Episode 20260912 - Income Planning Wealth Planning Paychecks and Playchecks

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Episode Transcript

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 (00:40):
Welcome to another powerful episode of the Maggie Tax and
Wealth Advisor Show, and thanks for joining us today. My
name is Robert Maggie, and I'm here with my son,
Chris Maggie, where we don't just talk about retirement. We
build it, we protect it, and we help you make
the most of the years that you've worked so hard for.
And today's show is packed. We're diving into four pillars
of a successful retirement that most people never get right.

(01:04):
They wait too long. And the right consequence of missing
even one of these can be devastating. So, Chris, let's
get started because here's what we're going to cover today.
Go over what we're going to cover today because, by
the way, a lot of people have questions. Give us
a call at 833-MAGGIE-TAX. Be sure to visit our website, maggietax.com.
And every Sunday on ABC at 1030, tune in to

(01:25):
the Maggie Tax and Financial Show.

Speaker 3 (01:27):
Yeah, I'm Chris Magian. Thank you so much for tuning in.
And each and every week, we're so glad to be
here because there's so much to talk about. Education is
so important and so valuable. And if you're educated on
what you can do, then you can make the right
decisions for your retirement. So what are we going to
cover today? Well, first, income planning during retirement, how to
build a paycheck that lasts as long as you do.

(01:48):
We're also going to talk about wealth planning, how to
coordinate your investments, your taxes, income, and also legacy so
everything works together. And also third, In our third segment today,
I'm going to talk about paychecks and playchecks. Yeah, I
said it, paychecks and playchecks. What's that? Well, a system
that helps retirees enjoy their money without the fear of
running it out and spending on whatever they want. And also, finally, Rothology.

(02:12):
This is really, really a special, special word that we
love to talk about because it's a proven strategy for
turning taxable money into tax-free income forever and defusing the
IRS time bomb. that's hidden inside your IRA.

Speaker 2 (02:28):
And one thing that you need to understand, and don't
be afraid to ask, ask about a Roth conversion, because
right now people are concerned about tax-free money and how
to do it. Yes, you have to pay taxes, but
let us show you how what Chris mentioned, Rothology works.
We do this all the time, but it's important. So
if you have any questions, pick up the phone, call 833-MAGGIE-TAX.
And throughout today's show, we're going to be talking about

(02:51):
a lot of that. So again, unless you ask, And
unless you find out the right answer, you're probably going
to do it wrong. So this is the kind of
information that most people never hear until it's too late.
But you don't have to be one of them. That's
why we do this show. So if you're listening right
now and you've been meaning to get your retirement plan reviewed,
now's your opportunity. Or you're wondering if you're doing the

(03:13):
right thing. Maybe you need a review. That's what we
can help you with. Or you just want clarity and confidence.
This is your moment to act. 833-MAGGIE-TAX. Visit our website, maggietax.com.
And again, be sure to visit and watch our show
tomorrow on ABC TV at 1030.

Speaker 3 (03:29):
So set your appointment to come in and meet with
us because when you come in, we're going to sit
down and we're going to analyze a lot of different
areas from your taxes, from your investments, and also we're
going to talk about during this segment the income planning
during retirement. And this is where we're starting today and
what I believe is the most simple and also single
most important question in retirement. How do you replace the paycheck?

(03:51):
How do you replace the paycheck? Many people are sitting
home today thinking, how do I do that? Can I retire?
What does that look like? Well, we retire every day.
Many people just retire once, but we retire each and
every day because think about it. For 30, 40, maybe
even 50 years of your life has been built around
a steady check each and every two weeks. You planned

(04:14):
around it. You lived on with it, you depended on it.
And then suddenly one day, guess what? It just stops.
So what do you do? You try to plan for it. Well,
the bills don't stop. Inflation doesn't stop. Taxes don't stop.
Your lifestyle doesn't want to stop, but the paycheck does.
And that's why income planning is not optional. It's survival.

(04:35):
It's confidence. It's freedom. So without a written income strategy,
retirement becomes a guessing game and guesswork is where fear lives.
So when we're talking about income planning, Dad, so many
people come in and they say, I want to retire,
but they got no plan. And that's why they come
to us because we can show them what their income
plan looks like so they don't have to worry about

(04:57):
the paycheck.

