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 (00:52):
Hello everyone, and thanks for joining us today. You're listening
to the Maggie Tax and Financial Show. I am Robert
Maggie and I'm here with my son Chris Maggie, and
together we're going to be talking about a lot of
different things regarding taxes, about income planning, retirement planning, social security.
These are things that people talk to us every day about.
But the easy way is go to our website, Maggie
Tax dot Com. That's Maggi Tax dot Com on the
(01:16):
lower right hand corner. We have a chat box. So
if you're listening to today's program and you have a question,
go to Maggie Tax dot Com. Put it in there
and we'll respond to you. And then if you want
to make an appointment, we could set up something for you.
Eight three three Maggie Tax and don't forget. Every Sunday
at ten thirty on ABC TV, I'll watch the Maggie
Tax and Financial Show and Chris, we want to talk
(01:37):
about a lot of things today, but one of the
biggest questions is could hire taxes derail your retirement approach
because people aren't prepared for taxes in retirement because everybody
thinks the taxes are going to be low and that's
not correct.
Speaker 3 (01:49):
That's right. Welcome everyone, and thank you so much for
tuning into the show. And you're right, could taxes derail
your retirement approach? And that's we're going to talk about today.
You know five ways taxes can rise and how to
protect yourself. And you know we're in a EOO economy.
Let's admit it. You're on your own and we see
what's going on with the administration, we see what's going
on with the economy. So how can you protect yourself?
(02:12):
And one of the big things that you can do
is you can pick up the phone schedule time to
meet with us. You need a partner, you need someone
on your side, and that's what we could do for you.
So visit our website at Maggie tax dot com. There's
so much information right there at your fingertips that you
can access. And what's really cool on the website, there's
a chat box. Go to our website Maggie tax dot com.
If you have any questions during our show, go ahead
(02:35):
and type it in.
Speaker 2 (02:37):
We have.
Speaker 3 (02:39):
Availability to address the questions for you. So if you
have things that are on your mind during our show,
pick up the phone, schedule time to meet with us
eight three to three Maggie Tax, or just go to
Maggi tax dot com and in the chat box go
ahead and ask your question.
Speaker 2 (02:54):
And if you're not aware of it, on the top
of our website. There's a tax retirement calculator. We're going
to be talking about that in a few minutes because
we can actually show you in thirty seconds what your
retirement tax bill will be. It's real simple. Take a
look at it, and like Chris said, go to the
chat box and if you have a question, just ask.
I mean, this way, you don't have to be embarrassed.
We see it and we'll be glad to respond. So
(03:16):
taxes are an important topic when it comes to retirement,
and many people overlook that. And you know, the more
you pay in taxes, the less money, the less income
you're going to have in retirement to spend. And that's
what's happening now, Chris. A lot of people are complaining
about inflation, about the prices of gas going up, food
going up, everything. And when you get into retirement and
(03:36):
you start looking at this, it starts to eat away
at what you think you have and you don't have
enough to live on.
Speaker 3 (03:41):
Well, that's just it. I mean, think about it. You
can't go back to work. So income sources are so valuable.
It's so important. And if your advisor is not talking
about an income plan, then you have to And if
they don't know how an income plan works. They're just
more focused on the accumulation phase. Then that's what we
sp specialize. You know, it's like going to a doctor.
(04:02):
You need heart surgery, you need to go to a
hard doctor to focus on getting it fixed. Same thing
with your retirement. You know, many advisors are out there
talking about the accumulation phase and yeah, they can grow
your money, so can you can do it by yourself
these days, But they don't focus on the distribution phase.
And we specialize in the distribution phase because income and
(04:23):
taxes and investments and longevity and making sure your assets
transfer to where you want it to go is so valuable.
Speaker 2 (04:30):
So let's talk about three possibilities for taxes. Number one,
your taxes could be lower in retirement they are today.
And this is the premise of tax deferred savings vehicles.
So if you have a four oh one K or
an IRA that's tax deferred. You defer your taxes to
the future and hopes that your tax rate is going
to be lower in retirement than it is during your
(04:51):
working years. And what we see now coming and think
about this talk about legislature risk. They can change the
rules anytime they want. Number two, your taxes could be
the same in retirement as they are today. And savers
who want to maintain their pre retirement lifestyle once they're
retired often need to maintain a similar annual income in retirement. Christen,
that's the question we ask everybody, how much do you
(05:13):
need in retirement? You know, And a lot of people
are afraid to answer that question. But the way they
go is, i'm making this now, can I make that
in retirement? So for these savers, the tax rate may
stay the same in retirement because their income needs stay
the same in retirement. And I don't know if that's
correct with everybody. And again, like we talked about it before,
and you can address it with things are changing, inflation
(05:34):
prices going up that we've seen that's not right.
Speaker 3 (05:37):
Well, most people that we see it come across, as
you know, they're working. They're bringing six thousand dollars a
month home or ten thousand dollars a month home, and
pretty much that's what they're used to getting. So if
you are receiving income now and you're thinking about, oh,
what kind of retirement income should or I have or
what will it look like, it's pretty much about what
you have now, and maybe it's going to get less
(05:59):
because you might have then your house paid off and
debt has been cleared out, or it could increase because
of inflation. So we need to have these variables set
in place, and that's why it's so important to work
with the right advisor, a distribution phase specialist to work
with you. So let's talk about the last possibility for
your taxes.
Speaker 2 (06:17):
Well, that'd be your taxes could be higher in retirement
than they are today. And this is a risk many
savers are beginning to understand because we talk about it
every week. We talk about it with every client. But
with our current federal debt and recent congressional spending, tax
rates in the future could be higher than they are today.
I know one thing, and we talk about this all
the time. The Trump tax cuts are going to expire
(06:38):
in twenty twenty five. And what does that mean to
everybody out there? It means the taxes are going to
go up and again if the government stays the same.
The administration right now is spending trillions of dollars. We
have to pay it. We have to pay it back.
It's going to come from iras four oh one k's
and by the way on four oh one k's. If
you have old four oh one k's and we have
a lot of people calling us, you have to think
(07:00):
about moving it out or roll it over to a better,
safer product because they're not taking care of it, Chris.
And that's the other problem that people don't understand. The
four one K and the IRA are taxable.
Speaker 3 (07:13):
Simply if you don't work for that employer, you shouldn't
have your money there. You should do something with it
where you can have an advisor look at it. Maybe
create some safety buckets, some growth buckets, some opportunistic buckets.
There's a lot of things you can do to help yourself.
So rising taxes in retirement is an important risk for
savers to really understand, and that's why we're talking about
(07:34):
this today. This is especially true for individuals who have
saved all or the majority of their retirement assets and
tax deferred investment vehicles like iras and four one ks
and set plans and TSP traditional accounts. That's what we're
talking about here. These accounts are infected with taxes. You
need to go ahead and start understanding how to diffuse
(07:56):
the big time bomb that these accounts have.
Speaker 2 (07:59):
Exactly tax time bomb. And one more thing. Visit our
website Maggie Tax during the show right now. If you
have questions, go to our Maggie tax dot com. It's
a chatbox on the bottom right. If some of these
concern you, write a question, will be glad to answer it,
and then go to the top of the website for
the tax retirement calculator. Put the information in and in
thirty seconds we could show you what your retirement tax
(08:21):
is going to be. This is something, Chris, that all
people need and it's got to help them. So some
savers are most concerned about higher taxes and retirement. Some
we talked to it doesn't make a difference. But since
higher taxes pose the greatest risk to traditional tax deferred
saving vehicles, what are you doing about it? What are
you doing about it? Do something? Don't just sit there
(08:42):
and wait on Just a real quick note. We had
a client come in last week and we were talking
about what Chris mentioned before, the accumulation phase and the
distribution phase, and he said, guys, listen, you know I've
worked for I don't know how many years, and I
accumulated money. But my guy never talked to me about
the distribution phase. And when we talked about a we
talked about bucket planning, We talked about income now, letting
(09:03):
it grow more for retirement so he could relax. And
you want to know something, he sat back and he said,
I did not know that I could retire with the
money I have. And actually, Chris, you could probably talk
about this. We actually gave him more in retirement than
he did while he was working.
Speaker 3 (09:16):
And that's just it. You know, many people say, oh,
I got to get to a million bucks, I have
to get to a certain number and then I can retire.
It's not true. You know, there's different products, there's different
strategies that you can create your own family guaranteed income
for a bucket of money and you don't need that
much to do it, and you can create another buckets
for liquidity and other buckets for more play checks. There's
(09:38):
a lot of things you can do and you just
don't know how because you just don't know what you
don't know. So it's very simple. Pick up the phone,
schedule time to me with us. Let's get together. We
have offices on both sides of the Bay to help
you very convenient. Visit our website at Maggie Tax dot Com.
As my dad mentioned before, there's so much information right
there at your fingertips, you know, so you might be wondering,
will my taxes be lower, the same or high in retirement.
