Episode 20240727- Personal Finance Mistakes and the Financial Puzzle

Episode Transcript

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All these years you've saved up planningfor secure retirement, but if you're not
careful, it will be the irsthat's living it up when you retire by
taxing your hard earned money. Welcometo the Maggie Tax and Financial Hour with
Robert and Chris Maggie of Maggie TaxAdvisory and Financial Group. With over thirty
years of combined experience and tax savings, income planning, and investment opportunities,

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Robert and Chris share advice and taxplanning strategies designed to protect your retirement nest
egg from Uncle Sam. Your questionsand comments are welcome during today's program by
calling eight one three three two twotwenty five twenty. That's eight one three
three two two twenty five twenty,or 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 Chris Maggie
and thanks for joining us today onthe Maggie taxin Financial Show. Be sure
to visit our website Maggie Tax dotcom and don't forget Every Sunday at ten

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thirty on ABC TV, tune intothe Maggie Tax and Financial Show. So,
Chris, we have a lot wewant to talk about. Taxes,
we want to talk about are whatwe do with the Maggie Plan. So
let's get started and see what wegot today. Welcome everyone, and thank
you so much for tuning into ourshow. And how many of you out
there are just afraid to ask forhelp? You know, we're all human
and we get to that point sometimesin our life that we are afraid to

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ask for help. But maybe youare afraid to ask. It might seem
stupid to ask those questions, butreally, what's on your mind? Many
people out there are worried about theirretirement. They worried about the market volatility,
the word about running out of money, the word about well when what
do I do with Medicare and socialsecurity planning? But you know, maybe
you didn't want to impose on peoplebecause you were afraid to ask for help.

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And my dad and I are likethat, you know, my brother
is like that. You know,maybe you're that way. We're just human,
as I mentioned before, But sometimesit takes many years until you reach
a point that you are in somuch trouble that you must ask for help.
And many people out there are goingthrough retirement and they really just don't
see the positive focus on what theirretirement's going to look like because they have

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those fears and then they're uncertain.And you don't have to be that way
if you do the proper planning,you know, and there's absolutely nothing wrong
with that, because you're human andwe see people every day that need our
help, but we're afraid to ask. Many of you listening right now need
our help. And you have toask a question. What's on your mind?
You know, what's the elephant inthe room. Are you worried that

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in twenty twenty five, the Trumptax cuts are going to expire. We
talk about that every week on ourshow, and it's starting to resonate with
people because it's going to happen.Are you afraid to ask for help or
will you just wait until you gethit with a huge tax time bomb?
And Chris, with that said,we had many people coming in and they're
starting to realize that in another intwenty twenty five, what's going to happen?

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To the taxes it's going to goup. So you know, we
have the retirement tax calculated to helpall of them, and in thirty seconds
we can show you what your taxbill will be in retirement. Just ask
for help. It's that simple.And here's an example that we're talking about.
Sometimes you get in so much troubleyou will have to ask for help,
and it's never too late. Andthat's why I pick up the phone,
schedule time to meet with us eightthree to three Maggie Tax. And

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our website, Maggie tax dot comis so much information right there at your
fingertips and we can help you.If you're looking for income planning, we
can help. If you look ata tax planning, we can help.
We had a client that came inlast week talked about roth conversions and if
they should convert their iras to roths. They said, well, I hear
a lot about it. Is thatgood for me? And I explained to
them that in their particular situation,it wasn't the right move. But I

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had a client that came in lateron that day and guess what it fit
them to the t It was aperfect opportunity, and I showed them ways
to create a tax deduction so theycan offset some money coming out of the
IRA and pay the least amount oftax as possible. So you know,
these people are asking for help,they need it, and we can help.
Pick up the phone, schedule timeto meet with us. Eight three
three, Maggie, tax A simpleway. We have some on a state,

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social security and tax planning. Andevery time we do these seminars,
people say, well, no,I know about that. But when we
start the seminar we start talking aboutwills and trusts and we talk about social
security and tax planning, it startsto resonate what people say, now,
I need help. So we alsotalk about bucket planning and so much more.
And bucket planning, Chris is abig thing right now because of what

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we do with clients. You mentionedit before, had to position their money
for income planning, for tax planningand growth because so many people and I
know the other day we had aclient come in. They're so used to
the old way that they have tokeep their accounts there and that's not true.
The complaint that she had is that, well, there's no tax planning
and there's no income planning, andwhat do I do and what do you

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do is sit down and do somebucket planning. Well, this, it's
exactly it. I mean, everyaccount that you have with us has a
purpose, whether it's for safety,whether it's for growth, whether it's the
combat inflation in the future, whetherit's a paycheck that you need, or
whether it's a play check. Playcheckis just extra income coming in the front
door that you can play with.You can spend the heck out of it
and do it all over the nextthirty days, so for the forever in

