Episode Transcript
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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. Visit our website, Maggie Tax dot Com.
There's a lot of information there. Click on the retirement
calculator if you have an IRA or a four to
one K, take a look and see what your retirement
tax bill is going to be. And then come in
and let's do some tax planning. Let's do some income planning,
investment planning, insurance planning, and let's talk about the Maggie plan.
(01:16):
Visit Maggie tax dot com. Well, give us a call
eight three to three Maggie Tax. So, Chris, we're getting
a lot of questions about Roth conversions. Some people are
doing it wrong, some people are getting the wrong information.
And as you know, and as everybody else out there knows,
we specialize in tax planning. So let's talk about Roth
conversions today.
Speaker 3 (01:34):
Absolutely, so welcome everyone. I'm Chris Maggie. Thank you so
much for tuning into the show. And that's correct. Wroth
conversions many people talk about. Many advisors talk about it,
but they don't complete the story because they don't tell
you what the tax menification is going to be. You
go to your tax for pair and they go ahead
and just do your tax return. But again, how much
should you convert? So a lot of things you need
(01:56):
to be aware of when you do convert it's not
just whatever and one should do Some people should do it,
some people should not. So that's why it's so important
to work with the right advisor who understands investments and
income planning and tax planning because if you do it
the wrong way, you're going to get this tax bill
that you owe thousands of thousands of dollars for taxes.
And it doesn't have to be that way, So you
(02:17):
don't want to be surprised. And that's what we want
to talk about today. Is a roth conversion right for you?
Should you do it? And those are things that many
people have questions on. So visit our website at Maggie
tax dot com, pick up the phone, schedule time to
meet with us eight three three Magi Tax Maggi tax
dot com for more information and we can help you.
Speaker 2 (02:36):
And one of the things that we do that other
advisors do not do is we do it from a
tax return. So if you're thinking of a rough conversion,
don't just go to your tax guy and convert the
money and then pay the big tax. Do it strategically
and have a plan. Here's the question, is it tax
season right now? Chris?
Speaker 3 (02:51):
It's always tax season in our eyes, because taxes are
our biggest expense and you need to always make sure
that you are aware of the tax liability.
Speaker 2 (03:00):
And the reason why I asked that question because in
Maggie Tax, it's tax season all year round. So it's
not just up to April fifteenth, or October or September,
whatever the extensions are. It's all year round, and right
now I think most of you out there are concerned
about if taxes go up. The question is taxes are
going to go up, how is it going to affect you,
whether whether you have an IRA or four to oh
(03:20):
one k. That's why we offer the retirement calculator. We
do advanced tax planning. So now is the time to
call eight three to three Maggie Tax. Right now I
have operators standing by eight three to three Magi Tax.
Let the operator know that this is urgent and just
tell them tax planning at eight three to three Maggie Tax.
I don't care how big your IRA or four to
(03:41):
oh one K is. Folks, you have a deferred account
that you have not paid taxes on. So strategically, no
matter what age you are, whether you be fifty to
fifty five or sixty or even seventy You're going to
pay an unknown tax and that's the problem I think
that most investors have. Most investors hate taxes, but honestly,
when you joy the challenge of minimizing taxes over the
(04:02):
long term. So why is tax planning is an essential
element in smart investing? Chris? Is that play a big
part in many of the clients that we see, Well,
they just committed to buy a stock bond on mutual fund.
Well that's it.
Speaker 3 (04:15):
You know, you want to make sure you do complete
planning and get Let's talk about some examples here, right,
So about three years ago at a client came in
had three hundred thousand dollars of their IRA money. So
what do we do. We looked at their tax return
and he was receiving Social Security. He had a pension
and then marriage so she was getting sold security as well.
So they had three income streams. They were getting about
five thousand dollars a month of income, very satisfied covered
(04:36):
their need. But they had three hundred thousand dollars of
IRA money. So this account is fully infected with taxes.
And he said to me, he said, what do we
need to do to get this money out? In the
most tax efficient way. So he's thought about it, and
he said, well, let's just rip off the band aid
and let's go ahead and pay the tax. So I
ran a couple of different mock returns and I showed him,
let's go ahead and just take the three hundred thousand
(04:57):
added to a solid security his pension, and this what
your tax liability's going to be. So he sat back
and it was kind of sticker shocked, and he said,
I don't want to do that, and I said, you
don't have to. Let's run some more. So what I
did was do some strategic planning. And what we did
was we took out thirty thousand dollars a year for
the next seven years. Is a plan was what it
(05:20):
was supposed to be, and we did and Ron still
pays to do it. But over the past three years,
he has paid tax on thirty thousand dollars of conversion.
And again he's only in the eight percent effective tax
bracket on that amount of money. So he's taken money
out of a taxable environment and converting it to a
tax free environment.
Speaker 2 (05:39):
So over the.
Speaker 3 (05:40):
Past three years now he's got eighty five thousand dollars
of money after taxes that he has an a tax
free zone, plus the interest, which is more than when
he converted. So now he's up to over one hundred
and five thousand dollars of tax free money because his
account has now paid the tax, it's earned money, and
now it's on its way to earning more tax free
(06:00):
money in the future. So we got many more years
to do this until he reaches his required minium distribution age,
which is age seventy three for him. So he is
on a great path moving forward. And every year we
look at this and we're on a tax return and
we talk about should we convert more? But he is
in his sweet spot right now. He doesn't have to
worry about the IRMA tax. He doesn't have to worry
(06:21):
about the Medicare tax, like that's what IRMA is, increase
of Part B premium. And he's sitting pretty. He's got
his income coming in every month. He's converting money to
a tax free zone. His accounts are in a safe spot.
And guess what, he is in control of his return.
Speaker 2 (06:36):
Chris, you just gave everyone a reason out there to
pick up the phone and call eight three to three
Maggie tax because there are situations that Chris is talking
about where a long term tax strategy may save you money.
The only thing is you don't know and you don't
see it, even though it requires paying more taxes in
the short term. That's where tax planning comes in and
what Chris and I do, that's what we do advanced
(06:57):
tax planning all year round at Maggie time and folks,
I'll challenge you if you want to come in and
bring in your information and we'll show you and believe me,
if we can help you. We're going to tell you
that we're going to help you. Understand. But guess what,
like Chris said, if we can make your situation better,
and you've got to make the final decision, not me
or Chris, but life has many changes and you have
to be ready and understand the language why so you
(07:20):
can avoid unnecessary taxes Because what's happening now when the
tax cuts expire, it's going to go up at least
thirty percent. Maybe some of you don't see that, but
when you get your taxes in two years, you're going
to see it and you're going to wonder what I
could have done. So consider the long term tax benefits
of WROTH for on one ks and Roth iras and Chris.
There is a difference, right, absolutely there is.
Speaker 3 (07:41):
And that's one thing that we talk about is all
the time is tax free zones, and there is You're right,
the traditional form on K and also the Wroth form
on K if your employer offers these things. But let
me go back to the example that well not example,
but exactly the client that we were working with here
that did this three years ago. When I talk about
the bucket planning, he said to me, well, what do
(08:01):
I do with the money? How can I position it
now where I can have a plan where I can
have safety and some risk and take some chances with
some money. And we put together a bucket strategy using
red money, green money, and yellow money, and he was
blown away. He said, my gosh, this is exactly what
I was looking for. And he said to me, he said,
in two years to now, I might want about maybe
(08:21):
another five hundred dollars a month of income. So I
ran another mock tax return and I showed him if
we take five hundred dollars from his IRA money, this
is the tax ramifications. But if now we use his
tax free account, he can have more money. Next six
thousand dollars a year of income and pay no tax.
And he was blown away. They both were, and they said,
this is exactly what we're looking for. This is a plan,
(08:44):
this is a tax plan, it's an income plan, it's
an investment plan. And to make things even better, we
talked about their accounts again and we said, hey, do
you want this to go through probate or do you
want to make sure it goes to your two kids?
And they said, you know the answer to that one.
We want to make sure the money stays in the family.
We put that together where he has an estate plan,
he's got proper beneficiary designation, he's got an estate plan,
(09:06):
his house, his assets, everything's going to avoid probate and
go to where they want it to go. So that
can happen to you too. Just pick up the phone
and schedule time to meet with us. Eight three to
three Maggie tax and.
Speaker 2 (09:17):
One other point traditional four and win ks. They became
available in nineteen seventy eight as a way to save
for retirement, but the four to one K was the
biggest disappointment created. And think about this. You get a
tax deduction on the front end, and you get that
for many years, and that's great, But when you start
to withdraw the money, you're going to be paying it
all back for many years, and you're going to be
paying three to five times more than the tax deduction
(09:40):
that you received. This is why tax planning is so important.