(10:01):
Let's get that question answered. We had a client that
came in last week, great client of ours. They want
to know if they should start converting their money from
iras to roth iras. And what we did was in
the office, we went ahead and did a mock tax return.
We showed him let's maybe convert a certain amount of this,
or if we rip off the band aid, what it's
gonna look like. And guess what they both said, We
(10:21):
don't really need to convert, do we know? He said, yes,
you don't have to. So your situation was a little
different than everybody else, because you know, every situation, every
plan that we put together is different and it's your money.
So pick up the phone, schedule time to meet with us.
Eight three three Magi Tax. That's eight three to three
mag Attacks and don't forget to tune in every Sunday
(10:42):
for the Maggie Tax and Financial Show on ABC TV
at ten thirty am. Eight three three Maggie Tas. Don't forget.
Visit our website, Maggie Tax dot com. If you have
a question, there's a chatbox right there. We can answer
it for you. 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 gg I tax dot com. Or call eight one
(11:19):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty Now your host
for the Maggie Tax and Financial Hour, Father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 3 (11:35):
Thanks for tuning in to the Maggie Tax and Financial
Show and welcome back on Chris Maggie. And as we
do each and every week, we love what we do
and that's why we're here. We educate you. There's so
many people that need help. You know, when we meet
with clients during the week, it's amazing that they've saved
for retirement. They just have no plan and they have
what they call we call an incomplete plan. And if
(11:58):
you're looking for a complete plan, then that's what we
do when we call it the Maggie Plan. It's a
simple plan for and it's easy for you to understand.
It's tax planning, it's insurance planning, it's income planning, it's
investment planning, it's a state planning, it's social security maximization planning.
You know, we help our clients organize their thinking so
you can make beneficial decisions for yourself and for your family.
(12:21):
And you know everyone out there has to organize their
thinking a lot of different ways. So you have clarity,
so you have confidence, right, and many people have worked.
You've put the blood, sweat and tears into everything you've
done and have done, and you saved. But now it's
a different game. It's called the retirement game, and you
have to play it the right way because guess what,
there's obstacles in the way that can just erode the
(12:43):
retirement if you're not if you're not aware of it.
So that's what going to help you with today. So
pick up the phone, schedule time to meet with us.
A three to three Maggie tax.
Speaker 2 (12:50):
You know it's simple. It's the new rules of retirement.
Sometimes the old rules of retirement don't work anymore. So
we have a couple questions for you, because this is
on everybody's mind, and if it is, it's a good
reason to pick up the phone. Let me ask you
a question. Will taxes be higher in the future? And
if you say higher, then what are you doing about it?
Because we know that when the Trump tax cuts expire,
it's going to go up for everybody. I don't care
(13:11):
who you are, it's gonna go up for everybody, and
you need to do some tax planning. Let's talk about
what about the benefits? Will they be lower in the future.
And the answer to that is yes, and it's changing
every single day. And again, what are you doing about it?
And I hope I'm hitting a soft spot and your tummy,
because if you're not doing anything about it, don't complain
about it unless you do something about it. And I
(13:32):
always say this, and we talk about the language. If
you don't understand the language, that's okay. Let us interpret
that for you so you do understand it and feel better, Chris,
and walk away with the knowledge that you know they're right.
I need to do something, but get the right help.
You know, we're going to continue to deal with serious
inflation and the answer is yeah, what are you doing
(13:53):
about it? I mean, price of gas is up, the
price of food is up, everything is up. But you
have to do something. You have to do something to
combat that. What about volatility continue to increase? I mean
that's something that we all know. It's up and down,
up and down. And the answer is yes, And what
have you done to avoid a big market risk? Chris?
Many people come in and there are always the correct
question is what about taxes? What about market risk? What
(14:15):
are they doing about it? What are they doing about it? Chris?
What do we tell them?
Speaker 3 (14:18):
Well, that's it? And where's it written that you have
to lose thirty percent like everybody else? Where's it written
that that has to happen for you? It doesn't have
to happen for you. And that's why if you with
the right advisor who can put together a plan it
has the strategies to help protect against the downside and
the volatility and the inflation and the taxes, then that's
(14:39):
where you want to go. So you have choices, you
have options. You know what we're talking about here is
that there are many advisors out there, but really, what
are you looking to achieve? Are you looking for the
best growth product? Are you looking for the best product period?
Speaker 2 (14:54):
You know?
Speaker 3 (14:54):
Is that what you're looking for? Well, that's just pretty much.
You're better than that. You need a complete play. And
it doesn't matter how much money you have. If you
have one hundred thousand dollars, if you have ten million,
or twenty million or fifty million, doesn't matter what it is.
You should have a plan and a plan meaning that
every account you have, you should have a tax plan
with it. You should have an investment plan with it,
(15:15):
you should have an income plan with it. That's what
we're talking about here. So have a complete plan. And
if your complan is incomplete, then you need to do
something now to pick up the phone in schedule time,
because let's get together and complete the plan. Eight three
to three Maggie Tacks.
Speaker 2 (15:27):
Yeah, don't forget. We have officers in Saint Pete office
in Palm Harbor and also Loots. Pick up the phone
right now. They're operated standing Biolet's set of time to
meet with you, no costs, no obligation. And let's talk
about longevity, will we outlive our money. That's the biggest question.
And this is a concern for every one of you
and the risks of retirement.
Speaker 3 (15:45):
And let me stop there for a minute, because you
know a lot of people ask us, well, it's only
for people who have don't have a lot of money,
and it's actually reversed. We've met with many, many millionaires
who the main concern is are we gonna outlive our money?
And it's amazing when you see five million dollars in
their account and they're concerned about outliving their money. It's
(16:05):
amazing when you see a millionaire who has concerned about
outliving their money and instead of just you know, the
perception is that they're set and they're okay, but their
concerns are preserving their assets, making sure they have enough
there so they don't have to go through the troubles
that that many people are going through these days.
Speaker 2 (16:24):
But there's a good point while we talk about bucket planning,
you mentioned for wealthy people, they do not understand how
to put an income bucket, a growth bucket, and a
longevity bucket together, so they will never outlive their money. Chris,
and we do that for every client that comes in
because if you don't have bucket planning, what do you have?
And that Chris mentioned before, just a pile of money?
(16:45):
Is that the answer? Because you have you know the
old rule, what does to take four percent out? It
doesn't last any longer if you're a market. If your
account's going down and everything's going up, right, that's exactly right.
So you might outlive your money. And that's the worst
feeling if you're older and you're seventy and you're seventy
five and you have the thought where I can't spend
money or I have to really retract because I might
(17:07):
outlive my money. So what's the prize that we have
is our health. We have to make sure that we
keep our health.
Speaker 3 (17:14):
At the same time, we have to plan and make
sure we have guarantees in our plan to have an
income plan. So if we have our income plan set up,
then we can explore with some other nice investments and
we could take some risk with it, or we can
spend more or even have a playcheck. Who wants a playcheck?
A playcheck is something that comes in each and every
month that you can just spend. It's always going to
come in for the rest of your life. That you
(17:36):
just spend for whatever you want. That's a great feeling
to have and we could set that up for you.
So pick up the phone, schedule time to meet with us.
Eight three three Maggie TACs.
Speaker 2 (17:45):
And one thing when you talk about a strategy and
a concept that we've used for years, is you can
actually and hear me what I'm gonna say, run out
of money, but never run out of income. Had a
gentleman the other day came in, he's sixty eight years old.
We set them up with a plan seventy two. He
has to take his RMD out. We set him up
for income for the rest of his life, and if
(18:05):
anything happened to him, it's going to go to his
wife and have income for the rest of her life.
That's what we talk about planning. That's what we talk about,
a complete plan. So if you're interested in that, give
us a call a three to three Maggie Tax. Pick
up the phone right now. We have operated standing by
visit our website Maggie Tax dot com. Click on the
retirement calculator on the top right, and in thirty seconds
I can tell you what your retirement tax bill is
(18:26):
going to be. And don't forget to watch our TV
show every Sunday on ABC TV at ten thirty. We
have a lot of information that we want to share
with you. It's about education, it's about understanding the language.
And don't be embarrassed. If you don't understand the language,
say so, ask someone to interpret it. That's what Chris
and I do so eight three to three Magie Tax.
Be sure to visit our website, Maggie tax dot com
(18:48):
and we have offices in Saint Pete Blots and also
Palm Harbor. And don't forget. Every Sunday ten thirty ABCTV
and you're listening to the Maggie Tax and Financial Show.
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 Mega Tax and Financial Show. And
last segment, we're talking about the IRS and guess what
you are? The tax collector because you have that IRA,
you have that four one K, and guess what they
have the first mortgage on those accounts. They are infected
with taxes and guess what they're coming after you for
those taxes on those accounts that you work so hard for.
(20:00):
So pick up the phone, schedule time to meet with us.
