Episode 20240622 - The Election and Five Risks in Retirement

Episode Transcript

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All these years you've saved up planningfor secure retirement, but if you're not
careful, it will be the irsthat's living it up when you retire by
taxing your hard earned money. Welcometo the Maggie Tax and Financial Hour with
Robert and Chris Maggie of Maggie TaxAdvisory and Financial Group. With over thirty
years of combined experience and tax savings, 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. Your questionsand comments are welcome during today's program by
calling eight one three three two twotwenty five twenty. That's eight one three
three two two twenty five twenty orvisit Maggie Tax dot Com. That's Maggi

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tax dot com and now your hostfor the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie, Welcome everyone, and thanks for tuning
into the Maggie Tax and Financial Show. In each and every week. We
are so grateful to be here becausepeople need our and each and every week
we meet clients throughout the day andthere's so many questions out there and people

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are just not getting the right advice. So welcome everyone. I'm Chris Maggie
with Maggie Tax Advisory and Financial Group, and I'm here with my dad and
coast of the show, Robert Maggie, and today we want to talk about
a lot of different things to helpyou. We talk about the Maggie Plan.
It's income planning, tax planning,investment planning, social security planning,
putting together a plan, a stateplanning for you and your family. So

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pick up the phone today, visitour website at Maggie Tax dot com and
give us a call eight three tothree Maggie Tax and welcome everyone. Here's
my dad and coast of the show, Robert Maggie, and thank you for
joining us today. My name isRobert Maggie. We have a lot to
talk about. Chris mentioned visit ourwebsite Maggie Tax dot com. We have
an option there that you can goto the retirement calculator, which we're going
to talk about today because it's abouttaxes, taxes, taxes. So today

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we're going to discuss the election andtwo risks to watch out for. And
this is going to be the themefor the next how many months? But
unless you've been living in a cave, then you know there's a big election
coming in November. And by theway, even if you've been living in
a cave, I'm sure the directmail companies, the TV stations, they
found a way to reach you withpolitical mailers and like I said, many
TV and radio commercials and there's goingto be a lot more coming up.

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But did you know the election couldgreatly impact you and your retirement approached?
And just remember the retirement savings timebomb is ticking. Louder and Louder I
work with a company and they haveexperience in working in the White House and
on Capitol Hill, and that's whereI get my advanced tax training from.
We get updates all the time,and one thing I learned was that the
elections can impact US savers in twoways. Short term impacts based on new

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laws and regulations which change all thetime, and what policies will a given
administration pursue, so what laws willCongress pass? Long term impacts based on
the future effect of laws and regulationsthat are passed today and that are going
to be passed in the future.So will taxes be higher in the future
to offset today's spending, and whatwill today's regulation do to future economic conditions.

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Look, the bottom line is thattaxes are going to increase. Go
to my website, Maggie tax dotcom. For everyone out there with an
IRA four oh one K, fouroh three B four P fifty seven plan,
an old four oh one K plan, go to the retirement calculator and
you will see what your tax isgoing to be when you retire. And
Chris, it's not getting better becausewhen the Trump tax cuts expire, it's

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going to go up at least thirtypercent. And people don't see that yet.
They still think, oh no,no, taxes are low. Yeah
they're low, but they're going tobe higher. Would you agree? Absolutely?
So what do you do? Andthat's where many people out there listening
today they have no plan. Youknow, we have met with a couple
of clients last week and the samething was brought up. They said they
met with their advisor and their advisorsaid go consult with a tax advisor,

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and when they went to their CPAor their tax prepare there was no tax
advice. So they sat back andsaid, well where do we go?
And that's where they came here.Because we do tax planning, income planning,
investment planning, estate planning. Wedo it all. That's why we're
a complete advisor, and that's whywe make the approach to help you in
a lot of different ways. Becausewe understand how the taxes are going to
impact your investments. We understand howyour income is going to be affected by

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the higher taxes. So what areyou doing about it? What is your
plan? Well, all you haveto do is schedule time to come in
and meet with us, because whenyou do, we can put together a
plan that will help you reduce yourtaxes, have your investments grow in the
most tax efficient way. What aboutincome income and the most tax efficient way
where you can have more income andpay less tax And the twenty twenty four

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election could have both short term andlong term impact on us savers and the
people listening today. Your savers,you did a great job. You've been
in the accumulation mode. But whatabout the distribution mode of your life and
about the next phase when you startneeding the income? What are you going
to do about it? So,as many savers are going to be a
need help of financial advisors who canhelp do complete planning, and that's what

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we do, like Maggie Tax Advisoryand Financial Group. So once again I'm
going to remind go to my website, Maggie Tax dot com. Click on
the retirement calculator right now. It'surgent. Look on it. Put your
numbers in there, and then I'llget a report. We'll send it back
to you and then we can havea discussion. Because taxes are going up.
And if it doesn't concern you,then you know, I guess that's
okay. But I'm sure it's goingto impact you somewhere. So what's at

