Episode 20240608 - IRA Debt Tax and Legislative Risk

Episode Transcript

(00:00):
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 twenty, or visit Maggie Tax dot com.
That's Maggi tax dot com and nowyour host for the Maggie Tax Financial Hour

(00:48):
on nine seventy WFLA. Robert andChris Maggie. Welcome everyone, and thanks
for joining us today. My nameis Robert Maggie and I'm here with Chris
Maggie. You're listening to the MaggieTax and Financial Show. Be sure to
visit our website. Maggie tax dotCom. Click on the retirement calculator.
We're going to be talking about thisin every show and see what your retirement
tax bill is going to be ifyou have an IRA or a four oh

(01:11):
one K. And then also lookat where it says seminars. We are
doing seminars every month on taxes,social Security, and the wills and trust
and register for one. It's asixty minute seminar. It's no cost,
no obligation. They're all at libraries. We've had fifty sixty people at ten
So if you're interested, give usa call eight three to three Maggie Tax.
I want to get to the pointright now, Chris, because today

(01:34):
we're going to be talking about taxrisk for all of you. There's going
to be a lot of things happeningin the next year or so, a
lot of people that we see everyday, Chris. The biggest question is
what's your biggest concern and what dothey say? They say, taxes.
That's right, So welcome everyone.I'm Chris Maggie, and thank you so
much for tuning into our show.Taxes, Taxes, taxes, that's our
biggest expense and people need to beaware of how the taxes are going to

(01:59):
affect your retirement savings, your futureincome and also your investments. So stay
tuned today throughout today's show. Pickup the phone, schedule a time to
meet with us if you have questions. Let's put together a tax plan,
an investment plan, an income planfor you so we can show you what
your income is going to be inthe future, and how the taxes are
going to affect retirement accounts that youhave put away, and how it could

(02:22):
be really hurtful if you don't planthe right way. So pick up the
phone a three to three Maggie Tax, visit our website at Maggie tax dot
com, and don't forget. EverySunday on ABCTV at ten thirty am,
tune in for the half an hourMaggie Tax and Financial Show. So nearly
all Americans believe a myth, andevery time savers look at their iras,
they take part in what they callthe Great American Savings myth, and they

(02:46):
believe that money is theirs. Andit's an easy myth to accept. So
when you look at your IRA statementand let's say you have a balance of
five hundred thousand, and you startthinking of ways you can spend the five
hundred thousand. How much income canyou general rate what trips you're going to
might want to take, or whereyou want to finance a car or something.
Those are things that go through yourmind. But listen to me.

(03:07):
Your account is not worth five hundredthousand. That's because you're IRA and all
qualified accounts have a silent partner,Uncle Sam and the irs and Uncle Sam
owns a part of your IRA andhe's going to collect it in taxes.
And Chris, I think that's theproblem right now that people do not see
at the end of the rainbow asyou and I do every day we talk

(03:28):
about this, and then people arejust totally shocked, like, Oh,
I don't have that much money.Why would you be shocked? You know
you have to pay this bill.Well, that's just it. I mean,
you have a pile of money justsitting there and it's been growing tax
deferred for so many years. Butnow it comes to the point where the
distribution phase is right here for youand it's approaching or you're in it right
now. So what do you do? But think of it this way.

(03:49):
If you have a twenty five percenttax liability, Uncle Sam owns twenty five
percent of that account of that IRA, so that's one hundred and twenty five
thousand dollars. In our example thatwe just used, you only own seventy
five percent, oh of your IRA, so you only own three hundred and
seventy five thousand worth of it.But so think of it that way.
Is that enough money for you toretire? Is that enough money that you

(04:09):
can generate interest on so you cansupplement that income that you need every month
when you retire. That's the questionsthat you have. Those are the questions
that we can answer for you.So pick up the phone, schedule time
to meet with us, because thisis very crucial. Can you work,
should you work? Do you needto work? So when we say stop
funding Uncle Sam's retirement, that's exactlywhat we're speaking about. Tax deferred savings

(04:33):
have become a mainstreay of American retirementplans, and with it has come the
Great American savings myth. When saversplan based on their IRA account values,
their risk overestimating the amount of assetsthat they actually have in retirement because they
forget about the tea word. Taxes, taxes, taxes, So that's why

(04:54):
it's so important to meet with us. Pick up the phone, schedule time
to meet with us. Let's lookat your tax plan, your income plaint,
and your investments plan to show youhow they all work together do the
best thing for you. So whatdo we do about this? So conversion
strategies are gaining popularity as savers converttheir tax deferred assets to assets with tax
free growth. And we get thatquestion every time, how do we convert

