May 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 nest day from Uncle Sam. Call them at
eight three three Maggie Tax or online at Maggie Tax
dot com and now your host for the Maggie Tax
and Financial Show, Robert and Chris Maggie.
Speaker 2 (00:41):
Welcome to the Maggie Tax at Wealth Advisor Show, the
place where your retirement stops being something you worry about
and starts becoming something you take control of. Today's episode
is built around the four questions that shape every financial future,
which we're going to talk about, and by the end
of the show you're going to have a clearer path
forward than most people ever get. My name is Robert Maggie.
(01:02):
I'm here with my son Chris Maggie, co host of
The Maggie Tax and Financial Show. Be sure to visit
our website Maggie Tax dot com and also tune in
every Sunday at ten thirty rather I wish it was
nine thirty, but ten thirty for The Maggie Tax and
Financial Show. A lot of interesting topics we talk about,
and today is going to be quite a few of them.
So Chris, let's get started.
Speaker 3 (01:22):
Let's say welcome everyone. I am Chris Maggie and I'm
so grateful to be here.
Speaker 2 (01:26):
You know Eason.
Speaker 3 (01:26):
Every day we talk about a lot of things with
our clients, and clients come to us because they want
tax preparation done, tax planning, ways to reduce their their taxes,
roth conversions, they want their accounts managed, they want investment ideas.
They want to make sure that they have proper beneficiary
designation on all their accounts. They want to make sure
that everything stays in the family. So there's a lot
(01:47):
of different things that we do, income planning, tax planning,
investment planning, and that's why we are here. So visit
our website at Maggie tax dot com. There's so much
information to discuss because it's your retirement, it's your future,
and we can help you. Just be out the phone,
schedule time to meet with us. Eight three three Maggie tax.
So my dad mentioned we're going to talk about four
(02:07):
questions today that shape every financial future. And first we're
tackling the foundation of people come to us and say,
I don't want to lose what I've worked for. How
many people are in that boat. Well, we'll show you
how to protect your savings in a world where the
market can change in an instant. We've all seen up
and downs, but there are ways to reduce your taxes. Also,
(02:29):
there are ways where you don't have to lose if
the market goes down. Then we'll move into the reality check.
A lot of people say, well I can't afford a
big drop. Now, Well, if that's you, you're not alone.
If you're close to retirement or already in it, this
segment is going to open your eyes to the risk
that you may not even realize that you're currently carrying.
So not just those two things, we're also going to
(02:49):
talk about what to shift into the strategy, how do
I balance growth and protection at the same time, Because
retirement isn't about choosing one or the other. It's about
building a plan that gives youth. So those are there
first three segments throughout today, and then we're going to finally,
we're going to take the question everyone thinks about but
really says out loud, do I have enough to retire?
(03:09):
If you're thinking in that line, well you're not alone.
You know, many people are a lot of wealthy people
are worried about outliving their money.
Speaker 2 (03:16):
So do I have enough to retire?
Speaker 3 (03:19):
So this is where the clarity replaces guesswork, and this
is where you start to understand what enough really means
for your retirement.
Speaker 2 (03:27):
So if you're already to protect that what you've built,
strengthen your plan possibly, and move into retirement with confidence
instead of uncertainty, then you're exactly the right place. So
let's dive in the first segment. Will my money last?
That's a big question that we get every single day
because maybe you don't have an income stream to or
income sources to make that happen. So let's start with
(03:49):
the question that makes every listener sit up a little straighter.
So here it is, what if you live longer than
your money does? Have you thought about that? It's the
number one fear that we hear at Maggie Tacks and
wealth advisors every day, and most people don't realize they're
guessing their way through retirement. And we're going to talk
about that. So what it really takes to build income
that lasts twenty, thirty or even forty years, and why
(04:12):
hoping for the best isn't a strategy. If you've ever
wondered whether your savings can truly go the distance, stay
right here because this is where clarity begins and where
your retirement competence starts to take shape. And here's what
we're diving into. Understand the true life span of your
money backed by real analysis and assumptions. Most retire release
rely on rough estimates, outdated rules, or online calculations that
(04:36):
ignore the real variables affecting their future. This we see
every day, so we run a full longevity analysis that
factors in inflation, taxes, market volatility, health care costs, and
your actual spending patterns. When people see the real projection
of how long their money can last, it's often the
first time they've had a clear honest picture of their
(04:57):
financial future. And Chris, every c that we speak to,
we always ask them the question how long do you
want your money to last and how much income do
you have, because that is what is going to give
us the structure.
Speaker 3 (05:08):
Well that's it, and a lot of people don't realize
how to put this together. And we provide you with
a budget sheet, we go over that with you. We
talk about your income sources. What's coming in now, what's
discretionary mean, what's left over each and every month. Maybe
you have a positive discretionary amount or maybe you're in
the negative right who knows, Maybe need more income streams.
That's what we need to talk about. So what's coming
(05:29):
in and we talk about inflation, We look at that,
We look at the taxes, which is a big expense,
the market volatility, and also healthcare costs. Many people want
to retire early, but guess what, they can't because they
don't have the health insurance with the company if they
retire earlier prior to age sixty five, because that's what
medicare kicks in. So there's a lot of factors that
go into play. And understand the true life span of
(05:51):
your money back by the real analysis, not just about assumption.
So that's a great point. And when people come in,
we're going to help you determine what that looks like.
So pick of the phone, schedule time to meet with us.
Eight three three Maggie tacks. If you're worried about how
long your money's going to last, schedule a time to
meet with us. We have office on both sides of
the day. Yeah.
Speaker 2 (06:11):
And you know, Chris, it's funny because most people don't
think that way because they only think about what I'm
going to talk about next. But build a retirement income
stream designed to last as long as you do. So
basically you have to ask yourself, like Chris and I do,
how much do you need per month? And start there
and if you're not making it, then guess what you
have some planning to do, because retirement isn't about how
much you've saved, it's about how effectively you can turn
(06:34):
those savings into dependable income. Like if an emergency happens,
do you have enough money? We show you how to
create a structured and that's a keyword, structured retirement paycheck.
Chris talks about paychecks and playchecks, but that continues. It
has to continue for twenty thirty, even forty years. And
this approach helps protect you from market swings and it
(06:54):
sures your lifestyle isn't dictated by uncertainty. And my goodness,
we all know about that. It's long term income planning
built for real life.
Speaker 3 (07:03):
And that's just about it. You know, many people don't
have an income stream. They don't know what the income
streams are going to be in retirement. That's where we
come in income planning. Income planning, I mean, I keep
saying it, but most people just worried about growing your money.
What about the income plan the distribution phase of your life. Well,
we can help you, and you want to unlock the
hidden income opportunities that you didn't really know you had.
(07:24):
Most people don't realize how much money they lose simply
by just choosing the wrong social security strategy. We run
a social Security maximization report. So if you have questions
about when do I take solid security? Should I take
it early? Should I take it later? What about the
earnings test? A lot of people don't understand. If you
take social Security before your FRA called full retirement age,
guess what, and you make more than a certain amount,
(07:46):
you're subject to the earnings test. Every two dollars you
make got to give a dollar back. So don't mess
up that strategy. That's why we can help you. So
if you're thinking about when to take solid security, pick
up the phone. Schedule time. It's so important to meet
with us. Also, what about your pension options. Should you
take a ump, should you take the payment that they
give you, or should you roll over your money and
create your own family pension. We can show you how
(08:07):
to do that. What about the withdrawal order? Where to
take the money from? What buckets of money do you
take money from? These decisions cannot be undone and they
cost you thousands over time. So we uncover opportunities you
may not know exist, from optimizing your social security timing
to tax efficient income sequencing. That's so important helping you
(08:29):
keep more of what you've worked so hard for. So
pick up the phone, schedule time to meet with us
eight three to three Magi Tax. If you worried about
how long your money's going to live outlast you, if
it's going to and guess what, schedule time to meet
with us eight three to three Maggie Tax.
Speaker 2 (08:42):
Then I can make it really easy for all of you.
It's called the Maggie Plan. It's simple and easy to
understand and that's what we try to do with everyone
and for many of you that have met with my
son and I and my staff, we make it simple
and easy to understand. So get your personalized longevity and
income plan and don't be afraid to ask questions about out, well,
where am I going to get the income from? Can
you help me figure out how much income I'm going
(09:04):
to get? Because this is a complementary. This is complementary
for the next callers. So wherever you are, give us
a call eight three to three, Maggie tax mention, this
show mention, this top topic about income planning, and let's
do it for you. Let's get it right. This isn't
a generic print out, It's not that way for everybody,
every single one of you listening, there's a different plan.
(09:25):
It's customized, data driven plan that shows exactly how long
that your money's going to last and how to structure
your income, which is the most important thing, and where
your biggest opportunities and risks are. How many of you
have taken a look at your risk because maybe the
risk has a lot to do with your income. So
for the next callers, this plan is complementary, completely complementary,
(09:48):
and for many it becomes a turning point where uncertainty
is replaced with clarity and confidence. And Chris, that's what
they need to do. They got to get some clarity
and some confidence. Well, let's just say it.
