Episode 20240427 - 5 Personal FInancial Mistakes and the Financial Puzzle

Episode Transcript

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All these years you've saved up planningfor a secure retirement, but if you're
not careful, it will be theirs that's living it up when you retire
by taxing your hard earned money.Welcome to the Maggie Tax and Financial Hour
with Robert and Chris Maggie of MaggieTax Advisory and Financial Group. With over
thirty years of combined experience in taxsavings, income planning, and investment opportunities,

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Robert and Chris share advice and taxplanning strategies designed to protect your retirement
nest egg from Uncle Sam. Yourquestions and comments are welcome during today's program
by calling eight one three three twotwo twenty five twenty. That's eight one
three three two two twenty five twentyor visit Maggie Tax dot Com. That's

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Maggi tax dot com and now yourhost for the Maggie Tax Financial Hour on
nine seventy WFLA. Robert and ChrisMaggie. Welcome everyone and thanks for joining
us today. Hope you having awonderful day. My name is Robert Maggie.
I'm here with my son and cohost Chris Maggie, and welcome to
the Maggie Tax and Financial Show,and don't forget Every Sunday at ten thirty

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on ABC TV, tune into theMaggie Tax and Financial Show. We're going
to be talking about a lot ofthings like income planning, investment planning,
four oh one k rollovers. Alot of people are calling about that,
Medicare option, social Security maximization,insurance planning, tax planning, and estate
planning, and Chris, we callthat a complete plan and that's it.
So welcome everyone, Thank you somuch for joining our show today. As

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always, we're always excited to behere because it's so much to share,
so much to talk about. Eachand every week we meet with clients and
guess what they have concerns, andmany of you listeners today have those same
concerns. So if you have anyquestions during today's show, please pick up
the phone, schedule time to meetwith us. Visit our website at Maggie
tax dot com. That's m AG G I t a X dot com.

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There's so much information right there atyour fingertips to get educated, to
learn about what we do so wecan help you. Once again, Maggie
tax dot com. So I justwant to also remind you that we are
doing seminars every month in different locationsat different libraries. So all you need
to do is go to Maggie Taxdot com and on the top it says
upcoming seminars. Click on it.You can register right there for the location

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that's nearest you. Also, we'redoing federal seminars and federal webinars. So
if you're a federal employee out thereand you need help with your TSP or
your furs retirement or sur's retirement,give us a call eight one to three,
nine zero nine zero zero two totwo or eight three to three Maggie
Tax. And one more thing onour website, there's a chat box on
the bottom right. Many of youhave called in and asked us questions.

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Fill in the box and we willrespond to that in very short times.
So, Chris, a lot ofthings that we're doing there because we want
to help educate people. And youand I talk about this all the time
to every client. It's about thelanguage. It's about the language of all
the stuff that we're talking about.And folks, if your advisor is not
doing that, you have a rightto ask, Chris, is that correct?
I mean, is that you knowsilly that's it. No, you

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definitely have to. And I'll giveyou an example. We got a client
that came in last week and hasbeen with the advisor for a couple of
years, and they don't hear fromthem. And they're a successful business owner
and they're about to sell their businessand they have no idea what to do
from a tax side, from aninvestment side, and how to handle it.
They reached out to their advisor andthey still haven't gotten on a return

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phone call and they're very upset becausethey put a good amount of money with
that advisor, but they don't reallyreach out to them anymore. So is
that happening to you? Are youfacing the future where you don't have any
help, You don't have guidance,you don't have a plan, you don't
have the objectives that you're looking foraccomplish yet. And that's where we can

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help in. So when you geta chance, visit our website at magatax
dot com. But we can helpyou schedule time to meet with us and
let's go over the questions that youhave because there's so much there. And
when we met with them, therewas a lot that we uncovered, such
as beneficiary forms and transferring to theassets and safety of their money. They
were taken so much risk and theydidn't want to take that risk. So

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what did they do. They neededa change and they needed a plan,
and that's what we did to helpthem, you know. And with that
said, shouldn't we work on everystrategy and concept available to all of us
to help inspire all of you torealize that because we live in the United
States and Canada, we can stillachieve financial and retirement success with the help
of a qualified advisor like Maggie TaxAdvisory in Maggie Investments, because look for

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someone that can answer your questions,look for someone that can give you options
to think about. I met witha client the other day. He's got
an advisor. He's been there along time, and he said, Bobby,
you know I'm here because I don'tknow if I should be. But
he said, I don't know ifI'm doing the right thing, and I
would like a second opinion. Soafter we met with him and we explained
the options and the comparison of whathe had, it was an AHA moment,

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Chris, because he said, Ihad no idea, and I think
a lot of people listening today havethe same feeling. And that's it,
and that's why it's so simple.All you got to do is schedule time
in the invest We have office onboth sides of the day to help you,
and that's just it. You know, when it came in, it's
like an aha moment. It waslike, Oh, my gosh, I'm
glad I came in. And that'sa great warm feeling for us because we
know that we're doing the right thingto help a lot of people out there.

