Episode 20240615 - Estate Planning Social Security and Roth IRA

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 and taxsavings, income planning, and investment opportunities,

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Robert and Chris share advice and taxplanning strategies designed to protect your retirement
nest egg from Uncle Sam. Yourquestions and comments are welcome during today's program
by calling eight one three three twotwo twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie Tax dot Com.
That's Maggi tax dot com and nowyour host for the Maggie Tax Financial Hour

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on nine seventy WFLA. Robert andChris Maggie. Welcome every one, and
thanks for joining us today. Myname is Robert Maggie and I'm here with
Chris Maggie. Don't forget go toour website, Maggie Tax dot Com look
for seminars and enroll in one ofour state planning seminars. Also, we
have all the dates there. Visitour website Maggie Tax. Also for the
retirement tax bill, this is soimportant. We're getting a lot of calls

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on this. See what your retirementtax bill is going to be. If
you have an IRA four oh one, K four oh three b TSP,
I don't care if it what qualifiedplan. Please go to the website.
Many of you have and you havethe report, and we're getting appointments because
now you're starting to understand that whenthe Trump tax cuts expire, you need
to see someone and reduce your taxes. Also, every Sunday at ten thirty

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watch the Maggie Tax and Financial Showand then right after that we're on the
radio again. So we have alot to offer, but be sure to
visit our website Maggie Tax dot com. And Chris, we have a lot
to talk about. We're going totalk about a state planning, but we
also have some other topics that youwant to discuss. And that's it.
So welcome everyone, Thank you somuch for tuning into the show. And
each and every week we talk aboutgetting a plan. We call it the

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Maggie Plan. It's tax planning,it's income planning, it's social security maximization
planning, it's investment planning, andit's also a state planning. And if
you are looking for an advisor wholooks at everything, not just your investments,
but also the tax applications and theincome plan and how everything's going to
pass, then you need to setan apployment and meet with us. So

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pick up the phone, schedule timeto meet with us. Visit our website
at Maggie Tax dot com. That'sm a Ggi tax dot com. So
let's jump into today's show because asalways, we have a lot to talk
about because many people out there,just like you listening today, have questions
and you just don't know where togo. But it's very simple. Just
pick up the phone, schedule timeto meet with us. Eight three three
Maggie Tax. So let's discuss oneof the topics that we have at our

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three and one seminar. We talkabout social security, we talk about tax
planning, and today let's discuss whata state planning documents that you need in
the state of Florida. And thestate planning or enhance planning is some people
call it applius to all of youthat's listening today. So register today at
Maggie tax dot com, click onseminars and all the locations and times are
listed. And we do these seminarsat libraries because it's a bit education and

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a library is a great place tolearn. So we have a lot of
people that have been common. Wehave fifty sixty people attend. And the
funny thing about this, Chris,is that when we start talking about a
state planning wills and trust, manypeople just don't know the difference between what
a will does, what a trustdoes, what something's called a quit claim
deed or a ladybird deed is andthey just totally confused. So another reason

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to attend is we will give allof you a free copy of our first
book that we wrote. We wantto educate you. Stop funding Uncle Sam's
retirement. Get a plan that's simpleand easy to understand. We call it
the Maggie Plan. It's a taxplan, it's an income plan. It's
also an investment plan. And alittle bit later in the show, we're
going to talk about a client thatcame in and all of this applied to

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him because he came to the seminar. So, Chris, you know,
this is the biggest problem that Isee with people. They don't understand there's
a lot of you know, commotionout there, and you know, just
don't understand what the heck is goingon. Well, let's just say,
you know, there's a lot toit. We had met with a client
last week and they came in andsaid, you know, money or they
came in and said, well,what can I do with this market?
Well, what's the rest of thestory. Well, they had income planning

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needs that they had to attend to. They had to make sure that they
have the income coming in every monthwhen they retire. How are they going
to get it? Yeah, theinvestments play a big role in it,
because what if you have market riskand the market goes down twenty thirty percent
and guess what you lose income?What about the estate planned? They had
no will, they had no powerof attorney, they had no living trust.
They wanted to stay in the family, just didn't know how to go

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about doing it. So they hadquestions about how do we file for Social
Security? When's the best time todo it. These are things that we
do each and every day that youneed to look into when you talk about
your financial plan and there are manyadvisors out there, and a lot of
them are on the retail side.They just sell you something. But on
the institutional side, when you workwith the fiduciary who understands complete planning like
we do, that's where you wantto meet. So we're talking about today

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a lot of different things, butwe're going to discuss what documents are required
in the state of Florida for you, because if you want to keep your
money in your pocket and to yourfamily, some of the things have to
happen for you to accomplass that goal. We also are going to give everybody
a free copy of the Social Securitybrochure because what we found out at these
seminars, a lot of you don'tunderstand to leave it earn the earnings test.

