May 21, 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 and Financial Show. My name
is Robert Maggie and I'm here with my son and
co host, Chris Maggie. And today we're gonna talk about
a lot of different topics because we get a lot
of calls, but this is the place where clarity meets
confidence and a lot of people out there, Chris that
we see and speak to the sure and their confidence
level on what they have is not clear either. So
(01:04):
you know, your retirement questions finally get real answers here.
And by the way, if you have questions throughout the show,
give us a call let us know see if we
can answer them. On the show, every week we break
down the headlines, the tax laws, and the financial decisions
that shape your future and everybody's future out there. It
changes all the time because your money doesn't retire when
(01:25):
you do. And that's kind of a funny statement, but
the truth is, your money doesn't retire when you do.
So Chris, let's get into the show and talk about
these topics today and see if we can help people out.
Speaker 3 (01:35):
That's it. So welcome everyone, I am Chris, Maggie and
glad to be here as always. And you know, when
we meet with people during the week, a lot of
people have questions and they just don't know where to go.
The confidence in their retirement actually is not as high
as what it should be. And why because people don't
have a plan. So that's why they come to us,
because we can help them develop a tax plan and
(01:57):
income plan and investment plan and also legacy plan and
estate plan. I mean, that's what the foundation to retirement is.
Speaker 2 (02:04):
All about.
Speaker 3 (02:04):
So pick up the phone, schedule a time to meet
with us. Eight three three, Maggie Tax. We have office
on both sides of the bay, three convenient offices for
you to visit us. Let's get together, have a conversation,
and let's put together a plan for you.
Speaker 2 (02:17):
You know, it's funny. I get calls every every week
and people will get on the phone and I ask them,
why are you calling and how can we help you?
And the answer we get, Chris, is I want to
see what you got. It's not that, it's what kind
of plan do you have? Is what we're looking for.
Because look, you all know the world is changing fast.
Everything is happening around us so fast, and if you
(02:38):
don't see what's coming, you're going to get hit very hard.
So the market swing, we all know that tax rules shift,
and every time you turn on the news there's something
new that could impact your retirement and you worry about
it and you lose sleep over it. But the question
we have is when you have an advisor. If you
have an advisor, are they talking about this? And Chris,
one thing that you and I have done since we
(02:59):
started in this business is call clients and say what's
on your mind, follow up at least a little concern
on our end for them, because they're not getting that
call well.
Speaker 3 (03:08):
As just said, So today we're going to talk about
a lot of different things. We're going to tackle one
of the biggest misunderstandings out there, tax planning versus tax preparation.
They sound similar, but it can't be more than different,
and knowing the difference can save you thousands over your lifetime.
We're also going to break down the old question that
many people have is should we pay taxes now or
should we pay taxes later? And most people guess, but
(03:30):
smart retirees plan. And today we'll show you how to
make those decisions with confidence and clarity. And finally, we're
getting into the old questions that keep retirees awake at night,
the ones that people are often too nervous to ask,
but absolutely need answers too, because peace of mind isn't
a luxury, it's a plan. So we urge you to
pick up the phone schedule time to meet with us.
(03:52):
So settle in, stay with us, and let's get clarity
that you deserve. And this is the MAGI Tax Advisory Show,
and your retirement starts right now, so let's jump in
to these major topics that many people have questions about.
Speaker 2 (04:04):
Let me just go back to one thing you said,
you know, breaking down the age old question should you
pay taxes? Now? Folks, if you have an IRA or
a four one K, or a four or three B
or a TSP, you have a tax time bomb. Every
one of you have a tax time bomb. I don't
care how old you are, but if you have an
IRA four, one K, four or three B, you need
to do tax planning. So you know, we do tax
(04:24):
preparation and when everyone comes in, we do a tax
plan for them as well, because if you have a
large IRA, a million dollar IRA or whatever, you have
five hundred thousand, you owe taxes on that money. Period.
So what Chris and I do is we do you know,
an analysis for you to show you what your tax
liability is and just you know what you said before,
then you can start doing planning. When should I pay?
(04:47):
Should I pay it? Now? Should I pay? Letter? And
you asked this question to a person that came in
last week. They had I don't know with this seventy
three They had a million dollars in their IRA, and
you asked them the question, when when are you going
to pay it and who's going to pay it?
Speaker 3 (04:59):
What? They say, they just didn't know, so they didn't
have a plan and they said, well, we'll just pay
it later. Meanwhile, the account just kept growing and growing
and growing. Market has done well, their accounts have done well.
But guess what they defer in the taxes and they're
hit with a lot of taxable income in the future.
So what are they doing about it? Well, that's why
you need a plan. So pick up the phone, schedule
time to meet with US eight three to three Magie Tax.
(05:21):
If you have an IRA at four one k, pick
up the phone schedule time to meet with US eight
three to three Maggie Tax. So let's get into how
major impacts in the news affect retirement.
Speaker 2 (05:32):
So let's jump straight into how today's headlines hit your retirement.
So big news stories aren't just noise. They can move markets.
We all know that shift taxes and change what your
savings will do for you. So before we talk strategy,
let's break down what's happening right now and what it
could mean for your accounts, your income and your long
(05:52):
time plan. Chris. And that's what people fall short. They
don't plan on this.
Speaker 3 (05:56):
Well, that's just it. I mean, you know they can
quietly reshape your retirement income and your investment risk and
every major news story now you know, interest rates, change,
inflation reports, geopolitical tensions. We see what's going on right now,
which is open up the news and turn it on
and you can see how it's impacting. Right oil prices,
gas energy, all these things are really developing people's retirement.
Speaker 2 (06:19):
But there's one thing and everything you just said to
think about the things you can control and the things
that you can't control. There's nothing you can do about
it's going to happen. You mentioned some of the headline,
But you know what you need to do. You need
to sit down and go over tax planning and find
out what you can do to reduce the taxes on
these I rays and these four to one ks and
these four or three bis so that you don't get
(06:41):
hit with the taxes later, Chris, that we're talking about
when it comes to medicare or the whole thing. So
when you're living on savings instead of a paycheck, talking
about when you retire. Even small ships in the economy
can change how long your money last. And most people
don't realize how connected the news is to their retirement plan.
That's exactly why this segment matters because Chris people don't
(07:03):
think like that until they get into a situation. They're going, now,
what do I do well?
Speaker 3 (07:07):
When you have a diversified plan and when you're able
to sit in front of somebody and they can go
over buckets, we talk about bucket planning. If you don't
have bucket planning, then you know what you're really missing
it and you need to meet with us because it's
so important. Every account we have invested with our clients
is for a purpose. Is it safety of your money?
Is it for income? Is it speculative? Is if a
(07:28):
long term growth? Is it to fight inflation? What is it?
Because market swings impact retirees more because you're no longer
adding money, you're just taking it out. So when the
market drops during your working years, you're buying in at
lower prices, but in retirement you're with drawing, meaning downturns
can drain your accounts faster and permanently reduce your future income.
(07:48):
So why is this important? Because it's called the sequence
of returns. What happens. It's one of the biggest threats
that the retirees face, and if you're not planning on it,
guess what you're going to be hurt by it. So
put together a plan understanding how current events like what
we're going through today influence market behavior and helps you
protect your savings before it's too late. That's why we
(08:10):
urge you to pick up the phone. Schedule time to
meet with us eight three to three, Maggie Tax. Let's
review your current investment plan if you have one. If
you do or you don't know. If you do, then
it's okay, get a second opinion. That's what we do.
So pick up the phone, schedule time to meet with
US eight three to three Magi Tax.
Speaker 2 (08:27):
And think about this. New tax laws, social Security adjustments,
Medicare changes, and federal spending decisions all show up in
the news long before they show up in your wallet.
Retirees are especially vulnerable because they rely on fixed income sources.
Nothing wrong with it, but that's going to make it
great for you. That's good. But knowing how to read
the signs and how to plan around them can save
(08:49):
you thousands in unnecessary taxes and penalties. And that's what
we do with Maggie Tax and wealth advisors, because if
your advisor just talks about a stock bond, a mutual fund,
that's not the right advice to be with because you
need more.
Speaker 3 (09:02):
I'm a right or wrong, it's exactly right. It's not
just put together a plan now and forget about it.
I mean you have to have active trading. You have
to have active a team looking at what you have
and putting together specific buckets for the purpose to fight
through all this. So when you look at everything happening
in the world right now, the markets, interest rates, new
tax proposals, global events, it's very clear that retires can't
(09:24):
afford to tune it out. It has to be something
that they're looking at. But if you don't have a plan,
then you have the uncertainty. You know, these headlines just
don't fill the news cycle. They shape the financial reality
that you're living in. And the good news. With the
right plan, you don't have to feel vulnerable to any
of it. You can feel prepared and you can feel protected,
you can feel confident. That's we're talking about clarity. Confidence
(09:48):
and that brings us right into something that's just as important.
