Episode Transcript
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(00:00):
All these years you've saved up planningfor a secure retirement, but if you're
not careful, it will be theirs that's living it up when you retire
by taxing your hard earned money.Welcome to the Maggie Tax and Financial Hour
with Robert and Chris Maggie of MaggieTax Advisory and Financial Group. With over
thirty years of combined experience in taxsavings, income planning, and investment opportunities,
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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 twentyor visit Maggie Tax dot Com. That's
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Maggi tax dot com and now yourhost for the Maggie Tax Financial Hour on
nine seventy WFLA. Robert and ChrisMaggie. Welcome everyone, and thanks for
joining us today. My name isRobert Maggie and I'm here with my son
Chris Maggie and I hope you're havinga great day. A couple things I
want to make right from the start. Visit our website Maggie tax dot com.
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Click on the retirement calculator and inthirty seconds we can show you what
your retirement tax bill will be.Also, click on seminars. We are
doing a lot of educational seminars.They're all in different areas, so go
to Maggie Tax As Seminars and you'llsee the time and location. Register for
the seminar. We talk about astate planning, tax planning, income planning,
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and social security. Because a lotof you out there are asking for
help, again, pick up thephone eight three to three. Maggie Tax
operators are standing by. So Chris, you know, we have a lot
that we talk about. I thinkthe biggest thing that I learned from people
is what they don't know. Andwhen they come in, they're just surprised
and they ask questions because they don'tknow. And you know, the thing
that I want to make sure peopleunderstand. You don't have to be afraid
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to sit down and have a conversation. It's about understanding the language and retirement
planning. And I can give examplesall day long of people that come in
that have worked with us. So, Chris, would you agree that that
would be probably the most important thingthat we're trying to accomplish here. I
would absolutely education is extremely important,and as we see each and every day
and each and every week that manypeople just really don't know what their options
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are. And Welcome to the MaggieTax and Financial Show. I am Chris
Maggie, and we thank you somuch for tuning in. And that's what
it's about. It's putting together aplan. There's so much there. When
it comes down to your finances,you work, you put money away,
you safe, you go through alot of events during your life, and
then it comes down to the pointof retirement. You're thinking about when should
I retire, Can I retire?What it's going to look like? And
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many people just don't know. Andwe talk about you live in ayoo economy.
You're on your own, and youlive in the dark because you really
just don't know what retirement looks like. We all have the ideas of a
happy retirement, but still you haveto have income, you have to pay
taxes, you have to make sureyour investments are in the right order,
and you've got to make sure thatyou're accomplishing what you want to accomplish.
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So when we get down to this, that's why we call it the Maggie
Plan. It's a plan for you. And if you do not have a
plan for your retirement, if you'rein retirement, you're about to retire,
whatever it is, and you wantto get a second opinion, you know
your current advisor cannot give you asecond opinion. That's why we say pick
up the phone, schedule time tomeet with us, because there's so much
there. Things are changing. There'stax planning, there's investment planning, there's
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income planning that needs to be done. If you're talking about or thinking about
SOLI security, when's the best timeto take it to maximize the benefit.
With a client that came in lastweek and we're talking about the spouse,
and they had no idea, thespouse that they could get at least half
of the husband's benefit. So weasked them to call SOL Security and guess
what. A couple of days later, they increased the payment for the spouse
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up two hundred dollars more in herpaycheck each and every every month, and
they had no idea. So that'swhat we're talking about here. You don't
know what you don't know, butyou can by picking up the phone.
Schedule time to meet with us.Let's go over your situation, Let's put
together a plan. We call itthe Maggi Plan, and we look forward
to helping you a three to threeMaggie tax. And again the simple solution
is go to Maggie Tax dot com, click on seminars and what Chris is
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just talking about with doing seminars educationalseminars all across Tampa Bay. Check the
website, the dates and times arelocated. They are just register and bum
be there and show up. SoChris mentioned something before about savers, so
let's talk about something because some saversmay want to reduce the risk or uncertainty
of their taxes in retirement. That'sthe biggest question we get because at Maggie
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Tax and Financial Group we always dotaxes. We've been doing taxes all year
round. We do advanced tax planning. But don't put it to bed after
April fifteenth, because you need toplan because in two years the Trump tax
cuts are going to expire. Soa more predictable retirement tax environment may help
you better prepare for the taxes thatyou're gonna pay. And you know,
we talk about you know how muchyou're gonna get in retirement and what it's
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gonna cost you. Things are goingup, Prices are going up, you
know, and you're gonna pay andthe spendable income you can generate after taxes
are paid. That's the key,Chris. After taxes. You always get
the question when someone sits down andwe ask them how much do you need
per month? And it's what aftertaxes? That's right. So our biggest
exp vents are taxes. It's goingto be taxes, taxes, taxes,
taxes, and it's not about justfiling your return. Filing your return from
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your tax preparer is just pretty muchwhat they did, what you did prior
to twelve months right or last year. What you want to do is tax
planning. So you want to makesure that your investments are in line with
your taxes, your income are onlignwith your taxes. So we can do
a mock tax return today or anymonth throughout the year to show you exactly
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what impact your taxes are going tobe. And we can do the analysis
of your potential tax exposure to yourtax risk or tax uncertainty within your given
retirement approach and a higher retirement taxscore we call it RTS represents a higher
exposure to these risks, while alower retirement tax score conveys a lower exposure
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to tax changes. This is whatand how the retirement tax calculator that we
have will show you in thirty seconds, we can evaluate your tax risk and
prepare you for your future tax bill. And that's why we encourage you to
visit our website at Maggie tax dotcom. There's so much information right there.
If you have a four one Kan IRA A four to H three
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B a TSP traditional, then guesswhat. You have an account that's infected
with taxes. There are huge taxesthat you have to pay, So how
do you diffuse a tax time bomb? Do you have a plan? If
you don't, then we can helpyou. All you have to do is
visit our website at Maggie tax dotcom. Click on the top right hand
corner retirement tax bill, and inthirty seconds you can get your retirement tax
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score and what you're going to pay, and we can help you reduce that
or possibly find ways to strategically getthat money out in the most tax advantage
way in a tax free account.Just pick up the phone schedule time to
meet with US eight three to threeMaggie tax And the thing now is most
people don't understand the retirement tax scorewhat it is, and your retirement tax
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bill, and think about it.When you retire, you have to start
taking requirement and distribution at age seventythree. They're changing those rules all the
time. But at the same time, with the taxes go up, you're
gonna have to take out more ofyour taxable IRA. So your retirement tax
goor measures your exposure to the riskof changing taxes. That is so important
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right now because we talk about itevery week. In two years, the
tax cuts are going to expire.What are you doing about it? Exposure
to this risk can vary depending onthe vehicles and approaches you use to save
for retirement. You know, isit an IRA? Is it a four
to one K? Is it afour H three B? Is it a
TSP? For federal people? AndChris, you know, it's just a
confusion of alphabet soup that people don'tget. But it all bundles into one
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and at the bottom line is whatthey got to pay taxes and that's just
it. Well makes it make iteven more easier for a lot of the
listeners today. When you come in, that's why we can help. When
you come to me with us,we're going to show you. We're going
to show you a balance you.We're going to show you what's taxable,
We're going to show you what's nontaxable. We're going to show you what
you could do to get the moneyout of a taxable environment to tax free
in the most tax efficient way.This is tax planning, and tax planning
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is done all the time. Ifyou're not working with the right advisor and
they're not doing tax plan for you, you need to raise your hand and
give us a call because tell youwhat taxes are our biggest expense and you're
going to get hit with more taxesif you don't plan on it. Because
most advisors out there just do investments. Most advisors just want to put you
in a stock upon a mutual phoneor a manage account and that's it.
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But there's way more than that.There's the tax side of this. There's
the income side. What about yourincome when you take a distribution? How
is it taxed? Do you know? And if you don't know, you
need to know. And that's whyour clients whenever they take a distribution,
we show them exactly what the taxramification is going to be, if any,
so they know that the money theyreceive is guess what after tax,
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and they can spend it and nothave to worry. So pick up the
phone, schedule time to meet withus. Let's do a tax review,
Let's do an investment review. Let'sdo an income review. If you're looking
for a more income, let's showyou how to get more income on a
most tax efficient way. We callit paychecks. We also call it play
checks. What's a play check?A playcheck is something that you can get
each and every month and just playwith it, do whatever you want with
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it, Spend it to come infor the rest of your life if you
want that. We can help eightthree to three Maggie tax. That's eight
three to three Maggie tax. Sowhile are we talking about this today?
And how can we bundle this intosomething easier for all of you. It's
real simple. Go to Maggie taxdot com, go to the retirement calculator,
take a look at it for yourself. It's very simple. There's a
video there that explains it. Ittakes you maybe five minutes if that and
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then you're going to get a reportback in thirty seconds of your retirement tax
bill number two. Like I said, we're offering seminars, educational seminars across
Tampa Bay every month. All youhave to do is go to seminars on
Maggie tax dot com, look atthe times on the locations. I mean,
it's convenient for everybody, and it'seducational. And what we're talking about
today, that's what we're going tobe talking about at the seminar. Folks,
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it's up to you. You haveto get a retirement plan. You
have to look at taxes, youhave to look at income planning. It's
a puzzle. It's a very confusingpuzzle. And don't be afraid to sit
down with us and have a conversation. I think what Chris and I see
so many times as people come inand they say, well, gee,
I'm afraid to talk to my advisor. Why this is your money? Chris,
that's ridiculous. Absolutely, And wesee it each and every day,
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and people come in and they justhave their head in the sand and they
don't need to be. You couldbe doing something different to make your situation
better. Interest rates have risen,right So what are you doing about it?