This is why the retirement calculate that I have on
the website is going to help you understand this. These
plans are offered by employers. The amount in employee contributes
to their account is considered pre tax and it is
deducted from their taxable income. That's fine, That's what a
lot of people did. The retirement account is tax deferred
(10:01):
until the money is withdrawn. During your retirement, employers often
contribute a portion of the employer's contributions called a match,
which is in an added benefit. But it's all taxable, Chris,
every bit of it. And then when you start talking
about withdrawals, which we'll talk about in the next segment,
they're taxed as well. But now at what age are
you taking it out seventy three, seventy four to seventy five,
(10:22):
How much and how much is it's going to affect
your income? This is why tax planning is so important, right,
now pick up the phone eight three to three Maggie Tax,
sit down with us and go over this. This is
going to be something that's going to be ongoing. And
if your tax prepairer is not addressing these issues like
Chris and I are, shame on them. Eight three to
three Maggie Tax. Visit our website Maggie Tax dot com
(10:44):
and every Sunday listen watch our TV show with ten thirty,
The Maggie Tax and Financial Show. Visit Maggie Tax dot
com today and give us a call at eight three
three Maggie Tax. That's eight three to three Maggie Tax.
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 Ggi
tax dot com or call eight one three three two
(11:20):
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.
Speaker 2 (11:34):
Maggie, welcome back, and you're listening to the Maggie Tax
and Financial Show. My name is Robert Maggie and I'm
here with my son, Chris Maggie. And don't forget visit
our website, Maggie Tax dot com and tune in every
Sunday at ten thirty on ABC TV to The Maggie
Tax and Financial Show. So along the way, we get
a lot of clients to come in and we do
different plans for all these folks, whether it be income,
(11:55):
whether it be tax planning. But Chris, let's talk about
when someone comes in and they wants safety of their money,
they want guaranteed income, and they want you know, longevity
where they have money left over for the kids.
Speaker 3 (12:06):
How do we go about that great question? And you know,
if you're out there listening today, and just give an example.
We had a client that came in three years ago
and we just you knowed the reviews each and every year,
and they came in with six hundred thousand dollars and
they retired and they have some income coming in. So
we really didn't need to give them income because they
had two pensions and social securities coming in, So four
income streams that totaled seven thousand dollars a month of
(12:29):
income net after tax, and they only need about five
thousand a month, so they have positive cash flow of
two thousand dollars a month. So they said, well, what
do we do with our six hundred thousand dollars? And
I said, well, what do you want to do with it?
And they sat back and they said, well, we don't
really know, but we do have money in the market,
and we're playing the market and it's going up and down.
And I asked them, as safety of your money important
(12:50):
to you? And they both sat back and they said,
at this phase of the game, absolutely it has, isn't
it to everybody?
Speaker 2 (12:56):
And I said, no, it's actually not.
Speaker 3 (12:58):
We have clients that come in sometimes and you know,
if they lose ten bucks, they can't do that, they
can't stomach that, they can't sleep at night. They have
other clients that come in and if they lose a
couple hundred grand because the mark goes up and down,
it's not a big deal.
Speaker 2 (13:09):
It's going to come back.
Speaker 3 (13:10):
So my question to you out there is where are
you and if you are sitting in a volatile account
and you don't want to be, then you need to
raise your hand and pick up the phone and schedule
time to meet with us. If you are on a
conservative account and you want to take more risk with
some of your money, then you need to pick up
the phone and raise your hand and schedule time to
meet with us. But going back to the client who
had six hundred thousand dollars of money, what we did
(13:32):
was we did the color of money. We did bucket planning.
We call it now money, later money, never money. And
when we organize these accounts into different buckets, they had
safety of their money in the short term. They had
long term growth with money on the other side, which
is never to later money. And what we did was
we can deal with the risk with those accounts that
(13:54):
we're not going to touch for ten to fifteen to
twenty years. So we did strategic planning where we made
these buckets where they had control flexibility. And that's where
many people come in they have no plan. But when
they leave us and they work with us, guess what
they have a plan.
Speaker 2 (14:12):
Here's what I would say to that, because this is
the biggest question. You're right on everything you said, and
it's encouraging to know that when people come in. This
is what we talk about. But here's the big thing.
When I ask people to bring in their statement. As
you know, many of them have a brokerage account, they
have stockspawns, and mutual funds. They have some risk and
no risk. They have some in the fixed account. But
(14:33):
that's not a plan. That's not a plan. That's not
the Maggie plan. That's not an income plan, that's not
a tax plan. And what Chris is referring to, if
you've heard as many times talk about bucket planning, this
is where we can put a plan together for you
based on the money that you have. Now, when we
do a risk tolerance form, and Chris, this is so
important we talk about it. The risk tolerance form tells
(14:53):
us more about a client, what risk they're taking. And
many times you can talk about this, they're in more
risk than they even know they are because their advisor
doesn't sit down and tell them that. And that's a
big problem. Right, that's it.
Speaker 3 (15:05):
I mean, you know, when we do an announce of
your accounts, many people have just piles of money. Think
about this. You have five statements that come in the mail, right,
three statements. Some staments won't even come in the mail.
They come every quarter. You might have an old form
one K that you never really look at anymore, maybe
two or three of them, right, because you've changed your employers.
So the bottom line here is many people have piles
(15:26):
of money and there's no concrete to those piles. They
can be tumbled down.
Speaker 2 (15:31):
Think of it.
Speaker 3 (15:32):
You know, they just piles of sand, right, and they
can be blown away by just market fluctuation.
Speaker 2 (15:38):
Is that what you want?
Speaker 3 (15:39):
Or do you want a concrete plan where if there
is wind blowing and storms changing and things happening and
hurricanes and whatever it is that your account doesn't move.
That's what we need to talk about. Your color of money.
What do you want your money to do for you?
Because if you're looking for a plan, an investment plan,
we can help. And that's why you pick up the phone.
Schedule time to meet with us. Eight three three, Maggie Tax.
(16:00):
Let's get a second opinion on what you currently have
and let's do bucket planning for you.
Speaker 2 (16:04):
And again I challenge all of you if you have
a plan. Now, we're not trying to break a relationship here.
What we're trying to do is when you come in
and we show you a different strategy and then you
sit back and say, wow, my guy or Mike Gal
has not told me that. Then we have something to
talk about. Because this is the new rules of retirement.
You have to understand what we're talking about roth convergence
and tax planning and income planning. If your folks are
(16:25):
not talking about that, shame on them, because when it
comes to retirement, you want to make sure that you
have enough coming in, like Chris says, the front door
every month where you can just you know, pick up
the check, cash the check and not worry about the
other expenses. And when you start taking a lot of risk, Chris,
and this is what we see, because that's what they
were taught, take a lot of risks. See if the
market goes up, and we all know what's going on
(16:46):
with the market goes up, it goes down. But on
our Maggie plan, the way we do it, we position
a lot of money, not a lot of money, but
the portion that you want to be safe in green buckets.
Green buckets mean it doesn't go down, it only goes up.
Speaker 3 (16:59):
And there's no thing to those buckets either, so they
could be safety and no fees, and you don't have
to worry about the risk.
Speaker 2 (17:05):
Which is the biggest question. What's the biggest concern. Everybody
comes in, what's your fee?
Speaker 3 (17:08):
Worried about the fee to play right? But again it's
not about that. It doesn't have to be that way
if you want safe money.
Speaker 2 (17:13):
But if you're in a broken's account and you have
an IRA and you're paying fees, you're paying fees on
an account that should be growing, not going down, well
that's it.
Speaker 3 (17:19):
And if no one's watching it and it's pretty much
just all transactions and you have loads and commissions, guess
what you're not Your account's not doing what you want
it to do. So that's why it's so important. It's
encouraging pick up the phone, schedule time to meet with us.
We have offices standing by. Let them know that it's
urgent that you need to come in and meet with us.
Because when we see retirement, there's the accumulation phase, there's
(17:41):
the distribution phase of your retirement. Where are you right now?
Because if you are approaching the distribution phase or in
the distribution phase and you see these big volatility markets
go up and they go down. If that doesn't affect
you or scare you, then maybe you start looking at
what's happening, because if it is affecting you and worrying
(18:01):
you and keeping you up at night, then maybe now
is a time, more than ever before, to make sure
that you get a second opinion and we can help.
Eight three three Maggie Tax, and don't.
Speaker 2 (18:10):
Forget to watch our TV show on Sunday at ten thirty.
We have seminars coming up every month on a state planning,
on tax planning. If you go to my website, Maggie
Tax dot com, they're all listed there. We do them
in libraries so we can educate you. And that's the
whole point for you to come in and be educated
and not be sold. Because once you understand the ground
rules of this income planning, tax planning, investment planning, market risk,
(18:34):
you know all the types of risks that are out there,
the health risk. This is important for all of you
out there. Pick up the phone eight three three Maggie Tax.
Visit our website Maggie Tax dot com, click on seminars
and register for one of the seminars there free and
they're educational. Eight three three Magi Tax, and visit the
Maggie Tax dot Com, Maggie tax dot Com website on
the retirement calculator, click on Maggie tax dot com. Give
(18:57):
us a call right now eight three to three Magix.
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
Maggi tax dot com. Or call eight one three three
(19:23):
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 3 (19:38):
Welcome back to the Maggie Tax and Financial Show, and
feel free to visit our website, Maggie Tax dot Com.
There's so much information right there at your fingertips. Do
you have a tax plan? Do you have an income plan?