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your life. So these are incomestreams that can come in and that's why
we do bucket planning. Why notspend down one of those buckets, but
the other bucket goes right back upto where you started. So really you're
living off of interest. How coolis that? So pick up the phone,
schedule time to meet with us.If you're looking for an investment plan,
we can help. If you're lookingfor an income plan, we can

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help. If you're looking for atax plan, we can help. If
you can want to put all thosethree together so you have income in the
most tax efficient way, and youhave accounts that are growing with safety and
growth. If that's what you want. We can help, So pick up
that phone, give us a calleight three three Maggie Tax. Well we
make it sound so simple, butthe bottom line is all you have to
do is just ask. So whyare we making such a big deal of

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asking for help? Because eventually allof us have to make changes and ask
for help. Something's going to happenwhere you definitely need to make help.
We take an holistic approach, Sowhat does that mean? We're a complete
advisor? And what the heck doesthat mean? We are a fiduciary?
So what does that mean? Andwhy are we making a big deal of
this today? Why? Because ifyou do not ask for help, then

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you have nothing to complain about.And why are you listening to the Maggie
Tax and Financial Show. I hopeyou're looking to get something out of it.
Why because you need help, Youneed professional help, and we can
help. Just ask eight three tothree Magie Tax, and ask now before
taxes go up, and ask nowbefore your benefits get cut. These are
the complaints that we're hearing. Allof you can probably share the same thing.

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Ask for help now if you thinkyou will not have enough to retire,
So ask now. Why we talkabout bucket planning and why we discuss
safe options. Ask now for help, So sit down with us, have
a conversation. Eight three to threemagi tax. Because doing nothing is not
a plan, absolutely, and youknow doing something can save you from worrying

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about these things that you can't control. So pick up the phone, schedule
a time to meet with us.Eight three to three men, Maggie tax.
That's eight three to three Maggie tax. And we're hoping that you listen
to our show because you want abetter plan than what you have now,
and you have to start thinking aboutthat. Many people are complaining about things
and they want to hide behind thedoor and wait for something to happen.

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Please don't do that. We takeeducation very seriously because the more that you
know, meaning know, the moreyou know now, then you can make
a better decision. And we wantyou to be ahead of the game so
you can enjoy retirement and have controlover what happens in your life. How
many of you would like that,Just give us a call. It's real
simple, eight three to three magitax and let's discuss the Maggie Plan.

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Simple and easy to understand, andthat's exactly what the Maggie plans about.
It's income planning. It's a taxplan. It's guaranteed income planning for life.
It's a as I mentioned, atax plan, so you can avoid
the unnecessary higher taxes that are comingto all of you. It's coming,
it's coming. Do something now soyou could take advantage of the opportunities that
will be there for you. Asopposed to saying, oh my gosh,

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I'm part of everyone, or everyonelost money, or everyone's paying more in
tax, or everyone doesn't have income. No, that's not the case.
Do the planning now so you canhave a plan. You know, it's
an insurance plan. You know,it's a tax free retirement plan. That's
what the Maggie plans about. It'sbucket planning. It's looking from a complete
angle. Think about looking through glassesfrom a different lens. You know,

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you might be looking at retirement rightnow. I got to get to a
certain amount and then I can retire. Well, that might not be the
case. There might be some otherstrategies that you already have enough money.
We had a client, two clientslast week that came in and the first
thing when we met with them,they said, I have to keep working
because I have to get to acertain number. And we stopped and we
looked at their social security, welooked at their income. We asked them

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how much they need per month,and guess what the amount of money they
had. They just didn't know whatto do with it. So we created
bucket planning and we showed them thatyou turn this bucket on, you let
these grow. This will give youthe guaranteed income in the most tax efficient
way. And guess what, butthey can retire for life. And they
sat back and they said, whatabout inflation. Well, those are the
other two buckets that are growing.So when inflation does happen worse than it

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is now, then you could turnon for guaranteed income for more income.
And they said, oh my gosh, we never were shown this before.
You know, our advisor who iscurrently looking at their accounts. All they
do is buy and sell, andthat's not what they're looking for. They
want a plan. They deserve aplan. You do too, So pick
up the phone, schedule time theymeet with us. Eight three to three

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mag attacks. We have office onboth sides of the Bay. Maggi Tax
dot com eight three to three MagiTax and just remember it's an insurance plan
where you can have tax free incomewhen you pass. It's an investment plan
where you work with a complete advisorwho offers institutional money managers. Chris,
we talk about this all the timewith our clients, about transactional and institutional.