(05:15):
our money? Is it the rightthing to do? What's the tax going
to be? And when we runa mock tax return, we can strategically
show you the right way to doit. The naysayers often can't stomach the
large tax bill today, but theyforget that part of their IRA was never
there to begin with. And that'sthe deal you made back when you said
I'm going to take tax deferral andpay the taxes later. And I'm sure

(05:39):
some of you are true followers ofDave Ramsey. How many know Dave Ramsey.
Many of you are committed to gettingdebt free in all aspects of your
finances. But Ramsey and his followersoverlook a huge debt nearly every American carries,
and it's their debt to Uncle Sam. So do you have funds and
qualified accounts? If so, thenyou are not debt free. And here's

(06:00):
why. When you look at yourIRA statement you see a balance of five
hundred thousand, and you start thinkingof how you will manage and spend that
five hundred thousand. But you willforget that account is not worth five hundred
thousand simply because every IRA and fourto one K includes a debt to Uncle
Sam. And you begin paying backthat debt the day you start with drawing

(06:21):
funds and they have to pay taxeson them. And Chris, from a
tax standpoint, you and I seethis every day when you do a mock
tax R and then you start addingin the R and D, it kind
of blows these people away. Wellthat's just said. I mean people are
just not aware of what is reallygoing to come in the front door when
they need their income from those accounts. I mean, think about it.

(06:43):
You know, you retire, youtake some security, maybe you have a
pension, but then you have tofill this income gap. So where do
you take your money from? Andmost people just say, oh, just
take it from my four one K, or I'll take it from this IRA
or I'll take it from my husband'sIRA. Well, then again, you
have to take more out just tonet the amount you need. So what
are you doing about it? That'swhy we talk about creating an income plan

(07:03):
for yourself. What's an income plan? It's not just taking money out of
those accounts and draining them. Whynot put together buckets of money where you
have guaranteed income where you'll never outliveit. I don't care how long you
live, it'll always pay you,like your own family pension plan. And
you can have other buckets out therethat you can grow and keep growing on

(07:24):
a tax defer a basis. Butyou don't need to if you can get
some of this money out and paythe taxes now so you have tax free
money in the future. So puttogether a plan we can help eight three
to three Maggie tax and one thingwe always talk about. The Trump tax
cuts are going to expire in twoyears, and the question is what are
you doing about it? So talkingtoday about this, you need to be

(07:45):
thinking about it today and stop planningon it. When the Trump tax cuts
expire. We don't know what thetax bill is going to be, So
taxes are your biggest debt. ToUncle Sam. And you have to remember
that you owe money. Everyone outthere does. In truth. Do you
pay back the debt with interest?After all, you decided to defer taxes
on your IRA contribution, which wasa good thing, but you're paying taxes

(08:07):
on the contributions and your account growth. So think about it. Grow,
grow, grow, that's the message, right, Chris, grow, grow,
grow. But at the end ofthat, guess what you have.
You've got a big oak tree witha lot of branches and those are going
to be taxes you're going to pay. And that's just it. So that's
why we have and we say eachand every day those accounts that are infected
with taxes. So who wants tobe infected with something not good things if

(08:31):
it comes to your health or eventaxes? Right, So what do you
do about it? You have todiffuse the tax time bomb. And that's
what we can show you how todo. What if you do a strategic
rollout, What if you're able tocome up with some tax saving strategies to
offset the tax and create a taxdeduction? Would you want to know?
Absolutely? But most advisors out theredon't care. They don't care about the

(08:52):
rest of the story. And therest of the story is taxes. Anybody
can can have your account grow.You can do it yourself. That's what
it's not about. It's about theend of the story and when you start
taking a distribution, how much you'regonna pay Uncle Sam. So pick up
the phone, schedule time to meetwith us. We can do the investment
planning. We could put together anincome plan and show you how it's going

(09:13):
to relate to your taxes. Wecould put together a tax plan and show
you exactly what you're gonna pay intax. We have a client last week
and it was great. We've beenclients with us for five years and they
said, well, how do westart taking money out? What's it going
to look like. Well, Ishowed them the sole security that's going to
come in. I showed them thesmall pension that's going to come in.
I showed them how to take theiraccounts from the right buckets of money.