Speaker 2 (04:58):
Well, one of the things, and you mentioned that we
see it every day, is that people come in with
piles of money. What they have is piles of money
but don't have income buckets or buckets that's going to
give them the guaranteed income that they need for the
rest of their life. And the truth is, Chris, people
don't sit down with an advisor. And one of the
things that we do as well, we do tax planning.
And right now, we're in tax season. So remember, we

(05:20):
do tax preparation. Give us a call at 833-MAGGIE-TAX. We
take drop-offs in our office in St. Pete, our new
office in Oldsmar, and our office in Lutes, Florida. So
one of the things that you should be doing and
you can be doing when you get your taxes done
is have the preparer or your CPA do an income
plan for you and a tax plan Because what Chris

(05:40):
mentioned before about paychecks and playchecks, because one other thing,
if you spend too much money, then you're not going
to have enough to live on. So these are things
that are critical. These are the things that we do
and we focus on. But you must have multiple income
streams working together. And if no one has sat down
with you and explained that to you, we're giving you

(06:00):
an opportunity. Give us a call, 833-MAGGI-TAX. Because a proper
retirement income plan, it blends with Social Security, with your pension.
portfolio withdrawals, Roth income, dividends, and guaranteed income sources into
one coordinated strategy. So the goal is simple, stable income
every month, regardless of what the market is doing, Chris.

Speaker 3 (06:21):
So let's just say, you know, when you start thinking
about paychecks and playchecks and retirement income planning and income
planning during retirement, you must have multiple income streams working together.
And there's no rule that says you can't have a
number of paychecks coming in each and every month. And
think of it this way. You have your Social Security, possibly.

(06:41):
You have your pension. But what if you can create
your own family pension or pensions where you never outlive
your money and it's just more income coming in the
front door each and every month? So that's what we're
talking about today. But also inflation. What about inflation, taxes,
and longevity require income that grows over time? So your
expenses will rise. Taxes may rise. Healthcare will rise. The

(07:03):
cost of living will rise. And that's why a retirement
income plan cannot be flat. It must be built to adjust,
to adapt, and to grow so your lifestyle never shrinks.
So pick up the phone and schedule a time to
meet with us. 833-MAGGIE-TAX. You know, when you visit our website, maggietax.com,
there's so much information right there. But what would you
advise people thinking out there today at home, driving, whatever

(07:27):
it is, retirement's on their mind. So what's the easiest
way to for them to get a clear picture on
what that retirement income can look like during retirement.

Speaker 2 (07:36):
Well, there's a lot of things that are basically included,
but what plan that you need to help understand? And
I'll tell you what we're asking. Do you have an
income plan? Do you have a tax plan? Do you
have an insurance plan? We talk about insuring your IRA
so that you don't have to pay a large tax
when you take the money out. What about investment planning?
How many of you are looking at it from an

(07:57):
investment side where you Reduce the risk so you have
more for yourself. And this is the big one, the
Roth IRA planning. Today you can convert to a Roth,
have tax-free money. And the question I ask all of
you is what bucket do you have that's tax-free? What
about estate planning? People are short on wills and trust
and understanding the retirement and the estate planning when something

(08:22):
happens to you. What about Social Security planning? This is
a big one. People are confused, Chris, out there that,
you know, when do I take Social Security? Do I
take it too soon? You know, we talk about this
on every show and it's a concern because what we
talk about before in income planning, Social Security, pension, everything
is included. So This is what they need to be

(08:42):
thinking about, Chris. It's not just one size fits all.

Speaker 3 (08:45):
That's it. So build a paycheck that lasts as long
as you do. And how do you do that? It's simple.
You pick up the phone, schedule a time to meet
with us, 833-MAGGIE-TAX. Come in and visit us. We have
offices on both sides of the Bay. We have an
office in Oldsmar, a brand new office right there, Lutz,
and also in St. Pete. So pick up the phone,
schedule an appointment now, 833-MAGGIE-TAX. And when you come in

(09:06):
and meet with us, we're going to sit down and
have a conversation with you. And we're going to talk
about budget planning. We're going to talk about income planning.
We're going to talk about what do you need each
and every month to cover your expenses. Then we'll also
adjust for inflation. And we talked about the different rising
costs in the future. What do those look like? Well,
when you put together a retirement plan and you create

(09:26):
your own buckets with investments, you can have income streams
coming to you forever and ever and ever. And that's
why we're talking about paychecks as well, which we're going
to get to later on in the show. But pick
up the phone, schedule a time to meet with us.
On our website, maggietax.com, there's a button right there called
the Retirement Tax Bill. And this is one of the
things that you can do to discover how much tax

(09:49):
you're going to pay in retirement, which is going to
affect your what? Income. Income during retirement. So get a
plan now. We call it the Maggie Plan. It's Income
Plan tax planning, investment planning, Social Security planning, Medicare planning.
That's what we do to help you.

