September 3, 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. My
name is Robert Maggie and I'm here with my son
and co-host, Chris Maggie. Visit our website, maggietax.com. We have
a lot of information there. We have a spot there
where you can sign up for our seminars. So take
a look at that. And also we now have a
podcast So you can go on the website and see
(01:02):
our podcast. So a lot of things going on here.
So let's get started and talk about a lot of
things that Chris and I see every day. One of
them is financial fear. What's really holding Americans back from
retirement confidence? And to me, I see a lot of
people come in, it's fear. So let me ask you
a simple question. Have you ever put off seeing a
financial advisor because you were afraid of what you might hear?
(01:26):
Maybe you're worried that they'll tell you that you don't
have enough money saved, maybe you're embarrassed because you've made
some financial mistakes, or perhaps you've convinced yourself that financial
planning is only for the wealthy people, and that's not true.
So if any of those thoughts sound familiar, you're not alone.
So let me introduce my son, Chris. And Chris, you
feel the same way I do, a lot of things
(01:47):
going on. That's exactly right.
Speaker 3 (01:48):
So welcome back to the Maggie Tax and Wealth Advisors Show,
where we help you make sense of taxes, retirement, investments,
and the financial decisions that can shape your future. So
today we're exploring a surprisingly common issue that affects millions
of Americans. As my dad mentioned here, financial advisor anxiety.
And we'll discuss why so many people avoid getting financial help,
(02:11):
why retirement creates so much financial stress, and why ignoring
both your financial and medical planning can completely derail your
retirement years. So feel free to pick up the phone,
schedule a time to meet with us, 833-MAGGI-TAX. That's 833-MAGGI-TAX.
Speaker 2 (02:27):
Visit our website.
Speaker 3 (02:28):
Today's program, you may discover that the greatest financial risk
isn't what you don't know. It's avoiding the conversations that
could change everything. So let's start with something that doesn't
really get discussed nearly enough. So jump on into today's show.
But 833-MAGGIE-TAX, pick up the phone, schedule a time to
meet with us.
Speaker 2 (02:46):
Also, one more thing. We have our TV show on Sunday.
Don't forget to tune in 1030 on ABC TV. And
a lot of information there. Really nice show. So take
a look at it. But here's the question. Do you
have financial advisor anxiety? Everybody has anxiety of different types.
But what about do you have one for a financial advisor?
So most people have heard of dental anxiety. My goodness,
(03:07):
we all have that. Many people experience anxiety about going
to the doctor. And that, without saying, is true. But
financial advisor anxiety, that's real too. In fact, countless Americans
avoid financial planning because not because they don't care about
their money, but because they care so much that they're
actually afraid of confronting reality. And Chris, one of the
(03:29):
things my dad used to say all the time, and
I've said this many times, he would say, oh, to
hell with it. And when we'd ask him, what do
you mean the hell with it? And his anxiety was
just what we talked about. He would be afraid to
ask a question because he would maybe look stupid, which
is not true, because you don't know what you don't know. No,
that's it.
Speaker 3 (03:47):
And, you know, think about it. You know, money touches
nearly every aspect of life. You know, it affects where
you live, how you raise your family, whether you can retire,
and even how about you feel about yourself. So These
are things that money does to people because money is
so deeply connected to emotions. Many people experience feelings such
as fear of being judged for past financial decisions that
(04:09):
maybe did or didn't do well. Many people avoid meeting
with a financial advisor because they're just embarrassed about past
money mistakes. Maybe they might be embarrassed by, well, I
haven't saved enough. Well, it doesn't matter whether it's credit
card debt, poor investments, or not saving enough. they worry
that they'll be criticized. People worry about how other people
feel about them, right? It doesn't have to be that
(04:30):
way because the reality is that a good advisor isn't
focused on your past. They're focused on helping improve your future.
And how many times many people come in and meet
with us, they sit down, you know, they, they have these,
the folder that's sitting there. And then some people just
open up really, really, really slow and they show us
the statements. And sometimes it's, hundred thousand for an explosion.
(04:52):
Maybe it's a million. And then we, we asked them,
you know, what's, what's, what's the problem? And they'd say, well,
I don't think I saved enough. So it doesn't matter
how much you have. You'll be surprised that, uh, it's
not a, every situation is different. So it's not about
the number. It's about what you really want. But stay
with that thought. You said they think they haven't saved enough.
And how are you supposed to know if you don't
(05:14):
sit with someone who's going to basically run through complete
planning like we do at Maggie and tax and wealth advisors.
Speaker 2 (05:20):
Because here's the story. You have to ask yourself, how
much money do you need? And if you keep saving
and saving and saving, that's good. But when are you
going to start? The question is, when do I need
the money? And Chris, And that's a question that when
we go through, because we do bucket planning, you can
talk about that in a minute, but you talk about
income now, income later, and income in the future, and
people don't look at that. And when we do that
(05:42):
conversation with people, it's like now we have their attention
because no one has ever spoke to them about that
because they're always trying to sell them a stock bond
or mutual fund. It doesn't work that way. Well, that's it.
Speaker 3 (05:53):
That's why when you come in and we do complete planning,
income planning, tax planning, investment planning, estate planning, what's your
income plan? You don't have to get to a certain number.
No one says, well, you have to get to a
million dollars so you can retire. Not every situation's that way.
If you have a big, lavish lifestyle, maybe you have
to have more money saved so you can keep spending
the way you are and the way you have been
(06:14):
doing for many years, but it doesn't have to be
that way.
Speaker 2 (06:16):
So you just said it.
Speaker 3 (06:18):
The best thing to do is pick up the phone
and schedule a time to meet with us because we're
not going to discriminate you or criticize you. We're not
going to have to make you feel bad full of
anxiety because you haven't saved enough. Some people are afraid
to find out that they're behind on retirement savings. Rather
than face the possibility of bad news, they avoid planning altogether,
(06:40):
which is what you don't want. But understanding where you
stand today gives you the opportunity to make meaningful improvements
before it's too late. So pick up the phone, schedule
a time to meet with us, 833-MAGGIE-TAX.
Speaker 2 (06:51):
You know, one of the things that you mentioned before,
people are afraid because they don't know the unknown. And
many times, and we work with a lot of federal employees,
They come in, and they have a great pension. They
have a TSP. They get Social Security, and we sit
down and show the income plan, and the numbers are like,
I'm really going to get that much? Chris, is that
what I'm going to get? And the answer is yes,
(07:12):
but no one told them that, and certainly OPM doesn't
tell them that, and even your advisor now doesn't probably
tell you that. And here's one thing I would tell
you all to do. Ask your advisor about an income plan.
Ask them, how am I going to get money when
I retire, and how much am I going to get
Not just growth and it's going to do great and
you're going to get all these great returns. That's not
(07:33):
a retirement plan, Chris.
Speaker 3 (07:35):
Well, let's just talk about that because there's the accumulation
phase and the distribution phase. And many advisors out there
have no idea how the distribution phase works. Or how
to take money from the right buckets. Many people have
piles of money. Yeah, you got an account here, you
got an account there. That's X amount and Y amount
and Z amount. It doesn't matter. How you turn that
into income... will determine your retirement plan. So feeling overwhelmed
(07:58):
by financial complexity, you know, retirement planning involves taxes, social security, Medicare, investments,
estate planning, and so much more. So with so much
information available, many people don't know where to start. Instead
of taking action, they become stuck in a cycle of
confusion and procrastination. So if you're out there today and
you're thinking, oh, I'm just confused. I think I have
(08:20):
everything squared away, but you just procrastinate. We have a
client that for many, many years, 15 years, he wears
shirts that say procrastinator. He is the king of procrastination.
My gosh, when he brought in the first, when he
first came in, he had a shirt that said procrastinator.
And then the second time he came in, it was
a different shirt and had something to do with procrastination.
(08:41):
And the third time he came in, same thing. And
I'm like, oh my God, how many shirts you have?
And his wife was saying he has so many and
that's who he is. Great guy, awesome family. But at
the end of the day, he procrastinates. but he didn't
have to do that because by putting together a plan,
guess what? He had an income plan, a tax plan,
investment plan, and a state plan to have to worry.
So if you worry about losing control, don't worry. Just
(09:04):
pick up the phone, schedule a time to meet with us, 833-MAGGIE-TAX.
And you know, some people believe that working with an
advisor means giving up control of their finances. In reality,
a good advisor should provide education, guidance, and options, not
just make decisions for you. So Financial planning should empower
you to make informed choices with confidence, and that's what
(09:25):
we do here at Maggie Tax and Wealth Advisors. 833-MAGGIE-TAX.
Speaker 2 (09:30):
And one other thing, these fears are more common than
most people realize, yet the longer people avoid planning, the
greater their uncertainty becomes, and they just get sidetracked. And
by the way, procrastination is not a retirement plan, all right?