(09:35):
And guess what they're gonna be ina two percent effective tax rate and they're
gonna get seventy five thousand dollars ofguaranteed income coming in the front door every
year for the rest of their life. How cool is that? Because they
have a tax plan, an incomeplan, and investment plan. So pick
up the phone, schedule time tomeet with us. Eight three to three
Maggie Tax. Think of it thisway. If you have a twenty five

(09:56):
percent tax liability, you are indebtedto Uncle Sam requorder of your savings.
That's one hundred and twenty five thousandin our example. So tax deferred savings
have become a mainstay of American retirementplans because that's what we were taught,
which means nearly all of you owea debt to Uncle Sam, and many
of you would benefit from tax efficientincome planning. So make twenty twenty four

(10:18):
and beyond the year you get help. That's why we do the show.
That's why we talk about this andget out of debt to Uncle Sam.
If you're curious to see Uncle Sam'stotal share of your IRA, go to
Maggie tax dot com, click onthe retirement calculator, and in thirty seconds
you're going to see what your taxesthat you will owe. Eight three to
three Maggie Tax. Visit our website, Maggie tax dot com. Let's talk

(10:41):
about taxes, let's talk about yourIRA, and let's make it straight and
easy. For you to understand eightthree to three Maggie Tax. And you're
listening to the Maggie Tax and FinancialShow, give us a call eight three
to three Magie Tax. Stop planningfor Uncle Sam's retirement and start planning for
your retirement. As we return tothe Maggie Tax and Financial Hour with your

(11:03):
host father and son Robert and ChrisMaggie. For additional information on how you
can create a tax free retirement,visit Maggie Tax dot com. That's ma
Ggi tax dot com. Or calleight one three three two two twenty five
twenty. That's eight one three threetwo two twenty five twenty. Now your

(11:26):
host for the Maggie Tax and FinancialHour, father and son from Maggie Tax
Advisory and Financial Group, Robert andChris Maggie. Welcome back and thanks for
joining us today. My name isRobert Maggie and I'm here with my son
Chris Maggie. Today we've been talkingabout tax risk and legislative risk, and
one thing I want to mention toall of you out there. We do
seminars every month. We do twoa month and they're at libraries and we

(11:48):
educate people on wills and trust andif you folks don't have the estate planning
that we're talking about, then cometo the seminar. It's free and go
to my website Maggie tax dot comlook under seminars. It'll give you the
dates and locations and register right there. And Chris, this is important because
a lot of people don't understand thelanguage. And just before, you know,
we just talked about tax risk andlegislative risk. But we experienced a

(12:11):
good example of this and you talkedabout it in the Secure Act where they
eliminated the stretch IRA and a lotof people don't realize what that was,
but it just means that if ahusband and wife died and they had children
that passed to them during their lifetime, it changed because once the husband and
the second spouse passes away, itnow becomes an inherited IRA and they have

(12:31):
to take it over ten years andthat's a lot of money. So what
I'm going to challenge all of youout there this is tax season. Have
your taxes done, Come in,bring your tax return in and let Chris
and I do a mock tax returnand show you exactly what you need to
know. I mean, how hardis that or give us a call eight
three to three Maggie tax. Sothis change impacted when inherited iras are taxed,

(12:54):
potentially up ending tax strategies that manyof you out there had put in
place for your heirs years ago.So together, tax and legislative risk impact
the savers total burden in retirement andbeyond. And that impact could mean less
money even for savers who think theycreated a solid retirement income planting go back
to what we said a minute ago. How many times have clients come in

(13:16):
a million dollars in their IRA orfour to one K and they have enough
for retirement and once we show themthe tax liability chris their jaw drops and
all of a sudden they didn't realizethey have a partner and the partner is
IRS and they never were told thatis that true? Well, that's it,
you know, and that's the bigroot awakening, because they've saved and
they put money away, and theyfiled the crowd, and they did everything
they possibly could, and they putmoney into an IRA, a form one

(13:39):
K or a TSP if you're afederal employee, or a four to h
three V or even a four tofifty seven plan. All those accounts are
infected with taxes. So think aboutit. You did your job, but
guess what you didn't because now whenyou start taking a distribution, it's all
taxable. So if you need fiftythousand dollars a year on top of what
you're currently receiving, that's all taxable. Like you just worked. Add your

(14:00):
solid security on top of that,which could be taxed at eighty five percent.
My gosh, Now you're in ahigher tax bracket and you don't understand
why. And that's the big thing. So you get your taxes done,
guess what they don't talk to youabout how to reduce your tax That's why
when you're comeing to meet with us, we're going to look at your tax
return. We can dissect your taxreturn, we can see what you can
do to possibly reduce it. Buthow's it correlate with your income plan and

(14:22):
your investment plan and also your astate plan. My gosh, all that
stuff works together. That's why it'sso important for you to meet with the
right advisor who can do a holisticplanning. And that's what we do here.
So pick up the phone and scheduletime to meet with us. Eight
three to three Maggie Tax. Wehave office on both sides of the Bay
to help you eight three to threeMaggie tax. So the big question today

