showing up in places you
really feel that your taxes, because that's where it hits.
Because once those rm ds begin, and many of you
know what I'm talking about, they don't just sit quietly
in the background. They have a way of sneaking into
your tax return, tapping your shoulder and saying, hey, remember me,
guess what you got to pay me? Now it's my turn.
Speaker 4 (20:37):
That's the thing. And you know, here's a tricky part.
It's not just about the tax you pay on the
withdrawal itself. That rm ds can actually set off a
chain of reaction. It can affect your SOLI security. You know,
your soial security get taxes as much as eighty five percent.
A lot of people don't know that your Medicare premiums
could be in jeopardy and sometimes even your long term
planning for your family. So let's walk through this together,
(20:59):
because what most some people don't know is that there's
a huge ripple and it can be especially if you've
been a good saver. And I'm going to break down
for the biggest ways that rmds can impact your tax picture,
so you know exactly what to watch for and why
planning ahead is so important and it can make all
(21:20):
the difference.
Speaker 3 (21:21):
Let's jump into this.
Speaker 2 (21:22):
And by the way, if you're seventy three, just keep
in mind that you have to do something. And that's
a good reason to give us a call, because now
you're going to see the real impact. If you're younger.
Then Chris and I can show you some strategic rollouts
exactly what they can do to make it lighter.
Speaker 4 (21:36):
We'll stay there. You know eight three to three magi tax.
Remember that number eight three three magi attax. Just call
us any time we have ofbviously on both sides of
the bay. But it doesn't matter if you're about to
get to this age. If you're listening and you're not
even close to this age, my gosh, now's to talk.
Now is the even better time to come in because
this is where we can show you how to avoid
the tax trap exactly.
Speaker 2 (21:56):
So let me say this. Rm ds They increase your
taxable income whether you need it or not. So once
an R and D comes out, it gets added to
your income for the year, plain and simple. There's no
mystery there. You get a ten ninety nine, you got
to put it on your tax return, and your tax
return your tax go up.
Speaker 4 (22:12):
So it's considered you know, ordinary income money comes in
and got on your tax turn as if you were working.
So if you had this thirty thousand, it has to
come out. It's like you got a job, you just
made thirty grand. It goes on your tax turn. But
it's taxed a little differently, but at the end of
the day, it's part of your adjusticross income.
Speaker 2 (22:27):
You just said something. I'm sorry, I was laughing. But
the way you put it, you worked all your life, right,
you had a paycheck, you paid your taxes, and then
you retire and you're gonna get money. Guess what, you
have another paycheck. The problem is it's now a it's
a check that's taxable. So it's gonna I bet you
that's gonna give you more money in retirement than you
were when you work it.
Speaker 4 (22:46):
Right, But that's half the story because now you've got
to pay more in t The tax word exactly good.
Speaker 2 (22:52):
So even if the money goes straight into savings or
sits untouched and you're checking account, the IRS still treats
it as taxable income. And what do you get, Chris,
when you have money in a tax like a savings
or checking.
Speaker 4 (23:04):
What do you get at the end of the year.
If there's interest, well, you got an interest statement? Who
or ten on your nine?
Speaker 3 (23:09):
Right?
Speaker 2 (23:09):
So now that you have your arm do you take
it out? You put on your tax return, you pay taxes,
and then you take that money the arm d Because
people ask us, what do I do with it? Well,
you can put it into a checking or savings or
another investment. But guess what, You're going to be taxed
on that too, So you're gonna be taxed on it again.
So find find what I'm trying.
Speaker 3 (23:28):
To say here.
Speaker 2 (23:29):
You're gonna be tax on it once, You're gonna be
tax on it twice. You're gonna be tax on it
maybe three times. So if you don't think about strategically
reducing that liability to tax free like a Roth conversion,
and pay the tax on a low rate, then when
you get to the age where you're going to be
seventy three, you may not have any tax to pay.
What's wrong with that, Chris.
Speaker 3 (23:49):
Well, that's it.
Speaker 4 (23:49):
It's called planning, and most people are just dealing with preparation. Preparations,
the old what happened last year. We're talking about planning.
That's what can happen in the future. So you want
to work with an advisor who does tax planning, income planning,
investment planning, state planning where they put everything together and
complete it. That's what you're looking for. So these rm
(24:12):
ds can cause a problem. That's why it's so important
to pick up the phone, write this number down eight
three three MAGI Tax at MAGI Tax and Wealth Advisors.
You know, we do a lot to help you complete planning.
So these rm ds can push more of your social
security into a taxable category. We see this during tax time,
we see it all year. My gosh, it's like an
X ray to us. So if you have a tax turn,
(24:33):
bring it in. Let's look at it. I'll show you
so exactly what we see. I'll explain it to you
as well. Rmds count that income. It counts towards the
formula that determines whether your social Security is a tax
So many people don't understand this. Social Security can be
taxed at zero percent. That's kind of an oxymoron. It
could be taxed at zero It doesn't have to be taxed.
(24:55):
It's your other income that causes it to pay tax.
So it's part of the formula that adds on whether
your sol Security is getting taxed. That means an rm
D can quietly turn what was once partially taxed or
not even taxed at all, and to benefits that are
eighty five percent taxable.
Speaker 3 (25:11):
Exactly, So what do you do with that?
Speaker 4 (25:13):
So here give an example, say you retired sixty five,
your cruising a long retirement. You're getting Social Security, maybe
getting a pension. You know your husband's getting social Security.
You guys have got three income streams. You're not paying
anything in tax. It's a great income. And then guess
what the rm ds come and knock in and you
save for so long you don't need the money, and
guess what the rm ds make it where your Social
(25:35):
Security gets taxed up to eighty five percent. Now you
have a tax liability. This is what we're talking about
getting sneaked up. But wait, there's still more and more.
Speaker 3 (25:43):
It's more.
Speaker 2 (25:44):
So think about this, how many of you are taking
on Medicare and the income from rmds can raise your
Medicare premiums.
Speaker 4 (25:52):
You're Part B and you're Part D and jrug Planet's
are Part D.
Speaker 3 (25:57):
So people out there, but.
Speaker 2 (25:58):
It raises depends on what level you're at. But this
one catches people by surprise all the time because you
get a letter and that says your Social Security says
now your Part B premium is going up, and you
go why why Because your income went up. So rmds
can push your income over certain thresholds, triggering IRMA good
old IRMAA income related monthly Adjustment search charges. It's a
(26:20):
tax people, which means higher Medicare Part B and Part
D premiums sometimes years later. And what they do is
they go back two years. So let's just say you
taking i'll say fifty sixty thousand out of your IRA
two years ago. Two years letter is when you're going
to get the increase in URMA. And I'm telling you
this is crazy because people call us all the time
(26:41):
say what is this. It's a taxed so large rm
ds can stack on top of other income sources. What
Chris was saying, you get a pension, you get rental income,
you get investment income. When rmds land on top of
everything else, they can create bigger tax bills than expected,
especially if your retirement income wasn't carefully coordinated. So why
(27:01):
are we so adamant about this because we see this
every single day. We've been doing tax planning for years.
