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):
Chriss share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie
Tax dot com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:53):
Welcome everyone, and thanks for joining us today.
Speaker 3 (00:55):
My name is Robert Maggie and you're listening to the
Maggie Tax and Financial Show. I'm here with my sons,
and be sure to visit our website. Maggie Tax dot Com.
We have a chat box there, so during today's show
and every show, if you have a question, type it
in and we'll answer it. Also, be sure to go
to the top of my website Maggie tax dot com
for the retirement calculator.
Speaker 2 (01:15):
If you have an IRA four oh one.
Speaker 3 (01:17):
K, four oh three B or a TSP, plug in
the numbers and we can tell you what your retirement
tax bill is going to be. And then let's get
together eight three to three Maggie Tax. So what's going
to be the tremendous impact when taxes and inflation and
healthcare costs and the impact that's going to have on
all of you? Have you thought about it? Your children
and your grandchildren? What about them? How do we take
(01:38):
care of them? And we must take you all through
a process of discovery, Chris, And every time we meet
with someone, that's what it is.
Speaker 2 (01:45):
It's questions. It's about asking them what they feel, not
what we tell them.
Speaker 4 (01:49):
That's it.
Speaker 5 (01:49):
And welcome everyone. Thank you so much for tuning into
the Megi Tax and Financial Show. I'm Chris Maggian. We
welcome you to the show today. And education is extremely important.
We all mention that each and every week and educate you.
But now is the time to take action. We are
in a yo yo economy. You're on your own. We
see what's happening out there, what are you doing about it?
And why this is so important because this is your retirement,
(02:12):
this is your future, this is your money, and because
it really limits the choices that the Fitter Reserve and
the government have for solving our current inflation crisis. We're
in a couple crisises right now, and the smart people
are going to take advantage of these opportunities, but a
lot of people are going to fall victim to them
because they have no plan. So in order to normalize,
(02:33):
so in order to normalize inflation, they must try to
increase the interest rates to level the matches that the
inflation rate is being presented to us today. So if
they did that, the interest on the thirty one trillion
dollars would be around two point five trillion. That would
be more than forty percent of the current budget going
for interest only. So it's amazing what's happening out there
(02:56):
in that many people out there have to start doing something.
Speaker 3 (03:00):
Now, well, you know, it's getting to like the end
of the line. You know, like the end of the year,
you've got to do something before it starts all over again.
So yeah, I mean we have to look at this
and sit down and have a conversation. So would other
programs the government provided be eliminated, of course not, because
they're already implemented.
Speaker 2 (03:16):
So think about it.
Speaker 3 (03:17):
You know, they would increase our current inflation problem by
printing what more money? Everybody knows that, So inflation, Chris,
is a big deal. And finally, if you understand the
information that we're going to talk about, you're going to
realize that the government would surely attempt to increase income
taxes and all other taxes.
Speaker 2 (03:33):
And we're going to get into that.
Speaker 3 (03:34):
But every time we ask a question, and I'm asking
everyone out there, do you think taxes are going to
go up or down or what?
Speaker 1 (03:40):
Do?
Speaker 2 (03:40):
They normally say it's.
Speaker 4 (03:41):
Going to go up. But here's the thing.
Speaker 5 (03:42):
When you have these retirement tax accounts that are infected
with taxes, you have a question mark tax rate. You're
moving in the future with the unknown, and that's a
scary point, especially when you need income. That means more
income to the government and less to you, and that's
not a good situation to be.
Speaker 2 (04:00):
And let's make it real simple. If you have an
IRAA four oh one K four oh three.
Speaker 3 (04:04):
B, a set plan or a TSP, guess what you
have a target on your back?
Speaker 2 (04:09):
Why? Because that money hasn't been taxed.
Speaker 3 (04:11):
And again, go to the Maggie tax dot com and
click on the retirement calculator, put in your numbers and
you'll see what I'm talking about. And in thirty seconds
you're going to look at this. We had a client
last week that came in. He's fifty five years old
and we first started talking him about TIS. He goes, oh,
I don't worry about it. But guess what when he
did it, Chris.
Speaker 2 (04:27):
What happened then? I mean he was like, really, I'm
going to.
Speaker 3 (04:30):
Pay that much tax based on that much growth, and
then what if the market goes down? And then it
started to realize time to do something about it now.
Speaker 4 (04:38):
And that's it.
Speaker 5 (04:38):
So what he did was he created a bucket plan.
And that's what we can put together for you. There's
buckets designed with a purpose. We can show you from
safety buckets for income, buckets for playchecks. Who wants a
play check? What is a play check? A play check
is just what it is, a check coming in each
and every month that you can play with. It's going
to come in every month for the rest of your life.
You want a five hundred dollars play check, you want
(04:59):
a thousand dollars pl check, just spend the heck out
of it every month because it's going to keep coming in.
It's a great way to put together a nice play
area for you to do whatever you want in the future.
Speaker 4 (05:09):
But it's design this for you.
Speaker 3 (05:10):
Yeah, but it's what you always say and we talk about.
They don't understand how to do bucket planning. They have
a pile of money and they think, well, I got
to take out that four percent that was supposedly told
for years and years.
Speaker 2 (05:20):
But that's not the case.
Speaker 3 (05:21):
When you do bucket planning, you have income, you have growth,
and then you have later money, so preserve it. We
had a gentleman the other day, so I just want
to preserve my money. Chris, Well, you're not doing it
the way you are because ninety percent of your money
was what we call in red money, was infected with taxes.
Speaker 4 (05:35):
That's exactly right. And you can also have green money.
Speaker 5 (05:37):
You can have a straight fixed rate a lot paying
a lot higher than with a CD to pay right
now if you want just something really safe and fixed.
But also you can be in the market and have
upside potential with no downside market loss. So there's a
lot of different things you can do to protect yourself
if uknow, if you know about it, and the only
way to do it is to meet with the right advisor.
(05:57):
So pick up the phone, schedule time to meet with us.
Three three maggie tax. That's eight three to three maggie tax.
Speaker 3 (06:02):
And just remember we talk about this every week, all
of us, all of us are going to face increased
taxes and a dramatic loss of the purchasing power of
the money that you have left after taxes and losses
in the market.
Speaker 2 (06:14):
And Chris, we call that market risk. So let's talk
about that from me.
Speaker 5 (06:18):
So the question I have for everyone listening today, are
you okay with what's happening right now? Or you see it,
you feel it, you watch the news, you know you
get that easy, uneasy feeling out there? Are you okay
with that? What would you like to develop a strategy
that allows all of you to prevent all that damage
to your financial and your retirement future. You have the choice.
We talked about it before. We're in Ayoeo economy. You're
(06:40):
on your own, but you can put together something if
you work with the right advisor. You know, we're going
to show you how to use this amazing information. You
know that Social Security has provided each and every year
since nineteen ninety to show you why it's likely that
you will pay more in taxes in the future. Do
something now to prevent all this for you and your family.
Speaker 3 (07:01):
So a three to three Maggie Tax. We have office
on both sides of the Bay. Visit our website Maggie
Tax dot com. We have a chat box there. Please
put a question in there. We'll answer it because if
you have questions, we can help you out. And don't
forget the retirement tax calculator on the top of the website.
Speaker 2 (07:16):
Click on it.
Speaker 3 (07:17):
I'm putting your information and in thirty second it's going
to tell you what your retirement tax bill is. And
I don't think anyone's doing that that I know of
your CPA, your tax prepair, your broker. All they're talking
about is the market market risk, what Chris was just
talking about it.
Speaker 2 (07:31):
So we also use the.
Speaker 3 (07:32):
Information to show and this is important for the older people,
grandma and grandpa out there, why it's so vital to
preserve and even leverage their estates because statistics show us
that it will be highly unlucky that grandma and grandpa's
children and grandchildren will have enough money to retire unless
grandma and Grandpa preserve their estates. And I have to
be one of them. You have two children, and I'm
(07:54):
a papa, and my wife said yahyah because it's Greek.
Speaker 2 (07:57):
But we have to also think about it.
Speaker 3 (07:59):
We have how you know your two kids, Addison and
you know Ryan later on are going to be taken
care of because right now you're not learning that, and
you have to teach that.
Speaker 5 (08:08):
And we're not talking about a gift towards them, just
to give them my good point. You want to be
able to give them the opportunity, the opportunity where they
can have a bucket of money that they can tap
into to help them move forward in the future. And
if you provide them with the education and the knowledge,
they'll make their own decisions. But now you have a
hand up as opposed to a handout.
Speaker 2 (08:28):
Good point. That's that's really good.
Speaker 3 (08:30):
And we got a lot of people coming in and saying, well,
my kids think my retirement is their money, not necessarily.
