August 26, 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 in
tax savings, income planning, and investment opportunities, Robert and Chris
(00:23):
share advice and tax planning strategies designed to protect your
retirement nest egg from Uncle Sam. Call them. at 833-MAGGIE-TAX
or online at maggietax.com. And now, your host for the
Maggie Tax and Financial Show, Robert and Chris Maggie.
Speaker 2 (00:41):
Welcome to the Maggie Tax and Wealth Advisor Show, the
place where your retirement stops being something you worry about
and starts becoming something you take control of. Today's episode
is built around the four questions that shape every financial future,
which we're gonna talk about. And by the end of
this show, you're going to have a clearer path forward
than most people ever get. My name is Robert Maggie.
(01:02):
I'm here with my son, Chris Maggie, co-host of the
Maggie Tax and Financial Show. Be sure to visit our website, maggietax.com,
and also tune in every Sunday at 9, 1030 rather.
I wish it was 930, but 1030 for the Maggie
Tax and Financial Show. A lot of interesting topics we
talk about, and today is going to be quite a
few of them. So, Chris, let's get started.
Speaker 3 (01:22):
That's it. Welcome, everyone. I am Chris Maggie, and I'm
so grateful to be here. You know, each and every
day we talk about a lot of things with our
clients and clients come to us because they want tax
preparation done, tax planning, ways to reduce their taxes, Roth conversions.
They want their accounts managed. They want investment ideas. They
want to make sure that they have proper beneficiary designation
(01:43):
on all their accounts. They want to make sure that
everything stays in the family. So there's a lot of
different things that we do, income planning, tax planning, investment planning,
and that's why we are here. So visit our website
at maggietax.com. There's so much information to discuss because it's
your retirement, it's your future, and we can help you.
Just pick up the phone, schedule a time to meet
(02:03):
with us, 833-MAGGIE-TAX. So my dad mentioned, we're going to
talk about four questions today that shape every financial future.
And first, we're tackling the foundation of people come to
us and say, I don't want to lose what I've
worked for. How many people are in that boat? Well,
We'll show you how to protect your savings in a
world where the market can change in an instant. We've
(02:24):
all seen up and downs, but there are ways to
reduce your taxes. Also, there are ways where you don't
have to lose if the market goes down. Then we'll
move into the reality check. A lot of people say, well,
I can't afford a big drop now. Well, if that's you,
you're not alone. If you're close to retirement or already
in it, this segment is going to open your eyes
to the risk that you may not even realize that
(02:45):
you're currently carrying. So not just those two things. We're
also going to Talk about when it's shifted into the strategy.
How do I balance growth and protection at the same time?
Because retirement isn't about choosing one or the other. It's
about building a plan that gives you both. So those
are our first three segments throughout today. And then we're
going to finally, we're going to take the question everyone
thinks about, but really says out loud, do I have
(03:08):
enough to retire? If you're thinking in that line, well,
you're not alone. You know, many people are. A lot
of wealthy people are worried about outliving their money. So
do I have enough to retire? This is where the
clarity replaces guesswork. And this is where you start to
understand what enough really means for your retirement.
Speaker 2 (03:27):
So if you're already to protect that, what you've built,
strengthen your plan possibly and move into retirement with confidence
instead of uncertainty, then you're in exactly the right place.
So let's dive in. The first segment, will my money last?
That's a big question that we get every single day
because maybe you don't have an income stream to or
income sources to make that happen. So Let's start with
(03:49):
the question that makes every listener sit up a little straighter.
So here it is. What if you live longer than
your money does? Have you thought about that? It's the
number one fear that we hear at Maggie Tax and
Wealth Advisors every day. And most people don't realize they're
guessing their way through retirement, and we're going to talk
about that. So what it really takes to build income
that lasts 20, 30, or even 40 years, and why
(04:12):
hoping for the best isn't a strategy. If you've ever
wondered whether your savings can truly go the distance, stay
right here because this is where clarity begins and where
your retirement confidence starts to take shape. And here's what
we're diving into. Understand the true lifespan of your money,
backed by real analysis and assumptions. Most retirees rely on
rough estimates, outdated rules, or online calculations that ignore the
(04:36):
real variables affecting their future. This we see every day.
So we run a full longevity analysis that factors in
inflation and taxes, market volatility, healthcare costs, and your actual
spending patterns. When people see the real projection of how
long their money can last, it's often the first time
they've had a clear, honest picture of their financial future.
(04:59):
And Chris, every client that we speak to, we always
ask them the question, how long do you want your
money to last and how much income do you have?
Because that is what is going to give us the structure.
Speaker 3 (05:08):
Well, that's it. And a lot of people don't realize
how to put this together. And we provide you with
a budget sheet. We go over that with you. We
talk about your income sources, what's coming in now, what's discretionary,
meaning what's left over each and every month. Maybe you
have a positive discretionary amount, or maybe you're in the negative, right?
Speaker 2 (05:25):
Who knows?
Speaker 3 (05:25):
Maybe you need more income streams. That's what we need
to talk about. So what's coming in? And we talk
about inflation. We look at that. We look at the taxes,
which is a big expense. the market volatility, and also
healthcare costs. Many people want to retire early, but guess what?
They can't because they don't have the health insurance or
the company if they retire earlier prior to age 65
because that's when Medicare kicks in. So there's a lot
(05:47):
of factors that go into play and understand the true
lifespan of your money backed by the real analysis, not
just about assumptions. So that's a great point. And when
people come in, we're going to help you determine what
that looks like. So pick up the phone, schedule a
time to meet with us, 833-MAGGIE-TACS. If you're worried about
how long your money is going to last, schedule a
(06:08):
time to meet with us. We have offers on both
sides of the bay.
Speaker 2 (06:10):
Yeah, and you know, Chris, it's funny because most people
don't think that way because they only think about what
I'm going to talk about next. But build a retirement
income stream designed to last as long as you do.
So basically, you have to ask yourself, like Chris and
I do, how much do you need per month? And
start there. And if you're not making it, then guess what?
You have some planning to do. Because retirement isn't about
(06:30):
how much you've saved. It's about how effectively you can
turn those savings into dependable income. Like if an emergency happens,
do you have enough money? We show you how to
create a structured, and that's a key word, structured retirement paycheck.
Chris talks about paychecks and playchecks, but that continues. It
has to continue for 20, 30, even 40 years. And
(06:51):
this approach helps protect you from market swings and ensures
your lifestyle isn't dictated by uncertainty. And my goodness, we
all know about that. It's long-term income planning built for
real life.
Speaker 3 (07:03):
And that's just about it. Many people don't have an
income stream. They don't know what the income streams are
going to be in retirement. That's where we come in.
Income planning. Income planning. I mean, I keep saying it,
but most people are just worried about growing your money.
What about the income plan, the distribution phase of your life? Well,
we can help you. And you want to unlock the
hidden income opportunities that you didn't really know you had.
(07:25):
Most people don't realize how much money they lose simply
by just choosing the wrong social security strategy. We run
a social security maximization report. So if you have questions
about when do I take social security? Should I take
it early? Should I take it later? What about the
earnings test? A lot of people don't understand. If you
take social security before your FRA, called full retirement age,
guess what? And you make more than a certain amount,
(07:46):
you're subject to the earnings test. Every $ 2 you make,
got to give a dollar back. So don't mess up
that strategy. That's why we can help you. So if
you're thinking about When to take Social Security, pick up
the phone, schedule a time. It's so important to meet
with us. Also, what about your pension options? Should you
take a lump sum? Should you take the payment that
they give you? Or should you roll over your money
and create your own family pension? We can show you
(08:07):
how to do that. What about the withdrawal order? Where
to take the money from? What buckets of money do
you take money from? These decisions cannot be undone. And
they cost you thousands over time. So we uncover opportunities today.
you may not know exist from optimizing your social security
timing to tax efficient income sequencing. That's so important, helping
(08:28):
you keep more of what you've worked so hard for.
So pick up the phone, schedule a time to meet
with us. 833-MAGGIE-TAX. If you're worried about how long your
money's going to live, outlast you if it's going to,
then guess what? Schedule a time to meet with us. 833-MAGGIE-TAX.
Speaker 2 (08:43):
And I can make it real easy for all of you.
It's called the Maggie Plan. It's simple and easy to understand.
And that's what we try to do with everyone. And
For many of you that have met with my son
and I and my staff, we make it simple and
easy to understand. So get your personalized longevity and income plan.
And don't be afraid to ask questions about, well, where
am I going to get the income from? Can you
help me figure out how much income I'm going to get?
(09:04):
Because this is a complimentary for the next callers. So
wherever you are, give us a call, 833-MAGGIE-TAX. Mention this show.
Mention this topic about income planning. And let's do it
for you. Let's get it right. This isn't a generic printout.
It's not that way for everybody. Every single one of
you listening, there's a different plan. It's customized, data-driven plan
(09:28):
that shows exactly how long that your money is going
to last and how to structure your income, which is
the most important thing, and where your biggest opportunities and
risks are. How many of you have taken a look
at your risk? Because maybe the risk has a lot
to do with your income. So for the next callers,
this plan is complimentary, completely complimentary. And for many, it
(09:49):
becomes a turning point where uncertainty is replaced with clarity
and confidence. And Chris, that's what they need to do.