Market has done? What up anddown? How do you take advantage
of the opportunities you can? Youdon't have to just fall victim to it.
You don't have to just make moneywhen the market goes up. What
about when the market goes the otherway? Do you want to participate in
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those gains as well? Can you? Absolutely? If you're working with the
right advisor. So pick up thephone. Schedule time to meet with us.
Tax planning, investment planning. Let'sanalyze your accounts. Let's look at
them. Let's show you what kindof risk you're taking with your current accounts,
what kind of standard deviation, howmuch risk? And also where do
you want to be? This isyour money. If you want to be
aggressive and you're in a low investmentrisk, is that really why you want
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to be well, we can helpyou. So pick up the phone.
Schedule time to meet with us eightthree to three Maggie Tax. That's eight
three to three Magi tax. Stopplanning for Uncle Sam's retirement and start planning
for your retirement. As we returnto the Maggie Tax and Financial Hour with
your host father and son, Robertand Chris, Maggie for additional information on
how you can create a tax freeretirement, visit Maggie tax dot com.
(11:13):
That's ma Ggi tax dot com.Or call eight one three three two two
twenty five twenty. That's eight onethree three two two twenty five twenty.
Now your host for the Maggie Taxand Financial Hour, father and son from
Maggie Tax Advisory and Financial Group,Robert and Chris Maggie. Hello and welcome
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back to the Maggie Tax and FinancialShow. My name is Robert Maggie and
I'm here with my son, ChrisMaggie. A couple things real important for
all of you. If you're justtuning in, go to our website,
Maggie Tax dot Com. On thetop right, there's the retirement calculator.
Click on it and fill in theinformation. Let's see what your tax bill
is going to be, and inthirty seconds we could show you what it
is. Number two, there's achat box on this so if you're driving
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or you have questions, go tothe chatbox, fill in the question.
We will respond to you. Andmore importantly, to educate everybody out there
and help when we're doing seminars everymonth, So go to the Maggie tax
dot com. Look for upcoming seminars. The dates are there, Register and
let's get a chance to meet withyou. Because isn't it imperative that all
of you reason out for yourself thatyou can have a strategy under any circumstances.
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And again, Chris, most peoplecome in and they go, ge,
guys, I don't have a lotof money. That's not the question
we're asking you. The question we'reasking you is how can we help you?
So my guess is many of youdo not know this information, and
it's because you're not asking your advisorwhy. Because it's the language. We
talk about, the language and manyof you do not understand, so we
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can help. We call it theMaggie Plan, simple and easy to understand.
And for many of you that havemet with us, you understand what
I'm saying because we made it simpleand understand. Chris talked about some clients
that came in before we talk aboutthis every week. They came in and
they were shocked, Wow, Ireally could do that. So many people
in our country believe that the government'sgoing to take care of them. Look,
in fact, isn't it the majorityof people many of you listening.
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Sure it is. So how dowe get you to understand that it has
now become mathematically impossible that the government'sgoing to take care of you, Christen,
what's happening is they're doing the opposite. They're making it worse for us.
Well, that's just saying, andyou can't control that. Right Where
in a yoyo economy, you're onyour own and many people work hard,
you know, they go to havea job, they put money away,
they don't know what to do withit. That's where we come in.
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You know, how do you structureall this where you can have income in
the most tax efficient way. Howdo you structure this where you can have
a tax plan where you pay theleast amount of taxes possible, but do
it legally. How do you puttogether an investment plan where you have different
buckets doing different things to combat inflation? How do you make sure that everything
you put together stays in your familyand doesn't have to go through the probate
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process or has to go through taxesor just heartache with other beneficiaries. It
doesn't have to happen. It's calledsuccession planning. And how do you put
this together? So that's what we'rediscussing here, and if you have questions,
now's the time to stop for aminute, take a deep breath,
you know, pick up the phone, and schedule a time to meet with
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us. You know, a goalwithout a plan is really not going to
be achievable. So what do youdo. You have to have to schedule
time to meet with us. Youhave to come in and let's let's have
a conversation why. Because you deserveit. You put away money. Now
is the time to put together aplan. You just brought something up that
just hit me. You call itsuccession planning. Many people call it enhanced
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planning or estate planning. But talkabout succession planning for a minute, because
it applies to everything that we're talkingabout, Chris, about income planning,
about tax planning, about four ohone k rollovers. It's about succession planning.
How do you get to the nextlevel because people do not understand the
language, and if you do nottake action, you're simply just going to
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lose. And if you do takeaction, you can win. It's that
easy. And what I'm saying,it's that easy. Once you learn the
game and you learn the rules,you can make something happen, and we
can help all of you arrive atthis important determination because you're probably worrying too
much. Why are we sharing thiswith you? We do this every week
we do our TV show. Youknow, I've been speaking in person,
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you know, and on the radioand on TV for years, and I
have been stunned to discover how fewpeople understand this vital information because they don't
take the time. Chris, tostop for a second and let me put
this. It's an hour an hourand a half of your time instead of
going to the beach or going bowling, or going whatever, or drinking.
Am I right around? I mean, because if you don't understand this information,
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it's possible that you will not realizethe damage that you're doing to your
financial and retirement success. And that'spretty simple. I mean, if you
take the time to just carve outa little bit of time to do what
you need to do to put yourselfin good order, then you can have
fun from there. You know.We talked about a client of mine that
we had last the last segment.We discussed how they had no idea how
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to generate the income and they cameto us and they said, I got
this lum sum pension. What doI do with it? How do I
get income in the most tax efficientway? Well, we created bucket planning.
They'll never outlive that money. Ever, they will have guaranteed income coming
in eight thousand dollars a month forthe rest of their life, you know
what. And how settling is that? How comforting is that? So when
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I say the question is what areyou doing about it? Or if you
don't understand this information that we're talkingabout, is possible that you will not
realize that the damage that you're doingto your financial your future of financial and
retirement success. You know, Andagain, it doesn't matter if it's intentional
or unintentional. And one of thethings that you know what you brought up
about education, about language, aboutteaching our young folks and our kids how
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to save for retirement because nobody's doingthat. Why because they're not making enough
money to even save. But thereis a way to save a portion of
your money if you understand the wayit works. And here's the worst part.
Many of you are unaware of thepoor choice that you're making because you
are being informed in ways that arebeneficial to the sellers of these non beneficial
products. You don't understand what youhave with mutual funds and stocks and what
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the fees are and what the riskis. And Chris talk about the comparison
when we do that with many clientsbecause when we ask them are you married
to that stock or do you knowwhat you have? The answer always is,
uh, I don't know. Well, let's just say how many people
follow the crowd. How many peoplejust try to keep up with the Joneses
right their neighbors, and they justdon't know what they don't know, And
that is the biggest thing. Sowe have clients that come in and they
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say, just like my dad mentionedthe well, I don't have a lot
of money, But meanwhile they do. They have enough money so they can
retire. They have enough money whereyou can create a guaranteed income plan and
they stay within their income and theirbudget, and they're great. They can
do that. They don't have tohave millions of dollars. You don't have
to get to a certain number likethe TV tells us or these advertisements tell
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us to do have to. Youdon't know what you don't know, and
that's the thing, and that's whywhen you come in to meet with us,
we'll tell you. You know,as a fiduciary, we got to
tell you the best thing. Wegot to do the best thing for you.
This is your money, not ours. But we can help because a
lot of things we do as acomplete planner, we can help. So
pick up the phone. Schedule timeto meet with us. Every Sunday,
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we have a TV show on ABCTV at ten thirty. It's called The
Maggie Tax and Financial Show. Andwhy do we do it Because we enjoy
teaching. We enjoy educating you.Why because you need this information. When's
the last class you had on incomeplanning, tax planning, investment planning,
estate planning, social security planning,medicare planning. When's the last time you
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had a class on that. Youdon't even have a class on how to
buy and sell a house. That'show the educational system we have is not
complete. That's why we need tomeet with you. So pick up the
phone. Schedule time to meet withus. We look forward to being an
interview. Visit our website, MaggieTax dot com. That's Maggie tax dot
com. Stop planning for Uncle Sam'sretirement and start planning for your retirement.
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As we return to the Maggie Taxand Financial Hour with your host father and
son, Robert and Chris Maggie.For additional information on how you can create
a tax free retirement, visit MaggieTax dot com. That's ma gg I
tax dot com or call eight onethree three two two twenty five twenty.
(19:26):
That's eight one three three two twotwenty five twenty now your host for the
Maggie Tax and Financial Hour, Fatherand son from Maggie Tax Advisory and Financial
Group, Robert and Chris Maggie.Welcome back, everyone, and thanks for
joining us today. My name isRobert Maggan. I'm here with Chris Maggie.