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And from the tax side of it, from the income side of it,
from the investment side of it.What about the estate planning side of
it. My gosh, so manypeople over the past couple of weeks we
met with they have a living trustwhich avoids probate, and guess what,
it's not even funded. The attorneyor the advisor whoever helped them did not
do the job to complete it.So now they have assets outside the estate

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and guess what, God forbid,something happens to them. These assets can
go through probate and that's very scaryfor a lot of people. So pick
up the phone, schedule time tomeet with us. You know, we
have a state planning attorneys that canhelp you. We can do the wills
and the trust and power of attorneys. And then what we do here is
the advanced planning. My gosh,the tax planning. Are you worried about
paying too much in taxes? Areyou looking for more income sources? What

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about your investments? They're up anddown? The volatility, the inflation,
what are you doing about it?We can help three to three Maggie tax
And again, if your advisor ofa tax preparo is not talking about this,
shame on them. So all ofthis can be accomplished even if our
establishments and institutions fail us. Andone of the things Chris and I always
talk about, you're in a yoyoeconomy. You're on your own, so

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you need to go out and takea look at it. So what we
suggest is get the Maggie Plan andsolve major concerns about retirement. And we
can solve and create an income plan. Why because if you do not have
enough income when you stop working,how are you going to solve that major
concern? Get the Maggie Plan.It's an income plan. It is also
bucket planning, simple and easy tounderstand. And Chris, we talk about

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the language that simple words. I'musing simple and easy to understand, and
you can elaborate on that. Whenwe show our clients the bucket planning,
they go back and say, well, they just have a pile of money.
That's all I think I had.Right, That's exactly right. Let
me get an example of a client. She had to work for a company
for twenty plus years and she hasthe option for a lump sum payout.

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So she called us at the endof last year and she said, I
ran my numbers on the lump sumpension plan for this year. But get
this, if I wait until nextyear, that lump sum payment's going down.
And it was over one hundred andtwenty thousand dollars down. So she
said, what do I do?So we ran the analysis and the whole
point that she was looking for wasguaranteed income. She wanted to retire and

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make sure the income is coming inthe front door every month for life.
So it took a couple of daysand she talked to her husband and we
went over the analysis and I said, hey, we can help you,
and she said, what do youmean. I said, well, we
can guarantee your own and create yourown family pension. And she said,
well, say that again. Well, we guaranteed income for her where from

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a bucket plan that we designed.So here's what we did. She did
retire, and we took that amountof money and we rolled it over non
taxable event and we created buckets ofmoney. So guess what every month,
she's going to get solid security oftwo thousand. Her husband's going to get
a sole security check of a thousand. That's three thousand a month. And
then guess what. This bucket thatwe just designed created five thousand dollars of

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income. So now there are gettingeight thousand dollars a month guaranteed income without
touching their other buckets of money.She sat back and she said, you
know what, I've never thought thatI could put together a plan like this.
And we talked about what happens ifshe passed away. Well, the
money's going to stay in the familyand go to her husband, and then
if anything happens to both of them, guess what it goes to the two

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kids. So she sat back andshe said, this is I cannot believe
I did this. This is whatwe do, and that's what you can
do too. If you pick upthe phone, schedule time to meet with
us. Let's sit down and talkabout your money. What is your family
pension? What is your guaranteed income? And that's what my dad's talking about.
Here is income planning, tax planning, investment planning, and state planning.

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We can help a three to threeMaggie tax. And let me make
it really simple. The words arereally easy, simple and easy to understand,
and that's the language. So eightthree to three Maggie Tax and visit
Maggie tax dot com. Why.I'll tell you why Because the top right
hand corny are going to see theretirement calculator. Click on that and fill
the information if you have an IRAor a four oh one K. In

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thirty seconds, we're going to showyou what your retirement tax bill is going
to look like and then you startplanning. Number two, we have the
seminars coming up every month. We'redoing seminars in different areas throughout Tampa and
Hillsborough County. We have the federalseminars. And the big thing right now,
if you're listening and driving, justgo to Maggie tax dot com.
There's a chat box on the bottomright. Folks. We get a lot
of questions, a lot of thingsare changing right now. You're not up