Speaker 2 (10:07):
You also talked about the most important thing, education. We
are part of a 501c3 Speakers Bureau. We do four
seminars a month in different locations around Pinellas and Hillsborough, Why?
Because we want to educate you. And we do these
at libraries. You can see it on our website. You
can register for those. They're about 45 minutes to an hour,
but we talk about taxes. We talk about retirement planning.

(10:29):
We talk about estate planning. We get so many questions
out there about, do I need a will? Do I
need a power of attorney? Do I need a trust?
This is all part of retirement, Chris. And this is
where many people that come in and see us, they're
missing these pieces of the puzzle. And when we sit
down with you and we ask you these questions, The
question we get, well, yeah, I've been thinking about it,

(10:50):
but I just haven't done it. Look, procrastination is not
a retirement plan. Would you agree with that?

Speaker 3 (10:56):
Absolutely. So people have excuses all day, and at the
end of the day, this is your money, your future.
Don't have the excuse. If you don't have a written
income plan, then you do not have a retirement plan.
It's period. That's it. It's simple as that. And the
worst time to discover that is after you retire. that's
when you get crushed and people just fall victim to

(11:18):
running out of money. So right now, before life throws
you curveballs, before the market shifts again, before another year
passes without a plan, this is the moment. This is
the moment right now to take action. Pick up the
phone and schedule a time to meet with us. Call
Maggie Tax and Wealth Advisors right now. Let's schedule your
complimentary retirement income blueprint. This blueprint today will show you

(11:39):
exactly how long your money will last, where your income
will come from, and how to make sure that you
never run out of your paychecks and also have playchecks.
So don't guess, don't worry, don't hope. Pick up the
phone now, call us, and get the confidence that you deserve.

Speaker 1 (11:56):
833-MAGGIE-TAX.

Speaker 3 (11:57):
That's 833-MAGGIE-TAX.

Speaker 1 (12:02):
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.

(12:23):
Now your host with Maggie Tax and Wealth Advisors, Robert
and Chris Maggie.

Speaker 3 (12:28):
Welcome back to the Maggie Tax and Financial Show. I'm
Chris Maggie and I'm here with my dad and host
of the show, Robert Maggie. And in this segment, we're
stepping beyond investments, beyond taxes, beyond the number that's on
the page. We're talking about wealth planning. That's the coordination
of everything that matters in your financial life. And let
me tell you something most people have never heard or

(12:49):
they never hear is that you can have great investments
and still have a terrible plan. You can have a
strong nest egg, and still have a massive blind spot
that's there for you. You could be smart with money
and still make mistakes that cost your family tens or
hundreds of thousands of dollars. So that's why wealth planning
is not about how much money you have. It's about

(13:10):
whether everything you have is working together in harmony, not friction.
And how important is that statement?

Speaker 2 (13:17):
It is. It's very important. And when you mentioned those
things that you could be smart or you could be
strong and you could have great investments, but sometimes... something
happens that doesn't make it so good anymore. So wealth
must be coordinated, not scattered. And I think what we
see every day when people come in, Chris, is they
have piles of investments and don't know what to do

(13:38):
with it until we sit down and put a plan together.
So most people have their financial life spread out across
different places, different investments at one firm. A tax preparer
somewhere else, estate documents in a drawer. beneficiaries they haven't
even checked in with years. They've never seen them or

(13:58):
heard from them. So when nothing talks to each other,
you get costly mistakes. That's what we're talking about. So
wealth planning is about bringing everything together into one unified
strategy so your money works efficiently and powerfully. We call
it the Maggie Plan, simple and easy to understand. And
I know that sounds kind of like rough a little bit,

(14:19):
but if you sit down and what we just talked about,
put the pieces together one by one, Things start to
make sense, Chris, and you could see it from the
top down and say, well, you know what? I guess
my estate planning isn't that good. Maybe my income plan
is not that good, what I thought it was. I'm
taking money out of accounts that I shouldn't be taking
it out of. So when you sit down and take

(14:40):
the time, and like we do with our clients and
everyone out there, when you make an appointment, then you
start to see it, and that's when you create your plan.

Speaker 3 (14:48):
Well, that's just it, and we hear it time and
time again. We hear people talk in. friends you might have,
and they say, well, we have great investments, but again,
they can have a terrible plan. So coordination is so important,
and that's why being scattered is not a plan. So
you want to meet with us, schedule time, let's put
everything together for you. Let's make it simple. And that's
one of the things we do. We put together a

(15:09):
balance sheet, shows your qualified accounts, your non-qualified accounts, your
tax-free buckets, your taxable buckets, your income, all on one page.
So you see what you have, and that's called wealth planning.
So in One of the things with wealth planning comes
the hidden blind spots that what hurt families the most,
and they just really don't plan for it, it's not
the big market swings that usually cause the most financial damage.