Speaker 3 (09:57):
I mean you need to go in retirement. This is
is your distribution phase. Many people who are currently in
the accumulation phase. But what about the distribution phase? What
do you take your money? And that is how you
turn uncertainty into confidence.
Speaker 2 (10:10):
You meet with us.
Speaker 3 (10:11):
When you know your money can last, everything about retirement
feels lighter. If you want that same clarity, this is
the perfect time to take action. Now, give us a
call at Maggie Tax and Wealth Advisors call eight three
to three Maggie Tax, or visit us online at Maggie
Tax dot com and schedule a time to meet.
Speaker 2 (10:27):
Visit our website.
Speaker 3 (10:28):
Also, tune into our show every Sunday on ABCTV for
the Maggie Tax and Financial Show at ten thirty am
on ABC. Stay tuned with us because next we're uncovering
the tax surprises that catch retirees off guard. You don't
want to miss this.
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
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
(11:11):
host with Maggie Tax and Wealth Advisors, Robert and Chris Maggie, Welcome.
Speaker 3 (11:16):
Back to the Maggie Tax and Financial Show and thanks
for tuning in. And last segment, we were talking about
uncovering the tax surprises that catch retirees off guard. And
you definitely don't want to miss this because the retirement
tax trap, how taxes change after you stop working. You know,
this topic can quietly take a big bite out of
your retirement if you don't plan for it. And many
(11:39):
people out there don't plan, they've actually failed the plan.
You know, most people think taxes get easier in retirement.
Well the truth is that they often get worse. How
many people out there that let's talk about this that
we do we hear say, well, my advisor in the
past said just pay you know, in the future you're
going to pay less than taxes, so get the tax
deduction to day, but in the future it's going to
(12:02):
get get better. Well, it's not the case. So at
MAGA Tax Advisory and Wealth Advisors, we call it the
retirement tax trap, and it can drain your savings if
you don't see it coming. Social Security taxes, Medicare premiums jump,
and requirementium distributions can push you into higher brackets fast
once the paycheck stops.
Speaker 2 (12:22):
Heads up, baby, that's what's coming, you know. So we
laugh at it, but it's not funny because there's a
lot there. When we talk to you, we talk about
all that. So if you want to keep more of
your money and give less to the irs, right here,
let's here's what to watch for and what to do next,
because there's so much. I'm an even tongue tied when
I talk about it. Because taxes don't disappear in retirement.
(12:45):
They simply show up in new ways, and we'll talk
about that. Many people are surprised to learn that retirement
comes with its own set of tax rules, because the
older you get, the more taxes change. And you know it.
It's written in pencil.
Speaker 3 (12:57):
Well, everything they say is permanent, but it's really not
firm until the tax law changes right exactly.
Speaker 2 (13:03):
So without work related deductions and with new income sources
like social Security, with withdrawals, your tax picture can shift
in ways you didn't expect. Every time we do taxes,
like we're doing tax returns now, when you show the
tax return at the end, it's like, well, I didn't
see that coming because basically you don't look at taxes
like we do all year round on everybody's tax return. Chris, So,
(13:23):
understanding these changes early helps you stay in control and
avoid surprises down the road. Well, that's just it.
Speaker 3 (13:29):
You know, many people don't think about taxes and then
in the retirement tax trap, but what about required minimum
distributions and how they can create extra taxes. We met
with the client this past week. He's seventy three years old,
and guess what he has to take? The required minimum distribution?
And he says, well, how do I calculate this? And
he had no idea. So we showed him and said
this is what you have to take. And he had
(13:51):
a substantial amount in his IRA and he has to
take over one hundred and eighty thousand dollars of our MD.
He said, I don't need this money. Well, you've saved,
so well, I guess that's what. Now you gotta pay taxes.
Uncle Sam is coming, so you're going to pay a
lot in tax. Are going to create tax unless you
plan ahead. So once you reach that age of seventy three,
the IRS requires you to start taking money out of
your retirement accounts like iras four three b's TSPs, and
(14:15):
these withdrawals can increase your taxable income and affect things
like the medicare premiums. Who've heard of IRMA IRMAA. Well,
the good news is that with the right planning, you
can prepare for rm ds long before they arrive and
you can keep more of your money working for you.
Speaker 2 (14:31):
That's what it's about. And here is the problem. Chris,
and many of you can relate to this. Think about it.
Chris just talked about a seventy three year old. He
let his money grow tax deferred, he received a tax deduction,
which is fine. But now when he opens the door
at seventy three, he has slapped with a tax on
his on his rmds and it's going to bring him
into a higher tax breck of Chris.
Speaker 3 (14:52):
Well, the Social Security is getting tax eighty five percent yep,
and it just gets worse for him.
Speaker 2 (14:56):
You know, like we said, retirement taxes won't wait, they
warn you or fix themselves. And this is what people
kind of put their tax returns in the draw and say,
I'm not gonna worry about it to seventy three. But
when you get closer, you know the real question is simple,
are you going to let the irs take more than
it should or take control now? And Chris, the biggest
question you ask all the time is when are you
(15:17):
going to pay the tax? And who's going to pay
the tax? And they sit back and look at Chris
and I and my staff here, and they go, I
never thought about that. Do I really have to pay
the tax? Yeah? You do. So doing nothing is still
a decision, and it's a bad decision, and it's the
most expensive one retirees make. So if you're thinking, I'm
not giving up one extra dollar, then it's time to act, Maggie.
(15:41):
Tax and wealth advisors can help you build a tax
smart plan that protects what you've earned.
Speaker 3 (15:45):
And that's why it's so important to pick up the
phone schedule a time to meet with us, because we
talked about the retirement tax trap. If your advisor is
just managing the money, or you have an advisor for five, ten, fifteen,
twenty years. Well, the question I quickly have for you
is are they talking about taxes? Because taxes are our
biggest expense. So what are you doing about it? Well,
you got to do some planning, and that's why at
(16:06):
MAGI Tax Advisory and Wealth Planners, what we do here
is we help you in a lot of different ways.
You know, what about the way you take income matters.
The smart sequencing can help you keep more. So retirement
income isn't about how much you would draw, but where
it comes from. Choosing the right order, whether it's a
roth ira or the traditional RA, a brokege account, or
(16:27):
even solid security can make a meaningful difference in your
tax bill. And that's why we talk about distribution planning.
We're experts in distribution planning because a thoughtful strategy can
help stretch your savings further and give you more flexibility
year after year.
Speaker 2 (16:42):
So there are strategies available like WROTH conversions and tax
efficient income planning that can help you lower taxes over
the long term. And if you haven't looked at it,
now is the time. These aren't loopholes, folks, they're smart
intentional moves that many retires that we see every day
simply don't know all about. And acting early gives you
more options and more control over your financial future. And
(17:05):
Chris is the point. They don't want to sit down
because I hate to say this, but what's your fee? Folks?
There's no fee that's too cheap or too expensive to
help you save on taxes. I'll tell you what.
Speaker 3 (17:14):
Like when people come in and they say, well, I'm
paying too much in taxes, well they might not be
paying enough or withholding enough. But again, what you don't
do today is going to heck of a lot pay
more in the future. So why not get it done now?
So you get off the highway and you're in a
in a road that is clear for you. That's the problem.
Many people go down the same road where they're stuck.
(17:34):
They're going to be hit with all the branches falling
on the road, the cars are driving crazy. You don't
want you want to be away from that. And that's
why it's so simple just to pick up the phone,
schedule time to meet with us. We do complete planning here.
You know, the retirement tax traps they're out there. They
don't have to be if you with the right advisor,
So pick up the phone, schedule time to meet with
us eight three three Maggie Tax. Visit our website at
(17:57):
maggietax dot com. And retirement taxes won't wait. They won't
warn you or even fix themselves. The real question that
we see simply is when are you gonna pay the tax?
And are you going to let the irs take more
than it should or are you going to take control?
Now that's the question because doing nothing is still a decision,
and it's the most expensive one that retirees make. If
(18:19):
you're not thinking about your retirement, then it's time right
now to act. Maggie Tax and Wealth Advisors are can
to help you build the tax smart plan that protects
what you've earned. This is your money. Make sure you protected.
Don't wait for a surprise bill. Take control now, give
us called eight three to three Maggie Tax. That's eight
three to three Maggie Tax.
Speaker 1 (18:45):
Stop funding Uncle Sam's retirement and start planning for your
own successful retirement. As we return to the Maggie Tax
Financial Show with your host Robert and Chris, Maggie with
Maggie Tax and Wealth Advisors for information on how you
can create a tax free retirement. Call eight three three
Magie Tax or visit Maggie Tax dot com. Now you're
(19:07):
host with Maggie Tax and Wealth advisors Robert and Chris Maggie.
Speaker 2 (19:12):
Welcome back. And one thing I want to say is,
don't wait for a surprise tax bill. Take control now
and give us a call at eight three to three
Maggie Tax. Because just like every December thirty, first the
ball drops in times square, But what about the big
drop in the market or taxes? Are you celebrating that too,
So don't let that happen to you. So the thing is,
I can't afford a big drop now protecting savings from
(19:34):
market volatility? How are you doing that? Are you talking
to the right people? So let's shift gears for a minute,
because if you're within ten years of retiremental already retired,
you probably said this at least once. I can't afford
a big drop now nobody can really, I don't care
what time if it is. And you're right. When you're working,
market dips are annoying. When you're retired, they can be devastating.