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to date on it like we are. And again, the way to test
your advisor is ask them the questionsthat we're talking about and see if they
can discuss it the same way,because you can do something about it.
And it's very simple. And youknow, Chris, they always ask us,
what is a charge it? There'sno cost, our obligation to meet
with us. We don't know what'sgoing to happen when we meet with you,
but we certainly know this that wecan design a plan that's going to

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be simple and easy to understand.Chris, I don't know how much easier
I can make it. Now,you know that's what we do, and
that's why we do complete planning.And if you want to be with your
advisor who just does invest in planning, then that's fine. You have a
transactional advisor. If you have anadvisor that just wants to do insurance products,
then you have a transactional advisor.And that's okay. But there's so

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much there to talk about, there'sso much there to do, there's so
much there to help you. Becauseyou're going to run into a situation where
maybe you pass away or your spousepasses away, and how are things going
to transfer? You know, doyou want them to transfer taxable or do
you want them to transfer tax free? How do you want it? You
know, do you want it togo to charity? What's what's your objective?

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And do you want more income?Do you want the volatility of the
market to keep you up at night? What do you want they These are
all questions that we ask you becauseevery situation, every answer is different.
So pick up the phone, scheduletime to meet with us. We look
forward to meeting with you. Visitour website at Maggie tax dot com.
There's so much information right there,and don't forget every something. On ABC

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TV at ten thirty am, theMaggie Tax and Financial Show, stop planning
for Uncle Sam's retirement and start planningfor your retirement. As we return to
the Maggie Tax and Financial Hour withyour host father and son Robert and Chris
Maggie. For additional information on howyou can create a tax free retirement,
visit Maggie tax dot com. That'sma Ggi tax dot com or call eight

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one three three two two twenty fivetwenty that's eight one three three two two
twenty five twenty now your host forthe Maggie Tax and Financial Hour, father
and son from Maggie Tax Advisory andFinancial Group, Robert and Chris Maggie.
Welcome back everyone. You're listening tothe Maggie Tax and Financial Show. I
am Robert Maggie and I'm here withChris Maggie. And if you're just tuning

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in, we've been talking about themisunderstandings that you shouldn't fall victim to.
We talked about no investment account typeis safer or riskier than the other,
and then diversifying funds does not diluteyour ability to make a profit. So
number three, let's talk about thatright now. Chris, transferring funds between
investment accounts, it can be riskyand just because your accounts allow you to
transfer funds from one to another,it doesn't mean that it's always the safe

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way to go. And depending onhow much is in each account and how
much you plan on transferring, youmay end up paying taxes on the same
transferred amount for both accounts. Sobefore you move your funds around, it's
best to think twice and ask foran expert advice. And Chris, you
and I see this every day peoplecome in they well I had to take
money out of this, and theycreated a tax problem more penalty, let's

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talk about that. Well, wesee that often and that's something that should
definitely not happen at all. Andwhen things that we do see that happen
because the advisor or the client justreally doesn't know. And it's sad that
you put all your trust into theadvisor who you think knows how to do
this, and they mess up andthey call it. They cause a tax

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of event. Give you a quickstory at a client that came in.
They wanted to roll over their irasand their roth irays to another institution.
So they called their advice the broker, and the broker was mad, so
they said, you know what,I'll just send you the money. So
guess what they set send sent theIRA money which is one hundred percent tax,
will end the roth IRA money totheir checking account. So the guy

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had over two hundred thousand dollars andhe is checking account and guess what he
did. He just put into anon qualified investment. And he came in
and met with us and he said, hey, I have this IRA and
have this roth ira. So welooked at his statements and I said,
well, you don't have an IRAanymore, you don't have a WROTH.
You have this non IRA account.He said no, my advisor rolled it

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over, and I said no,it did not happen that way. So
he just created a two hundred thousanddollars tax liability because the client and the
advisor did not do it the rightway. So these are the things we're
talking about here. What could havehappened is the advisor should have just put
the money in cash. The newinstitution should have just sent a form it's

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called the transferform from trustee to trusteeto the old institution, and they could
transfer the money over without a taxableevent. So we could have kept his
IRA intact. He could have kepthis roth IRA intact, and everything could
have went smoothly from there in anew investment. But that did not happen.
So the broker was at fault,the client was at fault. So

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both those people did not know whatto do. And that's why we should
seek expert advice. That's why whenyou come and meet with us, we're
going to look at your accounts.We're going to show you what you have
and we're going to show you howyou can transfer the money over in the
right best way for you. Andthe key word there in all the Chris
said is misunderstanding and knowledge his power. So don't do anything until you meet

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with someone who's qualified to answer thequestion, and then then you can proceed
and do it, do it theright way. You feel better because what
Chris just explained. The client wasvery upset. He was mad at the
advisor and he was mad that hedidn't go see someone because he heard us
on the radio, he saw uson TV. And he said, at
least you guys understand and explain,because that's up to you folk. You've
got to make sure that you understand. So you know that's the key word.

