July 28, 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 4 (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 4 (02:17):
You know, it's funny.
Speaker 2 (02:17):
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 don't see what's coming, you're
(02:39):
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 started in this
(03:00):
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?
Speaker 4 (04:08):
Now?
Speaker 2 (04:09):
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.
Speaker 4 (04:15):
Every one.
Speaker 2 (04:16):
If 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 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.
Speaker 4 (04:36):
Period.
Speaker 2 (04:37):
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.
Speaker 4 (04:46):
When should I pay? Should I pay it?
Speaker 2 (04:47):
Now?
Speaker 4 (04:47):
Should I pay?
Speaker 3 (04:48):
Letter?
Speaker 2 (04:48):
And you asked this question to a person that came
in last week. They had I don't know 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?
Speaker 4 (04:57):
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 Magi 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 longtime plan.
Speaker 3 (05:53):
Chris.
Speaker 4 (05:53):
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 tax in 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 rais and these four oh 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, and
talking about when you retire, Even small shifts 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
(07:02):
people don't think like that until they get into a situation.
Speaker 4 (07:06):
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 it 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 is 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, Maggi 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 4 (08:27):
And think about this.
Speaker 2 (08:28):
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 you thousands in unnecessary taxes
(08:51):
and penalties. And that's what we do with Maggie tax
and wealth advisors, because if your advisor just talks about
a stock bond of mutual fund, that's not the right
advisor 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
(09:47):
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 and every single year,
that's where real control begins. So pick up the phone,
schedule time to meet with us 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 confidence
you need during retirement.
Speaker 1 (10:46):
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
(11:09):
host with Maggie Tax and Wealth Advisors, Robert and Chris Maggie.
Speaker 3 (11:13):
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.
(11:35):
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 4 (11:42):
One thing I could mention I did before.
Speaker 2 (11:44):
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 required minimum distribution at seventy three,
what you're gonna have to take out and then what
(12:04):
you're gonna 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 defer deferred defer,
(12:25):
are tax is gonna go up or tax is gonna
go down? So with this report, yeah, right up.
Speaker 3 (12:30):
No, definitely mean to interrupt you.
Speaker 4 (12:32):
Oh, you're right.
Speaker 3 (12:33):
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 (12:48):
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
explaanning all year round, even right now. So if you
need your taxes done, you can come in.
Speaker 4 (13:04):
We'll show you.
Speaker 2 (13:05):
But we'll also show you what the requirement of distribution
is going to be and how it's going to affect
you later on, because let's open the door to a
topic that can completely change the way you experience retirement.
Speaker 4 (13:15):
And what do I mean by that?
Speaker 2 (13:16):
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. And one is about looking back and
the other is about looking ahead. And Chris, I think
(13:38):
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.
Speaker 4 (13:50):
So what we did was we looked at her social
Security that she.
Speaker 2 (13:52):
Was going to get, and then we looked at the
annuity that she has and how much she's going to get.
Speaker 4 (13:57):
Chris, she can.
Speaker 2 (13:58):
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 (14:04):
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 reports what happened
(14:28):
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 (14:38):
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 (14:52):
Now you're right, and then once you start understanding the
difference between looking back and what will happen in the future,
you 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
(15:13):
hope 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.
(15:35):
So 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 (15:48):
So planning helps you control your tax bracket and that's
very important to understand instead of letting insteading 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?
Speaker 4 (16:01):
And here's the thing.
Speaker 2 (16:02):
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 taxes and they say, Wow,
I'm paying too much in taxes.
Speaker 4 (16:13):
No, you're not.
Speaker 2 (16:14):
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 (16:24):
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
(16:47):
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 4 (17:09):
Oh gosh, exactly.
Speaker 2 (17:10):
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, maybe we need to
(17:31):
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.
Speaker 4 (17:42):
Chris, that's a lot of money.
Speaker 3 (17:43):
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 investments 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 turns 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 shift
(18:05):
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 I go?
(18:26):
Pick up the phone, schedule time to meet with us.
Eight three to 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 (18:44):
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 freerement, call eight three three Maggie
Tax or visit Maggie Tax dot com. Now you're host
(19:07):
with Maggie Tax and Wealth Advisors, Robert and Chris Maggie.
Speaker 3 (19:11):
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
(19:32):
plan you deserve too. 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, whe'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 (19:53):
So I'll throw a question out to all of you, Uh,
should you pay taxes now or 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 how
(20:16):
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 to pay
(20:37):
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 (20:46):
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
this Martys decision. You know, everything starts with one simple question.