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stake in November. November's presidential electionlooks like it will be a rematch between
current President Joe Biden and former PresidentDonald Trump. Equally important is the makeup
of Congress, who will control theHouse and Senate and how tight will their
margins be. And we're going tosee how that goes. And here are
the top two items I'm watching inthe twenty twenty four election when it comes

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to retirement savings in the US.Number one, the Trump tax cuts.
In twenty seventeen, Congress passed andthe President signed into law comprehensive tax reform
called the Tax Cuts and Jobs Act, and this law lowered individual income tax
rates for millions of Americans, myselfincluded, and probably you two. But
those tax cuts were not permanent.In fact, they expire next year in

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twenty twenty five. So that meansunless Congress and the President act to extend
those cuts or pass new cuts,all of our tax brackets will revert back
to their older higher rates in twentytwenty six. That's why we say your
retirement savings is a tax time bomb, and it's ticking Louder and Louder and
Chris every time we do taxes andwe do a mock tax return. The

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biggest thing I think, you knowwe see is they don't withhold enough and
they pay more. They think they'repaying too much, and that's not correct,
right absolutely, And that's why taxrates right now are low. But
what people are missing is not justevery year in their tax preparation. I'm
talking about your retirement savings tax bomb, and it's gonna hit because when you
start needing those funds, you haveiras and Form one ks and TSPs and

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deferred compensation plans. Guess what allthis is infected with tax You have an
unknown question mark tax rate that you'regoing to pay in the future on that
bucket of money. And whether it'stwo hundred thousand, whether it's two million
dollars, whatever it is, it'sa taxable event. So what are you
doing about it? That's why saversare gonna hit gonna get hit hard if
they don't do anything about this.So that's why it's important to pick up

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the phone schedule a time to meetwith us. If you have a tax
deferred retirement vehicle such as a Formone k an IRA a TSP, you
need to come and meet with usbecause there are ways to get the money
out of a taxable environment into atax free environment where you can have tax
free retirement. Pick up the phone, schedule a time to meet with us.
Eight three to three, Maggie Tax. Well, let me give you
another example. We had a gentleman, he's fifty five years old. He

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went to the retirement tax bill.He's got over two million dollars in his
retirement account, and when he sawwhat was going to happen because he has
to wait till seventy three to takeit out, and he did the math.
Not Chris on me. He didthe math, and he said,
my goodness, if this grows tothree million, four million, and the
tax bracket saw I'd say thirty fiveforty percent, then that money's not his.
It's a debt to the irs Chris, and that's what blew him away.

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So his question comes in. Hegoes, I doubt that you guys
can help us with reducing my taxI hear you commercials, and I hear
you on the radio. But letme tell you something. They are over
fifteen hundred tax strategies that you coulduse. Not all of them you can
use, but there are many outthere that many of you are not using
that you can use. So whynot eight three to three, Maggie tax?
Pick up the phone when you talkto the operator, tell them it's

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urgent. Tell them it's urgent thatyou meet with Chris and Bobby because we're
going to talk about tax planning.And by the way, if you're not
interested in saving taxes, then don'tmake the call. Well, I said,
taxes are our biggest expense. Andthat's when many people know that,
and it's going to get worse.Trust me. Think about this. You're
retired now, and then five yearsfrom now, ten years from now,
you're dealing with higher, much highertaxes. What are you going to do

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about it? Now you're forced totake a distribution from your retirement accounts.
Guess what it's going to be.Less income to you, more taxes to
the irs. So, since taxeson retirement savings are offer often deferred to
the future, higher tax brack ratesin the future could mean higher taxes for
you. So leaving your money whereit's at in an affected area of tax

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is going to create more of ataxable time bomb for you in the future.
So what do you do about it? Very simple. We have office
on both sides of the day.Come meet with us. Let's have a
conversation. If you're looking for anincome plan, or a tax plan,
or an investment plan, or evena state planning, come meet with us.
Let's just have a conversations because wecan help you. We're not going
to tell you, hey, youcan go consult another tax advisor because we

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can't help you. We can helpyou, or we'll tell you. If
we can't, we'll tell you thatas well. So pick up the phone
eight three to three Maggie Tax Andby the way, we do seminars on
a state planning every month So ifyou go to my website Maggie tax dot
com and click on seminars, you'llsee the dates. These are at libraries.
There's no food, there's no pressure. It's about education. We talk
about wills and trust and we talkabout you know what happens when someone passes

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away, because many of you outthere don't have a state planning and you
think you have to have a lotof money to have in a state planning.
Will, power of attorney, durablepower of attorney, healthcare surrogate.
Do you have those documents? Andevery time we meet with someone we ask
them and they always go, ah, I think I have a will.
I'm not sure. Well, thattells me right there that you don't have

