Episode 20240810 - Magic Ball on Taxes

Episode Transcript

Speaker 1 (00:00):
All these years you've saved up planning for a secure retirement,
but if you're not careful, it will be the irs
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 Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
in tax savings, income planning, and investment opportunities, Robert and

(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie
Tax dot Com. That's Maggi tax dot com and now

(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.

Speaker 2 (00:53):
Welcome everyone, and thanks for joining us today. My name
is Robert Maggie and I'm here with my son and
co host, Chris Maggie. And you're listening to the Maggie
Tax and Financial Show. Be sure to visit our website,
Maggie Tax dot com. Anyone has an IRA or four
oh one K, click on the retirement calculator and see
what your tax bill is going to look like and
then give us a call so we can help you
understand it. Also, be sure to tune in every Sunday

(01:13):
at ten thirty to the Maggie Tax and Financial Show
on ABC TV. So now is the time to get
a tax review. Give us a call at eight three
to three Maggie Tax, and visit our website, Maggie Tax
dot com.

Speaker 3 (01:24):
So welcome everyone, I'm Chris Maggie, and thank you so
much for tuning into today's show. And yes, a lot
is going on in this world as we all know,
and people are scared, people have no direction. People just
want clarity, and they want transparents and they want a
right plan to move forward. Because at the end of
the days, we're in a EU economy. You're on your
own and what that means is you have to make

(01:45):
sure that you have an income plan for yourself. I
know there's inflation out there, but what do you do
into combat inflation if you have enough income sources coming
in the front door each and every month, guess what
you can get by this inflation without no worry? What
are you doing with your investments? Do you have an
investment plan? Because with the volatility of the market, guess
what again, you're in a loo economy. You're on your own.

(02:07):
Don't let the twenty percent drop, so the ten percent
drops of the thirty percent drops affect your retirement. So
listen today and what we're talking about, because you need
a plan. Pick up the phone, schedule time to meet
with us. Eight three to three MAGI tax. That's eight
three to three MAGI tax.

Speaker 2 (02:22):
So let's ask you a question, where are taxes headed
right now and how will it impact American savers? And
that's a question that should be on every one of
your minds. It's certainly not on many financial advisor's mind
Why do I say that because many times we meet
with clients and they bring in their statements and they
tell us that their financial advisor doesn't talk about taxes
and how it's going to impact the iras well. We do.

(02:44):
We do that on every client that walks in the door.
So the reason to meet with Maggie Tax is simple
taxes and find out what it's going to cost you.
If only we had a magic ball to predict the future.
But the truth is we don't need a magic ball
to help you understand the risk of rising taxes take
action to protect yourself. Let's call this a message frame

(03:05):
on taxes, because no one's talking about taxes like Chris
and I do every single week. Predicting future tax rates
is a challenging task, and this is especially true for
people who have saved all of the majority of your
retirement funds and tax deferred vehicles. And that is why
I encourage all of you to go to our website,
Maggie tax dot com, click on the retirement tax calculator

(03:27):
and see for yourself. Because if taxes, in fact, taxes
will go up, I won't say. If they are, what
are you going to do? What's your plan? What's your
exit strategy to reduce those taxes and pay less tax?
And I'll say this pay less tax with Maggie Taxes
not just a slogan. We understand taxes. And if your
tax preparer or your CPA is not talking about this, Chris,

(03:48):
shame on them.

Speaker 3 (03:48):
Well let's just say, you know, think about it real quick.
There's tax preparation which anyone can do and you can
hire someone to do tax preparation. But we're talking about
tax planning. We're talking about investment planning and income planning.
All those three coincide with one another. And my dad
mentioned tax deferred investments. And if you have iras or
formal ks or four fifty seven plans or TSPs, then

(04:09):
guess what you have agreed to pay taxes on your
retirement front in the future. In any changes the tax
levels can impact the amount of retirement income that you
get to keep. You know, this is is so alarming
because many people don't understand that what you are going
to pay tax on is a question mark tax rate
in the future. And that's where you need to be

(04:30):
proactive to make sure that you are in control. Because
think about it, when you start taking money out of
these qualified accounts, these tax deferred accounts, your subject to
whatever tax rate is at that time. So if they
or if they not, if if when when they when
they change the tax rates to make it higher in
the future, it could be five years from now, it

(04:50):
could be three years from now, it could be fifteen
years from now, whatever it is, you will be subject
to that tax bill and that means less income to you,
less income to your family and more tax to them.