And this is when people come in and hear the
radio show and watch the TV show and they go, well, gee,
my guy never tells me that.
Speaker 3 (27:13):
Well, that's it.
Speaker 2 (27:14):
They're not going to tell you that because you didn't ask.
Speaker 4 (27:17):
Well, not only that, it's just that they really don't
hate to say this, but they don't really care much.
Why should they, because they just deal with maybe your investments,
or they just deal your banking, or they just deal
with you know, whatever you hire them to do. They
don't complete planners. Now even your CPA doesn't really have
to take care but those tax preparation is the past,
(27:38):
so they just have to deal with what the past says,
what you already did. Well, we want to focus on
is tax planning. This is huge. This is a big
deal because when we see retirees come in, they're all excited,
they want to retire, they retire, they're living their retirement years,
and then guess what they come in years later. We
see these people and they say, oh my gosh, I
(28:00):
have less income. What do you mean, Well, that Part B,
the IRMA IRMA, the surcharge for your Medicare Part B
or the Medicare Part D, the prescription drug premium increases
because of these distributions and which all require minimum distributions. Now,
what happens is these these the Part B and the
(28:20):
Part D comes out of your Social Security check. That
means less income to you. So what are you doing
about it? That's my question to the listeners today. If
you're listening today and you have requirementium distributions, or you're
approaching this, or you know what they are, you have
to pick up the phone and schedule time to meet
with us. Why because we can analyze this. We can
show you what those R and D are going to
(28:42):
be every single year and what to do to reduce
it or detect liability. Maybe there's a way to do
a strategic roll up.
Speaker 3 (28:50):
You're on the.
Speaker 4 (28:51):
Highway right now where you're going towards something that's forever taxed.
But guess what, you can get off and go on
to the other freeway where there's no tax ever. Again,
what environment do you want to live in? And that's
what we're asking you today, So pick up the phone,
schedule a time to meet with us. Eight three three
(29:12):
mag Attacks don't forget Every Sunday on ABC TV, tune
into the Megatax and Wealth Advisors show ten thirty on ABCTV.
Speaker 2 (29:20):
Yeah, and one thing again, I would mention that go
to our website magitax dot com. There's a seminar link there.
We do four seminars a month at different locations and
we talk about everything that we're talking about here. It
doesn't cost you anything. They're usually at libraries. It's you know,
either in the ten o'clock, eleven o'clock or two o'clock
in the afternoon. We have some of them at six o'clock.
(29:41):
But register for some of these seminars and you will
see exactly what we're talking about, how we can help
you out because there's so much here to talk about.
So as you can see, rmds aren't just about taking
money out of your retirement account. They ripple through your
entire financial picture, from higher taxes which we talked about,
to ta X civil social Security, to surprise Medicare premium increases.
(30:03):
These distributions have a way of piling on if you're
not paying attention. But here's the good news, and yes
there is good news. You are not powerless here. There
are smart, perfectly legal strategies that can help reduce the
size of your future rm ds and soften the tax
impact long before they even begin. And this is what
it's about. So coming up next, we're talking about what
(30:26):
you can do about it. Simple proactive ways to manage
your rm ds, So don't manage you. You're listening to
the Maggie Tax and Financial Show, and you won't want
to miss this part.
Speaker 1 (30:41):
Stop funding Uncle Sam's retirement and start planning for your
own successful retirement. As we return to the Maggie Tax
Financial Show with your host Robert and Chris Maggie with
Maggie Tax and Wealth Advisors. For information on how you
can create a tax free retirement, call eight three three
Maggie Tax or visit Maggie Tax dot com. Now your
(31:03):
host with Maggie Tax and Wealth Advisors, Robert and Chris Maggie,
Thanks for.
Speaker 4 (31:08):
Tuning into the Megatax and Wealth Advisors Show. And all right,
this is the moment we've been building towards because if
the last segment made you think, wow, rm ds can
really mess with my taxes, and this is a segment
where you exhale, you take a deep breath and think, okay,
I got options.
Speaker 3 (31:25):
So here's the truth.
Speaker 4 (31:26):
Requirementum distributions or rm ds are required, as it's in
its name, but suffering through massive tax bills is not so.
With the right strategy, the right timing, and little productive
planning can help you shrink future requirement of distributions, lower
your lifetime taxes, and keep more of your heart earned
money exactly where it belongs, working for you. So pick
(31:50):
up the phone, schedule time to meet with us. Eight
three three, Magi Tax. If you have an IRA form
on K and you're talking about rm ds and you
worry about them, and you can't sleep at night, and
this is bothering you because more in taxes, take a
deep breath, pick up the phone. Let's have a conversation.
Eight three to three, Maggie Tax. Let's talk about solutions,
and that's what we're going to do. We're going to
share with you the smartest, most effective ways to manage
(32:12):
rm ds before they manage you, the moves that turn
retirement rules into retirement advantages, take advantage of the opportunities,
and this is where strategy meets opportunity, and that's what
we do.
Speaker 3 (32:24):
So let's dive into this.
Speaker 2 (32:26):
And just me shure remember go to our website, Maggie
tax dot com. Click on the retirement tax bill on
the top right. You can put in your numbers and
you can see in thirty seconds what Chris and I
are talking about, what your tax bill would look like.
And then pick up the phone, give us a call.
We'll go over the whole thing with you. We'll make
it simple, explain it to you and go through any
questions you may have eight three to three Maggie tax.
(32:48):
So I'm going to break this down into four parts.
Proven approaches that can help reduce future rm ds, smooth
out your taxes, and keep more of your money, which
is what everybody wants working for you you. So let's
take them one at a time. The first one shrink
future rm ds with thoughtful wroth conversions. By converting part
of a traditional IRA to a wroth IRA. You pay
(33:11):
the tax now, often during lower income years, and in return,
that money grows tax free with no rm ds required later.
It's a powerful way to reduce how much the IRS
forces out of your account in your seventies and beyond.
And Chris, that's step number one, right, you know.
Speaker 4 (33:27):
And it's interesting when you say that, you know, shrink
your future rmds because you have control, you have flexibility,
and you can do this if you have planning, planning, planning, planning.
Speaker 3 (33:34):
We talked about precision.
Speaker 4 (33:35):
Last show, we talked about ways to do this the
right way, bucket planning, precision planning.
Speaker 3 (33:40):
We can do this.