Understand the difference between tax planning and also tax preparation,
because reacting to news is one thing, but having a
proactive tax strategy that protects your time every single year,
that's where real control begins. So pick up the phone,
schedule time the meeting. Let's AID three to three Maggie
Tax and visit our website at Maggie Tax dot com.
(10:08):
There's so much information right there at your fingertips, and
don't forget. Every Sunday on ABC TV, tune into our show.
It's a thirty minute show, The Maggie Tax and Wealth
Advisors Show. We're here to help you, educate you and
also provide ways for clarity and confidence and peace of
mind moving forward. AID three to three Maggie Tax and
Income Planning, tax planning, investment planning, a state planning, legacy planning,
(10:30):
social security maximization planning. That's what we do. So pick
up the phone, schedule time to meet with us. Let's
get together, have a conversation, and we look forward to
working with you and providing you with the clarity and
confidence you need during retirement.
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.
Speaker 3 (11:15):
Welcome back to the Maggie Tax and Financial Show. And
I'm Chris Maggie and I'm here with my dad and
coast of the show, Robert Maggie, and let's shift gears
and talk about why most people only get half the
tax help they actually need and how the right kind
of planning can save you far more than what you
think you know. Welcome back to the Maggie Tax and
Financial Show. Visit our website at Maggie tax dot com.
(11:37):
There's so much information right there at your fingertips. We're
talking about tax planning versus tax preparations. So let's jump in.
Speaker 2 (11:44):
One thing I could mention I did before. But go
to our website, Maggie Tax dot com and on the
top right click on retirement Calculator. And for all of
you that have an IRA four oh one K four
oh three B A TSP, you have deferred money. You
have tax deferred money, So you need to know when
you start taking the required minimum distribution at seventy three,
(12:05):
what you're going to have to take out and then
what you're going to have to pay. Go to the
retirement calculator, fill in the information and in thirty seconds
you will receive an email back of what you're going
to have to pay at the age that you have
to start taking it out. I have to tell you
and Chris we talk about this tax planning and tax preparation.
There are many people out there right now that don't
do that. And folks, if you're going to defer deferred defer,
(12:28):
are tax is going to go up or tax is
going to go down?
Speaker 3 (12:30):
So with this report, yeah, right up, No, definitely didn't
mean to interrupt you.
Speaker 2 (12:35):
Oh, you're right.
Speaker 3 (12:35):
You mean a great point because if you're not getting
the help, you're missing it. Because taxes are our biggest expense.
So if your current advisor or is not doing it
for you, or your current CPA is not doing it
for you, or you basically don't have anybody, you're you're
missing it, aren't you exactly?
Speaker 2 (12:51):
And I think that's you know, the shock and all
that people get when they everybody knows when they save
in a tax deferred account, they're going to be tax
on it. What amount they don't know. And then when
you come in and do taxes, like we do tax
planning all year round, even right now. So if you
need your taxes done, you can come in. We'll show you.
But we'll also show you what the requirement of distribution
is going to be and how it's going to affect
(13:12):
you later on. Because let's open the door to a
topic that can completely change the way you experience retirement.
And what do I mean by that? Because when you
find out you're going to have to take out more
money and it starts to increase your tax bracket. I
think you want to know right now. So the difference
between tax planning and tax preparation, because these two things
may sound similar, but they can create very different outcomes.
(13:34):
And one is about looking back and the other is
about looking ahead. And Chris, I think looking ahead for
people that are getting ready to retire, I'll give an example.
I had a lady the other day call me, and
she sixty two, and she said, Bobby, I want to
retire because I'm just getting tired and I want to
go spend time with my family. So what we did
was we looked at her Social Security that she was
(13:55):
going to get, and then we looked at the annuity
that she has and how much she's going to get. Chris,
she can retire right now and make more than if
she was working. Why would you not do that? But
she did what tax planning?
Speaker 3 (14:07):
That's exactly right. And plus, people just don't know, they
don't know what they don't know because their investment guys
only dealing with investments. They don't have the ability to
talk about tax planning. And we do at our firm
here each and every day. That's what we do. We
incorporate it all. So you know, my dad mentioned a
good point. Tax preparation is about looking back and tax
planning is about looking ahead. And one report what happened,
(14:30):
and the other helps you shape what will happen. And
that's what we do here. We could do both, but
more importantly, the tax planning what will happen is what
we're about.
Speaker 2 (14:40):
Yeah, so you know again and this is so important.
Please take time to listen to what we're saying. Give
us a call eight three to three, Maggie Tax go
to our website Maggie tax dot com. Click on the
retirement calculator and see for yourself, because it's going to
explain to you what we're talking about here.
Speaker 3 (14:55):
Now, you're right, and then once you start understanding the
difference between looking back and what will happen in the future,
start seeing opportunities that most people miss. So that's why
we're going to dig into this, because tax preparation looks backwards,
but retirement requires someone who can look forward. Most people
only interact with taxes once a year. They hand over
their documents, they get their return filed, and they hope
(15:16):
for the best. And sometimes they get mad that they're
prepared to it wrong because they have to pay. But
meanwhile they might just not withold enough. But that's just
reporting history. In retirement, the real danger isn't what happened
last year, it's what's coming up next. So tax planning
shifts the focus to the future, how to reduce taxes
next year, five years from now, and throughout retirement. So
(15:38):
when listeners understand this difference, if you're out there today,
once you realize that you may be missing the most
important part of your financial strategy now is the time
they pick up the phone, schedule time to meet with
us eight three to three Maggie tax.
Speaker 2 (15:51):
So planning helps you control your tax bracket and that's
very important to understand instead of letting instead of letting
the irs decide it for you. And believe me, I'd
rather figure out what I have to pay them what
the ris is going to tell me what to pay?
And here's the thing. Without a plan, retirees often drift
into higher tax brackets without even realizing it. And when
we find that out, Chris, is when we do the
(16:12):
taxes and they say, Wow, I'm paying too much in taxes. No,
you're not. You're not paying enough because you made too
much money. And no one does that for them. Chris,
the advisor doesn't do that. They just look about stock
sponsor investments. What about the tax Sarty? But how important
is that?
Speaker 3 (16:26):
Well, that's sick because they have no plan. So that's
why they drift into higher tax brackets without realizing it
because they do no planning. So required withdrawal solid security taxation?
How many people are getting tax on solid security? A
lot of people, but a lot of our clients aren't.
Why because they have a plan. And what about investment income?
These can stack up fast. So that's why tax planning
helps you intentionally manage your income so you stay in
(16:50):
control in the most efficient brackets possible. That's what we do.
We look at this. It isn't about loopholes. It's about timing,
strategy and keeping more of what you earned. So if
you're listening today, start wondering what bracket should you be
in and whether are you paying more than what you
need to And if you don't know, pick up the phone,
schedule time to meet with us A three three Maggie tax.
Speaker 2 (17:12):
Oh gosh, exactly. I mean, the right plan can can
reduce taxes for decades, not just one filing season. Tax
preparation saves you money once. Tax planning can save you
money every year for the rest of your life. If
you put a plan together, we call it the Maggie Plan,
simple and easy to understand. And strategies like Wroth conversions,
which I'm talking about now. If you don't have a Wroth,
(17:33):
maybe we need to take a look at it because
we could save you money. Bracketing. What bracket are you
going to be in? You know, is it going to
be more or less? And tax efficient? Which roles can
reduce lifetime taxes by tens of thousands of dollars. Chris,
that's a lot of money.
Speaker 3 (17:46):
Absolutely, So most retirees, they've never been shown these options.
And when you sit in front of us, we'll go
through it. We'll incorporate your investment with your income and
your tax is ensure the most income in the most
tax efficient way. Who would not want that? You know
I'm talking about so planning to owns taxes from a
yearly chore into a long term advantage. That's why it's
so important to meet with us. So again, when you
(18:07):
shift from reacting to planning, taxes stop being something you
dread and start becoming something that you can use to
your advantage. You gain clarity, the confidence and control. You
stop guessing, you stop hoping, You start making decisions that
protect your income, your lifestyle, and your future. And that's
what if you're listening today, that's what you can do too.
So if you're out there and you're thinking where do
(18:28):
I go? Pick up the phone, schedule time to meet
with us. Eight three three Maggie Tax. Visit our website
at Maggie tax dot com. There's so much information right
there at your fingertips. Eight three three Maggie Tax.
Speaker 1 (18:47):
Stop funding Uncle Sam's retirement and start planning for your
own successful retirement. As we return to the Maggie Tax
Financial Show with your host Robert and Chris Maggie with
Maggie Tax and Wealth Advisors. For information on how you
can create a tax free retirement. Call eight three three
Maggie Tax or visit Maggie Tax dot com. Now you're
(19:09):
host with Maggie Tax and Wealth Advisors, Robert and Chris Maggie.