So a couple things here that wewant to talk about. There are
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many pieces to your financial puzzle,and let us help you put your pieces
together. When we design plans,we talk about income plan tax planning,
estate planning, legacy planning. Andthis all has to do with everyone listening
to our show today. So oneof the questions, Chris, we get
all the time is what do wedo, how do we put this thing
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called bucket planning together? And whatdoes it really mean? Because, like
you say, many times, peoplehave piles of money and you know the
old rule of taking four percent outand I think that's gonna you know,
last forever is not the way togo. So when we talk about bucket
planning in this let's just go overthis because I think this is so important
to a lot of people listening outthere that might help them. So what
is bucket income planning? Well,let me give you a two minute overview
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when we start with the big questionon many retirees' minds, which is what
kind of income can I expect inretirement? Although this is a longer discussion
than we have really time for,you also need to stop thinking about the
gross paycheck you got from your lastjob or the jobs that we've been working
in the past, and start thinkingabout the net check you received in your
bank account. There are tax strategiesto help reduce the taxes you pay in
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retirement, so gross numbers might beso gross, you know, a second,
think about it. When thinking aboutthe income plan, we typically plan
for retirement that is lasting twenty orthirty years or even more. So we
have to plan accordingly, as noone wants to run out of money.
You know, many people, evenif you're wealthy or you don't have a
lot of money. The main concernthat we see is they're going to run
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out of money? Am I goingto run out of money? We meet
with millionaires and the big question isam I going to run out of money?
And many people are confused, Wellthey have plenty of money. Well,
no, they're worried about running outof money. So it doesn't matter
if you have a lot of moneyor if you don't. Running out of
money is the main concern that wesee. So will you run out of
accounts to zero? Maybe maybe youwon't, but probably not. But running
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out of money to us used tomean you have to change your lifestyle.
So there's two things that we're talkingabout here. But also third, think
of money this way. Typically thegreater risk you take and investing can mean
greater rewards, but also brings thepotential for greater losses and vice versa.
So when it comes to safer retirementstreties, you have to start having an
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open mind to bucket planning and makingsure that you have your money in the
right spot. And also remember onething to consider is to safe. To
have safe money, it might bringa very low return. We know that
there's you know, money market accountssavings account very low returns. We get
that interest rates used to be highwhere we used to be and was spoiled
getting more money because we had higherinterest rates. But when you have very
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low returns causing you to lose purchasingpower to inflation, you know, let's
get the bucket planning underway. Becausewhat people don't see. Most of you
listening today don't know the pile ofmoney you have and what you can do
with it, meaning set it upfor income. The question we ask everybody
how much money do you need todayto put your feet on the ground and
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get that paycheck every month that youneed to live? Okay, because that's
the main goal, Chris, whatdo they need today? The budget is
a big question if people don't knowwhat to do, and that's a question
that they have to answer. Andthat's it. So when you meet with
us, we're going to ask youhow much income you need to live each
and every month. Net. There'sgross, which is gross before taxes,
and there's net after taxes, sowe can figure out right in front of
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you what your tax liability is goingto be. And a lot of people
don't really understand how sold security works. It could be taxed up to eighty
five percent. It could be taxedat zero. So if you structure it
the right way, you might haveone hundred thousand dollars of income coming in
the front door and paying no taxes, like a lot of our clients do
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because they take the money from theright source. So that's why we talk
talk about income planning and tax planning. So if you have questions about is
my solid security getting taxed or howmuch will it get tax pick up the
phone, schedule time to meet withus. Eight three three Maggie tax.
So let's talk about three buckets.You know. The first bucket we structure
for income needed early in retirement.We want to look for the percentage of
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assets that can deliver enough income tolast anywhere between five to seven years.
We want this first bucket to bein retirement vehicles that can deliver a decent
return to outpace inflation, and that'swhat's really really important. And you have
some downside protection as well, sowe want to minimize investment losses. Why
because you need those funds. Whenwe look at the second bucket, as
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you're enjoying the income from the firstbucket, you're living your life you're enjoying
it. Well, we've got thesecond bucket accumulating and ready to begin income
when that first bucket is exhausted.So think of it this way. You
get now money, later money,never money, So the second bucket is
pretty much your later money. Sowhen you start taking income from the first
bucket, the second bucket is growing, and when you need that most,
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you can turn that on for income. Because we aren't immediately reliant on the
income from the second bucket, wegot that first five to seven year timeframe
to take a little more risk,so we have time due to absorb the
ups and downs as market fluctuation occurs. Less of a concern right now because
we have time on our side.So ideally, the percentage of assets we
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place in the second bucket accumulates duringthat five to seven year timeframe, and
then what do we do after that? We turn it on for guaranteed income
for another five to seven years,for a guaranteed income stream. So let's
talk about the third bucket as well. Well. So post it for a
minute, because you mentioned some numbersfive to seven, five to seven,
that's ten to fourteen years of incomewithout touching what I'm going to talk about
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in a minute, the third bucket, and I think, Chris, what
people get confused is they have tostop and think and pause for a second
and understand that if this is theincome you need for the next five to
seven years, why you're taking riskwith the other money for what reason?
That doesn't make any sense. Whatyou want to do is keep the bucket
safe five to seven years and thenexhaust that bucket, let it get empty,
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and then do it again. Andthen when you get to the tenth
year, which we're going to talkabout now. Now we've got that last
bucket, the third bucket, andthe third bucket, we ideally aren't touching
for income for ten to fifteen years. We've got some real time on our
side to let it. Let themarket do what the market does. And
our plan would be, excuse me, would be to make that money last
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and then do it all again.Place the percentage of assets in this bucket
that could grow over this time periodto the original amount that we started with
ten years ago, and at thatpoint we reassess income needs and again things
change, okay, interest rates change, and start a new plan all over
again. That's the Maggie plan.That's what we're talking about bucket planning,
Chris and people when they sit downand we do this in front of them,
(26:32):
it's almost like Gewis. No oneever showed us that. I didn't
know we could do this with ourmoney. That's just it. So we
made it sound simple, and againit can be simple if you work with
the right advisors, so we canput together a plan. There's a lot
of detail that we talk about.You know, each bucket has a purpose,
and that's why when people come tous, you know, they sit
down in front of us and theyput all the statements in front of us,
(26:52):
and they're opening the mail right there, and they said, I have
an account over here, and they'reopening the mail and then it comes out
and they really don't know what theyhave. They don't have bucket planning.
They don't have the first phase,the second buckets, the third bucket.
They have everything in the market,everything is everything is pretty much their last
leg. So can you live onyour last leg? The answer is no,
(27:14):
because what if the market does godown twenty thirty forty percent, then
all your income goes down with it. You know, here's an example.
A lot of people back in twothousand and one and two thousand and eight
they had a million dollars and guesswhat they were taken four percent income from
it. That's forty thousand dollars ofincome for the year. Well what happened,
Well, the market went down thirtyforty percent, So your million now
(27:34):
is worth six hundred thousand. Sonow you're taking four percent, that's twenty
four thousand. So that's a sixteenthousand dollars loss of income because the market
went down. So do you wantto be in that environment where you have
to cut back and you have tohave those fears. You don't have to
if you don't want to. Andthat's why the importance of meeting with some
(27:56):
of those complete planning. Someone who'sa fiduciary is going to do the best
thing for you. Someone who understandstax planning, investment planning, income planning.
We can put together the bucket strategyfor you and show you how much
you can have and then replenish itall over again and do it all over
again for years to come. Sovisit our website at Maggi tax dot com
and pick up the phone. Scheduletime to meete with us. And when
(28:18):
your schedule time, say to therepresentative and to our assistance, we want
the bucket plan. We want thatbucket plan, and when you come in
we can show you eight three tothree. Maggie Tax, I'm going to
make it real easy for all ofyou because we do seminars. So we
have a three and one seminar andwhat Chris and I are talking about today
bucket planning and also your retirement taxbill. We're going to illustrate live at
(28:38):
our seminar. So if you registerfor our seminar, go to Maggie tax
dot com, click on seminars.The dates are there, the times are
there. Take the time to comein and look at tax planning, bucket
planning, estate planning, and socialsecurity planning. You know why, because
you're not getting the education. It'sthe language that's confusing a lot of people
out there today. You mentioned beforethe word legislature risk. That's not going
(29:02):
to change because Congress can do whateverthey want. I'm holding here a pencil.