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They don't understand when you can takesocial Security, why you should take
it at a different date, thetax are This is all at our seminar,
and again we give this brochure out, so let's discuss what documents are
required in Florida. There's a handfulof things that need to be sorted out
before you can set things in stoneto ensure that everything goes smoothly, but
it can be a lot for asingle person to keep track of, and

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not everyone may understand the terminology involvedand what's happening, Chris, that we
see with widows and widowers they don'tunderstand how to set their a state up
with beneficiaries with wills or trust becausethey just hear it from their neighbor or
their friend or you know, youdon't need this or you don't have a
lot of money, and that's nottrue. And that's why Maggie Tax is

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here to let you know what documentsare needed for a state planning and an
explanation of what they are. Andwe work with a national group of attorneys
to get all the documents you need. So this is important because if you
work with an attorney, sometimes ittakes a lot of time. Sometimes there's
a lot more expensive. That's whywe encourage you to colme. So the
question is, Chris, what isa state planning? Well, that's say,

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well, here's a brief summary.You know, things can happen that
may put us in a situation wherewe're unable to communicate our intentions when it
comes to our assets or to ourown well being, and whether it be
from a sudden disability and an abilityto speak freely, or the act of
passing. There are a number ofreasons that could cause you to relinquish control
you're saying things, and estate planningprepares you for those outcomes by setting your

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wishes in place should any of thesethings occur. So estate planning or enhance
planning involves a few types of documentationto ensure the results that you desire you
and your family, and each ofthe following papers covers your rights to their
corresponding fields and you can enjoy peaceof mind by getting it all down in
writing. And that's why we encourageyou to meet with us. We have

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attorneys that work with us. Notonly do we do this state planning and
the income planning and the investment planning, but the estate planning is so important.
So just keep in mind that it'simportant to avoid common estate planning mistakes
since you won't be able to fixthem after it's too late. So let's
talk about some of the documents.Well, the first thing I want to
talk about is a last will andtestament, and this is often seen as

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one of the most important documents thatyou can sign. Your last will and
testament will make sure that your assetsthey go to the people that you want
them to go to as stated,And this can also be used to designate
specific people to be the guardian ofyour mind or children. Without this document,
Chris, there's no guarantee that yourwishes will be fulfilled after you pass.

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The bottom line, with a will, it's just that you know it
tells the court where you want togo, but it still has to be
proven and that goes through probate.That's it. So that's one of the
documents that you just should be awareof. What about a living trust?
And a lot of people hear abouta trust and they really don't know what
it is. And many people askthe question do I need to trust or

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do I just need a will?Well, a living trust is this is
where how you can make sure thatyour possessions will be distributed how you wish.
It speaks from the graves, soyou can personally choose someone you know
to be the trustee to handle allof your assets for you after you pass,
to give you a greater peace ofmind. And you're also able to
change who you designate who you wantthese accounts to go to. And you

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also can designate who you want yourtrustee to be as many times you like,
for as long as you live.And that's the difference between a will
and a trust. So when youcome to the seminar, or you come
and meet with us, we'll goand explain to both of these. But
now your starts a little bit moreserious. What about power of attorney And
if you are ever in a situationwhere you are unable to make important decisions
yourself concerning your property or your financialmatters and other assets, of power of

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attorney they call it a POA canmake those decisions on your behalf. Of
course, you would want someone thatyou can absolutely trust to handle such important
matters. So this document will establishwho will be your POA should you ever
need one. And Chris, theimportant thing about that some banks don't recognize
a power of attorney that you getdrawn up. They require you to draw

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up your own, and a lotof people don't know that. So that's
important when you have you know,and many of you listening today maybe someone
passed away that you know and youwent through probate, and what we're telling
you, if you don't have thesedocuments, it just doesn't help you get
through the process. The last thingis healthcare directives. Setting up your healthcare
directive is almost like having a powerof attorney, but this one's for medical

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concerns, and you can state whattypes of treatment you do and do not
want. And this is important.So what surgeries you approve of, whether
or not you would like to donateyour organs, and so on. Since
this concern is something as personal asyour own body, it's so important to
have such matters clearly written. Sothis is why we encourage you to talk
about a will and a trust.If your advisor is not talking about it,

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and Chris and we see this allthe time, they don't talk about
passing it on after they pass it'sall about you know, the stock,
the bond, the interest rate,and there's so much turmoil right now,
you know this, it's not theanswer, correct, that's exactly right.
I mean, this is your assets. So it doesn't matter what your account
has in your checking account or savingsaccount. Are they titled the right way?
What about your retirement accounts? Yourfour one k ll four one k's.