Speaker 3 (19:13):
Welcome back to the Maggie Tax and Financial Show, and
as always, we're here to help you provide clarity and
confidence so you can get into your retirement with the
smoother process. Welcome everyone. Visit our website at Maggie tax
dot com. Pick up the phone schedule a time to
meet with us. Eight three three Maggie Tax. Get that
second opinion, you know, get that direction, put together a
(19:34):
plan you deserve to. It doesn't matter how much money
you have or what questions you have. If you are
concerned about taxes and tax planning, investments, income planning and
state planning, social security plan, where's the best time to
maximize my Social Security benefits? Just pick up the phone
schedule time to meet with us eight three three Maggie Tax.
Speaker 2 (19:55):
So I'll throw a question out to all of you, Uh,
should you pay taxes now or sh should you pay
them later? And that's an answer that each one of
you have a different answer to. So most people make
the decision by guessing that's not a good way to go.
Smart retirees make this decision by planning which is the
right way to go. And that's what we do here
at Maggie Tax and Wealth Advisors. And once you understand
(20:17):
how this choice actually works, you'll see why timing your
taxes is one of the most powerful tools in all
of retirement planning. I've been doing tax planning for years
and every time tax season comes like now, people come
in and they say, well, I'm paying too much in
taxes And the answer is, well, maybe not. You're not
because you're not paying enough, and it's because of what
you make. So things change. So when you're deciding whether
(20:38):
to pay taxes now or later, it really comes down, Chris,
to one thing. What gives you the biggest advantage in retirement?
And the answer isn't guesswork. It's strategy.
Speaker 3 (20:48):
That's it. It's strategy. It's a plan, and that's why
you need an advisor that you can talk to, that
you can put together options. You can talk about what
income looks like in the most tax efficient way. And
here are some key factors that will help you make
the smartest decision. You know, everything starts with one simple question.
You know, will your tax to be higher now or later?
(21:08):
And we asked this question to everyone who comes in
because many people have a different perspective, and it's okay
because most retirees assume their tax bill shrinks once they're
stopped working. And that's what we've been taught. That's what
they've taught us. Put money away, get a tax deduction today.
In the future, you've been a lower tax bracket because
you're not earning money through wages and you'll pay less
than taxes. But that's just not always how it plays out.
(21:31):
Once solid security kicks in, once required minimum distributions from
your IRA or your qualified accounts kick in, once investment
income stacks on top of everything else, you know, many
people find themselves pushed into higher brackets than they've ever expected.
And we see it each and every day. And this
is why now or later isn't guesswork is a strategic
(21:53):
decision that can help shape your entire retirement. So I
urge you to pick up the phone and schedule time
to meet with us. Three three Maggie Tax. Why because
if you're doing everything well now, then guess what. Now
you have a second opinion and you can cross it
off the list that everything's good. It's like going to
a doctor, right. But if you are feeling uncertained or
you have questions and you go to the doctor and
(22:15):
you get these questions answered, maybe there might be something
better to help you. And that's what we could do,
Maggie tax dot Com eight three to three Maggie Tax.
Speaker 2 (22:22):
Well, said Chris, because that is the truth. So paying
taxes now can lock in today's lower rates and turn
future income into tax free income. And that's what we're
talking about. A lot of people don't know that they
can convert into a WROTH and pay less tax, pay
tax now, which is a lower tax bracket, then later.
And how many of you out there would like tax
free income. I'm sure all of you say, of course
(22:44):
we do, but by using strengths strategies like WROTH conversions,
and a lot of people were not taught this during
lower income years. This is one of the misconceptions lower
income years. You can essentially prepare taxes at a rate
that you control.
Speaker 3 (22:57):
Hold on, stay right there. You can you can prepare
taxes so you have control you do. It's amazing because
many people don't think about that. We talked about this
in the last segment, Like you know the tax paederations
in the past. Tax planning is in the future. So
if you can think about the future and plan and
(23:19):
have control over that, why would you not want to
do that?
Speaker 2 (23:22):
Well, if you prepay it? Why not? Exactly? And that's
what the point is with the rough conversion and think
about it. Every four years. What happens every four.
Speaker 3 (23:29):
Years the elekstration changes possibly right.
Speaker 2 (23:32):
Called legislative risk. And you know it and I know
it because we see it all the time. That's what
changes in the tax planning because oh no, I'll wait
till next year. Oh I'll wait till next year. I
guess the old saying is, and all of you heard it,
let's kick the can down the road. Well, don't do that,
because you need to start to prepay taxes at a
rate that you control. And that's what we're talking about.
(23:53):
Not when the irs chooses for you later and think
about it. And I'll make the point when you save
on a tax deferred basis, deferring the taxes for what
an unknown rate later on, Well.
Speaker 3 (24:03):
That's it. If you have a four M one K
or an IRA or a TSP or whatever qualified plan
you have, it's a it's infective with tax right, So
it's a unknown question. It's a question mark tax rate.
Think about it. You have no idea what that's going
to cost you in the future. But if you can
determine now that I'll pay twelve percent getting that money out,
or I'll pay twenty two percent getting the money out,
(24:23):
knowing that in the future it might be a heck
of a lot more, why would you not want to
think about those options exactly?
Speaker 2 (24:29):
And think about it this way. Also, it means that
every dollar move today has the potential to grow tax
free for the rest of your life.
Speaker 3 (24:38):
Well, that's when many people forget that side of it. Well,
it's going to cost me twenty two percent to get
that much money out. Well yes, but maybe in the
future it might cost you thirty two percent. But also too,
you forgot that when you convert the money. Guess what now,
you're in a never ever, forever, never taxed land. It's beautiful,
tax free, tax free money.
Speaker 2 (24:56):
Yeah. I mean again, this is not what we were taught,
all of us everyone else there. We were just taught
to save on a tax deferred basis and don't worry
about the taxes. Hell yeah, you better worry about the
taxes because you have to pay them. What's the question
that you ask everybody coming in? When are you going
to pay the tax? And who's going to pay the tax?
You you're going to pay the tax. That's your money.
And I laugh when people come and say, well, I'm
(25:16):
not paying any taxes. I'm sorry to differ with you,
my friend, but guess what, you will pay the tax.
So for many retirees, this becomes the moment they realize,
and we talked about it before, timing your taxes can
be more powerful than the investment return itself.
Speaker 3 (25:31):
Well that's it. I love it when people come in
and say, well, I've been getting double digity returns every
my investments. Yeah, but now they're still growing. The pot
is getting thicker and bigger and fatter. And guess what
when you start taking more out, it's more tax you
have to pay. And people don't realize that. You know,
it's like being in the forest, right, you see all
these trees, but you're only see one tree. But if
you move to the right or the left of that tree,
(25:53):
you can see the rest of the forest. Right, and
it's clear out there. You see some ways that you
can get through and navigate through actly what we're talking about.
So pick up the phone today, schedule time to meet
with us. Eight three to three, Maggie Tax. You have questions,
let's talk about it. Because taxes are our biggest expense.
What are you doing to reduce them? There are ways,
(26:13):
there's strategies, there's a plan, there's direction. Do you want
to get on that road? Absolutely? Eight three three Maggie Tax.
Speaker 2 (26:19):
And go to my website, Maggie. I shouldn't say my
website our website, okay, because it is I don't want
to take fullward. It sounds good, no problem, but anyway,
go to our website Maggie tax dot com. And this
is what you need to take a look at. Go
to the retirement calculator on the top right and it's simple.
You click in your name, click in the amount that
you have, and if you want to be you know untruthful,
then put the wrong number in. But see what happens
(26:40):
when you put the number in and your age. It's
going to tell you what your tax is going to
be or what you have to pay when you retire
and start taking the great or required minimum distribution.
Speaker 3 (26:50):
But here's the thing, though, be honest with yourself because
this is your tax bill. You know, yeah, you have
a million dollars in there. You don't really have a
million dollars in there. Let's find out exactly what is.
Put the right number in and in contact with us,
because let's talk about this because you need to know
today and.
Speaker 2 (27:04):
Think about that. Once you put this number in and
you see what you have to take out and then
you add it to a euros let's say your income,
now it's going to bump you into a higher tax bracket.
So if you're in a higher tax bracket right now
because you're still working, that's fine. Receiving a bonus might
increase your taxes, or selling a property or business paying
taxes now could mean overpaying. So in those cases, letting
(27:26):
the money grow and waiting for lower income years can
create major long term savings. And that's what you have
to think about. So the goal isn't to rush your delay,
it's to choose the years when taxes are the cheapest
for you personally.
Speaker 3 (27:40):
So what kind of plan are you putting together if
you're not thinking about it now? That's why if you
wit the right advisory firm who can talk through this,
go through different scenarios with you, why not take that opportunity.
And that's why we do. What we do here is
pick up the phone eight three three, Maggie tax, let's
get together, Let's have a conversation. Visit our website at
magatax dot com because again, as my dad mentioned, the
(28:02):
goal is into rush or delay, it is to choose
the years when taxes are the cheapest for you personally.
That's exactly what we're talking about. You know, your optimal
timing is unique and the right strategy you can turn
taxes from a burden into lifelong advantage and tax free income.