(15:33):
It's the small overlooked details such as what? Wrong beneficiaries,
outdated estate documents, inefficient account titles, tax decisions that are
made without considering investments. I had a new client that
came in the other day, and he was telling me
how before the end of the year, he just converted
some money. And I was like, how much did you convert?

(15:55):
He said, 230,000. I said, did you look at the
tax verification before you converted? And he said, I had
no idea what they're going to be. I'm guess I'm surprised. Well,
I said, did you plan on putting money away? And
he said, I just didn't know. And that's why he was,
he met with us because he had no plan. He said,
I hear you guys all the time. You know, you
guys talk about tax planning, investment planning, insurance planning. I

(16:17):
need a plan. I want the big picture. And I,
He said he messed up last year and he doesn't
want to make that mistake again. And that's what we're
discussing here because these are the blind spots that hurt
families the most. So true wealth planning eliminates those blind
spots and protects the families from preventable mistakes. And that's
why I can't stress enough. It's so important to meet
with us, you know, schedule time to come on in

(16:37):
833 Maggie tax, get the Maggie plan. It's income planning,
tax planning, investment planning. stay playing. These are things we
talk about each and every day.

Speaker 2 (16:46):
And here's what you all can do. If you go
to our website, maggietax.com, what Chris is talking about when
you have an IRA or 401k and you think you
convert it or take money out, you need to know
what your tax bill is. And remember something, you pay
IRS first. So if you go to maggietax.com and on
the top, you'll see the tax retirement bill. Put in
your amount. I have clients come in there and they

(17:06):
put you know, fictitious amounts because they just want to
see if it's real. And it is. So if you
put in $ 300, 000 or a million dollars, it's going to
show you what your tax bill is going to be
at what age. And Chris, here's the big, big catch.
A lot of people don't realize they have to take
the RMD out at what age? Well, 73.

Speaker 3 (17:24):
And then some people, it's 75.

Speaker 2 (17:27):
Right.

Speaker 3 (17:27):
So they don't know.

Speaker 2 (17:28):
Yeah, it used to be 70 and a half. So
when you look at this retirement tax bill, it's going
to show you that when you start taking money out,
what it's going to cost you in taxes. And here's
the next part. It's going to create an IRMA tax
on your Social Security and your Part B. People don't
know what that is. So when we do tax planning
and we sit down and sit there with you on

(17:48):
this tax retirement bill, all of a sudden, Chris, the
lights go on. And you've seen it many times. We
see this every day. And the question comes out now is,
what do I do? How do I fix this problem? Well,
that's what we're talking about. Don't make these mistakes. You
don't have to.

Speaker 3 (18:01):
That's exactly right. So you got these blind spots and
then wealth planning is about more than money. It's about
direction and purpose. You know, anyone can own investments. Wealth
planning gives those investments intent. It aligns with taxes, income, risk, growth,
and also legacy into one plan that is proactive instead
of reactive. And that's why we call it the Maggie plan.
Every account on the investment side you have has a direction,

(18:24):
has a purpose. So your wealth isn't just preserved, but optimized.
for your life, and also for your family's future. So
pick up the phone, schedule time to meet with us.
If you have investments, you want a second opinion, we
can help. Right now is the time to do it.
If your financial life feels scattered, if your accounts live everywhere,
if you have piles of money, if you're working with

(18:45):
a tax person here, an investment person there, and an
insurance person somewhere else, you do not have a coordinated
wealth plan. You have puzzle pieces in different drawers. That's
what we're talking about here. If that is you, call
Maggie Tax and Wealth Advisors right now. 833-MAGGIE-TAX. Get your
complete wealth coordination review today. We will show you exactly

(19:08):
where the gaps are and how to fix them before
they become real problems. Your wealth deserves clarity, protection, and purpose.
So pick up the phone now. 833-MAGGIE-TAX. MaggieTax.com. Visit our website.

Speaker 2 (19:21):
833-MAGGIE-TAX.

Speaker 1 (19:25):
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.

(19:47):
Now your host with Maggie Tax and Wealth Advisors, Robert
and Chris Maggie.

Speaker 3 (19:53):
Welcome back to the Maggie Tax and Financial Show. And
as always, we are glad to be here. And we
thank you so much for tuning in. And for the
beginning of the show, we've been talking about income planning
during retirement, how important it is to build a paycheck
that lasts as long as you live. We also talked
about wealth planning and It's so important to coordinate your investments,
your taxes, your income and legacy. So everything works together.

