Episode 20240525 - Financial Puzzle Tax Drag and IRA Debt

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,

(00:21):
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

(00:41):
Maggi tax dot com and now yourhost for the Maggie Tax Financial Hour on
nine seventy WFLA. Robert and ChrisMaggie. Welcome everyone to the Maggie Tax
and Financial Show. My name isRobert Maggie. I'm here with Chris Maggie
and today we're going to be talkingabout tax and some income planning and Chris

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i know you have a lot totalk about, so let's get the show
started. Welcome everyone, and thankyou so much for tuning in, and
we appreciate you listening today and eachand every week. We love doing what
we do because you need to geteducated. You know, when's the last
class you had on how to puttogether an income plan or an investment plan
or a tax plan. Many peoplehave questions each and every day and they
just don't know what to do.So if you listen today, pick up

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the phone, schedule time to meetwith us. We have office on both
sides of the Bay to help you. Visit our website at Maggie Tax dot
com. That's m A G GI T a X dot com. And
don't forget every Sunday on ABC TVat ten thirty am, tune into the
Maggie Tax and Financial Show on TV. But let's talk about a lot of
things today. My gosh, there'sso much to discuss because we're going to

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talk about tax drag. So what'stax drag? Tax drag? What is
tax dreg Well, I believe taxdrag is real, and many of you
out there are going to understand andagree why I believe tax drag can cause
losses in all of your portfolio.I believe many advisors do not discuss tax
planning like we do with every clientat Maggie Tax and at Maggie Tax we

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design and build plans that help mitigatetax drag. Think about that. Mitigate
tax drag? Is your advisor doingthat? But I also believe that many
of you listening today have what wecall chris an incomplete plan and part of
it and pretty much most of itis because of taxes. Well, let's
just say, you know, thinkabout it. Most advisors don't talk about
taxes. Well, taxes are yourbiggest expense and it's there for you.

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Yeah, we have investments, Yeahwe have piles of money, but what
are you doing with it? Howare you putting it all together? And
that's why Maggie Tax Advisor in financialGroup, we do complete planning. You
know, we got tax planning,we got income planning, we got investment
planning. We do a state planningwith attorneys that we work with. So
there's a lot that we do tohelp you. So pick up the phone,
schedule time to meet with us today. You know, the Trump tax

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cuts expire in a couple of years. What are you doing about it,
what's your future tax strategy, whatdoes that look like? What's your tax
plan? So we can help today. So let's talk about tax drag and
really define what it is. Okay, so first let's define tax drag and
what tax drig is is the reductionof your portfolios annualized return due to the

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tax liability triggered by distributions and capitalgains in a non qualified account. And
always remember taxes have to be paidfirst, So when you get your income
or you do your tax return,it's based on your income and then you're
going to have whatever tax bracket you'rein. But the textbook solution to tax
dreg tends to be using tax shelterslike four to one ks and iras tax

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deferred vehicles prevent taxation on those fundscome April fifteenth each year. So many
of you that have a tax deferredaccount like a four to one K four
or three b IRA, that's atax deferred and Chris, the problem is
is that when they start taking thedistributions out, it changes the return on
what they think they have because thetaxes bring it down. Is that a

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simple way to explain it. Yeah, we think about it. I mean
you have a five hundred thousand dollaror qualified account. It could be a
four one k a TSP if you'refederal, a four to oh three B
a four to oh one K traditional. Guess what? Tax deferral means that
all the gains grow tax deferred.Deferred means that you don't pay it until
the future. So if you takeyour five hundred thousand dollars retirement account now

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grows a seven hundred and fifty thousand, well you delayed the tax. So
deferred means delayed the tax. Right. So when you start taking a distribution,
what people don't realize is what theirfuture tax brackets are going to be.
And you add your other income intothis, you might be in a
higher tax bracket. So when youtake that money out, guess what.
You create a taxable event at amuch higher rate, which drags down your

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account because of the tax. Wellthat's well said, drag the account down
and think about this for a second. We have the retirement calculator that we
offer on our website. Just goto maggietax dot com, click on the
retirement calculator. What we're talking abouthere is you will see what the tax
drig is on your IRA, yourfour oh one K, your four H
three B, and then start planningon it because there are ways to reduce

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those taxes if you do proper taxplanning. And yeah, you can be
more active trader of securities within atax deferred account knowing there will be no
short term tax consequences for those trades. But that's fine. But when it
comes Chris to the bottom line andthey have to start taking the distributions and
they put it on the tax return, it makes a big difference on what
they have for distributions moving forward.Well, yeah, you're totally right,