There is no universal answer to this question, and that's
(28:23):
why your neighbor or your friend, or your your cousin
or your relative might do things differently than you because
your situation's different. We tell us, we tell with people
all the time, it's your money when you come in
let's put together a plan design for you, not just
what every advisor does. That's called cookie cutter. You don't
want a cookie cutter plan. You want a detailed plan.
Let's put it together. And the way you do is
(28:44):
you pick up the phone, schedule a time to meet
with us. Eight three three Magiet Tax. Because everyone's income
path through retirement is different. Your social security timing, your
withdrawal strategy, your investment mix, your future tax brackets, they
all create a retirement tax timeline that's entirely your own.
That's what we're talking about. Your balance sheet, your income.
When you map out it year by year, you suddenly
(29:05):
gain clarity. You know exactly when paying taxes help you
and when it hurts you. And again that's when taxes
shift from something you fear into something you can actually
use to protect your income forever. That's what we're talking about, clarity,
getting a plan. Eight three to three Maggie Tax.
Speaker 2 (29:22):
Well, like I said, you can get one answer right now.
Go to our website, Maggie Tax dot com, click on
retirement calculator and put your numbers in that you have
in your IRA four to one K and if you're
under seventy three it'll it'll actually go out to seventy
three to tell you what you have to start taking
out at seventy three. It's called the required minimum distribution.
Means it's required you have to take it out and
(29:44):
then just take that number and add it to what
your income is and you're going to see the big
difference here. So, and here's the best part. Once you
understand these factors, the whole now or later question stops
being stressful. You don't have to guess, you don't have
to hope you're doing the right th thing. You can
actually see the strategy that protects your income and reduces
your taxes for years to come. Because when timing is
(30:07):
done right, taxes stop feeling like a threat and start
becoming a tool that works for you instead of against you.
And that kind of clarity doesn't just give you a
better plan, it gives you peace of mind. That's why
we do the show to help educate all of you.
Maggie Tax dot Com eight three to three Maggie Tax.
Go to the website. You'll see and learn what we're
(30:30):
talking about here. Eight three to three Magi Tax. And
you're listening to the Maggie Tax and Financial.
Speaker 1 (30:35):
Show, 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
(30:58):
three Maggie Tax or visit Maggie Tax dot com. Now
your host with Maggie Tax and Wealth Advisors, Robert and
Chris Maggie.
Speaker 2 (31:08):
We are back and welcome to the Maggie Tax and
Financial Show, where we try to make things simple and
easy to understand. And if you've listened to today's show
any other shows, you can go to our website and
you can tune in anytime. Because there are so many
topists Chris, that people are just confused, and we try
to cover everything. So the real question retirees are afraid
to ask. That's the big one right now. So let's
(31:29):
get into the part of the show that I believe
matters the most. The questions retirees are often too nervous
to ask, but absolutely need real answers to because here's
the truth, everyone has them, everyone listening today. These questions
don't make you unprepared. They make you human and getting clear,
honest answers is one of the best ways to replace
(31:49):
fear with confidence. And I can tell you as well.
People come in, they're nervous to sitting down, and the
question we ask everybody, why are you here today? What's
on your mind? You got to soften the blow, you know,
don't come in punching, you know, like you're in a
boxing ring. That ain't gonna work.
Speaker 3 (32:07):
Well. You know. It's interesting though many people think, well,
if you have a lot of money, they're never worried
about what I'm about to talk about. But it doesn't
matter how much money you have and how much you've saved,
because the common question that people ask us are the
following and let's break down the first one. Am I
going to run out of money?
Speaker 2 (32:26):
Yeah?
Speaker 3 (32:27):
I mean we people people come in with two hundred
thousand dollars in saying what's my income plan? How do
I get the most income possible? And am I going
to run out? And then I got people who come
in with twenty million dollars and say, am I going
to run out of money? And we laugh inside in
a good way because we know that this is a
major concern. People have saved, they've accumulated, But then there's
(32:48):
a distribution phase of retirement. That's where we focus on
because this is the fear most retires carry quietly, and
it's completely understandable. When the paycheck stops, every decision that
you make feels bigger. But with a clear income plan
that shows how your money flows in year after year
(33:08):
through good markets and bad, you can replace the fear
with confidence. And most people are so surprised to learn
that they're in a much stronger position than they thought.
I'll give you an example. Last week we met with
two clients that they're in the distribution phase of their life.
Market's been up and down. They sat back after I
(33:29):
showed them and did a review with them, and they said,
we're not really affected by this, are we? And they
sat back and they were confused. I said, what do
you mean, Tom, And he said, well, I thought we
would be down and I'm looking at my accounts here
and everything looks good. And he said, can you run
that quick like evaluation? And I just show me if
I ever going to run out of money, and I
(33:49):
did and he said, I said, you can take this
same amount of money every month until you're one hundred
and sixteen years old. And he sat back, he said,
I'm going to live until hundred and sixteen, And I said,
this's my point. They basically doing what we have done
for you already. You're in a position that you're not
going to outlive your money. And there was such a calm, relief, clarity,
confidence boost that he couldn't wait to leave the office
(34:12):
and keep spending.
Speaker 2 (34:13):
One thing on that that we always do. We do
a balance sheet, so when you come in the first time,
we kind of categorize everything to qualified accounts, non qualified accounts,
you know, savings, liquid money, non liquid money. Because what
Chris is saying there, the gentleman did not know how
his assets were structured because he only thought, like most
people take, I got to take four percent five percent
(34:35):
out and then I run out of money. No, that's
not true. If you go with the Maggie plan that
we talk about, simple and easy to understand. What Chris
just mentioned, this is how we do it. And for
those of you who have worked with us are probably
shaking your head right now saying, you know he's right,
because when you come in and we do that, that's clarity,
that's going to give you control and more confidence because
what he just said. Now, Chris the guy sat back
(34:56):
and said, well, no one's ever told me that. I
just thought I have to take out X amount every month.
Speaker 3 (35:00):
That's the misconception. So what do they do? Misunderstanding? Right?
So pick up the phone, schedule time to meet with us.
Eight three three Maggie tacks. And you know the first question,
am I going to run out of money? Well that's
okay if you have it, it's understandable. But let's sit
there and clarify that for you. The second question we
get a lot is should I take sole security now
or later? And everyone wants to get this right right.
You pay into the system, you look at it, and
(35:22):
people just want to get them out most out as
they can. So when do you take it? Because the
timing can mean tens of thousands of dollars over your lifetime.
The challenge is that the best stage isn't the same
for everyone. That's why when you come in to meet
with us, we'll run this analysis for you. If you
are thinking when should I take it? And you have
no plan, it starts with that your retirement plan. It
(35:43):
depends on your income, your health, your spouse and your
tax prackets. Who's looking at this stuff? Most people come
to us and say, my advisor has no idea of
what to do. You know, I contact Sole Security. They
don't tell me what to do. So where do you go?
That's where you come. You pick up the phone, schedule
time to meet with us. We can help you because
it depends on your income, your health, right your spouse.
And once you see the numbers laid out in front
(36:03):
of you in your situation, the right choice becomes clear,
and often it saves you far more than really what
you expect. So that number eight three three Maggie Tax.
Visit our website at Maggie tax dot com. Schedule time
to meet with us. We'll go over this with you.
And the other question, the last one, what happens to
(36:24):
my spouse if something happens to me? So this question
is emotional and practical at the same time, and it's
one nearly every couple thinks about everybody.
Speaker 2 (36:33):
They joke about it. You know, if something happens to
you or somethimes to me, what are you going to do?
But losing a spouse can mean changes in Social security,
income tax brackets, and required withdrawals, and a strong plan
prepares for those shift ahead of time, making sure the
surviving spouse has the income. I know we joke about it,
but you have to take care of your spouse. You know,
protection and stability they need for the rest of their life.
(36:55):
Because when you when someone passes away, big thing changes. Now, Chris,
you can file as single, not as married, and you're
going to lose the deductions.
Speaker 3 (37:03):
People don't realize that, so that's why it's so important
incorporate the whole thing. Income planning, tax planning, investment planning.
And here's the truth. You don't have to navigate these
questions alone. You don't have to guess. You don't have
to hope or even stress about whether you're doing the
right thing. Retirement should feel confident, not uncertain, and that
confidence comes from having a real plan. It's called the
(37:24):
Maggie plan, one built for your life, your income and
your future taxes, income investments. That's exactly what we help
people create every single day, a plan that shows where
your income will come from, how to protect your spouse,
how to reduce your taxes, and how to make sure
your money lasts as long as you do. When you
have that clarity and that confidence the worry fades. It
(37:46):
does you can finally breathe easier. That's what it's about,
having calm, collective thoughts. So even if one thing we
talked about today made you pause and think, yeah, well
I need answers to that, now is the time to
pick up the phone. Schedule time in these eight three
three Maggie Tax. That's eight three three Maggie Tax.