(20:15):
So welcome back to the Maggie tax and financial show.
And as always, I'm here with my dad and co-host
of the show, Robert Maggie. And each and every day
we're talking about tax planning, income planning, legacy planning, investment planning,
estate planning, and we do complete planning. So this segment,
we're going to talk about paychecks and playchecks.

Speaker 2 (20:33):
Yeah.

Speaker 3 (20:34):
I said the playcheck. What's a playcheck? Well, We're going
to dive into that because it's so great to have
paychecks come in, but also those playchecks are so much
fun to have, especially in retirement. So, all right, let's
dive into the most important and, frankly, most understood concepts
in retirement. Dive in here right here, Dad. Playchecks and paychecks.

Speaker 2 (20:54):
Sure, why not? By the way, don't forget, visit our website, maggietax.com,
and every Sunday at 1030, tune into the Maggie Tax
and Financial show on ABC TV, and right after... At
11 o'clock, we have our show on the radio on WFLA.
So a lot of good information that we have going
out here. And today, of course, is what Chris is
talking about, paychecks and playchecks. Because here's the truth. Retirement

(21:17):
is not just about paying bills. Many people think it is.
Retirement is about living and living your life the way
you should, where you're happy and you're having fun. And then,
of course, you have to work. But then that's when
you start worrying about paying the bills. And yet so
many retirees are just terrified. I mean terrified to spend money.
They worry about markets. They worry about taxes, inflation, outliving

(21:41):
their savings. So they live smaller than they need to
because they're afraid. But when you separate your retirement into
two buckets, the paycheck bucket for essential expenses and the
play check bucket for fun, for travel, for family, for hobbies,
everything else changes. So retirement stops being stressful and becomes
more enjoyable again. And Chris, I don't know how many

(22:04):
advisors are not talking about paychecks and playchecks.

Speaker 1 (22:06):
Why?

Speaker 2 (22:07):
What's wrong?

Speaker 3 (22:08):
I'll tell you pretty simple. Not every advisor is the same.
There's many advisors out there that call themselves advisors, but
pretty much they could be just typically a transactional advisor,
which means they just sell a product or a thing
or whatever they do, one thing. But a Maggie Tax
advisor and wealth advisor is what we're focusing on is
a complete planning. And the paycheck bucket is so important

(22:28):
because that's just one of the ability things that we
can do to help you. So the paycheck bucket covers
essential expenses with absolute certainty. So your paycheck is the
income that must hit your bank account every month to
cover the non-negotiables, such as what? Housing, food, utilities, healthcare, insurance, right?

(22:49):
This bucket must be reliable, predictable, and insulated from market volatility.
So when your essential expenses are guaranteed, guess what? Fear disappears.
And then confidence begins. And that's when we put together
retirement plans called income plans for our clients. That's what
we're talking about. Fear disappears and confidence begins.

Speaker 2 (23:09):
And that's what we're talking about, the Maggie Plan. Simple
and easy to understand from complete planning. And this is
part of the complete planning that we all need to
talk about. So the play check bucket that Chris is
talking about, it's the money that makes retirement fun.

Speaker 1 (23:23):
Fun.

Speaker 2 (23:24):
I mean laughing and playing.

Speaker 1 (23:26):
Fun.

Speaker 2 (23:27):
So your play check is everything above the essentials. Travel, hobbies,
dinners out, spoiling grandkids. I have two and spoil the
heck out of them. Upgrades, bucket list experiences. What does
that mean? You have to have a bucket list of
what you want to do, what you want to accomplish,
and where you want to go. A lot of people
don't have that, and that's something that you should put together.

(23:47):
And this is the money that creates memories and joy.
When this bucket is planned separately, retirees feel permission to
enjoy their money without guilt or anxiety. And Chris, that's
the problem today, the anxiety and the stress that most
people have, because this is something that they don't have.
And when we talk to our clients, when they come
in and we bring that up, all of a sudden

(24:08):
the mood changes and it kind of relaxes and they go,
gee whiz, I never thought about it that way. So
let's continue.