Speaker 2 (05:01):
Well let's make a point here. Let's say, and let's
say it. I know we had a client come in.
We have many clients come in with their tax retirement. IRA.
Guy had a million dollars and he thought he had
a million dollars. So when we did a tax plan
for an income plan and we ask you and everyone
out there, how much income do you need? He thought
he had plenty you know, of income coming in. But
he didn't because he had a thirty nine percent tax

(05:23):
depay on that million dollars. So Chris reduced that by
just say forty percent. He doesn't have a million dollars,
does he?

Speaker 3 (05:29):
That's it And that's why when you look at income,
what is your income sources? I mentioned this early on
the show. What if inflation gets even higher, guess what,
you need to take more from your account, but when
you do, to pay more taxes, So really, what are
you netting? That's what we're talking about here. So pick
up the phone, schedule time to meet with us, put
together an income plan for yourself, put together an investment
plan for yourself. What a tax plan. Those are the

(05:51):
things we're talking about. Because when you come in and
meet with us, we will put together the Maggie Plan.
That's what that is, income planning, tax planning, investment planning,
and also planning eight three three Maggie tax.

Speaker 2 (06:02):
And just remember everyone out there has a debt to
the IRS because you haven't paid taxes on it. You
were allowed to defer taxes for years when you worked,
which was great. You had a tax deduction, which was great.
And now it comes time to retirement and you have
to start taking money out for your RMD. Well, now
you're going to pay tax even higher than the deductions
that you get. So give us a call. Let's do

(06:23):
a tax analysis. It's going to help you understand what's
going to happen in the future because IRS is going
to get paid first, no matter who you are. And
here's another example. I had a client come in and
you got a letter from IRS. He said, you know
something's wrong here. He said, I think that you did
the taxes wrong. And I looked at it and I said, well,
we didn't do it wrong because you didn't withhold anything.

(06:44):
So he got kind of frustrated. He said, what do
you mean withhold anything? Because he didn't withhold tax on
Social Security. He didn't withhold tax on his pension. So Chris,
bottom line, he owed money to the irs, he had
to pay it.

Speaker 3 (06:55):
And this is all because he took a big distribution
from his IRA and there was no tax planning. So
that's what we're talking about here. So before you do anything,
make sure you pick up the phone schedule a time
to meet with us. Because your taxes influence your retirement,
Your investments influence your retirement planning and your income planning.
So what are you doing about it? Very simple, just
pick up the phone, schedule time to meet with us.

(07:16):
Eight three to three MAGI tax. That's eight three to
three maggie tax.

Speaker 2 (07:20):
One thing to remember from what Chris and I are
talking about today. You can call this a message frame.
What's a message frame? It's a message frame on taxes
and it's not going to be a pretty picture. And
because you want to live long lives in retirement, we
have to help all of you plan for future tax changes.
Legislate your risk is another one, not just over the
next few years, but over the next ten or twenty

(07:41):
or thirty years, because that's retirement and that's what we
say for And again I'll refer to this as a
message frame called income planning. Folks eight three to three
Magi Tax visit our website Maggie tax dot com. Please
click on the retirement calculator and see for yourself. In
thirty seconds, we can show you what your tax bill
is going to look like. And you want to know something,
you need to call and set up an appointment because

(08:03):
you have to pay taxes first to the IRS and
then see how much income you have left.

Speaker 3 (08:08):
So what are we facing here? Yeah, we're facing inflation,
we're facing the volatility of the market. But what's the
biggest risk that we're facing. It's higher taxes. And the
biggest risk that you have is that you've saved in
your iras and forming case and all those qualified plans,
and therefore the risk that we need to help you
address is the risk that taxes will be higher in

(08:29):
the future. And again, you have the agreement with the IRS,
and many people just don't realize that until you take
a distribution. That's why tax free retirement accounts are so important.
How do you get there? How do you get in
the environment where there's tax free income. Many of our
clients don't have to worry about taxes anymore because we
position them in tax free buckets. How cool is it

(08:50):
in their future when you need money that you could
take a distribution and guess what, you don't have to
pay a diamond tax. That's what we're talking about today.
So pick up the phone, schedule time to meet with us.
Eight three three, Maggie. Tax and investing in qualified accounts
and those Form one k's and the tax deferred retirement
vehicles that are infected with taxes could leave you with
less spendable funds in retirement, potentially unpending your retirement income plans.

(09:15):
That's what we're talking about here. So what are the
chances of tax going up for your retirement? Think about it?
What all the debt that we have as a country,
what are they gonna do. They're gonna go after the
people who have the money. And if you have iras
and Form one k's, guess what they know how much
money you have, and those accounts are infected with taxes.
So pick up the phone, schedule time to meet with us.

(09:37):
It's so worth the time to prepare against the risk
of taxes. Income planning and also investment planning, and also
the volatility of what we're seeing out there today.