(19:58):
Why because you're withdrawing only at the same time your
account is falling Chris talked about that before. That's called
sequence of return risk, and it can drain a portfolio
shockingly fast. So you don't look at that, you don't
see this. So in this segment, we're going to explore
how to reduce exposure to big swings, Why set it
and forget it doesn't work in retirement, and how to
(20:21):
build a plan that protects your lifestyle even when the
market misshaves and volatility is normal, so losing sleep over
it doesn't have to be well.
Speaker 3 (20:29):
As I said, So if you're thinking out there, what
happens if a big drop happens, and what are you
going to do about it? Are you going to react
or are you going to put yourself in position to
ready have control and flexibility. That's what we're talking about today.
So if you're out there and you don't have a plan,
think about your investments. Do they have a purpose or
(20:50):
what kind of risk are you taking with your money?
You know, many people come in and we do a
risk assessment and sometimes we see people taking an aggressive state.
Think of it this way. ABC D and E A
is very conservative. He is very aggressive, so he's in
the middle. Some people are taking a D type of risk.
When we start asking them questions. They might want to
(21:11):
be in a B portfolio, so it might be vice versa.
So where are you do you know? And maybe five
years ago you did something like this, but what about today?
Things might have changed. So that's why it's so important
to meet with us, because we can educate you on
what you currently have and then moving forward without together
a plan where you have an investment plan, Well, you.
Speaker 2 (21:31):
Said something five years ago, it may have been okay.
And that's the problem I think that many people don't do.
They don't check their risk analysis and how it changed.
And every time we talk to our clients five years,
ten years, or whatever, we're always doing a risk analysis
because it could change. And don't you think that's important
to a lot of people.
Speaker 3 (21:48):
I do, because your life style changes. Even in retirement,
you can invest like you're a twenty six year old
if you invest the right way with the buckets. That's
why bucket planning is so important. You put all your
money and invest like a twenty six year old. No,
but there's nothing wrong with taking that risk with some
of your money if you put together a bucket plan.
And my question to you out there listening today do
(22:09):
you have a bucket plan, do you have a strategy?
Do you have an investment plan? Because most people out
there just have piles of money. They got a statement here,
they have a brokerage account there, they got an investment
over here. Meanwhile, do you know if it's taxable? Do
you know if it's tax free? Do you know if
you take it there will be gains on that portfolio?
Do you know do you know what type of risk
you're currently taking? Well, these are things that we talk
(22:31):
about each and every day, and you need to know.
That's why we put together a balance sheet for you,
will educate you, we'll show you when you come in
and meet with us. So eight three to three maggie, tax,
schedule time to meet with us. We have office on
both sides of the day to help you. Eight three
to three maggie.
Speaker 2 (22:44):
Tax. And volatility becomes more dangerous once you start with
drawing money, even if the market eventually recovers, because you
don't know if it's going to recover. Most people don't
realize that taking income during a downturn lock in their
losses in a way that's hard to balance back from.
And it's always you know, well, it's gone down, but
it's going to come back. And we've all heard the
(23:04):
market's doing great, but maybe you should take a look
at them when the market is doing great, okay, and start,
you know, having a review. This is called sequence of
returns and it's one of the biggest threats Chris, to
retirement security that we see. The market might recover, you know,
but your portfolio may not. Knowing how to manage the
risk can make the difference between a confident retirement and
(23:25):
a stressful one. And again, if you're not meeting with
your advisor and you're not meeting with them to go
over this, we are. So pick up the phone, give
us a call eight three to three, Maggie Tacks. Let
us do a risk analysis, a tax analysis, an income analysis,
and it goes on and on, because Chris, they need
peace of mind, they need some security, and they need
some guarantees with it.
Speaker 3 (23:45):
Well, the worst fear is that you're cruising along your retirement.
You know, just picture this, right. You got your pension,
you got soial security coming in, you got income coming in,
you're taking income from investments, and you think everything is
on cruise control. And then guess what, something happens, whether
it's war, whether it's a threat, whether it's a big
market volatility drop, whatever it is, we've all been through.
(24:07):
We've seen the past years on what has transpired. But
what if the market goes down fifteen, twenty, thirty forty percent?
What do you do think about that? Your lifestyle changes.
People start hunking down and they say, well, I can't
spend any money. I can't do it because I'm going
to outlive my money because you have no investment plan.
You don't have a plan to stomach the losses and
(24:28):
also plans to make sure that you don't have to
stomach the loss if you don't want to. So every
portfolio is not the same. Your neighbor doesn't have to
invest the way you do. They don't know your situation.
And that's why we see so many advisors out there.
They have cookie cutter portfolios. And then what that means
is that it's the same for you as your neighbor,
as your family member, as your cousin, and it goes
(24:51):
on and on as your friend. That's not an investment plan.
You have to make sure that you have bucket planning
with safety, with some green money, some yellow money, maybe
some red money. And that's why it's so important to
pick up the phone, schedule time to meet with us.
Get an investment plan now eight three to three Maggie tax.
That's eight three to three Magi tax.
Speaker 2 (25:09):
Chris is stealing my thunder. I have I have something
to say about that. Jump, then let's go don't because
you don't have to choose between what Chris mentioned before,
growth and safety. You just need the right balance. And
one of the things that we do is called the
color of money. And let's just give you something simple.
Say you're sixty years old, and this is just an
example to help you out. So sixty percent of your
(25:31):
money should be in risk or some type of risk,
and the other balance should be maybe in save money.
But as you get older, that should change. That shift
should change because protecting your saving doesn't mean abandoning growth.
Am I right or wrong?
Speaker 3 (25:44):
That's what I'm saying to you. Like, even if you're
seventy years old, doesn't mean you have to hunker down
and put all your money in safety. That's not what
we're saying. If your income is taken care of and
you're fine, you can invest your money like a forty
year old, right, But what if you depend on that
those assess that you have and you need income from it.
Now the mindset shifts. You have to have a different
(26:05):
investment plan to make sure that you preserve your money.
Maybe there's strategies out there that you can create your
own guaranteed pension plan. Many people have worked for a
company for twenty thirty years. But you don't have to
have a pension plan to do so. You can create
a pile of money now today, make a green money
where it's safe, and generate a guaranteed income stream for life.
(26:26):
What if those three income streams coming in the front
door every month and you don't have to worry about
your investments, then you can invest differently. That's what we're
talking about here. So pick up the phone, schedule time
to meet with us, because you need to know what
your options are and we can help you. Eight three three,
Maggie Tacks.
Speaker 2 (26:41):
You know, I'm thinking here about quite a few clients,
but one in particular, husband and wife come in and
they had a million dollars and he's pretty much in risk.
And she didn't know she was in risk until we
did the Color of Money report and we explained to her,
you're all in red money, and she says, well, I
don't want to be in red money, And we asked, well,
what do you want want to be in? You got
to tell us. And then when she started to sit
(27:03):
down and relax a little bit, she said to Chris, well, heck,
I'm sixty years old. Why am one hundred percent in
red money? And that was what we're trying to get
through to you. Because protecting your saving doesn't mean abandoning growth.
Then there are portfolios that Chris can discuss with you
that have growth, have better growth in some of your portfolios. Now,
So what it means. It means being intentional about how
(27:25):
much risk you take and where you take it.
Speaker 3 (27:27):
And that's not only just intention with the risk. Also
to invest with a purpose. What if you had different
buckets of money with a different purpose, not just the
same allocations. That's a plan that feels good, doesn't it.
Speaker 2 (27:39):
Yeah? But people don't it sit down and do that
all the time. They just wait till the envelope comes
in the mail and then they look at it. To me,
that's not the word way to go. So what we're
saying here is with the right mix of protected strategies
and growth oriented investments. You can reduce the impact of
down terms while still giving your money room to grow,
and that's exactly what you want to do. This this
(28:00):
is where smart planning replaces guesswork. So a personalized protection
strategy can help you stay on track no matter what
the market does next. Chris and markets will rise and
markets will full. We all know that, but your retirement
shouldn't swing with them. A tail and plan can help
shield your savings from major losses and stabilize your income.
That's what it's all about, and give you confidence even
(28:22):
in unpredictable times. I get tired of hearing people say,
well I lost sleep because the market went down yesterday.
And the question I asked him, well what are you
going to do about it? And they look at me
like what can I do about it? What can you
do is get a personalized protection strategy.
Speaker 3 (28:37):
There you go, And that's why it's so easy, just
because the phone schedule time to meet with us. Because
you want to work with a complete planner. You want
to work with someone who understands income planning, tax planning,
investment planning, you know, legacy planning, so security maximization planning.
This is the complete plan for you, Why do you
just want to work with someone who just deals with investments.
You don't even need an investment advisor these days, just
(28:58):
manage the money yourself. Yeah, you know a lot of
things are going on, but what's important is that you
have a plan. You know, as my dad mentioned before,
with the right mix of protective strategies and growth oriented investments,
you can reduce the impact of downturns while still giving
you money room to grow. This is where smart planning
replaces the guess work. So that's why my dad mentioned.