I mean, I love my kids, I love my grandchildren.
I'm sure many of you out there do. But you've
got to draw the line and start teaching them because
our goal is not to tell you about all this information,
because we want to ask all of you how you
feel about this noise, because how is it going to
affect you and your family? And we want to verify
(08:52):
how you feel about all this and then we can
implement the strategy and come up with a solution.
Speaker 2 (08:56):
And we're talking about.
Speaker 3 (08:57):
Bucket planning and red money, green money, and talking about
Chris mentioned before, play checks and paychecks. So how all
this impact you and your family? Will it impact you
in a negative way? Or could a strategy be developed
that would allow the information that we give you on
every show to impact your family in a positive way?
And Chris, I think that's what people need to be.
(09:17):
They're so headstrong and bulldozed into negative, negative, negative, and
they don't understand this a positive way. And that's what
we try to do because once they see if you
will you see the light?
Speaker 2 (09:28):
Wow, you get that aha moment? Right?
Speaker 5 (09:30):
Well, that's just it. I mean these opportunities now that
are present to us. People are taking advantage of these
opportunities when the market's going down. They take advantage of
the opportunities when things are happening, when many people are
getting caught off guard with So what are you doing
about it? Do you have a plan with that or
are you just sitting there and going with the flow
with everybody else? And you don't have to go down
(09:54):
that path. And that's why if you have a plan,
if you have a strategy, we can help you. So
pick up the phone, schedule time to meet with us.
Eight three three Maggie Tax.
Speaker 2 (10:00):
And it's called the Maggie Plan.
Speaker 3 (10:02):
It's a tax plan, it's an income plan, it's an
investment plan, and it's a state planning. How many of
you do not have a will or a power of attorney?
How many do not have your beneficiaries up to date.
That's what we do here at Maggie Tax and Financial
eight three three Maggie Tax. Be sure to visit our
website Maggie Tax dot com. We have a chat box there.
If you have questions, raise your hand, ask the question
(10:22):
and don't forget the top right go to the retirement
tax calculator.
Speaker 2 (10:25):
Fill in your information.
Speaker 3 (10:26):
If you have an IRA or a four oh one
K or a four oh three B or a TSP,
you have a tax problem, so check it out Maggie
Tax dot Com and don't forget. Every Sunday at ten thirty,
tune into the Maggie Tax and Financial Show on ABC TV.
Visit Maggie Tax dot com and give us a call.
Eight three to three Maggie Tax. We have off on
both sides of the bay. Eight three three Maggie Tex.
(10:49):
You're listening to the Maggie Tax and Financial Show and
give us a call.
Speaker 2 (10:52):
An eight three three Maggie Tax. That's eight through three
Maggie Tax.
Speaker 1 (10:58):
Stop planning for Uncle Sam's or timeirement and start planning
for your retirement. As we return to the Maggie Tax
and Financial Hour with your host father and son Robert
and Chris Maggie. For additional information on how you can
create a tax free retirement, visit Maggie tax dot com.
That's ma Ggi tax dot com or call eight one
(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 (11:36):
Welcome back and you're listening to the Maggie Tax and
Financial Show. My name is Robert Maggie and I'm here
with my son and co host Chris Maggie. Don't forget
tune in every Sunday at ten thirty am on ABC
TV for the Maggie Tax and Financial Show. We have
a lot of topics we discuss in every Saturday. We
have a radio show at five pm and on Sunday
a radio show at eleven am on WFLA. So we
(11:58):
have a lot going on. It's tax time. We do
tax preparation. We take a holistic approach to everything we do.
What does that mean. It means we talk about, you know,
income planning, tax planning, investment planning.
Speaker 2 (12:10):
For you out there that federal employees.
Speaker 3 (12:12):
We have seminars coming up, so if you want to
give us a call for the dates, give us.
Speaker 2 (12:16):
A call eight three to three Maggie Tax.
Speaker 3 (12:19):
A lot of people right now are thinking about roth conversions, Chris,
tax free retirement plans.
Speaker 2 (12:25):
A lot of people have lost their jobs.
Speaker 3 (12:26):
I know some federal people have been you know, told
they may not have a job if they don't get
a shot. So we've met with a lot of people.
So there's a lot going on right now and a
lot of fear and anxiety and a.
Speaker 2 (12:36):
Lot of people.
Speaker 3 (12:36):
So the thing that I can see is that savers
need a long retirement plan because if they don't have
that now, then they're going to be looking down the
road that they don't have enough income. So don't let
this talk about long game retirement worry you. You're probably
already pretty good at thinking long term when it comes
to your future. And after all, when did you start
(12:57):
saving for retirement? So Chris, let's start with that because
it's the most important thing on people's mind right now.
Speaker 5 (13:02):
Well, that's just it, you know, think about this. Yeah,
you mentioned many people who knows have gotten laid off.
They have they get the back against the wall. They
have to do something. And you know, what are you
gonna do about your retirement accounts? You know you have
them there?
Speaker 4 (13:13):
What do you do?
Speaker 5 (13:13):
How do you transferm the most tax efficient way? A
lot of things people need to do something about. So
we can help in a lot of different ways. If
that's happening to you, pick up the phone, schedule time
to meet with us. Don't do anything until you meet
with us. Eight three three Maggie Tax and also visit
our website at Maggie tax dot com. And you mentioned
one of the really great points when you deal with retirement,
(13:36):
it's not just the short term and a lot of
people looking for the hot stock with a hot where
to invest my money? You know, crypto or gold or
silver or what stock out there is gonna give me
the biggest return.
Speaker 4 (13:49):
And that's the micro thinking.
Speaker 5 (13:52):
When you deal with long term retirement, you know, you
gotta start thinking macro and macro and that's what we
specialize in long term retime planning. I'm talking about tax planning,
I'm talking about income planning. I'm talking about Social Security
maximization planning. I'm talking about a state planning. I'm talking
about legacy planning. That's what we're talking about here. And
you know a lot of keys to retirement. You want growth,
(14:13):
you want income, you want safety, you want liquit it
in your retirement plan.
Speaker 4 (14:17):
Do you have that?
Speaker 5 (14:18):
And if you don't, you need to start thinking the
long term and that's what we can help you out with.
Speaker 3 (14:22):
Exactly. So, when did you actually start saving for retirement.
Many of you have four h one K plans. You
put money into it every every two weeks or every
month because you're saving for your retirement. What is that
really going to be at the end? And the other
thing is, you know, do you have an IRA? You're
contributing to an IRA to get a tax deduction? But
what does this all mean at the end? And that's
what Chris and I are talking about. So was it
(14:43):
three years ago? Was it five years ago? And the
truth is many of us are not very good at
thinking long term in all the right places when it
comes to retirement tax planning, Number one? Have you thought
about the tax is going up in ten years when
you retire, five years when you retire, So what are
you going to do about it? What is your plan?
And we think about, you know, we think the hard
(15:04):
work is over. You know, we've saved enough money. But
that's not true because in some ways the hard work
is just beginning and just beginning, meaning what's going on
today in this economy?
Speaker 4 (15:13):
And that's just it.
Speaker 5 (15:14):
I mean, your your assets have to last as long
as you do. What if they don't last?
Speaker 4 (15:20):
Yeah?
Speaker 5 (15:20):
Absolutely, you want to ask longer. I mean, many people
come in and they say, I just want to spend
the last dollar on the day that I passed away. Yeah, realistically,
that's what you want, because you want to spend every
last doll that you save. But realistically it's not going
to happen that way because we don't know. But the
fact of the matter is, if you create buckets of
money and you have a strategy with your long term
retirement plan, you won't let that happen and you will
(15:43):
be in control of your retirement and get through the
tough times that are about to happen. Well, that's a
great point, But here's the thing.
Speaker 3 (15:50):
What do we mean when we say that, Because almost
all of you likely have one thing in common and
I'm gonna maybe insult a few people here, but it's
in a good way. You probably have an incomplete retirement approach.
And what do we mean by incomplete? You know, we've
identified three areas where American savers must think long term
when it comes to retirement, and Chris talk about them
because the first one is growth, So talk about how
(16:12):
that works.
Speaker 4 (16:13):
Well, that's just it.
Speaker 5 (16:13):
I mean, how do you build your retirement, how do
you maintain your retirement funds.
Speaker 4 (16:18):
I mean, think about it.
Speaker 5 (16:19):
If you have five thousand dollars a month coming in
the front door, you know you want to have at
least that in retirement if you can. But how do
you go about growing your money? How do you go
about growing your investments? What strategies do you use? Do
you use safe strategies, do you use aggressive strategies? Do
you try to find the best opportunity out there with
all your money? What do you do and what's your approach?