You know, will your tax to be higher now or later?
(21:06):
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 lesson taxes.
(21:27):
But that's just not always how it plays out. Once
sold 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
(21:47):
is why now or later isn't guesswork is a strategic
decision that can help shape your entire retirement. So I
urge you to pick up the phone and schedule time
to meet with us. Eight 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
(22:08):
to a doctor, right. But if you are feeling uncertained
or you have questions and you go to the doctor
and you get these questions answered, maybe there might be
something better to help you. And that's what we can do,
Maggie tax dot Com eight three to three Maggie Tax.
Speaker 2 (22:20):
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.
Speaker 4 (22:29):
And that's what we're talking about.
Speaker 2 (22:30):
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 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
(22:53):
can essentially prepare taxes at a rate that you control.
Speaker 3 (22:56):
Hold on, stay right there. 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 liberations in the past,
tax plannings in the future. So if you can think
about the future and plan and have control over that,
(23:19):
why would you not want to do that?
Speaker 4 (23:20):
Well, if you prepay it, why not? Exactly?
Speaker 2 (23:22):
And that's what the point is with the rough conversion
and think about it. Every four years, what happens every
four years.
Speaker 3 (23:28):
The eleukstration changes possibly right.
Speaker 2 (23:30):
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,
(23:51):
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, you're deferring the taxes for
what an unknown rate later on.
Speaker 3 (24:01):
Well, 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 it's infected with tax right, It's
a unknown question. It's a question mark tax rate. Think
about it. You have no idea what that it'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,
(24:22):
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 4 (24:27):
And think about it this way.
Speaker 2 (24:28):
Also, it means that every dollar move today has the
potential to grow tax free for the rest of your life.
Speaker 3 (24:36):
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 tax land.
It's beautiful, tax free, tax free money.
Speaker 4 (24:54):
Yeah.
Speaker 2 (24:55):
I mean again, this is not what we were taught,
all of us, everyone out there. We were just taught
to say, 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 not
(25:15):
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 (25:29):
Well that's it. I love it when people come in
and say, well, I've been getting double digit returns. Everybody 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 seeing one tree. But if you move to
(25:50):
the right of the left of that tree, 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. That's exactly 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,
(26:12):
there's strategies, there's a plan, there's direction. Do you want
to get on that road?
Speaker 4 (26:16):
Absolutely?
Speaker 3 (26:16):
Eight three to three, Maggie Tax.
Speaker 2 (26:18):
And go to my website, Maggie. I shouldn't say my
website our website, okay, because it is I don't want
to take fullard. 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
(26:38):
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 (26:48):
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
and put the right number in and get in contact
with us. Is let's talk about this because you need
to know today.
Speaker 4 (27:02):
And think about that.
Speaker 2 (27:03):
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 the money grow
(27:25):
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 (27:38):
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
Maggie tax dot com. Because again, and as my dad mentioned,
(28:00):
the goal isn'to 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
(28:21):
why your neighbor or your friend, or your your cousin
or your relative might do things differently than you because
your situation it'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 let's called cookie cutter. You don't
want a cookie cutter plan. Now, you want a detailed plan.
Let's put it together. And the way you do is
(28:42):
you pick up the phone, schedule a time to meet
with us. Eight three three Maggie 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, your income. When
you map out it year by year, you suddenly gain clarity.
(29:04):
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 (29:20):
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 I'll 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
(29:43):
then just take that number and added to what your
income is, and you're going to see the big difference here.
Speaker 4 (29:47):
And here's the best part.
Speaker 2 (29:49):
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 thing. Actually
see the strategy that protects your income and reduces your
taxes for years to come. Because when timing is done right,
taxes stop feeling like a threat and start becoming a
(30:11):
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 talking about
here eight three to three Magie Tax. And you're listening
(30:32):
to the Maggie Tax and Financial Show.
Speaker 1 (30:36):
Stop funding Uncle Sam's retirement and start planning for your
own successful retirement. As we return to the Maggie Tax
Financial Show with your host Robert and Chris Maggie with
Maggie Tax and Wealth Advisors. For information on how you
can create a tax free retirement, call eight three three
Magie Tax or visit Maggie Tax dot com. Now your
(30:58):
host with Maggie Tax and Health Advisors, Robert and Chris Maggie.
Speaker 2 (31:02):
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
and any other shows, you can go to our website
and you can tune in anytime. Because there are so
many topics 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
(31:23):
let's 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 fear with confidence.