Speaker 2 (09:48):
So you have five risks and retirement one is tax risk,
but also market risk, income risk, you have health risk,
and you have tax risk, and legislative risk. If your
advisor is not talking to you about this or your CPA,
shame on them and any CPA's out there or tax people.
If you want to meet with us to help your clients,
will be glad to sit with you. Check our website
out Maggie tax dot com. Click on the retirement tax

(10:10):
bill on the top right and see for yourself what
your tax bill is gonna look like when you retire.
Not only that, but do some planning on what you
need to retire. Income planning, tax planning, investment planning. That's
what we do. Eight three three Maggie Tax. Visit our website,
Maggie tax dot com. It's real simple. Visit Maggie tax
dot com and on the on the website there you
can actually set an appointment on our calendly link right there.

(10:33):
So take the time, go to Maggie tax dot com,
give us a call eight three to three Maggie Tax.
And this is something that you need to do. Don't procrastinate,
get a plan, get a tax plan. Go to Maggie
tax dot com. Set an appointment today and it's very simple,
and let's sit down have a conversation about what you
are concerned about. Eight three three Magie Tax. That's Maggie

(10:54):
tax dot Com.

Speaker 1 (10:57):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we 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
a tax free retirement, visit Maggie tax dot com. That's
ma gg I tax dot com. Or call eight one

(11:19):
three three two two twenty five twenty. That's eight one
three three two two 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.

Speaker 2 (11:35):
Welcome back to the Maggie Tax and Financial Show. My
name is Robert Maggie and I'm here with my son
and co host Chris Maggie. So we've been talking about
message frames. This message frame is the picture on taxes.
So is it worth your time to prepare against the risk.
My answer is a resounding yes. And here's why. Before
I explain why, visit Maggie tax dot com. If you

(11:55):
have an IRA, click on the retirement calculator and in
thirty seconds you can see your retire ironment tax bill.
And the question now is what are you doing about it?
I mean, many people have IRA's in four to one case.
They think they have a lot of money, but they're
not factoring in taxes. And that's what we're going to
help you do. So let's continue and why you should
be planning on increase in taxes.

Speaker 3 (12:16):
The case for higher taxes. Many experts, including myself, believe
that taxes on American savers will rise in the years
and decades to come. And I still follow our government
agencies pretty close, especially as they put out data relevant
to taxes and savings. And earlier this year, the CBO
put out their annual report on federal revenue and spending

(12:36):
for the fiscal year twenty twenty two, and when you
crunch the data from that report, the case for higher
taxes becomes very very clear. In fiscal year twenty twenty two,
the US government took in four point nine trillion dollars
in revenue, So that's income that came in the largest
source of revenue was individual taxes, which generated two point

(12:57):
six trillion dollars. So think about that for a min
four point one trillion, and they brought in two point
six of that was generated from taxes alone. So four
point nine trillion sounds like a lot of money until
you really evaluate the government outlays and expenditures. And first
let's look at the mandatory spending, which is spending the
government is required to distribute by existing law. So mandatory

(13:19):
expending is primary made up of government benefits like things
like Social Security payments and Medicare expenditures. So Congress doesn't
really have control over these expenses because they're simply our
government's obligation under current law. So in fiscal year twenty
twenty two, our government spent four point one trillion on
mandatory spending. But that's not quite a complete number because

(13:41):
the other piece of federal spending Congress can't control is
the money that American spends to service our debt. Because
the interest rates are so high right now, the government
is paying its debt service as a higher rate. So
what do you think is happening here? The bottom line
is that taxes have to go up in the future,
the government and control the income just on where the

(14:02):
taxes are today. With the amount of debt that we
have on the obligations, the mandatory is spending and the
interest on the debt is not enough income coming in.
So let's relate that for a minute. Let's say you
go in to work and you're making fifty thousand dollars
a year, and your expenses because your your rent, your
and your energy and the water and the car, all

(14:25):
that exceeds fifty thousand, say it's sixty thousand dollars, and
you have interests on the credit cards, which makes it
even worse. So there's no way that you can go
ahead and pay the debt. That's where the government is
at right now. So what has to happen very simply,
The only thing they have control over is the amount
that you pay the taxes. So taxes, taxes, taxes, And

(14:46):
I'm going to say this very very often because it's true.
If no one is doing tax planning for you, taxes
will go up. So what is your plan? What is
your tax plan to make sure that you protect yourself?
And I mentioned before we're any EU economy. You're on
your own, so you have to make sure that you
are protecting yourself. And the bottom line here that we've

(15:07):
been talking about, and this is why it's so important
for all of you who have an IRA or a
four oh one K or a four h three B
or a TSP. That is money that you saved has
not been taxed. So where do you think the government's
going to get the money?