Speaker 3 (24:14):
Well, that's just it. You know, there's accumulation phase and
there's the distribution phase. So let me ask you, do
you have an income plan? Do you have an income plan?
Do you really know what that means? Well, if you don't,
then you don't have one. Because I'll tell you what,
when you start thinking about buckets with a purpose and
you can put together a paycheck bucket to cover all
the essentials, and then you can put together a play

(24:36):
check bucket, which covers the fun, as my dad mentioned,
the fun time when you just spend the heck out
of it each and every month and do it all
over again for the rest of your life, it comes really,
really a great opportunity. So the power of separation is
when you split the two, the retirement becomes so peaceful.
And that's why it's so important to pick up the
phone and schedule a time to meet with us because
we can put together your income plan. It's 833-MAGGIE-TAX. Visit

(24:58):
our website at maggietax.com. There's so much information right there
at your fingertips. But when we talk about income planning,
We want it to be peaceful. So most retirees pull
from one big pile of money, which creates uncertainty and fear.
I'll give you an example. I had a client that
came in last week. That's $ 500, 000 in their retirement assets.
And they say, well, I'm just going to pull about

(25:20):
$ 1, 000 a month. And that's what they did. And I
asked them, well, what's your plan? And there was silence.
They don't have one. And I said, well, how much
risk are you taking with your money? Well, I think
it's balanced. I wasn't sure. So then I said, what
if you, what if the market does go down 30, 40%,
what do you do? How does that affect your income?
And they said, well, my advisor says that I'm never

(25:40):
going to outlive my money, but what happens if the
account does go down by 30%, 30% on 500,000 is
about $ 150, 000. So now you're taking income off of 350
as opposed to 500. So what happens? Many people just
freeze and they stop. That's why they don't have an
income plan. So, you know, as most, Retirees pull from

(26:01):
one big pile of money. It creates uncertainty and fear,
but you don't have to. But when you deliberately separate
essential income from discretionary income, everything changes. You know the
bills are covered. You know the fun money is safe.
You know exactly how much you can spend without ever
risking your lifestyle. How cool is it to wake up

(26:22):
every morning on the first of the month and know
exactly what your lifestyle can be and do whatever you
want without no restrictions? The simple division transforms retirement from
stressful to strategic and from cautious to confident. And that's
what we do here at Maggie Tax Advisory and Wealth Advisors.
We put together the clarity, the confidence, so you can

(26:42):
have an income plan for your retirement. We put together
the clarity and the confidence so you can have a
complete plan. So pick up the phone, schedule a time
to meet with us. 833-MAGGIE-TAX. That's 833-MAGGIE-TAX.

Speaker 2 (26:53):
And one thing I'll say, and we say this every week,
it's about education. We're part of a 501c3 Speakers Bureau.
Why do I tell you that? Because we do seminars,
four seminars a month. We do them at libraries, and
yesterday we had a seminar. We had about 60 people there.
We talked about estate planning, and then we talked about
what we do, our plan, what the Maggie Plan is,

(27:14):
about income planning that Chris and I are talking about,
about tax planning. When I mentioned about tax planning, Chris,
it was like, wow, everybody was stunned. No one that
we go to talks about taxes. Well, we do. One
of the things that we're talking about, and we have
to talk about every client that walks in, and I'll
let you finish this about taxes because people aren't talking

(27:34):
about taxes. Your advisor is talking about growth. Well, that's good.
Like Chris mentioned before, they had $ 500, 000, big deal. But
what if the money runs out? Are you prepared to
have that change because it's going to be drastic when
it changes? And the other thing, if you have the
retirement set up the right way, you're not going to
have to worry about that if you have guaranteed income.

Speaker 3 (27:55):
I mentioned the word before. It's called strategic. And how
many plans do we put together that's strategic? And when
people come in, they say, I know exactly what you're
talking about now. I wish I had that plan years ago.
So that's the point. If you're about to retire, retired,
now is the time. Pick up the phone. Schedule a
time to meet with us because we can put together
your income plan. Do you want paychecks? Well, that's fine.

(28:17):
Just pay the bills. But do you want playchecks where
you can live the lifestyle that you want to live
or have both? That's what we're talking about here. So
pick up the phone, schedule a time to meet with us. 833-MAGGIE-TAX.
That's 833-MAGGIE-TAX. So income planning during retirement, how to build
a paycheck that lasts as long as you do. Wealth planning,

(28:37):
coordinate your investments, taxes, income, so you have and know
that everything was working for you and they all work together.
Then also paychecks and playchecks, the system that helps retirees
enjoy their money without the fear of running it out.
So pick up the phone, schedule a time. To meet
with us, 833-MAGGIE-TAX.