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So let's go to number four.Number four, bonus income, and
this is important, can be taxedeven after employer deductions. So if you've
noticed that your employer has already takenout a portion of your bonus income for
taxes, don't assume that you're outof the woods. And the rate that
they go by may not be thesame as yours. It's very possible that

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you would need to pay the differencewhen tax season rolls around. So the
next time that you get a bonuspaid, just be prepared for the possibility
of paying back a little extra lateron. And can I just bring up
a quick point here We had alottery winner, remember talk about that because
this was a shocking you know theresult. Well, that's just did.
It's a perfect case right here.We experienced this about three years ago.

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We had a client that won fivemillion dollars on the scratch off and they
came in and they said, we'reso excited, you know, we want
to invest the money. We wantto set up ourselves the right way.
And we said okay. We saidwe have to look at the tax return
first and figure out the taxes paid. And she said, well, I
already paid the taxes. So Ilooked at the statement that she provided into
twenty five percent tax withholding. Butback then the tax rate was thirty nine

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point six. So guess what shestill had to pay more in tax.
So she said, no, Chris, I already paid the tax. And
I said, you did, butyou didn't pay enough. So they only
withheld twenty five percent, but theyshould have withheld thirty nine point six.
They did not know that she wasin the highest tax bracket at the time.

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So this is a perfect example.So whenever you get a bonus,
make sure that you look at theother income because they whoever's giving you the
money, they don't know your personaltax situation. Filing, they don't know
if you're single, they don't knowif you're married, filing jointly, marriage
filing separately, head of household,They don't know all those things that you
need to have availab before you makesure that you withhold the tax. So

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this is so important. So pickup the phone, schedule time to meet
with us. Let's look at thisfor you eight three three Maggie tax and
you just let into number five.Filing taxes earlier or later doesn't change the
payment due date. Regardless of whenyou decide to file your taxes, everyone
has a set date on when theyneed to pay what they owe, and
you can postpone this date by filingearly or late. So don't count on

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this misunderstanding to work in your favor, or else you may find yourself scrambling
at the last minute to gather themoney for payment. And here's the thing.
Filing most people I shouldn't say mostpeople. People get bonuses different times
of the year correct, and whatshould be held out is the amount of
tax that your tax liability is.They don't do that. So at the

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end of the year, when youget your tax return, you get all
the information and then you put thaton your tax return. Guess what,
Just like Chris said, you thinkyou're in a twenty nine percent tax back
and you're in a thirty nine percenttax bracket. Guess who has to pay
the taxes? Chris, you do. You're still liable. So that's why
it's so important to pick up thephone, schedule time to meet with us.
We do tax planning, we doincome planning, we do investment and

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planning. Most advisors out there justdeal with investments. That's just you're missing
the boat. Because taxes are ourbiggest expense. So if you're working with
an advisor right now who is nottalking about strategic rollouts and roth conversions and
options for ways for you to reduceyour taxes, then you are the one
who is going to miss out.So pick up the phone schedule time to
meet with us. Today we talkedabout five personal finance misunderstandings that you should

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not fall victim too. And justto summarize what they are. No investment
account type is safer or riskier thananother. Number two, diversifying funds does
not necessarily dilute your ability to makea profit. Number three, Transferring funds
between investment accounts can be risky.And four bonus income can be taxed even
after employer deductions. And number fivewe talked about today. Filing taxes earlier

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or later, it doesn't necessarily changethe payment due date. So pick up
the phone, schedule time to meetwith us. Visit our website Maggi Tax
dot Com. Eight three to threeMaggie Tax. That's eight three to three
Maggie Tax. Stop planning for UncleSam's retirement and start planning for your retirement.
As we return to the Maggie Taxand Financial Hour with your host,

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father and son, Robert and ChrisMaggie. For additional information on how you
can create a tax free retirement,visit Maggie Tax dot com. That's Maggi
tax dot com. Or call eightone three three two two twenty five twenty
that's eight one three three two twotwenty five twenty Now your host for the

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Maggie Tax and Financial Hour, Fatherand son from Maggie Tax Advisory and Financial
Group, Robert and Chris Maggie,Hello again and welcome back to the Maggie
Tax and Financial Show, and thanksfor joining us today. You show to
visit our website, Maggie Tax dotcom and register for a free seminar we
call it three and one on estateplanning, tax planning and Social Security planning.
Why because you need answers to questionsabout a will and probate, and