Speaker 2 (15:21):
And that's what's going to happen when the tax cuts
expire in twenty twenty five, because it's going to come
from your IRA four oh one K, et cetera, et cetera.
And when you start taking money out of that, it's
not only going to be taxed high, but it's going
to increase your income, which means less money for you.
So when you do tax planning and what Chris and
I talk about with every client for retirement planning, do

(15:42):
you really understand what you're going to get and how
you're going to get it. And this is such a
big deal and no one's talking about it. So that's
why Chris and I are so emphatic about it, and
the people that have met with us, you all know
you should be shaking your head. These guys know what
they're talking about. You have to understand it, and we're
going to try to make you understand.

Speaker 3 (16:00):
So that's it. So the question today is that we
all really have to understand is the path to hire
taxes is here. It's going to be here, so take
action now. If you have primarily focused on income planning
for retirement, you have only done half of the work.
It's time to complete your retirement approach now with tax planning,
income planning, and investment planning. I would guess most of

(16:22):
you have an incomplete plan. If you do not have
a tax plan, you definitely have an incomplete plan. So
it's time to do something now about it. Because, after all,
income planning is about how much money you will have
in retirement. Tax planning is about how much of that
income you get to keep and spend.

Speaker 2 (16:40):
And the question what Chris is mentioning and think about
what we're talking about. Think about it right now that
if we asked you the question how much do you
need in retirement, whether it be social Security and pension
or anything else, is that going to be enough for
you to retire? The next question would be you have
an IRA four to one K four h three be

(17:00):
how much of that do we need? To take to
make the income exactly what you want for the rest
of your life. All right, Because now when you consider
taxes like we're talking about, I bet many of you
don't have a tax prepare or a CPA talking about
what Chris and I just mentioned, and you have to
sit down with us to see this picture because this
is a tax picture. This is a tax frame, and

(17:23):
if you're doing nothing about it, then you're not going
to have the money when you retire to spend in
retirement and save.

Speaker 3 (17:29):
That's why it's so important to look at all these
different avenues here. You know, income planning and investment planning
is really crucial, especially in your retirement. No one wants
to outlive their money. No one wants to pay more
in tax than they have to. But that's what many
people are leading to, is it because they don't have
a plan. So heading into this year and next year
as well, tax diversification is going to be a crucial

(17:51):
and critical piece of many of you who save for
your retirement. It would be important for all of us,
especially higher net worth Americans, to have funds not only
say than tax deferred accounts, but also in ROTH accounts,
Index Universal Life policies and also tax free vehicles. How
are we going to get there? We need to start
creating tax free buckets. And remember what we said about

(18:11):
message frames, and what we mean by this is that
we are successful because we are the only ones out
there who help our clients, who identify the tax risk,
quantify the tax risk, and address the tax risk. Many
advisors out there just deal with investment planning, give them
the money and let them grow it. Yeah, that's fine,
but guess what, that's only a piece of the problem

(18:31):
here that we need to solve. So tax planning, income planning,
and investment planning and a state planning. That's what we're
talking about, the Maggi plan. So pick up the phone,
schedule time to meet with us. Eight three three Magi Tax.
That's eight three three Magi Tax. Visit our website at
Maggi tax dot com. There's so many information right there
on the website to help you.

Speaker 2 (18:50):
Eight three three.

Speaker 3 (18:51):
Magi tax schedule unapployment today once again, that's eight three
to three Magi Tax, Maggi tax dot Com. Eight three
to three matax.

Speaker 1 (19:00):
Stop planning for Uncle Sam's retirement and start planning for
your retirement as we 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
a tax free retirement, visit Maggie Tax dot com. That's
ma Ggi tax dot com. Or call eight one three

(19:23):
three two two twenty five twenty. That's eight one three
three two two twenty five twenty. Now your host for
the Maggie Tax and Financial Hour, Father and son from
Maggie Tax Advisory in Financial Group, Robert and Chris Maggie.

Speaker 2 (19:39):
Welcome back. You're listening to the Maggie Tax and Financial Show.
I am Robert Maggie and I'm here with my son
Chris Maggie. And today we've been talking about do you
know where your taxes could be headed? Look, folks, if
your tax repair on your CPA is not discussing tax
planning or income planning, you need to pick up the phone.
Call eight three three Maggie Tax. Go to our website
Maggie Tax dot com, and right on the website you

(19:59):
can and set an appointment right there for thirty minutes.
Your choice pick today will be glad to talk to you. Look, folks,
you can't stop what's going on. You've got to fix
what you have now and make it work. So Chris,
I mean, we've been talking about this all day. You know,
there's no magic ball on taxes. I think people just
keep waiting and waiting and waiting, and then what's going
to happen when the election hits. We don't know yet.