Do you have an investment plan? And you know what,
do you have an estate plan? If you said no
to any one of those, you need to listen up,
because now is a time to put together a plan
(19:59):
for you in your family. A three to three Maggie tax,
that's eight three to three Maggie tax. There's so much
there that we could talk about. You know, at our
firm we talk about the Maggie plant. You know, we're
talking about taxes today, but how do they incorporate with
your investments? If you are paying more in tax, guess what,
less income to you and your family. So are you
prepared for the possibility of higher taxes in retirement? And
(20:21):
that's what we're talking about today. You need to have
a plan. You need to have an investment plan, a
tax plan, and also an income plan.
Speaker 2 (20:28):
A three to three Magi tax. Schedule time to meet
with us.
Speaker 3 (20:31):
We have obvious on both sides of the day ad
three to three Maggie tax.
Speaker 2 (20:35):
And by the way, we do tax preparation. So if
you want to make an appointment, come on in. But
let me mention one thing that happened this week. And
it's really simple. Everyone that works you make income, right,
who's the first one that you have to pay? Uncle Sam? Oh?
So let's just say you make twenty thousand last year
and you make fifty thousand. This year, you've increased by
thirty thousand. Is that thirty thousand free, Chris, Nope, you
(20:56):
have to pay Uncle Sam. Oh, you have to pay
Uncle Sam. See I'm making light of this because this
is where people getting confused. When I talked about the
five ways that taxes are going to go up, so
many of you assume that your taxes will be lower
in the future. Not true, it's not true. But as
today's retiremies are discovering, that's often not the case. And
we see this every day. In a perfect example is
(21:18):
when you make more money, your tax bracket's going to
go up, you have to pay more. So if taxes
keep going up and the tax brackets keep rising, you
get less. So we can help you understand the five
ways your taxes could go up in retirement. And again,
I have a brochure. If you want to call my office,
just give me your email. I'll be glad to send
it to you in an email and you can see
for yourself. Well, come to one of our seminars and
(21:38):
I'll give you that at the seminar, and how we
can help you mitigate that tax risk. Think about that.
Does your advisor talk about mitigating tax risk. Now they
talk about putting more money in another account. So from
the congressional spending to tax bracket changes, you're going to
learn how to position taxes in your retirement. And every
news item out of Washington seems to include details of
(22:01):
a new or expanded tax. Let me ask you a question.
So the total government revenue in twenty twenty two was
four point nine trillion. That's what the government takes in
in revenue that was in twenty twenty two. Total government
spending in fiscal year twenty two was six point three trillion.
Do the math. It's like, you know, you have a
(22:22):
credit card, you got to pay it back, Okay, but
we're not even paying back half of it. Chris, Well,
that's just said. I mean things you can't control. Right,
we know that the government is spending more. That's not
a topic we want to go into right now. It
is what it is. They're spending more than they take in.
But what does that mean to you? What does that
mean to me? Right? What does it mean to our generation?
Speaker 3 (22:40):
It means that we are going to pay more in
tax because they know how much money you have in iras,
They know how much money you have in formal case,
they know how much money you having a TSP. If
you're a federal employee, they know these are all qualified
accounts that are infected with tax so very simple. You're
exposed to tax risk. You're exposed to legislative risk where
(23:01):
they can change the rules. What I mean by that
is they can change the rules on how much they
tax you they tax me. Right, these are things that
we need to start controlling today. And you can if
you put together a tax plan. That's why I ask you,
what's your plan? What's your tax plan? If you don't
have one, now is the time to start really putting
one together.
Speaker 2 (23:20):
And we can help. So pick up the phone, schedule
time to meet with us.
Speaker 3 (23:23):
Because when we put together a tax plan, we can
put together an income plan. And what's better having taxable
income or tax free income, and when you can show
a tax return like we do to our clients in
retirement that I don't care if they increase taxes because
our clients' plans have tax free money. So when they
retire and they take income and government says, well, we
(23:46):
need to pay our deficeit and we need to increase taxes.
Our clients aren't affected by that because they have a
tax plan. That's what we can do for you. So
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 (23:58):
And this is a race that we all must learn
to win where we're ahead of it, not behind it,
because that's when people get in trouble. In at every
seminar that we do, this is the question that we
ask the audience, and I'm asking all of you how
many people think taxes are going up in the future,
And I know everybody raises their hand. Nearly everyone raised
their hands because it's going to go up. So the
point Chris and I are making today is tax planning
(24:21):
is essential. You've got to start thinking about it. Whether
you have low income or high income, it doesn't make
a difference. Yet, while you understand we've entered it into
a rising tax environment, surprisingly few of you have used
that knowledge to change how you save for retirement. And
if your advisor's not talking to you about this, which
is why we say, go to my retirement calculator on
(24:41):
Maggie tax dot com and see for yourself what your
tax is going to be. Chris that's very important.
Speaker 3 (24:46):
Well, let's just talk about that. You know, when we
meet with clients, what are we seeing. We're seeing tons
of IRA accounts, tons of Form and K accounts, tons
of these accounts that are deferred. We see this, and
they've been with their advisors for years. They're not doing
the right job.
Speaker 2 (24:59):
I'll tell you what. Yeah, anyone can manage your money.
You can manage yourself.
Speaker 3 (25:02):
With this market where it's at and the amount of
money they're pumping in and the environment they're playing with
the interest rates, everyone's making money. That's easy. That's the
easy part of it. But what about the end of
the game. You know, when you think about a football
game and you're up at halftime, you're all happy because
you're up by forty points, but guess what, you got
to finish the game. And that's where Uncle Sam comes in,
and that's where he blows it right by you and
(25:23):
you lose forty three to forty because you did not
have a tax plan. So pick up the phone, schedule
time to meet with us. Let's put together an investment plan.
Let's put together an income plan. Let's put together that
tax plan that you need to generate guaranteed safety and
also income in the future. What's wrong with going to
the mailbox every month when you're retired, pick it up
a check and that's tax free money and spending the
(25:46):
heck out of it and doing all over again for
the rest of your life.
Speaker 2 (25:48):
How cool would that be?
Speaker 3 (25:49):
Because when you hear the news and hear all the
drama and they talk about, oh my gosh, taxes are
going to go up, tax are the highest it's ever been,
you can say and put a smile on your face
and say that doesn't effect. They're not higher, they're lower
and the lowest point now chorus, But how cool could
it be in the future when that happens, that you
don't have to be affected by it. That's why we
can put together a tax plan eight three three magi tax.
(26:12):
Get the tax plan. We have office on both sides
of the day. Eight three three magi tax.
Speaker 2 (26:16):
So if you all continue to defer taxes, which many
of you do in an IRA four oh one K
four or three B on all or most of your
retirement assets, you're going to have a large tax bill
to pay. So why would you do that? If you
can do strategic planning or like Chris and I talk
about bucket planning where you have income that may be
tax free, you have growth and you have later money,
(26:38):
but you take that money and you have tax free money.
We can do that. That's what we do. That's called
the Maggie Plan. It's a tax plan, it's an income plan,
it's an investment plan, and it's a legacy plan. And
please one other thing. Many of you don't have a
will or a trust and you sit back and say
I don't need it, because well you do, so visit
one of our seminars. Go to my website Maggie tax
(26:58):
dot com. We have two seminars a month. Take a
look at the dates and times and locations and come.
There's no obligation, no lunch, no dinner, no nothing, just
explaining to you what this is about. I think that's
more important getting you education and understanding the language than
feeding people. And you know what, I've done that for
years and it's okay, but it's not what I want.
If you want information, then you come to my seminar.
(27:19):
I will give you the information because that's what you need.
So how can we help overcome this disconnect of taxes
and re legislative risk and at Magi Tax. We help
our clients face new risks. People work with Maggi Tax
because we help. And here's the word mitigate risk. Chris,
does any advisor are talking about mitigate risk?
Speaker 3 (27:39):
No, they don't talk about that. That that's why it's
so disappointing. Think about it. You don't have clients like
we see this. We meet with clients and they come
in with statements. Yeah it's five hundred thousand, Yeah it's
one point two million, Yeah it's three hundred thousand, Yeah
it's four million.
Speaker 2 (27:50):
It doesn't matter. At the end of the day.
Speaker 3 (27:52):
There's no planning. There's no planning. It's just investment accounts.
You've got piles of money. We're see in this. This
is what advisors are doing. They're just with investments. Yeah,
you have money. I don't care. The fact of men
is what's the end of the game look like for you?
The tax side of this, Because yeah, you can have
four million bucks, but guess what when we run the
tax time calculator and that four million dollars is not
(28:13):
worth four million, it's worth two million, or it's worth
two point five million. Guess what, Uncle Sam is your partner.
How do you remove Uncle sam from your partner forever
and ever and ever, so we can show you how
to do this.
Speaker 2 (28:28):
So here's the misunderstanding that you just said that people have.
I have a lot of money. I have two million,
I have one million, I have five hundred thousand. No,
you don't. Here's the question that we ask every single
person that comes into meets with us. How much income
do you need per month? Forget about how much you have.
How much do you need per month? Am I right
or wrong? Yeah? And then where are we going to
(28:48):
get it from? And then when you start looking at
the numbers and you start budgeting and you start figuring out,
well I only need this amount and I'm okay, let
the risk grow and put on a tax free basis.