(16:39):
That's what we call the investment plan. Do you have
an investment plan? If not, why not? We can show
you And that's one of the key importance is the
growth side of it. What other options are there?
Speaker 3 (16:48):
Well, you got to talk about income or how you
use your retirement fund to support your lifestyle. Chris mentioned
it before. Ask yourself the simple question, how much if
you're retired today, which you need to come in the
front door every single month? And that's an important question
because you have to budget your money because what if
it's two thousand less than what you're making now you.
Speaker 2 (17:07):
Have to find a plan to do that. But here's
the big part, Chris, what about taxes? Taxes or what.
Speaker 3 (17:13):
How much your retirement funds are going to how much
you're actually gonna keep after taxes and where are we now.
Speaker 2 (17:18):
It's the same story.
Speaker 3 (17:19):
If taxes go up, you're going to have less money
later on and maybe pay more fees and then have
less in retirement. And so that's a very important part
when you talk about retirement planning.
Speaker 5 (17:29):
So when you take a macro approach in retirement, and
that's what we do, it's a holistic approach. You know,
we talk about the steps you need to take to
make sure that you have growth, have income, and you
pay least amount of taxes possible. I mean, our clients
that we work with, they understand what their tax liability
is going to be, so they know what they get
is going to be net money and they can spend
(17:51):
it each and every month or the rest of their life.
Money's coming in the front door. And we know that
most successful retirees have long term plans for growth, income,
and taxes. But nearly every saver we typically meet with
has really only one or two of these areas really
that are covered. So in fact, less than ten percent
of people we meet with addically prepare for all three
(18:12):
areas of these These are important areas and less than
ten percent, So what does that mean the other ninety
percent they have no plan, they have an incomplete plan.
Speaker 3 (18:22):
There you go, So pick up the phone, give us
a call. Eight three to three Magi Tax. Let's sit down,
let's talk about your situation. You know what keeps you
up at night? What are your concerns right now? Is
it income? Is that taxes? Are your investments in line?
Do you understand the risk? And we'll get into that
in a second, because it's up to you. It's your plan,
and most people like we see here, have an incomplete plan.
(18:43):
Eight three to three Magi Tax. Make sure you visit
our website, Maggie Tax dot com. We have a lot
of webinars on there, a lot of free webinars that
you can get educated and then you'll know when you
come in what we're going to do. So pick up
the phone eight three to three Magi Tax and we
have operated standing by right now, and be sure to
visit Maggie tax dot com.
Speaker 1 (19:01):
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
(19:23):
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 5 (19:39):
Thanks for tuning into the Maggie Tax and Financial Show.
Welcome back everyone. I'm Chris Maggie and uh, there's a
lot going on in today's environment. We all know a
lot of people are scared. Some people really just don't
know what to do, and that's why they need to
seek advice. Advice is so important. You know, we're in
a yoyo economy. You're on your own, but you're really
not if you work with a team has a holistic
(20:01):
view to help you. In a Magi Tax Advisor and
Financial Group, we do tax planning. We take a tax
approach and everything we do. We talk about tax free buckets.
We have income planning, we do investment planning. There's a
lot that we do, a state planning to help you,
so pick up the phone, schedule time to meet with us.
Speaker 4 (20:16):
Eight three three Maggie. Tax And in today's a.
Speaker 5 (20:19):
Volatile political climate, I mean, two new risks are so
important than ever before. And those two risks to be
aware of are closelyly aligned. Dad, Let's talk about the
two risks that people need to understand what's out there.
Speaker 2 (20:32):
Sure. The first is tax risk.
Speaker 3 (20:35):
And tax risk is simply the risk that your taxes
will not be significantly lower in retirement than they are today.
And that's pretty much what people think. Okay, how exposed
are you to tax risk? And it depends on how
much of your investments, well, your retirement assets are in
tax deferred vehicles.
Speaker 2 (20:53):
So think about it for a minute.
Speaker 3 (20:54):
Most of you have four to one k's or IRA's,
like many of you do, those are tax deferred, which
means you were able to save in those accounts, defer
the taxes. You got a tax break. But the answer
is all a most of this is taxable. If that
is your answer, then it could be you could be
faced with a big and I'll say it again, a
big tax bill in retirement if your taxes don't go down.
(21:17):
So let's just talk about that for a second, because
in three years the tax is going to be raised
by three percent, maybe more, we don't know. So have
you thought about that and what it's going to do
to your retirement when you're getting when you're planning to retire.
Speaker 5 (21:31):
Well, that's just said. I mean, how big a tax
bill might you face? You know, talk about it now,
think about it now, and if your current advisor is
not talking about it, you need to pick up the
phone and schedule time to meet with us because this
is a big deal. Your biggest expense is taxes. It's
going to be big, especially in retirement when you need
those funds. What you could do is you can request
(21:52):
an after tax statement. And what I mean by that
is if you have a formal k in IRA, you know,
think about it. Say it's five hundred thousand, it's a
million dollars. Use use even numbers. Say it's a million dollars.
Well you don't have a million dollar IRA. Yeah, you
did a great job of accumulating money, but guess what
it's not all a million is yours. So there's an
after tax statement that we need to generate to show
(22:14):
you really what is really yours? Because Uncle Sam's gonna
get paid first. And that's why when you keep deferring
money and you keep putting money in these accounts, then
guess what you're facing an unknown question mark tax rate
in the future. And that's what's scary, because we're all
gonna face that if you have these iras and form
on cas.
Speaker 4 (22:33):
But let's be on the other side of that. Well,
we can eliminate Uncle Sam.
Speaker 5 (22:36):
So give us a call, pick up the phone eight
three to three, Maggie Tax, request the after tax statement
and to find out really how big your tax bill
will be.
Speaker 3 (22:46):
And then with that you can make adjustments and do
some strategic planning to reduce that a tax.
Speaker 2 (22:51):
We do it for a lot of clients.
Speaker 3 (22:53):
So, like Chris said, pick up the phone eight one
three nine zero nine zero zero two to two, visit
our website, Maggie Tax dot com, and let's get together.
So the second risk that we're going to talk about
is one that a lot of people don't talk about.
It's called legislative risk. And I bet many of you
never heard of legislative risk. So let me explain what
that is. Because legislative risk is the risk that Washington
(23:15):
change is the rules. And remember Congress wrote the rules
in pencil, and you know, Congress can do what they want.
They can change it when they want, and when they
change it, they're going to change it to you know,
obviously benefit them and not benefit you. So be careful
of that because those changes will negatively impact your retirement income.
And Chris, we've seen this time and time again when
(23:35):
people come in, they don't understand what their tax is
going to be. We run the income plan, we show
them what they're going to get, and then all of
a sudden they go, well, what about the IRA and
the four to one K? Well what about it? What
about it? Is you're going to pay tax when you
take that money out because it's going to be added
to your income.
Speaker 2 (23:51):
Am I right or wrong?
Speaker 4 (23:52):
Absolutely?
Speaker 5 (23:53):
And that's where people really just don't know because they
wait to the last minute to do planning. That's why
it's so important now to pick up the phone, schedule time.
Let's get together. We have three offices in the Tampa
Bay area we can help you. Let's sit down have
that conversation today so you can feel good about your
future and your retirement years knowing how much you're gonna
(24:14):
pay in tax and what you're gonna keep We saw
a powerful example of legislative risk back in September as
House Democrats unveiled the three point five trillion dollars spending
bill that made significant changes to how iras and Form
one k's and even ROTH accounts. And you know, now's
the time to really understand what you have. You know
(24:35):
a lot of people have statements out there, they have
these accounts that they get, They get statements every month
or maybe every quarter, and they really don't know what's
taxable or what's tax free. I mean, now's the time,
especially if you have iras and Form one k's, they
have a big bullseye on them as our government looks
to do what raise new tax revenue to fund runway
federal spending. And this is what's happening. So now's the
(24:57):
time to be in control as opposed to being controlled
by what they're going to do.
Speaker 3 (25:04):
And one thing that Jeff to understand is financial professionals,
it's up to us to help you understand this. And
that's why we do the show, that's why we talk
about this, that's why we educate you, that's why we
wrote books on this, because we want you to learn,
you know, and prepare for it because you don't want
to be, you know, with a cold shot to the
head and all of a sudden you don't know what
it is. So at Maggie Tax Advisory, we can help
(25:25):
you hedge against tax and legislative risk by using a
product we use cause Index Universal Life or maybe a
Wroth account because this is tax free money. And one
thing that's really important. We do bucket planning and I'll
repeat it bucket planning. And if your advisor is not
doing bucket planning, then you need to sit down with
us and let us explain what that means to you,
(25:46):
because maybe you can do a combination of all three,
maybe a WROTH, maybe an index Universal Life, and maybe
bucket planning. And you've done it many times for clients
where we put some in a safe bucket for income,
now put some for you know, future in and then
later on and then maybe if they want to put
a little bit in the market they can, but protect
the majority of the money because you need income and
(26:08):
tax risk is what you're talking.