But at Maggie Tax and Wealth Advisors, we often find
that once individuals understand where they stand financially... and what
(09:50):
options are available to them, the anxiety begins to fade,
and simply because they just don't know, and it's education
that we talk about here. So because uncertainty creates fear,
but knowledge creates confidence. And that's how we feel about
the Maggie tax and the Maggie plan. And that's what
leads us to our next question. If financial guidance can
provide so much peace of mind, why, Chris, do so
(10:12):
many Americans still choose to go it alone?
Speaker 3 (10:14):
Well, that's just it. So that's what we're going to
be discussing when we come back on the other side.
Visit our website at maggietax.com. 833-MAGGIE-TAX. Maggie Tax and Wealth Advisors.
We do a lot here. We do complete planning, income planning,
tax planning, investment planning, estate planning. What's your plan? Do
you have a plan? If not, why not? Don't let
(10:35):
anxiety beat you. Pick up the phone and schedule a
time to meet with us. 833-MAGGIE-TAX. That's 833-MAGGIE-TAX.
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 (11:13):
Welcome back to the Maggie Tax and Wealth Advisor Show.
I'm Chris Maggie, and I'm here with my dad and
co-host of the show, Robert Maggie. Today's focus is why
don't Americans use a financial advisor?
Speaker 2 (11:23):
Think about it.
Speaker 3 (11:24):
If you're out there thinking, well, I have some hesitations.
I'm full of anxiety. I'm afraid they're going to criticize me. Well,
look no further. Pick up the phone. Schedule a time
to meet with us. Visit our website at maggietax.com. That's M-A-G-G-I-T-A-X.com.
There's so much information there. right there to help you.
And we talked about this last segment that a true
advisor is not going to criticize you. It's not going
(11:46):
to make fun of you. Um, you know, true advisor
going to educate you. And that's what we do here
at Maggie tax and wealth advisors. So if financial advisors
can help people avoid mistakes, reduce taxes and create retirement confidence,
why don't more Americans use ones?
Speaker 2 (12:02):
Let's talk about that. The answer usually isn't a lack
of need. It's a lack of understanding. And I say
this all the time, you know, education, It's a lack
of confidence or trust. Maybe they don't trust that advisor
because they get the feeling they're trying to be sold.
And we talk about this all the time. There's a
transactional advisor that may be the person they're speaking to.
And there's a complete advisor, which is what we do
(12:23):
here at Maggie Tax. So let's look at six of
the biggest reasons people avoid, you know, seeking professional financial guidance.
And the first one, I don't have enough money yet.
And I see this every day. And when we do seminars,
people come in and say, you know, I don't have
any money. I don't have enough money. But yes, you do.
So one of the biggest misconceptions is that financial planning
(12:43):
is only for the wealthy. And in reality, some of
the most important decisions happen while you're still building wealth,
if you're working, if you're saving. So the earlier a
person develops good habits and a strategy, the more opportunity
they have to improve their financial future. Think about your daughter.
She saves. I give her something and she saves. So,
you know, we joke about it, but it's the truth. See,
(13:05):
I don't think we were taught that, Chris, younger, to save,
to save. Some were... And there are many savers out there,
but a lot of people spend.
Speaker 3 (13:12):
Well, I do financial education for the school. I have
a son and a daughter, and every year I go
in and speak to their class. Why? Because we talk
about buckets of money and colors of money. And we
talk about money that you need for income, and you
need to use that. There's money that we put away
for charity, and we also put money away to save
(13:32):
for retirement. So when you get a dollar, how are
you splitting that dollar up? You get $ 1, 000, how are
you splitting it up? Well, those are important decisions that
you have to make of how you bucket your money,
income coming in. So you don't have enough money yet,
but the best time to start is today. And if
I had to fast forward you 10 years from now,
(13:53):
and then you say, my God, 10 years ago, I
was able to start with something, then that's a great thing.
So I don't have enough money yet is one of
the biggest reasons, but there's also a lot more. And
the other one that we see is retirements. has become
too complicated. Many people are confused. They think it's overwhelming.
Previous generations often relied on pensions and predictable retirement income.
(14:16):
You used to work for a company for so many years,
maybe 10, 15, 20 years, you get a pension. Well, today,
Americans must make critical decisions about what to do with
Social Security, when to take it.
Speaker 2 (14:26):
What about Medicare?
Speaker 3 (14:27):
What about IRA withdrawals, when to take money out of
an IRA, investments, their taxes, as well as estate planning.
So as you see, it can be very complicated, but
If you work with the right advisor who educates you
and shows you ways, then guess what? It's an easier process.
So many people, they just feel overwhelmed by the complexity
and simply they don't know where to begin. And that's
(14:48):
why we urge you to pick up the phone, schedule
a time to meet with us. Visit our website at maggietax.com,
M-A-G-G-I-T-A-X.com or call 833-MAGGIE-TAX and let's sit down and have
a conversation.
Speaker 2 (15:00):
It's called information overload and it creates inaction so they
don't do anything. The internet is filled with financial opinions.
You can Google anything, podcasts, videos, articles, and social media advice. Unfortunately,
much of it conflicts with itself. You see one thing
and you have another thing. So when people hear too
many different answers, they often become stuck in the mud
(15:22):
and delay making important decisions altogether because they're not sure,
they're not confident. You know, they worry about cost rather
than value. And many people focus on what financial advice
might cost without considering what poor financial decisions might cost.
And the reason why I say that is because people
come in and say, what do you charge? How much
do you do this? Well, that's not an answer I
(15:42):
would want to give because we don't know yet. So
a mistake involving taxes, Social Security timing, investments, or retirement
withdrawals can potentially cost far more than the investment made
in proper planning, Chris. And we see this every day.
Speaker 3 (15:55):
Now, that's just it. So when people get confused, they
get isolated, they just don't have confidence. Well, you don't
have to be that way. You know, people worry about cost.
What's it going to cost you? Well, if you don't
do something, it's going to cost you a lot more.
And we could use that analogy all the time with
estate planning. Many people don't have estate planning put together.
Speaker 2 (16:11):
But guess what?
Speaker 3 (16:12):
You know, when you pass away or your spouse passes
away and you have to go through the probate courts
and you have to deal with attorneys or the probate
the estate, guess what's going to cost you a lot more?
So why not do it now so you can avoid everything?
So these are things that people get hesitant about and
they don't have to. Another reason is because they believe
they can do it themselves. My gosh, you know, we
see this all the time, but many Americans think they're
(16:34):
intelligent and are capable, but retirement planning isn't just about
picking investments. Remember, there's the accumulation phase and there's the
distribution phase. We talk about this all the time because, yeah,
you can manage your own money, but what do you
do with the rest? It's like a football game. You know,
the first part of the game, you're up at halftime,
you're up 54 to 10, and guess what? You got
(16:55):
to play the second half. Well, the second half is
when you can lose it through the distribution planning, through taxes.
So it involves coordinating taxes, income, healthcare, estate planning, as
well as long-term financial goals. And what's simple in one
area can be very critical that you make sure that
the rest is taken care of. So schedule a time
to meet with us, 833-MAGGIE-TAX.
Speaker 2 (17:17):
And perhaps the biggest reason that people delay financial planning
is that they aren't aware of the potential opportunities or mistakes.
And sometimes- The greatest value an advisor provides isn't what
they tell you. It's identifying risks and opportunities that you
never knew existed. And that's the reason why you meet
with a financial advisor. And the reality is that most
(17:38):
people don't avoid financial advisors because they don't care about
their future. They avoid them because they believe they can
figure everything out later. Do it yourself. But here's the thing.
Retirement doesn't come with a practice round. There's no practice
rounds here. The decisions you make today can impact your
lifestyle for decades to come. And that leads us to
(17:59):
another important question, which we'll cover in the next segment.
Why do so many people worry about retirement in the
first place, even when they've spent years saving for it?
And coming up next, we're going to discuss the financial fears.
that keep many future retirees awake at night, and what
can be done to create greater confidence for the years ahead.
It's simple, 833-MAGGIE-TAX. Give us a call. Check our website out, maggietax.com.
(18:24):
Tune in tomorrow to our show on ABC at 1030,
and a lot of these answers are going to come
right there, so do it. It's really simple, 833-MAGGIE-TAX, and
visit maggietax.com.
Speaker 1 (18:34):
833-MAGGIE-TAX. 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
(18:56):
you can create a tax-free retirement, call 833-MAGGIE-TAX or visit maggietax.com.
Now your host with Maggie Tax and Wealth Advisors, Robert
and Chris Maggie.
Speaker 3 (19:09):
Thanks for tuning in to the Maggie Tax and Financial Show.
And as always, glad to be here. Why? Because each
and every week we meet with people in our office.
And it's amazing what we find out. Many people are scared.
They're isolated. They have no confidence. They want something. They
want to go ahead and put together a plan. They
want to retire. They want to make sure that they're
financially sound.