Why would you not want to do that? So how
we do that? It's real simple. We use a process.
We have a process at Maggie Tax. We identify the risk.
And this is so important because older people are taking
(29:08):
more risk than they need to and the advisor's not
talking about risk management we do. We want to quantify
that risk because maybe you're taking too much risk and
we can reduce the risks we have more tax free money.
And here's the thing. Write this down. We're going to
build a plan to mitigate to mitigate that risk. You
know what, I challenge all of you. Go to your advisor,
go to your CPA, and ask them this question, how
(29:31):
do you mitigate my tax risk? And then be quiet.
I guarantee you they're going to look at you and
going to stare at you, like, what are you talking about?
Mitigate lower the tax risk. So it started with the market.
Savers wanted to and this is what Chris was talking
about before, and they needed the power of the stock
market to grow their funds. It was a simple formula,
there was nothing wrong with it. They put money aside,
(29:52):
invest in the stock market, and watch it grow. Oh man,
this is growing great, right Chris, Until it didn't. Until
it didn't, and it's going to happen again. So during
the market downturn, saviors learned about what risks, what kind
of risk?
Speaker 3 (30:05):
Chris, there's different types of market risk, right, inflation risk,
we see that, what about tax risk? These are things
we're talking about. So do you have a plan. Many
people out there don't. They just have piles of money.
You get those statements. You have a pile of money,
big deal, But how is it going to come out?
What's the end of the game look like for that account?
Pick up the phone, schedule time to meet with us.
(30:27):
Let's get together. I urge you to do this because
we see this each and every day many people. They
come in, they think they have a plan, and guess
what they don't because when we do tax planning and
tax preparation each and every year, guess what they're paying taxes?
And then they're saying, what can I do well? You
follow the crowd. You didn't listen, and you didn't put
together a plan. Now is the time to do it.
(30:48):
Don't follow the crowd. Eight three three Magi tax. That's
a three to three Magi tax. Visit our website at
maggitax dot com. There's so much there to help you.
Eight three to three Magi tax. Send an aployment today.
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 three
(31:27):
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 (31:42):
Welcome back and you're listening to the Maggie Tax in
Financial Show. My name is Robert Maggie and I'm here
with Chris Maggie. I hope you're enjoying today's show. We're
talking about a lot today. The biggest thing that we're
trying to do is educate all of you on you know,
income planning and tax planning. The biggest world is complete planning.
You know, if you don't have a complete plan, then
let's get together because what's important to you and what
(32:05):
does it look like? That's the question when you come
in and meet with us, and here's what it will
look like. If you work with Maggie Tax, We'll show
you a plan, We'll show you how the taxes work.
The income planning very big and what are your obstacles
in life? Do you think about that? What keeps you
up at night? Folks? These are important questions that an
advisor should be asking you, not talking about the stock
(32:25):
bond of mutual fund or anything like that. It doesn't
work that way. No, is your present plan going to
get you where you want to go? That's the question, Chris,
Because most people when they sit down, they always tell us, well,
I never thought about it that way, because that's what
we do. That's the Maggie plan, a tax plan, an
income plan, insurance plan, investment plan, enhance planning. That's what
(32:47):
a plan is, Chris. And many people don't understand. It's
not about that investment broker statement they come in. That's
not it at all.
Speaker 3 (32:55):
That's right, And those are just piles of money. How
many statements you get each and every month? Do you
get three, you get four, you get seven, you get one? Well,
those are just piles of money. What are they doing
for you? Do you have a specific purpose with each
in every one of those accounts?
Speaker 2 (33:09):
If not, why not think about it.
Speaker 3 (33:11):
If you have this annuity and you have this variable
a nuity, you have this brokerage account, you have the
CD and you have this money market account, and you
have this IRA, what are they designed to do for you? You know,
what do you want to achieve. You know, when we
do reviews with our clients, there's a lot of money
there that they have and they're not using it. Why
not leverage the account to give tax free money to
(33:33):
each spouse, or to their kids, or to their grandkids.
There's other opportunities that you could take advantage of tax free.
Who wants tax free income?
Speaker 2 (33:43):
Well, we all do.
Speaker 3 (33:44):
But guess what. Most people out there don't have it.
They have accounts that are infected with taxes and you
listening today you might have that account or multiple accounts
like that today and guess what. They're tax savings time
bombs that are about to explode in the future, especially
when you need those accounts the most. What are you
doing about it? Do you even know you have it?
(34:06):
That's why it's so important to get a second opinion.
Schedule a time to meet with us. Let's get together.
You know, I have such a passion for this because
I'm tired of seeing people where they don't get educated.
Their advisor just tells them what to do. Here's what
you need to do. Why why do you need to
do that? Is it the best of the advisor or
is it best for you? And as a fiduciary. You
(34:26):
need to make sure that they do the best thing
for you. It's your money. So schedule time to meet
with us. Let's put together a plan. Because without a plan,
you have nothing, and that's why people today you working,
you have money, you have assets, protect it. Put together
a plan. That's what we call the Maggie plan eight
three to three Magi attacks. Schedule time to meet with
us a three to three Maggie tacks.
Speaker 2 (34:48):
And think about go back to two thousand and eight,
two thousand and one. I can tell you that we
had many clients that wanted to retire then and when
that you know, hit, and even when COVID hit, people
were devastated. People didn't have a plan. Many of our
clients did have a plan. Many of our clients had
the income plan, the insurance plan, the tax plan and
did not affect them one bit. So it's not true
(35:10):
that you have to be like everybody to lose money
in the market. No, that's not true at all. We
have wealthy clients that haven't lost a penny in the
downside of the market. So is your present plan going
to get you where you want to go? And if
it doesn't, what are you doing about it. So if
what they're doing does not work, are you confident in
working with them to close the gap because they're not.
(35:33):
We hear this every day and clients that that are
coming into our office every day tell us the same thing.
My advisor is not listening to us. So what are
you hoping that we can do? You have to sit
down and make a list of and be real, let's
talk about it. You know, we talk about everything from
you know, Medicare, social Security, income planning, tax planning, enhanced planning.
(35:54):
That's part of your life, that's part of your future.
So if you need a distribution plan or an income plan,
a tax plan, an investment plan, and in estate plan,
we can help. Do you have that now? And Chris,
that's the biggest question people don't know how to answer.
That's it. Well, we have it.
Speaker 1 (36:11):
We have it here.
Speaker 3 (36:11):
It's called the Complete Plan. You know, it's one spot
where you can come in and meet with us and
get everything taken care of, from the taxes, from your income,
from your investments, from the estate planning to legacy planning.
That's what we do. So every time you have a question,
you know, wouldn't it be nice to ask an advisor.
Wouldn't it be nice to lean on someone about your
specific situation from the tax side of it, from the
(36:34):
investment side.
Speaker 2 (36:34):
Well, that's what we do.
Speaker 3 (36:36):
You know, we had a client that came in last
week and she was concerned about income. She worked so
many years, she's single. Eight thousand dollars is what she
needs per month that needs to come in the front door.
We looked at our social security. We'll get her pension
and guess what she's short to grant a month. She
has six thousand coming in, which is a pretty good
amount of income every month. But she's still short from
what she wants and needs.
Speaker 2 (36:56):
So what do we do?
Speaker 3 (36:58):
Well, she had assets, she had money just in the market.
It's going up and down, a lot of volatility. She's
concerned about it. Would we do?
Speaker 2 (37:05):
We created a plan.
Speaker 3 (37:06):
We designed a bucket to satisfy the two thousand dollars
a month for guaranteed income for life. And guess what
she had leftover? Money that she can play with. She
can take the risk that she wants to in the
market with some of her money. She can go ahead
and have play checks come in the front door. She
can travel, she can do the things that she wants
to do. And you know what, after everything happens to her,
(37:29):
if anything happens, God forbid, she has an estate plan
or enhance planning that everything stays in the family goes
to where she wants to go. That's what we call
the Maggie Plan. It's a complete plan for her. And
also she's entering Medicare. She had questions about Benicare and
what options to go with. We can help her as well.
So there's a lot of things that we do to
(37:49):
help you. If you have any of these topics that
you are looking for help with, just pick up the phone,
schedule time to meet with us. Eight three three Maggie Tax.
Speaker 2 (37:58):
So let me leave you with this. Without a plan,
you have nothing, and I'll leave you with this. Improvement
is a choice. Think about that. Improvement is a choice.
All of you can improve what you have. It's a
choice you have to make and you have to make it,
you know, so that it satisfies what you're hoping for.
Because when we ask the question what are you hoping for?
(38:18):
I want you to sit down and tell Chris and
I what you are hoping for. Eight three to three,
Maggie Tax. Be sure to Visit our website Maggie Tax
dot com. Tune into our show every Sunday at ten
thirty on ABC TV. We have locations in Palm Harbor,
Tampa and also Saint Pete eight three three Maggie Tax.
We look forward to meeting with you eight three to
three Maggie Tax.
Speaker 1 (38:38):
You've been listening to the Maggie Tax and Financial Hour
discussing tax planning investment strategies, 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 five twenty
(39:01):
and tune in next Saturday at five for the Maggie
Tax and Financial Hour
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. Visit our website, Maggie Tax dot Com.