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You know you might have multiple retirementplans at different locations that you're not
working there anymore. Are they titledthe right way? What do you want
your accounts to do for you?This is a loaded question, but also
it's important because this is your money. So pick up the phone, schedule
time to meet with us. Ifyou need an estate plan WEEKN help.
If you're looking for income planning andinvestment planning, and sold security planning and

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medicare planning and want to encompass everythingtogether, WEEKN help. So pick up
the phone. A three to threeMaggie Tax, visit our website at Maggie
tax dot com, and don't forget. Every Sunday on ABC TV, tune
in for the half an hour showof The Maggie Tax and Financial Show.
There's so much information right there atyour fingertips Maggie Tax dot com eight three
to three Maggie Tax. Stop planningfor Uncle Sam's retirement and start planning for

(11:00):
your retirement. As we return tothe Maggie Tax and Financial Hour with your
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
gg I tax dot com or calleight one three three two two twenty five
twenty. That's eight one, three, three two two twenty five twenty.

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Now your host for the Maggie Taxand Financial Hour, father and son from
Maggie Tax Advisory and Financial Group,Robert and Chris Maggie. Welcome back to
the Maggie Tax and Financial Show,and thank you for tuning in. I'm
Chris Maggie and I'm here at mydad and coast of the show, Robert
Maggie, and visit our website atMaggie Tax dot com. There's so much
information right there at your fingertips.We're talking about seminars to get educated.

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Three in one seminar, learn aboutyour tax bill. If you have an
IRA Form one K, it's ait's a tax time bomb about to explode
with taxes. How do you defusethat time bomb? And we can help
you. Visit our website at magataxdot com. Schedule time to meet with
us. Let's get together. Wehave office on both sides of the bay.
Let's review your investments. Let's puttogether an income plan. Let's show

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you what you can do, puttogether a complete plan for you and your
family. So one of the thingswe're talking about today, because we're talking
about the seminars that we do.We discuss the enhanced plan and the estate
planning. What about Social Security?And there's four things to understand before making
decisions about your Social Security benefits.So Dad, let's start with number one.
It all starts when you pay incorrect exactly. So each paycheck that

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you receive from your employer is subjectto Social Security tax that amounts to about
twelve point four percent of your salary, but split evenly at six point two
percent for you and six point twopercent for your employer. So you pay
that amount on everything you earn upto a certain amount of this one one
hundred and forty seven thousand, andeach one five hundred and ten dollars that

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you earned provides you with one SocialSecurity credit. It up to four credits
per year, and once you've collectedforty credits, you are eligible to receive
benefits. And this, Chris,is the biggest question we get. Do
they have enough credits? How dothey establish the credits? And if I
don't have enough credits, what doI do? That said, so,
most people, if you work tenyears, and you work throughout the whole
year, you get four credits ayear. That's forty quarters you're good to

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go. But a lot of peoplewe meet with sometimes they're short. Sometimes
they have thirty eight credits, theyjust don't qualify for the benefit. So
it all starts when you pay in. So the second thing that's really important
for you do understand about making socialsecurity decisions that you increase your benefit as
you earn more. So let's talkabout that. Sure, well, you
may be eligible to receive Social Securitybenefits after working as few as ten years.

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The amount you receive is calculated overa greater time period, So your
benefit amount is based on your highestthirty five years of earnings. If you've
worked fewer than thirty five years,the missing years are counted at zero.
Again, Chris, we run aSocial Security Maximization report that clears all this
up, and when we do theseminar, the second segment is the Social
Security I can't tell you how manyquestions we get on this. It's just

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so confusing to a lot of people. Absolutely, and that's why it's so
important to make sure that you goto SSA dot gov and look to see
if your earnings are calculated correctly.But a quick example, my mom my
mom here, what she did waslook at our social Security statement in one
year there was zero on her earningsrecord. They didn't calculate it. So
all we had to do we notifiedSOLI Security Administration. We showed her the