(20:20):
There's so much things going on out there. People are scared.
We get calls every day, you know, should I do this?
Should I do that? What's the answer and what do
we tell people?

Speaker 3 (20:28):
Well, let's just say, you know, you got volatility out there.
We've seen that mark go up, you know, five hundred
points go down a thousand points in a day. And
these are things that are really making people afraid. And
you see it. What are you doing about it? That's
the question. You know, there's an investment plan, there's an
income plan, and what we're talking about here a tax plan.
What a lot of people don't realize is that taxes
are our biggest expense and it affects our future income

(20:49):
and affects our daily lives. And that's what's going on here.
So what are you doing to reduce your tax bill
in retirement? That's what we're talking about today. So we're
going to get into that more because right now, if
you do not have an income plan and in retirement,
what I mean by income plan is that guaranteed income
sources coming in the front door each and every month.
How cool is it to wake up on the first
of the month and have five paychecks and you do

(21:09):
whatever you want to do with it for the next
three days and spend it and guess what it's going
to happen again without even going to work. That's what
we're talking about. An income plan. You could design an
income plan for yourself by using the assets that you have.
You don't have to have a pension and work for
a company for twenty thirty years like maybe your parents
have done. You can do that by using your assets,
and we need to show you how to do that.

(21:29):
So pick up the phone, schedule time to meet with us.
That's an income plan. We could design that for you.
And when you have an income plan, you want to
have that income in the most tax efficient way, and
that's where tax planning comes into play. So we can
do those three things investment planning, income planning, and also
tax planning. So pick up the phone schedule time to
meet with us, because I urge you this is urgent
because right now you need to make sure that you

(21:51):
have a plan leading into everything that we're about to
lead into. Eight one three nine zero nine zero zero
two two.

Speaker 2 (21:58):
So the big question is where do we start. So
here at Maggie Tax, we have two resources that can
help you. Number one, we can help you quantify your
potential retirement taxes using the retirement tax bill that I
have on my website top right hand corner. Click on it,
fill in your information. In thirty seconds you'll see what
your tax bill will be. Now, once you do that,
don't just look at it and put it to the side.

(22:20):
Pick up the phone and meet with Chris and I
so we can explain what it means. So go to
Maggie tax dot com, click on the retirement calculator and
put your information and in thirty seconds you're going to
receive a copy of your tax bill. Then it's time
to meet and discuss how you can reduce or eliminate
unnecessary taxes. One thing that I want to mention, we
have something called tax drift. What is that? What is

(22:42):
that is that when you start doing a conversion, you
can convert it over two years, three years, four years,
or five years, depending on your age. So you take
in that tax that you pay unless you pay it
all at once, and you take it over time and
to reduce your taxes. And we can show you that.
So click on the retirement calculator and in thirty seconds
you're going to see your tax bill. Simple and easy

(23:03):
to understand. And Chris, I think the biggest problem that
we get when clients come in, they don't know this.
We understand that, and you know, it's the language. You
can say, you know RMD and people say mdrs and
all sorts of things because they don't really understand. And
that's the first sign for me. Wait a minute, let's
stop and talk about this because at a certain age,
and you can talk about that in a minute, you

(23:24):
have to take your requirementium distribution. But here's the thing.
When you put money into a four oh one K
years ago, you got a tax deduction. And many people
were thrilled they got a tax deduction up to a
certain point. Why did you do that to reduce your taxes?
But over time, now that you've saved all this money,
we have clients that go to the retirement tax bill
have half a million dollars a million dollars and they

(23:44):
haven't paid tax on it yet. So what happens now
when you start taking out to rm D And we
all know this, taxes are going to go up, and
if taxes go up, you're going to pay more in
taxes than you did by getting the tax deduction. Does
that make sense, Chris, It.

Speaker 3 (23:58):
Sure does, And that's where many people confused. I had
a lady that came in last week and she met
with the bank and they put together pretty much an
investment sales pitch to her, and she was in the
process of doing it, and she came in to meet
with us and she said, I hear on the radio
and I hear you. I watch you on TV and
you talk about complete planning and you take your time

(24:19):
and you go over and you educate. Can you do
that for me? So we sat back down and I
had a lot of questions to ask her, and we
painted the picture and I told her that we could
put together a plan and she said, well, that's what
I want. I want someone to educate me and show
me all the options so I know what to do.
So I did. We met again and we went over everything,
and she sat back and she said, oh my gosh,

(24:40):
I'd never have gotten this education before. Now I know
where I could put my money and what I want
to do. So she went to the back to the
bank and she told the guy over there that she
doesn't want to work with them and she wants to
work with us. And the reason why is because we
do tax planning and income planning and investment planning and
she had no will and she wanted to stay planning done.
She I want to trust and she said I can

(25:01):
get all this at one spot. And that's where she
just said, Hey, I want to work with you guys.
And from this point moving forward, she's educated, she feels confident,
she has clarity, and she knows what she wants in
her plan moving forward. And now she could retire in
two years as opposed to thinking that she can never
retire because now she has confidence. Eight three three, Maggie, Tax,

(25:22):
pick up the phone, schedule time to meet with us.