(14:43):
is are you prepared for the possibilityof higher taxes in retirement? Ask yourself
that question, and many of youassume your taxes are going to be lower
in the future. But every timewe ask someone, and I can ask
all of you right now, doyou think taxes will be higher or lower?
And most of you probably saying higher, which is correct. But as
today's retirees did discovering, that's oftennot the case. And we can help

(15:05):
you understand the five ways your taxescould go up in retirement and how we
can help you mitigate that risk.Anybody would talk about mitigation. Mitigate your
risk, from congressional spending to taxbracket changes. You'll learn how to position
taxes in your retirement. Every newsitem out of Washington seems to include details
of new or expanded tax Do youunderstand that? Stay right different minute,

(15:26):
because you just attended a meeting andthen we're talking about taxes and the legislative
risk and what they're looking to doout there. But everything when you came
back from the meeting, you talkedabout expanding the tax rate is what Congress
is looking to do. So howis that going to impact the retirees out
there or people who are about toretire? Well, think about it this
way. In two short years,the Trump tax cuts are going to expire

(15:50):
and they're going to revert back totwenty twenty five. They're going to revert
back to the old tax brackets.And I can tell you many of you
listening don't know that. If youwant the information on that, I'll be
glad to give it to you becauseyou have to see the reality there and
it's true. So are you preparedfor the tax cuts to be expired?
Well, that's it. I mean, talk about a state tax? What
about capital gains tax and stepped upbasis? I mean, these are things

(16:12):
that Congress is talking about reducing oreliminating. So think about this. If
you have a stock that you boughtfor two thousand dollars, now it's worth
one hundred thousand dollars and you passaway, that's called stepped up basis.
They're talking about maybe changing that soas a beneficiary you can receive it at

(16:33):
one hundred thousand dollars mark and notpay any tax, But what if you
have to receive it at the costbasis what your parents bought it for at
two thousand dollars, Now you havecapital gains. So they're talking about these
changes that could happen. And whatabout estate taxes? Oh, my gosh,
the estate tax. If you're overa certain amount, then you have
to pay even more tax. Sowhat are you doing about it? That's
the bottom line. Many people outthere just don't know what to do because

(16:56):
they don't know where to go.Many people just have an advisor and there's
all they talk about. It's investments. But guess what, there's more to
that. There is tax planning,there is income planning. There is investment
planning. You know, we allseen the market go up and everyone thinks
to the market is never going tocome back down, But what if it
does? And when it does,what are you doing about it? So
where is your investment protection? Whatare you doing about that? So pick

(17:19):
up the phone, schedule time tomeet with us. Why because people out
there need complete planning. They're gettingone different type of plan. It's investment
planning, it's a tax plan Butguess what, no one's doing the whole
thing. What about your estate plan, is your account's going to transfer the
way you want it to go?What about your bank accounts? What about
your your iras? And fall onecase we can help pick up the phone,

(17:41):
schedule time to meet with us eightthree three Maggie Tax. I just
want to add to that because ifyou go to my website Maggie tax dot
com, click on seminars, wedo two seminars a month and we do
them on wills and trust and whatChris just mentioned about do you know how
your assets are going to pass,who's gonna get what, and what's gonna
what it's going to happen if it'staxable. So what we're talking about here

(18:02):
is we cover this in the seminar. It's free, it's educational. Go
to my website right now, Maggietax dot com click on seminars. You'll
see the next one that we havecoming up, and we do two a
month. They're in libraries. Itdoesn't cost you anything, there's no food
involved. This is educational and wedo it at libraries because many people come
in and they don't understand what Chrisjust mentioned about a state taxes and what's

(18:25):
going to happen when the tax bracketsgo up, folks, This is on
you. This is where you haveto educate yourself and take responsibility. And
the bottom line is take action.Every time we hear people, we see
people come in, well, Iwant to wait and do me a favorite.
Don't give me the excuse about thisan election. I'm going to wait
for the president to be elected.That's not gonna fly anymore. It's you,

(18:45):
it's your individual account, and youhave to do something about it because
you have to adjust to these legislativechanges and these tax changes. Go to
my website, Maggie tax dot com. Register for the seminar. You're listening
to the Maggie Tax and Financial Showeight three three Maggie Tax. Stop planning
for Uncle Sam's retirement and start planningfor your retirement. As we return to

(19:07):
the Maggie Tax and Financial Hour withyour host father and son Robert and Chris
Maggie. For additional information on howyou can create a tax free retirement,
visit Maggie tax dot com. That'sMaggi 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 yourhost for the Maggie Tax and Financial Hour.
Father and son from Maggie Tax Advisoryand Financial Group, Robert and Chris
Maggie, Welcome back and thanks forjoining us today. My name is Robert
Maggie and I'm here with Chris Maggie. Thanks for joining us today. But
be sure to visit our website,Maggie Tax dot com. We have a
lot of information there, a lotof educational videos, and be sure to