They got to get some clarity and some confidence.
Speaker 3 (09:57):
Well, that's just it. I mean, you need to go
in retirement. This is your distribution phase. Many people are
currently in the accumulation phase. But what about the distribution phase?
Where do you take your money? And that is how
you turn uncertainty into confidence. You meet with us. When
you know your money can last, everything about retirement feels lighter.
If you want that same clarity, this is the perfect
(10:17):
time to take action now. Give us a call. at
Maggie Tax and Wealth Advisors. Call 833-MAGGIE-TAX or visit us
online at maggietax.com and schedule a time to meet. Visit
our website. Also, tune in to our show every Sunday
on ABC TV for the Maggie Tax and Financial Show
at 10.30 a.m. on ABC. Stay tuned with us because
next we're uncovering the tax surprises that catch retirees off guard.
(10:41):
You don't want to miss this.
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 833-MAGGIE-TAX or visit maggietax.com.
(11:08):
Now your host with Maggie Tax and Wealth Advisors, Robert
and Chris Maggie.
Speaker 3 (11:12):
Welcome back to the Maggie Tax and Financial Show and
thanks for tuning in And last segment, we were talking
about uncovering the tax surprises that catch retirees off guard.
And you definitely don't want to miss this because the
retirement tax trap, how taxes change after you stop working.
You know, this topic can quietly take a big bite
(11:33):
out of your retirement if you don't plan for it.
And many people out there don't plan. They've actually failed
the plan. You know, most people think taxes get easier
in retirement. Well, the truth is that they often get worse.
How many people out there, now let's talk about this,
that we hear say, well, my advisor in the past said,
just pay, you know, in the future, you're going to
(11:55):
pay less in taxes. So get the tax deduction today.
But in the future, it's going to get better. Well,
it's not the case. So at Maggie Tax Advisor and
Wealth Advisors, we call it the retirement tax trap. And
it can drain your savings if you don't see it coming.
Social security taxes, Medicare premiums jump. and required minimum distributions
(12:15):
can push you into higher brackets fast once the paycheck stops.
Speaker 2 (12:20):
Heads up, baby. That's what's coming, you know? So we
laugh at it, but it's not funny because there's a
lot there when we talk to you. We talk about
all that. So if you want to keep more of
your money and give less to the IRS, right here,
here's what to watch for and what to do next
because there's so much. I'm even tongue-tied when I talk
about it because taxes don't disappear in retirement. They simply
(12:44):
show up in new ways, and we'll talk about that.
Many people are surprised to learn that retirement comes with
its own set of tax rules because the older you get,
the more taxes change, and you know it. It's written
in pencil.
Speaker 3 (12:55):
Well, everything they say is permanent, but it's really not
permanent until the tax law changes, right?
Speaker 2 (12:59):
Exactly. So without work-related deductions and with new income sources
like Social Security withdrawals, your tax picture can shift in
ways you didn't expect. Every time we do taxes like
we're doing tax returns now, When you show the tax
return at the end, it's like, well, I didn't see
that coming because basically you don't look at taxes like
we do all year round on everybody's tax return, Chris.
(13:20):
So understanding these changes early helps you stay in control
and avoid surprises down the road.
Speaker 3 (13:26):
Well, that's just it. Many people don't think about taxes
and the retirement tax trap, but what about required minimum
distributions and how they can create extra taxes? We met
with a client this past week. He's 73 years old,
and guess what? He has to take the required minimum
distribution And he says, well, how do I calculate this?
And he had no idea. So we showed him and said,
(13:47):
this is what you have to take. And he has
a substantial amount in his IRA and he has to
take over $ 180, 000 of RMD. He said, I don't need
this money. Well, you've saved so well that guess what?
Now you gotta pay taxes. Uncle Sam is coming. So
you're gonna pay a lot in tax. They're gonna create
tax unless you plan ahead. So once you reach that
age of 73, the IRS requires you to start taking
(14:07):
money out of your retirement accounts like IRAs, 403Bs, TSPs,
And these withdrawals can increase your taxable income and affect
things like the Medicare premiums. Who've heard of IRMA? I-R-M-A-A. Well,
the good news is that with the right planning, you
can prepare for RMDs long before they arrive, and you
can keep more of your money working for you. That's
(14:28):
what it's about.
Speaker 2 (14:29):
And here's the problem, Chris, and many of you can
relate to this. Think about it. Chris just talked about
a 73-year-old. He let his money grow, tax deferred. He
received a tax deduction, which is fine. But now when
he opens the door at 73... He is slapped with
a tax on his RMDs, and it's going to bring
him into a higher tax bracket, Chris.
Speaker 3 (14:49):
Well, Social Security is getting taxed 85%, and it just
gets worse for him.
Speaker 2 (14:54):
You know, like we said, retirement taxes won't wait. They
warn you or fix themselves. And this is where people
kind of put their tax returns in the draw and say,
I'm not going to worry about it to 73. But
when you get closer, you know, the real question is simple.
Are you going to let the IRS take more than
it should or take control now? And Chris- the biggest
question you ask all the time is when are you
(15:15):
going to pay the tax and who's going to pay
the tax? And they sit back and look at Chris
and I and my staff here and they go, I
never thought about that. Do I really have to pay
the tax? Yeah, you do. So doing nothing is still
a decision and it's a bad decision and it's the
most expensive one retirees make. So if you're thinking I'm
not giving up one extra dollar, then it's time to act.
(15:38):
Maggie tax and wealth advisors can help you build a
tax smart plan and That protects what you've earned.
Speaker 3 (15:43):
And that's why it's so important to pick up the phone,
schedule a time to meet with us because we talked
about the retirement tax trap. If your advisor is just
managing the money or you have an advisor for 5, 10, 15,
20 years, well, the question I quickly have for you is,
are they talking about taxes? Because taxes are our biggest expense.
So what are you doing about it? Well, you got
to do some planning. And that's why at Maggie Tax
(16:04):
Advisory and Wealth Planners, what we do here is we
help you in a lot of different ways. What about
the way you take income matters? The smart sequencing can
help you keep more. So retirement income isn't about how
much you would draw, but where it comes from. Choosing
the right order, whether it's a Roth IRA or the
traditional IRA, a brokerage account, or even Social Security can
(16:25):
make a meaningful difference in your tax bill. And that's
why we talk about distribution planning. We're experts in distribution
planning because a thoughtful strategy can help stretch your savings
further and give you more flexibility year after year.
Speaker 2 (16:40):
So there are strategies available like Roth conversions and tax-efficient
income planning that can help you lower taxes over the
long term. And if you haven't looked at it, now
is the time. These aren't loopholes, folks. They're smart, intentional
moves that many retirees that we see every day simply
don't know about. And acting early gives you more options
and more control over your financial future. And Chris, it's
(17:02):
the point they don't want to sit down because I
hate to say this, but what's your fee? Folks, there's
no fee that's too cheap or too expensive to help
you save on taxes.
Speaker 3 (17:11):
I'll tell you what, like when people come in and
they say, well, I'm paying too much in taxes. Well,
they might not be paying enough or withholding enough. But again,
what you don't do today is going to heck of
a lot pay more in the future. So why not
get it done now? So you get off the highway
and you're in a road that is clear for you.
That's the problem. Many people go down the same road
where they're stuck. They're going to be hit with all
(17:33):
the branches falling in. on the road. The cars are
driving crazy. You don't want, you want to be away
from that. And that's why it's so simple just to
pick up the phone, schedule a time to meet with us.
We do complete planning here. You know, the retirement tax traps,
they're out there. They don't have to be if you
with the right advisor. So pick up the phone, schedule
a time to meet with us. 833-MAGGIE-TAX. Visit our website
(17:54):
at maggietax.com. And retirement tax, Taxes won't wait. They won't
warn you or even fix themselves. The real question that
we see simply is when are you going to pay
the tax and are you going to let the IRS
take more than it should or are you going to
take control now? That's the question because doing nothing is
still a decision and it's the most expensive one that
(18:15):
retirees make. If you're not thinking about your retirement, then
it's time right now to act. Maggie Tax and Wealth
Advisors are going to help you build a tax smart
plan that protects what you've earned. This is your money.
Make sure you protect it. Don't wait for a surprise bill.
Take control now. Give us a call. 833-MAGGIE-TAX. That's 833-MAGGIE-TAX.
Speaker 1 (18:43):
Stop funding Uncle Sam's retirement and start planning for your
own successful retirement. As we return to the Maggie Tax
Financial Show with your host, Robert and Chris Maggie, with
Maggie Tax and Wealth Advisors. For information on how you
can create a tax-free retirement, call 833-MAGGIE-TAX or visit maggietax.com.
(19:05):
Now your host with Maggie Tax and Wealth Advisors, Robert
and Chris Maggie.
Speaker 2 (19:10):
Welcome back. And one thing I want to say is
don't wait for a surprise tax bill. Take control now
and give us a call at 833-MAGGI-TAX because just like
every December 31st, the ball drops in Times Square. But
what about the big drop in the market or taxes?