(29:19):
Markets will rise, markets will fall, but your retirement shouldn't
swing with them.
Speaker 2 (29:24):
Listen up.
Speaker 3 (29:24):
You know, a tailored plan can help shield your savings
from major losses. They can stabilize your income and give
you the confidence even in unpredictable times. Who wants to
go through the not having confidence or unpredictable times where
they lose income. No one wants to do that, especially
when they're retired. So when listeners start to understand that
(29:44):
they can protect themselves and that it starts with a conversation,
they're far more likely to take action. Dad, so simply
pick up the phone, schedule time to meet with us.
Eight three three mag attacks.
Speaker 2 (29:55):
And simply don't leave your future to chance. Take control
while you still ken before something happens, and pick up
the phone. Schedule time to meet with us. Eight three
to three Maggie Tax or online at Maggie Tax dot com.
There's so much information there. How often are you checking
the balance in your portfolio? Do you ever ask yourself
if you have enough money so that you don't outlive
(30:16):
your retirement. That's what we're talking about here, So let's
tackle that on the other side of the break. We've
talked about so much today, but make sure you give
us a call eight three to three Maggie Tax. Let's
put a plan together, get an appointment and have a
conversation that you won't have these problems. Eight three to
three Maggie Tax. You're listening to the Maggie Tax and
Financial Shows.
Speaker 1 (30:43):
Stop funding Uncle Sam's retirement and start planning for your
own successful retirement. As we return to the Maggie Tax
Financial Show with your host Robert and Chris. Maggie with
Maggie Tax and Wealth Advisors for information on how you
can create a tax free retirement. Call eight three three
Magie Tax or visit Maggie Tax dot com. Now you're
(31:05):
host with Maggie Tax and Wealth advisors Robert and Chris.
Speaker 3 (31:08):
Maggie, do I have enough to retire? Welcome back to
the mag Attacks and Financial Show. And there comes a
moment everyone's financial life where the big question rises to
the surface, is what I've saved truly enough to retire?
So thanks for tuning into the Megattas and Financial Show.
And as always, you know we're taking this serious because
(31:31):
it's important because we get this all the time. People
come to us and they meet with us, and they
the first question they say is I'm really worried about
it outliving my money, and also is what I've saved
truly enough to retire? Can I retire? It's a powerful question,
not because it's scary, but because the answer shapes the
next chapter of your life.
Speaker 2 (31:51):
So in this segment, we're going to talk about we're
going to unpack that enough question, what it really means,
and why it's different for every person listening to the show,
and how the right plan can turn uncertainty into clarity.
And if you've ever wanted whether you're ready, this is
the conversation that you don't want to miss. So give
us a call at eight three to three Maggie Tax.
Visit our website Maggie tax dot com. So the question,
(32:14):
like we talked about enough, look it up in the dictionary,
but is enough a number? It's a plan built around
your life, your goals and your income needs. So that's
what we're asking, Like, when you sit down to eat,
is that enough? What does that mean? So most people
think retirement readiness is about hitting a magic number, and
it's not. It's not. It's about understanding how your savings
(32:38):
translate into income, how long that income can last, and
whether it supports the lifestyle that you want. The biggest
question is what is your lifestyle now and would you
like it to be that way when you retire? You know,
And once listeners realize this, the question becomes far more
empowering because it's something they can shape they answer, not
(32:58):
something they have to guess on. Well, that's it.
Speaker 3 (33:00):
The old ways are you gotta get to a million
dollars then you can retire? How many people have we
met with that said that I don't have a million
yet you don't have to. That's why when you do
the question planning like we do, we're gonna educate you
on what you need so if you have questions, pick
up the phone, schedule time to meet with us. We
have office on both sides of the bay. Eight three
three Maggie tacks. But we're gonna help you during the
distribution phase of your life. That's what it's about. Maybe
(33:24):
you have enough.
Speaker 2 (33:25):
Gosh.
Speaker 3 (33:25):
Last week we met with a couple of people and
they were worried about They said, I have to work
a couple more years, I have to save more. And
I said, stop, just take a deep breath. You did it.
And they looked at me, like, what are you talking about?
And I said, you already have enough here to retire.
And they didn't understand where the money was gonna come from.
And I said that you can create a bucket that
you can't outlive your money, and you can still invest
the money the way you want to. And they sat
(33:48):
back and they said, well really, So I showed them
where it's gonna come from. And guess what, it was
a wow factor. They didn't know what they didn't know,
but guess what it felt so great? It was clarity,
was confidence, it was moving forward in a great direction.
And that's what we to them. Eight three to three
Maggie tax Because enough isn't a number. It's a plan
built around your life. Your goals and your income means
and your spending patterns matter more than your account balance.
(34:11):
And most people underestimate this, and that's why they need
our help.
Speaker 2 (34:16):
Well, it's because of fear. I think it's because of uncertainty.
I think it's because they heard the neighbors say this,
or the guy at the office said this. But that's
not you. Okay, that's not your plan, that's not your story.
You need to tell it all right, because there's no
two stories out there that are identical.
Speaker 3 (34:33):
That's exactly right. So your neighbor might have a different
retirement plan than you. So that's why retirement isn't a
straight line. Some years cost more, some costs less, and
unexpected expenses always show up and they do. My gosh,
they really do.
Speaker 2 (34:46):
You know.
Speaker 3 (34:46):
This bullet helps listeners understand that knowing enough starts with
knowing how they'll actually live. You know, what are your
travel plans? What are your hobbies? What's your healthcare look like?
Are you're on Medicare you're going to take the supplement
of the advantage plan or an him?
Speaker 2 (35:02):
You know?
Speaker 3 (35:03):
What about your family support? How are you going to
build a plan that adapts to these life changes. These
are a question that we see each and every day.
I'm sure you're thinking about it. That's why if you are,
let's do this together. Let's get on the same side.
Eight three three Maggie tacks.
Speaker 2 (35:14):
So take the word income planning. It reveals gaps and
opportunities that your account statements can't show you. So when
you sit down with us, we go over the whole
thing entirely. Two people with the same savings can have
completely different retirement outcomes depending on how their income instruction.
In simple ways that as husband and wife, you ask
one question to one wife and one to the husband,
(35:37):
and the income planning is different.
Speaker 3 (35:39):
Chris, right, that's right now, it's so important. That's why
we want to get your input. This is your money, right,
Whoever you work with, you want to make sure that
they're thinking about you and finding out what your goals are.
So at the end of the day, knowing whether you
have enough isn't about guessing or hoping. It's about clarity.
And clarity only comes from seeing your full financial picture
laid out in front of you. And that's why we
(36:01):
do a balance sheet. We show you what you have.
And the real question now is do you want to
move into retirement with uncertainty or do you want to
move into retirement with confidence?
Speaker 2 (36:10):
Exactly, and if.
Speaker 3 (36:11):
You're ready to replace doubt with direction, that's exactly what
our team does at Maggie Tax and Wealth Advisors.
Speaker 2 (36:16):
We're here to help you.
Speaker 3 (36:17):
A personalized retirement readiness review can show you where you
stand today and the steps that you can strengthen for
you tomorrow. So your future deserves more than assumptions. It
deserves a plan. Pick up the phone, schedule a time
to meet with us eight three three Maggie Tax.
Speaker 2 (36:32):
And as we close out today's episode of the Maggie
Tax and Wealth Advisors Show, just think about everything that
we talked through together today. We talked about protecting what
you've built, reducing the risk of major losses, finding the
right balance between growth and safety, and finally understanding whether
you truly have enough to retire with confidence. I'm sure
(36:53):
everyone's got those questions. So there isn't There isn't small topics,
folks that you know, the of financial future, all of them.
And if today made anything clear, it's this, It's retirement
success doesn't happen by accident. You work thirty forty years
to get there. It happens by taking action, by making
(37:14):
sure that everything that you've saved for works for you.
You work too hard, too long to leave your future
to chance. So whether you're worried about market volatility, unsure
about your income plan, or simply tired of guessing where
you stand, this is your moment to get clarity and
remember something. You retire once. We retire every day. The
(37:35):
team at MAGI Tax and Wealth Advisors is here to
help you turn today's insights into real personalized plan, one
that protects your savings, supports your lifestyle, that gives you
the confidence that you deserve, and don't wait for the
next market swing or the next headline to force your hand.
Take control call today. Your future self will be grateful
you did eight three to three Magi Tax and We
(37:58):
watch our show on Sunday, Maggie Tax and Financial Show
at ten thirty. You're listening to the Maggie Tax and
Financial Show.
Speaker 1 (38:06):
Thank you for listening to Maggie Tax and Financial Show
with Robert and Chris Maggie of Maggie Tax Wealth Advisors.
Listen here five to six pm every Saturday and from
eleven am till noon every Sunday or any time on
the free iHeartRadio app. And remember, you can pay less
tax with Maggie Tax Program. Content provided by Maggie Tax,
(38:27):
Wealth 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 nest day from Uncle Sam. Call them at
eight three three Maggie Tax or online at Maggie Tax
dot com and now your host for the Maggie Tax
and Financial Show, Robert and Chris Maggie.