(19:51):
click on the retirement calculator. Let'sfind out what your retirement bill is going
to be in retirement, and let'ssit down and discuss an option or a
plan to make that go away,you know, reduce your tax. That's
what we're trying to do. Besure to watch your TV show every Sunday
at ten thirty am on ABC TV. Folks, we have a lot of
good information, simple and easy tounderstand, so it's up to you.
We give you a lot of optionsfor you to look at. So let's

(20:15):
go back to the Secure Act.Because the Secure two point zero erase the
ten percent early distribution penalty exception forcertain public safety employees so that it applies
for distribution after twenty five years ofservice. But even if the distribution occurs
before age fifty. But here's theproblem. The law is unclear about whether
that twenty five year period must bewith the same employer or whether price service

(20:38):
with another eligible employer can be used. Are you confused yet? Okay,
because this is we're talking about thepencil. So beginning next year, certain
high paid four on one K participants, they're going to be required to have
an age fifty or over catch updistribution made to Roth accounts. But four
on one K WROTH accounts are optional, they're not mandatory, and Secure two

(21:00):
point zero doesn't say what happens ifthe plan doesn't already offer WROTH accounts.
Chris, this is like, it'scrazy. How can people understand all this?
And the only time they're going tobe able to know about is when
they're affected by it, and thenthey're confused even more. And that's just
true. And that's why it's soimportant. Now you listen to the show,
you need to pick up the phone, schedule time to meet with us.

(21:22):
There's so much changing. The worldwe know it around us is changing.
Rules are changing. We need tomake sure that we are positioning ourselves
in the right buckets of money.So we have the flexibility, the control,
and also making sure that we're notfalling victims to these new changes that
are happening that we're just not awareof. It's very confusing, you know,

(21:42):
look at the tax laws. Theychange, the tax codes change.
But you need to work with someonewho's up to speed on these issues,
especially these iras. The iras areinfected with taxes. Wroth iras are tax
free. How are you contributing?How are you taking distribute from? These
accounts are so important. I metwith a client last week and he came

(22:03):
in. He has iras here andthere and four one ks and Roth iras
and WROTH four one k. Andhe came in. He said, I
don't even know where to start totake a distribution. And we sat down
and I said, how much moneydo you need a month to live?
He said, I need six thousanddollars a month. He's getting two thousand
a month from sold security, onethousand a month from a pension. That's
three thousand a month. He needsanother three thousand. So I said,

(22:26):
if you did this right, youwill not pay taxes. If you take
it from the right source. Youhave six thousand a month coming in the
front. Door and pay no tax. He said, what do you mean,
I'm just going to take it frommy IRA. I said, no,
if you do that, that's thirtysix thousand dollars more of income that's
going to go on your tax return. That now your sold security is going

(22:47):
to be taxed at a higher rateand you're paying taxes. He said,
well, what do I do?So we did a mock tax return right
in front of him, and Ishowed him if you take it from here
and there, you're under the thresholdincome and you'll have six thousand dollars a
month or seventy two thousand dollars ayear and pay a diamond tax. So
he sat back and he said,I know I could do this. That's

(23:07):
called the distribution plan. How areyou taking the money on the most tax
efficient way? And if you don'tknow the laws and when they change and
how they're affecting you, you needto because it's gonna it's gonna cost you
in the long run if you don'tknow how these laws change. And remember
something, in two years, theTrump tax cuts are going to expire for
everybody, it's probably going to go, but at least three percent the tax

(23:30):
brackets they could raise the or theycould lower the income brackets and raise the
tax brackets. They're talking about,you know, different things with the if
you're if you're working, so willthe plan be required to start offering a
wroth option? Some people that wetalked to don't have a wroth option,
and can the plan continue not tooffer wroth accounts? The ones that have
wroth accounts? Now can they stop, you know, say we can't do

(23:53):
a wroth anymore. But in thatcase, it wouldn't be allowed to offer
catchups for anyone. Think about thosethings we're talking about. These are things
that we take advantage of to makeit better, not worse, and catchup.
So talk about that. If you'reage fifty or older, you can
put more and contribute more into aretirement plan. But if you're under fifty,
then you don't have that catch upprovision. So that's what we're talking

(24:14):
about here. What if you're fiftytwo years old and for the past two
years you said in thought, mygosh, I wish I would have put
more into my retirement account, andyou were able to, but no one
told you. Guess what, youmissed the opportunity. So that's why it's
so important to meet with a qualifiedadvisor, someone who's going to do the
best thing for you. Pick upthe phone, schedule time to meet with