Are you celebrating that too? So don't let that happen
to you. So the thing is I can't afford a
(19:30):
big drop now protecting savings from market volatility. How are
you doing that? Are you talking to the right people?
So let's shift gears for a minute because if you're
within 10 years of of retirement or already retired, you
probably said this at least once. I can't afford a
big drop now. Nobody can really. I don't care what
time of it is. And you're right. When you're working,
(19:51):
market dips are annoying. When you're retired, they can be devastating.
So why? Because you're withdrawing money at the same time
your account is falling. Chris talked about that before. That's
called sequence of return risk. And it can drain a
portfolio of Shockingly fast. So you don't look at that.
You don't see this. So in this segment, we're going
(20:11):
to explore how to reduce exposure to big swings, why
set it and forget it doesn't work in retirement, and
how to build a plan that protects your lifestyle even
when the market misbehaves. And volatility is normal, so losing
sleep over it doesn't have to be.
Speaker 3 (20:28):
Well, that's just it. So if you're thinking out there,
what happens if a big drop happens? And what are
you going to do about it? Are you going to
react or are you going to put yourself in position
to already have control and flexibility? That's what we're talking
about today. So if you're out there and you don't
have a plan, think about your investments. Do they have
a purpose? What kind of risk are you taking with
(20:50):
your money? Many people come in and we do a
risk assessment and sometimes we see people taking an aggressive stance.
Think of it this way. A, B, C, D, and E.
A is very conservative. E is very aggressive. C is
in the middle. Some people are taking a D type
of risk. When we start asking them questions, they might
want to be in a B portfolio. So it might
(21:12):
be vice versa. So where are you? Do you know?
And maybe five years ago, you did something like this,
but what about today? Things might have changed. So that's
why it's so important to meet with us because we
can educate you on what you currently have. And then
moving forward, we put together a plan where you have
an investment plan.
Speaker 2 (21:29):
Well, you said something five years ago, it may have
been okay. And that's the problem. I think that many...
people don't do. They don't check their risk analysis and
how it changed. And every time we talk to our clients,
five years, 10 years or whatever, we're always doing a
risk analysis because it could change. And don't you think
that's important to a lot of people?
Speaker 3 (21:46):
I do because your lifestyle changes. Even in retirement, you
can invest like you're a 26 year old. If you
invest the right way with the buckets, that's why bucket
planning is so important. You put all your money and
invest it like a 26 year old. No, But there's
nothing wrong with taking that risk with some of your
money if you put together a bucket plan. And my
question to you out there listening today, do you have
(22:08):
a bucket plan? Do you have a strategy? Do you
have an investment plan? Because most people out there just
have piles of money. They got a statement here. They
have a brokerage account there. They got an investment over here. Meanwhile,
do you know if it's taxable? Do you know if
it's tax-free? Do you know if you take it, there'll
be gains on that portfolio? Do you know? Do you
know what type of risk you're currently taking? Well, these
(22:28):
are things that we talk about each and every day,
and you need to know. That's why we put together
a balance sheet for you. We'll educate you. We'll show
you when you come in and meet with us. So 833-MAGGI-TAX.
Schedule a time to meet with us. We have offers
on both sides of the bay to help you. 833-MAGGI-TAX.
Speaker 2 (22:42):
And volatility becomes more dangerous once you start withdrawing money,
even if the market eventually recovers, because you don't know
if it's going to recover. Most people don't realize that
taking income during a downturn, locking their losses in a
way that's hard to bounce back from, And it's always,
you know, well, it's gone down, but it's going to
come back. And we've all heard the market's doing great.
(23:03):
But maybe you should take a look at it when
the market is doing great, okay, and start, you know,
having a review. This is called sequence of returns. And
it's one of the biggest threats, Chris, to retirement security
that we see. The market might recover, you know, but
your portfolio may not. Knowing how to manage the risk
can make the difference between a confident retirement and a
(23:23):
stressful one. And again, if you're not meeting with your advisor,
And you're not meeting with them to go over this.
We are. So pick up the phone. Give us a call. 833-MAGGIE-TAX.
Let us do a risk analysis, a tax analysis, an
income analysis, and it goes on and on. Because, Chris,
they need peace of mind. They need some security, and
they need some guarantees with it.
Speaker 3 (23:43):
Well, the worst fear is that you're cruising along in retirement.
Just picture this, right? You got your pension. You got
Social Security coming in. You got income coming in. You're
taking income from investments, and you think everything is on
cruise control. And then guess what? Something happens, whether it's war,
whether it's a threat, whether it's a big market volatility drop,
whatever it is, we've all been through, we've seen the
(24:06):
past years and what has transpired. But what if the
market goes down 15, 20, 30, 40%? What do you do?
Think about that. Your lifestyle changes. People start hunkering down
and they say, well, I can't spend any money. I
can't do it because I'm going to outlive my money
because you have no investment plan. You don't have a
plan to stomach the losses of And also plans to
(24:27):
make sure that you don't have to stomach the loss
if you don't want to. So every portfolio is not
the same. Your neighbor doesn't have to invest the way
you do. They don't know your situation. And that's why
we see so many advisors out there. They have cookie
cutter portfolios. And then what that means is that it's
the same for you as your neighbor, as your family member,
(24:47):
as your cousin. And it goes on and on as
your friend. That's not an investment plan. You have to
make sure that you have bucket planning with safety. with
some green money, some yellow money, maybe even some red money.
And that's why it's so important to pick up the phone,
schedule a time to meet with us. Get an investment
plan now. 833-MAGGIE-TAX. That's 833-MAGGIE-TAX.
Speaker 2 (25:07):
Chris, you're stealing my thunder. I have something to say
about that.
Speaker 3 (25:10):
Jump in.
Speaker 2 (25:10):
Let's go. Talk radio. Go ahead. Because you don't have
to choose between what Chris mentioned before, growth and safety.
You just need the right balance. And one of the
things that we do is called the color of money.
And let's just give you something simple. Say you're 60
years old. And this is just an example to help
you out. So 60% of your money should be in
risk or some type of risk. And the other balance
(25:33):
should be maybe in safe money. But as you get older,
that should change. That shift should change because protecting your
savings doesn't mean abandoning growth. Am I right or wrong?
Speaker 3 (25:42):
That's what I'm saying to you. Like even if you're
70 years old, it doesn't mean you have to hunker
down and put all your money in safety. That's not
what we're saying. If your income is taken care of
and you're fine, you can invest your money like a 40-year-old, right?
But what if you depend on those assets that you
have and you need income from it? The mindset shifts.
You have to have a different investment plan to make
(26:05):
sure that you preserve your money. Maybe there's strategies out
there that you can create your own guaranteed pension plan.
Many people have worked for a company for 20, 30 years,
but you don't have to have a pension plan to
do so. You can create a pile of money now, today,
make it green money where it's safe and generate a
guaranteed income stream for life. What if those three income
(26:26):
streams come in the front door every month and you
don't have to worry about your investments? Then you can
invest differently. That's what we're talking about here. So pick
up the phone, schedule a time to meet with us
because you need to know what your options are and
we can help you. 833-MAGGIE-TAX.
Speaker 2 (26:39):
You know, I'm thinking here about, well, quite a few clients,
but one in particular, husband and wife come in and
they had a million dollars and He's pretty much in risk.
And she didn't know she was in risk until we
did the color of money report. And we explained to her,
you're all in red money. And she says, well, I
don't want to be in red money. And we ask her,
what do you want to be in? You got to
tell us. And then when she started to sit down
(27:01):
and relax a little bit, she said to Chris, well, heck,
I'm 60 years old. Why am I 100% in red money?
And that was what we're trying to get through to you.
Because protecting your savings doesn't mean abandoning growth. And there
are portfolios that Chris can discuss with you that have growth,
have better growths than some of your portfolios now. So
what it means, it means being intentional about how much
(27:23):
risk you take and where you take it.
Speaker 3 (27:25):
And that's not only just intentional with the risk, also
to invest with a purpose. What if you had different
buckets of money with a different purpose, not just the
same allocations? That's a plan.
Speaker 2 (27:36):
That feels good, doesn't it? Yeah, but people don't sit
down and do that all the time. They just wait
until the envelope comes in the mail, and then they
look at it. To me, that's not the way to go.
So what we're saying here is with the right mix
of protected strategies and growth-oriented investments, you can reduce the
impact of downturns while still giving your money room to grow,
and that's exactly what you want to do. This is
(27:58):
where smart planning replaces guesswork. So a personalized protection strategy
can help you stay on track no matter what the
market does next, Chris, and markets will rise and markets
will fall. We all know that. But your retirement shouldn't
swing with them. A tailored plan can help shield your
savings from major losses and stabilize your income. That's what
it's all about and give you confidence even in unpredictable times.
(28:21):
I get tired of hearing people say, well, I lost
sleep because the market went down yesterday. And the question
I ask them, well, what are you going to do
about it? And they look at me like, what can
I do about it? What can you do? is get
a personalized protection strategy.
Speaker 3 (28:35):
There you go, and that's why it's so easy. Just
pick up the phone, schedule a time to meet with
us because you want to work with a complete planner.
You want to work with someone who understands income planning,
tax planning, investment planning, legacy planning, social security maximization planning.