Speaker 4 (31:46):
And I can tell you as well.
Speaker 2 (31:48):
People come in, they're nervous to sitting down, and the
question we ask everybody, why are you here today? And
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 going to work well.
Speaker 3 (32:01):
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 4 (32:21):
Yeah?
Speaker 3 (32:21):
I mean people come in with two hundred thousand dollars
and 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 a distribution phase
(32:43):
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 and he flows in year after year through good
markets and bad, you can replace the fear with confidence.
(33:08):
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 showed
them and did a review with them, and they said,
we're not really affected by this, are we? And they
(33:29):
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 show me if I
ever going to run out of money? And I 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
(33:51):
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 out live your money. And there was such
a calm, relief, clarity, confidence boost that he couldn't wait
to leave the office and keep spending.
Speaker 4 (34:07):
One thing on that that we always do.
Speaker 2 (34:10):
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 out and then I run out of money. No,
(34:31):
that's not true. If you go with the Maggie plan
that we talk about, simple and easy to understand. Well,
Chris just mentioned this is how we do it. And
for those of you who have worked with us, I'll
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 and said, well, no one's ever told me that.
Speaker 4 (34:52):
I just thought I have to take out X amount
every month.
Speaker 3 (34:55):
That's the misconception. So what do they do? And it's
understanding right, So pick of the phone, schedule time to
meet with us. 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,
(35:15):
and 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 and the challenge is that the best age
isn't the same for everyone. That's why when you come
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 tient plan.
(35:37):
It 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
(35:58):
of you in your city 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.
Speaker 2 (36:16):
And the other question, the last one, what happens to
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. They joke about it.
You know, if something happens to you or something HAPs
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
(36:39):
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.
Because when you when someone passes away, big thing changes. Now, Chris,
you're going to file as single, not as married, and
you're going to lose the deductions.
Speaker 3 (36:58):
People don't realize that. Oh, 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
(37:19):
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
(37:40):
does you can finally breathe easier. That's what it is
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 to need with
us eight three to three Maggie Tax. That's eight three
three Maggie Tax.
Speaker 1 (38:00):
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 Magie Tax Program. Content provided by Maggie Tax
(38:20):
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 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 4 (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 4 (02:17):
You know, it's funny.
Speaker 2 (02:17):
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 don't see what's coming, you're
(02:39):
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 started in this
(03:00):
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?
Speaker 4 (04:08):
Now?
Speaker 2 (04:09):
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.
Speaker 4 (04:15):
Every one.
Speaker 2 (04:16):
If 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 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.
Speaker 4 (04:36):
Period.
Speaker 2 (04:37):
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.
Speaker 4 (04:46):
When should I pay? Should I pay it?
Speaker 2 (04:47):
Now?
Speaker 4 (04:47):
Should I pay?
Speaker 3 (04:48):
Letter?
Speaker 2 (04:48):
And you asked this question to a person that came
in last week. They had I don't know 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?
Speaker 4 (04:57):
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 Magi 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 longtime plan.
Speaker 3 (05:53):
Chris.
Speaker 4 (05:53):
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 tax in 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 rais and these four oh 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, and
talking about when you retire, Even small shifts 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
(07:02):
people don't think like that until they get into a situation.
Speaker 4 (07:06):
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 it 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 is 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, Maggi 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 4 (08:27):
And think about this.
Speaker 2 (08:28):
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 you thousands in unnecessary taxes
(08:51):
and penalties. And that's what we do with Maggie tax
and wealth advisors, because if your advisor just talks about
a stock bond of mutual fund, that's not the right
advisor 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
(09:47):
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 and every single year,
that's where real control begins. So pick up the phone,
schedule time to meet with us 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 confidence
you need during retirement.
Speaker 1 (10:46):
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
(11:09):
host with Maggie Tax and Wealth Advisors, Robert and Chris Maggie.
Speaker 3 (11:13):
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.
(11:35):
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 4 (11:42):
One thing I could mention I did before.
Speaker 2 (11:44):
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 required minimum distribution at seventy three,
what you're gonna have to take out and then what
(12:04):
you're gonna 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 defer deferred defer,
(12:25):
are tax is gonna go up or tax is gonna
go down? So with this report, yeah, right up.
Speaker 3 (12:30):
No, definitely mean to interrupt you.
Speaker 4 (12:32):
Oh, you're right.
Speaker 3 (12:33):
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 (12:48):
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
explaanning all year round, even right now. So if you
need your taxes done, you can come in.