(24:34):
us. Eight three to three MaggieTax. That's eight three to three Maggie
tax. And think about the reasonwhy the rowth is such a good account
because you convert to pay the taxnow at the lowest rate that we are
we have today, and many peoplestill complain the don't paying too much tax.
But folks go back to the eighties, go back to the nineties when
it was eighty ninety percent. Thinkabout it. You know what I'm talking

(24:55):
about. So if they raised thetax brackets three percent to thirty nine or
forty on, forty five or fifty, that's going to affect a lot of
people out there. And what we'restressing here is the qualified accounts, the
iras, the four oh one k's, the four oh three B, the
set plans. This is what youhave to start thinking about now. So
do some tax planning. Visit mywebsite, Maggie tax dot com. Click

(25:17):
on the retirement calculator, it's free. Click on the retirement calculator on the
top, put the information in andin thirty seconds, thirty seconds. I
can show you what your retirement taxbill is going to look like. And
then let's sit down like Chris andI talking about and do some planning because
you need to start taking taxable moneyand make it tax free money before this

(25:37):
thing goes through the roof and Chris, they're just taking and taking and taking.
That's what we said before about legislature, risk and written in pencils.
They got a short pencil and theygot an eraser too. But that's that
we can't control, right. Whatwe can control is what you do and
how you do it. And we'rein a EEO economy. You are on
your own, and this is soimportant because your employer's not telling you,

(25:57):
your bank's not telling you. Right, you don't go to school for this.
When's the last class that you hadon how to put together retirement income
plan or retirement investment plan or howto make sure that all your accounts avoid
probate and you have an estate plan. You're not getting this information and that's
why education is so important. Andthat's what we do here at Maggie Tax

(26:19):
Advisor and Financial Group. We canput together the Maggi Plan. It's income
planning it's tax planning, it's investmentplanning, it's a state planning. It's
doing the whole thing to help you. We understand how taxes work. We
understand how investments work. We understandhow they both work together. What about
advanced tax strategies to help you reduceyour taxes? A lot of people out

(26:40):
there have high capital gains in investments, such as the investments they have in
the brokerage account or also on property. What are they doing about it?
How do you avoid the tax?How do you do charitable leveraging strategies to
create a tax deduction. These arethings we're talking about here. And why
is it so important? Because youneed help, and that's okay, we
all need help, But when itcomes down to the financial side of it,

(27:03):
you want to work with someone whodoes complete planning. So pick up
the phone, schedule time to meetwith us eight three to three Maggie Tax.
Visit our website at Maggie tax dotcom. There's so much information right
there at your fingertips, videos,educational information to read on eight three to
three Maggie Tax. You know what'sinteresting. We get a lot of listeners
call us after the show and duringthe week and they come in and they're

(27:26):
saying, honestly, I'm actually lookingaround, and that's the best thing we
can hear. We want you tolook around and find the advisors. But
when you leave our office, goask them the same questions that we're asking
you and see if they're on thesame page, because if they're not.
And Chris talks about being a transactionaladvisor just trying to sell you a product
that's not a retirement plan. Okay, that's not the Maggie plan. And

(27:48):
I know this may sound new toa lot of you out there, but
even if you're young, you couldstart doing the Maggie plan right now.
For income planning, for tax planning, investment planning. It doesn't mean that
you have to buy that stock bondmutual fund anymore, because you know things
are changing in this economy. Therisk that you're taking, what kind of
risk are you, you know,taking that you need to You can take
so much that's fine, but notall of it. How many times,

(28:11):
Chris do we see clients come inand we do a balance sheet, which
is where we get all your information. We ask you to see your statements,
and you look at the statement,christ and you look at. We
call it red money green money,and eighty ninety percent of their money is
in risk, and they're asking whythey're losing money and paying fees, Well,
what do you expect? Well,just the other day amit with a
client. We did a portfolio analysison their current accounts and he was managing

(28:33):
his two hundred and fifty thousand dollarsstock portfolio and he also had an account
that was being managed by an advisor, his IRA. So when we first
met, we said, hey,let's just analyze both of these accounts and
see what type of risk you're takingwith your money and make sure that everything
is in line of what you want. So we said, no problem,
So we put together plant form,came back and met with them last week,
and I showed him on his investmentaccount there was no active management.