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 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 and Financial Show. My name
is Robert Maggie and I'm here with my son and
co host, Chris Maggie. And today we're gonna talk about
a lot of different topics because we get a lot
of calls, but this is the place where clarity meets
confidence and a lot of people out there, Chris that
we see and speak to the sure and their confidence
level on what they have is not clear either. So
(01:04):
you know, your retirement questions finally get real answers here.
And by the way, if you have questions throughout the show,
give us a call let us know see if we
can answer them. On the show, every week we break
down the headlines, the tax laws, and the financial decisions
that shape your future and everybody's future out there. It
changes all the time because your money doesn't retire when
(01:25):
you do. And that's kind of a funny statement, but
the truth is, your money doesn't retire when you do.
So Chris, let's get into the show and talk about
these topics today and see if we can help people out.
Speaker 3 (01:35):
That's it. So welcome everyone, I am Chris, Maggie and
glad to be here as always. And you know, when
we meet with people during the week, a lot of
people have questions and they just don't know where to go.
The confidence in their retirement actually is not as high
as what it should be. And why because people don't
have a plan. So that's why they come to us,
because we can help them develop a tax plan and
(01:57):
income plan and investment plan and also legacy plan and
estate plan. I mean, that's what the foundation to retirement is.
Speaker 2 (02:04):
All about.
Speaker 3 (02:04):
So pick up the phone, schedule a time to meet
with us. Eight three three, Maggie Tax. We have office
on both sides of the bay, three convenient offices for
you to visit us. Let's get together, have a conversation,
and let's put together a plan for you.
Speaker 2 (02:17):
You know, it's funny. I get calls every every week
and people will get on the phone and I ask them,
why are you calling and how can we help you?
And the answer we get, Chris, is I want to
see what you got. It's not that, it's what kind
of plan do you have? Is what we're looking for.
Because look, you all know the world is changing fast.
Everything is happening around us so fast, and if you
(02:38):
don't see what's coming, you're going to get hit very hard.
So the market swing, we all know that tax rules shift,
and every time you turn on the news there's something
new that could impact your retirement and you worry about
it and you lose sleep over it. But the question
we have is when you have an advisor. If you
have an advisor, are they talking about this? And Chris,
one thing that you and I have done since we
(02:59):
started in this business is call clients and say what's
on your mind, follow up at least a little concern
on our end for them, because they're not getting that
call well.
Speaker 3 (03:08):
As just said, So today we're going to talk about
a lot of different things. We're going to tackle one
of the biggest misunderstandings out there, tax planning versus tax preparation.
They sound similar, but it can't be more than different,
and knowing the difference can save you thousands over your lifetime.
We're also going to break down the old question that
many people have is should we pay taxes now or
should we pay taxes later? And most people guess, but
(03:30):
smart retirees plan. And today we'll show you how to
make those decisions with confidence and clarity. And finally, we're
getting into the old questions that keep retirees awake at night,
the ones that people are often too nervous to ask,
but absolutely need answers too, because peace of mind isn't
a luxury, it's a plan. So we urge you to
pick up the phone schedule time to meet with us.
(03:52):
So settle in, stay with us, and let's get clarity
that you deserve. And this is the MAGI Tax Advisory Show,
and your retirement starts right now, so let's jump in
to these major topics that many people have questions about.
Speaker 2 (04:04):
Let me just go back to one thing you said,
you know, breaking down the age old question should you
pay taxes? Now? Folks, if you have an IRA or
a four one K, or a four or three B
or a TSP, you have a tax time bomb. Every
one of you have a tax time bomb. I don't
care how old you are, but if you have an
IRA four, one K, four or three B, you need
to do tax planning. So you know, we do tax
(04:24):
preparation and when everyone comes in, we do a tax
plan for them as well, because if you have a
large IRA, a million dollar IRA or whatever, you have
five hundred thousand, you owe taxes on that money. Period.
So what Chris and I do is we do you know,
an analysis for you to show you what your tax
liability is and just you know what you said before,
then you can start doing planning. When should I pay?
(04:47):
Should I pay it? Now? Should I pay? Letter? And
you asked this question to a person that came in
last week. They had I don't know with this seventy
three They had a million dollars in their IRA, and
you asked them the question, when when are you going
to pay it and who's going to pay it?
Speaker 3 (04:59):
What? They say, they just didn't know, so they didn't
have a plan and they said, well, we'll just pay
it later. Meanwhile, the account just kept growing and growing
and growing. Market has done well, their accounts have done well.
But guess what they defer in the taxes and they're
hit with a lot of taxable income in the future.
So what are they doing about it? Well, that's why
you need a plan. So pick up the phone, schedule
time to meet with US eight three to three Magie Tax.
(05:21):
If you have an IRA at four one k, pick
up the phone schedule time to meet with US eight
three to three Maggie Tax. So let's get into how
major impacts in the news affect retirement.
Speaker 2 (05:32):
So let's jump straight into how today's headlines hit your retirement.
So big news stories aren't just noise. They can move markets.
We all know that shift taxes and change what your
savings will do for you. So before we talk strategy,
let's break down what's happening right now and what it
could mean for your accounts, your income and your long
(05:52):
time plan. Chris. And that's what people fall short. They
don't plan on this.
Speaker 3 (05:56):
Well, that's just it. I mean, you know they can
quietly reshape your retirement income and your investment risk and
every major news story now you know, interest rates, change,
inflation reports, geopolitical tensions. We see what's going on right now,
which is open up the news and turn it on
and you can see how it's impacting. Right oil prices,
gas energy, all these things are really developing people's retirement.
Speaker 2 (06:19):
But there's one thing and everything you just said to
think about the things you can control and the things
that you can't control. There's nothing you can do about
it's going to happen. You mentioned some of the headline,
But you know what you need to do. You need
to sit down and go over tax planning and find
out what you can do to reduce the taxes on
these I rays and these four to one ks and
these four or three bis so that you don't get
(06:41):
hit with the taxes later, Chris, that we're talking about
when it comes to medicare or the whole thing. So
when you're living on savings instead of a paycheck, talking
about when you retire. Even small ships in the economy
can change how long your money last. And most people
don't realize how connected the news is to their retirement plan.
That's exactly why this segment matters because Chris people don't
(07:03):
think like that until they get into a situation. They're going, now,
what do I do well?
Speaker 3 (07:07):
When you have a diversified plan and when you're able
to sit in front of somebody and they can go
over buckets, we talk about bucket planning. If you don't
have bucket planning, then you know what you're really missing
it and you need to meet with us because it's
so important. Every account we have invested with our clients
is for a purpose. Is it safety of your money?
Is it for income? Is it speculative? Is if a
(07:28):
long term growth? Is it to fight inflation? What is it?
Because market swings impact retirees more because you're no longer
adding money, you're just taking it out. So when the
market drops during your working years, you're buying in at
lower prices, but in retirement you're with drawing, meaning downturns
can drain your accounts faster and permanently reduce your future income.
(07:48):
So why is this important? Because it's called the sequence
of returns. What happens. It's one of the biggest threats
that the retirees face, and if you're not planning on it,
guess what you're going to be hurt by it. So
put together a plan understanding how current events like what
we're going through today influence market behavior and helps you
protect your savings before it's too late. That's why we
(08:10):
urge you to pick up the phone. Schedule time to
meet with us eight three to three, Maggie Tax. Let's
review your current investment plan if you have one. If
you do or you don't know. If you do, then
it's okay, get a second opinion. That's what we do.
So pick up the phone, schedule time to meet with
US eight three to three Magi Tax.
Speaker 2 (08:27):
And think about this. New tax laws, social Security adjustments,
Medicare changes, and federal spending decisions all show up in
the news long before they show up in your wallet.
Retirees are especially vulnerable because they rely on fixed income sources.
Nothing wrong with it, but that's going to make it
great for you. That's good. But knowing how to read
the signs and how to plan around them can save
(08:49):
you thousands in unnecessary taxes and penalties. And that's what
we do with Maggie Tax and wealth advisors, because if
your advisor just talks about a stock bond, a mutual fund,
that's not the right advice to be with because you
need more.
Speaker 3 (09:02):
I'm a right or wrong, it's exactly right. It's not
just put together a plan now and forget about it.
I mean you have to have active trading. You have
to have active a team looking at what you have
and putting together specific buckets for the purpose to fight
through all this. So when you look at everything happening
in the world right now, the markets, interest rates, new
tax proposals, global events, it's very clear that retires can't
(09:24):
afford to tune it out. It has to be something
that they're looking at. But if you don't have a plan,
then you have the uncertainty. You know, these headlines just
don't fill the news cycle. They shape the financial reality
that you're living in. And the good news. With the
right plan, you don't have to feel vulnerable to any
of it. You can feel prepared and you can feel protected,
you can feel confident. That's we're talking about clarity. Confidence
(09:48):
and that brings us right into something that's just as important.