Sum Chris Maggie and I'm here with my dad and
cost of the show, Robert Maggie. We're talking about having
strategies and creating strategies to possibly reduce or even eliminate
that income tax liability on those Form one cays, and
we can show you how to do that. Visit our
website at Maggie tax dot com, click on the retirement
calculator and in thirty seconds we can tell you what
(20:21):
your retirement tax bill will look like. Make an appointment
and we can show you how not to be that
IRS collector. It's called tax planning. Another solution we're talking
about is income planning. We'll get into that in a
little bit, but talk about the seminars that we have.
Speaker 2 (20:36):
Yeah, the other solution is register for our seminar. It's
a three and one seminar. It's a state planning, social
security and tax planning. We're gonna cover tax planning and
social security, going to answer some questions. And the next
thing that you should be planning for is an income
that you cannot outlive in retirement. We talked about it earlier.
Do bucket planning. We could show you how to get
income and then you know safety and growth at the
(20:59):
same time. And there was a study it was just
completed that identified that Americans are more concerned with running
out of money in retirement than they are concerned about dying.
Think about that. So what are you doing about it?
Is our question. And we believe that a guaranteed income
that you cannot outlive solves the issue of running out
(21:19):
of money in retirement and we can help and only
insurance companies can provide that benefit. We have one of
the best income annuities ever developed for retirement. You don't
know about it, so that's why we're telling you about this.
And I would give serious consideration to a benefit like
this if I was you. And another serious issue that
we would like you to consider is debt, because more
(21:40):
and more Americans are finding themselves having to increase their
debt to maintain their standard of living. And Chris, everything
is increasing inflation, you know, food, gas, It goes on
and on. Taxes are going up, and it just eats
away at everything you make. So when you're making income,
it takes a lot of that away. And now what
do you do just inflation? But what about the taxes?
(22:01):
What if you had that tax increased tax liability on
top of that, then that means less income for you.
And that's why we see this each and every day.
And many people who meet with us, they don't see
the next ten or fifteen years out. We see those
people that are going through that today. We see that
they cannot go back to work. But guess what costs
are increasing? Or now they have to pay taxes because
(22:22):
of IRMA Right, there's different taxes, we call them stealth
taxes that come and creep and then guess what, you
have less income?
Speaker 3 (22:29):
Where do you want to be? Do you want to
be in position where you can take advantage of these opportunities,
or do you want to fall victim to them and
just follow the crowd and say, well, everyone lost money,
or everyone's paying taxes, or everyone's part of that. No,
it's not true. There are planners out there. There are
people who can put together a plan to keep you
out of these situations. So pick up the phone, schedule
(22:52):
time to meet with us. If you're looking for income planning,
we can help. If you're looking for an investment plan,
we can help. If you're looking for Social Security maximization planning,
we can help. If you look at for tax planning,
we can help. Speak of the phone a three to
three Maggie tacks, you know.
Speaker 2 (23:05):
And all of this creates problems for a family or
a business if the primary wagejourner dies too early. How
many of you think about that? Statistically, many many Americans
are living paycheck to paycheck, and we see that every
time that we do tax returns. And if those paychecks
were interrupted because you died prematurely, it could create tremendous problems.
If you attend our State Planning seminar, you're going to
(23:28):
understand and learn what you can do now before anything happens.
It's called proper planning. And we've done these seminars, they've
been very successful and people leave the event and they say,
you know, we never thought about it that way. It's
something that you have to think about. So don't you
understand that if it is difficult to afford a premium
while you are here and working, wouldn't it be even
(23:49):
more difficult for you or your family or business to
deal with all of the debt if your warrant there.
And Chris, that's a problem. They don't do planning. They
don't do a bucket planning or budget planning. You had
a client last week that said, I never did a budget.
Speaker 3 (24:02):
Well that's just it. And they looked at me and
they said, well, we were just used to make an
income and spending it. And then luckily they had a
retirement plan already put together for them because of past inheritance.
It was kind of a plan put right into their lap.
But now they don't know what to do with it.
So now they're there, they don't have the right tools
(24:23):
in place to structure their income planning. And that's where
they met with us and they said, Chris, we need help.
When you need bucket planning, we need to do some budgets.
We need to make sure that we're living and paying
less taxes. Can you help? And that's what we do.
So when you when you meet with us, we're gonna
look at what you have. We'll look at your taxes,
look at your investments. We're gonna look at what you're
(24:43):
looking to accomplish. Do you want to travel, do you
want to play golf? What do you want to do?
This is about you and your money. We'll be honest
with you. We'll tell you you can retire or you
know what, you can't. You gotta wait now the five
years you got to pay this debt down, You got
to do this or that. That's what you need. You need,
you need confidence and that's what we can provide to you.
So get the Maggie planned for your retirement eight three
(25:05):
to three maggie tax. That's eight three to three maggie tax.
Speaker 2 (25:08):
And let's see what it would cost to eliminate all
your debt, including your mortgage, and how much income we
would have to replace if you died too soon, your
family and business would face tremendous difficulty if you were
not here. We all know that, and many of you
listening have a situation that you could relate to so
let's make sure that your income is still here even
if you are not. And another concerned Americans are starting
(25:31):
to realize is long term care. And many families life
savings are destroyed in a short amount of time paying
for long term care. So when people run out of
money or don't have enough money for long term care,
the responsibility falls on a family member, and usually it
is a female family member. And according to AARP, one
out of every five Americans is an unpaid family caregiver.
(25:55):
I know I was because my dad was in a
nursing home. We had to take care of him, my sister,
and my other and we could not have someone come in.
And that happens to a lot of people out there.
So the person giving the care loses income because they're
not working, and this causes stress on the family financially
and emotionally. And it happens, and these events destroy the
family's assets and savings. And we have many different ways
(26:17):
that we can cover these costs for you. And events
like these are devastating to families. So let's get started
with a program that will allow you and your family
to be in control when this happens. Visit Magi tax
dot com. Give us a call at eight three three
MAGI Tax operators are standing by right now. The reason
why Chris and I do these shows is for educational purposes.
Register for our free, no costs three in one seminar.
(26:41):
You have nothing to lose. It's ninety minutes of education
on a state planning, social security planning, and the big
one that we're even going to get to talk about
is tax planning. Eight three three MAGI tax.
Speaker 3 (26:52):
So we have exciting things to share with you, and
when you come to meet with us, we're going to
show you these things. I mean, think about it. When
you can have income and not pay tax, or have
income and pay very low tax, you kind of sit
back and you say, this is what it's all about.
You know, when we show a client in retirement their
tax return and they go, well, that's the effect of
(27:13):
tax bracket them in I'm not where I used to be. Well, yeah,
let me show you why. And they say, oh my gosh,
we have about the same amount of income coming in
the front door and we're not paying that much in tax.
So all the tax savings promotes them more income. And
now you can see that the income streams that are
coming in each and every month. Those are called paychecks,
but guess what, you don't have to go to work
(27:34):
to get them anymore, and then you can generate some
play checks. Playchecks are just extra income where you can
just generate suspend every month because you know it's coming in.
What a great feeling to have.
Speaker 2 (27:45):
Let me ask you a question. Does a CPA or
a tax prepaer talk about income planning, investment planning, and
legacy planning? The answer is no, Okay, does a broker
talk about tax planning, income planning or texes?
Speaker 3 (28:01):
I can tell you firsthand. I used to work with
one of the largest brokerage houses out there when I
first start in this business. And the answer to that question,
if someone said to you, can you tell me about taxes,
the answer would be from the broker would be just
consult your tax advisor because we can't share on that information.
And that's where you're missing the boat if you're working
(28:24):
with that advisor. Because there are planners that like us
that this is what we do. We take a tax
approach and everything we do. We understand investments, We understand
your income needs, we understand the maximization and social security
and also your investments and when you put all that together,
guess what, you have a plan with a smile on
your face, because now you have income on a tax
(28:44):
favored basis. You have income and investments that you can
draw from that you know you're not going to outlive
your money. You also have investments that you can put
together where you don't lose anything, and you also have
investments where you can actually make money if the market
goes down. So I think about that for a minute.
If you want any of those different things, then why
(29:04):
are you not searching for them? And if you're listening
to it today, we can help pick up the phone,
schedule time to meet with us A three three Maggie tax.
Speaker 2 (29:11):
You know, years ago when I started, I did you
know Medicare? I did life insurance. And when I used
to sit with a client and just go in, you know,
offer the life insurance, they'd say, do you know anything
about tax plan? I would say no, you have to
go call your tax prepare. And then some would say
do anything about income planning? And I would say no,
because I'm doing Medicare and Social Security. And then a
light bulb went off in my mind. And if you
look at our website, Maggie tax dot Com. You'll see
(29:34):
all the topics that we talk about, Social Security, medicare.
Why did I do that? Because Chris and I do
complete planning. That's what we're talking about here. It's not
about someone telling you you can go anywhere and get
one product. You go buy a shirt, you go buy
a pair of pants, you can go to two different stores.