This is what it is. It'swritten in pencil. And every time
we do these shows, we hearnew things that are going on. To
offer these to you, please don'thide your head in the sand. And
Chris, we see that so manytimes because people are afraid to ask a
question. My dad was like that, and you know what, you can't
be like that. The new rulesof retirement right now are here eight three
(29:26):
to three MAGI tax. Register forour seminar. Go to Maggie tax dot
com and come in and we'll showyou bucket planning, We'll show you the
retirement tax bill, We'll show youabout social security. These are things that
you need to have. So let'sput together a plan eight three to three
MAGI tax and someone's to talk about. Times are changing, people are fearful,
inflation is here a lot of questions. Should I buy gold? Should
(29:48):
I not buy gold? Where shouldit be in my plan? How much
should I have? My gosh,people are confused, they're feeling isolated,
and they just don't know what todo. Well, we have to empower
it. Empower you and we willbecause you'll have the knowledge to understand what
your accounts can do. And whenyou come in, we're going to ask
you how much income do you need? Is it five thousand a month,
is it three thousand a month,is it eight thousand a month? Whatever
(30:11):
it is, let's put together aplan and we'll be honest with you,
and we'll tell you. Will yourun out of money? Maybe maybe you
won't, But what if you canleave and understand, my gosh, I
have a plan. I have guaranteedincome for life. I know what my
tax situation is going to be,and I can just spend paychecks and play
checks each and every month for therest of my life and I don't have
to worry about it. So pickup the phone, schedule a time to
(30:33):
meet with us. Eight three tothree Magi Tas. That's eight three to
three Magi Tas, And don't forget. Every Sunday, tune in to ABCTV
at ten thirty am for the MagiTax and Financial Show. And we have
a lot of different topics. Wetalk about the bucket plan, we talk
about tax planning, investment planning,social security maximization planning, a state planning.
(30:53):
There's so much that we discuss tohelp you. So pick up the
phone, schedule a time to meetwith us eight three three Maggie Tax.
That's eight three three Maggie Tax.Stop planning for Uncle Sam's retirement and start
planning for your retirement. As wereturn to the Maggie Tax and Financial Hour
with your host father and son Robertand Chris Maggie. For additional information on
(31:17):
how you can create a tax freeretirement, visit Maggie tax dot com.
That's ma gg I tax dot com. Or call eight one three three two
two twenty five twenty. That's eightone three three two two twenty five twenty.
Now your host for the Maggie Taxand Financial Hour, father and son
(31:38):
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie. Welcome back,
and you're listening to the Maggie Taxand Financial Show. I am Robert
Maggie and I'm here with my sonand co host Chris Maggie. And be
sure to visit our website, MaggieTax dot com. Click on the retirement
calculator and see what your retirement taxbill is going to be. But more
importantly, make an appointment and comein and have a converse with Chris and
(32:00):
I. You will meet with bothof us. We have offices in Palm
Harbor, we have an office inLoots, and we have an office in
Saint Pete. So pick up thephone, give us a call. We
have operated standing by right now.Give them a call, and while you're
on the Maggie Tax website. Clickon chat box. If you have a
question about what we're talking about todayor any show that we do, let
us know. I just want tomake a point because a lot of things
(32:22):
are changing. Chris and I knowthe House Democrats stated that one goal of
these initiatives is to avoid subsidizing retirementsavings once account balances reach high levels.
What does that mean? It meansthat they're going to stop. Look,
there are caps right now on IRAmoney that you can put in for one
K money. They're going to havea level that you will reach that you
(32:42):
can't put any more in. Andin my opinion, Congress has shifted from
incenticizing Americans to save for the futureto penalizing Americans who have successively saved.
And what am I talking about?Exactly what we're talking about today, that
retirement tax bill. You're going tosave for a long time, going to
be hit with a tax at whatrate? We don't know. We're at
the lowest tax rates now. Chris, and we talked about before strategic planning
(33:06):
and you know doing it right.I mean, what else do we have
to do and tell people, explainto people that they need to sit down
and do something about their retirement,you know. And that's the thing.
You know, things are changing,and the fund that we're talking about here
is that new spending topics are inthese bills that have included multitude of new
and expanded tax proposals for individuals andcorporations. And significantly many of these tax
(33:31):
provisions have targeted iras, fuming casewroth accounts, and other retirement vehicles.
You know, at a high level, these proposals represent a significant change in
the way Washington views for saving fullretirement. So think about this. They're
working on these things, they're talkingabout them. So what does that mean
at some point down the line it'sgoing to change. That's the legislative risk.
(33:55):
They will implement these and that's whatwe're talking about here. What are
you doing now? What are youdoing listening to today's show? What are
you thinking about? Do you havequestions? These Not to scare you,
but these are concerns that are real. No one's talking about them, and
you're hearing them because we see thiseach in every day. They're going to
(34:15):
go after the people who have themoney. If you have money listening today,
they're coming after you either way fortaxes either way, another way for
limiting the amount that you can putaway, As my dad mentioned, to
go ahead in your own retirement savingsplan. So what are you doing today
to protect yourself, to take advantageof these opportunities when they happen, not
(34:36):
just falling victim to them. Youknow, where's it written that you have
to lose thirty forty percent in yourinvestment account like everyone else? I hate
it when people come in and theysay, well, you know, I'm
down forty percent like each and everyone of my friends out there. Well,
it doesn't have to be you.You don't have to go down that
way. And that's what we're talkingabout. Put together an investment plan,
put together a tax plan, puttogether in an income plan for your retirement,
(35:00):
most importantly in a state plan.And we can help you out with
all those. It's called the completeplan holistic approach. That's what we do.
We take a tax advisory approach andeverything we do to help you because
that's our biggest expense. Taxes,taxes, taxes. What are you doing
about it? A three three Maggietax. And again it's the language that
you have to understand, and youknow a lot of people don't understand the
(35:21):
language because no one has taken thetime to sit down. We have a
couple of books that we'll be willingto give you when you come in.
So when you assess the impact ofall this, a few important thoughts on
these proposals and new bills we maysee in the months ahead, and again
Chris mentioned it. It's called legislativerisk. They can change the rules because
it's written in pencil. And evensome in the media have suggested that savers
(35:43):
with lower retirement assets they don't needto worry about tax changes discussed in these
proposals. That's not true either.This is where the talking heads don't fully
understand legislative risk. You know,you keep hearing it, you keep seeing
it, and then you believe it. But if you don't understand it,
then you know, not going toknow what the real rule is. So
as we work to mitigate legislative riskin what we do in our retirement approaches,
(36:07):
we have to consider not just theprovisions being discussed today, but think
about it how these provisions may develop, expand and change in the future.
The biggest one right now is theTrump tax cuts. They're going to expire
folks, don't sit back and donothing. At least sit down and have
a conversation, because your plan mightbe a little bit different, you know,
and this is especially true we talkabout it for qualified and roth accounts,
(36:30):
where new laws can take immediate effect, and in these accounts, saviors
could find themselves assessing their retirement fundsunder a completely different set of rules.
And folks, those are old rulesof retirement, and Chris, they have
to understand the new rules of retirement. We push so hard to help people
understand the language and sit down.It's not going to hurt, that's just
(36:51):
it. You know, you mentionedit. Let's have a conversation. You
know, right now we can meetwith you. We can sit down and
have these conversations with you so youare not surprised in the future. You
know, take some time out ofyour day, out of your week.
I know you work, I knowyou're retired. I know you play golf.
I know you have the kids,the grandkids. I understand, we
get it. It's called life.But right now you need to park it
(37:14):
out for you. Park some timeout where you can put together a plan
so you have the confidence, theclarity, you know, the direction moving
forward so you can enjoy yourself.You know, we strongly agree and feel
that legislative risk is going to bea key component for many people out there
in the retirement lives. They're goingto be effective. So let's take advantage
(37:37):
of these opportunities as opposed to fallingvictim too of them. You know,
the legislative environment is going to change. We all know it. What are
you doing about it? So pickup the phone, schedule time to meet
with us. Let's put together anincome plan for you. Let's put together
and assets where they come in eachand every month for guaranteed income. Let's
(37:57):
put together an investment plan so youunderstand each and every one of your buckets
and what do they do, Whatkind of risk you're taking with your money,
whether it's safety, whether it's longterm growth, whether it's to fight
inflation. What about your overall taxplan. Let's put that together so you
understand what's taxable, what's non taxablein retirement, so when you need money,
you go grab it in the mosttax efficient way. And most importantly,
(38:19):
what about an estate plan? Doyou have an estate plan? Do
you want to make sure that eachand every year account passes and stays in
your family. Well, that's whatwe can do for you, So pick
up the phone. Schedule time tomeet with us eight three three Maggie Tax
and don't forget Every Sunday on ABCTV for the Maggie Tax and Financial Show
at ten thirty a m. Wethank you so much for tuning into our
show. You've been listening to TheMaggie Tax on Financial Hour, discussing tax
(38:43):
planning investment strategy. Is presented byRobert and Chris Maggie from Maggie Tax Advisory
and Financial Services with offices in Hillsboroand Panela's County. Visit Maggie Tax dot
com or call eight one three threetwo two twenty five twenty. That's eight
one three three two two twenty fivetwenty and tune in next Saturday at five
(39:05):
for the Maggie Tax and Financial Hour
All these years you've saved up planningfor a secure retirement, but if you're
not careful, it will be theirs that's living it up when you retire
by taxing your hard earned money.Welcome to the Maggie Tax and Financial Hour
with Robert and Chris Maggie of MaggieTax Advisory and Financial Group. With over
thirty years of combined experience in taxsavings, income planning, and investment opportunities,
(00:21):
Robert and Chris share advice and taxplanning strategies designed to protect your retirement
nest egg from Uncle Sam. Yourquestions and comments are welcome during today's program
by calling eight one three three twotwo twenty five twenty. That's eight one
three three two two twenty five twentyor visit Maggie Tax dot Com. That's
(00:41):
Maggi tax dot com and now yourhost for the Maggie Tax Financial Hour on
nine seventy WFLA. Robert and ChrisMaggie. Welcome everyone, and thanks for
joining us today. My name isRobert Maggie and I'm here with my son
Chris Maggie and I hope you're havinga great day. A couple things I
want to make right from the start. Visit our website Maggie tax dot com.
