July 15, 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 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 clear 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. You know, eas 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
(01:43):
on all their accounts. They want to make sure that
everything stays in the family. So there's a lot 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 becout the phone, schedule time to
(02:03):
meet with us. Eight three three Maggie tax. So my
dad mentioned we're going to talk about four 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
(02:23):
change in an instant. We've all seen up and downs,
but there are ways to reduce your taxes. Also, 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
(02:44):
that you may not even realize that you're currently carrying.
So not just those two things, we're also going to
talk about go 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
our first three segments throughout today, and then we're going
to finally, we're going to take the question everyone thinks
(03:05):
about but really says out loud, do I have enough
to retire? 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. So do
I have enough to retire? 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 lifespan of your money,
backed by real analysis and assumptions. Most retire release rely
on rough estimates, outdated rules, or online calculations that ignore
(04:36):
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 financial future. And Chris,
(04:59):
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 we need more income streams.
That's what we need to talk about. So what's coming in?
(05:30):
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 of 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 your
(05:51):
money backed 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 tax. 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.
Speaker 2 (06:10):
Yeah. 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
(06:34):
can turn 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
(06:54):
it 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.
Speaker 2 (07:09):
That's where we.
Speaker 3 (07:09):
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 to
hidden income opportunities that you didn't really know you had.
Most people don't realize how much money they lose simply
by just choosing the wrong social security strategy. We run
(07:30):
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,
you're subject to the earnings test. Every two dollars you
make got to give a dollar back. So don't mess
(07:50):
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 lump 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
to do that. What about the withdrawal order? Where to
take the money from? What buckets of money do you
(08:11):
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
keep more of what you've worked so hard for. So
pick up the phone, schedule time to meet with us
(08:34):
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 real 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 that'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 Maggi 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 (10:47):
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. Print for me on how
you can create a tax free retirement. Call eight three
three Maggie Tax or visit Maggie tax dot com. Now
(11:08):
you're host with Maggie Tax and Wealth Advisors, Robert and Chris.
Speaker 3 (11:12):
Maggie, Welcome 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
(11:33):
out of your retirement if you don't plan for it.
And many 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
(11:54):
you're going to pay less than taxes, so get the
tax deduction today, but in the future it's going to
get get get better. Well, it's not the case. At
Maggie Tax Advisor 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 requirementum distributions can push you into higher brackets
(12:17):
fast once the paycheck stops.
Speaker 2 (12:20):
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.
(12:43):
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 (12:55):
Well, everything they say is permanent, but it's really not
permanent until the tax law changes right exactly.
Speaker 2 (13:00):
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 to 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,
(13:20):
understanding these changes early helps you stay in control and
avoid surprises down the road. Well, that's just it.
Speaker 3 (13:27):
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
and 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
(13:48):
had a substantial amount in his IRA and he has
to take over one hundred and eighty thousand dollars of URMD.
He said, I don't need this money. Well, you've saved.
So well, like, guess what, now you got to pay taxes.
Uncle Sam's 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 these
(14:12):
withdrawals can increase your taxable income and affect things like
the medicare premiums. Who've heard of irmama. 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 (14:28):
That's what it's about. And here's 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 rm ds and it's going to bring him into
(14:48):
a higher tax.
Speaker 3 (14:49):
Breck of Chris, all the social securities getting tax eighty
five percent, and it just gets worse for him.
Speaker 2 (14:54):
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 drawn say
I'm not going to 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
(15:14):
are you 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
(15:36):
to act. Maggie. Tax and wealth advisors can help you
build a tax smart plan that protects what you've earned.
Speaker 3 (15:43):
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 Maggie
(16:04):
Tax Advisory in 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. This
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 brokerage account, or even
(16:24):
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 (16:40):
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 about and acting early gives you more options,
more control over your financial future. And Chris is the point.
(17:03):
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 (17:11):
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.
(17:31):
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
(17:54):
Maggie Tax dot com. And retirement taxes won't wait, They
won't warn you or even fixed themselves. The real quick
question that we see simply is when are you going
to pay the tax? And are you going to let
the irs take more than it should or a You're
going to take control? Now that's the question because doing
nothing is still a decision and it's the most expensive
(18:15):
one that retirees make. If you're not thinking about your retirement,
then it's time right now to act. Maggie Tax and
Wealth Advisors are going to help you build the tax
smart plan that protects what you've earned. This is your money,
make sure you protect it. Don't wait for a surprise bill.