Speaker 2 (19:28):
But guess what?
Speaker 3 (19:29):
They just don't know where to go. So pick up
the phone. Schedule a time to meet with us. 833-MAGGIE-TAX.
My question to you is, do you have an income plan?
What is your tax plan? What's your investment plan? What's
your complete plan? If you don't have one, that's okay.
Pick up the phone, schedule a time to meet with us.
So we're talking about today, financial anxiety. If you don't
(19:51):
manage your medical and financial planning, it can take your
retirement to its knees. So when most people think about
retirement planning, they think about investments, savings accounts, as well
as 401ks. But the most successful retirements aren't built on
investments alone. They're built on having a plan for the
things that you know are coming and the things that
you can always predict. So think about this for a minute.
(20:15):
You have parents. You have friends. You hear the stories.
These things you know are possibly coming. Will they affect you?
I don't know. But the things that you can't always
predict are the things that you need to cover for.
That's financial planning. So pick up the phone. Schedule a time.
But let's dive into that, Dad, as we go.
Speaker 2 (20:31):
Sure. There's a lot of questions and a lot of concerns.
But one of the biggest pieces of that puzzle is
health care. We all agree on that. not because it's
something to fear, but because it's something worth preparing for.
A great retirement plan looks beyond investments, and health care
is one of the biggest ones. So growing your money
is important, but retirement is about much more than account balances.
(20:52):
A complete plan, which we talk about, should help coordinate
your income, your taxes, and your health care decisions, estate planning,
and long-term goals so everything works together. That's your puzzle.
Health care costs deserve a seat in the planning table,
So many times we see this all the time. They're
not planning for, you know, health care. They don't know,
like with Medicare, A and B. And then you've got
(21:14):
to talk about, you know, the rest of the story,
the supplement. How much is that going to cost? So
you have to talk about that with an advisor like
we do. And we do that all the time. Many retirees,
they focus on everyday expenses like housing, travel, and entertainment.
But health care often becomes one of the largest expenses
during retirement. And I think most people sit at the
kitchen table at night talking about where they're going to go, travel,
(21:37):
and how we're going to get there. And they plan
on that more than they do health care, Chris. You know,
that's the thing.
Speaker 3 (21:41):
Many people want to retire early. So early kind of
means maybe 60, 61, 62, 63. But then they have
to cover the cost of health insurance. And think about
what you're paying right now. But as you get older,
you know, say you did save for retirement. You have
plenty of assets. But then you want to retire at 62. Well,
could you turn on Social Security? Sure, but you still...
(22:03):
are three years away from Medicare. Medicare part A, which
is hospital, part B is doctor. So what is Medicare, right?
So you have to have health insurance, but those three
years you have to cover through underage health insurance, and
that can cost many people a lot of money.
Speaker 2 (22:19):
We see it.
Speaker 3 (22:20):
They come on in. Maybe it's $ 1, 200 a month for
their husband and spouse or both of them together. Maybe
it's $ 2, 000 a month. So how are you covering that?
These are things that we talk about, and that's just
health insurance. But what about long-term care? What about if
you go into a nursing home? What if you need
home health care? These things that we're talking about. So
(22:40):
making sure you plan on the things that you can't
predict is just really important on the financial stage of life.
Speaker 2 (22:48):
And one thing that we really stress on is being
prepared and having a future that you can understand. and
see from when you meet with an advisor, not just investments,
because if you're not doing all complete planning like we're
talking about here, you need to meet with someone who can.
So one of the biggest benefits of planning is flexibility
because we do it from a balance sheet. And when
(23:10):
we show you a balance sheet and get all your
assets on that paper, the word flexibility comes into view
because now you see it from a different perspective. So
when you understand your financial picture, and have strategies in place,
you're often able to make decisions based on what's best
for your family, not based on financial pressure. And Chris,
that's where I think people come into the confusion part,
(23:31):
financial pressure.
Speaker 3 (23:32):
Well, that's it. The more you are prepared, the more
choices you'll have. And that's the best thing because when
we can put together a balance sheet and we can
show our clients what's qualified, what's taxable, what's non-qualified, what's tax-free,
maybe you have Roth IRA accounts, But these are things
that there's different buckets where you can tap into. So
not only just creating the financial plan and managing the
(23:53):
money and making sure that you have all those accumulated assets,
you want to make sure you prepare for the distribution
phase of retirement. So if you don't have a plan,
and again, I hate to use the word plan because
everyone wants the plan, but it's just so broadly used.
What we're talking about is just complete. Do you have
an incomplete plan or do you have a complete plan?
(24:14):
And if yours is incomplete, it's broken. The good news
is that you can fix it. You can fix the glass.
You can put it together so that you are in
a smooth glassy through moving forward. So we can help
you pick up the phone, schedule a time to meet
with us. 8 3 3 Maggie tax. There's so much
information right at our website. We talked about the podcast
that we do each and every, every week wealth wise
(24:35):
with Maggie tax and wealth advisors. We do these things.
So if you're on Spotify or you're looking for a podcast,
you can tune in. And every Sunday on ABC TV
at 10 30, Tune into the Maggie Tax and Financial
Show on ABC TV. But more importantly, just come on in.
We have office on both sides of the bay. So
let's talk about why retirement should be about living, not
(24:56):
constantly worrying about it.
Speaker 2 (24:58):
Well, you hit that on the head for sure. Most
people worry. So you've spent decades saving and preparing, and
a retirement plan helps turn those years of hard work
into a roadmap that allows you to spend less time
worrying about money and more time focusing on family, your hobbies, travel.
and the things that bring you joy because that's what
you work for. Every day you think about these things.
(25:19):
You go to bed at night. I ask the question,
what keeps you up at night? What's the elephant in
the room? So small adjustments today can create big benefits tomorrow,
and you've got to talk about that. Sometimes a simple
change in a tax strategy, which is what Chris and
I talk about every day, withdrawal strategies. We mentioned about withdrawal, Tom.
You're on a distribution phase of your life. Medicare decisions.
(25:42):
These are decisions that worry people every day. Or even
a state plan can make a meaningful difference over time
because if someone passes away, are you set up correctly?
Do you have the beneficiaries set up? That's why proactive
planning often creates opportunities people didn't realize existed. And I think, Chris,
many times when we sit down and we go through
(26:02):
our process from top to bottom, which we're just talking about,
the question comes out is, well, my advisor or my
tax person doesn't Discuss that.
Speaker 3 (26:10):
Exactly.
Speaker 2 (26:11):
Because when you have tax problems, we have the tax answers.
We have tax people on call in every office in St. Pete,
in Oldsmore, and in Lutz. And we do tax planning,
advanced tax planning, all year round. How many times do
you guys read the tax manual? Probably none. And we
joke about that, but that's what we do every day.
(26:31):
And you have to understand, this is why you meet
with someone who can do the financial plan, because we
want to create confidence. And that's a big word that
a lot of people, you know, would like to have.
And at the end of the day, most people aren't
looking for complicated charts or financial jargon. That's over. I mean,
that was years ago, they would show you a chart
and up and down. I have no idea what that is,
(26:53):
but when, you know, they're looking for confidence, not a
story and confidence that they're on track. Think about it.
What's your plan on track confidence that they're making smart decisions.
We hear so many times, Chris, people come in and say,
Oh my gosh, I made a decision years ago and
I'm so sorry that I made that decision because I
didn't know. And bottom line, confidence that they can enjoy
(27:14):
retirement knowing that they have a strategy behind them. And
if you don't sit down and have this conversation with people,
we mentioned it before, what's the cost? What's the cost
of not doing anything? And many times, Chris, on the
tax side, people look at it and go like, gee,
I didn't know I could do that. Yeah, you can
have a tax-free retirement on a Roth conversion. We talk
about this all the time. People are confused about that
(27:36):
and how do I do it? So meeting with a
financial advisor like Maggie Tax and Wealth Advisors from what
we do, and we covered everything here, and Chris and
I talk about this every week, you have to have
confidence and make a plan.
Speaker 3 (27:47):
Well, just great what you said because people out there
have to start thinking about that. But more importantly, many
people might get confused on isn't every financial advisor the same?
Speaker 2 (27:58):
And they're not.
Speaker 3 (27:59):
Just because you deal with investments doesn't make you a
financial advisor or a complete planner. Let's talk about that.
You have what they call brokers out there. Brokers, they
sell a stock or a bond or a mutual fund
and they just sell more transactional. Are those good? They
have their place, but also is that what you're looking for?
Are you just looking for someone to do that for you?
I don't know. Are you looking for the right stocks
to pick and just sit on them? Maybe that's where
(28:20):
they can help you. What about an insurance agent? Maybe
someone does life insurance or Medicare or different types of
annuities that pretty much just more transactional means they just
give you a product and they sell your product, right?