There's a lot of information there. Click on the retirement
calculator if you have an IRA or a four to
one K, take a look and see what your retirement
tax bill is going to be. And then come in
and let's do some tax planning. Let's do some income planning,
investment planning, insurance planning, and let's talk about the Maggie plan.
(01:16):
Visit Maggie tax dot com. Well, give us a call
eight three to three Maggie Tax. So, Chris, we're getting
a lot of questions about Roth conversions. Some people are
doing it wrong, some people are getting the wrong information.
And as you know, and as everybody else out there knows,
we specialize in tax planning. So let's talk about Roth
conversions today.
Speaker 3 (01:34):
Absolutely, so welcome everyone. I'm Chris Maggie. Thank you so
much for tuning into the show. And that's correct. Wroth
conversions many people talk about. Many advisors talk about it,
but they don't complete the story because they don't tell
you what the tax menification is going to be. You
go to your tax for pair and they go ahead
and just do your tax return. But again, how much
should you convert? So a lot of things you need
(01:56):
to be aware of when you do convert it's not
just whatever and one should do Some people should do it,
some people should not. So that's why it's so important
to work with the right advisor who understands investments and
income planning and tax planning because if you do it
the wrong way, you're going to get this tax bill
that you owe thousands of thousands of dollars for taxes.
And it doesn't have to be that way, So you
(02:17):
don't want to be surprised. And that's what we want
to talk about today. Is a roth conversion right for you?
Should you do it? And those are things that many
people have questions on. So visit our website at Maggie
tax dot com, pick up the phone, schedule time to
meet with us eight three three Magi Tax Maggi tax
dot com for more information and we can help you.
Speaker 2 (02:36):
And one of the things that we do that other
advisors do not do is we do it from a
tax return. So if you're thinking of a rough conversion,
don't just go to your tax guy and convert the
money and then pay the big tax. Do it strategically
and have a plan. Here's the question, is it tax
season right now? Chris?
Speaker 3 (02:51):
It's always tax season in our eyes, because taxes are
our biggest expense and you need to always make sure
that you are aware of the tax liability.
Speaker 2 (03:00):
And the reason why I asked that question because in
Maggie Tax, it's tax season all year round. So it's
not just up to April fifteenth, or October or September,
whatever the extensions are. It's all year round, and right
now I think most of you out there are concerned
about if taxes go up. The question is taxes are
going to go up, how is it going to affect you,
whether whether you have an IRA or four to oh
(03:20):
one k. That's why we offer the retirement calculator. We
do advanced tax planning. So now is the time to
call eight three to three Maggie Tax. Right now I
have operators standing by eight three to three Magi Tax.
Let the operator know that this is urgent and just
tell them tax planning at eight three to three Maggie Tax.
I don't care how big your IRA or four to
(03:41):
oh one K is. Folks, you have a deferred account
that you have not paid taxes on. So strategically, no
matter what age you are, whether you be fifty to
fifty five or sixty or even seventy You're going to
pay an unknown tax and that's the problem I think
that most investors have. Most investors hate taxes, but honestly,
when you joy the challenge of minimizing taxes over the
(04:02):
long term. So why is tax planning is an essential
element in smart investing? Chris? Is that play a big
part in many of the clients that we see, Well,
they just committed to buy a stock bond on mutual fund.
Well that's it.
Speaker 3 (04:15):
You know, you want to make sure you do complete
planning and get Let's talk about some examples here, right,
So about three years ago at a client came in
had three hundred thousand dollars of their IRA money. So
what do we do. We looked at their tax return
and he was receiving Social Security. He had a pension
and then marriage so she was getting sold security as well.
So they had three income streams. They were getting about
five thousand dollars a month of income, very satisfied covered
(04:36):
their need. But they had three hundred thousand dollars of
IRA money. So this account is fully infected with taxes.
And he said to me, he said, what do we
need to do to get this money out? In the
most tax efficient way. So he's thought about it, and
he said, well, let's just rip off the band aid
and let's go ahead and pay the tax. So I
ran a couple of different mock returns and I showed him,
let's go ahead and just take the three hundred thousand
(04:57):
added to a solid security his pension, and this what
your tax liability's going to be. So he sat back
and it was kind of sticker shocked, and he said,
I don't want to do that, and I said, you
don't have to. Let's run some more. So what I
did was do some strategic planning. And what we did
was we took out thirty thousand dollars a year for
the next seven years. Is a plan was what it
(05:20):
was supposed to be, and we did and Ron still
pays to do it. But over the past three years,
he has paid tax on thirty thousand dollars of conversion.
And again he's only in the eight percent effective tax
bracket on that amount of money. So he's taken money
out of a taxable environment and converting it to a
tax free environment.
Speaker 2 (05:39):
So over the.
Speaker 3 (05:40):
Past three years now he's got eighty five thousand dollars
of money after taxes that he has an a tax
free zone, plus the interest, which is more than when
he converted. So now he's up to over one hundred
and five thousand dollars of tax free money because his
account has now paid the tax, it's earned money, and
now it's on its way to earning more tax free
(06:00):
money in the future. So we got many more years
to do this until he reaches his required minium distribution age,
which is age seventy three for him. So he is
on a great path moving forward. And every year we
look at this and we're on a tax return and
we talk about should we convert more? But he is
in his sweet spot right now. He doesn't have to
worry about the IRMA tax. He doesn't have to worry
(06:21):
about the Medicare tax, like that's what IRMA is, increase
of Part B premium. And he's sitting pretty. He's got
his income coming in every month. He's converting money to
a tax free zone. His accounts are in a safe spot.
And guess what, he is in control of his return.
Speaker 2 (06:36):
Chris, you just gave everyone a reason out there to
pick up the phone and call eight three to three
Maggie tax because there are situations that Chris is talking
about where a long term tax strategy may save you money.
The only thing is you don't know and you don't
see it, even though it requires paying more taxes in
the short term. That's where tax planning comes in and
what Chris and I do, that's what we do advanced
(06:57):
tax planning all year round at Maggie time and folks,
I'll challenge you if you want to come in and
bring in your information and we'll show you and believe me,
if we can help you. We're going to tell you
that we're going to help you. Understand. But guess what,
like Chris said, if we can make your situation better,
and you've got to make the final decision, not me
or Chris, but life has many changes and you have
to be ready and understand the language why so you
(07:20):
can avoid unnecessary taxes Because what's happening now when the
tax cuts expire, it's going to go up at least
thirty percent. Maybe some of you don't see that, but
when you get your taxes in two years, you're going
to see it and you're going to wonder what I
could have done. So consider the long term tax benefits
of WROTH for on one ks and Roth iras and Chris.
There is a difference, right, absolutely there is.
Speaker 3 (07:41):
And that's one thing that we talk about is all
the time is tax free zones, and there is You're right,
the traditional form on K and also the Wroth form
on K if your employer offers these things. But let
me go back to the example that well not example,
but exactly the client that we were working with here
that did this three years ago. When I talk about
the bucket planning, he said to me, well, what do
(08:01):
I do with the money? How can I position it
now where I can have a plan where I can
have safety and some risk and take some chances with
some money. And we put together a bucket strategy using
red money, green money, and yellow money, and he was
blown away. He said, my gosh, this is exactly what
I was looking for. And he said to me, he said,
in two years to now, I might want about maybe
(08:21):
another five hundred dollars a month of income. So I
ran another mock tax return and I showed him if
we take five hundred dollars from his IRA money, this
is the tax ramifications. But if now we use his
tax free account, he can have more money. Next six
thousand dollars a year of income and pay no tax.
And he was blown away. They both were, and they said,
this is exactly what we're looking for. This is a plan,
(08:44):
this is a tax plan, it's an income plan, it's
an investment plan. And to make things even better, we
talked about their accounts again and we said, hey, do
you want this to go through probate or do you
want to make sure it goes to your two kids?
And they said, you know the answer to that one.
We want to make sure the money stays in the family.
We put that together where he has an estate plan,
he's got proper beneficiary designation, he's got an estate plan,
(09:06):
his house, his assets, everything's going to avoid probate and
go to where they want it to go. So that
can happen to you too. Just pick up the phone
and schedule time to meet with us. Eight three to
three Maggie tax and.
Speaker 2 (09:17):
One other point traditional four and win ks. They became
available in nineteen seventy eight as a way to save
for retirement, but the four to one K was the
biggest disappointment created. And think about this. You get a
tax deduction on the front end, and you get that
for many years, and that's great, But when you start
to withdraw the money, you're going to be paying it
all back for many years, and you're going to be
paying three to five times more than the tax deduction
(09:40):
that you received. This is why tax planning is so important.