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And every time you do a comparison, when you do the comparison of
their accounts, they don't realize whatthey do realize once you get to tell
them that they have transactional advisor inthat's all they're given. There's no other
options to make it better. Well, think about it. You know,
maybe it's not your fault. It'snot your advisor's fault. Maybe they just
with a brokerage company or a companyfinancial company that offers limited options. And

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you know that's why we're independent.We're not tied to anyone company. We
have to do the best thing foryou, so we can go out there
and get whatever we need to helpyou. If if think about life insurance
for a minute, if if someonehas diabetes, we can go and get
a policy that with a company whounderstands diabetes or high blood pressure or whatever.
It is same thing with income.If there's a company that has guaranteed

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income or higher interest rates. Wecan go out and shop that to do
the best thing for you. Sothat's why it's so important to meet with
us. You know, at MaggiTax Advisory, we do a lot of
different things. We care about ourclients. We want you to have income
in the most tax efficient way.We want you to enjoy your retirement without
the worry of the volatility of themarket. It's totally up to you.
Pick up the phone, schedule timeto meet with us. A three to

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three Maggitas. Stop planning for UncleSam's retirement and start planning for your retirement.
As we return to the Maggie Taxand Financial Hour with your host,
father and son, Robert and ChrisMaggie. For additional information on how you
can create a tax free retirement,visit Maggie Tax dot com. That's ma
Ggi tax dot com. Or calleight one three three two two twenty five

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twenty that's eight one three three twotwo twenty five twenty now your host for
the Maggie Tax and Financial Hour,Father and son from Maggie Tax Advisory and
Financial Group, Robert and Chris Maggie. Welcome back everyone. You're listening to
the Maggie Tax and Financial Show.I am Robert Maggie and I'm here with
Chris Maggie. And if you're justtuning in, we've been talking about the

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misunderstandings that you shouldn't fall victim to. We talked about no investment account type
is safer or riskier than the other, and then diversifying funds does not dilute
your ability to make a profit.So number three, let's talk about that
right now. Chris, transferring fundsbetween investment accounts, it can be risky,
and just because your accounts allow youto transfer funds from one to another,

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it doesn't mean that it's always thesafe way to go. And depending
on how much is in each accountand how much you plan on transferring,
you may end up paying taxes onthe same transferred amount for both accounts.
So before you move your funds around, it's best to think twice and ask
for an expert advice. And Chris, you and I see this every day.
People come in they well I hadto take money out of this and

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they created a tax problem or penalty. Let's talk about that. Well,
we see that often, and that'ssomething that should definitely not happen. At
all. And one of the thingsthat we do see that happen because the
advisor or the client just really doesn'tknow. And it's sad that you put
all your trust into the advisor whoyou think knows how to do this,

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and they mess up and they callit. They cause a tax of event.
Give you a quick story. Hada client that came in. They
wanted to roll over their iras andtheir roth irays to another institution. So
they called their advisor the broker,and the broker was mad. So they
said, you know what, I'lljust send you the money. So guess
what they set send sent the IRAmoney which is one hundred percent tax will

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and the WROTH IRA money to theirchecking account. So the guy had over
two hundred thousand dollars and he ischecking account and guess what he did.
He just put into a non qualifiedinvestment. And he came in and met
with us and he said, hey, I have this IRA and have this
roth IRA. So we looked athis statements and I said, well,
you don't have an IRA anymore,you don't have a WROTH, you have

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this non IRA account. He saidno, my advisor rolled it over and
I said no, it did nothappen that way, so he just created
a two hundred thousand dollars tax liabilitybecause the client and the advisor did not
do it the right way. Sothese are things we're talking about here.
What could have happened is the advisorshould have just put the money in cash.

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The new institution should have just senta form over its the transfer form
from trustee to trustee to the oldinstitution, and they could transfer the money
over without a taxable event. Sowe could have kept his IRA intact.
He could have kept his roth IRAintact and everything could have went smoothly from
there in a new investment. Butthat did not happen. So the broker

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was at fault, the client wasat fault. So both those people did
not know what to do. Andthat's why we should seek expert advice.
That's why when you come in andmeet with us, we're going to look
at your accounts, we're going toshow you what you have, and we're
going to show you how you cantransfer the money over in the right best
way for you. And the keyword there in all the Chris said it
is misunderstanding and knowledge his power.So don't do anything until you meet with