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W two and guess what they changedthat real quick. So if that happens
to you, don't be alarmed topick up the phone, schedule time to
meet with us. Let's go overcall Social Security. But also making sure
that you have everything credited and yourearnings are there. So talking about solid
security and number three, the thingsthat you need to understand is that the
earliest you can receive benefits is agesixty two. So let's elaborate on that

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for a little bit. Correct,so you may begin to receive early benefits
from security age sixty two. That'sa few years before what the Social Security
Administration calls you'll full retirement age orFRA. Full retirement age or FRA is
the age at which you can receiveone hundred percent of your primary insurance amount.
And this is important because when wedo tax planning and we do taxes,

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it depends on the biggest question weget, when should I take it?
Well, you can take it atsixty two if you definitely need it.
But there's a couple of variables inthere that if you're working, Chris,
and you're making more than a certainamount, you don't need to be
taking solid security. I guess thebiggest concern most people have that it's not
going to be there. So eachmonth that you delay receiving your Social Security
benefit, the amount that you're goingto receive increases. Retire at sixty two

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and you may only receive seventy fivepercent of your primary insurance amount. Retire
it your full retirement age and you'regoing to receive one hundred percent of your
FRA. So wait even longer andyou may receive an additional eight percent each
year up to age seventy. Sowhat happens is from sixty two to sixty
six it grows at six point twopercent, and sixty six to seventy it

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grows at eight percent. And Chris, many times when we show this to
clients, they don't really understand,Wow, maybe I can wait, and
this is how come it's growing.So when's the best time to take it?
Every situation is different. There's noone age for everybody that's the best
option for them. So what youneed to do is meet with the right
advisor. Bringing your soil security statement, Let's analyze it. Let's do the

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maximization report for you and your spouseso we can show you when's the best
time to take the benefit. Andwe also will show you how much you're
going to get per month. Andthis is part of the income plan.
This is part of the incomplaining thatwe do, and it correlates with your
investment plan and your tax plan andyour overall enhanced plan. So that's why
it's so important to meet with us. Let's go over social Security. Let's

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explain it, and let's answer thosequestions that you have. So we're talking
about here today what you need todo to understand your benefits about Social Security,
and number four is find your whenwe talk about this all the time,
but find your whin elaborate on thatfor me day exactly. And this
is one of the most challenging questions. That is when to start receiving your
Social Security benefit. Should you startcollecting at sixty two, wait until seventy,

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or choose somewhere in the middle,because you can if you're age sixty
two or older. The first questionyou should ask yourself is if you need
the money. And if you doneed solid security income to meet your expenses
in retirement, you'll need to takeyour Social Security income or consider other options.
If you don't need the money,it might make sense to consider delaying
your benefits to let your future paymentincrease until you reach one hundred percent of

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your PIA and Chris, many timesthat we meet with clients, their advisors
are not talking about this. They'renot addressing as state taxes, they're not
talking about Social Security because they don'tunderstand it. So you have to understand
how it works and how it's goingto benefit you. That's why the seminar,
the three and one seminar that weput together is so important. Go
to Maggie tax dot com. Registeredtoday, You're invited. It's simple,

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and there's the locations are right therein the times. And if you can't
visit our seminar, then no problem. Just pick up the phone, schedule
time to meet with us and visuallywe have office on both sides of the
Bay. Schedule appointment to meet withus. So we talked about four different
things that you need to understand aboutSocial Security, but also there's benefits for
spouses and x spouses and widows andwidowers. So there's so much there education

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about social security. They should havea whole class on this because many people
have no idea how it starts,what the benefits are? This cost of
living adjustments? How is that basedoff of my gosh, you know what
happens if someone passes away, whogets the higher of the two. Usually
it's a spouse that's living gets thehigher of the two. But many people
don't understand that. So spousal benefits, death benefits your benefits. There's a

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lot to discover, and there's alsoit's important to understand. This is very
crucial to understanding your retirement income needs. So pick up the phone, schedule
time to meet with us. Eightthree three Magi tacks. That's eight three
to three mag Attacks and don't forget. Every Sunday on ABC TV, tune
in on ABC TV at ten thirtyfor the Magi Tax and Financial Show three

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Maggie Tax. Stop planning for UncleSam's retirement and start planning for your retirement.
As we return to the Maggie Taxand Financial Hour with your host father
and son Robert and Chris, Maggiefor additional information on how you can create
a tax free retirement Visit Maggie taxdot com. That's ma gg I tax

(19:21):
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 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 welcome everyone.And I'm Chris Maggie and we're talking today