And that's pretty much it. But if you're looking for
that type of advisor, then there could be a justification
(28:41):
for using one. But when you look at different advisors,
not everyone's the same. When you're looking for a fiduciary
or someone who's a complete advisor or a certified financial planner,
these types of advisors look at everything. So they understand
the whole big picture. They're looking at your tax preparation.
They're looking at your tax planning strategies. They're looking at
(29:03):
your insurance and your investments and your Medicare. They're looking
about the risk that you're taking with your investments. They're
looking at the estate plan. These are things that we
do here at Maggie Tax and Wealth Advisors. That's why
we do complete planning, income planning, tax planning, investment planning.
These are things that we look for. So a financial
plan does create confidence. Meeting with the right advisor creates confidence.
(29:28):
and we can help you. So pick up the phone
and schedule a time to meet with us. If you're
out there, you're listening, you're cruising around, just remember maggietax.com, M-A-G-G-I-T-A-X.com,
Maggie Tax and Wealth. Advisors. We're here to help you. 833-MAGGIE-TAX,
that's 833-MAGGIE-TAX.
Speaker 2 (29:45):
And it's real simple. It's to prepare for the best
years of your life because retirement isn't just about having
enough money. It's really about having the freedom to enjoy
the life you've worked so hard to build. So that's
exactly why having a comprehensive life financial plan can make
all the difference. And that's what Chris was talking about.
So we've talked about why people avoid financial advisors, why
retirement creates so much financial uncertainty, and why healthcare planning
(30:09):
plays an important role in a long-term success. Because you
have to make the decisions now before you retire. 833-MAGGIE-TAX.
Visit our website, maggietax.com. Tune in tomorrow on ABC TV
at 1030 to the Maggie Tax and Wealth Advisor Show.
And I'm going to tell you right now, There's a
lot of good information there. So 833-MAGGIE-TAX and visit maggietax.com.
Speaker 1 (30:34):
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.
(30:56):
Now your host with Maggie Tax and Wealth Advisors, Robert
and Chris Maggie.
Speaker 2 (31:00):
Welcome back to the Maggie Taxon Financial Show. My name
is Robert Maggie. I'm here with my son and co-host,
Chris Maggie. I hope you're enjoying today's show because we're
talking about a lot of concerns that people have. You know,
why do people worry about their retirement years financially and
healthcare and a whole lot of other issues. After decades
of working, think about this, and saving and planning, you
would think retirement would be the easy part, but it's
(31:21):
really not. For many Americans, retirement brings some of the
biggest financial fears. And the question is why? Because retirement
isn't just about having money. It's about trusting that your
money can take care of you for the rest of
your life. Because I don't know if anyone got an
email when they're going to die. We don't know, so
we have to have enough money to keep going for
the rest of our life. So the fear of running
out of money before running out of life is a concern, Chris,
(31:43):
of everybody. And for many Americans, this is the biggest
retirement fear. It's not dying too soon. It's living too
long and watching hard-earned savings slowly disappear. And people often
ask themselves, will my money last as long as I do?
And that uncertainty can turn away retirement withdrawal into a
stressful decision.
Speaker 3 (32:03):
Well, stop right there for a sec because, again, many
people think if you have millions of dollars that they're
not worried. People are not worried about how much money
they have or if they're ever going to run out
of money. And many people who have maybe a couple
hundred grand are more concerned with that topic. But it's
actually vice versa. There's millionaire people out there who have
(32:24):
saved for so long and they have a lot of
money there. And there's a lot of self-made millionaires out there.
Think about that, where all the growth. Millionaire isn't just
because you're the wealthy one and you've done everything right.
Many people have saved and with the market being where
it's been, have made themselves millionaires. So using the word
millionaire years ago was totally different than what it is today.
(32:45):
But the bottom line here, that's just a number. Now,
what do you do with this can dictate the answer
to that question. Will you outlive your money or will
time outlive you? Which one is it? But we never
want to go through retirement knowing that we're going to
outlive our money someday.
Speaker 2 (33:03):
Well, think about that. And this is another concern. One
major event could change everything. It's that simple, a market downturn.
We all worry about that. The loss of a spouse,
a health crisis, or an unexpected family emergency, you know
as well as I do, can completely alter retirement plans
in a hurry. And many retirees worry that one unexpected
event could undo years of careful saving and force difficult
(33:25):
financial decisions later in life. And we see this every day.
People call us and say, you know, I need the
money because. Another big problem is inflation quietly erodes financial security.
Inflation doesn't make headlines every day, folks, but retirees feel
its impact over time every day. The cost of groceries,
we know this, housing, travel, and healthcare continues to rise,
(33:48):
causing many people to worry. It's common. It's nothing wrong.
But the advice we're trying to give you is meet
with us because we do complete planning to address all
these issues. That's why we do this radio show. That's
why we do the podcast. That's why we do the
TV show every week because these are concerns that Chris
and I see every single day. And this is what
we do for a living. We enjoy doing this. This
(34:10):
is our job. So when you come in, you want
to make sure that you get what you're asking for,
the answers to all your questions. And that's just it.
Speaker 3 (34:18):
So if you're out there, you're thinking, where do I go?
You have it right here. And today we've talked about
financial advisor anxiety. You know, why so many Americans avoid
financial planning. They have the fears that people carry into
retirement and why healthcare planning plays such an important role
in protecting your future. Many people have the fear of
(34:38):
becoming a burden. Well, perhaps the most emotional concern is
that the possibility of depending on loved ones for financial
support or care. You know, if you're older, do you really,
you know, your kids, they're going to have to take
care of you. Is that what you want? Many people
don't want that. Well, you have to plan on it.
So that's why different bucket planning is so important. It's crucial.
But here's the question I want to leave you with.
(34:59):
If you don't have a written financial plan, are you
hoping retirement works out? Or do you actually know it will?
Now think about that for a minute, because if you
don't have the answer to that, you pick up the phone,
schedule a time to meet with us. 833-MAGGI-TAX. That's 833-MAGGI-TAX.
Speaker 2 (35:18):
Because hope is not a strategy and retirement is too
important to leave to chance. Don't hope. You know, we
all say, I hope this, I hope that. That's not
the answer. And the difference between people who feel confident
in retirement and those who constantly worry often isn't how
much money they have. It's how much clarity they have.
Do they really understand what they have? They know where
(35:39):
their income will come from. They understand how taxes may
affect them. They have a plan for unexpected expenses. And
most importantly, think about this. They know they're not making
these decisions alone. And that's the difference of having a
financial advisor that can walk you through this. And at
Maggie Tax, we believe every family deserves that kind of confidence.
(36:01):
And for those of you that met with us, understand
whether you're five years from retirement, already retired, or simply
wondering if you're on the right track, the best time
to get a second opinion is before you need one.
And that's important. So the sooner you understand your options,
the more important options you'll choose, Chris. It makes it simple.
Speaker 3 (36:20):
Absolutely. And that's why, you know, when you come in
and meet with us, we're going to sit down and
have a conversation with you. You know, as a fiduciary
and someone that's complete planning, it's so great when we
have the ability to educate you so you make decisions. Many,
many people come in and they feel a little overwhelmed.
But when they sit down and we explain things and
they leave with a happy face knowing that they own
(36:41):
their retirement's confidence. So imagine replacing uncertainty with a plan,
replacing worry with confidence. Imagine replacing the question, am I
going to be okay? But you replace it with the
peace of mind that comes from knowing where you're headed
and where you're going to go. That's confidence. That's what
financial planning is really about. It's not about charts, it's
(37:01):
not about spreadsheets or even financial literature that you just
can't understand. It's about helping you confidently. Live the life
you worked so hard to build. That's why we retire.
You choose to retire when? When you know things are
under control, but why not know it now? So don't
spend another year wondering, what if, can I, will I,
question mark, waking up in the middle of the night.
(37:23):
Find out now. Give us a call, Maggie Tax and
Wealth Advisors. schedule your financial planning consultation.
Speaker 2 (37:29):
Let's meet.
Speaker 3 (37:30):
We have offers on both sides of the bay because
your retirement is coming, whether you're prepared for it or not.
And the question is simple. Will you enter the retirement
phase hoping for the best or planning for it? Until
next time, this is Chris Maggie and Robert Maggie with
Maggie Tax and Wealth Advisors, reminding you that your future
won't be determined by the choices you make someday. It
will be shaped by the choices that you make today.
Speaker 1 (37:52):
833-MAGGIE-TAX.
Speaker 2 (37:53):
Look forward to meeting with you.
Speaker 3 (37:55):
833-MAGGIE-TAX.
Speaker 1 (37:58):
Thank you for listening to Maggie Tax and Financial Show
with Robert and Chris Maggie of Maggie Tax Wealth Advisors.