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it. You don't have a will, you don't have protection, your beneficiary
designation. We talk about this allthe time. Go to my website,
Maggie tax dot com. You canclick on a calendly link right there to
make an appointment. Click on itmake an appointment today, and also a
register for one of the seminars comingup. So we have a lot going
on. We have a lot ofvideos on the website, and don't forget
go to the Retirement Tax calculator onthe top right. Put your numbers in

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there and see for yourself what itis. And if your guy isn't helping
you, or your tax person isn'thelping you, shame on them, because
that's what we do. Taxes,taxes, taxes, and this is what's
going to affect a lot of youout there, especially if you have IRA's
four oh one ks or four ohthree b's so simple, pick up the
phone, schedule time to meet withus, Visit our website at Maggie tax
dot com and give us a call. It a three to three Maggie tax,

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and don't forget. Every Sunday onABC TV, tune into the Maggie
Tax and Financial Show ten thirty ABCevery Sunday, give us a call a
three to three Maggie tax. That'sa three to three Maggie tax. Stop
planning for Uncle Sam's retirement and startplanning for your retirement. As we return
to the Maggie Tax and Financial Hourwith your host father and son Robert and

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Chris Maggie. For additional information onhow you can create a tax free retirement,
visit Maggie tax dot com that's magg I tax dot com or call
eight one three three two two twentyfive twenty. That's eight one three three
two two twenty five twenty. Nowyour host for the Maggie Tax and Financial

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Hour, father and son from MaggieTax Advisory and Financial Group, Robert and
Chris Maggie. Welcome back, andyou're listening to the Maggie Tax and Financial
Show. My name is Robert Maggie. I'm here with my son and co
host, Chris Maggie. So we'retalking about a lot of things, but
the main thing now is taxes.Taxes, taxes, and if you have
an IRA four three B four oneK, you're going to get hammered with

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taxes when you retire. The currentadministration right now has indicated that they want
the tax cuts to expire for wealthyAmericans while extending them for lower income Americans,
and he plans to pay for theextension with new taxes on wealthy Americans.
That's the only option. They're goingto be taxing your IRA, your
four oh one K when the taxbrackets go up. They're going to be

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taxing your IRA, and you're notgoing to have what you think you have.
You have a debt to the IRS, and President Trump has indicated he
wants to extend the tax cuts forall Americans. And then there's the question
of Congress. Will the House andSenate pass an extension, and that's always
a mess, So we don't knowwhat's going to happen there. But all
of it adds up to a bigquestion mark on future taxes for you.

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So what about government spending, becausethis is the big question. The federal
debt right now has exceeded thirty fourtrillion dollars, Congressional spending continues to grow,
and our population is aging, meaningmore Americans are relying on government programs
like Medicare and Social Security. Soall of it adds up to a big
math problem for a federal government,Chris. And when they spend more than

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they take in, that's a problem, right, mean, that's simple math.
Correct, That's it, And that'swhy it's not a problem that it's
going to be fixed and they haveto resort to increasing taxes. So if
you're saving, think about yourself.If you're saving money and piles of money
and buckets of money and your fourone K and your IRA and other areas
that are tax deferred, when themoney comes out, it's taxable. And

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the question is is what tax rateare you going to be in? And
many people and we were taught yearsago, hey, just put money away
so when you're retired, you're gonnabe a lower tax bracket. But that's
not happening. So the worst thingis when you're going to get hit hard
is when you need the money andyou need to take it out of your
retirement account and you have to paymore to Uncle Sam than you received because

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of taxes. So what are youdoing about it? Now's the time to
plan. Now's the time to pickup the phone in schedule time to meet
with us. Because let's put togethera tax plan for you. Let's put
together an investment plan for you.Also in an income plan and a state
plan. Put it all together foryou so you understand that your income is
affected by your investments and your taxes, and your taxes are impacted by your

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income and also your investment. Sowhat are you doing about it? That's
why it's so important to pick upthe phone, schedule time to meet with
us. Eight three to three,Maggie tax, Well pause that for a
minute, because you brought up agood point. So think about this.
Most people ask Chris and I howyou're going to reduce my taxes on my
IRA four O one k And theword is strategically. Okay, we had
a gentleman come in a week ago, two weeks ago, who's got a

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million dollar IRA, So I wantto rip off the band aid, I
want to pay the tax and I'mdone. Well, that's not a good
idea because the more income you make, the higher tax bracket you're going to
be in. And if you,by the way, if you're on Medicare
and you do that when you're onMedicare, your Part B premium is going
to go through the roof two yearsfrom now, and that's the Medicare tax
called IERMA. So we are understandinghow that works. We know how it's

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impacted. And that's why you'd bevery careful when you start getting money into
tax free zones. And we canhelp you and we can cover these areas
because the best thing that you canhave is a plan, and if you
don't have a plan, now youneed one. That's why we can help.
So continue on, Dad, becauseit's a great, great mention point
that you have to bring up topeople. Yeah, and what we did
is we've talked about this on theradio before. But it might be a