But if you want to buy a complete outfit, what
do you do? You go to one store and buy
the whole complete outfit. That's it.
Speaker 3 (29:56):
And you know what those are out there on the
financial side, and that's what we do. So pick up
the phone, Maggie tax dot com so much there to
help you out with Oh my gosh, you know those
videos on our website to learn what your future tax
rate's going to be in retirement on that IRA, that
full one K that you have. Guess what we can
tell you today in thirty seconds what that retirement tax
bill will be. And why do you need to know
(30:18):
this because this is your money. So think about it.
You have a five hundred thousand dollars full one k.
Oh my gosh, you put money away. That's great, but
guess what, it's not all yours irs gets paid first
and guess what your next. So you have a mortgage
on it? What are you gonna do with it? How
do you defuse this big tax time bomb? We can
show you how. Pick up the phone, schedule time to
meet with us. We have exciting plans to show you
(30:41):
and we can't wait to meet with you. Pick up
the phone eight three three Maggie Tax, and don't forget.
Every Sunday, tune into our Maggie Tax and Financial Show
on ABCTV at ten thirty am. It's a show thirty minutes.
It'll show you, educate you. Maggie tax dot Com for
more information, and also tune into our seminars three and
one Seminars Maggie Tax dot Com A 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.
Speaker 3 (31:15):
Maggie.
Speaker 1 (31:15):
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
two twenty five twenty that's eight one three three two two,
twenty five twenty now your host for the Maggie Tax
(31:36):
and Financial Hour, father and son from Maggie Tax Advisory
and Financial Group, Robert and Chris Maggie.
Speaker 2 (31:42):
Welcome back everyone. Thanks for joining us today. You're listening
to the Maggie Tax and Financial Show. Be sure to
visit our website, Maggie Tax dot Com and hit the
retirement Calculate it to find out what your tax bill
is going to be. And also be sure to watch
our TV show every Sunday at ten thirty am on
ABC TV. I just want to mention something that with
the current administration in the White House, you need to
(32:04):
act fest because the tax plans are directly aimed at
your retirement investments. And here's the story. If you don't
want to see your retirement income potentially take a double
digit tax hit, you've got to do some tax planning
now before they change the laws. And remember it's written
in pencils, so they can do whatever they want. They
have already said raising taxes a top priority. So make
(32:27):
protecting what's yours a top priority. So right now, visit
Maggie Tax dot Com. Click on the tax retirement bill
on the top of the website. In thirty seconds, I
can tell you your retirement bill. I said it, yes,
in thirty second Maggie Tax dot Com.
Speaker 3 (32:43):
And that's just it. You know, why not? Why not?
Because do you want to fall victim to this or
do you not? The obvious answer is heck no, right,
But then again, why aren't people doing it? Why why
haven't you done it?
Speaker 2 (32:58):
Why?
Speaker 3 (32:59):
Because you haven't had the leadership, you haven't had the
person to go to. And that's why we're here. So
pick up the phone, schedule time to meet with us.
Maggie Tax Advisory. That's what we do. We do full planning,
complete planning. We call it the Maggie Plan. Why do
we call it the Maggie Plan Because it's complete planning,
it's income tax planning, it's tax planning, it is tax preparation,
(33:19):
it is income planning, investment planning, social security maximization planning,
medicare planning, a state planning. Do you want all of
that when you want that for you and your family? Absolutely,
So pick up the phone, schedule time to meet with.
Speaker 2 (33:33):
Us and work with a complete advisor like Maggie Tax.
And that's the reason why you should get a second opinion.
And not a transactional advisor who's going to tell you
just stay in the market. So when you come in,
you're going to meet with Chris and I we're going
to sit down with you have a conversation. So let
me talk about a gentleman here that came in. He
works at his job for twenty eight years. He worked
(33:54):
at another company until they closed that branch. So he
received the letter saying that he will have a fifth
twenty percent penalty if he doesn't do something. And his
wife worked for a company for thirty five years and
was let go when COVID hit because of her age.
So her money from from where she work is still
sitting in a four to one K. Why is it
(34:15):
still there? That's what we asked her, and her answer was, well,
I don't know what to do. So now she works
part time at another job. They have an autistic son.
He goes to a county program. Until two thirty, they
had no idea they could roll over their four to
one K and do a trustee to trustee transfer and
protect their accounts. And Chris, the point here is if
any of you have an old four to one K
(34:36):
or four one K with another company, you do not
have to leave it there, and we can show all
of you how to avoid a four to one k
rollover mistake.
Speaker 3 (34:44):
And that's just it. You know, many people just don't
know what to do. So very simply we took the
heartache out of all this and the worry and the concern,
and what we did was, we can open up an
IRA and we can roll the money over. It's a
non taxable trustee to trustee transfers as no tax. But
now she says, well, what do we do with it?
So we sat down with her and we asked a
lot of questions and we discovered what her risk tolerance
(35:08):
is and she said, you know, Chris Bobby, I'm in
the middle. I'm balanced. And we came to that conclusion
as well. So what we did was we put half
of the money in a safe account where she doesn't
lose anything. There's no fees, she gets the gains of
the market if the mark goes up, if the mark
goes down, she doesn't lose. She had protected her money,
and then the remaining amount we actively manage it. There
was really cool strategy that we have that we can
put the money in the S and P five hundred
(35:29):
or the Dow An Index, and then there's a twenty
percent buffer on the downside. This is really cool. So
if the market goes down within that twenty percent, she
doesn't lose anything. But this is invested in the market.
So if it goes past the twenty percent buffer, then
she just loses the difference. So if the mark goes
down twenty two, she loses two, not twenty two. And
she said, well, how do I go about doing that?
(35:51):
How do I have total protection on one side and
then still have really nice upside potential if the mark
goes up, but then again I still have down side
protection as well, even though I'm in the market. And
I said, yeah, this is how we can put this together.
And she said, oh my gosh, I wish I would
have met with you ten years ago.
Speaker 2 (36:10):
So why do people meet with Maggie Tax Because you
are confused. You need help, and we can help. And
let's talk about the gorilla in the room. I keep
mentioning that there are so many many of you have
no estate planning, and many of you do not have
a proper beneficiary on your accounts. This is what we
do when we meet with a client. We do a
state planning. And even if you keep your accounts with
(36:30):
your advisor, then call us for a beneficiary review and
get a state planning. Why does this happen? It happens
because your advisor does not talk about what we do.
Every client. We discuss medicare planning, We discuss those security planning,
tax planning, income planning, investment planning. So you can avoid
these mistakes, these horror shows that Chris and I are
(36:50):
talking about. So it's up to you. Operators are standing
by eight three to three. Maggie Tax. Be sure to
visit our website Maggie tax dot com. Go to the
retirement calc later punching the information and in thirty seconds
we'll tell you what your tax bill is going to be.
Speaker 3 (37:05):
And that's just said. And if you're serious about looking
for an income plan, where do I take my money from?
How do I do it in the most tax efficient way?
You know how much am I going to get after
tax net? We can show you. And what if you said, well,
what about my accounts? You know, how do I position
them in safe money buckets? Now, money buckets later money buckets?
Maybe I have some risk and volatility? And what about
later or even never money buckets where I'm no plans
(37:28):
on touching that money. Well, how do you go about
making these buckets fit you and your family? What about
making sure that all my accounts, all your accounts, avoid
probate and go to where you want it to go,
God forbid? And when you pass away, what about making
sure that you have a complete plan, knowing that at
the end of the day, I got things in order.
(37:50):
You know, that's how much is that worth to you?
And that's what we do here. So when you come
in and meet with us, these are things we're going
to talk about. We want to talk about you want
to talk about what you want to do when talk
about the risk, We're going to get down to each
and every account that you have, So pick up the phone,
schedule time to meet with us. You know, let's talk
about the gorilla in the room. Let's talk take the
risk off the table. You know, how do you feel
(38:11):
about taxes in the future, How do you feel about risk?
How do you feel about inflation? How do you feel
about government regulations and legislative risk? You know, have you
done any multi generational planning? If not, why not? You know,
what's your rate of return? What kind of rate are
you getting. If you don't know, pick up the phone,
schedule time to meet with us. That's what we do.
Maggie Tax Advisory and Financial Group. Visit our website Maggie
(38:33):
Tax dot com and don't forget Every Sunday on ABC
TV at ten thirty for the Magie Tax and Financial.
Speaker 1 (38:38):
Show you've been listening to. The Maggie Tax on Financial
Hour discussing tax planning investment strategy is presented by Robert
and Chris Maggie from Maggie Tax Advisory and Financial Services
with offices in Hillsboro and Panela's County. Visit Maggie Tax
dot com or call eight one three three two two
twenty five twenty. That's eight two one three three two
(39:01):
two twenty five twenty 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 (00:52):
Hello everyone, and thanks for joining us today. You're listening
to the Maggie Tax and Financial Show. I am Robert
Maggie and I'm here with my son Chris Maggie, and
together we're going to be talking about a lot of
different things regarding taxes, about income planning, retirement planning, social security.