(01:03):
Click on the retirement calculator and inthirty seconds we can show you what
your retirement tax bill will be.Also, click on seminars. We are
doing a lot of educational seminars.They're all in different areas, so go
to Maggie Tax As Seminars and you'llsee the time and location. Register for
the seminar. We talk about astate planning, tax planning, income planning,
(01:23):
and social security. Because a lotof you out there are asking for
help, again, pick up thephone eight three to three. Maggie Tax
operators are standing by. So Chris, you know, we have a lot
that we talk about. I thinkthe biggest thing that I learned from people
is what they don't know. Andwhen they come in, they're just surprised
and they ask questions because they don'tknow. And you know, the thing
that I want to make sure peopleunderstand. You don't have to be afraid
(01:46):
to sit down and have a conversation. It's about understanding the language and retirement
planning. And I can give examplesall day long of people that come in
that have worked with us. So, Chris, would you agree that that
would be probably the most important thingthat we're trying to accomplish here. I
would absolutely education is extremely important,and as we see each and every day
and each and every week that manypeople just really don't know what their options
(02:07):
are. And Welcome to the MaggieTax and Financial Show. I am Chris
Maggie, and we thank you somuch for tuning in. And that's what
it's about. It's putting together aplan. There's so much there. When
it comes down to your finances,you work, you put money away,
you safe, you go through alot of events during your life, and
then it comes down to the pointof retirement. You're thinking about when should
I retire, Can I retire?What it's going to look like? And
(02:28):
many people just don't know. Andwe talk about you live in ayoo economy.
You're on your own, and youlive in the dark because you really
just don't know what retirement looks like. We all have the ideas of a
happy retirement, but still you haveto have income, you have to pay
taxes, you have to make sureyour investments are in the right order,
and you've got to make sure thatyou're accomplishing what you want to accomplish.
(02:49):
So when we get down to this, that's why we call it the Maggie
Plan. It's a plan for you. And if you do not have a
plan for your retirement, if you'rein retirement, you're about to retire,
whatever it is, and you wantto get a second opinion, you know
your current advisor cannot give you asecond opinion. That's why we say pick
up the phone, schedule time tomeet with us, because there's so much
there. Things are changing. There'stax planning, there's investment planning, there's
(03:13):
income planning that needs to be done. If you're talking about or thinking about
SOLI security, when's the best timeto take it to maximize the benefit.
With a client that came in lastweek and we're talking about the spouse,
and they had no idea, thespouse that they could get at least half
of the husband's benefit. So weasked them to call SOL Security and guess
what. A couple of days later, they increased the payment for the spouse
(03:37):
up two hundred dollars more in herpaycheck each and every every month, and
they had no idea. So that'swhat we're talking about here. You don't
know what you don't know, butyou can by picking up the phone.
Schedule time to meet with us.Let's go over your situation, Let's put
together a plan. We call itthe Maggi Plan, and we look forward
to helping you a three to threeMaggie tax. And again the simple solution
is go to Maggie Tax dot com, click on seminars and what Chris is
(03:58):
just talking about with doing seminars educationalseminars all across Tampa Bay. Check the
website, the dates and times arelocated. They are just register and bum
be there and show up. SoChris mentioned something before about savers, so
let's talk about something because some saversmay want to reduce the risk or uncertainty
of their taxes in retirement. That'sthe biggest question we get because at Maggie
(04:19):
Tax and Financial Group we always dotaxes. We've been doing taxes all year
round. We do advanced tax planning. But don't put it to bed after
April fifteenth, because you need toplan because in two years the Trump tax
cuts are going to expire. Soa more predictable retirement tax environment may help
you better prepare for the taxes thatyou're gonna pay. And you know,
we talk about you know how muchyou're gonna get in retirement and what it's
(04:43):
gonna cost you. Things are goingup, Prices are going up, you
know, and you're gonna pay andthe spendable income you can generate after taxes
are paid. That's the key,Chris. After taxes. You always get
the question when someone sits down andwe ask them how much do you need
per month? And it's what aftertaxes? That's right. So our biggest
exp vents are taxes. It's goingto be taxes, taxes, taxes,
taxes, and it's not about justfiling your return. Filing your return from
(05:06):
your tax preparer is just pretty muchwhat they did, what you did prior
to twelve months right or last year. What you want to do is tax
planning. So you want to makesure that your investments are in line with
your taxes, your income are onlignwith your taxes. So we can do
a mock tax return today or anymonth throughout the year to show you exactly
(05:26):
what impact your taxes are going tobe. And we can do the analysis
of your potential tax exposure to yourtax risk or tax uncertainty within your given
retirement approach and a higher retirement taxscore we call it RTS represents a higher
exposure to these risks, while alower retirement tax score conveys a lower exposure
(05:47):
to tax changes. This is whatand how the retirement tax calculator that we
have will show you in thirty seconds, we can evaluate your tax risk and
prepare you for your future tax bill. And that's why we encourage you to
visit our website at Maggie tax dotcom. There's so much information right there.
If you have a four one Kan IRA A four to H three
(06:08):
B a TSP traditional, then guesswhat. You have an account that's infected
with taxes. There are huge taxesthat you have to pay, So how
do you diffuse a tax time bomb? Do you have a plan? If
you don't, then we can helpyou. All you have to do is
visit our website at Maggie tax dotcom. Click on the top right hand
corner retirement tax bill, and inthirty seconds you can get your retirement tax
(06:29):
score and what you're going to pay, and we can help you reduce that
or possibly find ways to strategically getthat money out in the most tax advantage
way in a tax free account.Just pick up the phone schedule time to
meet with US eight three to threeMaggie tax And the thing now is most
people don't understand the retirement tax scorewhat it is, and your retirement tax
(06:49):
bill, and think about it.When you retire, you have to start
taking requirement and distribution at age seventythree. They're changing those rules all the
time. But at the same time, with the taxes go up, you're
gonna have to take out more ofyour taxable IRA. So your retirement tax
goor measures your exposure to the riskof changing taxes. That is so important
(07:09):
right now because we talk about itevery week. In two years, the
tax cuts are going to expire.What are you doing about it? Exposure
to this risk can vary depending onthe vehicles and approaches you use to save
for retirement. You know, isit an IRA? Is it a four
to one K? Is it afour H three B? Is it a
TSP? For federal people? AndChris, you know, it's just a
confusion of alphabet soup that people don'tget. But it all bundles into one
(07:31):
and at the bottom line is whatthey got to pay taxes and that's just
it. Well makes it make iteven more easier for a lot of the
listeners today. When you come in, that's why we can help. When
you come to me with us,we're going to show you. We're going
to show you a balance you.We're going to show you what's taxable,
We're going to show you what's nontaxable. We're going to show you what
you could do to get the moneyout of a taxable environment to tax free
in the most tax efficient way.This is tax planning, and tax planning
(07:55):
is done all the time. Ifyou're not working with the right advisor and
they're not doing tax plan for you, you need to raise your hand and
give us a call because tell youwhat taxes are our biggest expense and you're
going to get hit with more taxesif you don't plan on it. Because
most advisors out there just do investments. Most advisors just want to put you
in a stock upon a mutual phoneor a manage account and that's it.
(08:16):
But there's way more than that.There's the tax side of this. There's
the income side. What about yourincome when you take a distribution? How
is it taxed? Do you know? And if you don't know, you
need to know. And that's whyour clients whenever they take a distribution,
we show them exactly what the taxramification is going to be, if any,
so they know that the money theyreceive is guess what after tax,
(08:37):
and they can spend it and nothave to worry. So pick up the
phone, schedule time to meet withus. Let's do a tax review,
Let's do an investment review. Let'sdo an income review. If you're looking
for a more income, let's showyou how to get more income on a
most tax efficient way. We callit paychecks. We also call it play
checks. What's a play check?A playcheck is something that you can get
each and every month and just playwith it, do whatever you want with
(08:58):
it, Spend it to come infor the rest of your life if you
want that. We can help eightthree to three Maggie tax. That's eight
three to three Maggie tax. Sowhile are we talking about this today?
And how can we bundle this intosomething easier for all of you. It's
real simple. Go to Maggie taxdot com, go to the retirement calculator,
take a look at it for yourself. It's very simple. There's a
video there that explains it. Ittakes you maybe five minutes if that and
(09:20):
then you're going to get a reportback in thirty seconds of your retirement tax
bill number two. Like I said, we're offering seminars, educational seminars across
Tampa Bay every month. All youhave to do is go to seminars on
Maggie tax dot com, look atthe times on the locations. I mean,
it's convenient for everybody, and it'seducational. And what we're talking about
today, that's what we're going tobe talking about at the seminar. Folks,
(09:43):
it's up to you. You haveto get a retirement plan. You
have to look at taxes, youhave to look at income planning. It's
a puzzle. It's a very confusingpuzzle. And don't be afraid to sit
down with us and have a conversation. I think what Chris and I see
so many times as people come inand they say, well, gee,
I'm afraid to talk to my advisor. Why this is your money? Chris,
that's ridiculous. Absolutely, And wesee it each and every day,
(10:03):
and people come in and they justhave their head in the sand and they
don't need to be. You couldbe doing something different to make your situation
better. Interest rates have risen,right So what are you doing about it?