Listen here, 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
(38:19):
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. My
name is Robert Maggie and I'm here with my son
and co-host, Chris Maggie. Visit our website, maggietax.com. We have
a lot of information there. We have a spot there
where you can sign up for our seminars. So take
a look at that. And also we now have a
podcast So you can go on the website and see
(01:02):
our podcast. So a lot of things going on here.
So let's get started and talk about a lot of
things that Chris and I see every day. One of
them is financial fear. What's really holding Americans back from
retirement confidence? And to me, I see a lot of
people come in, it's fear. So let me ask you
a simple question. Have you ever put off seeing a
financial advisor because you were afraid of what you might hear?
(01:26):
Maybe you're worried that they'll tell you that you don't
have enough money saved, maybe you're embarrassed because you've made
some financial mistakes, or perhaps you've convinced yourself that financial
planning is only for the wealthy people, and that's not true.
So if any of those thoughts sound familiar, you're not alone.
So let me introduce my son, Chris. And Chris, you
feel the same way I do, a lot of things
(01:47):
going on. That's exactly right.
Speaker 3 (01:48):
So welcome back to the Maggie Tax and Wealth Advisors Show,
where we help you make sense of taxes, retirement, investments,
and the financial decisions that can shape your future. So
today we're exploring a surprisingly common issue that affects millions
of Americans. As my dad mentioned here, financial advisor anxiety.
And we'll discuss why so many people avoid getting financial help,
(02:11):
why retirement creates so much financial stress, and why ignoring
both your financial and medical planning can completely derail your
retirement years. So feel free to pick up the phone,
schedule a time to meet with us, 833-MAGGI-TAX. That's 833-MAGGI-TAX.
Speaker 2 (02:27):
Visit our website.
Speaker 3 (02:28):
Today's program, you may discover that the greatest financial risk
isn't what you don't know. It's avoiding the conversations that
could change everything. So let's start with something that doesn't
really get discussed nearly enough. So jump on into today's show.
But 833-MAGGIE-TAX, pick up the phone, schedule a time to
meet with us.
Speaker 2 (02:46):
Also, one more thing. We have our TV show on Sunday.
Don't forget to tune in 1030 on ABC TV. And
a lot of information there. Really nice show. So take
a look at it. But here's the question. Do you
have financial advisor anxiety? Everybody has anxiety of different types.
But what about do you have one for a financial advisor?
So most people have heard of dental anxiety. My goodness,
(03:07):
we all have that. Many people experience anxiety about going
to the doctor. And that, without saying, is true. But
financial advisor anxiety, that's real too. In fact, countless Americans
avoid financial planning because not because they don't care about
their money, but because they care so much that they're
actually afraid of confronting reality. And Chris, one of the
(03:29):
things my dad used to say all the time, and
I've said this many times, he would say, oh, to
hell with it. And when we'd ask him, what do
you mean the hell with it? And his anxiety was
just what we talked about. He would be afraid to
ask a question because he would maybe look stupid, which
is not true, because you don't know what you don't know. No,
that's it.
Speaker 3 (03:47):
And, you know, think about it. You know, money touches
nearly every aspect of life. You know, it affects where
you live, how you raise your family, whether you can retire,
and even how about you feel about yourself. So These
are things that money does to people because money is
so deeply connected to emotions. Many people experience feelings such
as fear of being judged for past financial decisions that
(04:09):
maybe did or didn't do well. Many people avoid meeting
with a financial advisor because they're just embarrassed about past
money mistakes. Maybe they might be embarrassed by, well, I
haven't saved enough. Well, it doesn't matter whether it's credit
card debt, poor investments, or not saving enough. they worry
that they'll be criticized. People worry about how other people
feel about them, right? It doesn't have to be that
(04:30):
way because the reality is that a good advisor isn't
focused on your past. They're focused on helping improve your future.
And how many times many people come in and meet
with us, they sit down, you know, they, they have these,
the folder that's sitting there. And then some people just
open up really, really, really slow and they show us
the statements. And sometimes it's, hundred thousand for an explosion.
(04:52):
Maybe it's a million. And then we, we asked them,
you know, what's, what's, what's the problem? And they'd say, well,
I don't think I saved enough. So it doesn't matter
how much you have. You'll be surprised that, uh, it's
not a, every situation is different. So it's not about
the number. It's about what you really want. But stay
with that thought. You said they think they haven't saved enough.
And how are you supposed to know if you don't
(05:14):
sit with someone who's going to basically run through complete
planning like we do at Maggie and tax and wealth advisors.
Speaker 2 (05:20):
Because here's the story. You have to ask yourself, how
much money do you need? And if you keep saving
and saving and saving, that's good. But when are you
going to start? The question is, when do I need
the money? And Chris, And that's a question that when
we go through, because we do bucket planning, you can
talk about that in a minute, but you talk about
income now, income later, and income in the future, and
people don't look at that. And when we do that
(05:42):
conversation with people, it's like now we have their attention
because no one has ever spoke to them about that
because they're always trying to sell them a stock bond
or mutual fund. It doesn't work that way. Well, that's it.
Speaker 3 (05:53):
That's why when you come in and we do complete planning,
income planning, tax planning, investment planning, estate planning, what's your
income plan? You don't have to get to a certain number.
No one says, well, you have to get to a
million dollars so you can retire. Not every situation's that way.
If you have a big, lavish lifestyle, maybe you have
to have more money saved so you can keep spending
the way you are and the way you have been
(06:14):
doing for many years, but it doesn't have to be
that way.
Speaker 2 (06:16):
So you just said it.
Speaker 3 (06:18):
The best thing to do is pick up the phone
and schedule a time to meet with us because we're
not going to discriminate you or criticize you. We're not
going to have to make you feel bad full of
anxiety because you haven't saved enough. Some people are afraid
to find out that they're behind on retirement savings. Rather
than face the possibility of bad news, they avoid planning altogether,
(06:40):
which is what you don't want. But understanding where you
stand today gives you the opportunity to make meaningful improvements
before it's too late. So pick up the phone, schedule
a time to meet with us, 833-MAGGIE-TAX.
Speaker 2 (06:51):
You know, one of the things that you mentioned before,
people are afraid because they don't know the unknown. And
many times, and we work with a lot of federal employees,
They come in, and they have a great pension. They
have a TSP. They get Social Security, and we sit
down and show the income plan, and the numbers are like,
I'm really going to get that much? Chris, is that
what I'm going to get? And the answer is yes,
(07:12):
but no one told them that, and certainly OPM doesn't
tell them that, and even your advisor now doesn't probably
tell you that. And here's one thing I would tell
you all to do. Ask your advisor about an income plan.
Ask them, how am I going to get money when
I retire, and how much am I going to get
Not just growth and it's going to do great and
you're going to get all these great returns. That's not
(07:33):
a retirement plan, Chris.
Speaker 3 (07:35):
Well, let's just talk about that because there's the accumulation
phase and the distribution phase. And many advisors out there
have no idea how the distribution phase works. Or how
to take money from the right buckets. Many people have
piles of money. Yeah, you got an account here, you
got an account there. That's X amount and Y amount
and Z amount. It doesn't matter. How you turn that
into income... will determine your retirement plan. So feeling overwhelmed
(07:58):
by financial complexity, you know, retirement planning involves taxes, social security, Medicare, investments,
estate planning, and so much more. So with so much
information available, many people don't know where to start. Instead
of taking action, they become stuck in a cycle of
confusion and procrastination. So if you're out there today and
you're thinking, oh, I'm just confused. I think I have
(08:20):
everything squared away, but you just procrastinate. We have a
client that for many, many years, 15 years, he wears
shirts that say procrastinator. He is the king of procrastination.
My gosh, when he brought in the first, when he
first came in, he had a shirt that said procrastinator.
And then the second time he came in, it was
a different shirt and had something to do with procrastination.
(08:41):
And the third time he came in, same thing. And
I'm like, oh my God, how many shirts you have?
And his wife was saying he has so many and
that's who he is. Great guy, awesome family. But at
the end of the day, he procrastinates. but he didn't
have to do that because by putting together a plan,
guess what? He had an income plan, a tax plan,
investment plan, and a state plan to have to worry.
So if you worry about losing control, don't worry. Just
(09:04):
pick up the phone, schedule a time to meet with us, 833-MAGGIE-TAX.
And you know, some people believe that working with an
advisor means giving up control of their finances. In reality,
a good advisor should provide education, guidance, and options, not
just make decisions for you. So Financial planning should empower
you to make informed choices with confidence, and that's what
(09:25):
we do here at Maggie Tax and Wealth Advisors. 833-MAGGIE-TAX.
Speaker 2 (09:30):
And one other thing, these fears are more common than
most people realize, yet the longer people avoid planning, the
greater their uncertainty becomes, and they just get sidetracked. And
by the way, procrastination is not a retirement plan, all right?