Speaker 5 (26:09):
About, absolutely, and that's why we have now money, later
money and also never money. So think about this. We
talk about bucket planning. When you come to meet with us.
We're going to educate you, We're going to help you.
We're going to discover what your goals are and also
how much income you need in retirement. You know, this
is your money. You need to make sure that you
put this together the right way. So pick up the phone,
schedule time to meet with us. Eight three to three
(26:31):
MAGI tax. That's eight three to three MAGI tax.
Speaker 3 (26:34):
Some things you need to look out for if you
have an IRA or four oh one K and it's
called a ten percent penalty, but there are exceptions. We
want to talk about this because we get this question
all the time. And for IRA owners and retirement plan
participants who are under the age of fifty nine and
a half, taking a distribution from a retirement account is
typically off limits. The distribution will most likely be taxable,
(26:57):
and there is a good chance that a ten percent
pen they will also apply. And sometimes life gets in
the way, and what role needs to be made and
what I mean by that, like with COVID, and sometimes
you need money for something, maybe you lost your job
out there and you've got to take it out. But
be aware there's a ten percent IRS penalty if you're
under the age of fifty nine and a half.
Speaker 5 (27:16):
And that's just it, and a lot of people aren't
really not aware of that. And then think about it,
if you need to thirty thousand, well there's a ten
percent penalty for early distribution. That's three thousand dollars plus
got to pay the tax on those funds. So a
lot of people aren't really educated on how to take
or pull money out of these retirement accounts. And at
(27:36):
Maggie Tax Advisory and Financial Group, we understand iras, we
understand the tax code, we understand what needs to be
done and how you need to handle these accounts. So
some of the exceptions they do apply to iras, just
so you know, my dad mentioned COVID, but that wasn't
a reason why people could avoid the ten percent penalty.
(27:58):
Some apply only to plans and some apply also to
the IRA as well, But exceptions to both iras and
other plans, including step irays and simple iras to avoid
the ten percent penalty are pretty much a couple of
these where if you die, you know death, then there's
no ten percent early distribution penalty. If you're under age
(28:18):
fifty nine and a half, if you're disabled, you can
avoid the ten percent early distribution penalty, or if you
do what they call seventy two T, it's a tax
code that you can use. It's substantially equal periodic payment.
So if someone is needing income before age fifty nine
and a half, there are tax codes that you can use,
like at seventy two T to avoid the ten percent
(28:39):
early distribution penalty. So if this is something that you're
looking to do, definitely pick up the phone. Let's have
a conversation, and let's get together and put a plan
together for you. Some other exemptions are medical expenses if
they exceed seven point five percent of your adjust the
gross income, if you have an IRIS levy active reservists
you know, even birth or a so some of these
(29:01):
avoid ten percent early distribution penalty. But if you have
iras and forming case, be very cautious in regarding what
you can do and how you take a distribution from
these accounts.
Speaker 3 (29:12):
And the way we find the SAT is when you
come in by tax time and we see that because
sometimes you don't think about it, but always ask your
plan participant what the exception.
Speaker 2 (29:21):
Is before you take it out.
Speaker 3 (29:22):
Higher education expenses, first time home buyer, that's a big one.
Health insurance if you're unemployed because things have changed, you know,
like life events happen, maybe you lost your job. And
exceptions apply to plans only, and they exclude SEP and
simple iras if you're age fifty five, if your age
fifty for public safety employees, section four to fifty seven
(29:43):
government plans divorce they call quadro qualified Domestic Relations Order
phased retirement distributions from federal plans. Why are we talking
about this because this is where people Chris make mistakes.
They think they know what to do, they go ahead
and do it on their own, and they call us
when they get a letter from IRS and they say,
what happened?
Speaker 2 (30:03):
How come this got applied to me? What do I
do now?
Speaker 4 (30:06):
And that's just it.
Speaker 5 (30:07):
So these are the things we're talking about because we
understand iras. You need to work with an advisor who
understands IRA planning, and at Maggie Tax Advisory, that's what
we do. We do tax planning, income planning with time
and planning, investment planning. That's what we specialize in, doing
a complete plan for you. But one of the things
that we didn't mention here. If you want to convert
before age fifty nine and a half from an IRA
(30:30):
to a ROTH. Well, there is no ten percent early
distribution penalty, it doesn't apply. Be just have to pay
the tax. So that's why it's so important to meet
with the qualified advisor, meet with someone that is going
to go over the tax side of this, the investment side,
the future income. So pick up the phone, schedule time
to meet with us eight three three Maggie Tax. Visit
our website at Maggie tax dot com. There's so much
(30:50):
information right there at your fingertips. But now's the time.
Now's the time, especially in the crucial environment that we're
living in, to get a second opinion. Pick up the phone,
schedule time I'm to meet with us eight three three
Maggie Tax. That's eight three three Maggie Tax.
Speaker 1 (31:06):
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 2 (31:16):
Maggie.
Speaker 1 (31:16):
For additional information on how you can create a tax
free retirement, visit Maggie tax dot com. That's m a
gg I 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
(31:37):
and Financial Hour. Father and son from Maggie Tax Advisory
and Financial Group, Robert and Chris Maggie.
Speaker 2 (31:43):
Welcome back.
Speaker 5 (31:44):
Thanks for tuning into the Maggie Tax and Financial Show.
And today, Oh my gosh, what a great show. We're
talking about tax diversification, what does that really mean? Legislative risk,
what does that do? Uh, we're talking about.
Speaker 4 (31:54):
The phases of retirement. Oh my gosh.
Speaker 5 (31:57):
You know, we talked about the accumulation phase and the uh,
the second phase where you start planning, preparation phase, and
then also the main phase is the distribution phase. So
let's talk about some of the things that prevent someone
from really creating a retirement plan. What causes someone to
not get this going?
Speaker 3 (32:16):
Well, to wrap this up in a nice bow and
make it simple, because there's a lot inside it. Chris,
Number one, procrastination and not understanding how to save. And
we wrote a couple of books already, stuff on thing
Uncle Sam's retirement. We wrote a book, The Holistic Approach.
Why do we do that? Because education is so important.
I think what people fail is they don't go and
get information that pertains to them. You have to save something.
(32:40):
Saving nothing is not a retirement plan, and start investing monthly.
You can start early, stick to your plan. And when
should you start planning for retirement? Ideally you start saving
in your twenties, when you first leave school and begin
earning paychecks. I know that sounds weird, but that's the truth.
That's because the sooner you begin saving, the more time
(33:00):
your money has to grow. And Chris, you say it
all the time. You don't have this class in high
school or college.
Speaker 5 (33:05):
Now, they don't teach you that, but you know now
is the time to do it. And many people listening
today are way past that, right. So maybe you should
give a gift of this to your kids or your grandkids.
And the thing that we would talk about is pay
yourself first. We all hear it, but really what does
it mean. So every time you get money, whether you
earn one thousand dollars, take five percent of it or
(33:27):
ten percent of it and put it away before you
deal with the resk. You want to pay taxes, create
a bucket for that. You want to create a bucket
for donations and charity, and then you want to make
sure that you pay your bills right and whatever's leftover
is you can spend. But some of the key things
is just get going with something.
Speaker 3 (33:44):
Exactly, and let's talk about that. Retirement planning should include
determining the time horizon when do you want to retire?
And many times like when can you retire? Is going
to be the answer, But estimating expenses. How many of
you don't do a budget sheet, Well, we make sure
you do retired after tax returns and we offer an
after tax statement because you need to know this. Assessing
(34:06):
risk tolerance, this is so huge right now, risk tolerance
and doing a state planning. How many of you out
there do not have an estate plan, a will, a
power of attorney, you know, a healthcare surrogate, Chris, what
is wrong with that?
Speaker 5 (34:19):
My gosh, If you don't just pick up the phone
schedule a time to meet with this because we can
help you as well, my gosh, just making sure that
your accounts a title the right way, making sure that
you have these documents put in place. It's not hard,
you just have to do it. We can help eight
three to three maggie tax. That's eight three to three
maggie tax, you know.
Speaker 3 (34:34):
And continue with that start planning for retirement as soon
as you can pick up the phone, give us a
call eight three to three, Maggie tax for a free consultation.
You have to sit down and have a conversation and
talk about the advantage of power of compounding. This is
where a lot of people don't even talk about that.