Understand the difference between tax planning and also tax preparation,
because reacting to news is one thing, but having a
proactive tax strategy that protects your time every single year,
that's where real control begins. So pick up the phone,
schedule time the meeting. Let's AID three to three Maggie
Tax and visit our website at Maggie Tax dot com.
(10:08):
There's so much information right there at your fingertips, and
don't forget. Every Sunday on ABC TV, tune into our show.
It's a thirty minute show, The Maggie Tax and Wealth
Advisors Show. We're here to help you, educate you and
also provide ways for clarity and confidence and peace of
mind moving forward. AID three to three Maggie Tax and
Income Planning, tax planning, investment planning, a state planning, legacy planning,
(10:30):
social security maximization planning. That's what we do. So pick
up the phone, schedule time to meet with us. Let's
get together, have a conversation, and we look forward to
working with you and providing you with the clarity and
confidence you need during retirement.
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.
Speaker 3 (11:15):
Welcome back to the Maggie Tax and Financial Show. And
I'm Chris Maggie and I'm here with my dad and
coast of the show, Robert Maggie, and let's shift gears
and talk about why most people only get half the
tax help they actually need and how the right kind
of planning can save you far more than what you
think you know. Welcome back to the Maggie Tax and
Financial Show. Visit our website at Maggie tax dot com.
(11:37):
There's so much information right there at your fingertips. We're
talking about tax planning versus tax preparations. So let's jump in.
Speaker 2 (11:44):
One thing I could mention I did before. But go
to our website, Maggie Tax dot com and on the
top right click on retirement Calculator. And for all of
you that have an IRA four oh one K four
oh three B A TSP, you have deferred money. You
have tax deferred money, So you need to know when
you start taking the required minimum distribution at seventy three,
(12:05):
what you're going to have to take out and then
what you're going to have to pay. Go to the
retirement calculator, fill in the information and in thirty seconds
you will receive an email back of what you're going
to have to pay at the age that you have
to start taking it out. I have to tell you
and Chris we talk about this tax planning and tax preparation.
There are many people out there right now that don't
do that. And folks, if you're going to defer deferred defer,
(12:28):
are tax is going to go up or tax is
going to go down?
Speaker 3 (12:30):
So with this report, yeah, right up, No, definitely didn't
mean to interrupt you.
Speaker 2 (12:35):
Oh, you're right.
Speaker 3 (12:35):
You mean a great point because if you're not getting
the help, you're missing it. Because taxes are our biggest expense.
So if your current advisor or is not doing it
for you, or your current CPA is not doing it
for you, or you basically don't have anybody, you're you're
missing it, aren't you exactly?
Speaker 2 (12:51):
And I think that's you know, the shock and all
that people get when they everybody knows when they save
in a tax deferred account, they're going to be tax
on it. What amount they don't know. And then when
you come in and do taxes, like we do tax
planning all year round, even right now. So if you
need your taxes done, you can come in. We'll show you.
But we'll also show you what the requirement of distribution
is going to be and how it's going to affect
(13:12):
you later on. Because let's open the door to a
topic that can completely change the way you experience retirement.
And what do I mean by that? Because when you
find out you're going to have to take out more
money and it starts to increase your tax bracket. I
think you want to know right now. So the difference
between tax planning and tax preparation, because these two things
may sound similar, but they can create very different outcomes.
(13:34):
And one is about looking back and the other is
about looking ahead. And Chris, I think looking ahead for
people that are getting ready to retire, I'll give an example.
I had a lady the other day call me, and
she sixty two, and she said, Bobby, I want to
retire because I'm just getting tired and I want to
go spend time with my family. So what we did
was we looked at her Social Security that she was
(13:55):
going to get, and then we looked at the annuity
that she has and how much she's going to get. Chris,
she can retire right now and make more than if
she was working. Why would you not do that? But
she did what tax planning?
Speaker 3 (14:07):
That's exactly right. And plus, people just don't know, they
don't know what they don't know because their investment guys
only dealing with investments. They don't have the ability to
talk about tax planning. And we do at our firm
here each and every day. That's what we do. We
incorporate it all. So you know, my dad mentioned a
good point. Tax preparation is about looking back and tax
planning is about looking ahead. And one report what happened,
(14:30):
and the other helps you shape what will happen. And
that's what we do here. We could do both, but
more importantly, the tax planning what will happen is what
we're about.
Speaker 2 (14:40):
Yeah, so you know again and this is so important.
Please take time to listen to what we're saying. Give
us a call eight three to three, Maggie Tax go
to our website Maggie tax dot com. Click on the
retirement calculator and see for yourself, because it's going to
explain to you what we're talking about here.
Speaker 3 (14:55):
Now, you're right, and then once you start understanding the
difference between looking back and what will happen in the future,
start seeing opportunities that most people miss. So that's why
we're going to dig into this, because tax preparation looks backwards,
but retirement requires someone who can look forward. Most people
only interact with taxes once a year. They hand over
their documents, they get their return filed, and they hope
(15:16):
for the best. And sometimes they get mad that they're
prepared to it wrong because they have to pay. But
meanwhile they might just not withold enough. But that's just
reporting history. In retirement, the real danger isn't what happened
last year, it's what's coming up next. So tax planning
shifts the focus to the future, how to reduce taxes
next year, five years from now, and throughout retirement. So
(15:38):
when listeners understand this difference, if you're out there today,
once you realize that you may be missing the most
important part of your financial strategy now is the time
they pick up the phone, schedule time to meet with
us eight three to three Maggie tax.
Speaker 2 (15:51):
So planning helps you control your tax bracket and that's
very important to understand instead of letting instead of letting
the irs decide it for you. And believe me, I'd
rather figure out what I have to pay them what
the ris is going to tell me what to pay?
And here's the thing. Without a plan, retirees often drift
into higher tax brackets without even realizing it. And when
we find that out, Chris, is when we do the
(16:12):
taxes and they say, Wow, I'm paying too much in taxes. No,
you're not. You're not paying enough because you made too
much money. And no one does that for them. Chris,
the advisor doesn't do that. They just look about stock
sponsor investments. What about the tax Sarty? But how important
is that?
Speaker 3 (16:26):
Well, that's sick because they have no plan. So that's
why they drift into higher tax brackets without realizing it
because they do no planning. So required withdrawal solid security taxation?
How many people are getting tax on solid security? A
lot of people, but a lot of our clients aren't.
Why because they have a plan. And what about investment income?
These can stack up fast. So that's why tax planning
helps you intentionally manage your income so you stay in
(16:50):
control in the most efficient brackets possible. That's what we do.
We look at this. It isn't about loopholes. It's about timing,
strategy and keeping more of what you earned. So if
you're listening today, start wondering what bracket should you be
in and whether are you paying more than what you
need to And if you don't know, pick up the phone,
schedule time to meet with us A three three Maggie tax.
Speaker 2 (17:12):
Oh gosh, exactly. I mean, the right plan can can
reduce taxes for decades, not just one filing season. Tax
preparation saves you money once. Tax planning can save you
money every year for the rest of your life. If
you put a plan together, we call it the Maggie Plan,
simple and easy to understand. And strategies like Wroth conversions,
which I'm talking about now. If you don't have a Wroth,
(17:33):
maybe we need to take a look at it because
we could save you money. Bracketing. What bracket are you
going to be in? You know, is it going to
be more or less? And tax efficient? Which roles can
reduce lifetime taxes by tens of thousands of dollars. Chris,
that's a lot of money.
Speaker 3 (17:46):
Absolutely, So most retirees, they've never been shown these options.
And when you sit in front of us, we'll go
through it. We'll incorporate your investment with your income and
your tax is ensure the most income in the most
tax efficient way. Who would not want that? You know
I'm talking about so planning to owns taxes from a
yearly chore into a long term advantage. That's why it's
so important to meet with us. So again, when you
(18:07):
shift from reacting to planning, taxes stop being something you
dread and start becoming something that you can use to
your advantage. You gain clarity, the confidence and control. You
stop guessing, you stop hoping, You start making decisions that
protect your income, your lifestyle, and your future. And that's
what if you're listening today, that's what you can do too.
So if you're out there and you're thinking where do
(18:28):
I go? Pick up the phone, schedule time to meet
with us. Eight three three Maggie Tax. Visit our website
at Maggie tax dot com. There's so much information right
there at your fingertips. Eight three three Maggie Tax.
Speaker 1 (18:47):
Stop funding Uncle Sam's retirement and start planning for your
own successful retirement. As we return to the Maggie Tax
Financial Show with your host Robert and Chris Maggie with
Maggie Tax and Wealth Advisors. For information on how you
can create a tax free retirement. Call eight three three
Maggie Tax or visit Maggie Tax dot com. Now you're
(19:09):
host with Maggie Tax and Wealth Advisors, Robert and Chris Maggie.