But at Maggie Tax and Wealth Advisors, we often find
that once individuals understand where they stand financially... and what
(09:50):
options are available to them, the anxiety begins to fade,
and simply because they just don't know, and it's education
that we talk about here. So because uncertainty creates fear,
but knowledge creates confidence. And that's how we feel about
the Maggie tax and the Maggie plan. And that's what
leads us to our next question. If financial guidance can
provide so much peace of mind, why, Chris, do so
(10:12):
many Americans still choose to go it alone?
Speaker 3 (10:14):
Well, that's just it. So that's what we're going to
be discussing when we come back on the other side.
Visit our website at maggietax.com. 833-MAGGIE-TAX. Maggie Tax and Wealth Advisors.
We do a lot here. We do complete planning, income planning,
tax planning, investment planning, estate planning. What's your plan? Do
you have a plan? If not, why not? Don't let
(10:35):
anxiety beat you. Pick up the phone and schedule a
time to meet with us. 833-MAGGIE-TAX. That's 833-MAGGIE-TAX.
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 (11:13):
Welcome back to the Maggie Tax and Wealth Advisor Show.
I'm Chris Maggie, and I'm here with my dad and
co-host of the show, Robert Maggie. Today's focus is why
don't Americans use a financial advisor?
Speaker 2 (11:23):
Think about it.
Speaker 3 (11:24):
If you're out there thinking, well, I have some hesitations.
I'm full of anxiety. I'm afraid they're going to criticize me. Well,
look no further. Pick up the phone. Schedule a time
to meet with us. Visit our website at maggietax.com. That's M-A-G-G-I-T-A-X.com.
There's so much information there. right there to help you.
And we talked about this last segment that a true
advisor is not going to criticize you. It's not going
(11:46):
to make fun of you. Um, you know, true advisor
going to educate you. And that's what we do here
at Maggie tax and wealth advisors. So if financial advisors
can help people avoid mistakes, reduce taxes and create retirement confidence,
why don't more Americans use ones?
Speaker 2 (12:02):
Let's talk about that. The answer usually isn't a lack
of need. It's a lack of understanding. And I say
this all the time, you know, education, It's a lack
of confidence or trust. Maybe they don't trust that advisor
because they get the feeling they're trying to be sold.
And we talk about this all the time. There's a
transactional advisor that may be the person they're speaking to.
And there's a complete advisor, which is what we do
(12:23):
here at Maggie Tax. So let's look at six of
the biggest reasons people avoid, you know, seeking professional financial guidance.
And the first one, I don't have enough money yet.
And I see this every day. And when we do seminars,
people come in and say, you know, I don't have
any money. I don't have enough money. But yes, you do.
So one of the biggest misconceptions is that financial planning
(12:43):
is only for the wealthy. And in reality, some of
the most important decisions happen while you're still building wealth,
if you're working, if you're saving. So the earlier a
person develops good habits and a strategy, the more opportunity
they have to improve their financial future. Think about your daughter.
She saves. I give her something and she saves. So,
you know, we joke about it, but it's the truth. See,
(13:05):
I don't think we were taught that, Chris, younger, to save,
to save. Some were... And there are many savers out there,
but a lot of people spend.
Speaker 3 (13:12):
Well, I do financial education for the school. I have
a son and a daughter, and every year I go
in and speak to their class. Why? Because we talk
about buckets of money and colors of money. And we
talk about money that you need for income, and you
need to use that. There's money that we put away
for charity, and we also put money away to save
(13:32):
for retirement. So when you get a dollar, how are
you splitting that dollar up? You get $ 1, 000, how are
you splitting it up? Well, those are important decisions that
you have to make of how you bucket your money,
income coming in. So you don't have enough money yet,
but the best time to start is today. And if
I had to fast forward you 10 years from now,
(13:53):
and then you say, my God, 10 years ago, I
was able to start with something, then that's a great thing.
So I don't have enough money yet is one of
the biggest reasons, but there's also a lot more. And
the other one that we see is retirements. has become
too complicated. Many people are confused. They think it's overwhelming.
Previous generations often relied on pensions and predictable retirement income.
(14:16):
You used to work for a company for so many years,
maybe 10, 15, 20 years, you get a pension. Well, today,
Americans must make critical decisions about what to do with
Social Security, when to take it.
Speaker 2 (14:26):
What about Medicare?
Speaker 3 (14:27):
What about IRA withdrawals, when to take money out of
an IRA, investments, their taxes, as well as estate planning.
So as you see, it can be very complicated, but
If you work with the right advisor who educates you
and shows you ways, then guess what? It's an easier process.
So many people, they just feel overwhelmed by the complexity
and simply they don't know where to begin. And that's
(14:48):
why we urge you to pick up the phone, schedule
a time to meet with us. Visit our website at maggietax.com,
M-A-G-G-I-T-A-X.com or call 833-MAGGIE-TAX and let's sit down and have
a conversation.
Speaker 2 (15:00):
It's called information overload and it creates inaction so they
don't do anything. The internet is filled with financial opinions.
You can Google anything, podcasts, videos, articles, and social media advice. Unfortunately,
much of it conflicts with itself. You see one thing
and you have another thing. So when people hear too
many different answers, they often become stuck in the mud
(15:22):
and delay making important decisions altogether because they're not sure,
they're not confident. You know, they worry about cost rather
than value. And many people focus on what financial advice
might cost without considering what poor financial decisions might cost.
And the reason why I say that is because people
come in and say, what do you charge? How much
do you do this? Well, that's not an answer I
(15:42):
would want to give because we don't know yet. So
a mistake involving taxes, Social Security timing, investments, or retirement
withdrawals can potentially cost far more than the investment made
in proper planning, Chris. And we see this every day.
Speaker 3 (15:55):
Now, that's just it. So when people get confused, they
get isolated, they just don't have confidence. Well, you don't
have to be that way. You know, people worry about cost.
What's it going to cost you? Well, if you don't
do something, it's going to cost you a lot more.
And we could use that analogy all the time with
estate planning. Many people don't have estate planning put together.
Speaker 2 (16:11):
But guess what?
Speaker 3 (16:12):
You know, when you pass away or your spouse passes
away and you have to go through the probate courts
and you have to deal with attorneys or the probate
the estate, guess what's going to cost you a lot more?
So why not do it now so you can avoid everything?
So these are things that people get hesitant about and
they don't have to. Another reason is because they believe
they can do it themselves. My gosh, you know, we
see this all the time, but many Americans think they're
(16:34):
intelligent and are capable, but retirement planning isn't just about
picking investments. Remember, there's the accumulation phase and there's the
distribution phase. We talk about this all the time because, yeah,
you can manage your own money, but what do you
do with the rest? It's like a football game. You know,
the first part of the game, you're up at halftime,
you're up 54 to 10, and guess what? You got
(16:55):
to play the second half. Well, the second half is
when you can lose it through the distribution planning, through taxes.
So it involves coordinating taxes, income, healthcare, estate planning, as
well as long-term financial goals. And what's simple in one
area can be very critical that you make sure that
the rest is taken care of. So schedule a time
to meet with us, 833-MAGGIE-TAX.
Speaker 2 (17:17):
And perhaps the biggest reason that people delay financial planning
is that they aren't aware of the potential opportunities or mistakes.
And sometimes- The greatest value an advisor provides isn't what
they tell you. It's identifying risks and opportunities that you
never knew existed. And that's the reason why you meet
with a financial advisor. And the reality is that most
(17:38):
people don't avoid financial advisors because they don't care about
their future. They avoid them because they believe they can
figure everything out later. Do it yourself. But here's the thing.
Retirement doesn't come with a practice round. There's no practice
rounds here. The decisions you make today can impact your
lifestyle for decades to come. And that leads us to
(17:59):
another important question, which we'll cover in the next segment.
Why do so many people worry about retirement in the
first place, even when they've spent years saving for it?
And coming up next, we're going to discuss the financial fears.
that keep many future retirees awake at night, and what
can be done to create greater confidence for the years ahead.
It's simple, 833-MAGGIE-TAX. Give us a call. Check our website out, maggietax.com.
(18:24):
Tune in tomorrow to our show on ABC at 1030,
and a lot of these answers are going to come
right there, so do it. It's really simple, 833-MAGGIE-TAX, and
visit maggietax.com.
Speaker 1 (18:34):
833-MAGGIE-TAX. 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
(18:56):
you can create a tax-free retirement, call 833-MAGGIE-TAX or visit maggietax.com.
Now your host with Maggie Tax and Wealth Advisors, Robert
and Chris Maggie.
Speaker 3 (19:09):
Thanks for tuning in to the Maggie Tax and Financial Show.
And as always, glad to be here. Why? Because each
and every week we meet with people in our office.
And it's amazing what we find out. Many people are scared.
They're isolated. They have no confidence. They want something. They
want to go ahead and put together a plan. They
want to retire. They want to make sure that they're
financially sound.