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and most people are not thinking aboutand that's tax planning with investment planning,
right, So when you take adistribution, how much is it going to
be taxed? How much do youneed each and every month? So when
we look at a complete planning,taxes make a huge gosh, they're just
a huge derailment of your future income. So what we talk about is how

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do you get accounts out of ataxable environment into a tax free environment so
you don't have to worry about futuretax rates and what they're going to be
when you need the money, whetherit's now or in the future. Well,
let me ask all of you aquestion. With what he just said,
how would you like to reduce oreliminate your estate taxes, pay no
capital gains tax, and receive moreguaranteed income over your lifetime. And that's

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what we're talking about tax planning.So if you're not doing anything about your
iras and your four to one k'sin deferred accounts, and you don't understand
tax dreg, trust me, whenyou do your tax return, it's going
to hit. But we all knowthat tax deferral in an IRA or four
to one K doesn't happen forever.So there's a question that we need to
explore. Does tax deferral in itselfcreate its own form of tax drag and

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the traditional approach to addressing tax dregmay actually create more tax dreg in a
long term. So with that inmind, let's do some math. We're
going to talk about a simple accountand Chris and I am going to look
at taxable accounts, tax deferred accounts, and tax free accounts and then look
at the impact of taxes on each. So ask yourself this question, what

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do you have? What kind ofaccount? Do you have? A tax
deferred account, Do you have atax free account? And then let's see
what the impact of taxes on eachone. That's gonna look like chrysal Let
me stop you right there, becausea lot of people out there might not
know what they have right so wesee this each and every day, and
that's why it's so important to pickup the phone schedule time to meet with
us, because when you're come into meet with us, we're gonna educate
you on what you have. We'regonna put together a balance sheet and make

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it simple for you. We're goingto show you what's qualified, what's taxable,
what types of accounts do you haveright now? Are growing tax deferred?
And you might be an aye,you might be like, oh my
gosh, I didn't know it wasthat much. Or you might be on
the other side where you have nonqualified accounts or tax free accounts and you
might not know it, or acombination of all the three. So it's
so important right now, and it'scrucial to understand what you have, and

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when you're come in to meet withus, we'll put that together for you.
You don't have to worry about it. That's why we can put together
a plan to help you. Andonce we do that, then you'll see
and you'll know, oh, mygosh, I got twenty percent of my
money that's tax free. I goteighty percent of my money that's taxable,
and I got maybe ten years toget that money out. How do I
do it? Well, we canshow you strategies. And my dad was

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mentioning before some charitable leveraging strategies,some ways to reduce your taxes. There
are strategies, there are advanced planningstrategies that you can take advantage of to
lower your taxes. Will possibly eliminatesome of the capital gains tax. And
that's why when you come to meetwith us, we'll put together a tax
plan, an income plan, aninvestment plan, and a state plan.

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Will do the Maggie plan. That'swhat we do. So schedule time to
meet with us, pick up thephone, write this number down eight three
three Maggie Tax. And one morething that's important about what we're talking about
is the language and what you understandit to be. And Chris mentioned before,
how many of you know what taxdeferred accounts you have? How many
of you know what's taxable and what'snot taxable. This is important because you

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know, we talk about language andunderstanding what we're trying to teach you,
because when you sit with us andwe go over the whole thing, you
have to understand it and feed itback to us and say, guys,
and I think I get it nowand I didn't know that, because that's
what we hear all the time.And there's nothing wrong with that, nothing
wrong with saying that, because look, we understand. We do this every

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single day. Okay, you liveyour life every single day. You don't
come home and you know, dofinancial planning and read tax laws. That's
why we do what we do.That's why we're a complete advisor. I
mentioned it before. Many of youout there have an incomplete plan. And
when we do the seminar as,Chris and I sit in front of fifty
people and I tell them they havean incomplete plan, their eyes look at

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me like, what did you say? So the truth is you do.
You do have an incomplete plan,and you have to start thinking about what
Chris and I are talking about today, tax drag. Write it down.
You're not gonna remember every word wesay, but that's important. We'll talk
about that when you come in.Absolutely, and that's why when you come
inet with us, we'll put togetherplan. We'll put together plan to help
you. And you know, weretire each and every day. You retire