Younger investors can take more risk with their investment. Like
my son, he takes risk. For me, No way, I'm
(34:56):
not going to do that because I got to protect
my money because I'm in the distribution FAI. You know,
retirement plans evolve through the years. It doesn't happen overnight,
and it means that you meet occasionally, maybe every quarter
or maybe every six months or every year because life happens,
which means portfolio should be rebalanced and the state plans
(35:17):
updated is needed. And right now crystal volatility is ridiculous
because we don't know where it's going to go. People
are looking, you know, they lost money. You know, the
two thousand and two, two thousand and eight situation, the
COVID situation. Don't let that happen again if you know
you can fix it. I don't get why people sit down,
Chris and do nothing.
Speaker 2 (35:35):
It really does.
Speaker 4 (35:36):
Well, that's it.
Speaker 5 (35:36):
They're just following the crowd and you don't have to.
And this again, I'm going to say it. You're in
a yoo economy. You're on your own. Don't say or
don't follow the crowd like everyone else and say, well
everyone else lost money, everyone else is down forty percent. No,
it's not true, because you can have accounts. We don't
lose anything. You can actually have accounts make money when
the market's down. We have those accounts. So there's different strategies,
(35:59):
different ways, different objectives moving forward. And you have to
meet with the right advisors. So pick up the phone,
schedule time to meet with us. Planning is so important.
The distribution phase is extremely important. We talked about going
to a specialist. Well, that's what we specialize in doing
the distribution phase. Pick up the phone, schedule time eight
three three magi tax. We have offics on both sides
(36:22):
of the bay to help you. Eight three to three
magi tax.
Speaker 3 (36:25):
One thing I want to remind everyone we talk about
legislative risk, be aware of it because if Congress changes
the rules, then guess what, we're all going to be
affected by it. So if someone wants to create a
retirement plan. What do they need to do. There's five
steps for creating the perfect retirement plan. Number one, make
make your portfolio well diversified and invests for long term
(36:47):
debt reduction is essential. I see so many people I know,
Chris with credit card that we've got to get that down.
Speaker 2 (36:53):
Prepare a budget.
Speaker 3 (36:54):
My goodness, this is so huge for all retirement income
and expenditures. I'll give you a budget sheet and Chris,
we've seen this time and time again.
Speaker 2 (37:01):
Fill it out.
Speaker 3 (37:02):
You will be shocked at what you can do because
you have the budget now, and take into account future
medical expenses. That's a big thing right now, Chris, health insurance.
And make plans for where you will live because things
change right now. You may want to move, you may
want to downsize. We see this all the time. But
take advantage of the planning. That's the keyword, the planning,
absolutely so for some key takeaways here.
Speaker 5 (37:24):
If you're self employed workers, setting up retirement plan is
a do it yourself job, we can help. There are
four available plans tail it for the self employed, maybe
a four one K self directed, maybe a step IRA,
simple IRA or even a KEYO plan. What about your HSA.
Health savings plans and traditional and roth iras are two
important areas, and also cash value life insurance. If you
(37:45):
make great money and you have if you're phased out
and you can't put money into a roth ira or
or a traditional ira, then you there are other options.
There's cash balance plans, there's there's other plans for you
to have tax free money in the future. And that's
where you need to go. Especially with the tax rates.
Speaker 2 (38:04):
I'm going to go up.
Speaker 5 (38:05):
Trump tax cuts expire in twenty twenty five. They're definitely
going up at least three percent at that point, if
not sooner if Congress makes changes. So pick up the phone,
schedule time to meet with us. You know we enjoy
doing we do, and why because we want to help you.
My gosh, we have a passion to help you. Reduce
your tax have more income on a tax favored basis,
protect your money, have investments with us, strategy with a purpose,
(38:27):
and make sure everything stays in your family.
Speaker 4 (38:30):
Eight three to three Maggie Tax.
Speaker 5 (38:32):
That's a three to three Maggie tax, and don't forget
Tune in every Sunday ABC TV for the Maggie Tax
and Financial Show. Ten thirty am eight three to three
Maggie Tax.
Speaker 1 (38:41):
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 Maggi tax dot
com or call eight one three three two two twenty
five twenty. That's eight one three three two two twenty
(39:03):
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):
Chriss share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie
Tax dot com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:53):
Welcome everyone, and thanks for joining us today.
Speaker 3 (00:55):
My name is Robert Maggie and you're listening to the
Maggie Tax and Financial Show. I'm here with my sons,
and be sure to visit our website. Maggie Tax dot Com.
We have a chat box there, so during today's show
and every show, if you have a question, type it
in and we'll answer it. Also, be sure to go
to the top of my website Maggie tax dot com
for the retirement calculator.
Speaker 2 (01:15):
If you have an IRA four oh one.
Speaker 3 (01:17):
K, four oh three B or a TSP, plug in
the numbers and we can tell you what your retirement
tax bill is going to be. And then let's get
together eight three to three Maggie Tax. So what's going
to be the tremendous impact when taxes and inflation and
healthcare costs and the impact that's going to have on
all of you? Have you thought about it? Your children
and your grandchildren? What about them? How do we take
(01:38):
care of them? And we must take you all through
a process of discovery, Chris, And every time we meet
with someone, that's what it is.
Speaker 2 (01:45):
It's questions. It's about asking them what they feel, not
what we tell them.
Speaker 4 (01:49):
That's it.
Speaker 5 (01:49):
And welcome everyone. Thank you so much for tuning into
the Megi Tax and Financial Show. I'm Chris Maggian. We
welcome you to the show today. And education is extremely important.
We all mention that each and every week and educate you.
But now is the time to take action. We are
in a yo yo economy. You're on your own. We
see what's happening out there, what are you doing about it?
And why this is so important because this is your retirement,
(02:12):
this is your future, this is your money, and because
it really limits the choices that the Fitter Reserve and
the government have for solving our current inflation crisis. We're
in a couple crisises right now, and the smart people
are going to take advantage of these opportunities, but a
lot of people are going to fall victim to them
because they have no plan. So in order to normalize,
(02:33):
so in order to normalize inflation, they must try to
increase the interest rates to level the matches that the
inflation rate is being presented to us today. So if
they did that, the interest on the thirty one trillion
dollars would be around two point five trillion. That would
be more than forty percent of the current budget going
for interest only. So it's amazing what's happening out there
(02:56):
in that many people out there have to start doing something.
Speaker 3 (03:00):
Now, well, you know, it's getting to like the end
of the line. You know, like the end of the year,
you've got to do something before it starts all over again.
So yeah, I mean we have to look at this
and sit down and have a conversation. So would other
programs the government provided be eliminated, of course not, because
they're already implemented.
Speaker 2 (03:16):
So think about it.
Speaker 3 (03:17):
You know, they would increase our current inflation problem by
printing what more money? Everybody knows that, So inflation, Chris,
is a big deal. And finally, if you understand the
information that we're going to talk about, you're going to
realize that the government would surely attempt to increase income
taxes and all other taxes.
Speaker 2 (03:33):
And we're going to get into that.
Speaker 3 (03:34):
But every time we ask a question, and I'm asking
everyone out there, do you think taxes are going to
go up or down or what?
Speaker 1 (03:40):
Do?
Speaker 2 (03:40):
They normally say it's.
Speaker 4 (03:41):
Going to go up. But here's the thing.
Speaker 5 (03:42):
When you have these retirement tax accounts that are infected
with taxes, you have a question mark tax rate. You're
moving in the future with the unknown, and that's a
scary point, especially when you need income. That means more
income to the government and less to you, and that's
not a good situation to be.
Speaker 2 (04:00):
And let's make it real simple. If you have an
IRAA four oh one K four oh three.
Speaker 3 (04:04):
B, a set plan or a TSP, guess what you
have a target on your back?
Speaker 2 (04:09):
Why? Because that money hasn't been taxed.
Speaker 3 (04:11):
And again, go to the Maggie tax dot com and
click on the retirement calculator, put in your numbers and
you'll see what I'm talking about. And in thirty seconds
you're going to look at this. We had a client
last week that came in. He's fifty five years old
and we first started talking him about TIS. He goes, oh,
I don't worry about it. But guess what when he
did it, Chris.
Speaker 2 (04:27):
What happened then? I mean he was like, really, I'm
going to.
Speaker 3 (04:30):
Pay that much tax based on that much growth, and
then what if the market goes down? And then it
started to realize time to do something about it now.
Speaker 4 (04:38):
And that's it.
Speaker 5 (04:38):
So what he did was he created a bucket plan.
And that's what we can put together for you. There's
buckets designed with a purpose. We can show you from
safety buckets for income, buckets for playchecks. Who wants a
play check? What is a play check? A play check
is just what it is, a check coming in each
and every month that you can play with. It's going
to come in every month for the rest of your life.