This is the complete plan for you. Why do you
just want to work with someone who just deals with investments?
You don't even need an investment advisor these days. Just
(28:56):
manage the money yourself. A lot of things are going on,
but what's important is that you have a plan. You know,
as my dad mentioned before, with the right mix of
protected strategies and growth-oriented investments, you can reduce the impact
of downturns while still giving you money room to grow.
This is where smart planning replaces the guesswork. So that's
why my dad mentioned markets will rise, markets will fall,
(29:19):
but your retirement shouldn't swing with them. Listen up. You know,
a tailored plan can help shield your savings from major losses.
They can stabilize your income. and give you the confidence
even in unpredictable times. Who wants to go through the
not having confidence or unpredictable times where they lose income?
No one wants to do that, especially when they're retired
(29:41):
so when listeners start to understand that they can protect
themselves and that it starts with a conversation they're far
more likely to take action dad so simply pick up
the phone schedule time to meet with us 833 maggie.
Speaker 2 (29:53):
Tax and simply don't leave your future to chance take
control while you still can before something happens, and pick
up the phone, schedule a time to meet with us, 833-MAGGIE-TAX,
or online at maggietax.com. There's so much information there. How
often are you checking the balance in your portfolio? Do
you ever ask yourself if you have enough money so
(30:13):
that you don't outlive your retirement? That's what we're talking
about here. So let's tackle that on the other side
of the brick. We've talked about so much today, but
make sure you give us a call, 833-MAGGIE-TAX. Let's put
a plan together, get an appointment. and have a conversation
that you won't have these problems. 833-MAGGIE-TAX and listen to
the Maggie Tax and Financial Show.
Speaker 1 (30:35):
Stop funding Uncle Sam's retirement and start planning for your
own successful retirement. As we return to the Maggie Tax
Financial Show with your host, Robert and Chris Maggie, with
Maggie Tax and Wealth Advisors. For information on how you
can create a tax-free retirement, call 833-MAGGIE-TAX or visit maggietax.com.
(30:57):
Now your host with Maggie Tax and Wealth Advisors, Robert
and Chris Maggie.
Speaker 3 (31:02):
Do I have enough to retire? Welcome back to the
Megatax and Financial Show. And there comes a moment in
everyone's financial life where the big question rises to the surface.
Is what I've saved truly enough to retire? So thanks
for tuning into the Megatax and Financial Show. And as always,
we're taking this serious because it's important because we get
(31:25):
this all the time. People come to us and they
meet with us and the first question they say is,
I'm really worried about outliving my money. And also, is
what I've saved truly enough to retire? Can I retire?
It's a powerful question, not because it's scary, but because
the answer shapes the next chapter of your life.
Speaker 2 (31:45):
So in this segment, what we're going to talk about,
we're going to unpack that enough question, what it really
means and why it's different for every person listening to
the show, and how the right plan can turn uncertainty
into clarity. And if you've ever wondered whether you're ready,
this is the conversation that you don't want to miss.
So give us a call at 833-MAGGIE-TAX. Visit our website, maggietax.com.
(32:07):
So the question, like we talked about, enough. Look it
up in the dictionary, but is enough a number? It's
a plan built around your life, your goals, and your
income needs. So that's what we're asking. Like when you
sit down to eat, is that enough? What does that mean?
So most people think retirement readiness is about hitting a
magic number. And it's not. It's not. It's about understanding
(32:30):
how your savings translate into income, how long that income
can last, and whether it supports the lifestyle that you want.
The biggest question is what is your lifestyle now, and
would you like it to be that way when you retire?
And once listeners realize this, the question becomes far more
empowering because it's something they can shape. They answer, not
(32:51):
something they have to guess on.
Speaker 3 (32:53):
Well, that's it. The old ways are you got to
get to a million dollars, then you can retire. How
many people have we met with that said that? I
don't have a million yet. You don't have to. That's
why when you do the question planning like we do,
we're going to educate you on what you need. So
if you have questions, pick up the phone, schedule a
time to meet with us. We have office on both
sides of the bay, 833-MAGGIE-TAX. But we're going to help
(33:13):
you during the distribution phase of your life. That's what
it's about. Maybe you have enough. Gosh, last week we
met with a couple of people and they were worried about,
they said, I have to work a couple more years.
I have to save more. And I said, stop. Just
take a deep breath. You did it. And they looked
at me like, what are you talking about? And I said,
you already have enough here to retire. And they didn't
understand where the money was going to come from. And
(33:34):
I said that you can create a bucket that you
can't outlive your money and you can still invest the
money the way you want to. And they sat back
and they said, well, really? So I showed them where
it's going to come from. And guess what? It was
a wow factor. They didn't know what they didn't know.
But guess what? It felt so great. It was clarity.
It was confidence. It was moving forward in a great direction.
And that's what we provided to them. 833-MAGGIE-TACS. Because enough
(33:56):
isn't a number. It's a plan built around your life,
your goals, and your income needs. And your spending patterns
matter more than your account balance. And most people underestimate this.
And that's why they need our help.
Speaker 2 (34:09):
Well, it's because of fear. I think it's cause of uncertainty.
I think it's because they heard the neighbor say this
or the guy at the office said this. But that's
not you. Okay, that's not your plan. That's not your story.
You need to tell it. All right, because there's no
two stories out there. that are identical.
Speaker 3 (34:26):
That's exactly right. So your neighbor might have a different
retirement plan than you. That's why retirement isn't a straight line.
Some years cost more, some costs less. And unexpected expenses
always show up. And they do. My gosh, they really do.
You know, this bullet helps listeners understand that knowing enough
starts with knowing how they'll actually live. You know, what
(34:46):
are your travel plans? What are your hobbies? What's your
healthcare look like? Are you on Medicare? Are you going
to take the supplement or the Advantage plan or an HMO.
What about your family support? How are you going to
build a plan that adapts to these life changes? These
are questions that we see each and every day. I'm
sure you're thinking about it. That's why if you are,
let's do this together. Let's get on the same side. 833-MAGGI-TAX.
(35:07):
So take the word income planning.
Speaker 2 (35:09):
It reveals gaps and opportunities that your account statements can't
show you. So when you sit down with us, we
go over the whole thing entirely. Two people with the
same savings can have completely different retirement outcomes than Depending
on how their income is structured, a simple way is
that is husband and wife. You ask one question to one,
the wife, and one to the husband, and the income
(35:31):
planning is different, Chris.
Speaker 3 (35:32):
That's right. That's right. No, it's so important. That's why
we want to get your input. This is your money, right?
Whoever you work with, you want to make sure that
they're thinking about you and finding out what your goals are.
So at the end of the day, knowing whether you
have enough isn't about guessing or hoping. It's about clarity.
And clarity only comes from seeing your full financial picture
laid out in front of you. And that's why we
(35:54):
do a balance sheet. We show you what you have.
And the real question now is, do you want to
move into retirement with uncertainty? Or do you want to
move into retirement with confidence? And if you're ready to
replace doubt with direction, that's exactly what our team does
at Maggie Tax and Wealth Advisors. We're here to help you.
A personalized retirement readiness review can show you where you
stand today and the steps that you can strengthen for
(36:16):
your tomorrow. So your future deserves more than assumptions. It
deserves a plan. Pick up the phone. Schedule a time
to meet with us. 833-MAGGIE-TAX.
Speaker 2 (36:25):
And as we close out today's episode of the Maggie
Tax and Wealth Advisor Show, just think about everything that
we talked through together today. We talked about protecting what
you've built, reducing the risk of major losses, finding the
right balance between growth and safety, and finally... Understanding whether
you truly have enough to retire with confidence. I'm sure
(36:46):
everyone's got those questions. So there isn't small topics, folks, that,
you know, they're the pillars of financial future, all of them.
And if today made, you know, anything clear, it's this.
It's retirement success doesn't happen by accident. You work 30,
40 years to get there. It happens by taking action,
(37:07):
by making sure that everything that you've saved for works
for you. You've worked too hard, too long, to leave
your future to chance. So whether you're worried about market volatility,
unsure about your income plan, or simply tired of guessing
where you stand, this is your moment to get clarity.
And remember something, you retire once, we retire every day.
(37:28):
The team at Maggie Tax and Wealth Advisors is here
to help you turn today's insights into a real, personalized plan,
one that protects your savings, supports your lifestyle, and gives
you the confidence that you deserve. And don't wait for
the next market swing or the next headline to force
your hand. Take control. Call today. Your future self will
be grateful you did. 833-MAGGIE-TAX. And watch our show on Sunday,
(37:52):
Maggie Tax and Financial Show at 1030. You're listening to
the Maggie Tax and Financial Show.
Speaker 1 (37:59):
Thank you for listening to Maggie Tax and Financial Show
with Robert and Chris Maggie of Maggie Tax Wealth Advisors.