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once and when you start thinking aboutthat, you know, that's how we
help our clients. We understand whatretirement looks like. We understand how to
get there. We understand what itlooks like as far as a tax side
of it, the investment side ofit, the guaranteed income strategies, and
how to go about doing it.So if you have highly appreciated assets,
if you have a tax problem,as far as how do I get my
money out of a taxable environment totax free strategies roth conversions, we can

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help you. We can show youis it right for you? Is it
not? Many people out there comein and they say, well, my
advisor told me to convert the money. Well, it might not be the
right strategy for you. Do youwant to know? I would? Because
why pay more unnecessary taxes you don'thave to. And that's why it's so
important to get a second opinion andget a review. So pick up the
phone, schedule time to meet withus. Eight three three, Maggie Tax.
We have office on both sides ofthe bay to help you, visit

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our website at Maggie tax dot com. Go to our website and on the
top right hand corner it's the retirementtax bomb. We can help you defuse
that big tax bomb. Eight threethree Maggie Tax. Pick up the phone,
schedule time to meet with us.Eight three three Maggie Tax. Get
the Maggie Plan, tax planning,income planning and state planning, investment planning,
sold security planning. Maggie tax dotCom. Stop planning for Uncle Sam's

(10:58):
retirement and start planning for your retirement. 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 ma ggI tax dot com or call eight one
three three two two twenty five twenty. That's eight one three three two two

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twenty five twenty now your host forthe Maggie Tax and Financial Hour, Father
and son from Maggie Tax Advisory inFinancial Group, Robert and Chris Maggie.
Welcome back and you're listening to theMaggie Tax in Financial Show. Mon name
is Robert Maggie and I'm here withChris Maggie, and today we're talking about
taxes and some strategies that you needto be thinking about because when it comes

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to retirement, you're going to windup paying a lot of taxes if you
have an IRA four oh one Kor four oh three B. This is
going to happen to a lot ofpeople. So if you've turned on the
news lately, will you read thepaper, or look at social media or
talk to practically anyone? You aredoubtedly aware that a year away from now
twenty twenty four presidential election, whichmeans we all have to sit back and

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vote and pick a candidate that wewant to be president. But like the
last several election cycles, this one'sgoing to be heated and focused on both
domestic and international issues. Taxes,spending, and foreign aid are sure to
be in the mix. But whatdoes it all mean for all of you?
It's unsettling truth. The debate inWashington can have a big impact on

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the success or failure of your retirementapproach. And this is what a lot
of the advisors are not talking toyou about. And if they're not,
shame on them, because this isgoing to be a critical discussion. And
Chris and I have been doing taxesfor a long time. We have the
Retirement Calculator on our website to giveyou an idea of what's coming and then
set an appointment. And Chris,I just feel bad for a lot of

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people that don't really understand how theTrump tax cuts affected them in one way
or another, and they're going tobe in shock. And I think it's
going to be our responsibility and alsotheir responsibility to sit down and do something
about it. Well, let's justsaid, you've got to take act and
you've got to do something because it'sour responsibility to evaluate the election and its
potential impact on the savings approaches youuse for your retirement funds, and we

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need to consider both the immediate andlong term impact. And many people out
there aren't thinking way in advance,and that's why it's so important to plan.
Planning is not just one meeting.Planning is going over time to make
sure that you are in front ofand taking advantage of the opportunities that are
there for you. So I knowwhat you think, and that sounds like
a lot of work, but again, this is your money. You put

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money away for so long, youwork really really hard to do something and
have money there for your retirement.Why lose it to the impacts of an
election or the ups and downs ofthe market. When you can put together
a plan and have a concrete planthat's considered tax savings, that's considering income

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planning and also investment planning and estateplanning. And we can help pick up
the phone, schedule time to meetwith us, because that's what it's about.
You need to get a plan.If you have questions, right now
is a time to get them answered. Don't wait because you never know what's
going to happen in the market withthe volatility and also with the legislative risk
with taxes and changing rules that's goingto affect you. Don't let it happen

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to you if you don't have toeight three to three Maggie tax and I'm
here to share a little secret withall of you. Helping you identify and
mitigate the risk coming from Washington isactually much easier than you think. And
one thing we want to talk about. Chris mentioned the word is legislative risk,
and get used to that word becausewe work with an organization who have
helped us understand the decisions made inWashington can have a direct impact on the

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savings of millions of Americans. Andthey also help me realize it isn't difficult
to help you protect yourselves from legislativerisk. It's become my passion to help
all of you understand and quantify andmitigate tax risk and legislative risk. And
the question I would have, andI said it before, if your advice
is not talking about that, whenare they going to? So one of

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the key things that we have.We have a brochure five ways that your
taxes could be higher in retirement andI give this it out at seminars and
it's really impactful. If you wanta copy, give me a call.
We'll get it to you because thisis something that you start need to start
looking at it now. And thisis one of my favorite pieces of content
we have available to all of youwhen you come in and meet with us.