You want a five hundred dollars play check, you want
(04:59):
a thousand dollars pl check, just spend the heck out
of it every month because it's going to keep coming in.
It's a great way to put together a nice play
area for you to do whatever you want in the future.
Speaker 4 (05:09):
But it's design this for you.
Speaker 3 (05:10):
Yeah, but it's what you always say and we talk about.
They don't understand how to do bucket planning. They have
a pile of money and they think, well, I got
to take out that four percent that was supposedly told
for years and years.
Speaker 2 (05:20):
But that's not the case.
Speaker 3 (05:21):
When you do bucket planning, you have income, you have growth,
and then you have later money, so preserve it. We
had a gentleman the other day, so I just want
to preserve my money. Chris, Well, you're not doing it
the way you are because ninety percent of your money
was what we call in red money, was infected with taxes.
Speaker 4 (05:35):
That's exactly right. And you can also have green money.
Speaker 5 (05:37):
You can have a straight fixed rate a lot paying
a lot higher than with a CD to pay right
now if you want just something really safe and fixed.
But also you can be in the market and have
upside potential with no downside market loss. So there's a
lot of different things you can do to protect yourself
if uknow, if you know about it, and the only
way to do it is to meet with the right advisor.
(05:57):
So pick up the phone, schedule time to meet with us.
Three three maggie tax. That's eight three to three maggie tax.
Speaker 3 (06:02):
And just remember we talk about this every week, all
of us, all of us are going to face increased
taxes and a dramatic loss of the purchasing power of
the money that you have left after taxes and losses
in the market.
Speaker 2 (06:14):
And Chris, we call that market risk. So let's talk
about that from me.
Speaker 5 (06:18):
So the question I have for everyone listening today, are
you okay with what's happening right now? Or you see it,
you feel it, you watch the news, you know you
get that easy, uneasy feeling out there? Are you okay
with that? What would you like to develop a strategy
that allows all of you to prevent all that damage
to your financial and your retirement future. You have the choice.
We talked about it before. We're in Ayoeo economy. You're
(06:40):
on your own, but you can put together something if
you work with the right advisor. You know, we're going
to show you how to use this amazing information. You
know that Social Security has provided each and every year
since nineteen ninety to show you why it's likely that
you will pay more in taxes in the future. Do
something now to prevent all this for you and your family.
Speaker 3 (07:01):
So a three to three Maggie Tax. We have office
on both sides of the Bay. Visit our website Maggie
Tax dot com. We have a chat box there. Please
put a question in there. We'll answer it because if
you have questions, we can help you out. And don't
forget the retirement tax calculator on the top of the website.
Speaker 2 (07:16):
Click on it.
Speaker 3 (07:17):
I'm putting your information and in thirty second it's going
to tell you what your retirement tax bill is. And
I don't think anyone's doing that that I know of
your CPA, your tax prepair, your broker. All they're talking
about is the market market risk, what Chris was just
talking about it.
Speaker 2 (07:31):
So we also use the.
Speaker 3 (07:32):
Information to show and this is important for the older people,
grandma and grandpa out there, why it's so vital to
preserve and even leverage their estates because statistics show us
that it will be highly unlucky that grandma and grandpa's
children and grandchildren will have enough money to retire unless
grandma and Grandpa preserve their estates. And I have to
be one of them. You have two children, and I'm
(07:54):
a papa, and my wife said yahyah because it's Greek.
Speaker 2 (07:57):
But we have to also think about it.
Speaker 3 (07:59):
We have how you know your two kids, Addison and
you know Ryan later on are going to be taken
care of because right now you're not learning that, and
you have to teach that.
Speaker 5 (08:08):
And we're not talking about a gift towards them, just
to give them my good point. You want to be
able to give them the opportunity, the opportunity where they
can have a bucket of money that they can tap
into to help them move forward in the future. And
if you provide them with the education and the knowledge,
they'll make their own decisions. But now you have a
hand up as opposed to a handout.
Speaker 2 (08:28):
Good point. That's that's really good.
Speaker 3 (08:30):
And we got a lot of people coming in and saying, well,
my kids think my retirement is their money, not necessarily.
I mean, I love my kids, I love my grandchildren.
I'm sure many of you out there do. But you've
got to draw the line and start teaching them because
our goal is not to tell you about all this information,
because we want to ask all of you how you
feel about this noise, because how is it going to
affect you and your family? And we want to verify
(08:52):
how you feel about all this and then we can
implement the strategy and come up with a solution.
Speaker 2 (08:56):
And we're talking about.
Speaker 3 (08:57):
Bucket planning and red money, green money, and talking about
Chris mentioned before, play checks and paychecks. So how all
this impact you and your family? Will it impact you
in a negative way? Or could a strategy be developed
that would allow the information that we give you on
every show to impact your family in a positive way?
And Chris, I think that's what people need to be.
(09:17):
They're so headstrong and bulldozed into negative, negative, negative, and
they don't understand this a positive way. And that's what
we try to do because once they see if you
will you see the light?
Speaker 2 (09:28):
Wow, you get that aha moment? Right?
Speaker 5 (09:30):
Well, that's just it. I mean these opportunities now that
are present to us. People are taking advantage of these
opportunities when the market's going down. They take advantage of
the opportunities when things are happening, when many people are
getting caught off guard with So what are you doing
about it? Do you have a plan with that or
are you just sitting there and going with the flow
with everybody else? And you don't have to go down
(09:54):
that path. And that's why if you have a plan,
if you have a strategy, we can help you. So
pick up the phone, schedule time to meet with us.
Eight three three Maggie Tax.
Speaker 2 (10:00):
And it's called the Maggie Plan.
Speaker 3 (10:02):
It's a tax plan, it's an income plan, it's an
investment plan, and it's a state planning. How many of
you do not have a will or a power of attorney?
How many do not have your beneficiaries up to date.
That's what we do here at Maggie Tax and Financial
eight three three Maggie Tax. Be sure to visit our
website Maggie Tax dot com. We have a chat box there.
If you have questions, raise your hand, ask the question
(10:22):
and don't forget the top right go to the retirement
tax calculator.
Speaker 2 (10:25):
Fill in your information.
Speaker 3 (10:26):
If you have an IRA or a four oh one
K or a four oh three B or a TSP,
you have a tax problem, so check it out Maggie
Tax dot Com and don't forget. Every Sunday at ten thirty,
tune into the Maggie Tax and Financial Show on ABC TV.
Visit Maggie Tax dot com and give us a call.
Eight three to three Maggie Tax. We have off on
both sides of the bay. Eight three three Maggie Tex.
(10:49):
You're listening to the Maggie Tax and Financial Show and
give us a call.
Speaker 2 (10:52):
An eight three three Maggie Tax. That's eight through three
Maggie Tax.
Speaker 1 (10:58):
Stop planning for Uncle Sam's or timeirement and start planning
for your retirement. As we return to the Maggie Tax
and Financial Hour with your host father and son Robert
and Chris Maggie. For additional information on how you can
create a tax free retirement, visit Maggie tax dot com.
That's ma Ggi tax dot com or call eight one
(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 (11:36):
Welcome back and you're listening to the Maggie Tax and
Financial Show. My name is Robert Maggie and I'm here
with my son and co host Chris Maggie. Don't forget
tune in every Sunday at ten thirty am on ABC
TV for the Maggie Tax and Financial Show. We have
a lot of topics we discuss in every Saturday. We
have a radio show at five pm and on Sunday
a radio show at eleven am on WFLA. So we
(11:58):
have a lot going on. It's tax time. We do
tax preparation. We take a holistic approach to everything we do.
What does that mean. It means we talk about, you know,
income planning, tax planning, investment planning.
Speaker 2 (12:10):
For you out there that federal employees.
Speaker 3 (12:12):
We have seminars coming up, so if you want to
give us a call for the dates, give us.
Speaker 2 (12:16):
A call eight three to three Maggie Tax.
Speaker 3 (12:19):
A lot of people right now are thinking about roth conversions, Chris,
tax free retirement plans.
Speaker 2 (12:25):
A lot of people have lost their jobs.
Speaker 3 (12:26):
I know some federal people have been you know, told
they may not have a job if they don't get
a shot. So we've met with a lot of people.
So there's a lot going on right now and a
lot of fear and anxiety and a.
Speaker 2 (12:36):
Lot of people.
Speaker 3 (12:36):
So the thing that I can see is that savers
need a long retirement plan because if they don't have
that now, then they're going to be looking down the
road that they don't have enough income. So don't let
this talk about long game retirement worry you. You're probably
already pretty good at thinking long term when it comes
to your future. And after all, when did you start
(12:57):
saving for retirement? So Chris, let's start with that because
it's the most important thing on people's mind right now.