(28:57):
He had ninety percent of his moneyin EQ, ten percent of his money
in bond, so he was moreof an aggressive investor, which was fine
if that's what he's looking for.And then we looked at the other account
that was being managed by a professionaland guess what it was a lot of
loaded funds, a lot of ClassA mutual funds. So there's a lot
of commissions that were driven in thataccount. He had no idea. So

(29:19):
we sat back and I showed himour risk tolerance and I went with his
questions and he was more of abalanced investor. Meanwhile, he's taking so
much risk, he's so aggressive withhis accounts. He had no idea.
What he needs to do is dialback the risk. He needs to make
sure that he has a balanced portfolio. That's just what he wanted, but

(29:41):
he didn't know how to get there. So that's what we're talking about here.
We need to dissect what you have. We need to analyze your current
situation. Why because we need tounderstand what you're doing and what you can
do. And then we'll show yousome options. We'll sit down, we'll
educate you. We'll show you redmoney, green money, yellow money,
and many people have no idea whatthose colors represent, what they are,

(30:03):
and we can show you. Andwhen you sit there and you understand the
rule of one hundred and how tomake your money safe and how to have
growth investments as well long term,the whole portfolio, in the whole scenario
looks totally different now because now youhave a plan, you have safe money
options you have long term growth options. You have inflation buckets. That's what

(30:25):
we call the Maggie Plan. It'sputting together a tax plan for you,
an investment plan for you, calledbucket planning. Bucket planning. Many people
have no idea how to put bucketstogether. We do tax free buckets,
taxable buckets. What about investments whereyou have control and play checks in the
future for guaranteed income. That's whatwe're talking about. Generating different buckets for
you, but making sure that allyour accounts stay in your family. This

(30:49):
is your money. Pick up thephone, schedule time to meet with us
eight three to three Maggie Tax.Don't forget Every Sunday, tune in on
ABCTV for the Maggie Tax and FinancialShow at ten third am. Maggie Tax
dot Com A 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

(31:11):
Hour with your host father and son, Robert and Chris. Maggie. For
additional information on how you can createa tax free retirement, visit Maggie Tax
dot Com that's ma gg I taxdot Com or call eight one three three
two two twenty five twenty. That'seight one three three two two twenty five

(31:33):
twenty now your host for the MaggieTax and Financial Hour, father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie. Thanks for
tuning in to the Mega Tax andFinancial Show, and throughout today's show we
did discuss a lot of different things. Education is so important and right now,
more than ever, things are changingand you need to make sure that

(31:55):
you have a plan. That's whywe call it the Maggie Plan. Advanced
tax planning, security planning, incomeplanning, four on KSE solutions, Medicare
solutions, legacy planning, roth conversions, investment solutions. That's what we do.
It's called the Maggie Plan. Sopick up the phone, schedule a
time to meet with us. Visitour website. We have offices on both

(32:15):
sides of the day. We haveseminar locations where you can attend get educated.
We have the three and one seminaron a state planning, social security
planning, tax planning, oh mygosh, all in one. You definitely
need to attend or just meet withus. Eight three three Maggie Tax and
I promise you this that I'll makeit worth your while when you attend,
because I give out two books.A first book, stop funding Uncle Sam's

(32:37):
retirement. Get a plan that's simpleand easy to understand, and right from
the beginning. The chapter one isorganizing your assets, which is what Chris
and I are talking about. Numbertwo the color of money. We talk
about red money, green money.How much of your money is at risk?
And have you done a risk tolerancebecause there are new strategies that you
could use when you sit down withChris and what they are. The other

(33:00):
thing is the big one, understandingsocial Security. And Chris, when I
give this book out with the SocialSecurity Guide, I have to tell you
the eyes on the Social Security Guideand the questions we get which we talked
about today, are unbelievable because socialSecurity doesn't tell them what we tell them.
And the Maximization Report, and youknow this as well as I do,

(33:20):
it is powerful. And people sitback and they go like, why
aren't they telling me any of this? What am I supposed to do?
We pay into social Security and wedon't get any help on it. That
doesn't make sense. That's just onething that's part of the complete plan.
Right, it's not just about investments. Anybody can manage your money. You
can do it yourself. We cantalk about investments, We do investments.
We can show you how to protectyour money. We have yellow money and

(33:42):
green money and red money. Wecan break that down for you. We
can show you the type of risktolerance date that you're taking right now,
and where you should be at yourage and where you are in your retirement.
So that's the investment planning. Butyou made a great point that people
talking about social security and how doesthat correlate with your investments, because that's
an income. So that's why wecall it the Maggie Plan. So,
as you mentioned, complete planning isso important and providing you with knowledgeable,

(34:07):
informative and comprehensive financial guidance is whatwe do. So pick up the phone,
schedule time to meet with us eightthree to three, Maggie Tax and
you talk about complete plan and incompleteplan. And every time we ask the
people out there at the seminar doyou have a complete plan or incomplete plan?
They look at us and they go, I guess we have an incomplete
plan. But there's also something thatyou have to start looking at new ideas

(34:29):
for investing, ensuring that you're aplan and your future. One thing we
talk about is bucket planning. Youwant to talk about that in a minute.
Why is bucket planning so important?And everything we're talking about with social
security, with a state planning andtaxes, and then the other part that
we put this whole thing together.It's a puzzle. We all talk about
that, the asset map and howthis makes sense to a client, Chris,

(34:50):
when they come in and they sitdown and go now from the top
down, they see and they go, wow, I didn't know what was
like that. That's it. Youknow, when you come in to meet
with us, we're going to showyou a complete We're going to show you
what your investments are going to do. We are going to show you if
they're going to be safe, they'regoing to be at risk, or they're
going to provide income in the future. We're going to show you that.