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And in this brochure, I coverfive ways that your taxes could be
higher in retirement based on what's happeningin Washington today, and of course,
how to help you reallocate assets toprotect against the risk of rising taxes.
And Chris, one of the wordis reallocate. I don't think people realize
understand when you do tax risk andyou look at this, you've got to

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allocate certain investments to avoid the tax. And you know at the answer to
both these challenges is very simple.And if you can repeat this have to
me. I'm going to say,make it very very simple for you,
is that tax efficient income planning isneeded. Tax efficient income play is needed.
Go ask your advisor if they're doingtax efficient planning. I guarantee you
they're not. Go as your CPAif he's doing or she's doing tax efficient

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planning, and I guarantee you they'renot because they're just doing tax preparation.
So tax efficient income planning is thebiggest opportunity in our industry today, and
those who are early adopters of this, which we've been doing for so many
years, already have a dramatic growthadvantage. And we can help you with
the knowledge that we have. Weknow your broker is not addressing tax risk

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and even market risk. We dothis each and every day. What do
we mean by tax efficient income planning? Well, I mean helping you get
the most after tax income for themost tax efficient strategies and I bet nearly
one hundred percent of you don't wantto pay more in taxes than you really
have to, so you don't haveto go through that process. Many people

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lost money in two thousand and eightour a lot of our clients did not.
So what do you do? Youdon't have to a lot of people
talking about I pay too much intaxes. Well, our clients who put
together tax division strategies don't. Youdon't have to either, So think up
the phone, schedule time to meetwith us. Eight three to three MAGI
tax. For too long, advisorshave looked at the risk balance or asset
allocation of a client's portfolio, butthey've overlooked the tax allocation of the portfolio.

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And we can help you change that. Right now, we have to
help you focus on converting some ofyour tax deferred assets into tax free assets.
And that's where the new tax lawhas given financial planners a wonderful gift.
We call it strategic planning, andwe use a great concept called bucket
planning. How many of you havethat, and let's set a time so
we can help you understand what thesestrategies are about. Write this number down

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eight three to three MAGI tax Wehave operated standing by right now, and
the legislation artificially lowers tax rates fora limited time. And remember the tax
code is written in pencil and werefer that to legislature risk. The government
can change the rules any time.And most of the household tax cuts expire
in twenty twenty five, so youstill have time to convert your assets at

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a lower rate. There's urgency foryou. The time can convert is now,
and how can we help you understandhow you can do this now?
Go to our website, Maggie taxdot com. Click on the retirement calculator
and see for yourself. Put thenumbers in there. It'll tell you what
your tax bracket is. You canplay with it and you can see what
your tax bill is going to bein retirement. Don't you want to know

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this now instead of later? Andthen you can do some planning that Chris
and I have been talking about onevery show income planning, tax planning,
market planning, legacy planning. Ifyou don't have those pieces of the puzzle,
then you are missing a great puzzlethat you need to put together.
Eight three to three Maggie Tax,don't forget every Sunday on ABC TV.

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Watch our TV show, The MaggieTax and Financial Show, and don't forget
register for one of our seminars sowe can help you understand these rules.
Eight three to three Maggie Tax andyou're listening to the Maggie tex Financial Show.
Stop planning for Uncle Sam's retirement andstart planning for your retirement. As
we return to the Maggie Tax andFinancial Hour with your host, father and

(19:10):
son Robert and Chris Maggie. Foradditional information on how you can create a
tax free retirement, visit Maggie taxdot com. That's ma gg I tax
dot com or call eight one threethree two two twenty five twenty. That's
eight one three three two two twentyfive twenty Now your host for the Maggie

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Tax and Financial Hour, Father andson from Maggie Tax Advisory and Financial Group,
Robert and Chris Maggie. Welcome backto the Maggie Tax and Financial Show,
and thank you so much for tuningin and vision our website at Maggie
Tax dot com. In thirty seconds, you can find out what your tax
bill would be in retirement. Ifyou have an IRA four one K.
You need to understand what this numberis why because it can't affect your retirement