These are things that people talk to us every day about.
But the easy way is go to our website, Maggie
Tax dot Com. That's Maggi Tax dot Com on the
(01:16):
lower right hand corner. We have a chat box. So
if you're listening to today's program and you have a question,
go to Maggie Tax dot Com. Put it in there
and we'll respond to you. And then if you want
to make an appointment, we could set up something for you.
Eight three three Maggie Tax and don't forget. Every Sunday
at ten thirty on ABC TV, I'll watch the Maggie
Tax and Financial Show and Chris, we want to talk
(01:37):
about a lot of things today, but one of the
biggest questions is could hire taxes derail your retirement approach
because people aren't prepared for taxes in retirement because everybody
thinks the taxes are going to be low and that's
not correct.
Speaker 3 (01:49):
That's right. Welcome everyone, and thank you so much for
tuning into the show. And you're right, could taxes derail
your retirement approach? And that's we're going to talk about today.
You know five ways taxes can rise and how to
protect yourself. And you know we're in a EOO economy.
Let's admit it. You're on your own and we see
what's going on with the administration, we see what's going
on with the economy. So how can you protect yourself?
(02:12):
And one of the big things that you can do
is you can pick up the phone schedule time to
meet with us. You need a partner, you need someone
on your side, and that's what we could do for you.
So visit our website at Maggie tax dot com. There's
so much information right there at your fingertips that you
can access. And what's really cool on the website, there's
a chat box. Go to our website Maggie tax dot com.
If you have any questions during our show, go ahead
(02:35):
and type it in.
Speaker 2 (02:37):
We have.
Speaker 3 (02:39):
Availability to address the questions for you. So if you
have things that are on your mind during our show,
pick up the phone, schedule time to meet with us
eight three to three Maggie Tax, or just go to
Maggi tax dot com and in the chat box go
ahead and ask your question.
Speaker 2 (02:54):
And if you're not aware of it, on the top
of our website. There's a tax retirement calculator. We're going
to be talking about that in a few minutes because
we can actually show you in thirty seconds what your
retirement tax bill will be. It's real simple. Take a
look at it, and like Chris said, go to the
chat box and if you have a question, just ask.
I mean, this way, you don't have to be embarrassed.
We see it and we'll be glad to respond. So
(03:16):
taxes are an important topic when it comes to retirement,
and many people overlook that. And you know, the more
you pay in taxes, the less money, the less income
you're going to have in retirement to spend. And that's
what's happening now, Chris. A lot of people are complaining
about inflation, about the prices of gas going up, food
going up, everything. And when you get into retirement and
(03:36):
you start looking at this, it starts to eat away
at what you think you have and you don't have
enough to live on.
Speaker 3 (03:41):
Well, that's just it. I mean, think about it. You
can't go back to work. So income sources are so valuable.
It's so important. And if your advisor is not talking
about an income plan, then you have to And if
they don't know how an income plan works. They're just
more focused on the accumulation phase. Then that's what we
sp specialize. You know, it's like going to a doctor.
(04:02):
You need heart surgery, you need to go to a
hard doctor to focus on getting it fixed. Same thing
with your retirement. You know, many advisors are out there
talking about the accumulation phase and yeah, they can grow
your money, so can you can do it by yourself
these days, But they don't focus on the distribution phase.
And we specialize in the distribution phase because income and
(04:23):
taxes and investments and longevity and making sure your assets
transfer to where you want it to go is so valuable.
Speaker 2 (04:30):
So let's talk about three possibilities for taxes. Number one,
your taxes could be lower in retirement they are today.
And this is the premise of tax deferred savings vehicles.
So if you have a four oh one K or
an IRA that's tax deferred. You defer your taxes to
the future and hopes that your tax rate is going
to be lower in retirement than it is during your
(04:51):
working years. And what we see now coming and think
about this talk about legislature risk. They can change the
rules anytime they want. Number two, your taxes could be
the same in retirement as they are today. And savers
who want to maintain their pre retirement lifestyle once they're
retired often need to maintain a similar annual income in retirement. Christen,
that's the question we ask everybody, how much do you
(05:13):
need in retirement? You know, And a lot of people
are afraid to answer that question. But the way they
go is, i'm making this now, can I make that
in retirement? So for these savers, the tax rate may
stay the same in retirement because their income needs stay
the same in retirement. And I don't know if that's
correct with everybody. And again, like we talked about it before,
and you can address it with things are changing, inflation
(05:34):
prices going up that we've seen that's not right.
Speaker 3 (05:37):
Well, most people that we see it come across, as
you know, they're working. They're bringing six thousand dollars a
month home or ten thousand dollars a month home, and
pretty much that's what they're used to getting. So if
you are receiving income now and you're thinking about, oh,
what kind of retirement income should or I have or
what will it look like, it's pretty much about what
you have now, and maybe it's going to get less
(05:59):
because you might have then your house paid off and
debt has been cleared out, or it could increase because
of inflation. So we need to have these variables set
in place, and that's why it's so important to work
with the right advisor, a distribution phase specialist to work
with you. So let's talk about the last possibility for
your taxes.
Speaker 2 (06:17):
Well, that'd be your taxes could be higher in retirement
than they are today. And this is a risk many
savers are beginning to understand because we talk about it
every week. We talk about it with every client. But
with our current federal debt and recent congressional spending, tax
rates in the future could be higher than they are today.
I know one thing, and we talk about this all
the time. The Trump tax cuts are going to expire
(06:38):
in twenty twenty five. And what does that mean to
everybody out there? It means the taxes are going to
go up and again if the government stays the same.
The administration right now is spending trillions of dollars. We
have to pay it. We have to pay it back.
It's going to come from iras four oh one k's
and by the way on four oh one k's. If
you have old four oh one k's and we have
a lot of people calling us, you have to think
(07:00):
about moving it out or roll it over to a better,
safer product because they're not taking care of it, Chris.
And that's the other problem that people don't understand. The
four one K and the IRA are taxable.
Speaker 3 (07:13):
Simply if you don't work for that employer, you shouldn't
have your money there. You should do something with it
where you can have an advisor look at it. Maybe
create some safety buckets, some growth buckets, some opportunistic buckets.
There's a lot of things you can do to help yourself.
So rising taxes in retirement is an important risk for
savers to really understand, and that's why we're talking about
(07:34):
this today. This is especially true for individuals who have
saved all or the majority of their retirement assets and
tax deferred investment vehicles like iras and four one ks
and set plans and TSP traditional accounts. That's what we're
talking about here. These accounts are infected with taxes. You
need to go ahead and start understanding how to diffuse
(07:56):
the big time bomb that these accounts have.
Speaker 2 (07:59):
Exactly tax time bomb. And one more thing. Visit our
website Maggie Tax during the show right now. If you
have questions, go to our Maggie tax dot com. It's
a chatbox on the bottom right. If some of these
concern you, write a question, will be glad to answer it,
and then go to the top of the website for
the tax retirement calculator. Put the information in and in
thirty seconds we could show you what your retirement tax
(08:21):
is going to be. This is something, Chris, that all
people need and it's got to help them. So some
savers are most concerned about higher taxes and retirement. Some
we talked to it doesn't make a difference. But since
higher taxes pose the greatest risk to traditional tax deferred
saving vehicles, what are you doing about it? What are
you doing about it? Do something? Don't just sit there
(08:42):
and wait on Just a real quick note. We had
a client come in last week and we were talking
about what Chris mentioned before, the accumulation phase and the
distribution phase, and he said, guys, listen, you know I've
worked for I don't know how many years, and I
accumulated money. But my guy never talked to me about
the distribution phase. And when we talked about a we
talked about bucket planning, We talked about income now, letting
(09:03):
it grow more for retirement so he could relax. And
you want to know something, he sat back and he said,
I did not know that I could retire with the
money I have. And actually, Chris, you could probably talk
about this. We actually gave him more in retirement than
he did while he was working.
Speaker 3 (09:16):
And that's just it. You know, many people say, oh,
I got to get to a million bucks, I have
to get to a certain number and then I can retire.
It's not true. You know, there's different products, there's different
strategies that you can create your own family guaranteed income
for a bucket of money and you don't need that
much to do it, and you can create another buckets
for liquidity and other buckets for more play checks. There's
(09:38):
a lot of things you can do and you just
don't know how because you just don't know what you
don't know. So it's very simple. Pick up the phone,
schedule time to me with us. Let's get together. We
have offices on both sides of the Bay to help
you very convenient. Visit our website at Maggie Tax dot Com.
As my dad mentioned before, there's so much information right
there at your fingertips, you know, so you might be wondering,
will my taxes be lower, the same or high in retirement.