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someone who's qualified to answer the question, and then then you can proceed and
do it, do it the rightway. You feel better because what Chris
just explained. The client was veryupset. He was mad at the advisor
and he was mad that he didn'tgo see someone because he heard us on
the radio, he saw us onTV. And he said, at least
you guys understand and explain, becausethat's up to you, folks. You've
we got to make sure that youunderstand. So you know that's the key

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word. So let's go to numberfour. Number four, bonus income,
and this is important, can betaxed even after employer deductions. So if
you noticed that your employer has alreadytaken out a portion of your bonus income
for taxes, don't assume that you'reout of the woods. And the rate
that they go by may not bethe same as yours. It's very possible

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that you would need to pay thedifference when tax season rolls around. So
the next time that you get abonus paid, just be prepared for the
possibility of paying back a little extralater on. And can I just bring
up a quick point here. Wehad a lottery winner. Remember talk about
that because this was a shocking youknow the result. Well, that's just
said. It's a perfect case righthere. We experienced this about three years

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ago. We had a client thatwent five million dollars on a scratch off
and they came in and they said, we're so excited, you know,
we want to invest the money.We want to set up ourselves the right
way. And we said okay.We said we have to look at the
tax return first and figure out thetaxes paid. And she said, well,
I already paid the taxes. SoI looked at the statement that she

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provided into twenty five percent tax withholding, but back then the tax rate was
thirty nine point six, so guesswhat she still had to pay more in
tax. So she said, no, Chris, I already paid the tax
And I said, you did,but you didn't pay enough. So they
only withheld twenty five percent, butthey should have withheld thirty nine point six.

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They did not know that she wasin the highest tax bracket at the
time. So this is a perfectexample. So whenever you get a bonus,
make sure that you look at theother income because they whoever's giving you
the money, they don't know yourpersonal tax situation. Filing. They don't
know if you're single, They don'tknow if you're married, filing jointly,
marriage filing separately, head of household, They don't know all those things that

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you need to have availab before youmake sure that you withhold the tax.
So this is so important. Sopick up the phone, schedule time to
meet with us. Let's look atthis for you eight three three, Maggie
tax and you just let into numberfive. Filing taxes earlier or later doesn't
change the payment due date. Regardlessof when you decide to file your taxes,
everyone has a set date on whenthey need to pay what they owe,

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and you can postpone this date byfiling early or late. So don't
count on this misunderstanding to work inyour favor, or else you may find
yourself scrambling at the last minute togather the money for payment. And here's
the thing. Filing most people Ishouldn't say most people. People get bonuses
different times of the year, correct, And what should be held out is
the amount of tax that your taxliability is. They don't do that.

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So at the end of the year, when you get your tax return,
you get all the information and thenyou put that on your tax return.
Guess what, Just like Chris said, you think you're in a twenty nine
percent tax back and you're in athirty nine percent tax bracket. Guess who
has to pay the taxes? Chris, you do. You're still liable.
So that's why it's so important topick up the phone, schedule time to
meet with us. We do taxplanning, we do income planning, we

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do investment planning. Most advisors outthere just deal with investments. That's just
you're missing the boat because taxes areour biggest expense. So if you're working
with an advisor right now who isnot talking about strategic rollouts and roth conversions
and options for ways for you toreduce your taxes, then you are the
one who is going to miss out. So pick up the phone, schedule
time to meet with us. Today, we talked about five personal finance misunderstandings

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that you should not fall victim too, and just to summarize what they are,
no investment account type is safer orriskier than another. Number two,
Diversifying funds does not necessarily dilute yourability to make a profit. Number three,
Transferring funds between investment accounts can berisky and four bonus income can be
taxed even after employer deductions. Andnumber five we talked about today. Filing

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taxes earlier or later, it doesn'tnecessarily change the payment due date. So
pick up the phone, schedule timeto meet with us. Visit our website
Maggi Tax dot com. Eight threeto three Maggie Tax. That's eight three
to three, Magi. Stop planningfor Uncle Sam's retirement and start planning for
your retirement. As we return tothe Maggie Tax and Financial Hour with your
host father and son Robert and ChrisMaggie. For additional information on how you

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can create a tax free retirement,visit Maggie Tax dot com. That's Maggi
tax dot com or call eight onethree three two two twenty five twenty.
That's eight one three three two twotwenty five twenty. Now your host for
the Maggie Tax and Financial Hour,Father and son from Maggie Tax Advisory in

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Financial Group, Robert and Chris Maggie. Welcome back and thanks for joining us
today. My name is Robert Maggieand I'm here with my son Chris Maggie.
We are talking about a lot ofinformation, but more importantly, a
couple things that stand out. Ifyou're just tuning in, register for our
seminars educational seminars on estate planning,on tax planning, on social Security,