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future income. Maggietax dot com upa right hand corner tax bill in retirement.
Click on it and you can discoverwhat that will be. But more
importantly, schedule time to meet withus. There's so much information to talk
about. If you have questions abouthow do I design an income plan for
my retirement where it has inflation builtin and multiple income sources and guaranteed income,

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how do I go about doing that? We can help. What if
you're looking for an investment plan?A lot of volatility going on in the
market. Does it really keep youup at night? Are you losing sleep?
Do you have questions? Do youreally not know what's going on and
you're afraid to open up your statements. Well, let's get it together and
have a conversation about it, becausethere might be some bucket planning that we
could put together to design for safetyand growth and inflation and a lot of

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other opportunities that are in the markettoday. What about social security planning?
Do you have questions about how doI maximize it for me and my spouse?
What about a state planning? Iwant to leave all this stuff to
my heirs. I just don't knowhow to do it. Is everything set
up the right way? Well,we can help these things that we do
each and every day to help you. So pick up the phone, schedule
time to meet with us. Welook forward to get in together with you.

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Eight three to three Maggie tax.So the question I would ask is
how many of you have a completeplan or an incomplete plan? And what
Chris just mentioned on some of thethings that we see that people have an
incomplete plan. So what are youdoing about it? You know what keeps
you up at night? What's thatelephant in the room? Is it about
income? Is it about taxes?Is it about your investments? We know

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the volatility of the market is there, but how are you prepared to take
less risk and keep more for yourself? And has anyone ever done a beneficiary
review for you? Quick example,We've had a client, a couple clients
this past year. They passed awayand they had beneficiary designations on there.
They had POD and TOD on theiraccounts and Chris, the money passed to

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their beneficiaries probate free and it didn'thave to go through that process. And
people make, you know, mistakesabout estate planning, let's call it enhanced
planning. Do you have the listof who you want your assets to go
to and when it should go tothem and how much it should go to
them. Are you set up thatway so you know if you have an

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incomplete plan? Think about what Chrisand I are talking about. If it's
about income, it's about taxes,you confuse about your investments. You don't
understand them. We see this everyday. We ask a client, bring
in your statement, We ask themdo they understand their investments? And Chris,
the answer that we get all thetime is well, not really,
that is just not a good answer, And it's not because you work hard.

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You worked hard for the money youhave, the assets that you have,
and the worst thing you want todo is either I have to go
back to work or be outlive yourmoney. And most people that come in
and meet with us, we askthem, you know what brought you in
and the main question and the answeris I want to make sure I don't
outlive my money and is that goingto happen? And we have to do
the analysis to figure it out,and sometimes we have to tell people yes,

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at this pace and with the assetsthat you have, you will outlive
your money. And that's where it'svery, very scary. So can you
retire? We can show you wecan. We can show you the projections,
we can show you what the guaranteesare going to be. We can
show you that if you have aconcrete plan or a complete plan, then
you'll enjoy retirement, You'll have theinflation buckets coming in for income in the

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future, you'll have the estate plan. So if anything happens to you a
stay in your family. That's whatwe call developing a plan, because if
you don't have a plan, guesswhat, you know what, someone who
you don't know will make that planfor you in the future because you didn't
set it up the right way.So check the boxes off. Do you
have a tax plan yes or no? Do you have an income plan yes

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or no? Do you have aninvestment plan or just laying that money right
in the market. Do you havean estate plan or an enhanced plan?
What about college planning for the children? Are you aware if you have a
mutual fund you're paying fees? Howmany fees are you paying? The question
do you know what your fees arepaying? Because if you're paying fees,
it's eating aweight your retirement. Sowithout a plan, like Chris says,

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you have nothing. So everything wedo, we have to have a plan.
What are you looking for in anadvisor that you would be willing to
work with. We just mentioned abunch of topics that we would talk to
you about because we see this allthe time. Well, my advisor doesn't
talk about tax planning. Chris orBobby, you know this is and when
we ask him, what were youhoping for when you came in? And

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the answer we get all the timeis wow, not this. Well,
you know the thing about it iswhen you talk about we asked that question,
is your current advisor talking about taxplanning? And most of the time,
probably ninety five percent of the time, it's no. And the question
that I have is why. Imean, that's your biggest expense. Taxes
are our biggest expense, and it'sgoing to get worse. So think about
this, your cruising the retirement.Everything's going well, and guess what legislative