Speaker 4 (13:04):
We'll show you.
Speaker 2 (13:05):
But we'll also show you what the requirement of distribution
is going to be and how it's going to affect
you later on, because let's open the door to a
topic that can completely change the way you experience retirement.
Speaker 4 (13:15):
And what do I mean by that?
Speaker 2 (13:16):
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. And one is about looking back and
the other is about looking ahead. And Chris, I think
(13:38):
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.
Speaker 4 (13:50):
So what we did was we looked at her social
Security that she.
Speaker 2 (13:52):
Was going to get, and then we looked at the
annuity that she has and how much she's going to get.
Speaker 4 (13:57):
Chris, she can.
Speaker 2 (13:58):
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 (14:04):
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 reports what happened
(14:28):
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 (14:38):
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 (14:52):
Now you're right, and then once you start understanding the
difference between looking back and what will happen in the future,
you 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
(15:13):
hope 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.
(15:35):
So 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 (15:48):
So planning helps you control your tax bracket and that's
very important to understand instead of letting insteading 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?
Speaker 4 (16:01):
And here's the thing.
Speaker 2 (16:02):
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 taxes and they say, Wow,
I'm paying too much in taxes.
Speaker 4 (16:13):
No, you're not.
Speaker 2 (16:14):
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 (16:24):
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
(16:47):
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 4 (17:09):
Oh gosh, exactly.
Speaker 2 (17:10):
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, maybe we need to
(17:31):
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.
Speaker 4 (17:42):
Chris, that's a lot of money.
Speaker 3 (17:43):
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 investments 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 turns 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 shift
(18:05):
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 I go?
(18:26):
Pick up the phone, schedule time to meet with us.
Eight three to 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 (18:44):
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 freerement, call eight three three Maggie
Tax or visit Maggie Tax dot com. Now you're host
(19:07):
with Maggie Tax and Wealth Advisors, Robert and Chris Maggie.
Speaker 3 (19:11):
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
(19:32):
plan you deserve too. 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, whe'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 (19:53):
So I'll throw a question out to all of you, Uh,
should you pay taxes now or 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 how
(20:16):
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 to pay
(20:37):
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 (20:46):
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
this Martys decision. You know, everything starts with one simple question.
You know, will your tax to be higher now or later?
(21:06):
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 lesson taxes.
(21:27):
But that's just not always how it plays out. Once
sold 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
(21:47):
is why now or later isn't guesswork is a strategic
decision that can help shape your entire retirement. So I
urge you to pick up the phone and schedule time
to meet with us. Eight 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
(22:08):
to a doctor, right. But if you are feeling uncertained
or you have questions and you go to the doctor
and you get these questions answered, maybe there might be
something better to help you. And that's what we can do,
Maggie tax dot Com eight three to three Maggie Tax.
Speaker 2 (22:20):
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.
Speaker 4 (22:29):
And that's what we're talking about.
Speaker 2 (22:30):
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 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
(22:53):
can essentially prepare taxes at a rate that you control.
Speaker 3 (22:56):
Hold on, stay right there. 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 liberations in the past,
tax plannings in the future. So if you can think
about the future and plan and have control over that,
(23:19):
why would you not want to do that?
Speaker 4 (23:20):
Well, if you prepay it, why not? Exactly?
Speaker 2 (23:22):
And that's what the point is with the rough conversion
and think about it. Every four years, what happens every
four years.
Speaker 3 (23:28):
The eleukstration changes possibly right.
Speaker 2 (23:30):
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,
(23:51):
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, you're deferring the taxes for
what an unknown rate later on.
Speaker 3 (24:01):
Well, 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 it's infected with tax right, It's
a unknown question. It's a question mark tax rate. Think
about it. You have no idea what that it'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,
(24:22):
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 4 (24:27):
And think about it this way.
Speaker 2 (24:28):
Also, it means that every dollar move today has the
potential to grow tax free for the rest of your life.
Speaker 3 (24:36):
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 tax land.
It's beautiful, tax free, tax free money.
Speaker 4 (24:54):
Yeah.
Speaker 2 (24:55):
I mean again, this is not what we were taught,
all of us, everyone out there. We were just taught
to say, 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 not
(25:15):
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 (25:29):
Well that's it. I love it when people come in
and say, well, I've been getting double digit returns. Everybody 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 seeing one tree. But if you move to
(25:50):
the right of the left of that tree, 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. That's exactly 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,
(26:12):
there's strategies, there's a plan, there's direction. Do you want
to get on that road?
