Episode 20240511 - Fiscal Outlook

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 twenty, or visit Maggie Tax dot com.
That's Maggi tax dot com and nowyour host for the Maggie Tax Financial Hour

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on nine seventy WFLA. Robert andChris Maggie. Welcome everyone, and thanks
for joining us today. My nameis Robert Maggie and I'm here with my
son, Chris Maggie. And besure to visit all website Maggie Tax dot
com and be sure to watch yourTV show every Sunday at ten thirty on
ABC TV. Folks. We havea lot that we want to talk about
today. We want we have alot that we want you to listen to
because what we're finding out a lotof people don't understand certain elements of financial

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planning, of retirement planning, oftaxes. That's what we do. So
today we're going to talk about thefiscal outlook that just got worse. We're
going to talk about that, andthen we're going to talk about the need
for urgency for all of you.So sit back, take some notes if
you want, give us a call. Eight three to three Maggie. Tax
operators were standing by right now,So Chris, let's get started. Welcome

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everyone, and thank you so muchfor tuning into our show. And each
and every week we talk about incomeplanning and tax planning and investment planning,
also a state planning, and wedo financial planning. And there are many
different advisors out there, but you'relooking for an advisor who does complete planning,
who's a fiduciary, and who understandstaxes. Because what we're about to
talk about today, you need topay attention because the nation's a fiscal outlook

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just got worse, and that's badnews for your retirement. So we recently
received a report from the Congressional BudgetOffice and we wanted to share this with
you today because I'm sure many advisorsdon't sit and talk to you about this,
but this is so important for allof you because things are going to
get worse, and you know,everybody looks out and says, well,
you know, we'll wait, we'llwait. You can't wait any longer.

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So if they're reading over the CongressionalBudget Office report on fiscal year twenty twenty
three, because you always get thereport for the previous year, but it's
coming out on revenue and spending,and this is just so mind boggling,
to be honest with you, andI couldn't help but think the state of
our nation's finance is not great,Chris. It's just not great, which
we understand, but also what canyou do about and which we'll get into

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later on in the show. Solet me step back. Federal spending should
be important to everyone who cares abouttaxation for now and in the future,
and all of you know what's goingon. Things are changing. You know,
everybody's telling me that they're spending moremoney, They're taking more money out
of their four to one k's iras. Why why are we doing this?
Because if you you have saved themajority of your retirement assets in tax deferred

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vehicles like the immensely popular four ohone k and iras, then you have
some big concerns because you will oweincome taxes on those funds in retirement.
You know, Chris, everybody talksabout this and says, well, you
know, I'm not going to retire, and then the big question we get
is when can I retire? Andthen when they say when can I retire,
what's the next question? Well,how much income can I get?

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Am I going to have enough?You know? I don't have to live
or go back and work. Theseare crazy things, absolutely, you know,
outliving your money, it doesn't matterhow much money. You have.
Met with a guy last week thathas three million dollars and he says,
you know what, I asked him, what's your biggest concern? He said,
I'm really worried about outliving my money. And I said, we have
a pension, you have a socialSecurity, your wife has a social Security
coming in. There's a three guaranteedincome streams and you're worried about outliving your

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money, And there it is rightthere. It just shows you what's on
the minds of many people out there. Inflation, the spending, the taxes.
So it doesn't matter how much youhave, whether it's three hundred thousand,
whether it's three million, it doesn'tmatter. People are still worried about
outliving their money. But Chris,the bottom line and you and not talk
about this all the time. Everyclient we meet the question, we ask
them, how much money do youneed coming in the front door every month,

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no matter what happens. And theconfusing part is they don't know.
They just don't understand income planning,tax planning, you know, investment planning,
legacy planning, and the big thinga state planning, which we talk
about folks. Like I said before, things are going to change. So
Chris, isn't that crazy? Imean, they have this money, a
million, two million, three milliondollars and they're still worried they're going to
outlive their money. Yeah, Imean, but but at the end of

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the day, we have to understandthat there could the concerns there and we
have to teach them and that's whatwe do. So when you come in
and meet with us. We canshow you and make it very simple for
you. And we made it veryclear for this couple and they sat back
and they said, no one's evergone over this with me, and from
the tax side of it, fromthe income side of it, and from
the investment side, and they say, well, what are we gonna do.
How we're gonna make sure it staysin the family. And we should

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have showed them from the estate planningside, so it was a complete plan.
And we can do the same thingfor you. So if you have
questions, have concerns, am Igoing to outlive my money? What about
my investments? Am I taking theright risk with them? Pick up the
phone and schedule time to meet withus eight three to three MAGI tax.
That's eight three to three MAGI tax. And when you call, operators are
standing by right now. Tell themit's urgent. Use the word urgent,