Speaker 4 (33:41):
You can do it too, if you come in to
meet with us eight three to three magg attax. We
have office on both sides of the day, so it's
a thoughtful process. We can show you how to do
these conversions. So what about these qualified charitable distributions?
Speaker 3 (33:55):
What are those?
Speaker 2 (33:56):
Well, once you turn seventy and a half, you can
send money straight from your IRA to a qualified charity.
People ask us all the time, and that amount counts
toward your rm D but doesn't count as a taxable income,
which means you help a good cause. If you're charitably
inclined and keep your tax bill lower, that's a win
win situation.
Speaker 4 (34:15):
So oh it' stop for a seconds so they don't
need the money and your charitable inclined. You can take
a distribution it satisfies as your rm D, so that
means you don't get taxed at a twenty five percent penalty.
Speaker 3 (34:24):
You satisfied it.
Speaker 4 (34:25):
But then two, it doesn't go on your tax turn
does not right, so you don't have to be tax
on it correct. And the third thing, it goes to
a charitable organization that your choice good about that you
can help.
Speaker 3 (34:37):
Yeah, it's a win win situation, win win win.
Speaker 2 (34:39):
And you know what the reason why we talk about
that is because nobody talks about it. It's an option.
It's another strategy you can use and it may work,
and if we think it will, we're going to recommend it.
So these are things you can do. So take similar
intentional withdrawals before rm ds begin. What do I mean?
Instead of waiting until seventy three and suddenly facing large
mandatory withdrawals, you can take plan distributions earlier. And what
(35:02):
this does it helps spread taxes out over time and
keeps future r and ds from ballooning when you least
want them to. And think about that. Good.
Speaker 3 (35:11):
No, no, you got a good thought. Go ahead.
Speaker 2 (35:12):
The reason why because if you take them out sooner
and you stay in that tax bracket lower, why would
you not do that because later on it's going to
put you in a higher tax park.
Speaker 3 (35:21):
That's right.
Speaker 4 (35:21):
So that's why you just pick up the phone, schedule
time to meet with us. Distribution planning. Let me say it,
distribution planning a three three Maggie tax. This is where
we coordinate all income sources instead of just letting taxes
stack up. Because retirement income usually comes from multiple places
such as IRA as the former case, social Security for
you, your spouse pensions investments. So when withdrawals aren't coordinated properly,
(35:45):
income piles up and taxes follow. You have control of
how you pay tax and how much you're going to
pay tax if you have the right distribution plan. So
that's why a holistic strategy keeps everything working together smoothly.
And that's what we do here at Maggie Tax and
Financial Group Maggie Tax. That's what we do tax wealth advisors.
(36:05):
We help people accumulate wealth but also too in the
most tax efficient way distributed using distribution planning. So when
it comes to rmds, the rules may be required, but
overpaying on taxes is absolutely not focused. That's what we
don't want it to happen. So with the right strategy
in place, you can soften the impact, avoid surprise, and
(36:26):
even feel confident knowing that your tirement income is working
the way it should pay less tax. With Maggi Tax,
we can help you. If today's conversation had you thinking,
I wonder how this is going to apply to me,
well that's a good instinct. All you have to do
is pick up the phone, schedule time to meet with us.
Because every situation is different and even small adjustments can
make a meaningful difference over time a three to three
(36:47):
Maggie tax.
Speaker 2 (36:48):
So today we covered an awful lot, as we do
on every show, but here's the big picture takeaway. Rmds
aren't some obscure iris rule meant to trip you up.
They are a predictable part of retirement. It's always been there,
and when you understand how they work, you can plan
for them instead of reacting to them or getting angry
about them. We talked about what rm ds are, why
(37:09):
they now start at age seventy three, how they can
quietly impact your taxes, social Security, and even Medicare, and
most importantly, how smart planning can dramatically reduce their effect
on your retirement income. And the difference between feeling stressed
about rm ds and feeling confident about them comes down
to one thing, having a plan that's designed specifically for you.
(37:31):
And that's exactly what we help people do every day.
So if this show sparked questions, curiosity, or that little
voice saying I should probably look into this, trust that instinct.
A simple conversation now can bring clarity, confidence, and potentially
significant tax savings down the road. Thank you so much
for spending part of your day with me and my
(37:53):
son Chris on the Maggie Tax Show. Until next time,
stay informed, stay proactive, and remember your retirement should work
for you, not the other way around.
Speaker 1 (38:05):
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
(38:26):
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 (00:40):
Welcome everyone, and thanks for joining us today. My name
is Robert Maggie and you're listening to the Maggie Tax
and Financial Show, and I'm here with my son and
co host Chris Maggie. Be sure to visit our website,
Maggie Tax dot com and give us a call at
eight three three Maggie Tax. Also every Sunday at ten thirty,
be sure to tune into the Maggie Tax and financial
show on ABC TV, and there's a lot of information
(01:01):
that we do there and we try to educate people.
We get questions all the time, and that's what we're
trying to address for every show. So it's the show
where we turn stress into tax confidence and help you
keep more of what you've worked so hard for. And again,
these questions come up every week, so if you have
a question, let us know. But today we're going to
talk about one of the most overlooked and most expensive
(01:24):
retirement rules out there. It's called required minimum distribution or
better known as R m D not DMR. So Chris
and I are going to talk about today and again
thanks for joining us today. Give us a call eight
three to three Maggie Tax.
Speaker 3 (01:40):
Hey, welcome everyone.
Speaker 4 (01:41):
I'm Chris Maggie and thanks again for tuning in. We
love being here because we provide education to help people.
We call it the Maggie Plan, a plan that consists
of complete planning, tax planning, income planning, investment planning, transfer planning,
state planning.
Speaker 3 (01:58):
These are things that we talk about. It's complete plan.
Speaker 4 (02:00):
We had a client that came in last weekend. He
wanted to pay lesson tax and he also wanted to
make sure his investments are online to his strategy, and
he said, well, you can do both, and we showed
them what we do and he said, that's where I
want to work. I want to work with you guys,
because he sees the benefits of complete planning. And he said,
can you make sure that everything stays in the family
(02:20):
goes to my two daughters as well. Well, we can
set that up for you as well. So when you
pick up the phone and call us, let's put together
a complete plan for you. So you mentioned the word
require minimum distribution are mds. These are what they call
distributions from your qualified account. What's a qualified account? Well,
your IRA, your four one K, your thrift savings plan.
(02:42):
These accounts that you put money into over the years.
You get a tax deduction by putting money into it.
But guess what, when you start taking it out in
the future. It could be age seventy three or age
seventy five, depending on when you were born, you have
to pay tax on these day distribution, so they're recalled
required minimum distribution. So if you're nearing your seventies, already retired,
(03:08):
or helping a parent with their finances, this is a
must know information.
Speaker 3 (03:11):
So let's dive in.