Speaker 2 (28:56):
And remember something. We have the seminars. Go to our website, maggietax.com.
You can register for any one of those seminars, and
it would be educational and it would be helpful for
you to do that. So we're offering help. We're offering education,
and it's free. And then you can sit down and
make a decision. And I say this at every seminar.
You're an adult. I'm an adult. So adult to adult.
If you sit down and speak to someone like we

(29:18):
do and you get it, you're going to make the
right decision. Why would you not? It's just because no
one's ever told you about that. So 833-MAGGIE-TAX. Visit our website, maggietax.com.
And if you don't know which dollars are your paycheck
dollars and which dollars are your paycheck dollars, you're always
going to feel uncertain. And that's what I think people are, confused.

(29:40):
and uncertain. So let's fix that today. Give us a
call at Maggie Tax and Wealth Advisors because that's what
we do. Request your paycheck and play check retirement design.
And this simple framework can completely transform how you feel
about retirement It brings clarity, which Chris talked about before.
It brings freedom, which many of you need and have

(30:00):
or want. And it brings joy back into spending your
own money. Remember something. You worked all your life for it.
You worked hard to save. And here's the problem. We
ask people this, you know, when do you want to retire? Well,
I want to retire when I have enough money. Well,
maybe you have enough money, but you don't know how
to position your money into what we're talking about, tax planning,
income planning. And then the two buckets we're talking about,

(30:23):
you know, the paycheck and play check. And Chris, that's
the problem with a lot of people that we meet.
They just don't sit down and have that conversation.

Speaker 3 (30:30):
Because they don't have a plan. And, you know, the
plan used is so, just so a word that is
easy to use, right? And many advisors say, well, you
don't have a plan. Well, they're not giving you a plan.
They're just giving you a transaction. That's not what you want.
That's not what you deserve. You know, you're in the
distribution phase of your life. And that doesn't mean just
sit under a rock and not earn anything. No, there's
different buckets of money that have growth potential But why

(30:52):
not have the accumulation and also have the income and
the guarantees and the paychecks and the playchecks? So that's
why that simple framework can completely transform how you feel
about your retirement. It brings the clarity, it brings the freedom,
and it brings the joy back into spending your own money.
You worked hard for it. Don't wait, don't guess. Call
now and build a retirement that you can actually enjoy. 833-MAGGIE-TAX,

(31:15):
that's 833-MAGGIE-TAX.

Speaker 1 (31:20):
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.

(31:41):
Now your host with Maggie Tax and Wealth Advisors, Robert
and Chris Maggie.

Speaker 3 (31:46):
Welcome back to the Maggie Tax and Wealth Advisor Show.
I'm here with my dad and host of the show,
Robert Maggie. And throughout today's show, we've been talking about
income planning during retirement, how to build a paycheck that
lasts as long as you live. We've also talked about
wealth planning, how to coordinate your investments, your taxes, your income,
and your legacy so everything works together. And also we

(32:06):
talked about in our third segment today, paychecks and playchecks,
the system that helps retirees enjoy their money without the
fear of running it out. That's the biggest thing. Most
retirees we work with, the biggest fear is, am I
going to run out of my money? Well, you don't
have to if you put together the right plan with
a strategic approach, and we can do that for you.
So right now and finally, we're going to talk about Rothology.

(32:28):
What is Rothology? Well, it's the process we perfected for
converting taxable retirement money into tax-free money for life. So
before my dad jumps into this, visit our website at maggietax.com.
Click on the right-hand corner. You'll see retirement tax bomb,
click on it. It'll show you in 30 seconds what
your retirement tax bill will be. And leading into this segment, Dad,

(32:52):
pick up the phone, schedule a time to meet with us, 833-MAGGIE-TAX.
But let's talk about Rothology. Sure.

Speaker 2 (32:57):
A lot of people are asking us, how do I
convert to a Roth and is it the right time?
How much money? So this is not a theory. This
is not hype. This is not something for the wealthy.
And that's what people think it is. And it's not.
This is one of the most powerful financial strategies ever
available today, and most people will never take advantage of it.

(33:18):
And when years ago people came out and talked about
the Roth account, no one listened. But here's the question
I have for you. Would you rather have taxable money
or tax-free money? Why? Because a lot of people, they
don't understand the tax time bomb inside their IRA, 401K, 403B,
even if you're a federal employee, TSP, because no one

(33:40):
explained how much the IRS will take in their 70s
and 80s because they never had a real Roth conversion plan.
We do that. It's called Rothology. So I challenge all
of you, if you have an IRA, 401k, like Chris said,
go to the website, maggietax.com. Top right corner, click on
retirement tax bill. Put your numbers in and in 30 seconds,

(34:01):
it's going to show you. And then you need to
sit down and talk to us. Rothology is how you
take control. It's how you shrink lifetime taxes. It's how
you pass on wealth tax-free. It's how you stop giving
the IRS more than they required. And this is the
difference between being tax reactive and tax strategic.