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that you need to meet with MagieTax to do a complete plan. You
have many concerns, and think aboutthis. There are approximately twenty nine point
two million forgotten four to one Kaccounts and they hold approximately one point sixty
five trillion in assets as of Maytwenty twenty three. Wow, why is
that important? Many of you thathave four one k's or old for one
k's, you have to do somethingwith them, Chris. They just can't

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leave them there and do nothing.They need to start using that as tax
planning, income planning. And allof the account is taxable when you withdraw
the money, Chris. They don'tget that. They don't see that it's
deferred, deferred, deferred, andthen it becomes taxable, taxable at what
rate, and then all hell breaksloose. That's it. That's why planning

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is so important. Investment planning isso important. Tax planning is so important,
and that's what we do here atMaggie Tax and Financial Groups. So
pick up the phone, schedule timeto meet with us, because we'll put
together an income plan for you,a tax plan as well as an investment
plan. And you know, mydad talked about these tax deferred accounts,
well boom. You know, it'sa big tax time bomb that's going to
explode at some point. And thebig thing is that people don't understand what

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the future tax rates are going tobe. So if you have an IRA
four one k a TSP, ifyour federal employee, guess what those accounts
are infected with tax and they're goingto come out at an unknown question mark
tax rate. Because if you fastforward yourself five years from now, you
have no idea what the tru whatthe tax rates are going to be,
and that's where it's alarming. Soyou have to plan for more tax less

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income. But if you're proactive,you can have the other more income less
tax. We'll pick up the phone, schedule time to meet with us.
Eight three to three Magi tax.You know, And this is why I
say it's urgent. All of youshould say to you know in advisor,
this is urgent. If they're nottalking about this and they're just talking about
the stock or the mutual phone orthe market's up to markets down, that's
not complete planning. That's not completeplanning at all. And the reason why

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we talk about this because we dothis. This is what we do.
So if you're looking for tax advice, we can help. And if you
have an old four to one Kfrom a previous employer, if you do,
we need to talk. That's urgent. That's urgent. That's right now.
Eight three three Maggie tax. Whenyou call and tell the operator we
want to talk to Bobby and Chrisabout our four to one K. It's
urgent, use the word. Andas we navigate through and ever evolving economic

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landscape, think about this. Layoffsare unfortunately becoming increasingly calm, and we
see this every day. And noware you one of the many who have
been laid off? And if youdo, I know you're sitting in a
corner, sitting on the chair,worrying about all this. Don't pick up
the phone. Eight three three,Maggie, tax Tax. You're gonna meet
with Chris and I. We're gonnatalk about this. We're gonna talk about
your situation. If your advisors not, shame on them. So operators are

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standing by right now. And whenyou call them, let them know it's
urgent and it's about you. Forone K, then set an appointment and
let us help you. Eight threethree, Maggie Tacks. And just last
week I had a young lady thatcame on in and guess what she had
four four oh one ks and onewas current and the other three were old.
And she said, I haven't beenat those employee employers for a number

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of years and they're just sitting there. And I said, well, where
are they at is a fidelity oris it whateppen? What's the custodian?
She said, well, I'm notreally sure where the other two are.
And she had no idea, andshe's married and she's got kids. So
think about this for a second.Something happens to her. It's going to
go through the probate process because shedidn't have the counts titled the right way.
And guess what, her husband's gonnahave a hard time getting the money,

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and then after that, our kidsare gonna have the hard time getting
the money after that. So whynot do some planning today and consolidate those
accounts. We can show you howeight three to three Maggie Tacks. Can
I pause there for a minute becauseyou hit the nail on the head.
What about probate? A lot ofyou sitting out there. We do seminars
every month. Go to my website, Maggie Tax Doc. Click on seminars.