Speaker 2 (19:28):
But guess what?
Speaker 3 (19:29):
They just don't know where to go. So pick up
the phone. Schedule a time to meet with us. 833-MAGGIE-TAX.
My question to you is, do you have an income plan?
What is your tax plan? What's your investment plan? What's
your complete plan? If you don't have one, that's okay.
Pick up the phone, schedule a time to meet with us.
So we're talking about today, financial anxiety. If you don't
(19:51):
manage your medical and financial planning, it can take your
retirement to its knees. So when most people think about
retirement planning, they think about investments, savings accounts, as well
as 401ks. But the most successful retirements aren't built on
investments alone. They're built on having a plan for the
things that you know are coming and the things that
you can always predict. So think about this for a minute.
(20:15):
You have parents. You have friends. You hear the stories.
These things you know are possibly coming. Will they affect you?
I don't know. But the things that you can't always
predict are the things that you need to cover for.
That's financial planning. So pick up the phone. Schedule a time.
But let's dive into that, Dad, as we go.
Speaker 2 (20:31):
Sure. There's a lot of questions and a lot of concerns.
But one of the biggest pieces of that puzzle is
health care. We all agree on that. not because it's
something to fear, but because it's something worth preparing for.
A great retirement plan looks beyond investments, and health care
is one of the biggest ones. So growing your money
is important, but retirement is about much more than account balances.
(20:52):
A complete plan, which we talk about, should help coordinate
your income, your taxes, and your health care decisions, estate planning,
and long-term goals so everything works together. That's your puzzle.
Health care costs deserve a seat in the planning table,
So many times we see this all the time. They're
not planning for, you know, health care. They don't know,
like with Medicare, A and B. And then you've got
(21:14):
to talk about, you know, the rest of the story,
the supplement. How much is that going to cost? So
you have to talk about that with an advisor like
we do. And we do that all the time. Many retirees,
they focus on everyday expenses like housing, travel, and entertainment.
But health care often becomes one of the largest expenses
during retirement. And I think most people sit at the
kitchen table at night talking about where they're going to go, travel,
(21:37):
and how we're going to get there. And they plan
on that more than they do health care, Chris. You know,
that's the thing.
Speaker 3 (21:41):
Many people want to retire early. So early kind of
means maybe 60, 61, 62, 63. But then they have
to cover the cost of health insurance. And think about
what you're paying right now. But as you get older,
you know, say you did save for retirement. You have
plenty of assets. But then you want to retire at 62. Well,
could you turn on Social Security? Sure, but you still...
(22:03):
are three years away from Medicare. Medicare part A, which
is hospital, part B is doctor. So what is Medicare, right?
So you have to have health insurance, but those three
years you have to cover through underage health insurance, and
that can cost many people a lot of money.
Speaker 2 (22:19):
We see it.
Speaker 3 (22:20):
They come on in. Maybe it's $ 1, 200 a month for
their husband and spouse or both of them together. Maybe
it's $ 2, 000 a month. So how are you covering that?
These are things that we talk about, and that's just
health insurance. But what about long-term care? What about if
you go into a nursing home? What if you need
home health care? These things that we're talking about. So
(22:40):
making sure you plan on the things that you can't
predict is just really important on the financial stage of life.
Speaker 2 (22:48):
And one thing that we really stress on is being
prepared and having a future that you can understand. and
see from when you meet with an advisor, not just investments,
because if you're not doing all complete planning like we're
talking about here, you need to meet with someone who can.
So one of the biggest benefits of planning is flexibility
because we do it from a balance sheet. And when
(23:10):
we show you a balance sheet and get all your
assets on that paper, the word flexibility comes into view
because now you see it from a different perspective. So
when you understand your financial picture, and have strategies in place,
you're often able to make decisions based on what's best
for your family, not based on financial pressure. And Chris,
that's where I think people come into the confusion part,
(23:31):
financial pressure.
Speaker 3 (23:32):
Well, that's it. The more you are prepared, the more
choices you'll have. And that's the best thing because when
we can put together a balance sheet and we can
show our clients what's qualified, what's taxable, what's non-qualified, what's tax-free,
maybe you have Roth IRA accounts, But these are things
that there's different buckets where you can tap into. So
not only just creating the financial plan and managing the
(23:53):
money and making sure that you have all those accumulated assets,
you want to make sure you prepare for the distribution
phase of retirement. So if you don't have a plan,
and again, I hate to use the word plan because
everyone wants the plan, but it's just so broadly used.
What we're talking about is just complete. Do you have
an incomplete plan or do you have a complete plan?
(24:14):
And if yours is incomplete, it's broken. The good news
is that you can fix it. You can fix the glass.
You can put it together so that you are in
a smooth glassy through moving forward. So we can help
you pick up the phone, schedule a time to meet
with us. 8 3 3 Maggie tax. There's so much
information right at our website. We talked about the podcast
that we do each and every, every week wealth wise
(24:35):
with Maggie tax and wealth advisors. We do these things.
So if you're on Spotify or you're looking for a podcast,
you can tune in. And every Sunday on ABC TV
at 10 30, Tune into the Maggie Tax and Financial
Show on ABC TV. But more importantly, just come on in.
We have office on both sides of the bay. So
let's talk about why retirement should be about living, not
(24:56):
constantly worrying about it.
Speaker 2 (24:58):
Well, you hit that on the head for sure. Most
people worry. So you've spent decades saving and preparing, and
a retirement plan helps turn those years of hard work
into a roadmap that allows you to spend less time
worrying about money and more time focusing on family, your hobbies, travel.
and the things that bring you joy because that's what
you work for. Every day you think about these things.
(25:19):
You go to bed at night. I ask the question,
what keeps you up at night? What's the elephant in
the room? So small adjustments today can create big benefits tomorrow,
and you've got to talk about that. Sometimes a simple
change in a tax strategy, which is what Chris and
I talk about every day, withdrawal strategies. We mentioned about withdrawal, Tom.
You're on a distribution phase of your life. Medicare decisions.
(25:42):
These are decisions that worry people every day. Or even
a state plan can make a meaningful difference over time
because if someone passes away, are you set up correctly?
Do you have the beneficiaries set up? That's why proactive
planning often creates opportunities people didn't realize existed. And I think, Chris,
many times when we sit down and we go through
(26:02):
our process from top to bottom, which we're just talking about,
the question comes out is, well, my advisor or my
tax person doesn't Discuss that.
Speaker 3 (26:10):
Exactly.
Speaker 2 (26:11):
Because when you have tax problems, we have the tax answers.
We have tax people on call in every office in St. Pete,
in Oldsmore, and in Lutz. And we do tax planning,
advanced tax planning, all year round. How many times do
you guys read the tax manual? Probably none. And we
joke about that, but that's what we do every day.
(26:31):
And you have to understand, this is why you meet
with someone who can do the financial plan, because we
want to create confidence. And that's a big word that
a lot of people, you know, would like to have.
And at the end of the day, most people aren't
looking for complicated charts or financial jargon. That's over. I mean,
that was years ago, they would show you a chart
and up and down. I have no idea what that is,
(26:53):
but when, you know, they're looking for confidence, not a
story and confidence that they're on track. Think about it.
What's your plan on track confidence that they're making smart decisions.
We hear so many times, Chris, people come in and say,
Oh my gosh, I made a decision years ago and
I'm so sorry that I made that decision because I
didn't know. And bottom line, confidence that they can enjoy
(27:14):
retirement knowing that they have a strategy behind them. And
if you don't sit down and have this conversation with people,
we mentioned it before, what's the cost? What's the cost
of not doing anything? And many times, Chris, on the
tax side, people look at it and go like, gee,
I didn't know I could do that. Yeah, you can
have a tax-free retirement on a Roth conversion. We talk
about this all the time. People are confused about that
(27:36):
and how do I do it? So meeting with a
financial advisor like Maggie Tax and Wealth Advisors from what
we do, and we covered everything here, and Chris and
I talk about this every week, you have to have
confidence and make a plan.
Speaker 3 (27:47):
Well, just great what you said because people out there
have to start thinking about that. But more importantly, many
people might get confused on isn't every financial advisor the same?
Speaker 2 (27:58):
And they're not.
Speaker 3 (27:59):
Just because you deal with investments doesn't make you a
financial advisor or a complete planner. Let's talk about that.
You have what they call brokers out there. Brokers, they
sell a stock or a bond or a mutual fund
and they just sell more transactional. Are those good? They
have their place, but also is that what you're looking for?
Are you just looking for someone to do that for you?
I don't know. Are you looking for the right stocks
to pick and just sit on them? Maybe that's where
(28:20):
they can help you. What about an insurance agent? Maybe
someone does life insurance or Medicare or different types of
annuities that pretty much just more transactional means they just
give you a product and they sell your product, right?