(10:01):
Let's get that question answered. We had a client that
came in last week, great client of ours. They want
to know if they should start converting their money from
iras to roth iras. And what we did was in
the office, we went ahead and did a mock tax return.
We showed him let's maybe convert a certain amount of this,
or if we rip off the band aid, what it's
gonna look like. And guess what they both said, We
(10:21):
don't really need to convert, do we know? He said, yes,
you don't have to. So your situation was a little
different than everybody else, because you know, every situation, every
plan that we put together is different and it's your money.
So pick up the phone, schedule time to meet with us.
Eight three three Magi Tax. That's eight three to three
mag Attacks and don't forget to tune in every Sunday
(10:42):
for the Maggie Tax and Financial Show on ABC TV
at ten thirty am. Eight three three Maggie Tas. Don't forget.
Visit our website, Maggie Tax dot com. If you have
a question, there's a chatbox right there. We can answer
it for you. 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 gg I tax dot com. Or call eight one
(11:19):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty Now your host
for the Maggie Tax and Financial Hour, Father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 3 (11:35):
Thanks for tuning in to the Maggie Tax and Financial
Show and welcome back on Chris Maggie. And as we
do each and every week, we love what we do
and that's why we're here. We educate you. There's so
many people that need help. You know, when we meet
with clients during the week, it's amazing that they've saved
for retirement. They just have no plan and they have
what they call we call an incomplete plan. And if
(11:58):
you're looking for a complete plan, then that's what we
do when we call it the Maggie Plan. It's a
simple plan for and it's easy for you to understand.
It's tax planning, it's insurance planning, it's income planning, it's
investment planning, it's a state planning, it's social security maximization planning.
You know, we help our clients organize their thinking so
you can make beneficial decisions for yourself and for your family.
(12:21):
And you know everyone out there has to organize their
thinking a lot of different ways. So you have clarity,
so you have confidence, right, and many people have worked.
You've put the blood, sweat and tears into everything you've
done and have done, and you saved. But now it's
a different game. It's called the retirement game, and you
have to play it the right way because guess what,
there's obstacles in the way that can just erode the
(12:43):
retirement if you're not if you're not aware of it.
So that's what going to help you with today. So
pick up the phone, schedule time to meet with us.
A three to three Maggie tax.
Speaker 2 (12:50):
You know it's simple. It's the new rules of retirement.
Sometimes the old rules of retirement don't work anymore. So
we have a couple questions for you, because this is
on everybody's mind, and if it is, it's a good
reason to pick up the phone. Let me ask you
a question. Will taxes be higher in the future? And
if you say higher, then what are you doing about it?
Because we know that when the Trump tax cuts expire,
it's going to go up for everybody. I don't care
(13:11):
who you are, it's gonna go up for everybody, and
you need to do some tax planning. Let's talk about
what about the benefits? Will they be lower in the future.
And the answer to that is yes, and it's changing
every single day. And again, what are you doing about it?
And I hope I'm hitting a soft spot and your tummy,
because if you're not doing anything about it, don't complain
about it unless you do something about it. And I
(13:32):
always say this, and we talk about the language. If
you don't understand the language, that's okay. Let us interpret
that for you so you do understand it and feel better, Chris,
and walk away with the knowledge that you know they're right.
I need to do something, but get the right help.
You know, we're going to continue to deal with serious
inflation and the answer is yeah, what are you doing
(13:53):
about it? I mean, price of gas is up, the
price of food is up, everything is up. But you
have to do something. You have to do something to
combat that. What about volatility continue to increase? I mean
that's something that we all know. It's up and down,
up and down. And the answer is yes, And what
have you done to avoid a big market risk? Chris?
Many people come in and there are always the correct
question is what about taxes? What about market risk? What
(14:15):
are they doing about it? What are they doing about it? Chris?
What do we tell them?
Speaker 3 (14:18):
Well, that's it? And where's it written that you have
to lose thirty percent like everybody else? Where's it written
that that has to happen for you? It doesn't have
to happen for you. And that's why if you with
the right advisor who can put together a plan it
has the strategies to help protect against the downside and
the volatility and the inflation and the taxes, then that's
(14:39):
where you want to go. So you have choices, you
have options. You know what we're talking about here is
that there are many advisors out there, but really, what
are you looking to achieve? Are you looking for the
best growth product? Are you looking for the best product period?
Speaker 2 (14:54):
You know?
Speaker 3 (14:54):
Is that what you're looking for? Well, that's just pretty much.
You're better than that. You need a complete play. And
it doesn't matter how much money you have. If you
have one hundred thousand dollars, if you have ten million,
or twenty million or fifty million, doesn't matter what it is.
You should have a plan and a plan meaning that
every account you have, you should have a tax plan
with it. You should have an investment plan with it,
(15:15):
you should have an income plan with it. That's what
we're talking about here. So have a complete plan. And
if your complan is incomplete, then you need to do
something now to pick up the phone in schedule time,
because let's get together and complete the plan. Eight three
to three Maggie Tacks.
Speaker 2 (15:27):
Yeah, don't forget. We have officers in Saint Pete office
in Palm Harbor and also Loots. Pick up the phone
right now. They're operated standing Biolet's set of time to
meet with you, no costs, no obligation. And let's talk
about longevity, will we outlive our money. That's the biggest question.
And this is a concern for every one of you
and the risks of retirement.
Speaker 3 (15:45):
And let me stop there for a minute, because you
know a lot of people ask us, well, it's only
for people who have don't have a lot of money,
and it's actually reversed. We've met with many, many millionaires
who the main concern is are we gonna outlive our money?
And it's amazing when you see five million dollars in
their account and they're concerned about outliving their money. It's
(16:05):
amazing when you see a millionaire who has concerned about
outliving their money and instead of just you know, the
perception is that they're set and they're okay, but their
concerns are preserving their assets, making sure they have enough
there so they don't have to go through the troubles
that that many people are going through these days.
Speaker 2 (16:24):
But there's a good point while we talk about bucket planning,
you mentioned for wealthy people, they do not understand how
to put an income bucket, a growth bucket, and a
longevity bucket together, so they will never outlive their money. Chris,
and we do that for every client that comes in
because if you don't have bucket planning, what do you have?
And that Chris mentioned before, just a pile of money?
(16:45):
Is that the answer? Because you have you know the
old rule, what does to take four percent out? It
doesn't last any longer if you're a market. If your
account's going down and everything's going up, right, that's exactly right.
So you might outlive your money. And that's the worst
feeling if you're older and you're seventy and you're seventy
five and you have the thought where I can't spend
money or I have to really retract because I might
(17:07):
outlive my money. So what's the prize that we have
is our health. We have to make sure that we
keep our health.
Speaker 3 (17:14):
At the same time, we have to plan and make
sure we have guarantees in our plan to have an
income plan. So if we have our income plan set up,
then we can explore with some other nice investments and
we could take some risk with it, or we can
spend more or even have a playcheck. Who wants a playcheck?
A playcheck is something that comes in each and every
month that you can just spend. It's always going to
come in for the rest of your life. That you
(17:36):
just spend for whatever you want. That's a great feeling
to have and we could set that up for you.
So pick up the phone, schedule time to meet with us.
Eight three three Maggie TACs.
Speaker 2 (17:45):
And one thing when you talk about a strategy and
a concept that we've used for years, is you can
actually and hear me what I'm gonna say, run out
of money, but never run out of income. Had a
gentleman the other day came in, he's sixty eight years old.
We set them up with a plan seventy two. He
has to take his RMD out. We set him up
for income for the rest of his life, and if
(18:05):
anything happened to him, it's going to go to his
wife and have income for the rest of her life.
That's what we talk about planning. That's what we talk about,
a complete plan. So if you're interested in that, give
us a call a three to three Maggie Tax. Pick
up the phone right now. We have operated standing by
visit our website Maggie Tax dot com. Click on the
retirement calculator on the top right, and in thirty seconds
I can tell you what your retirement tax bill is
(18:26):
going to be. And don't forget to watch our TV
show every Sunday on ABC TV at ten thirty. We
have a lot of information that we want to share
with you. It's about education, it's about understanding the language.
And don't be embarrassed. If you don't understand the language,
say so, ask someone to interpret it. That's what Chris
and I do so eight three to three Magie Tax.
Be sure to visit our website, Maggie tax dot com
(18:48):
and we have offices in Saint Pete Blots and also
Palm Harbor. And don't forget. Every Sunday ten thirty ABCTV
and you're listening to the Maggie Tax and Financial Show.
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 Mega Tax and Financial Show. And
last segment, we're talking about the IRS and guess what
you are? The tax collector because you have that IRA,
you have that four one K, and guess what they
have the first mortgage on those accounts. They are infected
with taxes and guess what they're coming after you for
those taxes on those accounts that you work so hard for.
(20:00):
So pick up the phone, schedule time to meet with us.