Speaker 5 (13:02):
Well, that's just it, you know, think about this. Yeah,
you mentioned many people who knows have gotten laid off.
They have they get the back against the wall. They
have to do something. And you know, what are you
gonna do about your retirement accounts? You know you have
them there?
Speaker 4 (13:13):
What do you do?
Speaker 5 (13:13):
How do you transferm the most tax efficient way? A
lot of things people need to do something about. So
we can help in a lot of different ways. If
that's happening to you, pick up the phone, schedule time
to meet with us. Don't do anything until you meet
with us. Eight three three Maggie Tax and also visit
our website at Maggie tax dot com. And you mentioned
one of the really great points when you deal with retirement,
(13:36):
it's not just the short term and a lot of
people looking for the hot stock with a hot where
to invest my money? You know, crypto or gold or
silver or what stock out there is gonna give me
the biggest return.
Speaker 4 (13:49):
And that's the micro thinking.
Speaker 5 (13:52):
When you deal with long term retirement, you know, you
gotta start thinking macro and macro and that's what we
specialize in long term retime planning. I'm talking about tax planning,
I'm talking about income planning. I'm talking about Social Security
maximization planning. I'm talking about a state planning. I'm talking
about legacy planning. That's what we're talking about here. And
you know a lot of keys to retirement. You want growth,
(14:13):
you want income, you want safety, you want liquit it
in your retirement plan.
Speaker 4 (14:17):
Do you have that?
Speaker 5 (14:18):
And if you don't, you need to start thinking the
long term and that's what we can help you out with.
Speaker 3 (14:22):
Exactly. So, when did you actually start saving for retirement.
Many of you have four h one K plans. You
put money into it every every two weeks or every
month because you're saving for your retirement. What is that
really going to be at the end? And the other
thing is, you know, do you have an IRA? You're
contributing to an IRA to get a tax deduction? But
what does this all mean at the end? And that's
what Chris and I are talking about. So was it
(14:43):
three years ago? Was it five years ago? And the
truth is many of us are not very good at
thinking long term in all the right places when it
comes to retirement tax planning, Number one? Have you thought
about the tax is going up in ten years when
you retire, five years when you retire, So what are
you going to do about it? What is your plan?
And we think about, you know, we think the hard
(15:04):
work is over. You know, we've saved enough money. But
that's not true because in some ways the hard work
is just beginning and just beginning, meaning what's going on
today in this economy?
Speaker 4 (15:13):
And that's just it.
Speaker 5 (15:14):
I mean, your your assets have to last as long
as you do. What if they don't last?
Speaker 4 (15:20):
Yeah?
Speaker 5 (15:20):
Absolutely, you want to ask longer. I mean, many people
come in and they say, I just want to spend
the last dollar on the day that I passed away. Yeah, realistically,
that's what you want, because you want to spend every
last doll that you save. But realistically it's not going
to happen that way because we don't know. But the
fact of the matter is, if you create buckets of
money and you have a strategy with your long term
retirement plan, you won't let that happen and you will
(15:43):
be in control of your retirement and get through the
tough times that are about to happen. Well, that's a
great point, But here's the thing.
Speaker 3 (15:50):
What do we mean when we say that, Because almost
all of you likely have one thing in common and
I'm gonna maybe insult a few people here, but it's
in a good way. You probably have an incomplete retirement approach.
And what do we mean by incomplete? You know, we've
identified three areas where American savers must think long term
when it comes to retirement, and Chris talk about them
because the first one is growth, So talk about how
(16:12):
that works.
Speaker 4 (16:13):
Well, that's just it.
Speaker 5 (16:13):
I mean, how do you build your retirement, how do
you maintain your retirement funds.
Speaker 4 (16:18):
I mean, think about it.
Speaker 5 (16:19):
If you have five thousand dollars a month coming in
the front door, you know you want to have at
least that in retirement if you can. But how do
you go about growing your money? How do you go
about growing your investments? What strategies do you use? Do
you use safe strategies, do you use aggressive strategies? Do
you try to find the best opportunity out there with
all your money? What do you do and what's your approach?
(16:39):
That's what we call the investment plan. Do you have
an investment plan? If not, why not? We can show
you And that's one of the key importance is the
growth side of it. What other options are there?
Speaker 3 (16:48):
Well, you got to talk about income or how you
use your retirement fund to support your lifestyle. Chris mentioned
it before. Ask yourself the simple question, how much if
you're retired today, which you need to come in the
front door every single month? And that's an important question
because you have to budget your money because what if
it's two thousand less than what you're making now you.
Speaker 2 (17:07):
Have to find a plan to do that. But here's
the big part, Chris, what about taxes? Taxes or what.
Speaker 3 (17:13):
How much your retirement funds are going to how much
you're actually gonna keep after taxes and where are we now.
Speaker 2 (17:18):
It's the same story.
Speaker 3 (17:19):
If taxes go up, you're going to have less money
later on and maybe pay more fees and then have
less in retirement. And so that's a very important part
when you talk about retirement planning.
Speaker 5 (17:29):
So when you take a macro approach in retirement, and
that's what we do, it's a holistic approach. You know,
we talk about the steps you need to take to
make sure that you have growth, have income, and you
pay least amount of taxes possible. I mean, our clients
that we work with, they understand what their tax liability
is going to be, so they know what they get
is going to be net money and they can spend
(17:51):
it each and every month or the rest of their life.
Money's coming in the front door. And we know that
most successful retirees have long term plans for growth, income,
and taxes. But nearly every saver we typically meet with
has really only one or two of these areas really
that are covered. So in fact, less than ten percent
of people we meet with addically prepare for all three
(18:12):
areas of these These are important areas and less than
ten percent, So what does that mean the other ninety
percent they have no plan, they have an incomplete plan.
Speaker 3 (18:22):
There you go, So pick up the phone, give us
a call. Eight three to three Magi Tax. Let's sit down,
let's talk about your situation. You know what keeps you
up at night? What are your concerns right now? Is
it income? Is that taxes? Are your investments in line?
Do you understand the risk? And we'll get into that
in a second, because it's up to you. It's your plan,
and most people like we see here, have an incomplete plan.
(18:43):
Eight three to three Magi Tax. Make sure you visit
our website, Maggie Tax dot com. We have a lot
of webinars on there, a lot of free webinars that
you can get educated and then you'll know when you
come in what we're going to do. So pick up
the phone eight three to three Magi Tax and we
have operated standing by right now, and be sure to
visit Maggie tax dot com.
Speaker 1 (19:01):
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
(19:23):
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 5 (19:39):
Thanks for tuning into the Maggie Tax and Financial Show.
Welcome back everyone. I'm Chris Maggie and uh, there's a
lot going on in today's environment. We all know a
lot of people are scared. Some people really just don't
know what to do, and that's why they need to
seek advice. Advice is so important. You know, we're in
a yoyo economy. You're on your own, but you're really
not if you work with a team has a holistic
(20:01):
view to help you. In a Magi Tax Advisor and
Financial Group, we do tax planning. We take a tax
approach and everything we do. We talk about tax free buckets.
We have income planning, we do investment planning. There's a
lot that we do, a state planning to help you,
so pick up the phone, schedule time to meet with us.
Speaker 4 (20:16):
Eight three three Maggie. Tax And in today's a.
Speaker 5 (20:19):
Volatile political climate, I mean, two new risks are so
important than ever before. And those two risks to be
aware of are closelyly aligned. Dad, Let's talk about the
two risks that people need to understand what's out there.
Speaker 2 (20:32):
Sure. The first is tax risk.
Speaker 3 (20:35):
And tax risk is simply the risk that your taxes
will not be significantly lower in retirement than they are today.
And that's pretty much what people think. Okay, how exposed
are you to tax risk? And it depends on how
much of your investments, well, your retirement assets are in
tax deferred vehicles.
Speaker 2 (20:53):
So think about it for a minute.
Speaker 3 (20:54):
Most of you have four to one k's or IRA's,
like many of you do, those are tax deferred, which
means you were able to save in those accounts, defer
the taxes. You got a tax break. But the answer
is all a most of this is taxable. If that
is your answer, then it could be you could be
faced with a big and I'll say it again, a
big tax bill in retirement if your taxes don't go down.
(21:17):
So let's just talk about that for a second, because
in three years the tax is going to be raised
by three percent, maybe more, we don't know. So have
you thought about that and what it's going to do
to your retirement when you're getting when you're planning to retire.
Speaker 5 (21:31):
Well, that's just said. I mean, how big a tax
bill might you face? You know, talk about it now,
think about it now, and if your current advisor is
not talking about it, you need to pick up the
phone and schedule time to meet with us because this
is a big deal. Your biggest expense is taxes. It's
going to be big, especially in retirement when you need
those funds. What you could do is you can request
(21:52):
an after tax statement. And what I mean by that
is if you have a formal k in IRA, you know,
think about it. Say it's five hundred thousand, it's a
million dollars. Use use even numbers. Say it's a million dollars.