This is why the retirement calculate that I have on
the website is going to help you understand this. These
plans are offered by employers. The amount in employee contributes
to their account is considered pre tax and it is
deducted from their taxable income. That's fine, That's what a
lot of people did. The retirement account is tax deferred
(10:01):
until the money is withdrawn. During your retirement, employers often
contribute a portion of the employer's contributions called a match,
which is in an added benefit. But it's all taxable, Chris,
every bit of it. And then when you start talking
about withdrawals, which we'll talk about in the next segment,
they're taxed as well. But now at what age are
you taking it out seventy three, seventy four to seventy five,
(10:22):
How much and how much is it's going to affect
your income? This is why tax planning is so important, right,
now pick up the phone eight three to three Maggie Tax,
sit down with us and go over this. This is
going to be something that's going to be ongoing. And
if your tax prepairer is not addressing these issues like
Chris and I are, shame on them. Eight three to
three Maggie Tax. Visit our website Maggie Tax dot com
(10:44):
and every Sunday listen watch our TV show with ten thirty,
The Maggie Tax and Financial Show. Visit Maggie Tax dot
com today and give us a call at eight three
three Maggie Tax. That's eight three to three Maggie Tax.
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 Ggi
tax dot com or call eight one three three two
(11:20):
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.
Speaker 2 (11:34):
Maggie, welcome back, and you're listening to the Maggie Tax
and Financial Show. My name is Robert Maggie and I'm
here with my son, Chris Maggie. And don't forget visit
our website, Maggie Tax dot com and tune in every
Sunday at ten thirty on ABC TV to The Maggie
Tax and Financial Show. So along the way, we get
a lot of clients to come in and we do
different plans for all these folks, whether it be income,
(11:55):
whether it be tax planning. But Chris, let's talk about
when someone comes in and they wants safety of their money,
they want guaranteed income, and they want you know, longevity
where they have money left over for the kids.
Speaker 3 (12:06):
How do we go about that great question? And you know,
if you're out there listening today, and just give an example.
We had a client that came in three years ago
and we just you knowed the reviews each and every year,
and they came in with six hundred thousand dollars and
they retired and they have some income coming in. So
we really didn't need to give them income because they
had two pensions and social securities coming in, So four
income streams that totaled seven thousand dollars a month of
(12:29):
income net after tax, and they only need about five
thousand a month, so they have positive cash flow of
two thousand dollars a month. So they said, well, what
do we do with our six hundred thousand dollars? And
I said, well, what do you want to do with it?
And they sat back and they said, well, we don't
really know, but we do have money in the market,
and we're playing the market and it's going up and down.
And I asked them, as safety of your money important
(12:50):
to you? And they both sat back and they said,
at this phase of the game, absolutely it has, isn't
it to everybody?
Speaker 2 (12:56):
And I said, no, it's actually not.
Speaker 3 (12:58):
We have clients that come in sometimes and you know,
if they lose ten bucks, they can't do that, they
can't stomach that, they can't sleep at night. They have
other clients that come in and if they lose a
couple hundred grand because the mark goes up and down,
it's not a big deal.
Speaker 2 (13:09):
It's going to come back.
Speaker 3 (13:10):
So my question to you out there is where are
you and if you are sitting in a volatile account
and you don't want to be, then you need to
raise your hand and pick up the phone and schedule
time to meet with us. If you are on a
conservative account and you want to take more risk with
some of your money, then you need to pick up
the phone and raise your hand and schedule time to
meet with us. But going back to the client who
had six hundred thousand dollars of money, what we did
(13:32):
was we did the color of money. We did bucket planning.
We call it now money, later money, never money. And
when we organize these accounts into different buckets, they had
safety of their money in the short term. They had
long term growth with money on the other side, which
is never to later money. And what we did was
we can deal with the risk with those accounts that
(13:54):
we're not going to touch for ten to fifteen to
twenty years. So we did strategic planning where we made
these buckets where they had control flexibility. And that's where
many people come in they have no plan. But when
they leave us and they work with us, guess what
they have a plan.
Speaker 2 (14:12):
Here's what I would say to that, because this is
the biggest question. You're right on everything you said, and
it's encouraging to know that when people come in. This
is what we talk about. But here's the big thing.
When I ask people to bring in their statement. As
you know, many of them have a brokerage account, they
have stockspawns, and mutual funds. They have some risk and
no risk. They have some in the fixed account. But
(14:33):
that's not a plan. That's not a plan. That's not
the Maggie plan. That's not an income plan, that's not
a tax plan. And what Chris is referring to, if
you've heard as many times talk about bucket planning, this
is where we can put a plan together for you
based on the money that you have. Now, when we
do a risk tolerance form, and Chris, this is so
important we talk about it. The risk tolerance form tells
(14:53):
us more about a client, what risk they're taking. And
many times you can talk about this, they're in more
risk than they even know they are because their advisor
doesn't sit down and tell them that. And that's a
big problem. Right, that's it.
Speaker 3 (15:05):
I mean, you know, when we do an announce of
your accounts, many people have just piles of money. Think
about this. You have five statements that come in the mail, right,
three statements. Some staments won't even come in the mail.
They come every quarter. You might have an old form
one K that you never really look at anymore, maybe
two or three of them, right, because you've changed your employers.
So the bottom line here is many people have piles
(15:26):
of money and there's no concrete to those piles. They
can be tumbled down.
Speaker 2 (15:31):
Think of it.
Speaker 3 (15:32):
You know, they just piles of sand, right, and they
can be blown away by just market fluctuation.
Speaker 2 (15:38):
Is that what you want?
Speaker 3 (15:39):
Or do you want a concrete plan where if there
is wind blowing and storms changing and things happening and
hurricanes and whatever it is that your account doesn't move.
That's what we need to talk about. Your color of money.
What do you want your money to do for you?
Because if you're looking for a plan, an investment plan,
we can help. And that's why you pick up the phone.
Schedule time to meet with us. Eight three three, Maggie Tax.
(16:00):
Let's get a second opinion on what you currently have
and let's do bucket planning for you.
Speaker 2 (16:04):
And again I challenge all of you if you have
a plan. Now, we're not trying to break a relationship here.
What we're trying to do is when you come in
and we show you a different strategy and then you
sit back and say, wow, my guy or Mike Gal
has not told me that. Then we have something to
talk about. Because this is the new rules of retirement.
You have to understand what we're talking about roth convergence
and tax planning and income planning. If your folks are
(16:25):
not talking about that, shame on them, because when it
comes to retirement, you want to make sure that you
have enough coming in, like Chris says, the front door
every month where you can just you know, pick up
the check, cash the check and not worry about the
other expenses. And when you start taking a lot of risk, Chris,
and this is what we see, because that's what they
were taught, take a lot of risks. See if the
market goes up, and we all know what's going on
(16:46):
with the market goes up, it goes down. But on
our Maggie plan, the way we do it, we position
a lot of money, not a lot of money, but
the portion that you want to be safe in green buckets.
Green buckets mean it doesn't go down, it only goes up.
Speaker 3 (16:59):
And there's no thing to those buckets either, so they
could be safety and no fees, and you don't have
to worry about the risk.
Speaker 2 (17:05):
Which is the biggest question. What's the biggest concern. Everybody
comes in, what's your fee?
Speaker 3 (17:08):
Worried about the fee to play right? But again it's
not about that. It doesn't have to be that way
if you want safe money.
Speaker 2 (17:13):
But if you're in a broken's account and you have
an IRA and you're paying fees, you're paying fees on
an account that should be growing, not going down, well
that's it.
Speaker 3 (17:19):
And if no one's watching it and it's pretty much
just all transactions and you have loads and commissions, guess
what you're not Your account's not doing what you want
it to do. So that's why it's so important. It's
encouraging pick up the phone, schedule time to meet with us.
We have offices standing by. Let them know that it's
urgent that you need to come in and meet with us.
Because when we see retirement, there's the accumulation phase, there's
(17:41):
the distribution phase of your retirement. Where are you right now?
Because if you are approaching the distribution phase or in
the distribution phase and you see these big volatility markets
go up and they go down. If that doesn't affect
you or scare you, then maybe you start looking at
what's happening, because if it is affecting you and worrying
(18:01):
you and keeping you up at night, then maybe now
is a time, more than ever before, to make sure
that you get a second opinion and we can help.
Eight three three Maggie Tax, and don't.
Speaker 2 (18:10):
Forget to watch our TV show on Sunday at ten thirty.
We have seminars coming up every month on a state planning,
on tax planning. If you go to my website, Maggie
Tax dot com, they're all listed there. We do them
in libraries so we can educate you. And that's the
whole point for you to come in and be educated
and not be sold. Because once you understand the ground
rules of this income planning, tax planning, investment planning, market risk,
(18:34):
you know all the types of risks that are out there,
the health risk. This is important for all of you
out there. Pick up the phone eight three three Maggie Tax.
Visit our website Maggie Tax dot com, click on seminars
and register for one of the seminars there free and
they're educational. Eight three three Magi Tax, and visit the
Maggie Tax dot Com, Maggie tax dot Com website on
the retirement calculator, click on Maggie tax dot com. Give
(18:57):
us a call right now eight three to three Magix.
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
Maggi tax dot com. Or call eight one three three
(19:23):
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 3 (19:38):
Welcome back to the Maggie Tax and Financial Show, and
feel free to visit our website, Maggie Tax dot Com.
There's so much information right there at your fingertips. Do
you have a tax plan? Do you have an income plan?