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and a lot more. So.Go to our website, Maggie tax dot
com right now, click on seminar. You'll see the seminar dates and locations.
Pick one that's convenient for you andjust register and spend some time with
us. Also, if you havea retirement account like an IRA A four
oh one K A four oh threeB A TSP, remember it's all taxable,
taxable at what rate. Well,if you go to my retirement calculator

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on the top right click on itand in thirty seconds we can tell you
what your retirement tax bill will beand then give us a call eight three
to three Maggie Tax set a time. Let's have a conversation. Let's explain
that to you so you understand it, because Chris, so many people are
confused today. We just talked aboutlegislative risk, but they don't know about
you know, and situational risk orsituational changes. That has a lot to

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do with every listener listening to thisshow and watching our TV show on Sunday,
because every situation correct me if I'mwrong, is different. They're not
all the same. That's it.And a lot of people exposed to have
exposure to risks. There's income riskwhere you could run out of money.
There's investment risk where if the marketgoes down you can lose principle and you
can lose interest. What about taxrisk? We talked to that previous segments

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today. What if legislative risk changesand you go ahead and have to pay
more tax because they increase the percentageof the taxes that you have to pay,
That means less income to you.What about a state planning risks?
If you don't have your accounts properlytitled or beneficiaries in the right spot,
guess what you have probate risk?So do you want all those different things?

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There's many types of risks that youhave to look at in retirement.
And why are we talking about this? Why do we have a show like
this? Why? Because there's somuch information to talk about. We have
clients that we meet with each andevery week and they come to us and
they want a full, complete plan. They just don't want us to manage
the money or just to look atone thing. They want us to do
everything because they're looking for that advisorto do it. And we can help

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you in many ways. You canmanage your own money, but what about
the risk that you have associated withit? Do you have it protected?
Do you have an idea? Areyou doing bucket planning? And that's why
we need to meet, because youneed to understand the different options that are
available out there to protect you andyourself and also your family. So pick
up the phone. Schedule time tomeet with us eight three three Maggie tax.

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There's so much there to talk about. Schedule time to meet with us
eight three to three Maggie tax Planand simple. It's a financial puzzle that
you have to put together. Solet's talk about a couple things that we
always talk about. We talk aboutred money, green money, or you
red money yellow money. But whatis red money? Okay? Red money
is all are the majority of yourretirement approach is subject to the risk of
changing taxes, not only changing taxes, but market risk. Have you done

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a risk analysis to see what coloris your money? We have clients come
in and we talk about, youknow, the percentages. Seventy percent of
their money is in red. Youknow, thirty percent is green and they
have no idea what that means.What it means is that you're at risk.
Okay, you may have too muchin overweight tax deferred assets like maybe
deferred annuities and four oh one Kplans, because this creates a common driver

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of high retirement tax bill. Andagain if you go to my retirement tax
bill on Maggie tax, you'll seeexactly what this means. Why because qualified
accounts like four to one k's andI raise defer your taxes to the future,
and these types of accounts expose youto higher risk if taxes rise in
the future or if regulation changes thetax rules that are applicable to these accounts.

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Because look, if you don't understandthe rules, then you're not going
to play the game correctly. Chris, And am I right when I say
that? Because you have to understandthe rules when you play monopoly, you
play cards, I play cards withyour two kids all the time. If
you don't understand the rules, thenyou're going to lose, and it's not
fun anymore. And that's exactly right. So especially in the retirement game,
because if you're retired, guess whatyou're retired, you're gonna go back to

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work? Is someone going to hire? You know? You have to play
that game now. You don't wantto writ you retire for a reason because
you know you have enough money.You know you're going to enjoy your retirement.
You're going to know that you're inposition financially to make sure you don't
have to go back to work eachand every day. So when you do
this, you're exposed to risks andthese risks that are out there. If
you can knock down those risks andeliminate them, you don't have to worry

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about them. You don't have tofall victim to them when they happen,
because they're going to happen to many, many people, and they're just not
prepared. We see it each andevery day. Think about this, how
many people come in our office anddo not have an estate plan. They
could be sixty, sixty five,seventy, they could be fifty, and
they have no will, no estateplanning, no proper beneficiary designation, no
trust, they have no documents.You know, think about that, all

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those years they've saved, and guesswhat they're subject to estate planning risks.
Yeah, But the answer we alwaysget us. Ah, yeah, but
I'm meaning to do it, orI didn't get to it yet. That's
not a good answer. But becausethey'll get to it, the government will
get to it absolutely well. Thepoint here is that you can't just delay
your retirement. You can't delay theinvestments that you have. You can't delay