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about the rothiray accounts and why youshould open a roth ira immediately. We
hear a lot about tax freemoney,We hear a lot about iras and Form
one ks and wroth accounts, anda lot of people have questions. They're
just confused and we understand. Andthat's why when you come to meet with
us, we're going to help you, educate you and show you what works
best for you. So we talkabout why you should open up a wroth

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ira immediately. Let's talk about fivereasons why you should do that as soon
as possible. Oh number one,you want to get the clock started.
We'll go into that in a minute. But if you already filed your taxes,
you can still make a roth Iracontribution. So bottom line is get
it done well. Chris and Italking about we have a long way ahead
of us. Start putting money intoa wroth, even if the contribution is

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for a small amount like one hundredbucks. And this is important. It's
going to start your roth Ira fiveyear clock ticking. And if you if
you designate the contribution for this year, you get a January one start date
twenty twenty three, So your fiveyear clock just became a three year,
nine month clock. That's important becausenow everything you put into that wroth is

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going to grow tax free. Andnumber two something called the magic of compounding.
The longer money has to grow withinyour wroth Ira, the more tax
free earnings you stand to accumulate.Think about it, you put money in
this account, it's gonna grow,it's gonna gonna grow, it's gonna compound.
And if more accumulates now, thenmore can potentially compound on top of

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that. Albert Einstein, you've probablyheard this before, said compound interest is
the eighth wonder of the world.So he who understands it earns it.
He who doesn't pays it And that'sthe bottom line, Chris, that people
with regular iras tax deferred are payingit, not having a roth ira where

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they don't have to pay it.So another popular saying is it's not about
timing the market, it's about timein the market. And Chris, again,
it goes back to language and understandingthis. Maybe some of you we
just confuse and that's why you needto pick up the phone. Eight three
three, Maggie tax. Let's sitdown, let Chris and I explain it
to you. And by the way, you're going to meet with both of

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us. Let's sit down and answeryour questions and get you on the same
page to get a tax free retirement. Less just said, if you want
tax free money, then you needto start putting away tax free buckets.
And we can help you do thesetypes of things and steer you in the
right direction on how much you shouldcontribute and also to which bucket. So
pick up the phone, schedule timeto meet with us. Let's get together

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and let's have that conversation so wecan help you. So another reason why
you should contribute to a roth iraimmediately is because wrothfol K is a destination
if you have a wrothfool one kand the plan is to roll it over
to a roth Ira. At somepoint in the future, you will need
to open up a wroth Ira.So if you have a four one K

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and they offer you the wroth option, contribute to it because there's a lot
of really good contribution amounts you canput into it that you cannot really put
into into the roth Ira. Sobut if you've never had a roth Ira
and you wait until the last minuteto establish the account to accept the rollover,
your four one K dollars will adoptthe five year clock of the ira

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and the roth Ira rule. Soreally it's important to get this clock started.
My dad mentioned this before. Youneed to get it go and contribute
something so you have it in play, because what happens is if you let
it go five years, then thegains in that account are tax free.
So you want to get that clockstarted as soon as possible. And let
me just kind of give you anexample. Think about federal employees out there.

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If you're listening, you have afour oh one K and you have
a TSP for a roth Ira.Now, the difference is if you put
money in the roth you don't getthe tax deduction, but everything from there
on grows tax free. So that'simportant to understand why the roth is important.
So qualified plan distributions that can softenthis blow. Why wait, what

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are you waiting for? Chris mentionedone hundred dollars start somewhere and you can
always contribute more. So establish aroth IRA now for any future four oh
one k rollover is that's so importantright now? And again I'm going to
keep saying this. It's the language. I know we talk about this week,
talk about this every week, butyou have to understand it. Another
reason leverage a conversion and you maketoo much money to contribute to a wroth

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IRA. We hear this all thetime. Well, there are no income
limits on wroth conversions, so anyonewith a traditional IRA is eligible to do
a Wroth conversion. And it doesnot matter if you make zero dollars or
a million. And Chris, that'sanother big point there, So it doesn't
matter if you participate in a workplan or not. Again, these are

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the rules the language. So yes, a conversion is taxable, it's going
to add to your earned income forthe year, but all future growth is
tax free. Chris, how manytimes do we see that and you do
something that's really important. We shouldeveryone should do this. We do a
mock tax return. What if youcan convert some of the money and still
stay in the same tax bracket.One of the biggest things that we're going
to be facing in a couple ofyears is the tax cuts are going to

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come back. It's going to goup three percent. So when you want
to pay the tax at the lowerrate or no rate then a higher rate,
well, that's just a great question, and thus the answer the answer
is yes, you want to goahead and do that. So how do
you convert? Can you convert?My dad just mentioned you can convert at
any time. Has nothing to dowith income or what you have in the
bank or what or your age,has no bear on any of that.