Speaker 2 (03:12):
So rmds can quietly increase your taxes, raise your Medicare premiums,
which we'll talk about, and catch you completely off guard
if you're not prepared. And I can tell you a
lot of people aren't because when they call me and
they call Chris and they say, what about that DMR,
and that tells me that they don't understand it's RMD
required minimum distribution. So today we're breaking it down into
(03:36):
four simple, easy to understand segments. What rm ds are,
why they start at age seventy three, how they affect
your taxes, and most importantly, what you can do to
stay ahead of them. So let's get into it right now,
because this is a very important topic.
Speaker 3 (03:51):
That's right.
Speaker 4 (03:52):
So let's get started with the big question what exactly
is an RMD Because if you ever heard the return
requirement of distribution and thought that sounds like a gym
class I didn't sign up for, well you're not alone.
You know. When we look at this, many people are confused,
they're isolated, and they just don't know what to do.
But we provide the clarity and the confidence to help you.
So that's what we do. So our MD is basically
(04:12):
the IRIS looking in all those years that you were
super responsible by being a saver and saying, Okay, now
it's a time, friend, it's time to start sharing. And
you've had this tax break for so many years, you
enjoyed the growth, and now the IRS says it's their turn.
So what does that mean. They want the money, they
want the distribution to be tax and they want to
(04:34):
make sure they get their tax money on this Now
rules of change, we'll dive into this later on, but
these accounts are called tax time bombs. If you are
in your seventies, that's fine, you're approaching this distribution time.
But more importantly, if you're in your sixties or your
fifties listening today, you might want to have a different
(04:56):
a plan or approach moving forward with this account if
you currently you have one. So let's break it down.
Rmds are required minimum distributions or withdraw from certain retirement accounts,
and we're talking about iras and form and cays. In
four or three b's all these accounts where you've got
a tax break going in the IRS allowed your money
to grow tax deferred for many years, sometimes decades, but
the rmds are how they make sure that those taxes
(05:18):
eventually get paid. So that's what it is. You don't
get to choose if you take one. You only get
to choose how much. So once you reach the required age,
the withdrawal is mandatory, whether you need the money or not.
Even if your bills are paid and your savings are
comfortably situated, the IRIS still says take out the money
any way. It has to come out, and there's a
(05:40):
penalty if you don't, so continue, well the.
Speaker 2 (05:43):
Amount that he saw. The amount is calculated using life expectancy tables,
so the IRS basically looks at your account balance and
uses a standard formula based on age and essentially estimating
how long you'll live and how quickly they want that
money because they want that much before you die. And
every year you have to take out more and more.
(06:03):
And there's no crystal ball needed, just math. And I'm
not sure what math they use, but they've got the
math down, and sometimes we don't get it, and we're
probably never going to get it. But sometimes it's math
that feels a little rude. And Chris, it's funny because
it's simple, but it's not because here's why when you
started working, you were allowed to put money into a
tax deferred account. Oh that was great, you've got a
(06:26):
tax deferral on the front end. But I asked this question,
how many of you can go back over the years
and see how much that you actually had tax deferred
and what kind of tax benefit did you get? And
now when you're starting to take it out, the amount
is taxable at what rate?
Speaker 4 (06:42):
Chris, Well, that's the thing. It's a question mark tax rate.
We don't know and today we know the tax rates are.
But fast forward five years, seven years, ten years, fifteen years,
do we really know what the tax rates are going
to be? No. So that's why these are tax time
bombs that are ready to explode, and you have to
make sure that that you put them in the right situation.
So if you ignore the RMD, there's a penalty. And
(07:05):
it's no joke because skipping or underwdrawing the rm D
the requirement and distribution can result in a penalty up
to twenty five percent of the amount you should have taken.
So that's not a slap on the wrist. Years ago
it was fifty percent, I was twenty five. But that's
the irs. Basically saying, you know, we really meant it,
We really want you to take this distribution. So that's
(07:27):
why planning is important. When you when you visit our
website maggietax dot com, if you talk about that up
the upright hand corner, the retirement savings tax bahm, right,
what can they do? Because when you do this, for
when you enter your information in the how much IRIS
you have and the value, I want to show you
what you have to take out for the requirement and distribution.
(07:47):
This is so important. Many people meet with they have
no idea and they say, oh my gosh, this is
exactly what my advisors even show me, and then how
do we plan for it? But when you go on
a website, what do you need to do to get that?
Speaker 2 (07:57):
All you got to do is put in your information
of the value of IRA or four oh one K
and be honest. I mean, you don't have to lie,
and if you want to, that's fine, just to see
what the numbers look like. But it's going to tell
you what tax bracket you're going to be in and
what you're going to wind up taking out at seventy three,
So think about it. I have millionaire clients come in
all the time because they've saved all their life and
they got very very good IRA's account. Now they got
(08:18):
a million dollars sitting in there, or they think they
have a million dollars in there, because when you start
looking at the tax and you're at the highest tax bracket,
what's the math, Chris, A million dollars minus what thirty
seven percent?
Speaker 3 (08:29):
You don't have all of that, do you?
Speaker 4 (08:31):
No, that's a lot of money that does earmarked for who,
Uncle Sam so, and the rest is going to you.
Speaker 3 (08:36):
But that's at today's rate.
Speaker 4 (08:38):
What if it changes between to forty two percent, what
it goes at the forty eight percent? What if it
goes up to fifty six percent? Then guess what less
to you, more to them.
Speaker 2 (08:46):
So on the retirement tax bill, what we look for
there is what you're going to pay, and it gives
us an opportunity to show you strategically how to take
that money out over maybe three, five or seven years
at the lowest tax rate and then at the end
have all tax free money. So could you have a
million dollars of tax free money? Yes, if you do
it strategically and do it.
Speaker 4 (09:05):
Correct, that's exactly right. So now you know what rmds are.
It's called the requirementium distributions or withdrawals. It's irs formulas
and penalties that you definitely want to avoid. You know,
they're not spooky, they're not personal, but they are something
that every retire needs to understand before they sneak up
on you. And that's why if you're fifty fifty five,
(09:26):
sixty sixty five, there are options where you could do
strategic rollouts, roth conversions, ways to get out of the
tax infected area where most people are. I mean, you've
did a great job, you say, for a long time.
You know, you did what everyone told you to do,
put money away into a form. Okay, but again these
(09:48):
are tax time bombs. But so this requirement of distribution
has to be taken. And what's really interesting that you
might be asking yourself why seventy three we're not seventy
or seventy five, or let's be honest, never Well, that
age didn't just come out of nowhere, and the rules
have changed more than once. Years ago was seventy and
a half, then it was seventy two. Now it's seventy
(10:09):
three and seventy five. So coming up next, we're going
to dive into this a lot more on these requirement
of distributions. Also these iras, how they're infected with taxes,
a tax time bomb waiting to explode, and many people
are on that avenue of just going down that lane.