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five year plan or a ten yearplan. And it's based on how much
you have in your IRA four oneK in your age, So how much
time do we have before seventy threecomes that you have to take it out?
And I had a gentleman yes day. I spoke to him on the
phone. He's seventy three, andhe said, I have to take out
thirty eight thousand dollars for RMD thisyear. So we did his taxes and

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we looked at it, and Ihad my tax prepair a look at it,
and she said, he's going topay a lot more tax he's got
to withhold. And you know whatthe problem was last year he did not
withhold enough money. So we hadto pay twenty eight thousand dollars in taxes
because we told him, like wetell many people, withhold the money first,
because you have a debt to theirs bottom line. So, Chris,

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it's ridiculous when people look at andsay I'm paying too much in taxes.
And then when you have iras andfour to one ks and you can
strategically take it out, we're goingto go over that in a minute.
You'll pay less tax now, youdon't like it, but you'll pay less
tax now and less tax later whenyou get the money out. So basically,
what you're saying is that you needa plan. You need to have
a plan. And because most peoplehave these piles of money that are infected

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with taxes and they just don't knowhow to get the money out. So
how do you get the money outof that environment? Well, that's why
we could do strategic rollouts, orthere's ways where you can create tax deductions
to offset the taxible amount. Thereare ways to do this. And if
your advisor who's just dealing with investments, if they're not understanding taxes, they're
never going to help you. Ifyour tax prepare it just does tax preparation

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and they don't do planning, they'renever going to help you. There's a
difference between tax preparation and tax planning. That's what we do. Tax planning
and investment planning and income planning.We put it together because we understand how
one impacts the other. So regardlessof the twenty twenty four election outcome,
it's hard to see a path forwardthat doesn't include higher taxes bottom line,
So for all of you, that'sa risk that many savers want to protect

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themselves against moving forward. How doyou do that? Why wouldn't you,
that's the point. Why wouldn't you. People don't want to listen to this,
Chris. They just they expect itto work like magically. It doesn't
work that way. You've sat infront of people and that's like, well,
I'm sorry to interrupt you, bythe way, but it just gets
me when I see people going like, oh man, my tax guy never
told me about it. And bythe way, if you have a Brokens
account, they're not gonna talk toyou about tax planning. So think about

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this real quick. Let's put somedollars in play. Let's just say you
need one hundred thousand dollars and sayright now, it's gonna cost you twenty
percent to get the money out.You gonna you're gonna have eighty thousand dollars
for yourself. But what if you'reretired and you're not going back to work,
and you can't go back or don'twant to go back to work because
you're having fun retirement with the grandkidsand traveling and golfing and do whatever you

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want to do. Now that onehundred thousand dollars that you need, forty
percent has to go to Uncle Sam's. So that means sixty thousand is yours.
What if it's fifty percent, thatmeans fifty thousand is yours, fifty
thousand is Uncle Sam's. How doesthat impact your life? So that's just
an easy number. But what ifit's ten thousand you need? Okay,
what if it's fifty thousand you need? Do the mas. That's what we're

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talking about here. So what isyour plan? What is your plan?
If you don't have one, wecan help. That's why we call it
the Maggi plan. Pick up thephone, schedule time to meet with us.
Eight three to three magi tax that'seight three to three Maggi tax So
bottom line anyway that you look atit, the twenty twenty four election will
increase the political divide and instability inour nation and that makes it harder to
predict legislative and regulatory outcomes for allof you. So you need protection against

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changes coming from Washington. We understandtax and asset diversification are best poised to
help you. You need support.We can help eight three to three magi
tax I say this all the time. Tell the operator. It's urgent that
you meet with Bobby and Chris fortax planning. Eight three to three Magi
Tax. Visit our website Maggie taxdot com. Register for one of the

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seminars on estate planning. Visit withus eight three to three Magi Tax.
Give them a call today and againtell them it's urgent. It's urgent that
you meet with Bobby and Chris todiscuss tax planning and income planning. You're
listening to the Maggi Tax and FinancialShow. Call eight three to three Maggie
Tax. Eight three to three MaggieTex. Stop planning for Uncle Sam's retirement
and start planning for your retirement.As we return to the Maggie Tax and

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Financial Hour with your host, fatherand son Robert and Chris. Maggie.
For additional information on how you cancreate a tax free retirement, visit Maggie
Tax dot com. That's ma ggI tax dot com or call eight one
three three two two twenty five twentythat's eight one three three two two twenty

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five twenty Now your host for theMaggie Tax and Financial Hour, Father and
son from Maggie Tax Advisory and FinancialGroup, Robert and Chris Maggie. Welcome
back to the Maggie Tax and FinancialShow, and feel free to visit our
website, Maggie tax dot com.There's so much information right there at your
fingertips. Do you have a taxplan? Do you have an income plan?
Do you have an investment plan?And you know what, do you