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risk happens and the tax code changes, and guess what less to you?
Because now you have to pay moreto Uncle Sam, so that income check
every month goes down. And whatabout inflation? That's happening right now on
top of it. So you're ina situation where you have to change your
lifestyle in retirement. Is that whatyou want? The answer is no,

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But could it happen to you?Yes, And if you don't have the
right plan in place, like anincome plant, a tax plan, investment
plan, then yes, it couldhappen. And that's what you don't want.
So right now is a time,more than ever before, to pick
up the phone and schedule a time, get a second opinion. Do you
have enough confidence in your current advisor? Get a second opinion? Because it's

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about you. It's about your money. It's not about me or your CPA
or your current advisor. It's notabout that. It's about what you want
your money to do for you.Do you want safe money, we can
help. Do you want money inthe market where it's risky. We can
design buckets like that as well.But guess what. You have to have
a purpose with everything you do.Why Because that's a plan. We all

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hear. Yeah, you need tohave a plan in life, we all
get that. But the end ofthe day is, do you have a
plan with your retirement? Take takecontrol of this and we can help eight
three three Maggie Tax. So thebiggest question for all of you listening today,
how can we at Maggie tax andfinancial help you? That's the question.
So when you come in, Iwant to know the answer. How
can we help you? You knowwhat upsets you every night when you put

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your head on that pillow and yourmind starts racing about what you're worried about
because you can't control it. Youknow, what are you looking to change?
And this is the big question,Chris. Change has to happen in
many cases with people out there becausethey don't understand their investments, they don't
understand income planning. Their advice isnot sitting down and talking to them.
So what would you change? Thinkabout that? What would you change if

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you were educated on what you havethat maybe it's not the right investment for
you, maybe it's not the rightplan for you. When would you change
it? And? Like I said, what's the elephant in the room?
And that's just it. You know, is your plan, your present plan,
going to get you where you wantto go? Do you know unequivocally
if that the answer is yes,if you are thinking about it, well,

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I'm really sure or I don't reallyknow. Then you have to get
a second opinion. You have tolook at this. You have to have
someone look at this for you soyou can have that Yeah, absolutely,
I know. Absolutely my plan isgoing to give me what I want in
retirement and is doing it right now. That's what you want, the confidence,
the clarity, the control, andthat's what we can help you with.

(27:29):
So pick up the phone, scheduletime to meet with us. We
look Forwarto meeting with you. Wehave office on both sides of the bay
to help you. A three tothree MAGI tax that's eight three to three
Maggie tax. And here's the bigquestion. Do you all do this planning
on your own? Think about this. The left brain in you is the
more to think about it. Theright brain is the solution side of your

(27:49):
brain. We have both sides workingfor us, Chris, the left and
the right. Because you're confused,you have to draw a line in the
sand. I can't understand planning,you know, I think I'm okay,
but I'm not. And most peoplebuy what they want, not what they
need. And that's the issue thatwe try to talk about. What do
you want? You know, whatare your needs? How much income do

(28:11):
you want you know? Does youradvisor have a process, Maggie, tax
advisor, We have a process.We come in and you come in and
meet with us. We ask youquestions, you ask us questions. We
do a balance sheet, so weknow where your assets are. We know
what qualified money is non qualified money. We know where your bank accounts are
if they're titled right. Does youradvisor do all this? We call it

(28:33):
red money, green money, andon my website you can take a look
at it. But look, ifyou're taking too much risk and you don't
know it, folks, you knowChris does this all the time. When
are you going to realize that youdon't have to take all that risk,
you don't have to pay all thosefees, and you don't have to see
your account go down because your advisorsays, well, everybody else is losing
No, it's not true, Chris, that's not true. That's just it.

(28:56):
You know, why follow the crowd? We don't have to just because
your advisor said everyone else has lostmoney. But where is it written that
you have to lose thirty forty percent? Where is it written that you have
to go down that route. I'mfrustrated because you don't have to. I
have clients that come in and they'relike, well, you know, this
is what it is. We lostthree hundred thousand dollars with our old advisor.

(29:17):
Why doesn't have to be that way? You know, maybe you're younger
and you got time on your sideand you can absorb some of these losses.
But guess what, you're in retirement, why go down to three four,
five hundred thousand dollars. Why?You know that's up to you,
but you don't have to. Youknow, where is it written that you
have to lose twenty thirty forty percentlike everybody else. It's not there.