You don't have to. We'll talk about how Congress landed
on that number, and most importantly, how timing can actually
(10:31):
work in your favor if you plan ahead, pick up
the phone, schedule time with us eight three to three
Maggie Tax. You listen to the Maggie Tax and Financial Show.
Speaker 1 (10:48):
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 Advisor. For information on how you
can create a tax free retirement, call eight three three
Maggie Tax or visit Maggie Tax dot com. Now your
(11:10):
host with Maggie Tax and Wealth Advisors, Robert and Chris Maggie.
Speaker 4 (11:14):
Welcome back to the Megi Tax and Financial Show. And
we've been talking about require minimum distributions. If you have
an IORA A four to one K, A thrift savings
plan A four to three B. Guess what your These
accounts are infected with taxes, so what are you doing? Well,
you have a tax time bomb that's waiting to erupt
at some point. And what's really interesting is that we
(11:36):
don't even know what tax rate it's going to come
out at. So if you have saved in these accounts
for so long, we're talking about when do you have
to start taking out? Years ago, the required minimum distribution
was aged seventy and a half or so long, and
it was seventy two, and now it's seventy three, and
also seventy five based on the year that you were born.
So why do R and ds start at seventy three?
Speaker 2 (12:00):
Big question, confusing question, and we're going to try to
answer it for you. So here we go. Now that
we know that you know what R and ds are,
and if you don't remember one thing, it's not DMR.
Please don't say that it's an rm D. Let's talk
about the question I hear all the time, Why on
earth do they start at age seventy three? Not seventy
not seventy five, seventy three And no, it wasn't picked
(12:22):
out of a hat. This number has changed several times
and each change has everything to do with how long
we're living, how the government thinks about retirement, and believe
it or not, how much opportunity you actually have to
save on taxes. And this segment is important because understanding
why the age of seventy three helps you understand what
(12:42):
to do before rm ds start, and that can make
a huge difference in how much you keep versus how much.
Speaker 3 (12:48):
You give to the irs.
Speaker 2 (12:50):
So let's break it down into four simple ideas so
you can see exactly why rm ds start when they
do and what that timing really means mean for you.
Speaker 4 (13:00):
Well, you know, simply, people are living longer than what
they used to. Right, So when our MD rules were
first created, life expectancy was much shorter, and today many
retirees are living well into their eighties and nineties. So
Congress adjusted the rules to better match today's longer retirement.
So it gives you gives your money more time to
work before withdrawals are required, which is a good thing,
(13:23):
but also too, it's a bad thing because the pot
gets bigger and bigger and bigger and bigger, which means
more tax down the line. See, the fact of the
matter is is that they know how much IRA money
is out there, they know how much is going to
be subject to tax. That's why we call legislative risk.
Legislative risk means that they can change the rules. So
if there's billions and billions and even more billions of
(13:45):
dollars out there later on, they know the tax revenue
that's going to come in. So the government wanted to
extend the tax deferred growth period, and that's why they did.
By pushing the rm DS start age back to seventy three,
lawmakers gave retirement accounts more time to grow without the
immediate taxation. But that extra year or two of tax
deferred compound they can make a meaningful difference in long
(14:08):
term savings.
Speaker 3 (14:09):
And that's where we're going with this.
Speaker 4 (14:10):
People, when you're at this age now seventy three seventy five,
you have to start taking the REQUIREMENTUM you need a plan.
But more importantly, if you're fifty sixty sixty five right
approaches seventy you need an exit strategy. And we can
show you how to exit these accounts the most tax
efficient way.
Speaker 2 (14:28):
And if you really want to wake up call go
to our website Maggie Tax click on the retirement tax
Miill on.
Speaker 3 (14:33):
The top right.
Speaker 2 (14:34):
Put your numbers in, Well, ask you for the tax
bracket and I'll show you what you have to start
taking out. What Chris mentioned at fifty fifty five sixty,
You don't have to take it out to seventy three.
It will show you what you're going to have to
take out. We're going to get into that in a minute.
And then what it's going to do to your tax return.
Because you have Social Security, you have pension, it's going
to bring you in a higher tax bracket. And boy,
(14:55):
isn't that what the government wants to pay more taxes? Chris,
that's pretty simple.
Speaker 4 (14:59):
Well, they need to revenue. And see, you think you're
saving for so long, but then you're not. You get
hit with an unknown tax act.
Speaker 2 (15:08):
You're saving, you're saving for the irs retirement, you're not
saving for your retirement.
Speaker 4 (15:11):
So that's why he wrote the book Stop funding Uncle
Sam's retirement exactly.
Speaker 3 (15:15):
And that's people laugh but it's the truth.
Speaker 2 (15:17):
Because the people out there that know what we're talking about,
that see this happening, they're chicking their head saying they're
right because I never saw this coming. But the Secure
Act two point zero and many of you don't even
know what the Secure Act is Modernize Retirement rules, because
this updated legislation recognize that retirement timelines have changed. What
Chris mentioned, you get an older It gradually moved the
(15:39):
starting age from seventy and a half to seventy two,
now seventy three, maybe seventy five, and who knows, with
plans to move it even later, even later, so that
you can accumulate more tax you know, deferred money, showing
that this number isn't fixed forever. So you've got to
understand the rules and what's going on. So the extra opportunity,
you know, the extra time creates a powerful planning. What
(16:00):
we're trying to tell you is that if you can
do a strategic rollout of your IRA, think about it,
and you think you have that much money, you're just
delaying the inevitable. So what you want to do is
do a strategic rollout and start taking the money out
over time. So the years leading up to age seventy
three are prime time for you. A proactive tax planning,
which is exactly what I'm talking about. Roth conversion, strategic withdrawals,
(16:23):
and income management strategies that can significantly reduce future RM
ds and overall tax stress and you know, Chris, every
time we sit down and show this to a client
that come in, they go, wow, I wish I would
have known that before.
Speaker 4 (16:34):
Well you didn't because it wasn't there. Well that's the thing.
I mean, most advisors don't even talk about this. Most
advisors say, go to consult a tax advisor. Well, we're
not only just a tax advisor and tax planner. We
do investment planning and an investment planner. Investment advisor, that's
what we do, and we incorporate everything we could show
you how to get these accounts out of an infected
area tax to a tax free environment, because that's what
(16:57):
it's about. How many tax free buckets do you have?
Who wants to have taxable buckets? That portion is gonna
go to Uncle Sam. You don't have no idea. It's
like being in business with the partner and the partner
can change the rules of how much their share is.