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have an estate plan? If yousaid no to any one of those,
you need to listen up because nowis a time to together a plan for
you and your family. A threeto three Magi tax, that's a three
to three Maggie tax. There's somuch there that we could talk about.
You know, at our firm wetalk about the Maggie plant. You know,
we're talking about taxes today, Buthow do they incorporate with your investments?
If you are paying more in tax, guess what, less income to

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you and your family. So areyou prepared for the possibility of higher taxes
in retirement? And that's what we'retalking about today. You need to have
a plan. You need to havean investment plan, a tax plan,
and also an income plan. Eightthree to three Magi tax schedule time to
meet with us. We have obviouson both sides of the Bay ad three
to three Magi tax and by theway, we do tax preparation. So

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if you want to make an appointment, come on in. But let me
mention one thing that happened this week. And it's really simple. Everyone that
works you make income, right,who's the first one that you have to
pay Uncle Sam? Oh? Soso let's just say you make twenty thousand
last year and you make fifty thousandthis year, you've increased by thirty thousand.
Is that thirty thousand free, Chris, Nope, you have to pay

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Uncle Sam. Oh. You haveto pay Oncle Sam. See I'm making
light of this because this is wherepeople getting confused. When I talked about
the five ways that taxes are goingto go up, so many of you
assume that your taxes will be lowerin the future. Not true, it's
not true. But as today's retiremiesare discovering, that's often not the case.
And we see this every day.In a perfect example is when you

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make more money, your tax bracket'sgoing to go up. You have to
pay more. So if taxes keepgoing up and the tax brackets keep rising,
you get less. So we canhelp you understand the five ways your
taxes could go up in retirement.And again I have a brochure. If
you want to call my office,just give me your email. I'll be
glad to send it to you inan email and you can see for yourself.
Well, come to one of ourseminars and I'll give you that at

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the seminar, and how we canhelp you mitigate that tax risk. Think
about that. Does your advisor talkabout mitigating tax risk? Now they talk
about putting more money in another account. So from the congressional spending to tax
bracket changes, you're going to learnhow to position taxes in your retirement.
And every new use item out ofwashing consumes to include details of a new

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or expanded tax. Let me askyou a question. So, the total
government revenue in twenty twenty two wasfour point nine trillion. That's what the
government takes in in revenue that wasin twenty twenty two. Total government spending
in fiscal year twenty two was sixpoint three trillion. Do the math.
It's like, you know you havea credit card, you got to pay

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it back, okay, but we'renot even paying back half of it.
Chris, Well, let's just said, I mean things you can't control.
Right, we know that the governmentis spending more. That's not a topic
we want to go into right now. It is what it is. They're
spending more than they take in.But what does that mean to you?
What does that mean to me?Right? What does it mean to our
generation? It means that we aregoing to pay more in tax because they

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know how much money you have iniras, They know how much money you
have in formal case, they knowhow much money you having a TSP if
you're a federal employee. They knowthese are all qualified accounts that are infected
with tax. So very simple.You're exposed to tax risk, You're exposed
to legislative risk, where they canchange the rules. What I mean by
that is they can change the ruleson how much they tax you they tax

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me. Right, these are thingsthat we need to start controlling today.
And you can if you put togethera tax plan. That's why I ask
you, what's your plan? What'syour tax plan? If you don't have
one, now is the time tostart really putting one together and we can
help. So pick up the phone, schedule time to meet with us.
Because when we put together a taxplan, we can put together an income
plan. And what's better having taxableincome or tax free income. And when

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you can show a tax return likewe do to our clients in retirement that
I don't care if they increase taxesbecause our clients' plans have tax free money.
So when they retire and they takeincome and government says, well,
we need to pay our deficeit andwe need to increase taxes, our clients
aren't affected by that because they havea tax plan. That's what we can

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do for you. So pick upthe phone, schedule time to meet with
us. Eight three to three magitax. That's eight three to three Maggie
tax. And this is a racethat we all must learn to win where
we're ahead of it, not behindit, because that's when people get in
trouble. In at every seminar thatwe do, this is the question that
we ask the audience, and I'masking all of you how many people think
taxes are going up in the future, And I know everybody raises their hand.