Speaker 4 (26:16):
Absolutely?
Speaker 3 (26:16):
Eight three to three, Maggie Tax.
Speaker 2 (26:18):
And go to my website, Maggie. I shouldn't say my
website our website, okay, because it is I don't want
to take fullard. 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
(26:38):
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 (26:48):
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
and put the right number in and get in contact
with us. Is let's talk about this because you need
to know today.
Speaker 4 (27:02):
And think about that.
Speaker 2 (27:03):
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 the money grow
(27:25):
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 (27:38):
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
Maggie tax dot com. Because again, and as my dad mentioned,
(28:00):
the goal isn'to 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
(28:21):
why your neighbor or your friend, or your your cousin
or your relative might do things differently than you because
your situation it'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 let's called cookie cutter. You don't
want a cookie cutter plan. Now, you want a detailed plan.
Let's put it together. And the way you do is
(28:42):
you pick up the phone, schedule a time to meet
with us. Eight three three Maggie 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, your income. When
you map out it year by year, you suddenly gain clarity.
(29:04):
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 (29:20):
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 I'll 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
(29:43):
then just take that number and added to what your
income is, and you're going to see the big difference here.
Speaker 4 (29:47):
And here's the best part.
Speaker 2 (29:49):
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 thing. Actually
see the strategy that protects your income and reduces your
taxes for years to come. Because when timing is done right,
taxes stop feeling like a threat and start becoming a
(30:11):
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 talking about
here eight three to three Magie Tax. And you're listening
(30:32):
to the Maggie Tax and Financial Show.
Speaker 1 (30:36):
Stop funding Uncle Sam's retirement and start planning for your
own successful retirement. As we return to the Maggie Tax
Financial Show with your host Robert and Chris Maggie with
Maggie Tax and Wealth Advisors. For information on how you
can create a tax free retirement, call eight three three
Magie Tax or visit Maggie Tax dot com. Now your
(30:58):
host with Maggie Tax and Health Advisors, Robert and Chris Maggie.
Speaker 2 (31:02):
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
and any other shows, you can go to our website
and you can tune in anytime. Because there are so
many topics 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
(31:23):
let's 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 fear with confidence.
Speaker 4 (31:46):
And I can tell you as well.
Speaker 2 (31:48):
People come in, they're nervous to sitting down, and the
question we ask everybody, why are you here today? And
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 going to work well.
Speaker 3 (32:01):
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 4 (32:21):
Yeah?
Speaker 3 (32:21):
I mean people come in with two hundred thousand dollars
and 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 a distribution phase
(32:43):
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 and he flows in year after year through good
markets and bad, you can replace the fear with confidence.
(33:08):
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 showed
them and did a review with them, and they said,
we're not really affected by this, are we? And they
(33:29):
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 show me if I
ever going to run out of money? And I 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
(33:51):
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 out live your money. And there was such
a calm, relief, clarity, confidence boost that he couldn't wait
to leave the office and keep spending.
Speaker 4 (34:07):
One thing on that that we always do.
Speaker 2 (34:10):
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 out and then I run out of money. No,
(34:31):
that's not true. If you go with the Maggie plan
that we talk about, simple and easy to understand. Well,
Chris just mentioned this is how we do it. And
for those of you who have worked with us, I'll
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 and said, well, no one's ever told me that.
Speaker 4 (34:52):
I just thought I have to take out X amount
every month.
Speaker 3 (34:55):
That's the misconception. So what do they do? And it's
understanding right, So pick of the phone, schedule time to
meet with us. 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,
(35:15):
and 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 and the challenge is that the best age
isn't the same for everyone. That's why when you come
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 tient plan.
(35:37):
It 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
(35:58):
of you in your city 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.
Speaker 2 (36:16):
And the other question, the last one, what happens to
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. They joke about it.
You know, if something happens to you or something HAPs
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
(36:39):
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.
Because when you when someone passes away, big thing changes. Now, Chris,
you're going to file as single, not as married, and
you're going to lose the deductions.
Speaker 3 (36:58):
People don't realize that. Oh, 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
(37:19):
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
(37:40):
does you can finally breathe easier. That's what it is
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 to need with
us eight three to three Maggie Tax. That's eight three
three Maggie Tax.
Speaker 1 (38:00):
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 Magie Tax Program. Content provided by Maggie Tax
(38:20):
Wealth and Advisors. Call them at eight three three Maggie
Tax or visit them online at Maggietax dot com
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