Now stop for a minute. Do you want to be
in that partnership? I wouldn't want to, But that's what
(17:20):
you signed up for with a regular IRA TSP for
one K. Now, that's the problem because you have to
take these requirement and distributions. But why go into a
partnership like that when you don't have to? And we'll
talk about a lot more on the show on what
you could do. So when you hear age seventy three,
don't think of it as irs curveball, you know, think
(17:41):
of it as a little extra runway, because it's breathing
room right now for you. If you're younger than that,
it's planning time. And that's what we do here, planning.
There's tax preparation versus tax planning. Tax preparation is old news.
Tax planning is the future, and that's where our head thinks.
That's where our plans go. And if you use those
years wisely, they can make R and ds a whole
lot less painful down the road. But here's the part
(18:03):
that most people don't see coming. Once those requirement and
distributions actually start, they don't just show up quietly. They
can nudge up your tax bracket, they can affect your
Social Security. They even can bump up your Medicare premium.
So these are silent killers. So coming up next, we're
talking about the R and d's how it's coming out,
and also how the rm d's impact your taxes. You
(18:26):
don't want to miss this and why understanding that this
piece can save you serious, serious money. You're listening to
Magi Tax and Financial Show. Pick up the phone, schedule
time to meet with us. Eight three to three Maggie 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 eight three three Magie Tax,
or visit Maggie Tax dot com. Now you're host with
(19:06):
Maggie Tax and Wealth Advisors, Robert and Chris Maggie.
Speaker 2 (19:10):
All right, welcome back, and you're listening to the Maggie
Tax and Financial Show. My name is Robert Maggie and
I'm here with my son and co host Chris Maggie.
And today we've been talking about required minimum distributions, how
they affect you, trying to educate you on maybe possibly
doing a strategic rollout for those of you that have
IRA values. I get a lot of emails a week,
(19:31):
a million dollars or more they're out there, and what
are you going to do with it? Because it's not
all tax free, it's taxable, and you need to understand
the rules of what the government does and why they
and how they apply it to each and every one
of you. So start thinking about strategies, start thinking about options,
and sit down and give us a call eight three
to three Magie Tax eight three three Maggie Tax. Visit
(19:53):
our website, Maggie Tax dot com. And this is what
you have to do. You have to sit down and
have a plan, have a plan of attack because the
requirement of distributions for all of you that have IRA's
and four oh one k's and four h three b's,
they are coming. And this is when the government says,
knock knock, Now you have to start paying us. So
give us a call eight three to three Maggie Tax.
So now this is where rm ds stop being just
(20:16):
a retirement rule and start showing up in places you
really feel that your taxes, because that's where it hits.
Because once those rm ds begin, and many of you
know what I'm talking about, they don't just sit quietly
in the background. They have a way of sneaking into
your tax return, tapping your shoulder and saying, hey, remember me,
guess what you got to pay me? Now it's my turn.
Speaker 4 (20:37):
That's the thing. And you know, here's a tricky part.
It's not just about the tax you pay on the
withdrawal itself. That rm ds can actually set off a
chain of reaction. It can affect your SOLI security. You know,
your soial security get taxes as much as eighty five percent.
A lot of people don't know that your Medicare premiums
could be in jeopardy and sometimes even your long term
planning for your family. So let's walk through this together,
(20:59):
because what most some people don't know is that there's
a huge ripple and it can be especially if you've
been a good saver. And I'm going to break down
for the biggest ways that rmds can impact your tax picture,
so you know exactly what to watch for and why
planning ahead is so important and it can make all
(21:20):
the difference.
Speaker 3 (21:21):
Let's jump into this.
Speaker 2 (21:22):
And by the way, if you're seventy three, just keep
in mind that you have to do something. And that's
a good reason to give us a call, because now
you're going to see the real impact. If you're younger.
Then Chris and I can show you some strategic rollouts
exactly what they can do to make it lighter.
Speaker 4 (21:36):
We'll stay there. You know eight three to three magi tax.
Remember that number eight three three magi attax. Just call
us any time we have ofbviously on both sides of
the bay. But it doesn't matter if you're about to
get to this age. If you're listening and you're not
even close to this age, my gosh, now's to talk.
Now is the even better time to come in because
this is where we can show you how to avoid
the tax trap exactly.
Speaker 2 (21:56):
So let me say this. Rm ds They increase your
taxable income whether you need it or not. So once
an R and D comes out, it gets added to
your income for the year, plain and simple. There's no
mystery there. You get a ten ninety nine, you got
to put it on your tax return, and your tax
return your tax go up.
Speaker 4 (22:12):
So it's considered you know, ordinary income money comes in
and got on your tax turn as if you were working.
So if you had this thirty thousand, it has to
come out. It's like you got a job, you just
made thirty grand. It goes on your tax turn. But
it's taxed a little differently, but at the end of
the day, it's part of your adjusticross income.
Speaker 2 (22:27):
You just said something. I'm sorry, I was laughing. But
the way you put it, you worked all your life, right,
you had a paycheck, you paid your taxes, and then
you retire and you're gonna get money. Guess what, you
have another paycheck. The problem is it's now a it's
a check that's taxable. So it's gonna I bet you
that's gonna give you more money in retirement than you
were when you work it.
Speaker 4 (22:46):
Right, But that's half the story because now you've got
to pay more in t The tax word exactly good.
Speaker 2 (22:52):
So even if the money goes straight into savings or
sits untouched and you're checking account, the IRS still treats
it as taxable income. And what do you get, Chris,
when you have money in a tax like a savings
or checking.
Speaker 4 (23:04):
What do you get at the end of the year.
If there's interest, well, you got an interest statement? Who
or ten on your nine?
Speaker 3 (23:09):
Right?
Speaker 2 (23:09):
So now that you have your arm do you take
it out? You put on your tax return, you pay taxes,
and then you take that money the arm d Because
people ask us, what do I do with it? Well,
you can put it into a checking or savings or
another investment. But guess what, You're going to be taxed
on that too, So you're gonna be taxed on it again.
So find find what I'm trying.
Speaker 3 (23:28):
To say here.
Speaker 2 (23:29):
You're gonna be tax on it once, You're gonna be
tax on it twice. You're gonna be tax on it
maybe three times. So if you don't think about strategically
reducing that liability to tax free like a Roth conversion,
and pay the tax on a low rate, then when
you get to the age where you're going to be
seventy three, you may not have any tax to pay.
What's wrong with that, Chris.
Speaker 3 (23:49):
Well, that's it.
Speaker 4 (23:49):
It's called planning, and most people are just dealing with preparation. Preparations,
the old what happened last year. We're talking about planning.
That's what can happen in the future. So you want
to work with an advisor who does tax planning, income planning,
investment planning, state planning where they put everything together and
complete it. That's what you're looking for. So these rm
(24:12):
ds can cause a problem. That's why it's so important
to pick up the phone, write this number down eight
three three MAGI Tax at MAGI Tax and Wealth Advisors.