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Nearly everyone raised their hands because it'sgoing to go up. So the
point Chris and I are making todayis tax planning is essential. You've got
to start thinking about it. Whetheryou have low income or high income.
It doesn't make a difference. Yet, while you understand we've entered it into
a rising tax environment, surprisingly fewof you have used that knowledge to change
how you save for retirement. Andif your advisor's not talking to you about

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this, which is why we say, go to my retirement calculator on Maggie
tax dot com and see for yourselfwhat your tax is going to be.
Chris, that's very important. Well, let's just talk about that. You
know, when we meet with clients, what are we seeing. We're seeing
tons of IRRAH accounts, tons ofForm and K accounts, tons of these
accounts that are deferred. We seethis, and they've been with their advisors

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for years. They're not doing theright job. I'll tell you what.
Yeah, anyone can manage your money. You can manage yourself. With this
market where it's at and the amountof money they're pumping in and the environment
with they're playing with the interest rates, everyone's making money. That's easy,
that's the easy part of it.But what about the end of the game.
You know, when you think abouta football game and you're up at
halftime, you're all happy because you'reup by forty points, but guess what

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you've got to finish the game,and that's where Uncle Sam comes in,
and that's where he blows it rightby you and you lose forty three to
forty because you did not have atax plan. So pick up the phone,
schedule time to meet with us.Let's put together an investment plan,
Let's put together an income plan.Let's put together that tax plan that you
need to generate guaranteed safety and alsoincome in the future. What's wrong with

(25:41):
going to the mailbox every month whenyou're retired, pick it up a check
and that's tax free money and spendingthe heck out of it and doing it
all over again for the rest ofyour life. How cool would that be?
Because when you hear the news andhear all the drama and they talk
about, oh my gosh, taxesare going to go up, tax are
the highest it's ever been, youcan say and put a smile on your
phase and say that doesn't affect They'renot higher, they're lower and the lowest

(26:03):
point now chorus, But how coolcould it be in the future when that
happens that you don't have to beaffected by it. That's why we can
put together a tax plan eight threethree Maggi tax. Get the tax plan.
We have office on both sides ofthe day, a three three MAGI
tax. So if you all continueto defer taxes, which many of you
do in an IRA four oh oneK four or three B on all or

(26:25):
most of your retirement assets, you'regoing to have a large tax bill to
pay. So why would you dothat? If you can do strategic planning
or like Chris and I talk aboutbucket planning, where you have income that
may be tax free, you havegrowth and you have later money, but
you take that money and you havetax free money. We can do that.
That's what we do. That's calledthe Maggie Plan. It's a tax
plan, it's an income plan,it's an investment plan, and it's a

(26:48):
legacy plan. And please one otherthing. Many of you don't have a
will or a trust and you sitback and say I don't need it,
because well you do, so visitone of our seminars. Go to my
website Maggie dot com. We havetwo seminars a month. Take a look
at the dates and times and locationsand come. There's no obligation, no
lunch, no dinner, no nothing, just explaining to you what this is

(27:10):
about I think that's more important gettingyou education and understanding the language than feeding
people. And you know what,I've done that for years and it's okay,
but it's not what I want.If you want information, then you
come to my seminar. I willgive you the information because that's what you
need. So how can we helpovercome this disconnect of taxes and legislative risk?
And at Magi Tax we help ourclients face new risks. People work

(27:33):
with Magi Tax because we help Andhere's the word mitigate risk. Chris,
does any advisor talking about mitigate risk? No, they don't talk about that.
That that's why it's so disappointing.Think about it. You don't have
clients like we see this. Wemeet with clients and they come in with
statements. Yeah it's five hundred thousand, Yeah it's one point two million.
Yeah it's three hundred thousand, Yeahit's four million. It doesn't matter.
At the end of the day,there's no planning. There's no planning.

(27:56):
It's just investment accounts. You've gotpiles of money. We're seeing this.
This is what advisors are doing.They're just dealing with investments. Yeah,
you have money, I don't care. The fact of men is what's the
end of the game look like foryou? The tax side of this,
Because yeah, you can have fourmillion bucks, but guess what when we
run the tax time calculator and thatfour million dollars is not worth four million,
It's worth two million, or it'sworth two point five million. Guess

(28:19):
what, Uncle Sam is your partner. How do you remove Uncle Sam from
your partner forever and ever and ever? So we can show you how to
do this. So here's the misunderstandingthat you just said that people have I
have a lot of money. Ihave two million, I have one million,
I have five hundred thousand. No, you don't. Here's the question
that we ask every single person thatcomes into meets with us. How much

(28:41):
income do you need per month?Forget about how much you have. How
much do you need per month?Am I right or wrong? Yeah?
And then where are we going toget it from? And then when you
start looking at the numbers and youstart budgeting and you start figuring out,
well I only need this amount andI'm okay, let the risk grow when
put on a tax free basis,why would you not want to do that?
So how do we do that.It's real simple. We use a

(29:03):
process. We have a process atMaggie Tax. We identify the risk.
And this is so important because olderpeople are taking more risk than they need
to and the advisor's not talking aboutrisk management. We do. We want
to quantify that risk because maybe you'retaking too much risk and we can reduce
the risks. We have more taxfree money. And here's the thing,
write this down. We're going tobuild a plan to mitigate to mitigate that

(29:26):
risk. You know what, Ichallenge all of you. Go to your
advisor, go to your CPA andask them this question, how do you
mitigate my tax risk? And thenbe quiet. I guarantee you they're going
to look at you and going tostare at you, like, what are
you talking about? Mitigate lower thetax risk. So it started with the
market. Savers wanted to and thisis what Chris was talking about before,
and they needed the power of thestock market to grow their funds. It

(29:49):
was a simple formula, there wasnothing wrong with it. They put money
aside, invest in the stock marketand watch it grow. Oh man,
this is growing great, right,Chris, Until it didn't didn't and it's
going to happen again. So duringthe market downturn, savers learned about what
risks, what kind of risk,Chris, there's different types of market risk,
right, inflation risk, we seethat. What about tax risk?