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We do two a month. They'reat libraries and we talk about estate
planning and taxes and problems that mostpeople have. People you have to do
something eight three three Magi tax.But go to Maggie tax dot com right
now. You can register for thenext coming seminar. They're all there two
every month, And think about whatChris just said. Every time we meet
with a client, we ask him, you know, do you have a

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beneficiary? And they go, Idon't know. I think so it's maybe
maybe I do. And then yousit there and I wonder, like you
don't know. So here's what happens. A client comes in and says to
Chris and I, you know,it's not even a client, it's the
children. I lost my mom ormy dad, and now we can't get
the money. We can't get themoney because your parents didn't do any estate

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planning, like a power of attorney, a will, or you know,
the healthcare surrogate or the documents.And here's another one. If you have
a home and you think it's goingto go to your children because you put
it in a will, wrong,If you don't have what they call a
quick claim deed or a ladybird deed, it's gonna go through what Chris approbate.
And that's the biggest thing you don'twant to go through. So pick
up the phone, schedule time tomeet with us. These are just little

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things, but they become big things, especially in a time when You don't
want to worry about this stuff.You want assets to transfer the right way
with ease. You want things togo without going through the court system where
there's attorneys who get involved. Ihave to pay a lot in fees.
You don't want to go through thatif you can just do some planning,
So pick up the phone. Scheduletime to meet with us eight three three

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Maggi Tax. We do so muchhere, complete planning, tax planning,
tax preparation, income planning, investmentplanning, as state planning, social security
maximization. Pick up the phone,schedule time to meet with us eight three
three Maggie Tax, and don't forgetevery Sunday on ABC TV at ten thirty
for the Maggi Tax and Financial Show. Half an hour show to educate you,

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show you what your options are.Put together the Maggi Plan. We
can help eight three to three MaggiTax. That's eight three to three Maggi
Tax. Stop planning for Uncle Sam'sretirement and start planning for your retirement.
As we return to the Maggie Taxand Financial Hour with your host father and
son Robert and Chris Maggie for additionalinformation on how you can create a tax

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free retirement Visit Maggie Tax dot com. That's ma Ggi tax dot com or
call eight one three three two twotwenty five twenty. That's eight one three
three two two twenty five twenty.Now your host for the Maggie Tax and
Financial Hour. Father and son fromMaggie Tax Advisory and Financial Group, Robert

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and Chris Maggie. Welcome everyone.You're listening to the Maggie Tax and Financial
Show. Be sure to visit ourwebsite Maggie Tax dot com. UH click
on make an appointment or call myoffice today at eight three to three.
Maggie Tax UH operator as a standingby, so set an appointment and just
tell him it's urgent. And Ichallenge all of you out there because if
you have an advisor that's not talkingabout the topics that Chris and I are

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talking about, then it's shame onthem. But you have to be willing
to ask the quo should and meetwith someone where you're not going to be
sold something. And Chris, wetalk about this all the time, transactional
advisors and complete advisors. Folks,you can write this down. We are
a complete advisor and possibly many ofyou out there have an incomplete plan,
and Chris, I piss a lotof people off when I say that,

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and they go, what do youmean, I have an incomplete plan?
It's fine. So when we sitdown and we talk to them, we
find out what then it's an incompleteplan, right, and they don't deserve
an incomplete plan. But that's theproblem, like many people think. I
just had this the other day lastweek. The client came in and said,
you know, all financial advisors arethe same, and I said,
well, tell me about your experienceand they said, well, I'm going
with an advisor now that sold mea mutual fund and sold me this product

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and I don't see them ever again. And they are a financial advisor,
And I said, well, that'smore of a transactional advisor. That's someone
who just goes ahead and does thebest thing for them, not you.
They're held to suitability guidelines. Butyou want to work with someone who's a
fiduciary who's held to doing the bestthing to you for you and also to
make sure that they do complete planning. And that's a difference. So work

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with the right advisor. And that'swhat we do here at Maggie Tax Advisor
and Financial groups. So we canhelp you with income planning, tax planning,
investment planning, estate planning, medicareplanning, social security planning. That's
what we do. So pick upthe phone, schedule time to meet with
us eight three to three MAGI taxand think about this. Many of you
are working with each round of workforcereductions. There are a lot of companies
that are reducing Okay, many individualsare getting, you know, laid off

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where they're just hanging by a threadand they have no answers. Well,
that's when you have to start lookingat advisors like Chris and I are talking
about, who are going to sitdown and do a complete plan. So
with so many uncertainties about their financialfuture, you worry about tax planning,
you worry about income planning, andlike we just said, if you get
laid off, what do you do. You know, you're looking for a

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job. You have to have moneycoming in to feed the family, pay
your bills, so you don't loseyour house, you don't lose anything that
you have a value. So youneed professional guidance to make informed decisions and
we can help it. MAGI Taxcall us an eight three to three MAGI
tax call right now and let's discussyour situation. Let the operator know it's
urgent, and we can set anappointment eight three to three MAGI tax Individual

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income taxes make up the majority offederal revenue. If our government spending is
up, it needs more revenue tooffset it, and that could impact your
taxes in retirement. So Chris,let's talk about that, because again I
don't think the advisors talk to clientsabout what we're talking about because it all
affects them when they start to takeout money and then they do their taxes.