You know, we do a lot to help you complete planning.
So these rm ds can push more of your social
security into a taxable category. We see this during tax time,
we see it all year. My gosh, it's like an
X ray to us. So if you have a tax turn,
(24:33):
bring it in. Let's look at it. I'll show you
so exactly what we see. I'll explain it to you
as well. Rmds count that income. It counts towards the
formula that determines whether your social Security is a tax
So many people don't understand this. Social Security can be
taxed at zero percent. That's kind of an oxymoron. It
could be taxed at zero It doesn't have to be taxed.
(24:55):
It's your other income that causes it to pay tax.
So it's part of the formula that adds on whether
your sol Security is getting taxed. That means an rm
D can quietly turn what was once partially taxed or
not even taxed at all, and to benefits that are
eighty five percent taxable.
Speaker 3 (25:11):
Exactly, So what do you do with that?
Speaker 4 (25:13):
So here give an example, say you retired sixty five,
your cruising a long retirement. You're getting Social Security, maybe
getting a pension. You know your husband's getting social Security.
You guys have got three income streams. You're not paying
anything in tax. It's a great income. And then guess
what the rm ds come and knock in and you
save for so long you don't need the money, and
guess what the rm ds make it where your Social
(25:35):
Security gets taxed up to eighty five percent. Now you
have a tax liability. This is what we're talking about
getting sneaked up. But wait, there's still more and more.
Speaker 3 (25:43):
It's more.
Speaker 2 (25:44):
So think about this, how many of you are taking
on Medicare and the income from rmds can raise your
Medicare premiums.
Speaker 4 (25:52):
You're Part B and you're Part D and jrug Planet's
are Part D.
Speaker 3 (25:57):
So people out there, but.
Speaker 2 (25:58):
It raises depends on what level you're at. But this
one catches people by surprise all the time because you
get a letter and that says your Social Security says
now your Part B premium is going up, and you
go why why Because your income went up. So rmds
can push your income over certain thresholds, triggering IRMA good
old IRMAA income related monthly Adjustment search charges. It's a
(26:20):
tax people, which means higher Medicare Part B and Part
D premiums sometimes years later. And what they do is
they go back two years. So let's just say you
taking i'll say fifty sixty thousand out of your IRA
two years ago. Two years letter is when you're going
to get the increase in URMA. And I'm telling you
this is crazy because people call us all the time
(26:41):
say what is this. It's a taxed so large rm
ds can stack on top of other income sources. What
Chris was saying, you get a pension, you get rental income,
you get investment income. When rmds land on top of
everything else, they can create bigger tax bills than expected,
especially if your retirement income wasn't carefully coordinated. So why
(27:01):
are we so adamant about this because we see this
every single day. We've been doing tax planning for years.
And this is when people come in and hear the
radio show and watch the TV show and they go, well, gee,
my guy never tells me that.
Speaker 3 (27:13):
Well, that's it.
Speaker 2 (27:14):
They're not going to tell you that because you didn't ask.
Speaker 4 (27:17):
Well, not only that, it's just that they really don't
hate to say this, but they don't really care much.
Why should they, because they just deal with maybe your investments,
or they just deal your banking, or they just deal
with you know, whatever you hire them to do. They
don't complete planners. Now even your CPA doesn't really have
to take care but those tax preparation is the past,
(27:38):
so they just have to deal with what the past says,
what you already did. Well, we want to focus on
is tax planning. This is huge. This is a big
deal because when we see retirees come in, they're all excited,
they want to retire, they retire, they're living their retirement years,
and then guess what they come in years later. We
see these people and they say, oh my gosh, I
(28:00):
have less income. What do you mean, Well, that Part B,
the IRMA IRMA, the surcharge for your Medicare Part B
or the Medicare Part D, the prescription drug premium increases
because of these distributions and which all require minimum distributions. Now,
what happens is these these the Part B and the
(28:20):
Part D comes out of your Social Security check. That
means less income to you. So what are you doing
about it? That's my question to the listeners today. If
you're listening today and you have requirementium distributions, or you're
approaching this, or you know what they are, you have
to pick up the phone and schedule time to meet
with us. Why because we can analyze this. We can
show you what those R and D are going to
(28:42):
be every single year and what to do to reduce
it or detect liability. Maybe there's a way to do
a strategic roll up.
Speaker 3 (28:50):
You're on the.
Speaker 4 (28:51):
Highway right now where you're going towards something that's forever taxed.
But guess what, you can get off and go on
to the other freeway where there's no tax ever. Again,
what environment do you want to live in? And that's
what we're asking you today, So pick up the phone,
schedule a time to meet with us. Eight three three
(29:12):
mag Attacks don't forget Every Sunday on ABC TV, tune
into the Megatax and Wealth Advisors show ten thirty on ABCTV.
Speaker 2 (29:20):
Yeah, and one thing again, I would mention that go
to our website magitax dot com. There's a seminar link there.
We do four seminars a month at different locations and
we talk about everything that we're talking about here. It
doesn't cost you anything. They're usually at libraries. It's you know,
either in the ten o'clock, eleven o'clock or two o'clock
in the afternoon. We have some of them at six o'clock.
(29:41):
But register for some of these seminars and you will
see exactly what we're talking about, how we can help
you out because there's so much here to talk about.
So as you can see, rmds aren't just about taking
money out of your retirement account. They ripple through your
entire financial picture, from higher taxes which we talked about,
to ta X civil social Security, to surprise Medicare premium increases.
(30:03):
These distributions have a way of piling on if you're
not paying attention. But here's the good news, and yes
there is good news. You are not powerless here. There
are smart, perfectly legal strategies that can help reduce the
size of your future rm ds and soften the tax
impact long before they even begin. And this is what
it's about. So coming up next, we're talking about what
(30:26):
you can do about it. Simple proactive ways to manage
your rm ds, So don't manage you. You're listening to
the Maggie Tax and Financial Show, and you won't want
to miss this part.
Speaker 1 (30:41):
Stop funding Uncle Sam's retirement and start planning for your
own successful retirement. As we return to the Maggie Tax
Financial Show with your host Robert and Chris Maggie with
Maggie Tax and Wealth Advisors. For information on how you
can create a tax free retirement, call eight three three
Maggie Tax or visit Maggie Tax dot com. Now your
(31:03):
host with Maggie Tax and Wealth Advisors, Robert and Chris Maggie,
Thanks for.
Speaker 4 (31:08):
Tuning into the Megatax and Wealth Advisors Show. And all right,
this is the moment we've been building towards because if
the last segment made you think, wow, rm ds can
really mess with my taxes, and this is a segment
where you exhale, you take a deep breath and think, okay,
I got options.
Speaker 3 (31:25):
So here's the truth.