Listen here, 5 to 6 p.m. every Saturday and from
11 a.m. till noon every Sunday or anytime on the
free iHeartRadio app. And remember, you can pay less tax
with Maggie Tax. Program content provided by Maggie Tax Wealth
(38:20):
and Advisors. Call them at 833-MAGGIE-TAX or visit them online
at maggietax.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 in
tax savings, income planning, and investment opportunities, Robert and Chris
(00:23):
share advice and tax planning strategies designed to protect your
retirement nest egg from Uncle Sam. Call them. at 833-MAGGIE-TAX
or online at maggietax.com. And now, your host for the
Maggie Tax and Financial Show, Robert and Chris Maggie.
Speaker 2 (00:41):
Welcome to the Maggie Tax and Wealth Advisor Show, the
place where your retirement stops being something you worry about
and starts becoming something you take control of. Today's episode
is built around the four questions that shape every financial future,
which we're gonna talk about. And by the end of
this show, you're going to have a clearer path forward
than most people ever get. My name is Robert Maggie.
(01:02):
I'm here with my son, Chris Maggie, co-host of the
Maggie Tax and Financial Show. Be sure to visit our website, maggietax.com,
and also tune in every Sunday at 9, 1030 rather.
I wish it was 930, but 1030 for the Maggie
Tax and Financial Show. A lot of interesting topics we
talk about, and today is going to be quite a
few of them. So, Chris, let's get started.
Speaker 3 (01:22):
That's it. Welcome, everyone. I am Chris Maggie, and I'm
so grateful to be here. You know, each and every
day we talk about a lot of things with our
clients and clients come to us because they want tax
preparation done, tax planning, ways to reduce their taxes, Roth conversions.
They want their accounts managed. They want investment ideas. They
want to make sure that they have proper beneficiary designation
(01:43):
on all their accounts. They want to make sure that
everything stays in the family. So there's a lot of
different things that we do, income planning, tax planning, investment planning,
and that's why we are here. So visit our website
at maggietax.com. There's so much information to discuss because it's
your retirement, it's your future, and we can help you.
Just pick up the phone, schedule a time to meet
(02:03):
with us, 833-MAGGIE-TAX. So my dad mentioned, we're going to
talk about four questions today that shape every financial future.
And first, we're tackling the foundation of people come to
us and say, I don't want to lose what I've
worked for. How many people are in that boat? Well,
We'll show you how to protect your savings in a
world where the market can change in an instant. We've
(02:24):
all seen up and downs, but there are ways to
reduce your taxes. Also, there are ways where you don't
have to lose if the market goes down. Then we'll
move into the reality check. A lot of people say, well,
I can't afford a big drop now. Well, if that's you,
you're not alone. If you're close to retirement or already
in it, this segment is going to open your eyes
to the risk that you may not even realize that
(02:45):
you're currently carrying. So not just those two things. We're
also going to Talk about when it's shifted into the strategy.
How do I balance growth and protection at the same time?
Because retirement isn't about choosing one or the other. It's
about building a plan that gives you both. So those
are our first three segments throughout today. And then we're
going to finally, we're going to take the question everyone
thinks about, but really says out loud, do I have
(03:08):
enough to retire? If you're thinking in that line, well,
you're not alone. You know, many people are. A lot
of wealthy people are worried about outliving their money. So
do I have enough to retire? This is where the
clarity replaces guesswork. And this is where you start to
understand what enough really means for your retirement.
Speaker 2 (03:27):
So if you're already to protect that, what you've built,
strengthen your plan possibly and move into retirement with confidence
instead of uncertainty, then you're in exactly the right place.
So let's dive in. The first segment, will my money last?
That's a big question that we get every single day
because maybe you don't have an income stream to or
income sources to make that happen. So Let's start with
(03:49):
the question that makes every listener sit up a little straighter.
So here it is. What if you live longer than
your money does? Have you thought about that? It's the
number one fear that we hear at Maggie Tax and
Wealth Advisors every day. And most people don't realize they're
guessing their way through retirement, and we're going to talk
about that. So what it really takes to build income
that lasts 20, 30, or even 40 years, and why
(04:12):
hoping for the best isn't a strategy. If you've ever
wondered whether your savings can truly go the distance, stay
right here because this is where clarity begins and where
your retirement confidence starts to take shape. And here's what
we're diving into. Understand the true lifespan of your money,
backed by real analysis and assumptions. Most retirees rely on
rough estimates, outdated rules, or online calculations that ignore the
(04:36):
real variables affecting their future. This we see every day.
So we run a full longevity analysis that factors in
inflation and taxes, market volatility, healthcare costs, and your actual
spending patterns. When people see the real projection of how
long their money can last, it's often the first time
they've had a clear, honest picture of their financial future.
(04:59):
And Chris, every client that we speak to, we always
ask them the question, how long do you want your
money to last and how much income do you have?
Because that is what is going to give us the structure.
Speaker 3 (05:08):
Well, that's it. And a lot of people don't realize
how to put this together. And we provide you with
a budget sheet. We go over that with you. We
talk about your income sources, what's coming in now, what's discretionary,
meaning what's left over each and every month. Maybe you
have a positive discretionary amount, or maybe you're in the negative, right?
Speaker 2 (05:25):
Who knows?
Speaker 3 (05:25):
Maybe you need more income streams. That's what we need
to talk about. So what's coming in? And we talk
about inflation. We look at that. We look at the taxes,
which is a big expense. the market volatility, and also
healthcare costs. Many people want to retire early, but guess what?
They can't because they don't have the health insurance or
the company if they retire earlier prior to age 65
because that's when Medicare kicks in. So there's a lot
(05:47):
of factors that go into play and understand the true
lifespan of your money backed by the real analysis, not
just about assumptions. So that's a great point. And when
people come in, we're going to help you determine what
that looks like. So pick up the phone, schedule a
time to meet with us, 833-MAGGIE-TACS. If you're worried about
how long your money is going to last, schedule a
(06:08):
time to meet with us. We have offers on both
sides of the bay.
Speaker 2 (06:10):
Yeah, and you know, Chris, it's funny because most people
don't think that way because they only think about what
I'm going to talk about next. But build a retirement
income stream designed to last as long as you do.
So basically, you have to ask yourself, like Chris and
I do, how much do you need per month? And
start there. And if you're not making it, then guess what?
You have some planning to do. Because retirement isn't about
(06:30):
how much you've saved. It's about how effectively you can
turn those savings into dependable income. Like if an emergency happens,
do you have enough money? We show you how to
create a structured, and that's a key word, structured retirement paycheck.
Chris talks about paychecks and playchecks, but that continues. It
has to continue for 20, 30, even 40 years. And
(06:51):
this approach helps protect you from market swings and ensures
your lifestyle isn't dictated by uncertainty. And my goodness, we
all know about that. It's long-term income planning built for
real life.
Speaker 3 (07:03):
And that's just about it. Many people don't have an
income stream. They don't know what the income streams are
going to be in retirement. That's where we come in.
Income planning. Income planning. I mean, I keep saying it,
but most people are just worried about growing your money.
What about the income plan, the distribution phase of your life? Well,
we can help you. And you want to unlock the
hidden income opportunities that you didn't really know you had.
(07:25):
Most people don't realize how much money they lose simply
by just choosing the wrong social security strategy. We run
a social security maximization report. So if you have questions
about when do I take social security? Should I take
it early? Should I take it later? What about the
earnings test? A lot of people don't understand. If you
take social security before your FRA, called full retirement age,
guess what? And you make more than a certain amount,
(07:46):
you're subject to the earnings test. Every $ 2 you make,
got to give a dollar back. So don't mess up
that strategy. That's why we can help you. So if
you're thinking about When to take Social Security, pick up
the phone, schedule a time. It's so important to meet
with us. Also, what about your pension options? Should you
take a lump sum? Should you take the payment that
they give you? Or should you roll over your money
and create your own family pension? We can show you
(08:07):
how to do that. What about the withdrawal order? Where
to take the money from? What buckets of money do
you take money from? These decisions cannot be undone. And
they cost you thousands over time. So we uncover opportunities today.
you may not know exist from optimizing your social security
timing to tax efficient income sequencing. That's so important, helping
(08:28):
you keep more of what you've worked so hard for.
So pick up the phone, schedule a time to meet
with us. 833-MAGGIE-TAX. If you're worried about how long your
money's going to live, outlast you if it's going to,
then guess what? Schedule a time to meet with us. 833-MAGGIE-TAX.
Speaker 2 (08:43):
And I can make it real easy for all of you.
It's called the Maggie Plan. It's simple and easy to understand.
And that's what we try to do with everyone. And
For many of you that have met with my son
and I and my staff, we make it simple and
easy to understand. So get your personalized longevity and income plan.
And don't be afraid to ask questions about, well, where
am I going to get the income from? Can you
help me figure out how much income I'm going to get?
(09:04):
Because this is a complimentary for the next callers. So
wherever you are, give us a call, 833-MAGGIE-TAX. Mention this show.
Mention this topic about income planning. And let's do it
for you. Let's get it right. This isn't a generic printout.
It's not that way for everybody. Every single one of
you listening, there's a different plan. It's customized, data-driven plan
(09:28):
that shows exactly how long that your money is going
to last and how to structure your income, which is
the most important thing, and where your biggest opportunities and
risks are. How many of you have taken a look
at your risk? Because maybe the risk has a lot
to do with your income. So for the next callers,
this plan is complimentary, completely complimentary. And for many, it
(09:49):
becomes a turning point where uncertainty is replaced with clarity
and confidence. And Chris, that's what they need to do.