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Well, think about it. Let'sjust put a little example on the
table here. You know a clientwho's retired, say they need two thousand
dollars more month of income so theyhave solid security coming in, they might
have a pension. They just needtwo thousand dollars more of income. Well,
where are they going to take it? Will they take it from their
investments? So what if they takeit from their IRA? So intentive taking
two thousand dollars that they need net, they have to take out probably three

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thousand dollars to net the two thousanddollars they need. So they have to
pay that thousand dollars in taxes.Now, think about this. If tax
rates go up, not if,but when they go up. It could
be two years from now, itcould be five years from now, it
could be ten years from now whenyou're deep in retirement and you're settled and
everything is going great. But thinkabout that. What if you have to
take out thirty five hundred dollars nowor four thousand dollars from your investment account

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to net the two thousand dollars thatyou need per month. What does that
do to your retirement? What doesit do to your future? What does
it do with the investment risk?And not talking about what if the market
even goes down during that time whileyou're taking all those distributions. These are
things we're talking about because you needto be aware of it because when it

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happens, you will go ahead inretirement feel the pressure, and you don't
want to feel that pressure, especiallyafter you've saved so hard, so taxes
will increase. Planning has to bedone now. Income planning has to be
done now. That's why my dadhas mentioned urgent. It is urgent.
If you have a question about yourfuture income, it's urgent. Pick up

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the phone, tell our staff thatit's urgent that you want to meet with
us. So pick up the phone, schedule time to meet with us.
Eight three to three, Maggie taxand think about this what we're saying.
Each year, the Congressional Budget Officethey published data on the previous fiscal year's
revenue in spending for the US government. You could look this up. In
fact, if you come in,I'll even show you. In the past
years, the outlook has been concerning, and I'll tell you why. But

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something significant happened last year that madethe situation increasingly dire. First, let's
look at the numbers the state ofUS revenue and spending. In fiscal year
twenty twenty three, the government tookin about four point four trillion in revenue.
Write this down, more than halfof which came from individual income taxes.
Now, four point four trillion isa lot of revenue, you would

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think, right, and it shouldbe. But unless, of course,
the government spent more than four pointfour trillion. This applies to everyone out
there. If you don't make enoughand you're spending more than you make,
you have a problem. So onthe spending side of the ledger, things
start to get very interesting because thereare two primary forms of government spending discretionary
and non discretionary, and a lotof people don't understand this, sometimes called

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mandatory discretionary spending, is the spendingpassed by Congress every year. And this
includes both the spending Congress passes throughthe appropriation bills so they can fund things
like national defense and transportation and infrastructure, and any supplemental spending Congress passes under
other spending bills, like the InflationReduction Act of the Cares Act, which
they did a while ago. Thisis where people don't understand why the spending

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is so non discretionary or mandatory spending. It's the spending our government outlays each
year outside of the legislative process.So mandatory spending covers all the entitlements our
government owes to its citizens based oncurrent law, such as Social Security payments
and Medicare benefits. That's how comewhen the government shuts down, they worry
about not getting paid because they haveto spend. They have to spend,

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So it also includes any other spendingthat is required under current law. So
why does this matter? And Iknow you may not understand how what bill
becomes a law, and that's okay. But the different spending categories matter a
lot when it comes to our nation'sfiscal health. Back to the CBO numbers.
In fiscal year twenty twenty three,the federal government spent three point eight

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trillion of mandatory spending, primarily throughSocial Security, Medicare, and Medicaid.
And additionally, the government spent anothersix hundred billion on net interest of the
US debt. Where is this moneygoing to come from, Chris, It's
going to come from taxes. It'sgoing to come from IRA's in four to
one case. It's going to comewhen the taxes go up in a couple
of years, when the Trump taxcuts come back. Listen, I know

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I'm angry right now. I thinkyou should all be angry because you're going
to pay taxes. And if youdon't understand, why, please give us
a call eight three to three magitax. It's urgent. Eight three to
three MAGI tax. Give us acall today eight three to three MAGI tax
and believe me it's urgent. VisitMaggie tax dot com and don't forget eight
three to three magi tax eight threethree magi tax. Stop planning for Uncle

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Sam's retirement and start planning for yourretirement as we return to the Maggie 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

(19:29):
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.
Welcome back. Thanks for tuning intothe Maggie Tax and Financial Show and
visit our website at Maggie tax dotcom. So much information rate there at
your fingertips and also tune in everySunday for a TV show on ABC TV