(30:11):
These are things we're talking about.So do you have a plan. Many
people out there don't. They justhave piles of money. You get those
statements. You have a pile ofmoney, big deal, But how is
it going to come out. What'sthe end of the game look like for
that account? Pick up the phone, schedule time to meet with us.
Let's get together. I urge youto do this because we see this each
and every day. Many people theycome in they think they have a plan,

(30:34):
and guess what they don't because whenwe do tax planning and tax preparation
each and every year, guess whatthey're paying taxes? And then they're saying,
what can I do? Well?You follow the crowd. You didn't
listen and you didn't put together aplan. Now is the time to do
it. Don't follow the crowd.Eight three three Magi tax, that's a
three to three magi tax. Visitour website at maggi tax dot com.

(30:56):
There's so much there to help you. Eight three three Maggie Tax. Send
apployment today eight three three Maggie Tax. Stop planning for Uncle Sam's retirement and
start planning for your retirement. Aswe return to the Maggie Tax and Financial
Hour with your host, father andson Robert and Chris Maggie. For additional

(31:17):
information on how you can create atax free retirement, visit Maggie Tax dot
com. That's m a gg Itax dot com or call eight one three
three two two twenty five twenty.That's eight one three three two two twenty
five twenty now your host for theMaggie Tax and Financial Hour, Father and

(31:37):
son from Maggie Tax Advisory and FinancialGroup, Robert and Chris Maggie. Welcome
back to the Maggie Tax and FinancialShow, and thank you so much for
tuning in. And you know asionevery week we're we're helping people reduce their
taxes. We're helping people with theirtax situation. Regarding tax planning, you
know, tax preparation versus tax planningis a big difference. We do the
tax planning side of this to helpyou in complanning, investment planning, and

(32:00):
state planning. Wee can help visitour website at maggietax dot com. Click
on the Retirement Tax Bomb RTB.You have a retirement tax bomb if you
have an IRA Form one K,these accounts are infected with taxes. So
that's what we talked about today throughouttoday's show. How to defuse It's the
big tax time bomb that's about tohappen if you have these retirement accounts.

(32:22):
So ded what are the common quotesthat we hear people say, and let's
deal with that. Well, thisis a tax story, so it's affecting
everybody in the most common way weget is don't worry about it. Don't
worry about it. You got tobe kidding me. You have to worry
about it, think about it.You save this, you saved a long
time, and then you think it'syours. Then you got to give it
back to Uncle Sam or the irs. It's just something you have to deal

(32:45):
with. No, that's not true. Either. You can do tax planning
and you could reduce your tax andhave tax free money. So it's something
you should worry about and you'll bein a lower tax brecket when you retire.
No, you won't. Not ifthe Trump tax cuts expire and you
see the way they're spending money,you know, because it's going to cost
us more, every single one ofus, and they're going to take it

(33:06):
out of you ira, your fouroh one k, you four three B
and that's where the money is goingto come from. Why. So that's
the big thing. I mean,the Uncle Sam knows how much money is
invested in iras, and formal case, there's a fair market value that they
get each and every year. Theyknow how much there's trillions of dollars that
are before tax that all they haveto do is increase the taxes by a

(33:27):
couple of different percentage points and guesswhat, that's more revenue. So they
know and they know you're strapped becausethey know that you can't do anything about
it unless you do planning. Sothat's what we're talking about today. If
you do not have a tax plan, if you do not have an income
plan, if you do not havean investment plan, then pick up the
phone, schedule time to meet withus. Let's show you strategies where you
can reduce your taxes. Let's showyou some strategies where you can offset the

(33:51):
money that comes out of an IRAto a roth ira. How do you
go about doing this well, wecan help pick up the phone, schedule
time to meet with us. Eightthree three, Maggie. Tax. We
don't want you to hear the storiesor your friends say, hey, don't
worry about it, or you're gonnabe a lower tax bracket in retirement.
How do they know. It's yoursituation, your situation. So get together

(34:13):
with us. Let's put together aplan, and let's show you where you're
at now and where you're going tobe in the future. So the story
is also tax procrastination. Nobody's worriedabout it until you have to worry about
it. And most times when youworry about it is when you do your
taxes every year and it's too lateat that point because again, all you
have to file for the previous year. So get it ahead of it.
And that's what we're talking about.We call it strategic planning, and you