They got to get some clarity and some confidence.
Speaker 3 (09:57):
Well, that's just it. I mean, you need to go
in retirement. This is your distribution phase. Many people are
currently in the accumulation phase. But what about the distribution phase?
Where do you take your money? And that is how
you turn uncertainty into confidence. You meet with us. When
you know your money can last, everything about retirement feels lighter.
If you want that same clarity, this is the perfect
(10:17):
time to take action now. Give us a call. at
Maggie Tax and Wealth Advisors. Call 833-MAGGIE-TAX or visit us
online at maggietax.com and schedule a time to meet. Visit
our website. Also, tune in to our show every Sunday
on ABC TV for the Maggie Tax and Financial Show
at 10.30 a.m. on ABC. Stay tuned with us because
next we're uncovering the tax surprises that catch retirees off guard.
(10:41):
You don't want to miss this.
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 833-MAGGIE-TAX or visit maggietax.com.
(11:08):
Now your host with Maggie Tax and Wealth Advisors, Robert
and Chris Maggie.
Speaker 3 (11:12):
Welcome back to the Maggie Tax and Financial Show and
thanks for tuning in And last segment, we were talking
about uncovering the tax surprises that catch retirees off guard.
And you definitely don't want to miss this because the
retirement tax trap, how taxes change after you stop working.
You know, this topic can quietly take a big bite
(11:33):
out of your retirement if you don't plan for it.
And many people out there don't plan. They've actually failed
the plan. You know, most people think taxes get easier
in retirement. Well, the truth is that they often get worse.
How many people out there, now let's talk about this,
that we hear say, well, my advisor in the past said,
just pay, you know, in the future, you're going to
(11:55):
pay less in taxes. So get the tax deduction today.
But in the future, it's going to get better. Well,
it's not the case. So at Maggie Tax Advisor and
Wealth Advisors, we call it the retirement tax trap. And
it can drain your savings if you don't see it coming.
Social security taxes, Medicare premiums jump. and required minimum distributions
(12:15):
can push you into higher brackets fast once the paycheck stops.
Speaker 2 (12:20):
Heads up, baby. That's what's coming, you know? So we
laugh at it, but it's not funny because there's a
lot there when we talk to you. We talk about
all that. So if you want to keep more of
your money and give less to the IRS, right here,
here's what to watch for and what to do next
because there's so much. I'm even tongue-tied when I talk
about it because taxes don't disappear in retirement. They simply
(12:44):
show up in new ways, and we'll talk about that.
Many people are surprised to learn that retirement comes with
its own set of tax rules because the older you get,
the more taxes change, and you know it. It's written
in pencil.
Speaker 3 (12:55):
Well, everything they say is permanent, but it's really not
permanent until the tax law changes, right?
Speaker 2 (12:59):
Exactly. So without work-related deductions and with new income sources
like Social Security withdrawals, your tax picture can shift in
ways you didn't expect. Every time we do taxes like
we're doing tax returns now, When you show the tax
return at the end, it's like, well, I didn't see
that coming because basically you don't look at taxes like
we do all year round on everybody's tax return, Chris.
(13:20):
So understanding these changes early helps you stay in control
and avoid surprises down the road.
Speaker 3 (13:26):
Well, that's just it. Many people don't think about taxes
and the retirement tax trap, but what about required minimum
distributions and how they can create extra taxes? We met
with a client this past week. He's 73 years old,
and guess what? He has to take the required minimum
distribution And he says, well, how do I calculate this?
And he had no idea. So we showed him and said,
(13:47):
this is what you have to take. And he has
a substantial amount in his IRA and he has to
take over $ 180, 000 of RMD. He said, I don't need
this money. Well, you've saved so well that guess what?
Now you gotta pay taxes. Uncle Sam is coming. So
you're gonna pay a lot in tax. They're gonna create
tax unless you plan ahead. So once you reach that
age of 73, the IRS requires you to start taking
(14:07):
money out of your retirement accounts like IRAs, 403Bs, TSPs,
And these withdrawals can increase your taxable income and affect
things like the Medicare premiums. Who've heard of IRMA? I-R-M-A-A. Well,
the good news is that with the right planning, you
can prepare for RMDs long before they arrive, and you
can keep more of your money working for you. That's
(14:28):
what it's about.
Speaker 2 (14:29):
And here's the problem, Chris, and many of you can
relate to this. Think about it. Chris just talked about
a 73-year-old. He let his money grow, tax deferred. He
received a tax deduction, which is fine. But now when
he opens the door at 73... He is slapped with
a tax on his RMDs, and it's going to bring
him into a higher tax bracket, Chris.
Speaker 3 (14:49):
Well, Social Security is getting taxed 85%, and it just
gets worse for him.
Speaker 2 (14:54):
You know, like we said, retirement taxes won't wait. They
warn you or fix themselves. And this is where people
kind of put their tax returns in the draw and say,
I'm not going to worry about it to 73. But
when you get closer, you know, the real question is simple.
Are you going to let the IRS take more than
it should or take control now? And Chris- the biggest
question you ask all the time is when are you
(15:15):
going to pay the tax and who's going to pay
the tax? And they sit back and look at Chris
and I and my staff here and they go, I
never thought about that. Do I really have to pay
the tax? Yeah, you do. So doing nothing is still
a decision and it's a bad decision and it's the
most expensive one retirees make. So if you're thinking I'm
not giving up one extra dollar, then it's time to act.
(15:38):
Maggie tax and wealth advisors can help you build a
tax smart plan and That protects what you've earned.
Speaker 3 (15:43):
And that's why it's so important to pick up the phone,
schedule a time to meet with us because we talked
about the retirement tax trap. If your advisor is just
managing the money or you have an advisor for 5, 10, 15,
20 years, well, the question I quickly have for you is,
are they talking about taxes? Because taxes are our biggest expense.
So what are you doing about it? Well, you got
to do some planning. And that's why at Maggie Tax
(16:04):
Advisory and Wealth Planners, what we do here is we
help you in a lot of different ways. What about
the way you take income matters? The smart sequencing can
help you keep more. So retirement income isn't about how
much you would draw, but where it comes from. Choosing
the right order, whether it's a Roth IRA or the
traditional IRA, a brokerage account, or even Social Security can
(16:25):
make a meaningful difference in your tax bill. And that's
why we talk about distribution planning. We're experts in distribution
planning because a thoughtful strategy can help stretch your savings
further and give you more flexibility year after year.
Speaker 2 (16:40):
So there are strategies available like Roth conversions and tax-efficient
income planning that can help you lower taxes over the
long term. And if you haven't looked at it, now
is the time. These aren't loopholes, folks. They're smart, intentional
moves that many retirees that we see every day simply
don't know about. And acting early gives you more options
and more control over your financial future. And Chris, it's
(17:02):
the point they don't want to sit down because I
hate to say this, but what's your fee? Folks, there's
no fee that's too cheap or too expensive to help
you save on taxes.
Speaker 3 (17:11):
I'll tell you what, like when people come in and
they say, well, I'm paying too much in taxes. Well,
they might not be paying enough or withholding enough. But again,
what you don't do today is going to heck of
a lot pay more in the future. So why not
get it done now? So you get off the highway
and you're in a road that is clear for you.
That's the problem. Many people go down the same road
where they're stuck. They're going to be hit with all
(17:33):
the branches falling in. on the road. The cars are
driving crazy. You don't want, you want to be away
from that. And that's why it's so simple just to
pick up the phone, schedule a time to meet with us.
We do complete planning here. You know, the retirement tax traps,
they're out there. They don't have to be if you
with the right advisor. So pick up the phone, schedule
a time to meet with us. 833-MAGGIE-TAX. Visit our website
(17:54):
at maggietax.com. And retirement tax, Taxes won't wait. They won't
warn you or even fix themselves. The real question that
we see simply is when are you going to pay
the tax and are you going to let the IRS
take more than it should or are you going to
take control now? That's the question because doing nothing is
still a decision and it's the most expensive one that
(18:15):
retirees make. If you're not thinking about your retirement, then
it's time right now to act. Maggie Tax and Wealth
Advisors are going to help you build a tax smart
plan that protects what you've earned. This is your money.
Make sure you protect it. Don't wait for a surprise bill.
Take control now. Give us a call. 833-MAGGIE-TAX. That's 833-MAGGIE-TAX.
Speaker 1 (18:43):
Stop funding Uncle Sam's retirement and start planning for your
own successful retirement. As we return to the Maggie Tax
Financial Show with your host, Robert and Chris Maggie, with
Maggie Tax and Wealth Advisors. For information on how you
can create a tax-free retirement, call 833-MAGGIE-TAX or visit maggietax.com.
(19:05):
Now your host with Maggie Tax and Wealth Advisors, Robert
and Chris Maggie.
Speaker 2 (19:10):
Welcome back. And one thing I want to say is
don't wait for a surprise tax bill. Take control now
and give us a call at 833-MAGGI-TAX because just like
every December 31st, the ball drops in Times Square. But
what about the big drop in the market or taxes?