(19:52):
at ten thirty a m Maggie Taxdot com. So we talk a lot
today about complete planning and working withthe right advisor and and also the discussion
of the need for urgency. Andas financial professionals, one of our responsibilities
is to inflate the balloon of urgency. Why because people need to start planning
today. I don't care if you'reabout to retire I don't care if you're

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in retirement. Planning is always needed, especially in retirement, because things are
changing and they will be changing andneed to be ahead of the curve as
opposed to falling behind it. Especiallytaxes, because the more tax you pay,
the less income you receive. Somake sure you're on the other side,
less tax, more income. Eightthree to three MAGI tax schedule time

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today it's urgent. Eight three tothree MAGI tax and one more thing.
Go to my website, Maggie Taxdot com. On the top right,
we have the retirement tax calculator.So if you have an IRA or four
one K or TSP or SEP orany retirement plan that's tax deferred, go
to that website, Maggie Tax,click on the retirement calculator and in thirty
seconds, I'll show you what yourtax bill is going to look like.

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And then that's what we're trying totalk about here. Do some strategic planning,
think about what that looks like.You may have five years, ten
years before you start taking R andD and we're gonna talk about that at
another show. But folks, itis urgent, and you know I don't
want it to make it sound likewe said inflate the balloon. It's not
even inflate the balloon. It's alreadythere. It's gonna pop, it's gonna
explode, and it's gonna hurt alot of people. So what we talk

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about urgency, we're talking about inregard to tax planning, income planning,
insurance planning, investment planning, andalso a state planning. And I mentioned
it before. Go to my websiteMaggie tax dot com. We do two
seminars a month on a state planningand taxes. They're held at libraries.
Check out my website. Register forone. It's free and it's about an
hour and fifteen minutes that you willenjoy and you will understand that you need

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help. So that's what we're talkingabout. And I'm sure as we speak,
you're not thinking of any of whatI just mentioned. Why you may
be driving, you're sitting home,whatever. Why because it's not urgent today?
Am I right? Yeah? Itneeds to be the because what people
don't know is that what we seeeach and every day when people come in
and they retire and they need income, and then when tax season comes around

(22:07):
and they need income, and guesswhat they have to pay more in tax,
or they need fifty thousand dollars outof their account to go do something
and they got to take out seventyfive thousand to net the fifty thousand.
So people don't understand the tax ramificationsof some things. That's why it's urged
today. Because in the future,when you do need the money, or
when you do have to pay taxtaxes, or when you do have to

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make your investment changes, it shouldalready be made. And especially if you
pass away, because there's no goingback after that. You know, things
happen, they're unexpected. We understandthat. But if you don't have your
what they call ducks in order,then guess what something is going to happen.
And things are not going to passthe way you want them to pass.
So pick up the phone, schedulea time to meet with us.

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We want to motivate you, wewant to encourage you. You know,
when you come in to meet withus, we provide clarity and confidence and
that's what we do. So pickup the phone. Schedule time to meet
with us. Eight three to threeMaggie Tacks. You know, I have
to laugh a minute. I haveto think back to my dad. God
rest is soil. I love youDad always. What he used to do
was say the hell with it,and I would ask him, why do

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you say that? And many ofyou out there probably shake your hand like
you wave your hand like, uhnot. Now, folks, it's real.
You have to do something about it. So I want to motivate all
of you to make a critical decisionthat leads to your prosperity and do it
asap. It's urgent eight three threeMaggie tacks. This can go wrong in
two ways. Either urgency is notinflated enough where that's not so important,

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or it's inflated so much that itpops the balloon and its shreds. We
don't want you to get to thatpoint in your best interest. The result
is the same, and we didn'tmotivate you enough to take action. That's
on us. When maybe we pushso hard that you turn the radio warf
and just walk away. And Chris, that's another fear that many people have.
They think they're going to be sold. And we're different. And I
say this every week and I'll sayit again. We are different. Sit

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down and talk to us, andChris, you sit down with clientsmen days
as I do. It's a conversation. And you know, when you sit
down and start to say, look, I have a problem, let's talk
about it, it makes it alot easier to get the answers and the
questions answered. Absolutely, and that'swhy when you come meet with us,
you know we're different, and we'redifferent because we're going to help you,
not going to hurt you. Andwhen you come in, we're gonna put

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together an income plan for you.We're gonna put together a tax plan and
also an investment plan, and wecare about your accounts. We care about
what you have saved for, wecare about what you accumulated for. We
care about how you want to passthe funds. We care about how much
income you have in the most taxefficient way. This is what we do.
We're going to inspire all of youbecause we want you to take the
time now to meet with us andhave a conversation and see if tax planning,