Speaker 2 (00:41):
Welcome to the Maggie Tax at Wealth Advisor Show, the
place where your retirement stops being something you worry about
and starts becoming something you take control of. Today's episode
is built around the four questions that shape every financial future,
which we're going to talk about, and by the end
of the show you're going to have a clearer path
forward than most people ever get. My name is Robert Maggie.
(01:02):
I'm here with my son Chris Maggie, co host of
The Maggie Tax and Financial Show. Be sure to visit
our website Maggie Tax dot com and also tune in
every Sunday at ten thirty rather I wish it was
nine thirty, but ten thirty for The Maggie Tax and
Financial Show. A lot of interesting topics we talk about,
and today is going to be quite a few of them.
So Chris, let's get started.
Speaker 3 (01:22):
Let's say welcome everyone. I am Chris Maggie and I'm
so grateful to be here.
Speaker 2 (01:26):
You know Eason.
Speaker 3 (01:26):
Every day we talk about a lot of things with
our clients, and clients come to us because they want
tax preparation done, tax planning, ways to reduce their their taxes,
roth conversions, they want their accounts managed, they want investment ideas.
They want to make sure that they have proper beneficiary
designation on all their accounts. They want to make sure
that everything stays in the family. So there's a lot
(01:47):
of different things that we do, income planning, tax planning,
investment planning, and that's why we are here. So visit
our website at Maggie tax dot com. There's so much
information to discuss because it's your retirement, it's your future,
and we can help you. Just be out the phone,
schedule time to meet with us. Eight three three Maggie tax.
So my dad mentioned we're going to talk about four
(02:07):
questions today that shape every financial future. And first we're
tackling the foundation of people come to us and say,
I don't want to lose what I've worked for. How
many people are in that boat. Well, we'll show you
how to protect your savings in a world where the
market can change in an instant. We've all seen up
and downs, but there are ways to reduce your taxes. Also,
(02:29):
there are ways where you don't have to lose if
the market goes down. Then we'll move into the reality check.
A lot of people say, well I can't afford a
big drop. Now, Well, if that's you, you're not alone.
If you're close to retirement or already in it, this
segment is going to open your eyes to the risk
that you may not even realize that you're currently carrying.
So not just those two things, we're also going to
(02:49):
talk about what to shift into the strategy, how do
I balance growth and protection at the same time, Because
retirement isn't about choosing one or the other. It's about
building a plan that gives youth. So those are there
first three segments throughout today, and then we're going to finally,
we're going to take the question everyone thinks about but
really says out loud, do I have enough to retire?
(03:09):
If you're thinking in that line, well you're not alone.
You know, many people are a lot of wealthy people
are worried about outliving their money.
Speaker 2 (03:16):
So do I have enough to retire?
Speaker 3 (03:19):
So this is where the clarity replaces guesswork, and this
is where you start to understand what enough really means
for your retirement.
Speaker 2 (03:27):
So if you're already to protect that what you've built,
strengthen your plan possibly, and move into retirement with confidence
instead of uncertainty, then you're exactly the right place. So
let's dive in the first segment. Will my money last?
That's a big question that we get every single day
because maybe you don't have an income stream to or
income sources to make that happen. So let's start with
(03:49):
the question that makes every listener sit up a little straighter.
So here it is, what if you live longer than
your money does? Have you thought about that? It's the
number one fear that we hear at Maggie Tacks and
wealth advisors every day, and most people don't realize they're
guessing their way through retirement. And we're going to talk
about that. So what it really takes to build income
that lasts twenty, thirty or even forty years, and why
(04:12):
hoping for the best isn't a strategy. If you've ever
wondered whether your savings can truly go the distance, stay
right here because this is where clarity begins and where
your retirement competence starts to take shape. And here's what
we're diving into. Understand the true life span of your
money backed by real analysis and assumptions. Most retire release
rely on rough estimates, outdated rules, or online calculations that
(04:36):
ignore the real variables affecting their future. This we see
every day, so we run a full longevity analysis that
factors in inflation, taxes, market volatility, health care costs, and
your actual spending patterns. When people see the real projection
of how long their money can last, it's often the
first time they've had a clear honest picture of their
(04:57):
financial future. And Chris, every c that we speak to,
we always ask them the question how long do you
want your money to last and how much income do
you have, because that is what is going to give
us the structure.
Speaker 3 (05:08):
Well that's it, and a lot of people don't realize
how to put this together. And we provide you with
a budget sheet, we go over that with you. We
talk about your income sources. What's coming in now, what's
discretionary mean, what's left over each and every month. Maybe
you have a positive discretionary amount or maybe you're in
the negative right who knows, Maybe need more income streams.
That's what we need to talk about. So what's coming
(05:29):
in and we talk about inflation, We look at that,
We look at the taxes, which is a big expense,
the market volatility, and also healthcare costs. Many people want
to retire early, but guess what, they can't because they
don't have the health insurance with the company if they
retire earlier prior to age sixty five, because that's what
medicare kicks in. So there's a lot of factors that
go into play. And understand the true life span of
(05:51):
your money back by the real analysis, not just about assumption.
So that's a great point. And when people come in,
we're going to help you determine what that looks like.
So pick of the phone, schedule time to meet with us.
Eight three three Maggie tacks. If you're worried about how
long your money's going to last, schedule a time to
meet with us. We have office on both sides of
the day. Yeah.
Speaker 2 (06:11):
And you know, Chris, it's funny because most people don't
think that way because they only think about what I'm
going to talk about next. But build a retirement income
stream designed to last as long as you do. So
basically you have to ask yourself, like Chris and I do,
how much do you need per month? And start there
and if you're not making it, then guess what you
have some planning to do, because retirement isn't about how
much you've saved, it's about how effectively you can turn
(06:34):
those savings into dependable income. Like if an emergency happens,
do you have enough money? We show you how to
create a structured and that's a keyword, structured retirement paycheck.
Chris talks about paychecks and playchecks, but that continues. It
has to continue for twenty thirty, even forty years. And
this approach helps protect you from market swings and it
(06:54):
sures your lifestyle isn't dictated by uncertainty. And my goodness,
we all know about that. It's long term income planning
built for real life.
Speaker 3 (07:03):
And that's just about it. You know, many people don't
have an income stream. They don't know what the income
streams are going to be in retirement. That's where we
come in income planning. Income planning, I mean, I keep
saying it, but most people just worried about growing your money.
What about the income plan the distribution phase of your life. Well,
we can help you, and you want to unlock the
hidden income opportunities that you didn't really know you had.
(07:24):
Most people don't realize how much money they lose simply
by just choosing the wrong social security strategy. We run
a social Security maximization report. So if you have questions
about when do I take solid security? Should I take
it early? Should I take it later? What about the
earnings test? A lot of people don't understand. If you
take social Security before your FRA called full retirement age,
guess what, and you make more than a certain amount,
(07:46):
you're subject to the earnings test. Every two dollars you
make got to give a dollar back. So don't mess
up that strategy. That's why we can help you. So
if you're thinking about when to take solid security, pick
up the phone. Schedule time. It's so important to meet
with us. Also, what about your pension options. Should you
take a ump, should you take the payment that they
give you, or should you roll over your money and
create your own family pension. We can show you how
(08:07):
to do that. What about the withdrawal order? Where to
take the money from? What buckets of money do you
take money from? These decisions cannot be undone and they
cost you thousands over time. So we uncover opportunities you
may not know exist, from optimizing your social security timing
to tax efficient income sequencing. That's so important helping you
(08:29):
keep more of what you've worked so hard for. So
pick up the phone, schedule time to meet with us
eight three to three Magi Tax. If you worried about
how long your money's going to live outlast you, if
it's going to and guess what, schedule time to meet
with us eight three to three Maggie Tax.
Speaker 2 (08:42):
Then I can make it really easy for all of you.
It's called the Maggie Plan. It's simple and easy to
understand and that's what we try to do with everyone
and for many of you that have met with my
son and I and my staff, we make it simple
and easy to understand. So get your personalized longevity and
income plan and don't be afraid to ask questions about out, well,
where am I going to get the income from? Can
you help me figure out how much income I'm going
(09:04):
to get? Because this is a complementary. This is complementary
for the next callers. So wherever you are, give us
a call eight three to three, Maggie tax mention, this
show mention, this top topic about income planning, and let's
do it for you. Let's get it right. This isn't
a generic print out, It's not that way for everybody,
every single one of you listening, there's a different plan.
(09:25):
It's customized, data driven plan that shows exactly how long
that your money's going to last and how to structure
your income, which is the most important thing, and where
your biggest opportunities and risks are. How many of you
have taken a look at your risk because maybe the
risk has a lot to do with your income. So
for the next callers, this plan is complementary, completely complementary,
(09:48):
and for many it becomes a turning point where uncertainty
is replaced with clarity and confidence. And Chris, that's what
they need to do. They got to get some clarity
and some confidence. Well, let's just say it.