(29:37):
You don't have to go down thatroute if you don't want to. So
pick up the phone, schedule atime to meet with us. Let's show
you bucket planning. Let's put togethera plan for you. Buckets. What
are buckets? Buckets with a purpose. You have buckets for safety. You
have buckets for inflation. You havebuckets for future guaranteed income. You have
buckets for the volatility control. Youhave buckets to take advantage of the opportun

(30:00):
the markets down. You have bucketsto take advantage when the market goes down.
You have buckets out there to providebuffer and strategies to protection against no
loss in the market. How doyou go about doing these things because every
account needs to have a purpose basedon what you are looking for. What
is it that you want? That'sthe question. When you come in,
We're going to ask you that question. We're going to listen to you,

(30:21):
we're going to hear you. We'regoing to make this very very real for
you to try to accomplish what youare looking for. We're going to educate
you, We're going to take ourtime. We're going to build the confidence,
build the clarity, and you're goingto have the control in retirement.
If that's what you want, youcan pick up the phone and schedule time
to meet with us. We lookforward a meeting with you. Why because
this is real. Things are changingand you need to be on the other

(30:44):
side to take advantage of these opportunitiesas opposed to falling victim to them.
So pick up the phone. Welook forward to meeting with you. Eight
three three Magi Tax and Don't forgetevery Sunday for the mag Attacks and Financial
Show on tv ABC TV at tenthirty a m. At our website.
Maggie tax dot com. Schedule timeto meet with us eight three three Maggie

(31:04):
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 additional information on how you can create
a tax free retirement, visit Maggietax dot com. That's ma gg I
tax dot com or call eight onethree three two two twenty five twenty.

(31:30):
That's eight one three three two twotwenty five twenty now your host for the
Maggie Tax and Financial Hour, Fatherand son from Maggie Tax Advisory and Financial
Group, Robert and Chris Maggie.Thanks for tuning in to the Maggie Tax
and Financial Show. And as throughouttoday's show, we talked about a lot
of different things. Tax risk,investment risk, income risk, what about

(31:52):
a state planning risk? These arethe risk associated with people who are living
and also retirement in retirement, Sowhat are you doing about it? If
you have any questions, pick upthe phone, schedule time to meet with
us a three to three Magi tax. Visit our website at Maggi tax dot
com and don't forget Every Sunday onABC TV. Tune in to our show
our TV show ten thirty am onSunday on ABC TV, A three three

(32:16):
MAGI tax. So we talked abouta lot, like Chris minsheb, let's
discuss what a risk score is andhow it relates to your risk tolerance.
And here's the thing, Chris,let me ask you a question. Do
you have to be in the marketto make money? You don't have to
be, Okay, most people are, and they're always looking for that stock
bond of mutual fund. But thereare other investments that can give you gains,

(32:37):
right with no losses and no fees. Right there are out there,
Yes there. So when we talkabout a risk score, that's part of
it. So a tax risk score. It's a measure of an individual's exposure
to tax changes within a given retirementapproach. Do you know what your risk
score is? Because if you don't, we can help you. And the
methodology looks at two specific areas oftax change risk. The first is we

(32:59):
talked about it before, situational change, which measures changes based on your income
needs and situation. And remember everyoneyou're listening today, your situation is different
so if you go to an advisorand they're just doing a cookie cutter plan,
that's not what you're looking for.Situational changes can include how much income
you want to generate in retirement.That's the big question, Chris, how

(33:23):
much do you want retirement? Howmany times do we ask a husband and
wife and the answer is I don'tknow right right, They're confused, But
we help them through this process becausethis is a very key question that needs
to be addressed. How much incomedo you need to come in the front
door every month? And many peoplejust don't know. And when we do
a budget planning, we can showyou. You can take time to go

(33:44):
through that with you. Because aslong as you have that income coming in,
guess what covers your expenses? Coverseverything that you're looking for, and
then you can start generating playchecks andhave fun travel, spend the money,
go golfing, go see the kids, the grandkids, do the things that
you want to do with a playcheckand still preserving the rest of your money.
You mentioned something that just tickles me. It's called budget. How many

(34:05):
of you have an advisor and discussbudget because when we do a budget,
we do a balance sheet, toget all your income, assets and everything
and then figure out the answer tothe question is if you're getting self security,
if you're getting pension, then howmuch money do you need? What's
the gap? And many of youdon't know that because that's what we're trying
to do with you. So thesecondary of tax change risk is tax risk