Take control now, give us called a three to three
(18:35):
Maggie tax. That's eight three to three Maggie Tax.
Speaker 1 (18:43):
Stop funding Uncle Sam's retirement and start planning for your
own successful retirement. As we return to the Maggie Tax
Financial Show with your host Robert and Chris, Maggie with
Maggie Tax and Wealth Advisors for information on how you
can create a tax free retirement. All eight three three
Maggie Tax or visit Maggie tax dot com. Now you're
(19:06):
host with Maggie Tax and Wealth advisors Robert and Chris.
Speaker 2 (19:09):
Maggie. 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,
(19:30):
I can't afford a big drop now protecting savings from
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 retirement, 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 off it is. And you're right. When you're working,
(19:51):
market dips are annoying. When you're retired, they can be devastating.
Why because you're withdrawing money 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
(20:12):
how to reduce exposure to big swings, Why set it
and forget it doesn't work in retirement, and how to
build a plan that protects your lifestyle even when the
market missaves and volatility is normal, so losing sleep over
it doesn't have to be well.
Speaker 3 (20:28):
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
(20:49):
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 stance.
Think of it this way. ABC is very conservative, he's
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 be in a B portfolio,
(21:11):
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, we put together a plan where
you have an investment plan.
Speaker 2 (21:29):
Well, you 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 (21:46):
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. Do you put all
your money and invested 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
(22:08):
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
(22:29):
about each and every day, and you need to know.
That's why put together a balance sheet for you, will
educate you, will 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.
Speaker 2 (22:40):
To help you.
Speaker 3 (22:41):
Eight three to three maggie tax.
Speaker 2 (22:42):
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 bounce 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 market's doing great,
(23:03):
but maybe you should take a look at them when
the market is doing great, okay, and start 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 a stressful one. And again,
(23:25):
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 Tex. 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 (23:43):
Well, the worst fear is that you're cruising along in retirement.
You know, just picture this right. You got your pension,
you got SI 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.
(24:05):
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
(24:26):
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 cut or 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
(24:49):
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
even some red money. And that's why it's so important
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 (25:07):
Chris is stealing my thunder. I have I have something
to say about that. Jump in. Let's go out. I
don't go ahead, 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
(25:29):
sixty percent of your money should be in risk or
some type of risk, and the other balance should be
maybe in safe 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 (25:42):
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 those
assets that you have and you need income from Now
the mindset shifts. You have to have a different investment
(26:04):
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.
(26:25):
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 tax.
Speaker 2 (26:40):
You know, I'm thinking here about well, 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 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 to be in? You got to
tell us. And then when she started to sit down
(27:01):
and relax a little bit, she said to Chris, well, heck,
I'm sixty years old. Why am one hundred percent in
read 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 growths in some of your
portfolios now, So what it means. It means being intentional
(27:23):
about how much risk you take and where you take it.
Speaker 3 (27:25):
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 planned that feels good, doesn't it.
Speaker 2 (27:38):
Yeah, But people don't 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 is
(27:58):
where smart planning replaced is 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
(28:20):
in unpredictable times. I get tired of hear when people say, well,
I lost sleep because the market went down yesterday. And
the question I asked them, 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 (28:35):
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
(28:56):
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
(29:17):
markets will rise, markets will fall, but your retirement shouldn't
swing with them. Listen up. 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
(29:38):
wants to do that, especially when they're retired. So when
listeners start to understand that 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 to three
mag attacks.
Speaker 2 (29:54):
And simply don't leave your future to chance. Take control
while you still can before something happens and PI 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
(30:15):
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 Show.
Speaker 1 (30:35):
Stop funding Uncle Sam's retirement and start planning for your
own successful retirement. As we return to the Maggie Tax
Financial Show with your host Robert and Chris. Maggie with
Maggie Tax and Wealth Advisors for information on how you
can create a tax free retirement. Call eight three three
Maggie Tax, or visit Maggie Tax dot com now your
(30:57):
host with Maggie Tax and Wealth Advisors. Robert and Chris, Maggie,
do I have enough to retire?