Are you celebrating that too? So don't let that happen
to you. So the thing is I can't afford a
(19:30):
big drop now protecting savings from market volatility. How are
you doing that? Are you talking to the right people?
So let's shift gears for a minute because if you're
within 10 years of of retirement or already retired, you
probably said this at least once. I can't afford a
big drop now. Nobody can really. I don't care what
time of it is. And you're right. When you're working,
(19:51):
market dips are annoying. When you're retired, they can be devastating.
So why? Because you're withdrawing money at the same time
your account is falling. Chris talked about that before. That's
called sequence of return risk. And it can drain a
portfolio of Shockingly fast. So you don't look at that.
You don't see this. So in this segment, we're going
(20:11):
to explore how to reduce exposure to big swings, why
set it and forget it doesn't work in retirement, and
how to build a plan that protects your lifestyle even
when the market misbehaves. And volatility is normal, so losing
sleep over it doesn't have to be.
Speaker 3 (20:28):
Well, that's just it. So if you're thinking out there,
what happens if a big drop happens? And what are
you going to do about it? Are you going to
react or are you going to put yourself in position
to already have control and flexibility? That's what we're talking
about today. So if you're out there and you don't
have a plan, think about your investments. Do they have
a purpose? What kind of risk are you taking with
(20:50):
your money? Many people come in and we do a
risk assessment and sometimes we see people taking an aggressive stance.
Think of it this way. A, B, C, D, and E.
A is very conservative. E is very aggressive. C is
in the middle. Some people are taking a D type
of risk. When we start asking them questions, they might
want to be in a B portfolio. So it might
(21:12):
be vice versa. So where are you? Do you know?
And maybe five years ago, you did something like this,
but what about today? Things might have changed. So that's
why it's so important to meet with us because we
can educate you on what you currently have. And then
moving forward, we put together a plan where you have
an investment plan.
Speaker 2 (21:29):
Well, you said something five years ago, it may have
been okay. And that's the problem. I think that many...
people don't do. They don't check their risk analysis and
how it changed. And every time we talk to our clients,
five years, 10 years or whatever, we're always doing a
risk analysis because it could change. And don't you think
that's important to a lot of people?
Speaker 3 (21:46):
I do because your lifestyle changes. Even in retirement, you
can invest like you're a 26 year old. If you
invest the right way with the buckets, that's why bucket
planning is so important. You put all your money and
invest it like a 26 year old. No, But there's
nothing wrong with taking that risk with some of your
money if you put together a bucket plan. And my
question to you out there listening today, do you have
(22:08):
a bucket plan? Do you have a strategy? Do you
have an investment plan? Because most people out there just
have piles of money. They got a statement here. They
have a brokerage account there. They got an investment over here. Meanwhile,
do you know if it's taxable? Do you know if
it's tax-free? Do you know if you take it, there'll
be gains on that portfolio? Do you know? Do you
know what type of risk you're currently taking? Well, these
(22:28):
are things that we talk about each and every day,
and you need to know. That's why we put together
a balance sheet for you. We'll educate you. We'll show
you when you come in and meet with us. So 833-MAGGI-TAX.
Schedule a time to meet with us. We have offers
on both sides of the bay to help you. 833-MAGGI-TAX.
Speaker 2 (22:42):
And volatility becomes more dangerous once you start withdrawing money,
even if the market eventually recovers, because you don't know
if it's going to recover. Most people don't realize that
taking income during a downturn, locking their losses in a
way that's hard to bounce back from, And it's always,
you know, well, it's gone down, but it's going to
come back. And we've all heard the market's doing great.
(23:03):
But maybe you should take a look at it when
the market is doing great, okay, and start, you know,
having a review. This is called sequence of returns. And
it's one of the biggest threats, Chris, to retirement security
that we see. The market might recover, you know, but
your portfolio may not. Knowing how to manage the risk
can make the difference between a confident retirement and a
(23:23):
stressful one. And again, if you're not meeting with your advisor,
And you're not meeting with them to go over this.
We are. So pick up the phone. Give us a call. 833-MAGGIE-TAX.
Let us do a risk analysis, a tax analysis, an
income analysis, and it goes on and on. Because, Chris,
they need peace of mind. They need some security, and
they need some guarantees with it.
Speaker 3 (23:43):
Well, the worst fear is that you're cruising along in retirement.
Just picture this, right? You got your pension. You got
Social Security coming in. You got income coming in. You're
taking income from investments, and you think everything is on
cruise control. And then guess what? Something happens, whether it's war,
whether it's a threat, whether it's a big market volatility drop,
whatever it is, we've all been through, we've seen the
(24:06):
past years and what has transpired. But what if the
market goes down 15, 20, 30, 40%? What do you do?
Think about that. Your lifestyle changes. People start hunkering down
and they say, well, I can't spend any money. I
can't do it because I'm going to outlive my money
because you have no investment plan. You don't have a
plan to stomach the losses of And also plans to
(24:27):
make sure that you don't have to stomach the loss
if you don't want to. So every portfolio is not
the same. Your neighbor doesn't have to invest the way
you do. They don't know your situation. And that's why
we see so many advisors out there. They have cookie
cutter portfolios. And then what that means is that it's
the same for you as your neighbor, as your family member,
(24:47):
as your cousin. And it goes on and on as
your friend. That's not an investment plan. You have to
make sure that you have bucket planning with safety. with
some green money, some yellow money, maybe even some red money.
And that's why it's so important to pick up the phone,
schedule a time to meet with us. Get an investment
plan now. 833-MAGGIE-TAX. That's 833-MAGGIE-TAX.
Speaker 2 (25:07):
Chris, you're stealing my thunder. I have something to say
about that.
Speaker 3 (25:10):
Jump in.
Speaker 2 (25:10):
Let's go. Talk radio. Go ahead. Because you don't have
to choose between what Chris mentioned before, growth and safety.
You just need the right balance. And one of the
things that we do is called the color of money.
And let's just give you something simple. Say you're 60
years old. And this is just an example to help
you out. So 60% of your money should be in
risk or some type of risk. And the other balance
(25:33):
should be maybe in safe money. But as you get older,
that should change. That shift should change because protecting your
savings doesn't mean abandoning growth. Am I right or wrong?
Speaker 3 (25:42):
That's what I'm saying to you. Like even if you're
70 years old, it doesn't mean you have to hunker
down and put all your money in safety. That's not
what we're saying. If your income is taken care of
and you're fine, you can invest your money like a 40-year-old, right?
But what if you depend on those assets that you
have and you need income from it? The mindset shifts.
You have to have a different investment plan to make
(26:05):
sure that you preserve your money. Maybe there's strategies out
there that you can create your own guaranteed pension plan.
Many people have worked for a company for 20, 30 years,
but you don't have to have a pension plan to
do so. You can create a pile of money now, today,
make it green money where it's safe and generate a
guaranteed income stream for life. What if those three income
(26:26):
streams come in the front door every month and you
don't have to worry about your investments? Then you can
invest differently. That's what we're talking about here. So pick
up the phone, schedule a time to meet with us
because you need to know what your options are and
we can help you. 833-MAGGIE-TAX.
Speaker 2 (26:39):
You know, I'm thinking here about, well, quite a few clients,
but one in particular, husband and wife come in and
they had a million dollars and He's pretty much in risk.
And she didn't know she was in risk until we
did the color of money report. And we explained to her,
you're all in red money. And she says, well, I
don't want to be in red money. And we ask her,
what do you want to be in? You got to
tell us. And then when she started to sit down
(27:01):
and relax a little bit, she said to Chris, well, heck,
I'm 60 years old. Why am I 100% in red money?
And that was what we're trying to get through to you.
Because protecting your savings doesn't mean abandoning growth. And there
are portfolios that Chris can discuss with you that have growth,
have better growths than some of your portfolios now. So
what it means, it means being intentional about how much
(27:23):
risk you take and where you take it.
Speaker 3 (27:25):
And that's not only just intentional with the risk, also
to invest with a purpose. What if you had different
buckets of money with a different purpose, not just the
same allocations? That's a plan.
Speaker 2 (27:36):
That feels good, doesn't it? Yeah, but people don't sit
down and do that all the time. They just wait
until the envelope comes in the mail, and then they
look at it. To me, that's not the way to go.
So what we're saying here is with the right mix
of protected strategies and growth-oriented investments, you can reduce the
impact of downturns while still giving your money room to grow,
and that's exactly what you want to do. This is
(27:58):
where smart planning replaces guesswork. So a personalized protection strategy
can help you stay on track no matter what the
market does next, Chris, and markets will rise and markets
will fall. We all know that. But your retirement shouldn't
swing with them. A tailored plan can help shield your
savings from major losses and stabilize your income. That's what
it's all about and give you confidence even in unpredictable times.
(28:21):
I get tired of hearing people say, well, I lost
sleep because the market went down yesterday. And the question
I ask them, well, what are you going to do
about it? And they look at me like, what can
I do about it? What can you do? is get
a personalized protection strategy.
Speaker 3 (28:35):
There you go, and that's why it's so easy. Just
pick up the phone, schedule a time to meet with
us because you want to work with a complete planner.
You want to work with someone who understands income planning,
tax planning, investment planning, legacy planning, social security maximization planning.