Speaker 3 (09:57):
I mean you need to go in retirement. This is
is your distribution phase. Many people who are currently in
the accumulation phase. But what about the distribution phase? What
do you take your money? And that is how you
turn uncertainty into confidence.
Speaker 2 (10:10):
You meet with us.
Speaker 3 (10:11):
When you know your money can last, everything about retirement
feels lighter. If you want that same clarity, this is
the perfect time to take action. Now, give us a
call at Maggie Tax and Wealth Advisors call eight three
to three Maggie Tax, or visit us online at Maggie
Tax dot com and schedule a time to meet.
Speaker 2 (10:27):
Visit our website.
Speaker 3 (10:28):
Also, tune into our show every Sunday on ABCTV for
the Maggie Tax and Financial Show at ten thirty am
on ABC. Stay tuned with us because next we're uncovering
the tax surprises that catch retirees off guard. You don't
want to miss this.
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
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
(11:11):
host with Maggie Tax and Wealth Advisors, Robert and Chris Maggie, Welcome.
Speaker 3 (11:16):
Back to the Maggie Tax and Financial Show and thanks
for tuning in. And last segment, we were talking about
uncovering the tax surprises that catch retirees off guard. And
you definitely don't want to miss this because the retirement
tax trap, how taxes change after you stop working. You know,
this topic can quietly take a big bite out of
your retirement if you don't plan for it. And many
(11:39):
people out there don't plan, they've actually failed the plan.
You know, most people think taxes get easier in retirement.
Well the truth is that they often get worse. How
many people out there that let's talk about this that
we do we hear say, well, my advisor in the
past said just pay you know, in the future you're
going to pay less than taxes, so get the tax
deduction to day, but in the future it's going to
(12:02):
get get better. Well, it's not the case. So at
MAGA Tax Advisory and Wealth Advisors, we call it the
retirement tax trap, and it can drain your savings if
you don't see it coming. Social Security taxes, Medicare premiums jump,
and requirementium distributions can push you into higher brackets fast
once the paycheck stops.
Speaker 2 (12:22):
Heads up, baby, that's what's coming, you know. So we
laugh at it, but it's not funny because there's a
lot there. When we talk to you, we talk about
all that. So if you want to keep more of
your money and give less to the irs, right here,
let's here's what to watch for and what to do next,
because there's so much. I'm an even tongue tied when
I talk about it. Because taxes don't disappear in retirement.
(12:45):
They simply show up in new ways, and we'll talk
about that. Many people are surprised to learn that retirement
comes with its own set of tax rules, because the
older you get, the more taxes change. And you know it.
It's written in pencil.
Speaker 3 (12:57):
Well, everything they say is permanent, but it's really not
firm until the tax law changes right exactly.
Speaker 2 (13:03):
So without work related deductions and with new income sources
like social Security, with withdrawals, your tax picture can shift
in ways you didn't expect. Every time we do taxes,
like we're doing tax returns now, when you show the
tax return at the end, it's like, well, I didn't
see that coming because basically you don't look at taxes
like we do all year round on everybody's tax return. Chris, So,
(13:23):
understanding these changes early helps you stay in control and
avoid surprises down the road. Well, that's just it.
Speaker 3 (13:29):
You know, many people don't think about taxes and then
in the retirement tax trap, but what about required minimum
distributions and how they can create extra taxes. We met
with the client this past week. He's seventy three years old,
and guess what he has to take? The required minimum distribution?
And he says, well, how do I calculate this? And
he had no idea. So we showed him and said
this is what you have to take. And he had
(13:51):
a substantial amount in his IRA and he has to
take over one hundred and eighty thousand dollars of our MD.
He said, I don't need this money. Well, you've saved,
so well, I guess that's what. Now you gotta pay taxes.
Uncle Sam is coming, so you're going to pay a
lot in tax. Are going to create tax unless you
plan ahead. So once you reach that age of seventy three,
the IRS requires you to start taking money out of
your retirement accounts like iras four three b's TSPs, and
(14:15):
these withdrawals can increase your taxable income and affect things
like the medicare premiums. Who've heard of IRMA IRMAA. Well,
the good news is that with the right planning, you
can prepare for rm ds long before they arrive and
you can keep more of your money working for you.
Speaker 2 (14:31):
That's what it's about. And here is the problem. Chris,
and many of you can relate to this. Think about it.
Chris just talked about a seventy three year old. He
let his money grow tax deferred, he received a tax deduction,
which is fine. But now when he opens the door
at seventy three, he has slapped with a tax on
his on his rmds and it's going to bring him
into a higher tax breck of Chris.
Speaker 3 (14:52):
Well, the Social Security is getting tax eighty five percent yep,
and it just gets worse for him.
Speaker 2 (14:56):
You know, like we said, retirement taxes won't wait, they
warn you or fix themselves. And this is what people
kind of put their tax returns in the draw and say,
I'm not gonna worry about it to seventy three. But
when you get closer, you know the real question is simple,
are you going to let the irs take more than
it should or take control now? And Chris, the biggest
question you ask all the time is when are you
(15:17):
going to pay the tax? And who's going to pay
the tax? And they sit back and look at Chris
and I and my staff here, and they go, I
never thought about that. Do I really have to pay
the tax? Yeah? You do. So doing nothing is still
a decision, and it's a bad decision, and it's the
most expensive one retirees make. So if you're thinking, I'm
not giving up one extra dollar, then it's time to act, Maggie.
(15:41):
Tax and wealth advisors can help you build a tax
smart plan that protects what you've earned.
Speaker 3 (15:45):
And that's why it's so important to pick up the
phone schedule a time to meet with us, because we
talked about the retirement tax trap. If your advisor is
just managing the money, or you have an advisor for five, ten, fifteen,
twenty years. Well, the question I quickly have for you
is are they talking about taxes? Because taxes are our
biggest expense. So what are you doing about it? Well,
you got to do some planning, and that's why at
(16:06):
MAGI Tax Advisory and Wealth Planners, what we do here
is we help you in a lot of different ways.
You know, what about the way you take income matters.
The smart sequencing can help you keep more. So retirement
income isn't about how much you would draw, but where
it comes from. Choosing the right order, whether it's a
roth ira or the traditional RA, a brokege account, or
(16:27):
even solid security can make a meaningful difference in your
tax bill. And that's why we talk about distribution planning.
We're experts in distribution planning because a thoughtful strategy can
help stretch your savings further and give you more flexibility
year after year.
Speaker 2 (16:42):
So there are strategies available like WROTH conversions and tax
efficient income planning that can help you lower taxes over
the long term. And if you haven't looked at it,
now is the time. These aren't loopholes, folks, they're smart
intentional moves that many retires that we see every day
simply don't know all about. And acting early gives you
more options and more control over your financial future. And
(17:05):
Chris is the point. They don't want to sit down
because I hate to say this, but what's your fee? Folks?
There's no fee that's too cheap or too expensive to
help you save on taxes. I'll tell you what.
Speaker 3 (17:14):
Like when people come in and they say, well, I'm
paying too much in taxes, well they might not be
paying enough or withholding enough. But again, what you don't
do today is going to heck of a lot pay
more in the future. So why not get it done now?
So you get off the highway and you're in a
in a road that is clear for you. That's the problem.
Many people go down the same road where they're stuck.
(17:34):
They're going to be hit with all the branches falling
on the road, the cars are driving crazy. You don't
want you want to be away from that. And that's
why it's so simple just to pick up the phone,
schedule time to meet with us. We do complete planning here.
You know, the retirement tax traps they're out there. They
don't have to be if you with the right advisor,
So pick up the phone, schedule time to meet with
us eight three three Maggie Tax. Visit our website at
(17:57):
maggietax dot com. And retirement taxes won't wait. They won't
warn you or even fix themselves. The real question that
we see simply is when are you gonna pay the tax?
And are you going to let the irs take more
than it should or are you going to take control?
Now that's the question because doing nothing is still a decision,
and it's the most expensive one that retirees make. If
(18:19):
you're not thinking about your retirement, then it's time right
now to act. Maggie Tax and Wealth Advisors are can
to help you build the tax smart plan that protects
what you've earned. This is your money. Make sure you protected.
Don't wait for a surprise bill. Take control now, give
us called eight three to three Maggie Tax. That's eight
three to three Maggie Tax.
Speaker 1 (18:45):
Stop funding Uncle Sam's retirement and start planning for your
own successful retirement. As we return to the Maggie Tax
Financial Show with your host Robert and Chris, Maggie with
Maggie Tax and Wealth Advisors for information on how you
can create a tax free retirement. Call eight three three
Magie Tax or visit Maggie Tax dot com. Now you're
(19:07):
host with Maggie Tax and Wealth advisors Robert and Chris Maggie.
Speaker 2 (19:12):
Welcome back. And one thing I want to say is,
don't wait for a surprise tax bill. Take control now
and give us a call at eight three to three
Maggie Tax. Because just like every December thirty, first the
ball drops in times square, But what about the big
drop in the market or taxes? Are you celebrating that too,
So don't let that happen to you. So the thing is,
I can't afford a big drop now protecting savings from
(19:34):
market volatility? How are you doing that? Are you talking
to the right people? So let's shift gears for a minute,
because if you're within ten years of retiremental already retired,
you probably said this at least once. I can't afford
a big drop now nobody can really, I don't care
what time if it is. And you're right. When you're working,
market dips are annoying. When you're retired, they can be devastating.