(34:36):
can do that. So and thisis another thing here. Think about this.
The structure of the four oh oneK was always set up against lower
paid or middle class workers from thevery beginning because you're taking money, you're
putting in it tax deferred. Okay, Now you get to retire at seventy
three and you have to take toRMD or before that, and it's taxable.
But many retirees payback decades. Writethis down decades worth of tax savings

(35:01):
in the first three to six yearsof retirement and every three to six years
thereafter. So why are you procrastinating, Why are you believing those stories that
are not true. Take a stancehere and get in front of it.
Get in front of it and dosome tax planning. That's what Chris and
I do all the time. Andlike I said before, I know this
is gonna sound weird, but thisover fifteen hundred tax strategies that you can

(35:22):
use. Not that every one ofthem is gonna fit you, but there
are some that you can use.And I'm telling you right now, you
probably don't even know about it.Christ And that's the mistake people to make
it. You just don't know whatyou don't know. So if you're listening
today, you need to know thisis your retirement. Don't get caught up
where we've seen clients that they can'tdo anything about it because they're stuck.
Don't get stuck in retirement. Getahead of it. That's who we're discussing

(35:44):
here today. So pick up thephone, schedule time to meet with us.
Let's put together a plan. Let'slook at what you have now,
We'll we tell you. We'll tellyou if you're in a good tax situation
or you're not. We can runa mock tax or turn right in front
of you and I can show youwhat your future tax is going to be.
When you're taking solid security, youknow, when you're taking money from
your investments, when you're taking moneyfrom your dividends, whatever it is,

(36:06):
I can show you today what it'sgoing to be, and then you can
say, well, hey, that'snot what I want to pay. I
want to pay less. Well,how do you go about doing it?
Then let's put together a plan.Then do it for you. Aid three
to three Maggie tax get ahead ofthe game, Maggi tax dot com.
So let me throw something else atyou. The five risks in retirement.
Number one market risk and Chris,I mean everybody has money, not everybody,

(36:27):
but because a lot of people havemoney in the market, but it
goes up, it goes down.And when you lose money in the market,
you don't get it back, butyou still have to pay taxes on
the game if you do what aboutincome risk. How many of you were
concerned about how much income? Oneof the questions that Chris and I ask
everyone that comes in how much incomedo you need at the mailbox every month
to live your life? And thatis the most confusing question when we ask

(36:49):
that because people don't think about thatbecause when you retire, you have to
have guaranteed income. What about healthrisk? Right now? I had a
gentleman the other day. He calledme. He's got a problem with his
kidneys. I feel very bad forhim, but he said, Bobby,
I don't think I have a longtime to live, and I want to
make sure my wife is going tobe taken care of. So his health
is not good, but he's gothis investments correct and his beneficiary is correct.
He's got a state planning. AndI told him, you're okay,

(37:14):
just live your life and just youknow, make sure that if something happens,
your wife will be taken care of. But here's the big one,
and we've been talking about it,Chris and I tax risk. How many
of you know what your tax isgoing to be when you retire, And
I'll tell you many of you don'tknow until you come in and see Chris
and I and are tax preparers,and we show you that you took out.
Like I said before, a gentlemanhas to take out thirty eight thousand

(37:35):
of r MD folks, that's alltaxable, all of it, and it
could affect your IRMA could a popularpart be But the last one, and
this is the big one. We'vebeen talking about it today, legislative risk.
Listen, Congress wrote the rules inpencil. They're going to change it
every single time, and then thisyear in the election it's going to change
again. And that's just it.So what are you doing about it?
So pick up the phone, scheduletime to meet with us. My dad

(37:59):
just mentioned market risk, income risk, health risk, tax risk, legislative
risk. Are you just putting moneyaway and forgetting about all these risks?
You know, what are you doingabout it? So let's help you put
together a plan to help you solveall these risks. So now when you're
in retirement or about to retire,you're ahead of the game. So whatever
happens, it happened, but you'llbe in a better tax situation. So

(38:21):
pick up the phone, schedule timeto meet with us. More income on
a tax favored basis, That's whatyou want eight three three Maggie Tax,
visit our website at Maggi tax dotcom and don't forget. Every Sunday,
tune into ABCTV for the Maggie Taxand Financial Show eight three three Maggie Tax.
That's eight three three Maggie Tax.You've been listening to the Maggie Tax
on Financial Hour discussing tax planning investmentstrategy is presented by Robert and Chris Maggie

(38:46):
from Maggie Tax Advisory and Financial Serviceswith offices in Hillsboro and Panela's County.
Visit Maggie Tax dot com or calleight one three three two two twenty five
twenty. That's eight one three threetwo two twenty five twenty and tune in
next Saturday at five for the MaggieTax and Financial Hour