Market has done? What up anddown? How do you take advantage
of the opportunities you can? Youdon't have to just fall victim to it.
You don't have to just make moneywhen the market goes up. What
about when the market goes the otherway? Do you want to participate in
(10:26):
those gains as well? Can you? Absolutely? If you're working with the
right advisor. So pick up thephone. Schedule time to meet with us.
Tax planning, investment planning. Let'sanalyze your accounts. Let's look at
them. Let's show you what kindof risk you're taking with your current accounts,
what kind of standard deviation, howmuch risk? And also where do
you want to be? This isyour money. If you want to be
aggressive and you're in a low investmentrisk, is that really why you want
(10:50):
to be well, we can helpyou. So pick up the phone.
Schedule time to meet with us eightthree to three Maggie Tax. That's eight
three to three Magi tax. Stopplanning for Uncle Sam's retirement and start planning
for your retirement. As we returnto the Maggie Tax and Financial Hour with
your host father and son, Robertand Chris, Maggie for additional information on
how you can create a tax freeretirement, visit Maggie tax dot com.
(11:13):
That's ma Ggi tax dot com.Or call eight one three three two two
twenty five twenty. That's eight onethree three two two twenty five twenty.
Now your host for the Maggie Taxand Financial Hour, father and son from
Maggie Tax Advisory and Financial Group,Robert and Chris Maggie. Hello and welcome
(11:35):
back to the Maggie Tax and FinancialShow. My name is Robert Maggie and
I'm here with my son, ChrisMaggie. A couple things real important for
all of you. If you're justtuning in, go to our website,
Maggie Tax dot Com. On thetop right, there's the retirement calculator.
Click on it and fill in theinformation. Let's see what your tax bill
is going to be, and inthirty seconds we could show you what it
is. Number two, there's achat box on this so if you're driving
(11:58):
or you have questions, go tothe chatbox, fill in the question.
We will respond to you. Andmore importantly, to educate everybody out there
and help when we're doing seminars everymonth, So go to the Maggie tax
dot com. Look for upcoming seminars. The dates are there, Register and
let's get a chance to meet withyou. Because isn't it imperative that all
of you reason out for yourself thatyou can have a strategy under any circumstances.
(12:22):
And again, Chris, most peoplecome in and they go, ge,
guys, I don't have a lotof money. That's not the question
we're asking you. The question we'reasking you is how can we help you?
So my guess is many of youdo not know this information, and
it's because you're not asking your advisorwhy. Because it's the language. We
talk about, the language and manyof you do not understand, so we
(12:43):
can help. We call it theMaggie Plan, simple and easy to understand.
And for many of you that havemet with us, you understand what
I'm saying because we made it simpleand understand. Chris talked about some clients
that came in before we talk aboutthis every week. They came in and
they were shocked, Wow, Ireally could do that. So many people
in our country believe that the government'sgoing to take care of them. Look,
in fact, isn't it the majorityof people many of you listening.
(13:07):
Sure it is. So how dowe get you to understand that it has
now become mathematically impossible that the government'sgoing to take care of you, Christen,
what's happening is they're doing the opposite. They're making it worse for us.
Well, that's just saying, andyou can't control that. Right Where
in a yoyo economy, you're onyour own and many people work hard,
you know, they go to havea job, they put money away,
they don't know what to do withit. That's where we come in.
(13:28):
You know, how do you structureall this where you can have income in
the most tax efficient way. Howdo you structure this where you can have
a tax plan where you pay theleast amount of taxes possible, but do
it legally. How do you puttogether an investment plan where you have different
buckets doing different things to combat inflation? How do you make sure that everything
you put together stays in your familyand doesn't have to go through the probate
(13:50):
process or has to go through taxesor just heartache with other beneficiaries. It
doesn't have to happen. It's calledsuccession planning. And how do you put
this together? So that's what we'rediscussing here, and if you have questions,
now's the time to stop for aminute, take a deep breath,
you know, pick up the phone, and schedule a time to meet with
(14:11):
us. You know, a goalwithout a plan is really not going to
be achievable. So what do youdo. You have to have to schedule
time to meet with us. Youhave to come in and let's let's have
a conversation why. Because you deserveit. You put away money. Now
is the time to put together aplan. You just brought something up that
just hit me. You call itsuccession planning. Many people call it enhanced
(14:33):
planning or estate planning. But talkabout succession planning for a minute, because
it applies to everything that we're talkingabout, Chris, about income planning,
about tax planning, about four ohone k rollovers. It's about succession planning.
How do you get to the nextlevel because people do not understand the
language, and if you do nottake action, you're simply just going to
(14:54):
lose. And if you do takeaction, you can win. It's that
easy. And what I'm saying,it's that easy. Once you learn the
game and you learn the rules,you can make something happen, and we
can help all of you arrive atthis important determination because you're probably worrying too
much. Why are we sharing thiswith you? We do this every week
we do our TV show. Youknow, I've been speaking in person,
(15:16):
you know, and on the radioand on TV for years, and I
have been stunned to discover how fewpeople understand this vital information because they don't
take the time. Chris, tostop for a second and let me put
this. It's an hour an hourand a half of your time instead of
going to the beach or going bowling, or going whatever, or drinking.
Am I right around? I mean, because if you don't understand this information,
(15:39):
it's possible that you will not realizethe damage that you're doing to your
financial and retirement success. And that'spretty simple. I mean, if you
take the time to just carve outa little bit of time to do what
you need to do to put yourselfin good order, then you can have
fun from there. You know.We talked about a client of mine that
we had last the last segment.We discussed how they had no idea how
(16:03):
to generate the income and they cameto us and they said, I got
this lum sum pension. What doI do with it? How do I
get income in the most tax efficientway? Well, we created bucket planning.
They'll never outlive that money. Ever, they will have guaranteed income coming
in eight thousand dollars a month forthe rest of their life, you know
what. And how settling is that? How comforting is that? So when
(16:26):
I say the question is what areyou doing about it? Or if you
don't understand this information that we're talkingabout, is possible that you will not
realize that the damage that you're doingto your financial your future of financial and
retirement success. You know, Andagain, it doesn't matter if it's intentional
or unintentional. And one of thethings that you know what you brought up
about education, about language, aboutteaching our young folks and our kids how
(16:48):
to save for retirement because nobody's doingthat. Why because they're not making enough
money to even save. But thereis a way to save a portion of
your money if you understand the wayit works. And here's the worst part.
Many of you are unaware of thepoor choice that you're making because you
are being informed in ways that arebeneficial to the sellers of these non beneficial
products. You don't understand what youhave with mutual funds and stocks and what
(17:11):
the fees are and what the riskis. And Chris talk about the comparison
when we do that with many clientsbecause when we ask them are you married
to that stock or do you knowwhat you have? The answer always is,
uh, I don't know. Well, let's just say how many people
follow the crowd. How many peoplejust try to keep up with the Joneses
right their neighbors, and they justdon't know what they don't know, And
that is the biggest thing. Sowe have clients that come in and they
(17:34):
say, just like my dad mentionedthe well, I don't have a lot
of money, But meanwhile they do. They have enough money so they can
retire. They have enough money whereyou can create a guaranteed income plan and
they stay within their income and theirbudget, and they're great. They can
do that. They don't have tohave millions of dollars. You don't have
to get to a certain number likethe TV tells us or these advertisements tell
(17:57):
us to do have to. Youdon't know what you don't know, and
that's the thing, and that's whywhen you come in to meet with us,
we'll tell you. You know,as a fiduciary, we got to
tell you the best thing. Wegot to do the best thing for you.
This is your money, not ours. But we can help because a
lot of things we do as acomplete planner, we can help. So
pick up the phone. Schedule timeto meet with us. Every Sunday,
(18:18):
we have a TV show on ABCTV at ten thirty. It's called The
Maggie Tax and Financial Show. Andwhy do we do it Because we enjoy
teaching. We enjoy educating you.Why because you need this information. When's
the last class you had on incomeplanning, tax planning, investment planning,
estate planning, social security planning,medicare planning. When's the last time you
(18:41):
had a class on that. Youdon't even have a class on how to
buy and sell a house. That'show the educational system we have is not
complete. That's why we need tomeet with you. So pick up the
phone. Schedule time to meet withus. We look forward to being an
interview. Visit our website, MaggieTax dot com. That's Maggie tax dot
com. Stop planning for Uncle Sam'sretirement and start planning for your retirement.
(19:06):
As we return to the Maggie Taxand Financial Hour with your host father and
son, Robert and Chris Maggie.For additional information on how you can create
a tax free retirement, visit MaggieTax dot com. That's ma gg I
tax dot com or call eight onethree three two two twenty five twenty.