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about taxes and retirement and also socialsecurity. So today we've been discussing how
to create a financial plan with mypartner or if you're a solo, the
same thing, because you have tohave answers to your question. So one
of the things we talk about agreeon a shared budget. Many of you
do not have a budget, andthat could be a main reason why you
agree but argue rather, but thisis what we do. So a budget

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will make you agree, not argue. We've seen it so many times because
many people say, well I don'twork with a budget, Well you should,
because then you can find out whatdiscretionary money you have. And that's
where Chris and I talk about thisall the time, what you can do
with it, because maybe just needto reposition some money from the left side
to the right side, and youknow it's a better plan. Chris,
Well, that's just say you know, budgeting is important. We had met

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with a client last week and they'revery good on budgeting. And when we
first met them, they had noidea where their money was going. But
they sat down, they put asimple budget together and they know where they're
spending their money. That's how simpleit is. And now in retirement they
are taking ownership on what they cando. So when they have all their
bills paid, they can have incomechecks come in and play checks come in.

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And a play check is just anotherincome stream that you will get for
the rest of your life, likea pension plan pension income where you will
never outlive your money. And theseare play checks that they can spend each
and every month for the rest oftheir life. And that's a great thing
when you can budget and then havean income plan and a tax plan and
also an investment plan. I mean, gosh, what else are you going

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to be worried about if you havethat in place. That's why it's so
important. We recommend that you meetwith us. Pick up the phone,
schedule time to meet with us,get the Maggi plan is tax planning,
income planning, investment planning, stayplanning, social security maximization planning, and
don't forget. Every Sunday on ABCTV, tune into our TV show at
ten thirty AM for the Magi Taxand Financial Show. You know what we

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see is all of us work maybeforty to fifty years, and we save
and we put money away, andwe pay our bills and we go on
everyday life. But when you getto retire, I mean it's the same
thing. You have to have incomeplanning, tax planning, social security planning
to figure out how you're going toenjoy retirement. So the next hurdle will
be agreeing on how much of theincome or funds that should be allocated to
each goal or budget. What's funnyabout that. I'll get a spouse that

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wants to buy a car, andyou know, no one wants to buy
you know, some jewelry or something, and they're arguing about it at the
table. But the point is,if you have discretionary money, then you
can do whatever you want with it. So it may take a long time
to work out the details in thisstep and may even span a couple of
days' worth of discussions because look,you're getting ready to retire, you're going
to retire for a long time,and you have to have it right.

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So the important thing is to keepworking together until you both come to a
mutual understanding and don't forget to setaside a budget for emergencies, Chris.
The budget where when we bring itto people's attention, it's almost embarrassing when
they say we don't have one.Yeah, and it's not a lot of
work. It's very simple. Whenthe form that we put together for our
clients, it takes literally twenty minutesif you sit down one night or one

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day and just do it together,and then after that let us take it
from there. We can show youhow to how to get the income to
take care of your budget and alsoon top of that, have what my
dad mentioned before, the discretionary incomeeach month to come in where you can
spend it and have a good time. And you want to go buy a
purse, you want to go buya jeweler, you want to go travel
on a cruise, you want togo see your kids, you want to
play golf, whatever it is,you can use those discretionary funds to keep

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doing it. For the rest ofyour life. And that's what retirement's about.
Enjoying it and making sure that thefinancial set making sure that if anything
happens to you, that everything's goingto pass the way you want to,
but also enjoying yourself and not havingthe worry and the anxiety that the financial
aspect will bring. And that's whatwe talked about early on in the show,
and most divorces and most arguments withpartners and spouses and husbands is financial,

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and it doesn't have to be thatway if you both are on the
same page. So as my dadmentioned, you know, the important thing
is to keep working together until youboth come to a mutual understanding. You
know, don't forget to set usside a budget and make sure you meet
with the right advisor who can lookat taxes, income is stay planning and
investments all together. And that's whatwe do at Maggie Tax Advisory and Financial

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Group eight three to three MAGI Taxschedule time to meet with us, and
we call it a puzzle because there'smany pieces to it, but discuss who's
going to bear which responsibility. Socarrying out a financial plan can be a
bit much for a single person.To handle alone and they need help.
So you're going to need someone tobe responsible for making the payments and another
person to keep track of the budgetingto make sure you're on track. Very

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important. You may also want toallocate the best speaker to handle communications with
financial institutions should the need arise,because basically everyone needs to play their part
from beginning to end. The thingthat I see a lot is when two
people talk, no one's listening.And when you talk about financial planning and
retirement planning, you have to listento both sides because that's what's involved.