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income planning, insurance planning, investmentplanning, and estate planning is important
to you. And I know itis, but you have to do something
because now is the time things arechanging. We talked about this in the
previous segments. Legislative risk things arechanging from the government in Congress. We
see it, we feel it.We know about the inflation, we know
about the higher interest rates. Weknow about what people are doing to get

(25:04):
by and they don't have to dothat in retirement. If you have a
plan, pick up the phone,get the Maggie plan eight three to three
Maggi tax. That's eight three tothree magi tax. And I'd like to
share some practical strategies to help inspireall of you without being too pushy or
salesy, because that's what we hearall the time. You know you're too
pushy. Look, if you don'tunderstand the language, then we're not pushy

(25:25):
or salesy. We're educators and that'swhat we do. And again, register
for our seminars so to take thetime and meet with us and have a
conversation and see see if tax planningor like Chris talked about income planning,
insairement's planning, investment planning and evenas state planning is important to you.
Those are the questions you have toanswer. One of those, all of
those, maybe none of those,I don't know. Call eight three to

(25:47):
three Maggi tax. Right now,operators are standing by so you can set
an appointment today. If it's noturgent, then call when it's urgent.
That's all I can tell. ButI tell you what it's going to be
urged in the future because when gosh, we had one week a client called
in beneficiary and said we have toget together, and I said, what
happened? And they told me thatthe client passed away. And I told

(26:07):
the son, I said, letme tell you something your parents did planning,
so it's not urgent. Everything isfine. And I had to calm
him down because he's like, ohmy gosh, I couldn't sleep the past
couple days. I know where myparents' accounts were. I didn't know how
things are going to transfer. Andwe said, just take a deep breath.
Everything is that because everything was doneand that was a great feeling,

(26:30):
right, But what if it wasn't. Then guess what that the beneficiary the
sun has those sleepless nights changes thelifestyle of their family because they're worried about
the parent who just passed away andhow things are going to go and pass
to him. And if he needsmoney, guess what, he can't get
it because he's got to go throughthe probate process and can't get it because
things haven't been distributed the right way. So this is what we're talking about

(26:53):
here. It's urgent now because itwill be so urgent later. Pick up
the phone, schedule time to meetwith us. Eight three three Magie Tax.
That's m A G G I TA X. And one thing I
always tell everybody, we do taxplanning all year round, so taxes never
go away for Chris and I atMaggie Tax. So maybe call when taxes
go up. You know, hey, listen, I don't have to worry
about it now. Maybe call whenyour income is reduced and you need an

(27:17):
income plan. Maybe you got laidoff, Maybe that's not so important.
Maybe call when you need insurance,or maybe call when your investments go south.
Yeah, that's that's the yah.It's not so urgent, Chris.
But I'm not happy saying that.The point is that everyone listening today has
something that's urgent and it's got tobe talked about and it has to be
addressed. Chris just mentioned a simplesituation where the kid didn't know and he

(27:38):
was scared, you know, andhe came in worried. And that's how
many of you people are. That'show many people I talk to when we
do the seminars of the state planningseminars. Until we explain to them and
educate them and make them understand thelanguage. Man, it's like a deep
breadth of fresh air. Ah gee, this is great. So maybe call
when you go through probate. Idon't know. Maybe that's a maybe,

(27:59):
that's a point that you're gonna need. So maybe, maybe maybe. And
that's the way it is, Chris, that's what people do today. Maybe
maybe not me, like my dad, The hell with it, that's not
the right answer anymore. So giveus a call eight three to three Maggie
texts and over the course of ayear, I've invested hundreds of hours engaging
with many clients in conversations. Sowhere do we get this information from?
From you? From all the clientsthat tell us their stories, and the

(28:22):
most successful appointments we have are withclients who listen and clients who understand crystal
language. You know, you havetwo children. If you talk to them
in a different language, they lookat you like, who are you from
out of space? Just the samething here, right, I mean,
it's the same thing here. Ifpeople don't understand the language of her timement
planning and all the stuff that we'retalking about. They're gonna walk away and

(28:44):
go like I don't need it rightnow. You know, that's a great
point you just made because you maybethink here about our appointments and our get
togethers with our clients, and you'reright. The most successful appointments we have
are with clients who listen and whotake the time to understand. And even
though we don't go too each andevery day, you have to go to
school each and every day outside ofthe public school system because you have to

(29:07):
get educated. And we know thatno one's teaching you about tax planning.
No one's teaching you about income planning. No one's teaching you about your investments.
No one's teaching you how to passthe money to the beneficiars the right
way. No one's teaching you this. So that's why when you come in
and meet with us, my dadmentioned this, this is a process.
This is a fun time for youto get educated and also to make the