(19:26):
That's eight one three three two twotwenty five twenty now your host for the
Maggie Tax and Financial Hour, Fatherand son from Maggie Tax Advisory and Financial
Group, Robert and Chris Maggie.Welcome back, everyone, and thanks for
joining us today. My name isRobert Maggan. I'm here with Chris Maggie.
So a couple things here that wewant to talk about. There are
(19:47):
many pieces to your financial puzzle,and let us help you put your pieces
together. When we design plans,we talk about income plan tax planning,
estate planning, legacy planning. Andthis all has to do with everyone listening
to our show today. So oneof the questions, Chris, we get
all the time is what do wedo, how do we put this thing
(20:07):
called bucket planning together? And whatdoes it really mean? Because, like
you say, many times, peoplehave piles of money and you know the
old rule of taking four percent outand I think that's gonna you know,
last forever is not the way togo. So when we talk about bucket
planning in this let's just go overthis because I think this is so important
to a lot of people listening outthere that might help them. So what
is bucket income planning? Well,let me give you a two minute overview
(20:29):
when we start with the big questionon many retirees' minds, which is what
kind of income can I expect inretirement? Although this is a longer discussion
than we have really time for,you also need to stop thinking about the
gross paycheck you got from your lastjob or the jobs that we've been working
in the past, and start thinkingabout the net check you received in your
bank account. There are tax strategiesto help reduce the taxes you pay in
(20:53):
retirement, so gross numbers might beso gross, you know, a second,
think about it. When thinking aboutthe income plan, we typically plan
for retirement that is lasting twenty orthirty years or even more. So we
have to plan accordingly, as noone wants to run out of money.
You know, many people, evenif you're wealthy or you don't have a
lot of money. The main concernthat we see is they're going to run
(21:17):
out of money? Am I goingto run out of money? We meet
with millionaires and the big question isam I going to run out of money?
And many people are confused, Wellthey have plenty of money. Well,
no, they're worried about running outof money. So it doesn't matter
if you have a lot of moneyor if you don't. Running out of
money is the main concern that wesee. So will you run out of
accounts to zero? Maybe maybe youwon't, but probably not. But running
(21:38):
out of money to us used tomean you have to change your lifestyle.
So there's two things that we're talkingabout here. But also third, think
of money this way. Typically thegreater risk you take and investing can mean
greater rewards, but also brings thepotential for greater losses and vice versa.
So when it comes to safer retirementstreties, you have to start having an
(22:02):
open mind to bucket planning and makingsure that you have your money in the
right spot. And also remember onething to consider is to safe. To
have safe money, it might bringa very low return. We know that
there's you know, money market accountssavings account very low returns. We get
that interest rates used to be highwhere we used to be and was spoiled
getting more money because we had higherinterest rates. But when you have very
(22:26):
low returns causing you to lose purchasingpower to inflation, you know, let's
get the bucket planning underway. Becausewhat people don't see. Most of you
listening today don't know the pile ofmoney you have and what you can do
with it, meaning set it upfor income. The question we ask everybody
how much money do you need todayto put your feet on the ground and
(22:48):
get that paycheck every month that youneed to live? Okay, because that's
the main goal, Chris, whatdo they need today? The budget is
a big question if people don't knowwhat to do, and that's a question
that they have to answer. Andthat's it. So when you meet with
us, we're going to ask youhow much income you need to live each
and every month. Net. There'sgross, which is gross before taxes,
and there's net after taxes, sowe can figure out right in front of
(23:12):
you what your tax liability is goingto be. And a lot of people
don't really understand how sold security works. It could be taxed up to eighty
five percent. It could be taxedat zero. So if you structure it
the right way, you might haveone hundred thousand dollars of income coming in
the front door and paying no taxes, like a lot of our clients do
(23:33):
because they take the money from theright source. So that's why we talk
talk about income planning and tax planning. So if you have questions about is
my solid security getting taxed or howmuch will it get tax pick up the
phone, schedule time to meet withus. Eight three three Maggie tax.
So let's talk about three buckets.You know. The first bucket we structure
for income needed early in retirement.We want to look for the percentage of
(23:56):
assets that can deliver enough income tolast anywhere between five to seven years.
We want this first bucket to bein retirement vehicles that can deliver a decent
return to outpace inflation, and that'swhat's really really important. And you have
some downside protection as well, sowe want to minimize investment losses. Why
because you need those funds. Whenwe look at the second bucket, as
(24:18):
you're enjoying the income from the firstbucket, you're living your life you're enjoying
it. Well, we've got thesecond bucket accumulating and ready to begin income
when that first bucket is exhausted.So think of it this way. You
get now money, later money,never money, So the second bucket is
pretty much your later money. Sowhen you start taking income from the first
bucket, the second bucket is growing, and when you need that most,
(24:42):
you can turn that on for income. Because we aren't immediately reliant on the
income from the second bucket, wegot that first five to seven year timeframe
to take a little more risk,so we have time due to absorb the
ups and downs as market fluctuation occurs. Less of a concern right now because
we have time on our side.So ideally, the percentage of assets we
(25:03):
place in the second bucket accumulates duringthat five to seven year timeframe, and
then what do we do after that? We turn it on for guaranteed income
for another five to seven years,for a guaranteed income stream. So let's
talk about the third bucket as well. Well. So post it for a
minute, because you mentioned some numbersfive to seven, five to seven,
that's ten to fourteen years of incomewithout touching what I'm going to talk about
(25:26):
in a minute, the third bucket, and I think, Chris, what
people get confused is they have tostop and think and pause for a second
and understand that if this is theincome you need for the next five to
seven years, why you're taking riskwith the other money for what reason?
That doesn't make any sense. Whatyou want to do is keep the bucket
safe five to seven years and thenexhaust that bucket, let it get empty,
(25:47):
and then do it again. Andthen when you get to the tenth
year, which we're going to talkabout now. Now we've got that last
bucket, the third bucket, andthe third bucket, we ideally aren't touching
for income for ten to fifteen years. We've got some real time on our
side to let it. Let themarket do what the market does. And
our plan would be, excuse me, would be to make that money last
(26:08):
and then do it all again.Place the percentage of assets in this bucket
that could grow over this time periodto the original amount that we started with
ten years ago, and at thatpoint we reassess income needs and again things
change, okay, interest rates change, and start a new plan all over
again. That's the Maggie plan.That's what we're talking about bucket planning,
Chris and people when they sit downand we do this in front of them,
(26:32):
it's almost like Gewis. No oneever showed us that. I didn't
know we could do this with ourmoney. That's just it. So we
made it sound simple, and againit can be simple if you work with
the right advisors, so we canput together a plan. There's a lot
of detail that we talk about.You know, each bucket has a purpose,
and that's why when people come tous, you know, they sit
down in front of us and theyput all the statements in front of us,
(26:52):
and they're opening the mail right there, and they said, I have
an account over here, and they'reopening the mail and then it comes out
and they really don't know what theyhave. They don't have bucket planning.
They don't have the first phase,the second buckets, the third bucket.
They have everything in the market,everything is everything is pretty much their last
leg. So can you live onyour last leg? The answer is no,
(27:14):
because what if the market does godown twenty thirty forty percent, then
all your income goes down with it. You know, here's an example.
A lot of people back in twothousand and one and two thousand and eight
they had a million dollars and guesswhat they were taken four percent income from
it. That's forty thousand dollars ofincome for the year. Well what happened,
Well, the market went down thirtyforty percent, So your million now
(27:34):
is worth six hundred thousand. Sonow you're taking four percent, that's twenty
four thousand. So that's a sixteenthousand dollars loss of income because the market
went down. So do you wantto be in that environment where you have
to cut back and you have tohave those fears. You don't have to
if you don't want to. Andthat's why the importance of meeting with some
(27:56):
of those complete planning. Someone who'sa fiduciary is going to do the best
thing for you. Someone who understandstax planning, investment planning, income planning.
We can put together the bucket strategyfor you and show you how much
you can have and then replenish itall over again and do it all over
again for years to come. Sovisit our website at Maggi tax dot com
and pick up the phone. Scheduletime to meete with us. And when
(28:18):
your schedule time, say to therepresentative and to our assistance, we want
the bucket plan. We want thatbucket plan, and when you come in
we can show you eight three tothree. Maggie Tax, I'm going to
make it real easy for all ofyou because we do seminars. So we
have a three and one seminar andwhat Chris and I are talking about today
bucket planning and also your retirement taxbill. We're going to illustrate live at
(28:38):
our seminar. So if you registerfor our seminar, go to Maggie tax
dot com, click on seminars.The dates are there, the times are
there. Take the time to comein and look at tax planning, bucket
planning, estate planning, and socialsecurity planning. You know why, because
you're not getting the education. It'sthe language that's confusing a lot of people
out there today. You mentioned beforethe word legislature risk. That's not going
(29:02):
to change because Congress can do whateverthey want. I'm holding here a pencil.