And that's pretty much it. But if you're looking for
that type of advisor, then there could be a justification
(28:41):
for using one. But when you look at different advisors,
not everyone's the same. When you're looking for a fiduciary
or someone who's a complete advisor or a certified financial planner,
these types of advisors look at everything. So they understand
the whole big picture. They're looking at your tax preparation.
They're looking at your tax planning strategies. They're looking at
(29:03):
your insurance and your investments and your Medicare. They're looking
about the risk that you're taking with your investments. They're
looking at the estate plan. These are things that we
do here at Maggie Tax and Wealth Advisors. That's why
we do complete planning, income planning, tax planning, investment planning.
These are things that we look for. So a financial
plan does create confidence. Meeting with the right advisor creates confidence.
(29:28):
and we can help you. So pick up the phone
and schedule a time to meet with us. If you're
out there, you're listening, you're cruising around, just remember maggietax.com, M-A-G-G-I-T-A-X.com,
Maggie Tax and Wealth. Advisors. We're here to help you. 833-MAGGIE-TAX,
that's 833-MAGGIE-TAX.
Speaker 2 (29:45):
And it's real simple. It's to prepare for the best
years of your life because retirement isn't just about having
enough money. It's really about having the freedom to enjoy
the life you've worked so hard to build. So that's
exactly why having a comprehensive life financial plan can make
all the difference. And that's what Chris was talking about.
So we've talked about why people avoid financial advisors, why
retirement creates so much financial uncertainty, and why healthcare planning
(30:09):
plays an important role in a long-term success. Because you
have to make the decisions now before you retire. 833-MAGGIE-TAX.
Visit our website, maggietax.com. Tune in tomorrow on ABC TV
at 1030 to the Maggie Tax and Wealth Advisor Show.
And I'm going to tell you right now, There's a
lot of good information there. So 833-MAGGIE-TAX and visit maggietax.com.
Speaker 1 (30:34):
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.
(30:56):
Now your host with Maggie Tax and Wealth Advisors, Robert
and Chris Maggie.
Speaker 2 (31:00):
Welcome back to the Maggie Taxon Financial Show. My name
is Robert Maggie. I'm here with my son and co-host,
Chris Maggie. I hope you're enjoying today's show because we're
talking about a lot of concerns that people have. You know,
why do people worry about their retirement years financially and
healthcare and a whole lot of other issues. After decades
of working, think about this, and saving and planning, you
would think retirement would be the easy part, but it's
(31:21):
really not. For many Americans, retirement brings some of the
biggest financial fears. And the question is why? Because retirement
isn't just about having money. It's about trusting that your
money can take care of you for the rest of
your life. Because I don't know if anyone got an
email when they're going to die. We don't know, so
we have to have enough money to keep going for
the rest of our life. So the fear of running
out of money before running out of life is a concern, Chris,
(31:43):
of everybody. And for many Americans, this is the biggest
retirement fear. It's not dying too soon. It's living too
long and watching hard-earned savings slowly disappear. And people often
ask themselves, will my money last as long as I do?
And that uncertainty can turn away retirement withdrawal into a
stressful decision.
Speaker 3 (32:03):
Well, stop right there for a sec because, again, many
people think if you have millions of dollars that they're
not worried. People are not worried about how much money
they have or if they're ever going to run out
of money. And many people who have maybe a couple
hundred grand are more concerned with that topic. But it's
actually vice versa. There's millionaire people out there who have
(32:24):
saved for so long and they have a lot of
money there. And there's a lot of self-made millionaires out there.
Think about that, where all the growth. Millionaire isn't just
because you're the wealthy one and you've done everything right.
Many people have saved and with the market being where
it's been, have made themselves millionaires. So using the word
millionaire years ago was totally different than what it is today.
(32:45):
But the bottom line here, that's just a number. Now,
what do you do with this can dictate the answer
to that question. Will you outlive your money or will
time outlive you? Which one is it? But we never
want to go through retirement knowing that we're going to
outlive our money someday.
Speaker 2 (33:03):
Well, think about that. And this is another concern. One
major event could change everything. It's that simple, a market downturn.
We all worry about that. The loss of a spouse,
a health crisis, or an unexpected family emergency, you know
as well as I do, can completely alter retirement plans
in a hurry. And many retirees worry that one unexpected
event could undo years of careful saving and force difficult
(33:25):
financial decisions later in life. And we see this every day.
People call us and say, you know, I need the
money because. Another big problem is inflation quietly erodes financial security.
Inflation doesn't make headlines every day, folks, but retirees feel
its impact over time every day. The cost of groceries,
we know this, housing, travel, and healthcare continues to rise,
(33:48):
causing many people to worry. It's common. It's nothing wrong.
But the advice we're trying to give you is meet
with us because we do complete planning to address all
these issues. That's why we do this radio show. That's
why we do the podcast. That's why we do the
TV show every week because these are concerns that Chris
and I see every single day. And this is what
we do for a living. We enjoy doing this. This
(34:10):
is our job. So when you come in, you want
to make sure that you get what you're asking for,
the answers to all your questions. And that's just it.
Speaker 3 (34:18):
So if you're out there, you're thinking, where do I go?
You have it right here. And today we've talked about
financial advisor anxiety. You know, why so many Americans avoid
financial planning. They have the fears that people carry into
retirement and why healthcare planning plays such an important role
in protecting your future. Many people have the fear of
(34:38):
becoming a burden. Well, perhaps the most emotional concern is
that the possibility of depending on loved ones for financial
support or care. You know, if you're older, do you really,
you know, your kids, they're going to have to take
care of you. Is that what you want? Many people
don't want that. Well, you have to plan on it.
So that's why different bucket planning is so important. It's crucial.
But here's the question I want to leave you with.
(34:59):
If you don't have a written financial plan, are you
hoping retirement works out? Or do you actually know it will?
Now think about that for a minute, because if you
don't have the answer to that, you pick up the phone,
schedule a time to meet with us. 833-MAGGI-TAX. That's 833-MAGGI-TAX.
Speaker 2 (35:18):
Because hope is not a strategy and retirement is too
important to leave to chance. Don't hope. You know, we
all say, I hope this, I hope that. That's not
the answer. And the difference between people who feel confident
in retirement and those who constantly worry often isn't how
much money they have. It's how much clarity they have.
Do they really understand what they have? They know where
(35:39):
their income will come from. They understand how taxes may
affect them. They have a plan for unexpected expenses. And
most importantly, think about this. They know they're not making
these decisions alone. And that's the difference of having a
financial advisor that can walk you through this. And at
Maggie Tax, we believe every family deserves that kind of confidence.
(36:01):
And for those of you that met with us, understand
whether you're five years from retirement, already retired, or simply
wondering if you're on the right track, the best time
to get a second opinion is before you need one.
And that's important. So the sooner you understand your options,
the more important options you'll choose, Chris. It makes it simple.
Speaker 3 (36:20):
Absolutely. And that's why, you know, when you come in
and meet with us, we're going to sit down and
have a conversation with you. You know, as a fiduciary
and someone that's complete planning, it's so great when we
have the ability to educate you so you make decisions. Many,
many people come in and they feel a little overwhelmed.
But when they sit down and we explain things and
they leave with a happy face knowing that they own
(36:41):
their retirement's confidence. So imagine replacing uncertainty with a plan,
replacing worry with confidence. Imagine replacing the question, am I
going to be okay? But you replace it with the
peace of mind that comes from knowing where you're headed
and where you're going to go. That's confidence. That's what
financial planning is really about. It's not about charts, it's
(37:01):
not about spreadsheets or even financial literature that you just
can't understand. It's about helping you confidently. Live the life
you worked so hard to build. That's why we retire.
You choose to retire when? When you know things are
under control, but why not know it now? So don't
spend another year wondering, what if, can I, will I,
question mark, waking up in the middle of the night.
(37:23):
Find out now. Give us a call, Maggie Tax and
Wealth Advisors. schedule your financial planning consultation.
Speaker 2 (37:29):
Let's meet.
Speaker 3 (37:30):
We have offers on both sides of the bay because
your retirement is coming, whether you're prepared for it or not.
And the question is simple. Will you enter the retirement
phase hoping for the best or planning for it? Until
next time, this is Chris Maggie and Robert Maggie with
Maggie Tax and Wealth Advisors, reminding you that your future
won't be determined by the choices you make someday. It
will be shaped by the choices that you make today.
Speaker 1 (37:52):
833-MAGGIE-TAX.
Speaker 2 (37:53):
Look forward to meeting with you.
Speaker 3 (37:55):
833-MAGGIE-TAX.
Speaker 1 (37:58):
Thank you for listening to Maggie Tax and Financial Show
with Robert and Chris Maggie of Maggie Tax Wealth Advisors.
Listen here, 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
(38:19):
and Advisors. Call them at 833-MAGGIE-TAX or visit them online
at maggietax.com.
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