Speaker 3 (19:13):
Welcome back to the Maggie Tax and Financial Show, and
as always, we're here to help you provide clarity and
confidence so you can get into your retirement with the
smoother process. Welcome everyone. Visit our website at Maggie tax
dot com. Pick up the phone schedule a time to
meet with us. Eight three three Maggie Tax. Get that
second opinion, you know, get that direction, put together a
(19:34):
plan you deserve to. It doesn't matter how much money
you have or what questions you have. If you are
concerned about taxes and tax planning, investments, income planning and
state planning, social security plan, where's the best time to
maximize my Social Security benefits? Just pick up the phone
schedule time to meet with us eight three three Maggie Tax.
Speaker 2 (19:55):
So I'll throw a question out to all of you, Uh,
should you pay taxes now or sh should you pay
them later? And that's an answer that each one of
you have a different answer to. So most people make
the decision by guessing that's not a good way to go.
Smart retirees make this decision by planning which is the
right way to go. And that's what we do here
at Maggie Tax and Wealth Advisors. And once you understand
(20:17):
how this choice actually works, you'll see why timing your
taxes is one of the most powerful tools in all
of retirement planning. I've been doing tax planning for years
and every time tax season comes like now, people come
in and they say, well, I'm paying too much in
taxes And the answer is, well, maybe not. You're not
because you're not paying enough, and it's because of what
you make. So things change. So when you're deciding whether
(20:38):
to pay taxes now or later, it really comes down, Chris,
to one thing. What gives you the biggest advantage in retirement?
And the answer isn't guesswork. It's strategy.
Speaker 3 (20:48):
That's it. It's strategy. It's a plan, and that's why
you need an advisor that you can talk to, that
you can put together options. You can talk about what
income looks like in the most tax efficient way. And
here are some key factors that will help you make
the smartest decision. You know, everything starts with one simple question.
You know, will your tax to be higher now or later?
(21:08):
And we asked this question to everyone who comes in
because many people have a different perspective, and it's okay
because most retirees assume their tax bill shrinks once they're
stopped working. And that's what we've been taught. That's what
they've taught us. Put money away, get a tax deduction today.
In the future, you've been a lower tax bracket because
you're not earning money through wages and you'll pay less
than taxes. But that's just not always how it plays out.
(21:31):
Once solid security kicks in, once required minimum distributions from
your IRA or your qualified accounts kick in, once investment
income stacks on top of everything else, you know, many
people find themselves pushed into higher brackets than they've ever expected.
And we see it each and every day. And this
is why now or later isn't guesswork is a strategic
(21:53):
decision that can help shape your entire retirement. So I
urge you to pick up the phone and schedule time
to meet with us. Three three Maggie Tax. Why because
if you're doing everything well now, then guess what. Now
you have a second opinion and you can cross it
off the list that everything's good. It's like going to
a doctor, right. But if you are feeling uncertained or
you have questions and you go to the doctor and
(22:15):
you get these questions answered, maybe there might be something
better to help you. And that's what we could do,
Maggie tax dot Com eight three to three Maggie Tax.
Speaker 2 (22:22):
Well, said Chris, because that is the truth. So paying
taxes now can lock in today's lower rates and turn
future income into tax free income. And that's what we're
talking about. A lot of people don't know that they
can convert into a WROTH and pay less tax, pay
tax now, which is a lower tax bracket, then later.
And how many of you out there would like tax
free income. I'm sure all of you say, of course
(22:44):
we do, but by using strengths strategies like WROTH conversions,
and a lot of people were not taught this during
lower income years. This is one of the misconceptions lower
income years. You can essentially prepare taxes at a rate
that you control.
Speaker 3 (22:57):
Hold on, stay right there. You can you can prepare
taxes so you have control you do. It's amazing because
many people don't think about that. We talked about this
in the last segment, Like you know the tax paederations
in the past. Tax planning is in the future. So
if you can think about the future and plan and
(23:19):
have control over that, why would you not want to
do that?
Speaker 2 (23:22):
Well, if you prepay it? Why not? Exactly? And that's
what the point is with the rough conversion and think
about it. Every four years. What happens every four.
Speaker 3 (23:29):
Years the elekstration changes possibly right.
Speaker 2 (23:32):
Called legislative risk. And you know it and I know
it because we see it all the time. That's what
changes in the tax planning because oh no, I'll wait
till next year. Oh I'll wait till next year. I
guess the old saying is, and all of you heard it,
let's kick the can down the road. Well, don't do that,
because you need to start to prepay taxes at a
rate that you control. And that's what we're talking about.
(23:53):
Not when the irs chooses for you later and think
about it. And I'll make the point when you save
on a tax deferred basis, deferring the taxes for what
an unknown rate later on, Well.
Speaker 3 (24:03):
That's it. If you have a four M one K
or an IRA or a TSP or whatever qualified plan
you have, it's a it's infective with tax right, So
it's a unknown question. It's a question mark tax rate.
Think about it. You have no idea what that's going
to cost you in the future. But if you can
determine now that I'll pay twelve percent getting that money out,
or I'll pay twenty two percent getting the money out,
(24:23):
knowing that in the future it might be a heck
of a lot more, why would you not want to
think about those options exactly?
Speaker 2 (24:29):
And think about it this way. Also, it means that
every dollar move today has the potential to grow tax
free for the rest of your life.
Speaker 3 (24:38):
Well, that's when many people forget that side of it. Well,
it's going to cost me twenty two percent to get
that much money out. Well yes, but maybe in the
future it might cost you thirty two percent. But also too,
you forgot that when you convert the money. Guess what now,
you're in a never ever, forever, never taxed land. It's beautiful,
tax free, tax free money.
Speaker 2 (24:56):
Yeah. I mean again, this is not what we were taught,
all of us everyone else there. We were just taught
to save on a tax deferred basis and don't worry
about the taxes. Hell yeah, you better worry about the
taxes because you have to pay them. What's the question
that you ask everybody coming in? When are you going
to pay the tax? And who's going to pay the tax?
You you're going to pay the tax. That's your money.
And I laugh when people come and say, well, I'm
(25:16):
not paying any taxes. I'm sorry to differ with you,
my friend, but guess what, you will pay the tax.
So for many retirees, this becomes the moment they realize,
and we talked about it before, timing your taxes can
be more powerful than the investment return itself.
Speaker 3 (25:31):
Well that's it. I love it when people come in
and say, well, I've been getting double digity returns every
my investments. Yeah, but now they're still growing. The pot
is getting thicker and bigger and fatter. And guess what
when you start taking more out, it's more tax you
have to pay. And people don't realize that. You know,
it's like being in the forest, right, you see all
these trees, but you're only see one tree. But if
you move to the right or the left of that tree,
(25:53):
you can see the rest of the forest. Right, and
it's clear out there. You see some ways that you
can get through and navigate through actly what we're talking about.
So pick up the phone today, schedule time to meet
with us. Eight three to three, Maggie Tax. You have questions,
let's talk about it. Because taxes are our biggest expense.
What are you doing to reduce them? There are ways,
(26:13):
there's strategies, there's a plan, there's direction. Do you want
to get on that road? Absolutely? Eight three three Maggie Tax.
Speaker 2 (26:19):
And go to my website, Maggie. I shouldn't say my
website our website, okay, because it is I don't want
to take fullward. It sounds good, no problem, but anyway,
go to our website Maggie tax dot com. And this
is what you need to take a look at. Go
to the retirement calculator on the top right and it's simple.
You click in your name, click in the amount that
you have, and if you want to be you know untruthful,
then put the wrong number in. But see what happens
(26:40):
when you put the number in and your age. It's
going to tell you what your tax is going to
be or what you have to pay when you retire
and start taking the great or required minimum distribution.
Speaker 3 (26:50):
But here's the thing, though, be honest with yourself because
this is your tax bill. You know, yeah, you have
a million dollars in there. You don't really have a
million dollars in there. Let's find out exactly what is.
Put the right number in and in contact with us,
because let's talk about this because you need to know
today and.
Speaker 2 (27:04):
Think about that. Once you put this number in and
you see what you have to take out and then
you add it to a euros let's say your income,
now it's going to bump you into a higher tax bracket.
So if you're in a higher tax bracket right now
because you're still working, that's fine. Receiving a bonus might
increase your taxes, or selling a property or business paying
taxes now could mean overpaying. So in those cases, letting
(27:26):
the money grow and waiting for lower income years can
create major long term savings. And that's what you have
to think about. So the goal isn't to rush your delay,
it's to choose the years when taxes are the cheapest
for you personally.
Speaker 3 (27:40):
So what kind of plan are you putting together if
you're not thinking about it now? That's why if you
wit the right advisory firm who can talk through this,
go through different scenarios with you, why not take that opportunity.
And that's why we do. What we do here is
pick up the phone eight three three, Maggie tax, let's
get together, Let's have a conversation. Visit our website at
magatax dot com because again, as my dad mentioned, the
(28:02):
goal is into rush or delay, it is to choose
the years when taxes are the cheapest for you personally.
That's exactly what we're talking about. You know, your optimal
timing is unique and the right strategy you can turn
taxes from a burden into lifelong advantage and tax free income.