(29:30):
right decisions so you know what youhave and go back to the client.
I just mentioned the two people thatjust passed away and their son inherited the
money they did the planning. Wedid everything five years ago and put them
in a position where everything is takingcare for this day so he doesn't have
to get upset. And that's whenI calmed him down because I said,

(29:52):
hey, relax, John, guesswhat your parents put it together the right
way. They did it, soyou don't have to worry. And then
just give me the death certificate andI can show you what to do from
here and we could take care ofthe process. And it was just a
sigh of relief. And that's whatwe're talking about here for you. So
pick up the phone, schedule timeto meet with you. We meet with
us. If you want to geteducated, if you want an income plant,

(30:14):
if you want a investment plan,if you want a tax plan,
if you want an estate plan,then pick up the phone and schedule time
to meet with us. Let's doit. It is urgent because now the
time they put it together, andguess what, you'll get educated. We'll
put it to bed and you don'thave to worry about it moving forward.
So it's up to you. Eightthree to three Magi tax. We want
to meet with you. Why becausewe're tired of seeing people on the other

(30:37):
side of all this. We're tiredof seeing people run out of money.
We're tired of seeing people lose moneybecause the market went down thirty forty percent.
We're tired of seeing people who thinkthey have an estate plan and have
no plan. That doesn't have tobe you. So pick up the phone.
Schedule time eight three to three MagiTax eight three three Magi Tax.
It's urgent and every Sunday on ABCTV, tune into our TV show at

(30:57):
ten thirty on ABC TV Maggie Taxdot Com. Eight three three Maggie Tax.
That's eight three three Maggie Tax.Stop planning for Uncle Sam's retirement and
start planning for your retirement. Aswe return to the Maggie Tax and Financial
Hour with your host, father andson Robert and Chris, Maggie. For
additional information on how you can createa tax free retirement, visit Maggie Tax

(31:21):
dot com. That's ma gg Itax dot com or call eight one three
three two two twenty five twenty.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.

(31:44):
Welcome everyone. You're listening to theMaggie Tax and Financial Show. My name
is Robert Maggie. I'm here withmy son Chris, and pick up the
phone. Give us a call eightthree to three, Maggie Tax. Tell
him it's urgent. Let's make anappointment, whether it be taxes, income
planning, investment planning, estate planning, anything, Let's talk talk about it.
Let's have a conversation. And againwe talked about it before. The
most successful appointments that we have arewith clients who listen, and by the

(32:07):
way, we listen, who understandthe language and have good questions, Chris,
because you mentioned it before, whatabout someone? And we always get
this when we do a show.We get a call on Monday, we
get a call today. My parentspassed away and they have money. I
don't know how to get it.They're confused and they have no direction at
all, and it's because they don'tunderstand the language. And we do not

(32:30):
push you to a solution. Welead you in the direction that you want
to go. That is very importantbecause when you become a transactional advisor,
you're selling. When you become acomplete advisor, you're asking questions, and
you are asking questions why because it'syour money and it's simple. It's your
life, and that's what we do. And our goal is to help you

(32:51):
discover the gaps and your plan withoutaccusing you of making bad decisions. What's
done is done, and that's okay. But now what do you do moving
forward in a framework that's effective acrossthe board is complete versus incomplete language,
and we do complete planning, andit's okay. Right now if you have
an incomplete plan, we can completeit because we'll show you how to have
an income plan, a tax plan, and investment plan and also in a

(33:13):
state plan. And I really can'tsay that you're doing anything wrong with your
finances, but based on what youhave told me, it's important that you
move on going forward. That thereare some areas that we could make complete
because right now it's incomplete, soit's entirely different processes. When you come
to meet with us, we planout your future. We can show you,

(33:35):
based on your goals and the risk, what you want to complete,
and we can make that happen.We had a girl that came in last
week. She said, just layit out for me. Tell me,
what exactly you need to do soI could retire in five years from now
where I don't have to worry aboutoutliving my money, where I don't have
to worry about paying more in taxes, where I don't have to worry about
if anything passes, if I passaway, that my kids are not going
to go through the probate process.I don't want to have to worry about

(33:59):
that, So can you help me? And that's what she asked me to
do, and we did. Weput together a plan for her, and
by the time it was done,she said, oh my gosh, now
I have a plan, I haveclarity, I have confidence, and she's
willing to move forward for the nextfive years of working and after that she's
done. She has everything in place. So and that was just a relief
for her. And that's why itcould be a relief for you. If

(34:20):
you pick up the phone, scheduletime to meet with us. Because there's
things on your mind. Let's addressthose. If you have an incomplete plan,
let's make it a complete plan.Eight three three magi tacks. Yeah,
don't be embarrassed. You know,if we tell you have an incomplete
plan, nothing's wrong with that.We just got to fix it. So
once you see what a complete planis compared to your incomplete plan, Chris
and I are confident that you're goingto understand and start to make some changes.