This is the complete plan for you. Why do you
just want to work with someone who just deals with investments?
You don't even need an investment advisor these days. Just
(28:56):
manage the money yourself. A lot of things are going on,
but what's important is that you have a plan. You know,
as my dad mentioned before, with the right mix of
protected strategies and growth-oriented investments, you can reduce the impact
of downturns while still giving you money room to grow.
This is where smart planning replaces the guesswork. So that's
why my dad mentioned markets will rise, markets will fall,
(29:19):
but your retirement shouldn't swing with them. Listen up. You know,
a tailored plan can help shield your savings from major losses.
They can stabilize your income. and give you the confidence
even in unpredictable times. Who wants to go through the
not having confidence or unpredictable times where they lose income?
No one wants to do that, especially when they're retired
(29:41):
so when listeners start to understand that they can protect
themselves and that it starts with a conversation they're far
more likely to take action dad so simply pick up
the phone schedule time to meet with us 833 maggie.
Speaker 2 (29:53):
Tax and simply don't leave your future to chance take
control while you still can before something happens, and pick
up the phone, schedule a time to meet with us, 833-MAGGIE-TAX,
or online at maggietax.com. There's so much information there. How
often are you checking the balance in your portfolio? Do
you ever ask yourself if you have enough money so
(30:13):
that you don't outlive your retirement? That's what we're talking
about here. So let's tackle that on the other side
of the brick. We've talked about so much today, but
make sure you give us a call, 833-MAGGIE-TAX. Let's put
a plan together, get an appointment. and have a conversation
that you won't have these problems. 833-MAGGIE-TAX and listen to
the Maggie Tax and Financial Show.
Speaker 1 (30:35):
Stop funding Uncle Sam's retirement and start planning for your
own successful retirement. As we return to the Maggie Tax
Financial Show with your host, Robert and Chris Maggie, with
Maggie Tax and Wealth Advisors. For information on how you
can create a tax-free retirement, call 833-MAGGIE-TAX or visit maggietax.com.
(30:57):
Now your host with Maggie Tax and Wealth Advisors, Robert
and Chris Maggie.
Speaker 3 (31:02):
Do I have enough to retire? Welcome back to the
Megatax and Financial Show. And there comes a moment in
everyone's financial life where the big question rises to the surface.
Is what I've saved truly enough to retire? So thanks
for tuning into the Megatax and Financial Show. And as always,
we're taking this serious because it's important because we get
(31:25):
this all the time. People come to us and they
meet with us and the first question they say is,
I'm really worried about outliving my money. And also, is
what I've saved truly enough to retire? Can I retire?
It's a powerful question, not because it's scary, but because
the answer shapes the next chapter of your life.
Speaker 2 (31:45):
So in this segment, what we're going to talk about,
we're going to unpack that enough question, what it really
means and why it's different for every person listening to
the show, and how the right plan can turn uncertainty
into clarity. And if you've ever wondered whether you're ready,
this is the conversation that you don't want to miss.
So give us a call at 833-MAGGIE-TAX. Visit our website, maggietax.com.
(32:07):
So the question, like we talked about, enough. Look it
up in the dictionary, but is enough a number? It's
a plan built around your life, your goals, and your
income needs. So that's what we're asking. Like when you
sit down to eat, is that enough? What does that mean?
So most people think retirement readiness is about hitting a
magic number. And it's not. It's not. It's about understanding
(32:30):
how your savings translate into income, how long that income
can last, and whether it supports the lifestyle that you want.
The biggest question is what is your lifestyle now, and
would you like it to be that way when you retire?
And once listeners realize this, the question becomes far more
empowering because it's something they can shape. They answer, not
(32:51):
something they have to guess on.
Speaker 3 (32:53):
Well, that's it. The old ways are you got to
get to a million dollars, then you can retire. How
many people have we met with that said that? I
don't have a million yet. You don't have to. That's
why when you do the question planning like we do,
we're going to educate you on what you need. So
if you have questions, pick up the phone, schedule a
time to meet with us. We have office on both
sides of the bay, 833-MAGGIE-TAX. But we're going to help
(33:13):
you during the distribution phase of your life. That's what
it's about. Maybe you have enough. Gosh, last week we
met with a couple of people and they were worried about,
they said, I have to work a couple more years.
I have to save more. And I said, stop. Just
take a deep breath. You did it. And they looked
at me like, what are you talking about? And I said,
you already have enough here to retire. And they didn't
understand where the money was going to come from. And
(33:34):
I said that you can create a bucket that you
can't outlive your money and you can still invest the
money the way you want to. And they sat back
and they said, well, really? So I showed them where
it's going to come from. And guess what? It was
a wow factor. They didn't know what they didn't know.
But guess what? It felt so great. It was clarity.
It was confidence. It was moving forward in a great direction.
And that's what we provided to them. 833-MAGGIE-TACS. Because enough
(33:56):
isn't a number. It's a plan built around your life,
your goals, and your income needs. And your spending patterns
matter more than your account balance. And most people underestimate this.
And that's why they need our help.
Speaker 2 (34:09):
Well, it's because of fear. I think it's cause of uncertainty.
I think it's because they heard the neighbor say this
or the guy at the office said this. But that's
not you. Okay, that's not your plan. That's not your story.
You need to tell it. All right, because there's no
two stories out there. that are identical.
Speaker 3 (34:26):
That's exactly right. So your neighbor might have a different
retirement plan than you. That's why retirement isn't a straight line.
Some years cost more, some costs less. And unexpected expenses
always show up. And they do. My gosh, they really do.
You know, this bullet helps listeners understand that knowing enough
starts with knowing how they'll actually live. You know, what
(34:46):
are your travel plans? What are your hobbies? What's your
healthcare look like? Are you on Medicare? Are you going
to take the supplement or the Advantage plan or an HMO.
What about your family support? How are you going to
build a plan that adapts to these life changes? These
are questions that we see each and every day. I'm
sure you're thinking about it. That's why if you are,
let's do this together. Let's get on the same side. 833-MAGGI-TAX.
(35:07):
So take the word income planning.
Speaker 2 (35:09):
It reveals gaps and opportunities that your account statements can't
show you. So when you sit down with us, we
go over the whole thing entirely. Two people with the
same savings can have completely different retirement outcomes than Depending
on how their income is structured, a simple way is
that is husband and wife. You ask one question to one,
the wife, and one to the husband, and the income
(35:31):
planning is different, Chris.
Speaker 3 (35:32):
That's right. That's right. No, it's so important. That's why
we want to get your input. This is your money, right?
Whoever you work with, you want to make sure that
they're thinking about you and finding out what your goals are.
So at the end of the day, knowing whether you
have enough isn't about guessing or hoping. It's about clarity.
And clarity only comes from seeing your full financial picture
laid out in front of you. And that's why we
(35:54):
do a balance sheet. We show you what you have.
And the real question now is, do you want to
move into retirement with uncertainty? Or do you want to
move into retirement with confidence? And if you're ready to
replace doubt with direction, that's exactly what our team does
at Maggie Tax and Wealth Advisors. We're here to help you.
A personalized retirement readiness review can show you where you
stand today and the steps that you can strengthen for
(36:16):
your tomorrow. So your future deserves more than assumptions. It
deserves a plan. Pick up the phone. Schedule a time
to meet with us. 833-MAGGIE-TAX.
Speaker 2 (36:25):
And as we close out today's episode of the Maggie
Tax and Wealth Advisor Show, just think about everything that
we talked through together today. We talked about protecting what
you've built, reducing the risk of major losses, finding the
right balance between growth and safety, and finally... Understanding whether
you truly have enough to retire with confidence. I'm sure
(36:46):
everyone's got those questions. So there isn't small topics, folks, that,
you know, they're the pillars of financial future, all of them.
And if today made, you know, anything clear, it's this.
It's retirement success doesn't happen by accident. You work 30,
40 years to get there. It happens by taking action,
(37:07):
by making sure that everything that you've saved for works
for you. You've worked too hard, too long, to leave
your future to chance. So whether you're worried about market volatility,
unsure about your income plan, or simply tired of guessing
where you stand, this is your moment to get clarity.
And remember something, you retire once, we retire every day.
(37:28):
The team at Maggie Tax and Wealth Advisors is here
to help you turn today's insights into a real, personalized plan,
one that protects your savings, supports your lifestyle, and gives
you the confidence that you deserve. And don't wait for
the next market swing or the next headline to force
your hand. Take control. Call today. Your future self will
be grateful you did. 833-MAGGIE-TAX. And watch our show on Sunday,
(37:52):
Maggie Tax and Financial Show at 1030. You're listening to
the Maggie Tax and Financial Show.
Speaker 1 (37:59):
Thank you for listening to Maggie Tax and Financial Show
with Robert and Chris Maggie of Maggie Tax Wealth Advisors.
Listen here, 5 to 6 p.m. every Saturday and from
11 a.m. till noon every Sunday or anytime on the
free iHeartRadio app. And remember, you can pay less tax
with Maggie Tax. Program content provided by Maggie Tax Wealth
(38:20):
and Advisors. Call them at 833-MAGGIE-TAX or visit them online
at maggietax.com.
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