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Chris and I've been married to bealmost fifty years, and your mother and
I always argue about things. That'sa normal thing, but when it comes
down to beer bones, we've gotto come to the final decision and say,
Okay, this is what we bothwant and then execute it because that's
the right thing to do. Well, that's it. So that's why meeting
with the right advisor is so crucial, so important. And when you're seeking
an advisor, anyone can do investments. So there's the retail side and there's

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also the institutional side. You wantto meet with someone who's a fiduciary and
someone who's on the institutional side ofinvesting, and also someone who does tax
planning and a state planning. That'swhat we do. That's why we call
it the Maggie Plan. So that'swhy having a complete plan is important.
And having a trust or a willcan make the distribution of your accounts a
lot easier, the titling of youraccounts, the proper beneficiary designation. My

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gosh, there's so much there totalk about that I guarantee you that your
current advisor is not talking about.I give you a quick example. I
went to the bank a credit uniona couple of months ago, and I
wanted to set up an account,and it took twenty minutes. We set
up an account and I got upand they told me, hey, mister
Maggie, congratulations, welcome to thebank. And I said, well,

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by the way, is this accountgoing to avoid probate and go to my
wife and my two kids? Andthey said, is that what you want?
And I said, yes, that'swhat I want. So we sat
back down and explained to them whatI do and they said, well,
we're not trained that way. We'renot trained to open these accounts to make
sure that they're at a transfer theright way. And it was very alarming
when I saw this, and thisis what we see each and every day.

(26:23):
So I guarantee you that you're listeningtoday. If you have a checking
account, a save Me's account,an ira A four to one k OH
four one ks life insurance, doyou have all these accounts set up the
right way? And if not,no problem, Just pick up the phone,
schedule time to meet with us.Let's put together your balance sheet.
Let's look at everything for you onone piece of paper, so you can

(26:45):
make it simple and easy for youto understand. That's why we call it
the Maggi Plan eight three to threeMaggie Tax eight three to three Maggie tacks.
Get the Maggie Plan, man,You hit it on the head,
good lord. That's the reason whywe do this. Seven are But that
is why having a will or atrust can make the distribution of your accounts
a lot easier. Many people don'tsee that until someone passes away. So
register for one of our three andone seminars on a state planning that we're

(27:07):
talking about social security planning and taxplanning, and let Maggie Tax take the
arguments out of your life. Wehave regular meetings to track your progress,
and we meet with our clients asoften as necessary because things change. Things
change in many ways, you know, daily life. You know, from
day to day things change, andit's easy to lose track of financial progress,

(27:30):
especially when they consist of long termgoals. So don't be afraid,
you know, we meet with ourclients as often as we need to,
not just once a year. Manyclients tell us they don't even meet with
their advisor, and that's why it'sup to each partner to help the other
stay on course. And having regularmeetings, even if it's just bi weekly
or once a month, can giveyou the chance to reassess your situation and
make any changes if you need toin a good way. And rather than

(27:53):
arguing which I don't like or dealing, you know, dealing with punishment,
of course, it can be moreproductive to remotivate each other with reminders of
how rewarding it's going to be toreach your financial goals. And Chris,
that's what's going to make retirement,you know, comfortable for everybody. Gosh,
you work so many years every dayin the grind, you know,

(28:14):
going to work driving to work,traffic, you name it. And then
you get to retirement and you shouldbe retired. That's it. I mean,
you work hard, you put together, you did the right thing again.
Now you need to complete the rightthing and that's what's called the distribution
phase. There's the accumulation phase inretirement, there's also the distribution phase,
and most people that's the second halfof the story and the second half of

(28:36):
the game. The distribution phase wherethey mess up, and that's where taxes
erote it. Making the wrong decisionswhere you take the money can erode your
retirement and that's where you don't wantto go. So create a financial plan
today. Make sure that you bothyou and your spouse, or even if
you're single, it's no problem.You need to have a plan. It's
easier if you're single. But atthe same time, if you have a

(28:57):
spouse, you need to make surethat everything is on the right path and
we can help you. So pickup the phone. Schedule time to meet
with us eight three three Maggie tax. That's eight three to three Maggie tax.
Schedule time to meet with us atone of our three locations, or
just schedule time to come to aSeminar, the three and one Seminar Education,
Get the Maggie Plan, tax planning, incomplanning, investment planning, social

(29:21):
security planning, a state planning.That's what we do. And just remember
this show is about education. Italways has been. I've been doing this
for almost thirty years. And youknow, when you know and you understand
the rules of the game in socialsecurity and tax is a state planning,
then you're going to understand what theright thing to do. Don't take a
guess. It's not the old thingwhere you just throw it at the wall