Speaker 3 (31:03):
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 meg
Attacks and a Financial Show. And as always, you know
we're taking this serious because it's important because we get
(31:25):
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 (31:44):
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 wondered 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,
(32:07):
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 and 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
(32:30):
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
(32:51):
something they have to guess on. Well, that's it.
Speaker 3 (32:53):
The old ways are you got to 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 going to
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 tax. But we're gonna help you during
the distribution phase of your life. That's what it's about.
(33:16):
Maybe you have enough.
Speaker 2 (33:17):
Gosh.
Speaker 3 (33:18):
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
(33:40):
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,
it was confidence, it was moving forward in a great direction.
And that's what we provided 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.
(34:04):
And most people underestimate this, and that's why they need
our help.
Speaker 2 (34:08):
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 (34:25):
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 cost less, and
unexpected expenses always show up and they do, my gosh,
they really do. You know. This bullet helps listeners understand
that knowing enough starts with knowing how they'll actually live.
(34:45):
You know, what are your travel plans? What are your hobbies?
What's your healthcare look like? Or you're on Medicare, you're
going to take the supplement or the advantage plan or
an him. You know what about your family support? How
are you going to build a plan that adapts to
these life changes? These are much 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 (35:07):
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 way is that as husband and wife, you
ask one question to one the wife and one to
(35:29):
the husband, and the income planning is different.
Speaker 3 (35:32):
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
(35:52):
laid out in front of you. And that's why we
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 (36:03):
Exactly?
Speaker 3 (36:03):
And if you're ready to replace dowt with direction, that's
exactly what our team does at Maggie Tax and Wealth Advisors.
We're here to help you. 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 (36:24):
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
(36:46):
everyone's got those questions, So isn't There isn't small topics, folks,
that you know the pillars of financial future, all of them.
And if today made you know 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,
(37:06):
by making 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,
I'm sure 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.
(37:27):
The team at Maggie 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, then 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
(37:50):
and We'll watch our show on Sunday, Maggi Tax and
Financial Show at ten thirty. You're listening to the Maggi
Tax and Financial Show.
Speaker 1 (37:58):
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,
(38:19):
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 and 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 clear 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. You know, eas 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
(01:43):
on all their accounts. They want to make sure that
everything stays in the family. So there's a lot 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 becout the phone, schedule time to
(02:03):
meet with us. Eight three three Maggie tax. So my
dad mentioned we're going to talk about four 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
(02:23):
change in an instant. We've all seen up and downs,
but there are ways to reduce your taxes. Also, 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
(02:44):
that you may not even realize that you're currently carrying.
So not just those two things, we're also going to
talk about go 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
our first three segments throughout today, and then we're going
to finally, we're going to take the question everyone thinks
(03:05):
about but really says out loud, do I have enough
to retire? 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. So do
I have enough to retire? 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 lifespan of your money,
backed by real analysis and assumptions. Most retire release rely
on rough estimates, outdated rules, or online calculations that ignore
(04:36):
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 financial future. And Chris,
(04:59):
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 we need more income streams.
That's what we need to talk about. So what's coming in?
(05:30):
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 of 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 your
(05:51):
money backed 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 tax. 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.
Speaker 2 (06:10):
Yeah. 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
(06:34):
can turn 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
(06:54):
it 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.
Speaker 2 (07:09):
That's where we.
Speaker 3 (07:09):
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 to
hidden income opportunities that you didn't really know you had.
Most people don't realize how much money they lose simply
by just choosing the wrong social security strategy. We run
(07:30):
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,
you're subject to the earnings test. Every two dollars you
make got to give a dollar back. So don't mess
(07:50):
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 lump 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
to do that. What about the withdrawal order? Where to
take the money from? What buckets of money do you
(08:11):
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
keep more of what you've worked so hard for. So
pick up the phone, schedule time to meet with us
(08:34):
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 real 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 that'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 Maggi 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 (10:47):
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. Print for me on how
you can create a tax free retirement. Call eight three
three Maggie Tax or visit Maggie tax dot com. Now
(11:08):
you're host with Maggie Tax and Wealth Advisors, Robert and Chris.
Speaker 3 (11:12):
Maggie, Welcome 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
(11:33):
out of your retirement if you don't plan for it.