Speaker 4 (31:26):
Requirementum distributions or rm ds are required, as it's in
its name, but suffering through massive tax bills is not so.
With the right strategy, the right timing, and little productive
planning can help you shrink future requirement of distributions, lower
your lifetime taxes, and keep more of your heart earned
money exactly where it belongs, working for you. So pick
(31:50):
up the phone, schedule time to meet with us. Eight
three three, Magi Tax. If you have an IRA form
on K and you're talking about rm ds and you
worry about them, and you can't sleep at night, and
this is bothering you because more in taxes, take a
deep breath, pick up the phone. Let's have a conversation.
Eight three to three, Maggie Tax. Let's talk about solutions,
and that's what we're going to do. We're going to
share with you the smartest, most effective ways to manage
(32:12):
rm ds before they manage you, the moves that turn
retirement rules into retirement advantages, take advantage of the opportunities,
and this is where strategy meets opportunity, and that's what
we do.
Speaker 3 (32:24):
So let's dive into this.
Speaker 2 (32:26):
And just me shure remember go to our website, Maggie
tax dot com. Click on the retirement tax bill on
the top right. You can put in your numbers and
you can see in thirty seconds what Chris and I
are talking about, what your tax bill would look like.
And then pick up the phone, give us a call.
We'll go over the whole thing with you. We'll make
it simple, explain it to you and go through any
questions you may have eight three to three Maggie tax.
(32:48):
So I'm going to break this down into four parts.
Proven approaches that can help reduce future rm ds, smooth
out your taxes, and keep more of your money, which
is what everybody wants working for you you. So let's
take them one at a time. The first one shrink
future rm ds with thoughtful wroth conversions. By converting part
of a traditional IRA to a wroth IRA. You pay
(33:11):
the tax now, often during lower income years, and in return,
that money grows tax free with no rm ds required later.
It's a powerful way to reduce how much the IRS
forces out of your account in your seventies and beyond.
And Chris, that's step number one, right, you know.
Speaker 4 (33:27):
And it's interesting when you say that, you know, shrink
your future rmds because you have control, you have flexibility,
and you can do this if you have planning, planning, planning, planning.
Speaker 3 (33:34):
We talked about precision.
Speaker 4 (33:35):
Last show, we talked about ways to do this the
right way, bucket planning, precision planning.
Speaker 3 (33:40):
We can do this.
Speaker 4 (33:41):
You can do it too, if you come in to
meet with us eight three to three magg attax. We
have office on both sides of the day, so it's
a thoughtful process. We can show you how to do
these conversions. So what about these qualified charitable distributions?
Speaker 3 (33:55):
What are those?
Speaker 2 (33:56):
Well, once you turn seventy and a half, you can
send money straight from your IRA to a qualified charity.
People ask us all the time, and that amount counts
toward your rm D but doesn't count as a taxable income,
which means you help a good cause. If you're charitably
inclined and keep your tax bill lower, that's a win
win situation.
Speaker 4 (34:15):
So oh it' stop for a seconds so they don't
need the money and your charitable inclined. You can take
a distribution it satisfies as your rm D, so that
means you don't get taxed at a twenty five percent penalty.
Speaker 3 (34:24):
You satisfied it.
Speaker 4 (34:25):
But then two, it doesn't go on your tax turn
does not right, so you don't have to be tax
on it correct. And the third thing, it goes to
a charitable organization that your choice good about that you
can help.
Speaker 3 (34:37):
Yeah, it's a win win situation, win win win.
Speaker 2 (34:39):
And you know what the reason why we talk about
that is because nobody talks about it. It's an option.
It's another strategy you can use and it may work,
and if we think it will, we're going to recommend it.
So these are things you can do. So take similar
intentional withdrawals before rm ds begin. What do I mean?
Instead of waiting until seventy three and suddenly facing large
mandatory withdrawals, you can take plan distributions earlier. And what
(35:02):
this does it helps spread taxes out over time and
keeps future r and ds from ballooning when you least
want them to. And think about that. Good.
Speaker 3 (35:11):
No, no, you got a good thought. Go ahead.
Speaker 2 (35:12):
The reason why because if you take them out sooner
and you stay in that tax bracket lower, why would
you not do that because later on it's going to
put you in a higher tax park.
Speaker 3 (35:21):
That's right.
Speaker 4 (35:21):
So that's why you just pick up the phone, schedule
time to meet with us. Distribution planning. Let me say it,
distribution planning a three three Maggie tax. This is where
we coordinate all income sources instead of just letting taxes
stack up. Because retirement income usually comes from multiple places
such as IRA as the former case, social Security for
you, your spouse pensions investments. So when withdrawals aren't coordinated properly,
(35:45):
income piles up and taxes follow. You have control of
how you pay tax and how much you're going to
pay tax if you have the right distribution plan. So
that's why a holistic strategy keeps everything working together smoothly.
And that's what we do here at Maggie Tax and
Financial Group Maggie Tax. That's what we do tax wealth advisors.
(36:05):
We help people accumulate wealth but also too in the
most tax efficient way distributed using distribution planning. So when
it comes to rmds, the rules may be required, but
overpaying on taxes is absolutely not focused. That's what we
don't want it to happen. So with the right strategy
in place, you can soften the impact, avoid surprise, and
(36:26):
even feel confident knowing that your tirement income is working
the way it should pay less tax. With Maggi Tax,
we can help you. If today's conversation had you thinking,
I wonder how this is going to apply to me,
well that's a good instinct. All you have to do
is pick up the phone, schedule time to meet with us.
Because every situation is different and even small adjustments can
make a meaningful difference over time a three to three
(36:47):
Maggie tax.
Speaker 2 (36:48):
So today we covered an awful lot, as we do
on every show, but here's the big picture takeaway. Rmds
aren't some obscure iris rule meant to trip you up.
They are a predictable part of retirement. It's always been there,
and when you understand how they work, you can plan
for them instead of reacting to them or getting angry
about them. We talked about what rm ds are, why
(37:09):
they now start at age seventy three, how they can
quietly impact your taxes, social Security, and even Medicare, and
most importantly, how smart planning can dramatically reduce their effect
on your retirement income. And the difference between feeling stressed
about rm ds and feeling confident about them comes down
to one thing, having a plan that's designed specifically for you.
(37:31):
And that's exactly what we help people do every day.
So if this show sparked questions, curiosity, or that little
voice saying I should probably look into this, trust that instinct.
A simple conversation now can bring clarity, confidence, and potentially
significant tax savings down the road. Thank you so much
for spending part of your day with me and my
(37:53):
son Chris on the Maggie Tax Show. Until next time,
stay informed, stay proactive, and remember your retirement should work
for you, not the other way around.
Speaker 1 (38:05):
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
(38:26):
and Advisors. Call them at eight three three Maggie Tax
or visit them online at Maggietax dot com
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