(29:42):
and enough sticks. It doesn't workthat way. So when we do the
three and one seminar a state planning, tax planning, and social security planning,
just think about it. Without awill, the probate court and the
estate decide what happens to your assetswhen you're gone. And many of you
know this because you've lost a amother or a father. What about your
tax bill? Your tax bill andretirement can be too big. In thirty

(30:04):
seconds, we're going to show youwhat your tax bill will be if you
have an IRA four oh one K, even a TSP or any tax deferred
retirement account. You're gonna want toknow what your tax bill will be,
go to my website Maggie Tax dotcom. On the top right, click
on retirement tax bill, fill inthe information. Thirty seconds you're going to
get a report and then pick upthe phone and give Chris and I a
call and let's get together and goover it with you. Maggie Tax dot

(30:27):
com. And our website is MaggieTax dot Com. Seminars videos retirement tax
bill. And then the last thingabout social Security, you know, can
be confusing with the FRA, thecola irma. You know what does it
all mean? And at Maggie Tax, Social Security and Tax Seminar, we're
going to cover all of this,So give us a call. Eight three

(30:47):
three Maggie Tax. Don't forget watchyour TV show every Sunday on ABC TV
at ten thirty, and most importantly, register for our three and one seminar.
Go to Maggie Tax dot com theseminars, click on it and then
you can see the suminars there onRegster. Eight three to three, Maggie
Tex. That's eight three to three, Maggie Tex. Stop planning for Uncle
Sam's retirement and start planning for yourretirement. As we return to the Maggie

(31:11):
Tax and Financial Hour with your host, father and son Robert and Chris Maggie.
For additional information on how you cancreate a tax free retirement, visit
Maggie Tax dot com. That's magg I tax dot com or call eight
one three three two two twenty fivetwenty. That's eight one three three two

(31:32):
two twenty five twenty now your hostfor the Maggie Tax and Financial Hour,
Father and son from Maggie Tax Advisoryand Financial Group, Robert and Chris Maggie.
Thanks for tuning in to the MaggieTax and Financial Show. And as
throughout today's show, we talked abouta lot of different things. Tax risk,
investment risk, income risk, whatabout a state planning risk? These

(31:55):
are the risk associated with people whoare living and also retirement in retirement,
So what are you doing about it? If you have any questions, pick
up the phone, schedule time tomeet with us. Eight three to three
Magi Tax. Visit our website atMaggi tax dot com and don't forget Every
Sunday on ABC TV, tune into our show, our TV show ten
thirty am on Sunday on ABC TV. A three three Magi Tax so we

(32:19):
talked about a lot like Chris minsheb, let's discuss what a risk score is
and how it relates to your risktolerance. And here's the thing, Chris,
let me ask you a question.Do you have to be in the
market to make money? You don'thave to be, Okay, most people
are, and they're always looking forthat stock bond of mutual fund. But
there are other investments that can giveyou gains, right with no losses and
no fees. Right, there areout there, yes, there. So

(32:42):
when we talk about a risk score, that's part of it. So a
tax risk score. It's a measureof an individual's exposure to tax changes within
a given retirement approach. Do youknow what your risk score is? Because
if you don't, we can helpyou. And the methodology looks at two
specific areas of tax change risk.The first we talked about it before,
situational change, which measures changes basedon your income needs and situation. And

(33:07):
remember, everyone you're listening today,your situation is different. So if you
go to an advisor and they're justdoing a cookie cutter plan, that's not
what you're looking for. Situational changescan include how much income you want to
generate in retirement. That's the bigquestion, Chris, how much do you
want retirement? How many times dowe ask a husband and wife and the

(33:28):
answer is I don't know right right, they're confused, but we help them
through this process because this is avery key question that needs to be addressed.
How much income do you need tocome in the front door every month?
And many people just don't know.And when we do a budget planning,
we can show you can take timeto go through that with you because
as long as you have that incomecoming in, guess what covers your expenses,

(33:49):
covers everything that you're looking for,and then you can start generating play
checks and have fun travel, spendthe money, go golfing, go see
the kids, the grandkids, dothe things that you want to do with
a playcheck and still preserving the restof your money. You mentioned something that
just tickles me. It's called budget. How many of you have an advisor
and discuss budget because when we doa budget, we do a balance sheet

(34:10):
to get all your income, assetsand everything and then figure out the answer
to the question is if you're gettingself security, if you're getting pensioned,
then how much money do you needwhat's the gap And many of you don't
know that because that's what we're tryingto do with you. So the secondary
of tax change risk is tax riskscore, which measures your exposure to legislative
changes. We talked about that.What if the government changes the rules and