(34:43):
And many of you listening today thatare our clients that have met with
us, understand what we're talking aboutbecause we walk you through it. And
I'm confident that you're going to understandand start to make some changes because you
want to make changes that are good. You don't want to make changes just
because someone tells you to do itand it turns out to be bad.
We don't want that. So giveus a call eight three to three,

(35:04):
Maggie Tax. And when you callagain, We've been saying this throughout today's
show. Make sure you say it'surgent. It's urgent, no matter what
you want us to do, taxis, income planning, tax planning,
anything, just say it's urgent,pick up the phone, come in and
meet with us. Eight three tothree, Maggie Tax. So that's why
it's so important to get together withus, because you know, hey,

(35:24):
it's your money, right, it'snot ours, but we can help you
and we can lead you in theright direction. So eight three to three
Magie tax. So we have aquestion, you know, for everyone.
You know, when a witness ison the stand in a court of law,
the larst lawyer speaking to him doesnot have to have the liberty of
making statements. They almost exclusively justask questions about the facts of the case.

(35:45):
Right. So, in the sameway what we do here, We
always ask you questions and the moreinformation we get from you, that answer
is so important to create a completeplan. So let me ask you a
couple of questions, like, howdo you feel about higher taxes? How
does that make you feel? Youknow? Does inflation affect you? Are

(36:05):
you paying more and earning less?You know? How does that make you
feel when that happens? What areyou doing about it to make it better?
You know? Do you think thatit was possible before we met that
you had these questions answered? Andmany people think they do, but they
really don't. Because when we lookat your taxes, guess what, you
might be paying more tax than youreally need to. You could be getting

(36:28):
more income and pay less tax.Is that what you would want? Well,
we can help you. Let's havea discussion and get deeper understanding and
move the conversation in the right directionto help you and to guide you and
to make sure that you have theclarity and comments that you need in retirement.
The more we understand you, themore we can develop a complete plan.
So two things are true. Asa financial professional, I want to

(36:49):
help you achieve your financial goals andcreate a complete plan. Again, Chris
mentioned as a fiduciary, want todo the best thing for you. So
sometimes I need to ask you totake action. And here's what. When
people come in, are you shoppingor do you want to buy? And
when it gets to the end ofthe presentation or the question, we ask
you, what do we do fromhere? And it's a question that you

(37:10):
have to tell us what to doat that point. And that's certainly nothing
to apologize for. It's the rightapproach and it makes all the difference in
the world. And so many times, Chris, we've heard people say because
she said, because he said,no, this is your money. So
let's put this another way, actionversus inaction. When you leave today,

(37:30):
you're going to be making one oftwo decisions. You can make the decision
of inaction and do nothing, andmany people do that because you're comfortable with
what your strategy is right now andnothing we discussed has brought up any concerns
for you and that's okay. Oryou could make the decision of action because
there are some concerns that you wantto address and you want to make some

(37:51):
changes to your plan. What doyou feel is the right decision today?
And as you can see, wedo not mention anything about buying exit product
or going with Strategy Wire. Thedecision making becomes more about your concerns being
addressed than the financial instruments being used. Eight three to three Magi Tax.
Watch your TV show every Sunday onABC TV at ten thirty. Go to

(38:15):
our website Maggie Tax dot com.Fill out the retirement calculator, look for
the seminars or register for our seminarsevery month. Scheduled deployment today to meet
with Chris and I. Eight threeto three Maggie Tax. Let's have a
conversation and go over your concerns.Eight three to three Magi Tax. Get
the Maggie Plan, Tax planning,income planning, investment planning, insurance planning,

(38:36):
and estate planning. Eight three tothree Maggie Tax. You've been listening
to the Maggie Tax on Financial Hourdiscussing tax planning investment strategy is presented by
Robert and Chris Maggie from Maggie TaxAdvisory and Financial Services with offices in Hillsboro
and Panelas County. Visit MAGI taxdot com or call eight one three three
two two twenty five twenty. That'seight one three three two two twenty five

(39:01):
twenty and tune in next Saturday atfive for the Maggie Tax and Financial Hour