(19:58):
Why because you're withdrawing only at the same time your
account is falling Chris talked about that before. That's called
sequence of return risk, and it can drain a portfolio
shockingly fast. So you don't look at that, you don't
see this. So in this segment, we're going to explore
how to reduce exposure to big swings, Why set it
and forget it doesn't work in retirement, and how to
(20:21):
build a plan that protects your lifestyle even when the
market misshaves and volatility is normal, so losing sleep over
it doesn't have to be well.
Speaker 3 (20:29):
As I said, So if you're thinking out there, what
happens if a big drop happens, and what are you
going to do about it? Are you going to react
or are you going to put yourself in position to
ready have control and flexibility. That's what we're talking about today.
So if you're out there and you don't have a plan,
think about your investments. Do they have a purpose or
(20:50):
what kind of risk are you taking with your money?
You know, many people come in and we do a
risk assessment and sometimes we see people taking an aggressive state.
Think of it this way. ABC D and E A
is very conservative. He is very aggressive, so he's in
the middle. Some people are taking a D type of risk.
When we start asking them questions. They might want to
(21:11):
be in a B portfolio, so it might be vice versa.
So where are you do you know? And maybe five
years ago you did something like this, but what about today?
Things might have changed. So that's why it's so important
to meet with us, because we can educate you on
what you currently have and then moving forward without together
a plan where you have an investment plan, Well, you.
Speaker 2 (21:31):
Said something five years ago, it may have been okay.
And that's the problem I think that many people don't do.
They don't check their risk analysis and how it changed.
And every time we talk to our clients five years,
ten years, or whatever, we're always doing a risk analysis
because it could change. And don't you think that's important
to a lot of people.
Speaker 3 (21:48):
I do, because your life style changes. Even in retirement,
you can invest like you're a twenty six year old
if you invest the right way with the buckets. That's
why bucket planning is so important. You put all your
money and invest like a twenty six year old. No,
but there's nothing wrong with taking that risk with some
of your money if you put together a bucket plan.
And my question to you out there listening today do
(22:09):
you have a bucket plan, do you have a strategy?
Do you have an investment plan? Because most people out
there just have piles of money. They got a statement here,
they have a brokerage account there, they got an investment
over here. Meanwhile, do you know if it's taxable? Do
you know if it's tax free? Do you know if
you take it there will be gains on that portfolio?
Do you know do you know what type of risk
you're currently taking? Well, these are things that we talk
(22:31):
about each and every day, and you need to know.
That's why we put together a balance sheet for you,
will educate you, we'll show you when you come in
and meet with us. So eight three to three maggie, tax,
schedule time to meet with us. We have office on
both sides of the day to help you. Eight three
to three maggie.
Speaker 2 (22:44):
Tax. And volatility becomes more dangerous once you start with
drawing money, even if the market eventually recovers, because you
don't know if it's going to recover. Most people don't
realize that taking income during a downturn lock in their
losses in a way that's hard to balance back from.
And it's always you know, well, it's gone down, but
it's going to come back. And we've all heard the
(23:04):
market's doing great, but maybe you should take a look
at them when the market is doing great, okay, and start,
you know, having a review. This is called sequence of
returns and it's one of the biggest threats Chris, to
retirement security that we see. The market might recover, you know,
but your portfolio may not. Knowing how to manage the
risk can make the difference between a confident retirement and
(23:25):
a stressful one. And again, if you're not meeting with
your advisor and you're not meeting with them to go
over this, we are. So pick up the phone, give
us a call eight three to three, Maggie Tacks. Let
us do a risk analysis, a tax analysis, an income analysis,
and it goes on and on, because Chris, they need
peace of mind, they need some security, and they need
some guarantees with it.
Speaker 3 (23:45):
Well, the worst fear is that you're cruising along your retirement.
You know, just picture this, right. You got your pension,
you got soial security coming in, you got income coming in,
you're taking income from investments, and you think everything is
on cruise control. And then guess what, something happens, whether
it's war, whether it's a threat, whether it's a big
market volatility drop, whatever it is, we've all been through.
(24:07):
We've seen the past years on what has transpired. But
what if the market goes down fifteen, twenty, thirty forty percent?
What do you do think about that? Your lifestyle changes.
People start hunking down and they say, well, I can't
spend any money. I can't do it because I'm going
to outlive my money because you have no investment plan.
You don't have a plan to stomach the losses and
(24:28):
also plans to make sure that you don't have to
stomach the loss if you don't want to. So every
portfolio is not the same. Your neighbor doesn't have to
invest the way you do. They don't know your situation.
And that's why we see so many advisors out there.
They have cookie cutter portfolios. And then what that means
is that it's the same for you as your neighbor,
as your family member, as your cousin, and it goes
(24:51):
on and on as your friend. That's not an investment plan.
You have to make sure that you have bucket planning
with safety, with some green money, some yellow money, maybe
some red money. And that's why it's so important to
pick up the phone, schedule time to meet with us.
Get an investment plan now eight three to three Maggie tax.
That's eight three to three Magi tax.
Speaker 2 (25:09):
Chris is stealing my thunder. I have I have something
to say about that. Jump, then let's go don't because
you don't have to choose between what Chris mentioned before,
growth and safety. You just need the right balance. And
one of the things that we do is called the
color of money. And let's just give you something simple.
Say you're sixty years old, and this is just an
example to help you out. So sixty percent of your
(25:31):
money should be in risk or some type of risk,
and the other balance should be maybe in save money.
But as you get older, that should change. That shift
should change because protecting your saving doesn't mean abandoning growth.
Am I right or wrong?
Speaker 3 (25:44):
That's what I'm saying to you. Like, even if you're
seventy years old, doesn't mean you have to hunker down
and put all your money in safety. That's not what
we're saying. If your income is taken care of and
you're fine, you can invest your money like a forty
year old, right, But what if you depend on that
those assess that you have and you need income from it.
Now the mindset shifts. You have to have a different
(26:05):
investment plan to make sure that you preserve your money.
Maybe there's strategies out there that you can create your
own guaranteed pension plan. Many people have worked for a
company for twenty thirty years. But you don't have to
have a pension plan to do so. You can create
a pile of money now today, make a green money
where it's safe, and generate a guaranteed income stream for life.
(26:26):
What if those three income streams coming in the front
door every month and you don't have to worry about
your investments, then you can invest differently. That's what we're
talking about here. So pick up the phone, schedule time
to meet with us, because you need to know what
your options are and we can help you. Eight three three,
Maggie Tacks.
Speaker 2 (26:41):
You know, I'm thinking here about quite a few clients,
but one in particular, husband and wife come in and
they had a million dollars and he's pretty much in risk.
And she didn't know she was in risk until we
did the Color of Money report and we explained to her,
you're all in red money, and she says, well, I
don't want to be in red money, And we asked, well,
what do you want want to be in? You got
to tell us. And then when she started to sit
(27:03):
down and relax a little bit, she said to Chris, well, heck,
I'm sixty years old. Why am one hundred percent in
red money? And that was what we're trying to get
through to you. Because protecting your saving doesn't mean abandoning growth.
Then there are portfolios that Chris can discuss with you
that have growth, have better growth in some of your portfolios. Now,
So what it means. It means being intentional about how
(27:25):
much risk you take and where you take it.
Speaker 3 (27:27):
And that's not only just intention with the risk. Also
to invest with a purpose. What if you had different
buckets of money with a different purpose, not just the
same allocations. That's a plan that feels good, doesn't it.
Speaker 2 (27:39):
Yeah? But people don't it sit down and do that
all the time. They just wait till the envelope comes
in the mail and then they look at it. To me,
that's not the word way to go. So what we're
saying here is with the right mix of protected strategies
and growth oriented investments. You can reduce the impact of
down terms while still giving your money room to grow,
and that's exactly what you want to do. This this
(28:00):
is where smart planning replaces guesswork. So a personalized protection
strategy can help you stay on track no matter what
the market does next. Chris and markets will rise and
markets will full. We all know that, but your retirement
shouldn't swing with them. A tail and plan can help
shield your savings from major losses and stabilize your income.
That's what it's all about, and give you confidence even
(28:22):
in unpredictable times. I get tired of hearing people say,
well I lost sleep because the market went down yesterday.
And the question I asked him, well what are you
going to do about it? And they look at me
like what can I do about it? What can you
do is get a personalized protection strategy.
Speaker 3 (28:37):
There you go, And that's why it's so easy, just
because the phone schedule time to meet with us. Because
you want to work with a complete planner. You want
to work with someone who understands income planning, tax planning,
investment planning, you know, legacy planning, so security maximization planning.
This is the complete plan for you, Why do you
just want to work with someone who just deals with investments.
You don't even need an investment advisor these days, just
(28:58):
manage the money yourself. Yeah, you know a lot of
things are going on, but what's important is that you
have a plan. You know, as my dad mentioned before,
with the right mix of protective strategies and growth oriented investments,
you can reduce the impact of downturns while still giving
you money room to grow. This is where smart planning
replaces the guess work. So that's why my dad mentioned.