Speaker 3 (34:21):
And that's what we talked about last segment, strategic income planning.
What about strategic tax planning? So your IRA is a
tax time bomb waiting to go off. Let me say
that again. You have an IRA, 401k, TSP, thrift savings plan.
That account is infected with taxes and is a tax
time bomb waiting to go off. Most retirees don't realize

(34:41):
that their IRAs and their 401ks are not fully theirs.
They're a joint account with the IRS. And every dollar
you would draw is taxable. And future tax rates may
be higher. And that's the thing. We are in a
lot of debt as a country. Tax rates at some point,
maybe not next year, maybe not in four years from now,
maybe not in seven years. But what about years 8, 9, 10, 11, 12, 13, 14?

(35:04):
Guess what? Uncle Sam's coming and taxes are going to
be forced to be higher. And the worst case is,
what about those requirement distributions in your 70s? It forces
you to withdraw money whether you need to or not,
which often pushes yourself into higher brackets. What are you
doing about it? What is your income plan? What's your
tax plan? So the longer you wait, the bigger the

(35:27):
tax explosion. So my question to you listening today, when
are you going to pay the tax on that account
that's infected with taxes?

Speaker 2 (35:35):
You know, and the other thing is when you start
taking RMDs and people don't look at it this way,
think about this. We were all taught years ago to
open up an IRA or a 401k or 403b and
get a tax deduction on the front end. Wow, that
was great. Every year you do your taxes. I've been
doing taxes for a long time. And people say, well,
how do I reduce my taxes? Well, you can reduce
your taxes by putting money in an IRA and get

(35:57):
a tax deduction. That's just great. But no one told
you when you're 20, 30, 40, 50, At 70, you
still have to take in this money out. And if
you go to the retirement tax calculator, which I'm asking
all of you to do, you can put in your money.
If it's a million dollars, you'll see what you're going
to have to take out at a certain age, 73. Folks,
it's all taxable. Chris, and people were never told that

(36:20):
they'd be paying the highest tax in the land. And
you mentioned it before. What's the tax rate going to
be when you start taking it out? So when Chris
says it's a tax time bomb, man, I think that's
a low word. It's explosion, right?

Speaker 3 (36:33):
Absolutely. And, you know, think of it this way. It's
a question mark tax rate. So why would you want
to live in retirement in a question mark tax rate?
Wouldn't you want to be secure and strategic about that? Well,
we can show you how to do that. All you
do is pick up the phone, schedule a time to
meet with us. Schedule a time to meet with us
because there's so much power in what we're talking about today.
Roth conversions are the strategy that diffuses the bomb. A

(36:56):
Roth conversion isn't just moving money. It's timing the move
to minimize taxes for life. And if it's done correctly,
Roth conversions could reduce future requirement of distributions called RMDs.
They could also stabilize your tax brackets. It could put
you in a zero tax bracket in the future if
you need income, if you do it right. They could
protect against income from Social Security taxation. Who's frustrated that

(37:17):
they have to pay tax on up to 85% of
their Social Security? A lot of people are. How do
you get rid of this? Well, we can show you.
What about Roth conversions, how they can preserve more money
for you and your family? This is not just guesswork.
It must be done strategically in the right tax years,
in the right amounts. And that's why when we take
a tax approach, we understand taxes. We understand what it
looks like. We understand we can put it all together

(37:38):
with your investments and your income and your taxes because
that's what it's about, strategic planning.

Speaker 2 (37:44):
And once money is in the Roth IRA, it grows tax-free,
it comes out tax-free, and passes to your heirs tax-free.
So ask yourself this question, what accounts do you have
that are tax-free? There are no RMDs, no surprises, and
no forced withdrawals during market downturns. We can help you,
show you how to convert money into a Roth here.

(38:04):
So here's the bottom line. If you don't have a
written Roth conversion strategy, you will likely pay more in
taxes than you need to. And once the window closes,
it's gone forever. This is your window. This is your moment.
Call Maggie Tax and Wealth Advisors right now. 833-MAGGIE-TAX. Request
your Rothology tax-free income plan. And believe me, we'll show
you exactly how much you can convert, when to convert it,

(38:27):
how to avoid penalties, and how to create tax-free income
for the rest of your life and your family's life. 833-MAGGIE-TAX.
Visit maggietax.com. Tax-free forever isn't magic, it's planning. Call now.
Your future self will thank you.

Speaker 1 (38:44):
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

(39:04):
and Advisors. Call them at 833-MAGGIE-TAX or visit them online
at maggietax.com.