Sum Chris Maggie and I'm here with my dad and
cost of the show, Robert Maggie. We're talking about having
strategies and creating strategies to possibly reduce or even eliminate
that income tax liability on those Form one cays, and
we can show you how to do that. Visit our
website at Maggie tax dot com, click on the retirement
calculator and in thirty seconds we can tell you what
(20:21):
your retirement tax bill will look like. Make an appointment
and we can show you how not to be that
IRS collector. It's called tax planning. Another solution we're talking
about is income planning. We'll get into that in a
little bit, but talk about the seminars that we have.
Speaker 2 (20:36):
Yeah, the other solution is register for our seminar. It's
a three and one seminar. It's a state planning, social
security and tax planning. We're gonna cover tax planning and
social security, going to answer some questions. And the next
thing that you should be planning for is an income
that you cannot outlive in retirement. We talked about it earlier.
Do bucket planning. We could show you how to get
income and then you know safety and growth at the
(20:59):
same time. And there was a study it was just
completed that identified that Americans are more concerned with running
out of money in retirement than they are concerned about dying.
Think about that. So what are you doing about it?
Is our question. And we believe that a guaranteed income
that you cannot outlive solves the issue of running out
(21:19):
of money in retirement and we can help and only
insurance companies can provide that benefit. We have one of
the best income annuities ever developed for retirement. You don't
know about it, so that's why we're telling you about this.
And I would give serious consideration to a benefit like
this if I was you. And another serious issue that
we would like you to consider is debt, because more
(21:40):
and more Americans are finding themselves having to increase their
debt to maintain their standard of living. And Chris, everything
is increasing inflation, you know, food, gas, It goes on
and on. Taxes are going up, and it just eats
away at everything you make. So when you're making income,
it takes a lot of that away. And now what
do you do just inflation? But what about the taxes?
(22:01):
What if you had that tax increased tax liability on
top of that, then that means less income for you.
And that's why we see this each and every day.
And many people who meet with us, they don't see
the next ten or fifteen years out. We see those
people that are going through that today. We see that
they cannot go back to work. But guess what costs
are increasing? Or now they have to pay taxes because
(22:22):
of IRMA Right, there's different taxes, we call them stealth
taxes that come and creep and then guess what, you
have less income?
Speaker 3 (22:29):
Where do you want to be? Do you want to
be in position where you can take advantage of these opportunities,
or do you want to fall victim to them and
just follow the crowd and say, well, everyone lost money,
or everyone's paying taxes, or everyone's part of that. No,
it's not true. There are planners out there. There are
people who can put together a plan to keep you
out of these situations. So pick up the phone, schedule
(22:52):
time to meet with us. If you're looking for income planning,
we can help. If you're looking for an investment plan,
we can help. If you're looking for Social Security maximization planning,
we can help. If you look at for tax planning,
we can help. Speak of the phone a three to
three Maggie tacks, you know.
Speaker 2 (23:05):
And all of this creates problems for a family or
a business if the primary wagejourner dies too early. How
many of you think about that? Statistically, many many Americans
are living paycheck to paycheck, and we see that every
time that we do tax returns. And if those paychecks
were interrupted because you died prematurely, it could create tremendous problems.
If you attend our State Planning seminar, you're going to
(23:28):
understand and learn what you can do now before anything happens.
It's called proper planning. And we've done these seminars, they've
been very successful and people leave the event and they say,
you know, we never thought about it that way. It's
something that you have to think about. So don't you
understand that if it is difficult to afford a premium
while you are here and working, wouldn't it be even
(23:49):
more difficult for you or your family or business to
deal with all of the debt if your warrant there.
And Chris, that's a problem. They don't do planning. They
don't do a bucket planning or budget planning. You had
a client last week that said, I never did a budget.
Speaker 3 (24:02):
Well that's just it. And they looked at me and
they said, well, we were just used to make an
income and spending it. And then luckily they had a
retirement plan already put together for them because of past inheritance.
It was kind of a plan put right into their lap.
But now they don't know what to do with it.
So now they're there, they don't have the right tools
(24:23):
in place to structure their income planning. And that's where
they met with us and they said, Chris, we need help.
When you need bucket planning, we need to do some budgets.
We need to make sure that we're living and paying
less taxes. Can you help? And that's what we do.
So when you when you meet with us, we're gonna
look at what you have. We'll look at your taxes,
look at your investments. We're gonna look at what you're
(24:43):
looking to accomplish. Do you want to travel, do you
want to play golf? What do you want to do?
This is about you and your money. We'll be honest
with you. We'll tell you you can retire or you
know what, you can't. You gotta wait now the five
years you got to pay this debt down, You got
to do this or that. That's what you need. You need,
you need confidence and that's what we can provide to you.
So get the Maggie planned for your retirement eight three
(25:05):
to three maggie tax. That's eight three to three maggie tax.
Speaker 2 (25:08):
And let's see what it would cost to eliminate all
your debt, including your mortgage, and how much income we
would have to replace if you died too soon, your
family and business would face tremendous difficulty if you were
not here. We all know that, and many of you
listening have a situation that you could relate to so
let's make sure that your income is still here even
if you are not. And another concerned Americans are starting
(25:31):
to realize is long term care. And many families life
savings are destroyed in a short amount of time paying
for long term care. So when people run out of
money or don't have enough money for long term care,
the responsibility falls on a family member, and usually it
is a female family member. And according to AARP, one
out of every five Americans is an unpaid family caregiver.
(25:55):
I know I was because my dad was in a
nursing home. We had to take care of him, my sister,
and my other and we could not have someone come in.
And that happens to a lot of people out there.
So the person giving the care loses income because they're
not working, and this causes stress on the family financially
and emotionally. And it happens, and these events destroy the
family's assets and savings. And we have many different ways
(26:17):
that we can cover these costs for you. And events
like these are devastating to families. So let's get started
with a program that will allow you and your family
to be in control when this happens. Visit Magi tax
dot com. Give us a call at eight three three
MAGI Tax operators are standing by right now. The reason
why Chris and I do these shows is for educational purposes.
Register for our free, no costs three in one seminar.
(26:41):
You have nothing to lose. It's ninety minutes of education
on a state planning, social security planning, and the big
one that we're even going to get to talk about
is tax planning. Eight three three MAGI tax.
Speaker 3 (26:52):
So we have exciting things to share with you, and
when you come to meet with us, we're going to
show you these things. I mean, think about it. When
you can have income and not pay tax, or have
income and pay very low tax, you kind of sit
back and you say, this is what it's all about.
You know, when we show a client in retirement their
tax return and they go, well, that's the effect of
(27:13):
tax bracket them in I'm not where I used to be. Well, yeah,
let me show you why. And they say, oh my gosh,
we have about the same amount of income coming in
the front door and we're not paying that much in tax.
So all the tax savings promotes them more income. And
now you can see that the income streams that are
coming in each and every month. Those are called paychecks,
but guess what, you don't have to go to work
(27:34):
to get them anymore, and then you can generate some
play checks. Playchecks are just extra income where you can
just generate suspend every month because you know it's coming in.
What a great feeling to have.
Speaker 2 (27:45):
Let me ask you a question. Does a CPA or
a tax prepaer talk about income planning, investment planning, and
legacy planning? The answer is no, Okay, does a broker
talk about tax planning, income planning or texes?
Speaker 3 (28:01):
I can tell you firsthand. I used to work with
one of the largest brokerage houses out there when I
first start in this business. And the answer to that question,
if someone said to you, can you tell me about taxes,
the answer would be from the broker would be just
consult your tax advisor because we can't share on that information.
And that's where you're missing the boat if you're working
(28:24):
with that advisor. Because there are planners that like us
that this is what we do. We take a tax
approach and everything we do. We understand investments, We understand
your income needs, we understand the maximization and social security
and also your investments and when you put all that together,
guess what, you have a plan with a smile on
your face, because now you have income on a tax
(28:44):
favored basis. You have income and investments that you can
draw from that you know you're not going to outlive
your money. You also have investments that you can put
together where you don't lose anything, and you also have
investments where you can actually make money if the market
goes down. So I think about that for a minute.
If you want any of those different things, then why
(29:04):
are you not searching for them? And if you're listening
to it today, we can help pick up the phone,
schedule time to meet with us A three three Maggie tax.
Speaker 2 (29:11):
You know, years ago when I started, I did you
know Medicare? I did life insurance. And when I used
to sit with a client and just go in, you know,
offer the life insurance, they'd say, do you know anything
about tax plan? I would say no, you have to
go call your tax prepare. And then some would say
do anything about income planning? And I would say no,
because I'm doing Medicare and Social Security. And then a
light bulb went off in my mind. And if you
look at our website, Maggie tax dot Com. You'll see
(29:34):
all the topics that we talk about, Social Security, medicare.
Why did I do that? Because Chris and I do
complete planning. That's what we're talking about here. It's not
about someone telling you you can go anywhere and get
one product. You go buy a shirt, you go buy
a pair of pants, you can go to two different stores.