Do you have an investment plan? And you know what,
do you have an estate plan? If you said no
to any one of those, you need to listen up,
because now is a time to put together a plan
(19:59):
for you in your family. A three to three Maggie tax,
that's eight three to three Maggie tax. There's so much
there that we could talk about. You know, at our
firm we talk about the Maggie plant. You know, we're
talking about taxes today, but how do they incorporate with
your investments? If you are paying more in tax, guess what,
less income to you and your family. So are you
prepared for the possibility of higher taxes in retirement? And
(20:21):
that's what we're talking about today. You need to have
a plan. You need to have an investment plan, a
tax plan, and also an income plan.
Speaker 2 (20:28):
A three to three Magi tax. Schedule time to meet
with us.
Speaker 3 (20:31):
We have obvious on both sides of the day ad
three to three Maggie tax.
Speaker 2 (20:35):
And by the way, we do tax preparation. So if
you want to make an appointment, come on in. But
let me mention one thing that happened this week. And
it's really simple. Everyone that works you make income, right,
who's the first one that you have to pay? Uncle Sam? Oh?
So let's just say you make twenty thousand last year
and you make fifty thousand. This year, you've increased by
thirty thousand. Is that thirty thousand free, Chris, Nope, you
(20:56):
have to pay Uncle Sam. Oh, you have to pay
Uncle Sam. See I'm making light of this because this
is where people getting confused. When I talked about the
five ways that taxes are going to go up, so
many of you assume that your taxes will be lower
in the future. Not true, it's not true. But as
today's retiremies are discovering, that's often not the case. And
we see this every day. In a perfect example is
(21:18):
when you make more money, your tax bracket's going to
go up, you have to pay more. So if taxes
keep going up and the tax brackets keep rising, you
get less. So we can help you understand the five
ways your taxes could go up in retirement. And again,
I have a brochure. If you want to call my office,
just give me your email. I'll be glad to send
it to you in an email and you can see
for yourself. Well, come to one of our seminars and
(21:38):
I'll give you that at the seminar, and how we
can help you mitigate that tax risk. Think about that.
Does your advisor talk about mitigating tax risk. Now they
talk about putting more money in another account. So from
the congressional spending to tax bracket changes, you're going to
learn how to position taxes in your retirement. And every
news item out of Washington seems to include details of
(22:01):
a new or expanded tax. Let me ask you a question.
So the total government revenue in twenty twenty two was
four point nine trillion. That's what the government takes in
in revenue that was in twenty twenty two. Total government
spending in fiscal year twenty two was six point three trillion.
Do the math. It's like, you know, you have a
(22:22):
credit card, you got to pay it back, Okay, but
we're not even paying back half of it. Chris, Well,
that's just said. I mean things you can't control. Right,
we know that the government is spending more. That's not
a topic we want to go into right now. It
is what it is. They're spending more than they take in.
But what does that mean to you? What does that
mean to me? Right? What does it mean to our generation?
Speaker 3 (22:40):
It means that we are going to pay more in
tax because they know how much money you have in iras,
They know how much money you have in formal case,
they know how much money you having a TSP. If
you're a federal employee, they know these are all qualified
accounts that are infected with tax so very simple. You're
exposed to tax risk. You're exposed to legislative risk where
(23:01):
they can change the rules. What I mean by that
is they can change the rules on how much they
tax you they tax me. Right, these are things that
we need to start controlling today. And you can if
you put together a tax plan. That's why I ask you,
what's your plan? What's your tax plan? If you don't
have one, now is the time to start really putting
one together.
Speaker 2 (23:20):
And we can help. So pick up the phone, schedule
time to meet with us.
Speaker 3 (23:23):
Because when we put together a tax plan, we can
put together an income plan. And what's better having taxable
income or tax free income, and when you can show
a tax return like we do to our clients in
retirement that I don't care if they increase taxes because
our clients' plans have tax free money. So when they
retire and they take income and government says, well, we
(23:46):
need to pay our deficeit and we need to increase taxes.
Our clients aren't affected by that because they have a
tax plan. That's what we can do for you. So
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 (23:58):
And this is a race that we all must learn
to win where we're ahead of it, not behind it,
because that's when people get in trouble. In at every
seminar that we do, this is the question that we
ask the audience, and I'm asking all of you how
many people think taxes are going up in the future,
And I know everybody raises their hand. Nearly everyone raised
their hands because it's going to go up. So the
point Chris and I are making today is tax planning
(24:21):
is essential. You've got to start thinking about it. Whether
you have low income or high income, it doesn't make
a difference. Yet, while you understand we've entered it into
a rising tax environment, surprisingly few of you have used
that knowledge to change how you save for retirement. And
if your advisor's not talking to you about this, which
is why we say, go to my retirement calculator on
(24:41):
Maggie tax dot com and see for yourself what your
tax is going to be. Chris that's very important.
Speaker 3 (24:46):
Well, let's just talk about that. You know, when we
meet with clients, what are we seeing. We're seeing tons
of IRA accounts, tons of Form and K accounts, tons
of these accounts that are deferred. We see this, and
they've been with their advisors for years. They're not doing
the right job.
Speaker 2 (24:59):
I'll tell you what. Yeah, anyone can manage your money.
You can manage yourself.
Speaker 3 (25:02):
With this market where it's at and the amount of
money they're pumping in and the environment they're playing with
the interest rates, everyone's making money. That's easy. That's the
easy part of it. But what about the end of
the game. You know, when you think about a football
game and you're up at halftime, you're all happy because
you're up by forty points, but guess what, you got
to finish the game. And that's where Uncle Sam comes in,
and that's where he blows it right by you and
(25:23):
you lose forty three to forty because you did not
have a tax plan. So pick up the phone, schedule
time to meet with us. Let's put together an investment plan.
Let's put together an income plan. Let's put together that
tax plan that you need to generate guaranteed safety and
also income in the future. What's wrong with going to
the mailbox every month when you're retired, pick it up
a check and that's tax free money and spending the
(25:46):
heck out of it and doing all over again for
the rest of your life.
Speaker 2 (25:48):
How cool would that be?
Speaker 3 (25:49):
Because when you hear the news and hear all the
drama and they talk about, oh my gosh, taxes are
going to go up, tax are the highest it's ever been,
you can say and put a smile on your face
and say that doesn't effect. They're not higher, they're lower
and the lowest point now chorus, But how cool could
it be in the future when that happens, that you
don't have to be affected by it. That's why we
can put together a tax plan eight three three magi tax.
(26:12):
Get the tax plan. We have office on both sides
of the day. Eight three three magi tax.
Speaker 2 (26:16):
So if you all continue to defer taxes, which many
of you do in an IRA four oh one K
four or three B on all or most of your
retirement assets, you're going to have a large tax bill
to pay. So why would you do that? If you
can do strategic planning or like Chris and I talk
about bucket planning where you have income that may be
tax free, you have growth and you have later money,
(26:38):
but you take that money and you have tax free money.
We can do that. That's what we do. That's called
the Maggie Plan. It's a tax plan, it's an income plan,
it's an investment plan, and it's a legacy plan. And
please one other thing. Many of you don't have a
will or a trust and you sit back and say
I don't need it, because well you do, so visit
one of our seminars. Go to my website Maggie tax
(26:58):
dot com. We have two seminars a month. Take a
look at the dates and times and locations and come.
There's no obligation, no lunch, no dinner, no nothing, just
explaining to you what this is about. I think that's
more important getting you education and understanding the language than
feeding people. And you know what, I've done that for
years and it's okay, but it's not what I want.
If you want information, then you come to my seminar.
(27:19):
I will give you the information because that's what you need.
So how can we help overcome this disconnect of taxes
and re legislative risk and at Magi Tax. We help
our clients face new risks. People work with Maggi Tax
because we help. And here's the word mitigate risk. Chris,
does any advisor are talking about mitigate risk?
Speaker 3 (27:39):
No, they don't talk about that. That that's why it's
so disappointing. Think about it. You don't have clients like
we see this. We meet with clients and they come
in with statements. Yeah it's five hundred thousand, Yeah it's
one point two million, Yeah it's three hundred thousand, Yeah
it's four million.
Speaker 2 (27:50):
It doesn't matter. At the end of the day.
Speaker 3 (27:52):
There's no planning. There's no planning. It's just investment accounts.
You've got piles of money. We're see in this. This
is what advisors are doing. They're just with investments. Yeah,
you have money. I don't care. The fact of men
is what's the end of the game look like for you?
The tax side of this, Because yeah, you can have
four million bucks, but guess what when we run the
tax time calculator and that four million dollars is not
(28:13):
worth four million, it's worth two million, or it's worth
two point five million. Guess what, Uncle Sam is your partner.
How do you remove Uncle sam from your partner forever
and ever and ever, so we can show you how
to do this.
Speaker 2 (28:28):
So here's the misunderstanding that you just said that people have.
I have a lot of money. I have two million,
I have one million, I have five hundred thousand. No,
you don't. Here's the question that we ask every single
person that comes into meets with us. How much income
do you need per month? Forget about how much you have.
How much do you need per month? Am I right
or wrong? Yeah? And then where are we going to
(28:48):
get it from? And then when you start looking at
the numbers and you start budgeting and you start figuring out,
well I only need this amount and I'm okay, let
the risk grow and put on a tax free basis.