(34:27):
score, which measures your exposure tolegislative changes. We talked about that.
What if the government changes the rulesand they're going to tax cuts are going
to expire in two years, whatare you doing about it? And these
are tax changes based on new lawsor regulations, guess what from the government.
Because it's written in pencil and itis you all know that legislative changes
can include which assets are subject totaxation. We're talking about your IRA four

(34:52):
to one K, your four ohthree B, your TSP. When those
assets are taxed, the question is, Chris, at what level? Because
we don't know. That's an uncertaintytax and that's it. You know,
you're living your life in a questionmark tax rate environment. Think about that.
You know, it's like your health. You keep eating bad, guess

(35:14):
what, at some point you're notgoing to feel good. Same thing with
your investment accounts and also your taxrisk. What if you keep deferring and
putting money away and parking it intoaccounts that are infected with taxes at some
point, guess what, when youstart taking money out, you go.
You got to bite the bullet andpay the tax and you don't have to
go through that if you do someplanning, if you do situational planning,

(35:37):
tax planning, things that we cando to control the tax rate in our
future because we can do strategic planning. And that's why meeting with the right
advisor who does income planning, taxplanning, investment planning, and state planning,
we can show you how to putall this together. My dad talked
about a puzzle. We all feelgood when the puzzles put together, don't

(35:58):
we. But the first step,when we open the box and we put
all those pieces on the table,we're like, oh gosh, I gotta
wow. I don't know where tostart. But that's where you meet with
us and we can help you putthese pieces together. And then when you
put your puzzle together, guess what, it brings a smile to your face,
like, Wow, this is acool thing that I just did.
And that's what we could do foryou. So pick up the phone,

(36:20):
schedule time to meet with us.Let's put together your retirement puzzle. Let's
talk about the tax side of it. Let's talk about the income side of
it. Let's talk about your investmentside of it. Let's talk about the
estate planning side of it. Let'stalk about the medicare side of it,
your health insurance side of it.These are things we're talking about. So
we can help you. Pick upthe phone, schedule time to meet with
us. A three three maggie taxwe have obviously on both sides of the
bay to help you. Eight threethree maggie tax. You know, you

(36:44):
made me laugh there about a puzzle. If you think about it, When
the little kids we give them apuzzle, We give them like a four
piece puzzle or a five piece puzzle, and then we give them a ten
piece puzzle, and then we givethem a bigger puzzle. And that's the
same thing that we're talking about herewith each and their one of you.
What are the pieces of the financialside, the tax side, the estate

(37:04):
planning side. How do we putthose pieces together? Well, here's how
I can tell you how we cando it. Go to my website Maggie
Tax dot com. Click on seminars. It's up to you. Come out
and get educated, understand the language. We're going to talk about estate planning.
We're going to talk about tax planning. We're going to talk about social
security planning. We're going to talkabout all of this in an easy to
understand way. I'm going to giveyou a book called Stop Funding Uncle Sam's

(37:27):
Retirement and get a plan that's simpleand easy to understand. I promise you
when you leave this event, you'regoing to feel better about Wow. Now
I understand, I can talk tosomebody, I can have a conversation about
all of what we're talking about.Second thing is when you go to the
retirement calculator, like Chris mentioned,go to the retirement calculator in thirty seconds.
There's no one that's doing what we'redoing in thirty seconds to tell you

(37:50):
your retirement tax bill eight three threeMaggie Tax. That's it. You know,
you hit it on the head.I mean, it's all right there.
And we talk about when you completethe puzzle, it brings a smile
to your face. But the problemis is that when you complete the puzzle
and you miss that piece How frustratedare you? You're extremely frustrated. And
that's where many people we see eachand every day is they don't have the
pieces at the end. They don'thave the income piece put together, they

(38:14):
don't have the tax piece put together. The market's going down, they don't
have the investment piece put together forthem. And guess what, that puzzle
is not complete, and the smileson their face, it doesn't have to
happen to you. Put everything together. Let's get together, Let's have a
conversation. We look forward to meetingwith you. Eight three to three Maggie
Tax schedule time to meet with useight three to three Magi Tax. You've

(38:39):
been listening to the Maggie Tax onFinancial Hour discussing tax planning investment strategies presented
by Robert and Chris Maggie from MaggieTax Advisory and Financial Services with offices in
Hillsboro and Panela's County. Visit MaggieTax dot 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.