(29:19):
Markets will rise, markets will fall, but your retirement shouldn't
swing with them.
Speaker 2 (29:24):
Listen up.
Speaker 3 (29:24):
You know, a tailored plan can help shield your savings
from major losses. They can stabilize your income and give
you the confidence even in unpredictable times. Who wants to
go through the not having confidence or unpredictable times where
they lose income. No one wants to do that, especially
when they're retired. So when listeners start to understand that
(29:44):
they can protect themselves and that it starts with a conversation,
they're far more likely to take action. Dad, so simply
pick up the phone, schedule time to meet with us.
Eight three three mag attacks.
Speaker 2 (29:55):
And simply don't leave your future to chance. Take control
while you still ken before something happens, and pick up
the phone. Schedule time to meet with us. Eight three
to three Maggie Tax or online at Maggie Tax dot com.
There's so much information there. How often are you checking
the balance in your portfolio? Do you ever ask yourself
if you have enough money so that you don't outlive
(30:16):
your retirement. That's what we're talking about here, So let's
tackle that on the other side of the break. We've
talked about so much today, but make sure you give
us a call eight three to three Maggie Tax. Let's
put a plan together, get an appointment and have a
conversation that you won't have these problems. Eight three to
three Maggie Tax. You're listening to the Maggie Tax and
Financial Shows.
Speaker 1 (30:43):
Stop funding Uncle Sam's retirement and start planning for your
own successful retirement. As we return to the Maggie Tax
Financial Show with your host Robert and Chris. Maggie with
Maggie Tax and Wealth Advisors for information on how you
can create a tax free retirement. Call eight three three
Magie Tax or visit Maggie Tax dot com. Now you're
(31:05):
host with Maggie Tax and Wealth advisors Robert and Chris.
Speaker 3 (31:08):
Maggie, do I have enough to retire? Welcome back to
the mag Attacks and Financial Show. And there comes a
moment everyone's financial life where the big question rises to
the surface, is what I've saved truly enough to retire?
So thanks for tuning into the Megattas and Financial Show.
And as always, you know we're taking this serious because
(31:31):
it's important because we get this all the time. People
come to us and they meet with us, and they
the first question they say is I'm really worried about
it outliving my money, and also is what I've saved
truly enough to retire? Can I retire? It's a powerful question,
not because it's scary, but because the answer shapes the
next chapter of your life.
Speaker 2 (31:51):
So in this segment, we're going to talk about we're
going to unpack that enough question, what it really means,
and why it's different for every person listening to the show,
and how the right plan can turn uncertainty into clarity.
And if you've ever wanted whether you're ready, this is
the conversation that you don't want to miss. So give
us a call at eight three to three Maggie Tax.
Visit our website Maggie tax dot com. So the question,
(32:14):
like we talked about enough, look it up in the dictionary,
but is enough a number? It's a plan built around
your life, your goals and your income needs. So that's
what we're asking, Like, when you sit down to eat,
is that enough? What does that mean? So most people
think retirement readiness is about hitting a magic number, and
it's not. It's not. It's about understanding how your savings
(32:38):
translate into income, how long that income can last, and
whether it supports the lifestyle that you want. The biggest
question is what is your lifestyle now and would you
like it to be that way when you retire? You know,
And once listeners realize this, the question becomes far more
empowering because it's something they can shape they answer, not
(32:58):
something they have to guess on. Well, that's it.
Speaker 3 (33:00):
The old ways are you gotta get to a million
dollars then you can retire? How many people have we
met with that said that I don't have a million
yet you don't have to. That's why when you do
the question planning like we do, we're gonna educate you
on what you need so if you have questions, pick
up the phone, schedule time to meet with us. We
have office on both sides of the bay. Eight three
three Maggie tacks. But we're gonna help you during the
distribution phase of your life. That's what it's about. Maybe
(33:24):
you have enough.
Speaker 2 (33:25):
Gosh.
Speaker 3 (33:25):
Last week we met with a couple of people and
they were worried about They said, I have to work
a couple more years, I have to save more. And
I said, stop, just take a deep breath. You did it.
And they looked at me, like, what are you talking about?
And I said, you already have enough here to retire.
And they didn't understand where the money was gonna come from.
And I said that you can create a bucket that
you can't outlive your money, and you can still invest
the money the way you want to. And they sat
(33:48):
back and they said, well really, So I showed them
where it's gonna come from. And guess what, it was
a wow factor. They didn't know what they didn't know,
but guess what it felt so great? It was clarity,
was confidence, it was moving forward in a great direction.
And that's what we to them. Eight three to three
Maggie tax Because enough isn't a number. It's a plan
built around your life. Your goals and your income means
and your spending patterns matter more than your account balance.
(34:11):
And most people underestimate this, and that's why they need
our help.
Speaker 2 (34:16):
Well, it's because of fear. I think it's because of uncertainty.
I think it's because they heard the neighbors say this,
or the guy at the office said this. But that's
not you. Okay, that's not your plan, that's not your story.
You need to tell it all right, because there's no
two stories out there that are identical.
Speaker 3 (34:33):
That's exactly right. So your neighbor might have a different
retirement plan than you. So that's why retirement isn't a
straight line. Some years cost more, some costs less, and
unexpected expenses always show up and they do. My gosh,
they really do.
Speaker 2 (34:46):
You know.
Speaker 3 (34:46):
This bullet helps listeners understand that knowing enough starts with
knowing how they'll actually live. You know, what are your
travel plans? What are your hobbies? What's your healthcare look like?
Are you're on Medicare you're going to take the supplement
of the advantage plan or an him?
Speaker 2 (35:02):
You know?
Speaker 3 (35:03):
What about your family support? How are you going to
build a plan that adapts to these life changes. These
are a question that we see each and every day.
I'm sure you're thinking about it. That's why if you are,
let's do this together. Let's get on the same side.
Eight three three Maggie tacks.
Speaker 2 (35:14):
So take the word income planning. It reveals gaps and
opportunities that your account statements can't show you. So when
you sit down with us, we go over the whole
thing entirely. Two people with the same savings can have
completely different retirement outcomes depending on how their income instruction.
In simple ways that as husband and wife, you ask
one question to one wife and one to the husband,
(35:37):
and the income planning is different.
Speaker 3 (35:39):
Chris, right, that's right now, it's so important. That's why
we want to get your input. This is your money, right,
Whoever you work with, you want to make sure that
they're thinking about you and finding out what your goals are.
So at the end of the day, knowing whether you
have enough isn't about guessing or hoping. It's about clarity.
And clarity only comes from seeing your full financial picture
laid out in front of you. And that's why we
(36:01):
do a balance sheet. We show you what you have.
And the real question now is do you want to
move into retirement with uncertainty or do you want to
move into retirement with confidence?
Speaker 2 (36:10):
Exactly, and if.
Speaker 3 (36:11):
You're ready to replace doubt with direction, that's exactly what
our team does at Maggie Tax and Wealth Advisors.
Speaker 2 (36:16):
We're here to help you.
Speaker 3 (36:17):
A personalized retirement readiness review can show you where you
stand today and the steps that you can strengthen for
you tomorrow. So your future deserves more than assumptions. It
deserves a plan. Pick up the phone, schedule a time
to meet with us eight three three Maggie Tax.
Speaker 2 (36:32):
And as we close out today's episode of the Maggie
Tax and Wealth Advisors Show, just think about everything that
we talked through together today. We talked about protecting what
you've built, reducing the risk of major losses, finding the
right balance between growth and safety, and finally understanding whether
you truly have enough to retire with confidence. I'm sure
(36:53):
everyone's got those questions. So there isn't There isn't small topics,
folks that you know, the of financial future, all of them.
And if today made anything clear, it's this, It's retirement
success doesn't happen by accident. You work thirty forty years
to get there. It happens by taking action, by making
(37:14):
sure that everything that you've saved for works for you.
You work too hard, too long to leave your future
to chance. So whether you're worried about market volatility, unsure
about your income plan, or simply tired of guessing where
you stand, this is your moment to get clarity and
remember something. You retire once. We retire every day. The
(37:35):
team at MAGI Tax and Wealth Advisors is here to
help you turn today's insights into real personalized plan, one
that protects your savings, supports your lifestyle, that gives you
the confidence that you deserve, and don't wait for the
next market swing or the next headline to force your hand.
Take control call today. Your future self will be grateful
you did eight three to three Magi Tax and We
(37:58):
watch our show on Sunday, Maggie Tax and Financial Show
at ten thirty. You're listening to the Maggie Tax and
Financial Show.
Speaker 1 (38:06):
Thank you for listening to Maggie Tax and Financial Show
with Robert and Chris Maggie of Maggie Tax Wealth Advisors.
Listen here five to six pm every Saturday and from
eleven am till noon every Sunday or any time on
the free iHeartRadio app. And remember, you can pay less
tax with Maggie Tax Program. Content provided by Maggie Tax,
(38:27):
Wealth and Advisors. Call them at eight three three Maggie Tax,
or visit them online at Maggietax dot com
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