Speaker 2 (25:24):
Now. We also have a free brochure on five ways
taxes could rise for you. If you want to copy
of that and give my office a call, I'll be
able to send it to you in an email. I'll
be happy to do that because you need to understand
what five ways could affect you in taxes. And I
can't go over them now, but it's going to help
you understand all the tax risks that Chris and I
are talking about that you may face and what to

(25:45):
do about them. And one other thing Chris you mentioned
because people don't understand the language, which is to me,
you have to take your time. And folks, if you're
out there listening and you go see your advisor and
they talk to you in a different way and they
don't explain what Chris said. He we just did for
a client, you have every right to ask them. Tell
me about tax risk, tell me about market risk, tell

(26:06):
me about even health risk, or tax risk and legislature risk.
Do you understand that Congress can change the rules any time.

Speaker 3 (26:13):
That's what legislative risk is, is that they have things
in pencil. They can change the tax laws, they can
change the tax rates. You know, these are things that
they can change, the estate tax exemption numbers. I mean
these things they could change. Not to interrupt you, but
I want to know Crich sure that that was right.
But legislative risk is important, and if you're not with
somebody who is following the changes that are being made

(26:37):
and ahead of them. Then you're basically just like everybody else.
And that's where you don't want so put together plan
eight three to three Magie tax. That's eight three to
three Maggie tax.

Speaker 2 (26:47):
And the other thing that's important we talk about it.
Chris just mentioned that you have an incomplete plan, and
what does that mean. It means that you don't have
a plan that discusses taxes or income or even you
know when you retire. You have an incomplete plan. And
I kind of made a man angry a couple of
weeks ago, and I said, you have an incomplete plan.
He's got a million bucks. He said, you shouldn't say

(27:07):
that to me. I said, you do. And when we
proved to him, when we did the retirement calculator that
his million dollars is not his because he has a
debt to the irs, he sat back and he apologized
and said, no one ever told me that. Folks, do
you think what you have in your IRA four oh
one k is one hundred percent yours? Chris explained why
it's not.

Speaker 3 (27:27):
Well, that's it because you got to pay taxes. As
my dad mentioned, before when you put money into an
IRA a four one K thrift savings plan like a
TSP if you're a government employee, and guess what the
money you put in you get a tax deduction. But
all the account keeps growing and growing over the years,
it's all taxable. It's infected with taxes. So this is
a perfect example. The guyt a million dollars and he's like,

(27:47):
I made it. I got a million dollars. Well, you
really don't, because the taxes you have to pay on
that are very, very high. And that's at today's rate.
But guess what they're going to be higher. So really,
taxes are on sale right now if we know that
taxes are going to go up in the future, and
that's where we're talking about affecting your retirement income. Taxes
will affect your retirement income if you don't plan now.

(28:09):
So start the planning process today. I don't care if
you're about to retire or if you are retired. You
think you have a plan. Now is the time to
get a second opinion. Pick up the phone, schedule time
to meet with us. Eight three to three magi tax.
Write this down eight three to three magi tax. I'll
give you another definition of an incomplete plan. It's called
the estate tax story. Not having a will in place,

(28:31):
or a power of attorney or a healthcare surrogate, not
having a quick claim or a lady Bird deane on
your home to avoid probate. So if I just rang
your bell, then you need to give us a call
and we'll go over that with you. Because we work
with a national group of attorneys and we do the
estate planning, the wills to trust.

Speaker 2 (28:47):
We do seminars every month. And the confusing part about it, Chris,
is when people come to the seminar, the answers, well,
I don't have enough money, Oh, yes, you do. Everything
that you have is your estate. And if you don't
have your assets titled correctly and we talk about a
beneficiary review, you're doing it wrong. That's an incomplete plan.
So now, when I told the gentleman that and he

(29:07):
understood what I said, he said to me, now, I
understand why you said incomplete. Please don't take it wrong
when we say those things to you, because it's the language,
and you're an adult. We're an adult. Sit down and
have a conversation like adults.