And many 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
(11:54):
you're going to pay less than taxes, so get the
tax deduction today, but in the future it's going to
get get get better. Well, it's not the case. At
Maggie Tax Advisor 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 requirementum distributions can push you into higher brackets
(12:17):
fast once the paycheck stops.
Speaker 2 (12:20):
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.
(12:43):
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 (12:55):
Well, everything they say is permanent, but it's really not
permanent until the tax law changes right exactly.
Speaker 2 (13:00):
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 to 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,
(13:20):
understanding these changes early helps you stay in control and
avoid surprises down the road. Well, that's just it.
Speaker 3 (13:27):
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
and 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
(13:48):
had a substantial amount in his IRA and he has
to take over one hundred and eighty thousand dollars of URMD.
He said, I don't need this money. Well, you've saved.
So well, like, guess what, now you got to pay taxes.
Uncle Sam's 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 these
(14:12):
withdrawals can increase your taxable income and affect things like
the medicare premiums. Who've heard of irmama. 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 (14:28):
That's what it's about. And here's 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 rm ds and it's going to bring him into
(14:48):
a higher tax.
Speaker 3 (14:49):
Breck of Chris, all the social securities getting tax eighty
five percent, and it just gets worse for him.
Speaker 2 (14:54):
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 drawn say
I'm not going to 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
(15:14):
are you 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
(15:36):
to act. Maggie. Tax and wealth advisors can help you
build a tax smart plan that protects what you've earned.
Speaker 3 (15:43):
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 Maggie
(16:04):
Tax Advisory in 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. This
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 brokerage account, or even
(16:24):
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 (16:40):
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 about and acting early gives you more options,
more control over your financial future. And Chris is the point.
(17:03):
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 (17:11):
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.
(17:31):
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
(17:54):
Maggie Tax dot com. And retirement taxes won't wait, They
won't warn you or even fixed themselves. The real quick
question that we see simply is when are you going
to pay the tax? And are you going to let
the irs take more than it should or a You're
going to take control? Now that's the question because doing
nothing is still a decision and it's the most expensive
(18:15):
one that retirees make. If you're not thinking about your retirement,
then it's time right now to act. Maggie Tax and
Wealth Advisors are going to help you build the tax
smart plan that protects what you've earned. This is your money,
make sure you protect it. Don't wait for a surprise bill.
Take control now, give us called a three to three
(18:35):
Maggie tax. That's eight three to three Maggie Tax.
Speaker 1 (18:43):
Stop funding Uncle Sam's retirement and start planning for your
own successful retirement. As we return to the Maggie Tax
Financial Show with your host Robert and Chris, Maggie with
Maggie Tax and Wealth Advisors for information on how you
can create a tax free retirement. All eight three three
Maggie Tax or visit Maggie tax dot com. Now you're
(19:06):
host with Maggie Tax and Wealth advisors Robert and Chris.
Speaker 2 (19:09):
Maggie. 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,
(19:30):
I can't afford a big drop now protecting savings from
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 retirement, 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 off it is. And you're right. When you're working,
(19:51):
market dips are annoying. When you're retired, they can be devastating.
Why because you're withdrawing money 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
(20:12):
how to reduce exposure to big swings, Why set it
and forget it doesn't work in retirement, and how to
build a plan that protects your lifestyle even when the
market missaves and volatility is normal, so losing sleep over
it doesn't have to be well.
Speaker 3 (20:28):
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
(20:49):
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 stance.
Think of it this way. ABC is very conservative, he's
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 be in a B portfolio,
(21:11):
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, we put together a plan where
you have an investment plan.
Speaker 2 (21:29):
Well, you 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 (21:46):
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. Do you put all
your money and invested 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
(22:08):
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
(22:29):
about each and every day, and you need to know.
That's why put together a balance sheet for you, will
educate you, will 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.
Speaker 2 (22:40):
To help you.
Speaker 3 (22:41):
Eight three to three maggie tax.
Speaker 2 (22:42):
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 bounce 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 market's doing great,
(23:03):
but maybe you should take a look at them when
the market is doing great, okay, and start 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 a stressful one. And again,
(23:25):
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 Tex. 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 (23:43):
Well, the worst fear is that you're cruising along in retirement.
You know, just picture this right. You got your pension,
you got SI 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.