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what's going on in the future forthings that you don't know what's going to
happen. So do it now.Put together an income plan now. Even
if you're in to retire in tenyears out, make sure you're set up.
What about your investments. Don't waitfive years or ten years before retirement.
Do it now. If you're listeningtoday, let's get a second opinion.
Let's look at your investments. Let'sdo an investment review. Eliminate those

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investment risk if you can, taxrisk. We talk about that throughout the
whole show. It's not about taxpreparation. It's about tax strategies and making
sure that you can get your moneyout of an area that's infected with taxes.
The tax free money we can showyou. So pick up the phone,
schedule time to meet with us.We have obvious on both sides of
the bay. Eight three to threeMaggie tax schedule time a three to three

(25:30):
Maggie tax. And one more thing. When you come to the seminar what
Chris is talking about, we addressa state planning. Who gets what and
how is it going to be distributedthe way you want it instead of going
through probate. So many of youlistening today probably can answer and shake your
head. I don't have a plan. I don't have a state planning.
Well, what we call enhanced planning. You don't have a beneficiary on these
accounts, Well, that's the reasonwhy we do these shows. You know,

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even with the retirement calculator, thisis something that will educate you on
wow, look what my tax billis going to be in retirement. So
if you have a million dollars ina qualified plan, I'm sorry, but
I have to be the one totell you you don't have a million dollars
in a retirement plan. You havethat account's infected with taxes, and who
wants to be infected with anything?No one does, right, but your
retirement account is. And many peopledon't understand that when you need it most,

(26:15):
guess what you have to pay UncleSam? And it's a question mark
tax rate? Think about this.If five years down the road, say
inflation gets even crazier than it isnow and you need to take more out
of your retirement accounts, guess whatyou have to pay Uncle Sam first?
At what rate? At his rate. That's called legislative risk. It's a
question mark. It could be Itcould be twenty percent now, but in

(26:38):
the future it could be twenty eightpercent. Think about it. That's less
to you and more to Uncle Sam. That changes your lifestyle. Who wants
that? You don't want that.That's why you need to get a plan.
Pick up the phone, schedule timeto meet with us. I don't
care if you're about to retire retired, it doesn't matter. You're going to
be subject to these risks if youdon't look at them and monitor them.

(26:59):
So phone, schedule time to meetwith us. Eight three three Maggie tax.
Write this down eight three to threeMaggie tax. And you mentioned one
thing before we wrote off first book. Stop funding Uncle Sam's retirement and get
a plan that's simple and easy tounderstand, because that's what everyone's doing out
there. You're funding Uncle Sam's retirement. Taxes are going to be effective.
So when you talk about red money, it's risk. We want to take
a look at that for you.So, Chris, let's talk about yellow

(27:22):
money, because this is something thatyou know is confusing to people because they
don't understand the language. But asmany times as we have taken the red
money off the table and put itinto green, we also can put some
money into yellow and there's a reasonwhy we do that. Yeah, and
yellow money is you can stay inthe market. That's fine, but have
active money management. Make sure that'sa team behind you. You're better off
with a team, you're not betteroff by yourself. We all know that

(27:45):
if you've played sports, you knowthe power of a team. And when
you have someone who has the bestinterest in your mind, they and they
help you, then it's a greatteam. So when you have yellow money,
you have more of a balance exposureto the risks of changing taxes as
well as the investment exposure. Butthere may be more you can do.
While some of these of these assetsare protected from tax changes, you might

(28:07):
want to consider additional diversification to meetyour goals. When it comes to protection
from the risk of changing taxes,there's protection inflation protection portfolios. There's portfolios
using dividends, there's portfolios. Ifthe market goes down, you could take
money. There's inverse portfolios, there'smarkets where you have a buffer. So
there's a lot of different things youcan do to help you. Your retirement

(28:30):
approach is likely well diversified to protectagainst the risk of changing taxes. My
gosh, think about this. We'retalking about each and every day taxes,
taxes, taxes, not just abouttax preparation. It's your investment risk,
it's your income risk, it's yourtax risk. Let's discuss what your risk
score is and how it relates toyour risk tolerance. Time and time again.

(28:52):
We meet with husband and wife andmaybe the husband wants to be aggressive,
but the wife wants to be conservative. Your money invested in an aggressive
stance, do you know? Butwe can help you if you come in
and meet with us. We canlook at what you have and do a
second opinion, and then from therewe can show you what you kind of
do. Create bucket planning eight threethree Maggie tax think about it. We

(29:14):
talk about a financial puzzle. Youhave financial situations like your IRA and your
four h one K. Managing riskthat Chris is talking about social security planning,
retirement income planning. What about taxes? Taxes, individual taxes? What
about corporate and es corps? Whatabout partnerships? What about trust and the
states? What about gift tax Thisis what we talk to every client out

(29:36):
there, because you can't just goto one place and find out the answers
to these That's a financial puzzle.What about legal How many of you do
not have a will and a trustor powers of attorney or nursing home protection?
What about charitable planning? How manyof you are charitably inclined? Because
this helps you along the way,you know, as you get through retirement.
Because this is the financial puzzle thatwe're talking about. What about insurance?