Why would you not want to do that? So how
we do that? It's real simple. We use a process.
We have a process at Maggie Tax. We identify the risk.
And this is so important because older people are taking
(29:08):
more risk than they need to and the advisor's not
talking about risk management we do. We want to quantify
that risk because maybe you're taking too much risk and
we can reduce the risks we have more tax free money.
And here's the thing. Write this down. We're going to
build a plan to mitigate to mitigate that risk. You
know what, I challenge all of you. Go to your advisor,
go to your CPA, and ask them this question, how
(29:31):
do you mitigate my tax risk? And then be quiet.
I guarantee you they're going to look at you and
going to stare at you, like, what are you talking about?
Mitigate lower the tax risk. So it started with the market.
Savers wanted to and this is what Chris was talking
about before, and they needed the power of the stock
market to grow their funds. It was a simple formula,
there was nothing wrong with it. They put money aside,
(29:52):
invest in the stock market, and watch it grow. Oh man,
this is growing great, right Chris, Until it didn't. Until
it didn't, and it's going to happen again. So during
the market downturn, saviors learned about what risks, what kind
of risk?
Speaker 3 (30:05):
Chris, there's different types of market risk, right, inflation risk,
we see that, what about tax risk? These are things
we're talking about. So do you have a plan. Many
people out there don't. They just have piles of money.
You get those statements. You have a pile of money,
big deal, But how is it going to come out?
What's the end of the game look like for that account?
Pick up the phone, schedule time to meet with us.
(30:27):
Let's get together. I urge you to do this because
we see this each and every day many people. They
come in, they think they have a plan, and guess
what they don't because when we do tax planning and
tax preparation each and every year, guess what they're paying taxes?
And then they're saying, what can I do well? You
follow the crowd. You didn't listen, and you didn't put
together a plan. Now is the time to do it.
(30:48):
Don't follow the crowd. Eight three three Magi tax. That's
a three to three Magi tax. Visit our website at
maggitax dot com. There's so much there to help you.
Eight three to three Magi tax. Send an aployment today.
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 three
(31:27):
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 (31:42):
Welcome back and you're listening to the Maggie Tax in
Financial Show. My name is Robert Maggie and I'm here
with Chris Maggie. I hope you're enjoying today's show. We're
talking about a lot today. The biggest thing that we're
trying to do is educate all of you on you know,
income planning and tax planning. The biggest world is complete planning.
You know, if you don't have a complete plan, then
let's get together because what's important to you and what
(32:05):
does it look like? That's the question when you come
in and meet with us, and here's what it will
look like. If you work with Maggie Tax, We'll show
you a plan, We'll show you how the taxes work.
The income planning very big and what are your obstacles
in life? Do you think about that? What keeps you
up at night? Folks? These are important questions that an
advisor should be asking you, not talking about the stock
(32:25):
bond of mutual fund or anything like that. It doesn't
work that way. No, is your present plan going to
get you where you want to go? That's the question, Chris,
Because most people when they sit down, they always tell us, well,
I never thought about it that way, because that's what
we do. That's the Maggie plan, a tax plan, an
income plan, insurance plan, investment plan, enhance planning. That's what
(32:47):
a plan is, Chris. And many people don't understand. It's
not about that investment broker statement they come in. That's
not it at all.
Speaker 3 (32:55):
That's right, And those are just piles of money. How
many statements you get each and every month? Do you
get three, you get four, you get seven, you get one? Well,
those are just piles of money. What are they doing
for you? Do you have a specific purpose with each
in every one of those accounts?
Speaker 2 (33:09):
If not, why not think about it.
Speaker 3 (33:11):
If you have this annuity and you have this variable
a nuity, you have this brokerage account, you have the
CD and you have this money market account, and you
have this IRA, what are they designed to do for you? You know,
what do you want to achieve. You know, when we
do reviews with our clients, there's a lot of money
there that they have and they're not using it. Why
not leverage the account to give tax free money to
(33:33):
each spouse, or to their kids, or to their grandkids.
There's other opportunities that you could take advantage of tax free.
Who wants tax free income?
Speaker 2 (33:43):
Well, we all do.
Speaker 3 (33:44):
But guess what. Most people out there don't have it.
They have accounts that are infected with taxes and you
listening today you might have that account or multiple accounts
like that today and guess what. They're tax savings time
bombs that are about to explode in the future, especially
when you need those accounts the most. What are you
doing about it? Do you even know you have it?
(34:06):
That's why it's so important to get a second opinion.
Schedule a time to meet with us. Let's get together.
You know, I have such a passion for this because
I'm tired of seeing people where they don't get educated.
Their advisor just tells them what to do. Here's what
you need to do. Why why do you need to
do that? Is it the best of the advisor or
is it best for you? And as a fiduciary. You
(34:26):
need to make sure that they do the best thing
for you. It's your money. So schedule time to meet
with us. Let's put together a plan. Because without a plan,
you have nothing, and that's why people today you working,
you have money, you have assets, protect it. Put together
a plan. That's what we call the Maggie plan eight
three to three Magi attacks. Schedule time to meet with
us a three to three Maggie tacks.
Speaker 2 (34:48):
And think about go back to two thousand and eight,
two thousand and one. I can tell you that we
had many clients that wanted to retire then and when
that you know, hit, and even when COVID hit, people
were devastated. People didn't have a plan. Many of our
clients did have a plan. Many of our clients had
the income plan, the insurance plan, the tax plan and
did not affect them one bit. So it's not true
(35:10):
that you have to be like everybody to lose money
in the market. No, that's not true at all. We
have wealthy clients that haven't lost a penny in the
downside of the market. So is your present plan going
to get you where you want to go? And if
it doesn't, what are you doing about it. So if
what they're doing does not work, are you confident in
working with them to close the gap because they're not.
(35:33):
We hear this every day and clients that that are
coming into our office every day tell us the same thing.
My advisor is not listening to us. So what are
you hoping that we can do? You have to sit
down and make a list of and be real, let's
talk about it. You know, we talk about everything from
you know, Medicare, social Security, income planning, tax planning, enhanced planning.
(35:54):
That's part of your life, that's part of your future.
So if you need a distribution plan or an income plan,
a tax plan, an investment plan, and in estate plan,
we can help. Do you have that now? And Chris,
that's the biggest question people don't know how to answer.
That's it. Well, we have it.
Speaker 1 (36:11):
We have it here.
Speaker 3 (36:11):
It's called the Complete Plan. You know, it's one spot
where you can come in and meet with us and
get everything taken care of, from the taxes, from your income,
from your investments, from the estate planning to legacy planning.
That's what we do. So every time you have a question,
you know, wouldn't it be nice to ask an advisor.
Wouldn't it be nice to lean on someone about your
specific situation from the tax side of it, from the
(36:34):
investment side.
Speaker 2 (36:34):
Well, that's what we do.
Speaker 3 (36:36):
You know, we had a client that came in last
week and she was concerned about income. She worked so
many years, she's single. Eight thousand dollars is what she
needs per month that needs to come in the front door.
We looked at our social security. We'll get her pension
and guess what she's short to grant a month. She
has six thousand coming in, which is a pretty good
amount of income every month. But she's still short from
what she wants and needs.
Speaker 2 (36:56):
So what do we do?
Speaker 3 (36:58):
Well, she had assets, she had money just in the market.
It's going up and down, a lot of volatility. She's
concerned about it. Would we do?
Speaker 2 (37:05):
We created a plan.
Speaker 3 (37:06):
We designed a bucket to satisfy the two thousand dollars
a month for guaranteed income for life. And guess what
she had leftover? Money that she can play with. She
can take the risk that she wants to in the
market with some of her money. She can go ahead
and have play checks come in the front door. She
can travel, she can do the things that she wants
to do. And you know what, after everything happens to her,
(37:29):
if anything happens, God forbid, she has an estate plan
or enhance planning that everything stays in the family goes
to where she wants to go. That's what we call
the Maggie Plan. It's a complete plan for her. And
also she's entering Medicare. She had questions about Benicare and
what options to go with. We can help her as well.
So there's a lot of things that we do to
(37:49):
help you. If you have any of these topics that
you are looking for help with, just pick up the phone,
schedule time to meet with us. Eight three three Maggie Tax.
Speaker 2 (37:58):
So let me leave you with this. Without a plan,
you have nothing, and I'll leave you with this. Improvement
is a choice. Think about that. Improvement is a choice.
All of you can improve what you have. It's a
choice you have to make and you have to make it,
you know, so that it satisfies what you're hoping for.
Because when we ask the question what are you hoping for?
(38:18):
I want you to sit down and tell Chris and
I what you are hoping for. Eight three to three,
Maggie Tax. Be sure to Visit our website Maggie Tax
dot com. Tune into our show every Sunday at ten
thirty on ABC TV. We have locations in Palm Harbor,
Tampa and also Saint Pete eight three three Maggie Tax.
We look forward to meeting with you eight three to
three Maggie Tax.
Speaker 1 (38:38):
You've been listening to the Maggie Tax and Financial Hour
discussing tax planning investment strategies, 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 five twenty
(39:01):
and tune in next Saturday at five for the Maggie
Tax and Financial Hour
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