Speaker 3 (29:18):
Absolutely, and now's the time for you to know. You
need to know. I mean, this is your money, not ours.
It's not your CPA, it's not your investment advisors, it's yours.
So you do need to know, and you need to
know the truth. And that's what a fiduciary is all about.
Need to tell you the truth. Tell you truth about
your investments, about the truth about your taxes. Need to
tell you truth about your future income. You need to

(29:40):
tell your truth about how things are going to transfer.
Do you want them to go through probate? Do you
want them to avoid probate? What do you want your
accounts to do? And if your accounts are not in
the right position, that's the whole point of getting second opinion.
Get a second opinion from not a transactional advisor, from
a complete advisor. And that's what we do here at
Maggie Tax Advisory and Financial Group. Pick up the phone,

(30:02):
schedule a time to meet with us. We talk about
income planning, we talk about tax planning, we talk about
investment planning, we talk about a state planning. What about
medicare planning and sol security maximization planning. Those are five
things right there that are so important to your future.
Why not get that wrapped up into a plan that

(30:23):
you know you can control. You know, we talk about
health insurance and when's the best time to retire. What
about the health insurance in retirement? Do you have a
plan for that? What about Medicare? What about Part B premiums?
What about IRMA? Has anyone talk about the Medicare tax
if you take too much out of your investment accounts?
These are the things that all coincide with one another.
So pick up the phone, schedule time to meet with us.

(30:44):
We have offices on both sides of the Bay. We
love doing what we do because we help people. We
help people reduce their tax We help people get more
income in a most tax efficient way. We help people
with their investments so they have a plan based on
their risk. They want safety. We can show you how
to get that. Eight three three Tax. Pick up the phone,
schedule a time to meet with us. Eight three three
Maggie Tax.

Speaker 1 (31:05):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we 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 a
tax free retirement visit Maggie tax dot com. That's ma
gg I tax dot com. Or call eight one three

(31:27):
three two two twenty five twenty. That's eight one three
three two two 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.

Speaker 2 (31:43):
Welcome back. You're listening to the Maggie Tax and Financial Show.
We've been talking about very very important topic today and
we'll be talking about that every week. Taxes, taxes, taxes.
If taxes go up, what are you doing about it?
And what is your advisor a CPA, you know, advising
you or talking to you about it if they're doing
that at all. So there's a lot of risks in
retirement that you know, you are all subject to market risk.

(32:05):
You know, Chris talked about that market goes up, market
goes down. How do you stomach that and how do
you prepare for retirement when the market goes down? The
big one is income risk. You know, how are you
planning for how much you're going to get when you
retire and where you're going to get it from? Is
it social security? Is it pension? Is that going to
be enough. Then of course you have health risk. We
all know health insurance is expenses, and the big one

(32:26):
that we're talking about is supplies to everyone out there
is tax risk. Taxes are going to go up. It's
going to eat away what you have coming in the door,
and then you're going to have to buy lesson it's
going to be more expensive and you all know that.
And then you have legislature risk, which is a big one.
It's what the government can do. They can change it
that's in pencil and they're doing that every year. They
change the rules. So when we talk about all of

(32:47):
these things, there's a big thing that we talk about
incomplete and complete plan. And if you're missing any of this,
then you have an incomplete plan. And Chris, this is
what we want folks to think about, to come in
and discuss all of these one by one, because what's
the most important thing to.

Speaker 3 (33:01):
Them taxes and also having a plan, and that's why
it's so important. This is your money right. If you
don't have these things, then guess what, you just have
an incomplete plan and you don't have the protection when
things happen, so you can go ahead and plan for
it right, So what are you doing about it? If
your health goes down and you have to spend your

(33:23):
assets and guess what, you don't have a retirement plan,
so you have to protect your health risk.

Speaker 2 (33:28):
Right.

Speaker 3 (33:28):
What about the market risk? If the market goes up
and down one thousand points and falls twenty thirty forty percent,
what are you doing? That means less income to you,
so you have to work more and hopefully you have
a job. What about income risk. If you don't have
income coming in and there's inflation and things cost more
and you do have enough income sources coming in, guess what,
you have to change your lifestyle. So we don't want that.

(33:49):
What about tax risk? Tax risk is huge? What if
tax risks? Not if if when tax taxes increase in
the future, it's going to be less income to you.
So if you have to pay more to Uncle Sam,
then guess what, you have to change your lifestyle because
you and have enough income. And what about legislative risk.
If you don't have yourself prepared for the changes that

(34:11):
will take place, then it's going to affect your income,
your investments, your your health, and also your taxes. So
when we're talking about here is come on in schedule
time to meet with us. I can't emphasize this enough
because when you come in and meet with us, we're
gonna have a conversation. We're adults, adult to adult. If
we come together and we want to work together and
make a plan for the better of you, then we

(34:33):
can do it, and then we can move forward and
get that done. So you can you can move on,
move on and enjoy your life. But if you don't
want to, then you're gonna have the same income plate
plan that you currently have today that you're gonna have tomorrow.
So what are you doing about it? The simple answer
is pick up the phone, schedule time to meet with us.
Eight three three, Maggie Tax. We have office on both
sides of the day, Maggie tax dot com.