(30:00):
What about life insurance? I knowpeople say, well, you know,
I don't want life insurance because Idon't want to give it to the
company. I can tell you thatwe've helped a lot of people that have
had life insurance and get a taxfree check when that happens. I know
you're not looking for that, butthat's part of what you do. What
about fixed index anuities? What aboutmedicare? What about long term care?
Are you talking about this to youradvisor? What about a funeral trust?

(30:21):
This is called holistic planning. Thisis called the Maggie Plan. This is
what we do. So for allof you that are listening, go to
our seminar. Go to Maggie Tax. Register for the seminars coming up about
an hour and a half of yourtime. It'll help you understand the language,
get educated, and my gosh,you talk about so many different topics
right there that we go on andon and on about each one of those

(30:41):
and it takes time. And whenyou come in to meet with us,
we're going to educate you. We'regoing to sit down. We're not going
to overwhelm you or overpower you.That's not what this is about. If
you're looking for an advisor that youcan talk to, someone that you can
take your time with and get educatedand make the right decisions based on what
you want, we can help pickup the phone schedule time to meet with
us. Eight three three Maggie Tax. We look forward to meeting with you

(31:02):
eight three to three, Maggie Tax. Stop planning for Uncle Sam's retirement and
start planning for your retirement. Aswe return to the Maggie Tax and Financial
Hour with your host father and son, Robert and Chris, Maggie for additional
information on how you can create atax free retirement, visit Maggie Tax dot
com. That's ma gg I taxdot com or call eight one three three

(31:26):
two two twenty five twenty. That'seight one three three two two twenty five
twenty Now your host for the MaggieTax and Financial Hour, father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris. Maggie for tuning
into the Maggie Tax and Financial Show. And as throughout today's show, we
talked about a lot of different things. Tax risk, investment risk, income

(31:48):
risk, what about a state planningrisk? These are the risk associated with
people who are living and also retirementin retirement. So what are you doing
about it? If you have anyquestion since pick up the phone, schedule
time to meet with us A threeto three MAGI tax, Visit our website
at Maggi tax dot com and don'tforget every Sunday on ABC TV. Tune
in to our show our TV showten thirty am on Sunday on ABC TV,

(32:14):
A three three Magi Tax. Sowe talked about a lot like Chris
Menscheb, Let's discuss what a riskscore is and how it relates to your
risk tolerance. And here's the thing, Chris, let me ask you a
question. Do you have to bein the market to make money? You
don't have to be, Okay,most people are, and they're always looking
for that stock bond of mutual fund. But there are other investments that can
give you gains right with no lossesand no fees. Right there are out

(32:37):
there, yes, right there.So when we talk about a risk score,
that's part of it. So atax risk score. It's a measure
of an individual's exposure to tax changeswithin a given retirement approach. Do you
know what your risk score is?Because if you don't, we can help
you. And the methodology looks attwo specific areas of tax change risk.
The first is we talked about itbefore, situational change, which measures changes

(33:00):
based on your income needs and situation. And remember, everyone you're listening today,
your situation is different. So ifyou go to an advisor and they're
just doing a cookie cutter plan,that's not what you're looking for. Situational
changes can include how much income youwant to generate in retirement. That's the
big question, Chris, how muchdo you want retirement? How many times

(33:23):
do we ask a husband and wifeand the answer is I don't know right
right, they're confused, but wehelp them through this process because this is
a very key question that needs tobe addressed. How much income do you
need to come in the front doorevery month? And many people just don't
know. And when we do abudget planning, we can show you can
take time to go through that withyou because as long as you have that

(33:44):
income coming in, guess what coversyour expenses? Covers everything that you're looking
for, and then you can startgenerating playchecks and have fun travel, spend
the money, go golfing, gosee the kids, the grandkids, do
the things that you want to dowith a playcheck and still preserving the rest
of your money. Mentioned something thatjust tickles me. It's called budget.
How many of you have an advisorand discuss budget because when we do a

(34:07):
budget, we do a balance sheetto get all your income, assets and
everything and then figure out the answerto the question is if you're getting self
security, if you're getting pensioned,then how much money do you need?
What's the gap? And many ofyou don't know that because that's what we're
trying to do with you. SoThe secondary of tax change risk is tax
risk score, which measures your exposureto legislative changes. We talked about that,