(24:05):
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
(24:26):
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 cut or 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
(24:49):
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
even some red money. And that's why it's so important
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 (25:07):
Chris is stealing my thunder. I have I have something
to say about that. Jump in. Let's go out. I
don't go ahead, 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
(25:29):
sixty percent of your money should be in risk or
some type of risk, and the other balance should be
maybe in safe 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 (25:42):
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 those
assets that you have and you need income from Now
the mindset shifts. You have to have a different investment
(26:04):
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.
(26:25):
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 tax.
Speaker 2 (26:40):
You know, I'm thinking here about well, 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 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 to be in? You got to
tell us. And then when she started to sit down
(27:01):
and relax a little bit, she said to Chris, well, heck,
I'm sixty years old. Why am one hundred percent in
read 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 growths in some of your
portfolios now, So what it means. It means being intentional
(27:23):
about how much risk you take and where you take it.
Speaker 3 (27:25):
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 planned that feels good, doesn't it.
Speaker 2 (27:38):
Yeah, But people don't 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 is
(27:58):
where smart planning replaced is 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
(28:20):
in unpredictable times. I get tired of hear when people say, well,
I lost sleep because the market went down yesterday. And
the question I asked them, 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 (28:35):
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
(28:56):
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
(29:17):
markets will rise, markets will fall, but your retirement shouldn't
swing with them. Listen up. 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
(29:38):
wants to do that, especially when they're retired. So when
listeners start to understand that 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 to three
mag attacks.
Speaker 2 (29:54):
And simply don't leave your future to chance. Take control
while you still can before something happens and PI 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
(30:15):
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 Show.
Speaker 1 (30:35):
Stop funding Uncle Sam's retirement and start planning for your
own successful retirement. As we return to the Maggie Tax
Financial Show with your host Robert and Chris. Maggie with
Maggie Tax and Wealth Advisors for information on how you
can create a tax free retirement. Call eight three three
Maggie Tax, or visit Maggie Tax dot com now your
(30:57):
host with Maggie Tax and Wealth Advisors. Robert and Chris, Maggie,
do I have enough to retire?
Speaker 3 (31:03):
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 meg
Attacks and a Financial Show. And as always, you know
we're taking this serious because it's important because we get
(31:25):
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 (31:44):
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 wondered 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,
(32:07):
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 and 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
(32:30):
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
(32:51):
something they have to guess on. Well, that's it.
Speaker 3 (32:53):
The old ways are you got to 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 going to
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 tax. But we're gonna help you during
the distribution phase of your life. That's what it's about.
(33:16):
Maybe you have enough.
Speaker 2 (33:17):
Gosh.
Speaker 3 (33:18):
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
(33:40):
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,
it was confidence, it was moving forward in a great direction.
And that's what we provided 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.
(34:04):
And most people underestimate this, and that's why they need
our help.
Speaker 2 (34:08):
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 (34:25):
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 cost less, and
unexpected expenses always show up and they do, my gosh,
they really do. You know. This bullet helps listeners understand
that knowing enough starts with knowing how they'll actually live.
(34:45):
You know, what are your travel plans? What are your hobbies?
What's your healthcare look like? Or you're on Medicare, you're
going to take the supplement or the advantage plan or
an him. You know what about your family support? How
are you going to build a plan that adapts to
these life changes? These are much 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 (35:07):
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 way is that as husband and wife, you
ask one question to one the wife and one to
(35:29):
the husband, and the income planning is different.
Speaker 3 (35:32):
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
(35:52):
laid out in front of you. And that's why we
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 (36:03):
Exactly?
Speaker 3 (36:03):
And if you're ready to replace dowt with direction, that's
exactly what our team does at Maggie Tax and Wealth Advisors.
We're here to help you. 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 (36:24):
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
(36:46):
everyone's got those questions, So isn't There isn't small topics, folks,
that you know the pillars of financial future, all of them.
And if today made you know 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,
(37:06):
by making 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,
I'm sure 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.
(37:27):
The team at Maggie 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, then 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
(37:50):
and We'll watch our show on Sunday, Maggi Tax and
Financial Show at ten thirty. You're listening to the Maggi
Tax and Financial Show.
Speaker 1 (37:58):
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,
(38:19):
Wealth and Advisors. Call them at eight three three Maggie Tax,
or visit them online at maggietax dot com
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