Speaker 2 (34:54):
You know there's new rules for retirement. This is a
big one. Many people look at their taxes on a
mi micro lens. So what does a micro lens mean?
It reduces your taxes every year, But what about a
macro lens reduce your taxes over lifetime? And that's what
we talk about. We talk about doing a Roth conversion
to many people. But there's a right way and there's
a wrong way to do it. It's called strategic planning.

(35:17):
So how do we reduce your taxes every year to
get that IRA down to almost bare bone zero. We've
done that for a lot of clients because they listen
to what we explained to them and it made sense.
So think about your plan. Are you looking at it
as a micro lens? You know, every year due to taxes,
put all your stuff together and hope that you get
a refund. And here's the biggest thing I get, Chris.
We've talked about this many times. People tell me, Hey, Bobby,

(35:39):
I'm paying too much in taxes, and when I look
at the tax return, the answer is no, you're not.
You're not paying enough. You're not withholding enough for your
tax bracket.

Speaker 3 (35:48):
Absolutely. And know I saw it the other day. I'm
a client came in and yeah, I'm paying a lot
in taxes. I did the calculation and he's in a
thirteen percent effective tax rate. And I said, oh, my gosh,
you're only paying thirteen percent tax That's nothing. And he
looked at me like, well, what do you mean? I said,
do you understand with the amount of income that you
have that if you were working you would pay about

(36:09):
twenty four percent as an effective tax, and he was retired,
he was getting so security in a pension, and I said,
you're complaining about thirteen percent, but let me show you
something here, because you should be concerned right now in
a way for the future, because this is it's going
to happen where you're going to pay that twenty percent
of twenty four percent, that's thirty percent. It's going to
happen at some point. That means you have to take
more out of your retirement. That means that it's going

(36:31):
to be more taxes because when you take money out
of your retirement, it increases your tax rate. So what
are you doing about it today? So we sat back
and he said, you're right, legislative risk is a big deal.
And I said, look at what's happening politically. Not to
take a side or anything, but look what's happening. They're fighting.
Taxes are going to increase because the amount of debt
we have is huge, and we all know that at

(36:52):
some point they're going to come after the people who
have the money. And if you're listening today and you
have money, that is you So pick up the phone
and schedule time to meet with us. Let's get together.
Let's put together a plan for you. Tax plan, income planning,
investment planning, a state planning. My dad talked about micro
versus macro. Look through your lens from a macro viewpoint

(37:15):
for your retirement, it's reducing taxes over your lifetime, not
just during tax season. And a micro lens look eight
three to three Maggi tax.

Speaker 2 (37:24):
And I'm going to end it with this, the evolution
of risk management. Let's talk about it. Market risk. Do
you have asset allocation? Do you have enough money put
away that's safe money, that's guaranteed money so that you're
not going to lose money when the market goes down.
What about income risk? Do you have guaranteed income set
up besides some pension and social security meaning that we
do bucket planning. We'll put a bucket plan together that

(37:45):
it'll give you guaranteed income to fill the gap that
you have. And what about tax risk. Everything we're talking
about applies to tax risk. So today's opportunity for all
of you is to sit down, go to my website,
go to the retirement calculator and see for yourself. Fill
in the information, see what your tax bill is going
to be and then come in and meet with us.
On my website, there's a calend Lee link you can

(38:07):
send an appointment right now today. So do all these
things and you can start seeing your retirement be safe.
Give us a call at eight three to three Maggie Tax.
Don't forget Every Sunday at ten thirty on ABC TV,
tune into the Maggie Tax and Financial Show and visit
our website Maggie Tax dot Com. There's a lot of
information there for all of you. So it's up to you.
Eight three to three Maggie Tax, and I'll hope you

(38:29):
will have a good retirement plan. But sit down with
us eight three to three Maggie Tax. Well, eight three
three Maggie Tax, and give us a call today. Operators
are standing by.

Speaker 1 (38:38):
You've been listening to the Maggie Tax on Financial Hour
discussing tax planning. Investment strategy is presented by Robert and
Chris Maggie from Maggie Tax Advisory and Financial Services with
offices in Hillsboro and Panelas County. Visit Maggie Tax dot
com or call eight one three three two two twenty
five twenty that's eight one three three two two t

(39:00):
five twenty and tune in next Saturday at five for
the Maggie Tax and Financial Hour