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What you should be looking at isif you have an IRA that's infected with
taxes or iras, you have atax time bomb. You need to go
ahead and meet with the right advisorwho can show you how to roll that
money out or convert that money.We have clients last year that went ahead
and just said, hey, let'srip off the band date, let's pay
the tax, just to stroke thecheck to Uncle Sam. For the tax

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and then guess what those funds aretax free forever and ever and ever.
So this could happen to you.Or do you do a strategic rollout?
Do you roll out the IRA overa five year period, over ten year
period, or how do you goabout doing that? We can show you
so when you come in to meetwith us, we can show you what
the tax term will look like,so you will know how much you will

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pay in tax. So pick upthe phone, schedule time to meet with
us. If you're looking for aWROTH conversion, if you're looking four ways
to contribute to tax free buckets,we can show you how. Think of
the phone a three to three Maggietax. That's a three to three Maggie
tax. Chris mentioned a couple thingsbefore strategic rollout. When you go to
my website retirement Calculator and you putin your numbers, you'll see what you're

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going to pay at seventy two orseventy three. But in between you have
a window of opportunity where you canroll some of that money out at a
low tax rate, convert it toa ROTH, have tax free income,
and reduce your rmds. So pleasego to my website. I challenge everyone
out there to take a look atthis. I don't care how much money

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you have in your IRA, fourto one k. Put in the numbers,
take a look at it because youhave to do some tax planning.
And that's what we talk about.One other thing Chris mentioned before, Chris
the five year clock. What doesthe five year clock mean? Because after
the five year clock expires or goespast, it's all tax free money.
Right, That's it. That's whyyou want to start your roth ira immediately.

(26:57):
Make sure that you open up rothiras. If you're in a situation
where right now you can't put asmuch money into it, no problem.
Just start the roth ira. Putone hundred bucks into it because in the
future you can always use that.Once that five years passes, it's all
tax free money. So why notstart it now? So pick up the
phone, schedule time to meet withus. Let's get together. Visit our
website at Maggi tax dot com.There's so much information rate there at your

(27:21):
fingertips. And every Sunday on ABCTVat ten thirty watch the Maggi Tax and
Financial Show. We educate you.Why because you need to know this information.
It's crucial, especially in retirement.Taxes are going to go up.
What are you doing about them?If you have taxable accounts that are infected
with taxes, guess what you're gonnapay Uncle Sam forever and ever and ever.

(27:44):
But if you have tax free buckets, guess what you just did eliminated
Uncle Sam forever and ever? Whichone or which side do you want to
be? We can show you howa three to three MAGI tax. So
let's talk about the roth Ira distributionordering rules. This is so important and
I don't want to hear any excusesabout locking up your money or what if
there is a financial emergency. WrothIra distributions follow strict ordering rules. Contributions

(28:08):
come out first, then converted dollars, and then the earnings, so a
person always has access to their wrothcontributions tax and penalty free. So if
you put in fifty thousand and twoyears later you want to take it out,
you can, but you just can'ttake out the earnings until that five
year clock passes. Correct, andpeople don't know that, And that's important.

(28:30):
Again, it's the language. Soconverted dollars are available after five years,
regardless of how old you are andthat's another concern because the iras have
you can't touch it till fifty nineand a half without getting a penalty,
and now you've got to wait tillseventy three. You know, it goes
on and on and it gets moretax, more tax, more tax.
So if there is a true emergency, there's a good chance a portion of

(28:52):
your roth ira is going to beavailable for withdrawals and no strings attached.
So that's why planning is so importantwhen you come in to meet with us.
We need to look at the bigpicture. We need to do complete
planning, overall planning. That's whywe do tax preparation. That's why we
do tax planning, wroth conversions,that's why we're insurance licensed. We can
help you in a lot of differentways to protect your money. There's ways

(29:14):
that you can fund an index universallife for tax free money if you are
phased out of the wroth IRA becauseyou make too much money. We have
our investment division at Maggie Investments asa fiduciary to look at all your accounts.
We can actively manage portfolios. There'sa lot of things we can do
to help you. We can dissectthe risk that you're currently taking in your
portfolio or your WROTH accounts, oryour iras or whatever it is that you