But if you want to buy a complete outfit, what
do you do? You go to one store and buy
the whole complete outfit. That's it.
Speaker 3 (29:56):
And you know what those are out there on the
financial side, and that's what we do. So pick up
the phone, Maggie tax dot com so much there to
help you out with Oh my gosh, you know those
videos on our website to learn what your future tax
rate's going to be in retirement on that IRA, that
full one K that you have. Guess what we can
tell you today in thirty seconds what that retirement tax
bill will be. And why do you need to know
(30:18):
this because this is your money. So think about it.
You have a five hundred thousand dollars full one k.
Oh my gosh, you put money away. That's great, but
guess what, it's not all yours irs gets paid first
and guess what your next. So you have a mortgage
on it? What are you gonna do with it? How
do you defuse this big tax time bomb? We can
show you how. Pick up the phone, schedule time to
meet with us. We have exciting plans to show you
(30:41):
and we can't wait to meet with you. Pick up
the phone eight three three Maggie Tax, and don't forget.
Every Sunday, tune into our Maggie Tax and Financial Show
on ABCTV at ten thirty am. It's a show thirty minutes.
It'll show you, educate you. Maggie tax dot Com for
more information, and also tune into our seminars three and
one Seminars Maggie Tax dot Com A 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.
Speaker 3 (31:15):
Maggie.
Speaker 1 (31:15):
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
two twenty five twenty that's eight one three three two two,
twenty five twenty now your host for the Maggie Tax
(31:36):
and Financial Hour, father and son from Maggie Tax Advisory
and Financial Group, Robert and Chris Maggie.
Speaker 2 (31:42):
Welcome back everyone. Thanks for joining us today. You're listening
to the Maggie Tax and Financial Show. Be sure to
visit our website, Maggie Tax dot Com and hit the
retirement Calculate it to find out what your tax bill
is going to be. And also be sure to watch
our TV show every Sunday at ten thirty am on
ABC TV. I just want to mention something that with
the current administration in the White House, you need to
(32:04):
act fest because the tax plans are directly aimed at
your retirement investments. And here's the story. If you don't
want to see your retirement income potentially take a double
digit tax hit, you've got to do some tax planning
now before they change the laws. And remember it's written
in pencils, so they can do whatever they want. They
have already said raising taxes a top priority. So make
(32:27):
protecting what's yours a top priority. So right now, visit
Maggie Tax dot Com. Click on the tax retirement bill
on the top of the website. In thirty seconds, I
can tell you your retirement bill. I said it, yes,
in thirty second Maggie Tax dot Com.
Speaker 3 (32:43):
And that's just it. You know, why not? Why not?
Because do you want to fall victim to this or
do you not? The obvious answer is heck no, right,
But then again, why aren't people doing it? Why why
haven't you done it?
Speaker 2 (32:58):
Why?
Speaker 3 (32:59):
Because you haven't had the leadership, you haven't had the
person to go to. And that's why we're here. So
pick up the phone, schedule time to meet with us.
Maggie Tax Advisory. That's what we do. We do full planning,
complete planning. We call it the Maggie Plan. Why do
we call it the Maggie Plan Because it's complete planning,
it's income tax planning, it's tax planning, it is tax preparation,
(33:19):
it is income planning, investment planning, social security maximization planning,
medicare planning, a state planning. Do you want all of
that when you want that for you and your family? Absolutely,
So pick up the phone, schedule time to meet with.
Speaker 2 (33:33):
Us and work with a complete advisor like Maggie Tax.
And that's the reason why you should get a second opinion.
And not a transactional advisor who's going to tell you
just stay in the market. So when you come in,
you're going to meet with Chris and I we're going
to sit down with you have a conversation. So let
me talk about a gentleman here that came in. He
works at his job for twenty eight years. He worked
(33:54):
at another company until they closed that branch. So he
received the letter saying that he will have a fifth
twenty percent penalty if he doesn't do something. And his
wife worked for a company for thirty five years and
was let go when COVID hit because of her age.
So her money from from where she work is still
sitting in a four to one K. Why is it
(34:15):
still there? That's what we asked her, and her answer was, well,
I don't know what to do. So now she works
part time at another job. They have an autistic son.
He goes to a county program. Until two thirty, they
had no idea they could roll over their four to
one K and do a trustee to trustee transfer and
protect their accounts. And Chris, the point here is if
any of you have an old four to one K
(34:36):
or four one K with another company, you do not
have to leave it there, and we can show all
of you how to avoid a four to one k
rollover mistake.
Speaker 3 (34:44):
And that's just it. You know, many people just don't
know what to do. So very simply we took the
heartache out of all this and the worry and the concern,
and what we did was, we can open up an
IRA and we can roll the money over. It's a
non taxable trustee to trustee transfers as no tax. But
now she says, well, what do we do with it?
So we sat down with her and we asked a
lot of questions and we discovered what her risk tolerance
(35:08):
is and she said, you know, Chris Bobby, I'm in
the middle. I'm balanced. And we came to that conclusion
as well. So what we did was we put half
of the money in a safe account where she doesn't
lose anything. There's no fees, she gets the gains of
the market if the mark goes up, if the mark
goes down, she doesn't lose. She had protected her money,
and then the remaining amount we actively manage it. There
was really cool strategy that we have that we can
put the money in the S and P five hundred
(35:29):
or the Dow An Index, and then there's a twenty
percent buffer on the downside. This is really cool. So
if the market goes down within that twenty percent, she
doesn't lose anything. But this is invested in the market.
So if it goes past the twenty percent buffer, then
she just loses the difference. So if the mark goes
down twenty two, she loses two, not twenty two. And
she said, well, how do I go about doing that?
(35:51):
How do I have total protection on one side and
then still have really nice upside potential if the mark
goes up, but then again I still have down side
protection as well, even though I'm in the market. And
I said, yeah, this is how we can put this together.
And she said, oh my gosh, I wish I would
have met with you ten years ago.
Speaker 2 (36:10):
So why do people meet with Maggie Tax Because you
are confused. You need help, and we can help. And
let's talk about the gorilla in the room. I keep
mentioning that there are so many many of you have
no estate planning, and many of you do not have
a proper beneficiary on your accounts. This is what we
do when we meet with a client. We do a
state planning. And even if you keep your accounts with
(36:30):
your advisor, then call us for a beneficiary review and
get a state planning. Why does this happen? It happens
because your advisor does not talk about what we do.
Every client. We discuss medicare planning, We discuss those security planning,
tax planning, income planning, investment planning. So you can avoid
these mistakes, these horror shows that Chris and I are
(36:50):
talking about. So it's up to you. Operators are standing
by eight three to three. Maggie Tax. Be sure to
visit our website Maggie tax dot com. Go to the
retirement calc later punching the information and in thirty seconds
we'll tell you what your tax bill is going to be.
Speaker 3 (37:05):
And that's just said. And if you're serious about looking
for an income plan, where do I take my money from?
How do I do it in the most tax efficient way?
You know how much am I going to get after
tax net? We can show you. And what if you said, well,
what about my accounts? You know, how do I position
them in safe money buckets? Now, money buckets later money buckets?
Maybe I have some risk and volatility? And what about
later or even never money buckets where I'm no plans
(37:28):
on touching that money. Well, how do you go about
making these buckets fit you and your family? What about
making sure that all my accounts, all your accounts, avoid
probate and go to where you want it to go,
God forbid? And when you pass away, what about making
sure that you have a complete plan, knowing that at
the end of the day, I got things in order.
(37:50):
You know, that's how much is that worth to you?
And that's what we do here. So when you come
in and meet with us, these are things we're going
to talk about. We want to talk about you want
to talk about what you want to do when talk
about the risk, We're going to get down to each
and every account that you have, So pick up the phone,
schedule time to meet with us. You know, let's talk
about the gorilla in the room. Let's talk take the
risk off the table. You know, how do you feel
(38:11):
about taxes in the future, How do you feel about risk?
How do you feel about inflation? How do you feel
about government regulations and legislative risk? You know, have you
done any multi generational planning? If not, why not? You know,
what's your rate of return? What kind of rate are
you getting. If you don't know, pick up the phone,
schedule time to meet with us. That's what we do.
Maggie Tax Advisory and Financial Group. Visit our website Maggie
(38:33):
Tax dot com and don't forget Every Sunday on ABC
TV at ten thirty for the Magie Tax and Financial.
Speaker 1 (38:38):
Show you've been listening to. The Maggie Tax on Financial
Hour discussing tax planning investment strategy is presented by Robert
and Chris Maggie from Maggie Tax Advisory and Financial Services
with offices in Hillsboro and Panela's County. Visit Maggie Tax
dot com or call eight one three three two two
twenty five twenty. That's eight two one three three two
(39:01):
two twenty five twenty and tune in next Saturday at
five for the Maggie Tax and Financial Hour
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