This is what it is. It'swritten in pencil. And every time
we do these shows, we hearnew things that are going on. To
offer these to you, please don'thide your head in the sand. And
Chris, we see that so manytimes because people are afraid to ask a
question. My dad was like that, and you know what, you can't
be like that. The new rulesof retirement right now are here eight three
(29:26):
to three MAGI tax. Register forour seminar. Go to Maggie tax dot
com and come in and we'll showyou bucket planning, We'll show you the
retirement tax bill, We'll show youabout social security. These are things that
you need to have. So let'sput together a plan eight three to three
MAGI tax and someone's to talk about. Times are changing, people are fearful,
inflation is here a lot of questions. Should I buy gold? Should
(29:48):
I not buy gold? Where shouldit be in my plan? How much
should I have? My gosh,people are confused, they're feeling isolated,
and they just don't know what todo. Well, we have to empower
it. Empower you and we willbecause you'll have the knowledge to understand what
your accounts can do. And whenyou come in, we're going to ask
you how much income do you need? Is it five thousand a month,
is it three thousand a month,is it eight thousand a month? Whatever
(30:11):
it is, let's put together aplan and we'll be honest with you,
and we'll tell you. Will yourun out of money? Maybe maybe you
won't, But what if you canleave and understand, my gosh, I
have a plan. I have guaranteedincome for life. I know what my
tax situation is going to be,and I can just spend paychecks and play
checks each and every month for therest of my life and I don't have
to worry about it. So pickup the phone, schedule a time to
(30:33):
meet with us. Eight three tothree Magi Tas. That's eight three to
three Magi Tas, And don't forget. Every Sunday, tune in to ABCTV
at ten thirty am for the MagiTax and Financial Show. And we have
a lot of different topics. Wetalk about the bucket plan, we talk
about tax planning, investment planning,social security maximization planning, a state planning.
(30:53):
There's so much that we discuss tohelp you. So pick up the
phone, schedule a time to meetwith us eight three three Maggie Tax.
That's eight three three Maggie Tax.Stop planning for Uncle Sam's retirement and start
planning for your retirement. As wereturn to the Maggie Tax and Financial Hour
with your host father and son Robertand Chris Maggie. For additional information on
(31:17):
how you can create a tax freeretirement, visit Maggie tax dot com.
That's ma gg I tax dot com. Or call eight one three three two
two twenty five twenty. That's eightone three three two two twenty five twenty.
Now your host for the Maggie Taxand Financial Hour, father and son
(31:38):
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie. Welcome back,
and you're listening to the Maggie Taxand Financial Show. I am Robert
Maggie and I'm here with my sonand co host Chris Maggie. And be
sure to visit our website, MaggieTax dot com. Click on the retirement
calculator and see what your retirement taxbill is going to be. But more
importantly, make an appointment and comein and have a converse with Chris and
(32:00):
I. You will meet with bothof us. We have offices in Palm
Harbor, we have an office inLoots, and we have an office in
Saint Pete. So pick up thephone, give us a call. We
have operated standing by right now.Give them a call, and while you're
on the Maggie Tax website. Clickon chat box. If you have a
question about what we're talking about todayor any show that we do, let
us know. I just want tomake a point because a lot of things
(32:22):
are changing. Chris and I knowthe House Democrats stated that one goal of
these initiatives is to avoid subsidizing retirementsavings once account balances reach high levels.
What does that mean? It meansthat they're going to stop. Look,
there are caps right now on IRAmoney that you can put in for one
K money. They're going to havea level that you will reach that you
(32:42):
can't put any more in. Andin my opinion, Congress has shifted from
incenticizing Americans to save for the futureto penalizing Americans who have successively saved.
And what am I talking about?Exactly what we're talking about today, that
retirement tax bill. You're going tosave for a long time, going to
be hit with a tax at whatrate? We don't know. We're at
the lowest tax rates now. Chris, and we talked about before strategic planning
(33:06):
and you know doing it right.I mean, what else do we have
to do and tell people, explainto people that they need to sit down
and do something about their retirement,you know. And that's the thing.
You know, things are changing,and the fund that we're talking about here
is that new spending topics are inthese bills that have included multitude of new
and expanded tax proposals for individuals andcorporations. And significantly many of these tax
(33:31):
provisions have targeted iras, fuming casewroth accounts, and other retirement vehicles.
You know, at a high level, these proposals represent a significant change in
the way Washington views for saving fullretirement. So think about this. They're
working on these things, they're talkingabout them. So what does that mean
at some point down the line it'sgoing to change. That's the legislative risk.
(33:55):
They will implement these and that's whatwe're talking about here. What are
you doing now? What are youdoing listening to today's show? What are
you thinking about? Do you havequestions? These Not to scare you,
but these are concerns that are real. No one's talking about them, and
you're hearing them because we see thiseach in every day. They're going to
(34:15):
go after the people who have themoney. If you have money listening today,
they're coming after you either way fortaxes either way, another way for
limiting the amount that you can putaway, As my dad mentioned, to
go ahead in your own retirement savingsplan. So what are you doing today
to protect yourself, to take advantageof these opportunities when they happen, not
(34:36):
just falling victim to them. Youknow, where's it written that you have
to lose thirty forty percent in yourinvestment account like everyone else? I hate
it when people come in and theysay, well, you know, I'm
down forty percent like each and everyone of my friends out there. Well,
it doesn't have to be you.You don't have to go down that
way. And that's what we're talkingabout. Put together an investment plan,
put together a tax plan, puttogether in an income plan for your retirement,
(35:00):
most importantly in a state plan.And we can help you out with
all those. It's called the completeplan holistic approach. That's what we do.
We take a tax advisory approach andeverything we do to help you because
that's our biggest expense. Taxes,taxes, taxes. What are you doing
about it? A three three Maggietax. And again it's the language that
you have to understand, and youknow a lot of people don't understand the
(35:21):
language because no one has taken thetime to sit down. We have a
couple of books that we'll be willingto give you when you come in.
So when you assess the impact ofall this, a few important thoughts on
these proposals and new bills we maysee in the months ahead, and again
Chris mentioned it. It's called legislativerisk. They can change the rules because
it's written in pencil. And evensome in the media have suggested that savers
(35:43):
with lower retirement assets they don't needto worry about tax changes discussed in these
proposals. That's not true either.This is where the talking heads don't fully
understand legislative risk. You know,you keep hearing it, you keep seeing
it, and then you believe it. But if you don't understand it,
then you know, not going toknow what the real rule is. So
as we work to mitigate legislative riskin what we do in our retirement approaches,
(36:07):
we have to consider not just theprovisions being discussed today, but think
about it how these provisions may develop, expand and change in the future.
The biggest one right now is theTrump tax cuts. They're going to expire
folks, don't sit back and donothing. At least sit down and have
a conversation, because your plan mightbe a little bit different, you know,
and this is especially true we talkabout it for qualified and roth accounts,
(36:30):
where new laws can take immediate effect, and in these accounts, saviors
could find themselves assessing their retirement fundsunder a completely different set of rules.
And folks, those are old rulesof retirement, and Chris, they have
to understand the new rules of retirement. We push so hard to help people
understand the language and sit down.It's not going to hurt, that's just
(36:51):
it. You know, you mentionedit. Let's have a conversation. You
know, right now we can meetwith you. We can sit down and
have these conversations with you so youare not surprised in the future. You
know, take some time out ofyour day, out of your week.
I know you work, I knowyou're retired. I know you play golf.
I know you have the kids,the grandkids. I understand, we
get it. It's called life.But right now you need to park it
(37:14):
out for you. Park some timeout where you can put together a plan
so you have the confidence, theclarity, you know, the direction moving
forward so you can enjoy yourself.You know, we strongly agree and feel
that legislative risk is going to bea key component for many people out there
in the retirement lives. They're goingto be effective. So let's take advantage
(37:37):
of these opportunities as opposed to fallingvictim too of them. You know,
the legislative environment is going to change. We all know it. What are
you doing about it? So pickup the phone, schedule time to meet
with us. Let's put together anincome plan for you. Let's put together
and assets where they come in eachand every month for guaranteed income. Let's
(37:57):
put together an investment plan so youunderstand each and every one of your buckets
and what do they do, Whatkind of risk you're taking with your money,
whether it's safety, whether it's longterm growth, whether it's to fight
inflation. What about your overall taxplan. Let's put that together so you
understand what's taxable, what's non taxablein retirement, so when you need money,
you go grab it in the mosttax efficient way. And most importantly,
(38:19):
what about an estate plan? Doyou have an estate plan? Do
you want to make sure that eachand every year account passes and stays in
your family. Well, that's whatwe can do for you, So pick
up the phone. Schedule time tomeet with us eight three three Maggie Tax
and don't forget Every Sunday on ABCTV for the Maggie Tax and Financial Show
at ten thirty a m. Wethank you so much for tuning into our
show. You've been listening to TheMaggie Tax on Financial Hour, discussing tax
(38:43):
planning investment strategy. Is presented byRobert and Chris Maggie from Maggie Tax Advisory
and Financial Services with offices in Hillsboroand Panela's County. Visit Maggie Tax dot
com or call eight one three threetwo two twenty five twenty. That's eight
one three three two two twenty fivetwenty and tune in next Saturday at five
(39:05):
for the Maggie Tax and Financial Hour
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