(29:37):
have your brokerage accounts. Let's showyou the risk. Let's show you what
type of accounts you're investing your moneyinto and is that the right thing for
you. We also have a stateplanning that we do and will is trust
pow of attorneys. We have attorneysthat can help you complete these documents to
make sure that everything avoids probate andstays in your family. So if you're
looking for an income plan, wecan help. If you look at or

(30:00):
a tax plan, or a SocialSecurity maximization plan or an investment plan,
we can help. That's what wedo. So when you come in to
meet with us, we can showyou how to put money into a roth
ira, where to put the moneyso it's beneficial for you. Every situation
is different. This is not cookiecutter plans. These are plans for you.
So when you come in to meetwith us, we will spend the

(30:21):
time to get together with you andunderstand you and your questions and put together
something that's going to work for you. A three to three Maggie tax and
also when you visit our website,Maggie tax dot com. There's a lot
of videos on there on the colorof money, on Medicare, on Social
Security that you can look at thenmaybe twenty minutes, but it's educational,
and again that's what our show isabout educating. So pick up the phone

(30:42):
eight three three Maggie Tas visit us. We have an office in Palm Harbor
Loots and also Saint Pete. Andyes, you will be meeting with both
Chris and I. So you havequestions, we can help you out.
Be sure to tune into our showevery Sunday on ABC TV at ten thirty
and right after that show we're backon the radio. So we're going to
give you a lot of help,a lot of education. Gimmis to call
eight three to three Maggie Tax.I'm be sure to visit our website,

(31:04):
Maggie Tax dot Stop planning for UncleSam's retirement and start planning for your retirement.
As we return to the Maggie Taxand Financial Hour with your host father
and son Robert and Chris, Maggiefor additional information on how you can create
a tax free retirement, visit Maggietax dot com. That's ma Ggi Tax

(31:25):
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 Tax and Financial Hour, fatherand son from Maggie Tax Advisory and Financial
Group, Robert and Chris Maggie.Are you looking for the most tax advantaged

(31:47):
ways to save under the tax code. Well, we can help. That's
what we do, so welcome backto the Maggie Tax and Financial Show.
Get the holistic retirement plan. That'swhat we do here. Get a complete
retirement plan. Get the Maggie Plan. It's a tax plan, it's an
income plan. It's a simple andeasy plan for you to understand. It's
an investment plan. It's called theMaggie Plan. If you don't have the

(32:07):
Maggie Plan, get the Maggi Planbecause it's a complete holistic approach for you
for your retirement. Eight three tothree Maggie Tax and what we're trying to
say to everyone out there is getout of the line of fire if they're
shooting bullets at you, and beaware of the heightened legislative risk that we're
talking about that will affect qualified accountsand wrote accounts, and we can help

(32:30):
What is risk? It is marketrisk, it's income risk, it's tax
risk, it's legislative risk. Whichone will do the most damage to you?
And we can help create a newlike Chris mentioned, a new holistic
plan today. Get the Maggie Plan. So when do you want the irs
to get their taxes? You know, we can show you a way to

(32:51):
pay the taxes now before the Trumptax cuts expire and you get an increase
of thirty percent. And if you'reconcerned about market risk, income risk,
or taxes, then you have whatwe call an incomplete plan, and get
a new plan and a holistic plan. Get the Maggie Plan. How many
of you have an IRA or afour one K you have a tax deferral

(33:12):
plan, but we can show youthe cost of tax deferral before taxes increase.
Go to my website, Maggie taxdot com and click on the retirement
calculator. I challenge all of you. Go ahead and do it and plug
it in and I'll respond to you. But you're gonna get the information that's
going to shock you. You know, it's really interesting. You mentioned different
types of risks, and many peoplejust think of risk as market risk.
Well, you have an income riskif you don't have an income plan and

(33:35):
you run out of money. Youknow, what about legislative risk? Many
people are talking about how the taxcode changes. Well, if you have
the risk of these laws changing andtaxes increasing and guess what, less income
for you. What about the investmentrisk? You know, yeah, the
market with the volatility, that's anotherrisk. So what are you doing about

(33:57):
it? That's why we do theshow. That's why we do this each
every week. That's why I havea show on Sunday for the MAGI Tax
and Financial you know show, becausewe want to educate you. There's so
much there to talk about because peopleneed help. You need help out there.
You know. We care about ourretirement plans. Why because people could
pay less tax, have more income. They don't have to lose when the

(34:17):
market goes down forty percent. Whereis it written that you have to lose
thirty percent or forty percent like everyoneelse? Where's it written that you have
to go down that ride? Youdon't have to. So if you're in
that environment right now and you wantout and you don't know how to get
out, we can show you ifyou look in for strategies for your investment