There is no universal answer to this question, and that's
(28:23):
why your neighbor or your friend, or your your cousin
or your relative might do things differently than you because
your situation's different. We tell us, we tell with people
all the time, it's your money when you come in
let's put together a plan design for you, not just
what every advisor does. That's called cookie cutter. You don't
want a cookie cutter plan. You want a detailed plan.
Let's put it together. And the way you do is
(28:44):
you pick up the phone, schedule a time to meet
with us. Eight three three Magiet Tax. Because everyone's income
path through retirement is different. Your social security timing, your
withdrawal strategy, your investment mix, your future tax brackets, they
all create a retirement tax timeline that's entirely your own.
That's what we're talking about. Your balance sheet, your income.
When you map out it year by year, you suddenly
(29:05):
gain clarity. You know exactly when paying taxes help you
and when it hurts you. And again that's when taxes
shift from something you fear into something you can actually
use to protect your income forever. That's what we're talking about, clarity,
getting a plan. Eight three to three Maggie Tax.
Speaker 2 (29:22):
Well, like I said, you can get one answer right now.
Go to our website, Maggie Tax dot com, click on
retirement calculator and put your numbers in that you have
in your IRA four to one K and if you're
under seventy three it'll it'll actually go out to seventy
three to tell you what you have to start taking
out at seventy three. It's called the required minimum distribution.
Means it's required you have to take it out and
(29:44):
then just take that number and add it to what
your income is and you're going to see the big
difference here. So, and here's the best part. Once you
understand these factors, the whole now or later question stops
being stressful. You don't have to guess, you don't have
to hope you're doing the right th thing. You can
actually see the strategy that protects your income and reduces
your taxes for years to come. Because when timing is
(30:07):
done right, taxes stop feeling like a threat and start
becoming a tool that works for you instead of against you.
And that kind of clarity doesn't just give you a
better plan, it gives you peace of mind. That's why
we do the show to help educate all of you.
Maggie Tax dot Com eight three to three Maggie Tax.
Go to the website. You'll see and learn what we're
(30:30):
talking about here. Eight three to three Magi Tax. And
you're listening to the Maggie Tax and Financial.
Speaker 1 (30:35):
Show, 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
(30:58):
three Maggie Tax or visit Maggie Tax dot com. Now
your host with Maggie Tax and Wealth Advisors, Robert and
Chris Maggie.
Speaker 2 (31:08):
We are back and welcome to the Maggie Tax and
Financial Show, where we try to make things simple and
easy to understand. And if you've listened to today's show
any other shows, you can go to our website and
you can tune in anytime. Because there are so many
topists Chris, that people are just confused, and we try
to cover everything. So the real question retirees are afraid
to ask. That's the big one right now. So let's
(31:29):
get into the part of the show that I believe
matters the most. The questions retirees are often too nervous
to ask, but absolutely need real answers to because here's
the truth, everyone has them, everyone listening today. These questions
don't make you unprepared. They make you human and getting clear,
honest answers is one of the best ways to replace
(31:49):
fear with confidence. And I can tell you as well.
People come in, they're nervous to sitting down, and the
question we ask everybody, why are you here today? What's
on your mind? You got to soften the blow, you know,
don't come in punching, you know, like you're in a
boxing ring. That ain't gonna work.
Speaker 3 (32:07):
Well. You know. It's interesting though many people think, well,
if you have a lot of money, they're never worried
about what I'm about to talk about. But it doesn't
matter how much money you have and how much you've saved,
because the common question that people ask us are the
following and let's break down the first one. Am I
going to run out of money?
Speaker 2 (32:26):
Yeah?
Speaker 3 (32:27):
I mean we people people come in with two hundred
thousand dollars in saying what's my income plan? How do
I get the most income possible? And am I going
to run out? And then I got people who come
in with twenty million dollars and say, am I going
to run out of money? And we laugh inside in
a good way because we know that this is a
major concern. People have saved, they've accumulated, But then there's
(32:48):
a distribution phase of retirement. That's where we focus on
because this is the fear most retires carry quietly, and
it's completely understandable. When the paycheck stops, every decision that
you make feels bigger. But with a clear income plan
that shows how your money flows in year after year
(33:08):
through good markets and bad, you can replace the fear
with confidence. And most people are so surprised to learn
that they're in a much stronger position than they thought.
I'll give you an example. Last week we met with
two clients that they're in the distribution phase of their life.
Market's been up and down. They sat back after I
(33:29):
showed them and did a review with them, and they said,
we're not really affected by this, are we? And they
sat back and they were confused. I said, what do
you mean, Tom, And he said, well, I thought we
would be down and I'm looking at my accounts here
and everything looks good. And he said, can you run
that quick like evaluation? And I just show me if
I ever going to run out of money, and I
(33:49):
did and he said, I said, you can take this
same amount of money every month until you're one hundred
and sixteen years old. And he sat back, he said,
I'm going to live until hundred and sixteen, And I said,
this's my point. They basically doing what we have done
for you already. You're in a position that you're not
going to outlive your money. And there was such a calm, relief, clarity,
confidence boost that he couldn't wait to leave the office
(34:12):
and keep spending.
Speaker 2 (34:13):
One thing on that that we always do. We do
a balance sheet, so when you come in the first time,
we kind of categorize everything to qualified accounts, non qualified accounts,
you know, savings, liquid money, non liquid money. Because what
Chris is saying there, the gentleman did not know how
his assets were structured because he only thought, like most
people take, I got to take four percent five percent
(34:35):
out and then I run out of money. No, that's
not true. If you go with the Maggie plan that
we talk about, simple and easy to understand. What Chris
just mentioned, this is how we do it. And for
those of you who have worked with us are probably
shaking your head right now saying, you know he's right,
because when you come in and we do that, that's clarity,
that's going to give you control and more confidence because
what he just said. Now, Chris the guy sat back
(34:56):
and said, well, no one's ever told me that. I
just thought I have to take out X amount every month.
Speaker 3 (35:00):
That's the misconception. So what do they do? Misunderstanding? Right?
So pick up the phone, schedule time to meet with us.
Eight three three Maggie tacks. And you know the first question,
am I going to run out of money? Well that's
okay if you have it, it's understandable. But let's sit
there and clarify that for you. The second question we
get a lot is should I take sole security now
or later? And everyone wants to get this right right.
You pay into the system, you look at it, and
(35:22):
people just want to get them out most out as
they can. So when do you take it? Because the
timing can mean tens of thousands of dollars over your lifetime.
The challenge is that the best stage isn't the same
for everyone. That's why when you come in to meet
with us, we'll run this analysis for you. If you
are thinking when should I take it? And you have
no plan, it starts with that your retirement plan. It
(35:43):
depends on your income, your health, your spouse and your
tax prackets. Who's looking at this stuff? Most people come
to us and say, my advisor has no idea of
what to do. You know, I contact Sole Security. They
don't tell me what to do. So where do you go?
That's where you come. You pick up the phone, schedule
time to meet with us. We can help you because
it depends on your income, your health, right your spouse.
And once you see the numbers laid out in front
(36:03):
of you in your situation, the right choice becomes clear,
and often it saves you far more than really what
you expect. So that number eight three three Maggie Tax.
Visit our website at Maggie tax dot com. Schedule time
to meet with us. We'll go over this with you.
And the other question, the last one, what happens to
(36:24):
my spouse if something happens to me? So this question
is emotional and practical at the same time, and it's
one nearly every couple thinks about everybody.
Speaker 2 (36:33):
They joke about it. You know, if something happens to
you or somethimes to me, what are you going to do?
But losing a spouse can mean changes in Social security,
income tax brackets, and required withdrawals, and a strong plan
prepares for those shift ahead of time, making sure the
surviving spouse has the income. I know we joke about it,
but you have to take care of your spouse. You know,
protection and stability they need for the rest of their life.
(36:55):
Because when you when someone passes away, big thing changes. Now, Chris,
you can file as single, not as married, and you're
going to lose the deductions.
Speaker 3 (37:03):
People don't realize that, so that's why it's so important
incorporate the whole thing. Income planning, tax planning, investment planning.
And here's the truth. You don't have to navigate these
questions alone. You don't have to guess. You don't have
to hope or even stress about whether you're doing the
right thing. Retirement should feel confident, not uncertain, and that
confidence comes from having a real plan. It's called the
(37:24):
Maggie plan, one built for your life, your income and
your future taxes, income investments. That's exactly what we help
people create every single day, a plan that shows where
your income will come from, how to protect your spouse,
how to reduce your taxes, and how to make sure
your money lasts as long as you do. When you
have that clarity and that confidence the worry fades. It
(37:46):
does you can finally breathe easier. That's what it's about,
having calm, collective thoughts. So even if one thing we
talked about today made you pause and think, yeah, well
I need answers to that, now is the time to
pick up the phone. Schedule time in these eight three
three Maggie Tax. That's eight three three Maggie Tax.
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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