(35:10):
And that's why every plan is different. What do you want? Safety of
your money important to you? Areyou a risk taker? Do you want
more income? Do you want guaranteedpaychecks? Do you want more play checks?
What's a play check or playcheck isan additional income stream that you can
get every month and will come infor the rest of your life. So

(35:30):
you can count on it coming inand you can play with it. You
can spend it to the fullest extent. You know what about inflation, it's
here, it's there, it willbe there for a long time. You
need to make sure that you're combatingagainst it. That's why many people,
I don't care how much you have, come into our office and the main
concern is am I going to outlivemy money? I don't care if they

(35:52):
have millions of dollars. That's wheremost of the people have the same concern.
Am I going to outlive my money? Do you know that? Answer
for sure? If you don't,weaken help. So pick up the phone,
schedule time to meet with us.Watch our TV show every Sunday on
ABC TV at ten thirty am.My gosh, there's so much information right

(36:12):
there to help you. But moreimportantly, schedule time to meet with us.
Eight three three Maggie Tax And whenyou're registered for the seminar, it's
ninety minutes. It's free, there'sno cost, there's no obligation. We're
going to give you a lot ofinformation to help you leave there. And
one more thing, Chris, sowe can talk about you know, we
talked about social Security, we talkedabout taxes, we talked about the red
money, green money, we talkedabout bucket planning. But there's one very

(36:35):
important part of the puzzle. It'scalled the income gap. And many people
don't even know they have an incomegap. Can you kind of make it
simple and easy to up to stand? Yeah, and you know, think
about this. You're working and justuse even numbers. Say you're making five
thousand a month coming in every monthbecause you're working, you have a paycheck
coming in. But what happens whenyou stop working? That's where the Social

(36:57):
Security comes in. You're going toget Social Security? Do you qualify?
Are you gonna get spousal benefits?What is it? But what if you're
gonna get two thousand a month andyour spouse is gonna get a thousand a
month. That's three thousand a month. So that means you're used to five
thousand coming in, now you're gettingthree. How are you gonna fill that
income gap that's that two thousand dollarsdifference every month? Are you gonna have
a guaranteed paycheck? That comes into fill half of that or all that?

(37:21):
Do you need to rely on youron your investments? Are they going
up and they going down? Ordo you feel you're gonna outlive your money?
So how are you filling that incomegap in retirement? Most people don't
know. But more importantly, takinganother level, how is it gonna tax
get taxed? So maybe you needsix thousand dollars instead of that five thousand
because you got to pay a thousanddollars tax every year because you have iras

(37:43):
and Form one CA's that are infectedwith taxes. So guess what, you
gotta pay taxes? So how areyou gonna do it? That's what we're
talking about. So when you comein to meet with us, we're gonna
put together the Maggie Plan. It'sincome planning, tax planning, advanced tax
planning, investment planning, a stateplanning. That's what we do. We're
going to provide you with knowledgeable,informative and comprehensive financial guidance to help you

(38:05):
eight three three Maggie Tax Real Simple. Go to our website Maggie Tax dot
com right now or after the show, register for our seminars and also go
to the retirement tax Bill. Plugin your information, let's find out what
you're gonna pay in taxes, andin thirty seconds, I promise you you'll
get an email to show you whatyour retirement tax bill is going to be.
Watch your TV show every Sunday atten thirty on ABC TV. Tendar

(38:28):
Seminar Maggie Tax dot Com. Clickon seminars and also click on the retirement
tax Bill. We appreciate you listeningtoday. We hope you learn something and
got educated. And you're listening tothe Maggie Tax and Financial Show. You've
been listening to the Maggie Tax andFinancial Hour discussing tax planning investment strategy is
presented by Robert and Chris Maggie fromMaggie Tax Advisory and Financial Services with offices

(38:50):
in Hillsboro and Panelas County. VisitMaggie Tax dot Com or call eight one
three three two two twenty five twentythat's eight one three three two two twenty
five twenty and tune in next Saturdayat five for the Maggie Tax and Financial Hour