(34:37):
plan. If you want an incomeplan that correlates with your tax plan,
then guess what we can help.So pick up the phone, schedule time
to meet with us eight three tothree MAGI tax and you could write this
down because all of your retirement hassets, they're under attack from taxes and
legislative risk. And remember that wordlegislative risk. And we can help get

(34:58):
the new holistic plan, get theMaggie Plan. Think about this, Buy
out the IRS and eliminate tax riskstoday. Let irs get what they are
supposed to get. Now. Iknow that sounds weird, but it's the
truth. When taxes are low,that's where it is right now, get
a new holistic plan and get theMaggie Plan. And folks, what we're
trying to say to you here isyou have to understand that taxes are low
right now. They are they're attheir lowest amount ever. And if you

(35:22):
remember back to the eighties and manyof you listening, it was eighty ninety
percent. Do you think that couldhappen again? Absolutely you can. So
let's eliminate risk and mitigate tax risk. Take action today and protect your retirement
and get a self completing plan.Think about that. Get the new holistic
plan and get the Maggie plan,but make it a complete plan. Write

(35:45):
that down the language. Complete plan, and Chris, that's what people we
see do not have. When wethrow that on the table, all of
a sudden, you know, thelight bulbs go on and they go.
You know, I didn't think aboutit that way. You guys are right.
It is because if you have anincomplete plan, you got problems.
I said, you said a greatpoint. I'm gonna just reiterate what you
said. You know, your retirementassets are under attack, and think about

(36:05):
it. They are, and theylead you down the road where everything's cool,
where you don't have to pay taxeson it now, tax deferral,
tax deferral, tax deferral. Withthose iras and Form k's, everything's great.
But guess what. They're under attackbecause they're infected with taxes. Eliminate
Uncle Sam forever and ever. Theyare a silent partner. Eliminate them.
How do you go about doing it? We can show you. That's why

(36:29):
it's so important to get together andlet's have a conversation, because maybe you
do should do a strategic rollout fromyour IRA to your wroth IRA, or
create a tax free bucket in retirementso you don't have to worry about the
increasing taxes or the legislative risk,or the different types of risks that we
talked about early on in today's show. When it comes to retirement, the
tax code is written in pencil.What are you doing about it? They

(36:52):
can change it. So when itcomes to retirement, the IRIS is your
silent partner in your form K yourIRA, you have no protect get a
plan. We call it the MaggiePlant. It's time to take back ownership.
Why because you deserve it. Youwork hard. You work hard,
all those hours, all those timesyou get up in the morning, all
those times that you do things thatyou can't do because you have to work,

(37:15):
and you save for retirement, andyou do the right thing. Guess
what they're going to go after peoplewho have the money. You have the
money, So what are they goingto do? They want to tax you.
So do me a favor, doyourself a favor. Listen to what
we're saying here, pick up thephone, schedule time to meet with us.
Visit our website at Maggie tax dotcom. Get educated, know something

(37:35):
about retirement, and we can helpyou a three three Magi tax and think
about this. Creating a plan foryou for your financial will being I know
it can be a lot, youknow, like solving a jigsaw puzzle,
but our comprehensive approach can help youput the pieces together. So we begin
by working with you to identify yourshort long term goals. Are you doing
that? We use these goals asour primary focus to provide you with innovative

(38:00):
strategies and solutions that we're talking about, and we continue to partner with you
through the changing landscape, through thelegislative risk, through the tax risk,
through the income risk, through theinvestment risk, through a legacy planning risk,
through college planning risk. If you'renot talking about that, or your
advisor's not talking about that, shameon them. Look pick up the phone

(38:21):
eight three to three Maggie Tax.Be sure to visit our website Maggie tax
dot com. Click on the retirementcalculator and see what I mean. In
thirty seconds, we can tell youwhat your retirement tax bill will be.
Schedule time to meet with us.Operators are standing by right now. Eight
three to three Maggie Tax. That'seight three to three Maggie Tax. You've
been listening to the Maggie Tax andFinancial Hour discussing tax planning investment strategy is

(38:45):
presented by Robert and Chris Maggie fromMaggie Tax Advisory and Financial Services with offices
in Hillsboro and Panelas County. VisitMagie Tax dot com or call eight one
three three two two twenty five twenty. That's eight one three three two two
twenty five twenty and tune in nextSaturday at five for the Maggie Tax and Financial Hour