(34:34):
they're going to tax cuts are goingto expire in two years, what are
you doing about it? And theseare tax changes based on new laws or
regulations, Guess what from the government. Because it's written in pencil and it
is you all know that legislative changescan include which assets are subject to taxation.
We're talking about your IRA four toone k, your four oh three
br TSP when those assets are taxed, and question is, Chris, what

(35:00):
level? Because we don't know.That's an uncertainty tax and that's it.
You know, you're living your lifein a question mark tax rate environment.
Think about that. You know,it's like your health. You keep eating
bad, guess what, at somepoint, you're not going to feel good.
Same thing with your investment accounts andalso your tax risk. What if

(35:21):
you keep deferring and putting money awayand parking it into accounts that are infected
with taxes at some point, guesswhat when you start taking money out,
you got to you got to bitethe bullet and pay the tax. And
you don't have to go through thatif you do some planning, if you
do situational planning, tax planning,things that we can do to control the

(35:42):
tax rate in our future because wecan do strategic planning. And that's why
meeting with the right advisor who doesincome planning, tax planning, investment planning,
and state planning, we can showyou how to put all this together.
My dad talked about a puzzle.We all feel good when the puzzles
put together, don't we. Butthe first step, when we open the
box and we put all those pieceson the table, we're like, oh

(36:04):
gosh, I gotta wow. Idon't know where to start. But that's
where you meet with us and wecan help you put these pieces together.
And then when you put your puzzletogether, guess what, it brings a
smile to your face, like,Wow, this is a cool thing that
I just did. And that's whatwe could do for you. So pick
up the phone, schedule time tomeet with us. Let's put together your
retirement puzzle. Let's talk about thetax side of it. Let's talk about

(36:25):
the income side of it. Let'stalk about your investments side of it.
Let's talk about the estate planning sideof it. Let's talk about the medicare
side of it, your health insuranceside of it. These are things we're
talking about so we can help youpick up the phone, schedule time to
meet with us. A three threeMaggie tax. We have obviously on both
sides of the bay to help you. Eight three three Maggi tax. You
know you made me laugh there abouta puzzle. If you think about it,

(36:47):
when the little kids we give thema puzzle, We give them like
a four piece puzzle or a fivepiece puzzle, and then we give them
a ten piece puzzle, and thenwe give them a bigger puzzle. And
that's the same thing that we're talkingabout here with each and every one of
you. What are the pieces ofthe financial side, the tax side,
the estate planning side. How dowe put those pieces together? Well,
here's how I can tell you howwe can do it. Go to my

(37:09):
website, Maggie tax dot com,click on seminars. It's up to you.
Come out and get educated. Understandthe language. We're going to talk
about estate planning. We're going totalk about tax planning. We're going to
talk about social security planning. We'regoing to talk about all of this in
an easy to understand way. I'mgoing to give you a book called Stop
funding Uncle Sam's Retirement and get aplan that's simple and easy to understand.

(37:31):
I promise you when you leave thisevent, you're going to feel better about
Wow, now I understand, Ican talk to somebody, I can have
a conversation about all of what we'retalking about. Second thing is when you
go to the retirement calculator, likeChris mentioned, go to the retirement calculator
in thirty seconds. There's no onethat's doing what we're doing in thirty seconds
to tell you your retirement tax billeight three three Maggie tax. That's it.

(37:53):
You know, you hit it onthe head. I mean, it's
all right there. And we talkabout when you complete the puzzle, it
brings a smile your face. Butthe problem is is that when you complete
the puzzle and you miss that piece, how frustrated are you? You're extremely
frustrated. And that's where many peoplewe see each and every day is they
don't have the pieces at the end. They don't have the income piece.

(38:14):
Put together. They don't have thetax piece put together. The market's going
down, they don't have the investmentpiece put together for them. And guess
what, that puzzle is not complete, and the smiles on their face.
It doesn't have to happen to you. Put everything together. Let's get together,
Let's have a conversation. We lookforward to meeting with you. Eight
three to three Maggie Tax schedule timeto meet with us. Eight three to

(38:36):
three Magi Tax. You've been listeningto the Maggie Tax on Financial Hour discussing
tax planning investment strategies presented by Robertand Chris Maggie from Maggie Tax Advisory and
Financial Services with offices in Hillsboro andPanela's County. Visit Maggi Tax dot com
or call eight one three three twotwo twenty five twenty that's eight one three

(39:00):
three two two twenty five twenty andtune in next Saturday at five for the
Maggie Tax and Financial Hour