(34:30):
what if the government changes the rulesand they're going to tax cuts are
going to expire in two years,what are you doing about it? And
these are tax changes based on newlaws or regulations, guess what from the
government. Because it's written in penciland it is you all know that legislative
changes can include which assets are subjectto taxation. We're talking about your IRA

(34:51):
four to one K, your fouroh three B, your TSP when those
assets are taxed, and question isChris, at what level? Because we
don't know? That's another certainty taxand that's it. You know, you're
living your life in a question marktax rate environment. Think about that.
You know, it's like your health. You keep eating bad, guess what,

(35:12):
at some point, you're not goingto feel good. Same thing with
your investment accounts and also your taxrisk. What if you keep deferring and
putting money away and parking it intoaccounts that are infected with taxes. At
some point, guess what when youstart taking money out, you got to
you got to bite the bullet andpay the tax and you don't have to
go through that if you do someplanning, if you do situational planning,

(35:36):
tax planning, things that we cando to control the tax rate in our
future because we can do strategic planning. And that's why meeting with the right
advisor who does income planning, taxplanning, investment planning, and state planning,
we can show you how to putall this together. My dad talked
about a puzzle. We all feelgood when the puzzles put together, don't
we. But the first step,when we open the box and we put

(35:58):
all those pieces on the on thetable, we're like, oh gosh,
I gotta wow. I don't knowwhere to start. But that's where you
meet with us and we can helpyou put these pieces together. And then
when you put your puzzle together,guess what, it brings a smile to
your face, like, Wow,this is a cool thing that I just
did. And that's what we coulddo for you. So pick up the
phone, schedule time to meet withus. Let's put together your retirement puzzle.

(36:21):
Let's talk about the tax side ofit. Let's talk about the income
side of it. Let's talk aboutyour investments side of it. Let's talk
about the estate planning side of it. Let's talk about the medicare side of
it, your health insurance side ofit. These are things we're talking about
so we can help you. Pickup the phone, schedule time to meet
with us. A three three Maggietax. We have obviously on both sides
of the bay to help you eightthree three Maggi tax. You know you

(36:42):
made me laugh there about a puzzle. If you think about it, when
the little kids we give them apuzzle, We give them like a four
piece puzzle or a five piece puzzle, and then we give them a ten
piece puzzle, and then we givethem a bigger puzzle. And that's the
same thing that we're talking about herewith each and every one of you.
What are the pieces of the financialside, the tax side, the estate
planning side. How do we putthose pieces together? Well, here's how

(37:06):
I can tell you how we cando it. Go to my website,
Maggie tax dot com, click onseminars. It's up to you. Come
out and get educated. Understand thelanguage. We're going to talk about estate
planning. We're going to talk abouttax planning. We're going to talk about
social security planning. We're going totalk about all of this in an easy
to understand way. I'm going togive you a book called stop funding Uncle
Sam's Retirement and get a plan that'ssimple and easy to understand. I promise

(37:30):
you when you leave this event,you're going to feel better about Wow.
Now I understand, I can talkto somebody, I can have a conversation
about all of what we're talking about. Second thing is when you go to
the retirement calculator, like Chris mentioned, go to the retirement calculator in thirty
seconds. There's no one that's doingwhat we're doing in thirty seconds to tell
you your retirement tax bill eight threethree Maggie tax. That's it. You

(37:52):
know, you hit it on thehead. I mean, it's all right
there. And we talk about whenyou complete the puzzle, it brings a
smile to your face. But theproblem is is that when you complete the
puzzle and you miss that piece,how frustrated are you? You're extremely frustrated.
And that's where many people we seeeach and every day is they don't
have the pieces at the end.They don't have the income piece put together,

(38:12):
they don't have the tax piece puttogether. The market's going down,
they don't have the investment piece puttogether for them, and guess what that
puzzle is not completeing the smiles ontheir face. It doesn't have to happen
to you. Put everything together.Let's get together, Let's have a conversation.
We look forward to meeting with you. Eight three to three Maggie Tax
Schedule time to meet with us eightthree to three Magi Tax. You've been

(38:37):
listening to the Maggie Tax on FinancialHour discussing tax planning investment strategies presented by
Robert and Chris Maggie from Maggie TaxAdvisory and Financial Services with offices in Hillsboro
and Panela's County. Visit Maggi Taxdot com or called eight one three three
two two twenty five twenty. That'seight one three three two two twenty five

(38:59):
to two twenty and tune in nextSaturday at five for the Maggie Tax and Financial Hour