Well you don't have a million dollar IRA. Yeah, you
did a great job of accumulating money, but guess what
it's not all a million is yours. So there's an
after tax statement that we need to generate to show
(22:14):
you really what is really yours? Because Uncle Sam's gonna
get paid first. And that's why when you keep deferring
money and you keep putting money in these accounts, then
guess what you're facing an unknown question mark tax rate
in the future. And that's what's scary, because we're all
gonna face that if you have these iras and form
on cas.
Speaker 4 (22:33):
But let's be on the other side of that. Well,
we can eliminate Uncle Sam.
Speaker 5 (22:36):
So give us a call, pick up the phone eight
three to three, Maggie Tax, request the after tax statement
and to find out really how big your tax bill
will be.
Speaker 3 (22:46):
And then with that you can make adjustments and do
some strategic planning to reduce that a tax.
Speaker 2 (22:51):
We do it for a lot of clients.
Speaker 3 (22:53):
So, like Chris said, pick up the phone eight one
three nine zero nine zero zero two to two, visit
our website, Maggie Tax dot com, and let's get together.
So the second risk that we're going to talk about
is one that a lot of people don't talk about.
It's called legislative risk. And I bet many of you
never heard of legislative risk. So let me explain what
that is. Because legislative risk is the risk that Washington
(23:15):
change is the rules. And remember Congress wrote the rules
in pencil, and you know, Congress can do what they want.
They can change it when they want, and when they
change it, they're going to change it to you know,
obviously benefit them and not benefit you. So be careful
of that because those changes will negatively impact your retirement income.
And Chris, we've seen this time and time again when
(23:35):
people come in, they don't understand what their tax is
going to be. We run the income plan, we show
them what they're going to get, and then all of
a sudden they go, well, what about the IRA and
the four to one K? Well what about it? What
about it? Is you're going to pay tax when you
take that money out because it's going to be added
to your income.
Speaker 2 (23:51):
Am I right or wrong?
Speaker 4 (23:52):
Absolutely?
Speaker 5 (23:53):
And that's where people really just don't know because they
wait to the last minute to do planning. That's why
it's so important now to pick up the phone, schedule time.
Let's get together. We have three offices in the Tampa
Bay area we can help you. Let's sit down have
that conversation today so you can feel good about your
future and your retirement years knowing how much you're gonna
(24:14):
pay in tax and what you're gonna keep We saw
a powerful example of legislative risk back in September as
House Democrats unveiled the three point five trillion dollars spending
bill that made significant changes to how iras and Form
one k's and even ROTH accounts. And you know, now's
the time to really understand what you have. You know
(24:35):
a lot of people have statements out there, they have
these accounts that they get, They get statements every month
or maybe every quarter, and they really don't know what's
taxable or what's tax free. I mean, now's the time,
especially if you have iras and Form one k's, they
have a big bullseye on them as our government looks
to do what raise new tax revenue to fund runway
federal spending. And this is what's happening. So now's the
(24:57):
time to be in control as opposed to being controlled
by what they're going to do.
Speaker 3 (25:04):
And one thing that Jeff to understand is financial professionals,
it's up to us to help you understand this. And
that's why we do the show, that's why we talk
about this, that's why we educate you, that's why we
wrote books on this, because we want you to learn,
you know, and prepare for it because you don't want
to be, you know, with a cold shot to the
head and all of a sudden you don't know what
it is. So at Maggie Tax Advisory, we can help
(25:25):
you hedge against tax and legislative risk by using a
product we use cause Index Universal Life or maybe a
Wroth account because this is tax free money. And one
thing that's really important. We do bucket planning and I'll
repeat it bucket planning. And if your advisor is not
doing bucket planning, then you need to sit down with
us and let us explain what that means to you,
(25:46):
because maybe you can do a combination of all three,
maybe a WROTH, maybe an index Universal Life, and maybe
bucket planning. And you've done it many times for clients
where we put some in a safe bucket for income,
now put some for you know, future in and then
later on and then maybe if they want to put
a little bit in the market they can, but protect
the majority of the money because you need income and
(26:08):
tax risk is what you're talking.
Speaker 5 (26:09):
About, absolutely, and that's why we have now money, later
money and also never money. So think about this. We
talk about bucket planning. When you come to meet with us.
We're going to educate you, We're going to help you.
We're going to discover what your goals are and also
how much income you need in retirement. You know, this
is your money. You need to make sure that you
put this together the right way. So pick up the phone,
schedule time to meet with us. Eight three to three
(26:31):
MAGI tax. That's eight three to three MAGI tax.
Speaker 3 (26:34):
Some things you need to look out for if you
have an IRA or four oh one K and it's
called a ten percent penalty, but there are exceptions. We
want to talk about this because we get this question
all the time. And for IRA owners and retirement plan
participants who are under the age of fifty nine and
a half, taking a distribution from a retirement account is
typically off limits. The distribution will most likely be taxable,
(26:57):
and there is a good chance that a ten percent
pen they will also apply. And sometimes life gets in
the way, and what role needs to be made and
what I mean by that, like with COVID, and sometimes
you need money for something, maybe you lost your job
out there and you've got to take it out. But
be aware there's a ten percent IRS penalty if you're
under the age of fifty nine and a half.
Speaker 5 (27:16):
And that's just it, and a lot of people aren't
really not aware of that. And then think about it,
if you need to thirty thousand, well there's a ten
percent penalty for early distribution. That's three thousand dollars plus
got to pay the tax on those funds. So a
lot of people aren't really educated on how to take
or pull money out of these retirement accounts. And at
(27:36):
Maggie Tax Advisory and Financial Group, we understand iras, we
understand the tax code, we understand what needs to be
done and how you need to handle these accounts. So
some of the exceptions they do apply to iras, just
so you know, my dad mentioned COVID, but that wasn't
a reason why people could avoid the ten percent penalty.
(27:58):
Some apply only to plans and some apply also to
the IRA as well, But exceptions to both iras and
other plans, including step irays and simple iras to avoid
the ten percent penalty are pretty much a couple of
these where if you die, you know death, then there's
no ten percent early distribution penalty. If you're under age
(28:18):
fifty nine and a half, if you're disabled, you can
avoid the ten percent early distribution penalty, or if you
do what they call seventy two T, it's a tax
code that you can use. It's substantially equal periodic payment.
So if someone is needing income before age fifty nine
and a half, there are tax codes that you can use,
like at seventy two T to avoid the ten percent
(28:39):
early distribution penalty. So if this is something that you're
looking to do, definitely pick up the phone. Let's have
a conversation, and let's get together and put a plan
together for you. Some other exemptions are medical expenses if
they exceed seven point five percent of your adjust the
gross income, if you have an IRIS levy active reservists
you know, even birth or a so some of these
(29:01):
avoid ten percent early distribution penalty. But if you have
iras and forming case, be very cautious in regarding what
you can do and how you take a distribution from
these accounts.
Speaker 3 (29:12):
And the way we find the SAT is when you
come in by tax time and we see that because
sometimes you don't think about it, but always ask your
plan participant what the exception.
Speaker 2 (29:21):
Is before you take it out.
Speaker 3 (29:22):
Higher education expenses, first time home buyer, that's a big one.
Health insurance if you're unemployed because things have changed, you know,
like life events happen, maybe you lost your job. And
exceptions apply to plans only, and they exclude SEP and
simple iras if you're age fifty five, if your age
fifty for public safety employees, section four to fifty seven
(29:43):
government plans divorce they call quadro qualified Domestic Relations Order
phased retirement distributions from federal plans. Why are we talking
about this because this is where people Chris make mistakes.
They think they know what to do, they go ahead
and do it on their own, and they call us
when they get a letter from IRS and they say,
what happened?
Speaker 2 (30:03):
How come this got applied to me? What do I
do now?
Speaker 4 (30:06):
And that's just it.
Speaker 5 (30:07):
So these are the things we're talking about because we
understand iras. You need to work with an advisor who
understands IRA planning, and at Maggie Tax Advisory, that's what
we do. We do tax planning, income planning with time
and planning, investment planning. That's what we specialize in, doing
a complete plan for you. But one of the things
that we didn't mention here. If you want to convert
before age fifty nine and a half from an IRA
(30:30):
to a ROTH. Well, there is no ten percent early
distribution penalty, it doesn't apply. Be just have to pay
the tax. So that's why it's so important to meet
with the qualified advisor, meet with someone that is going
to go over the tax side of this, the investment side,
the future income. So pick up the phone, schedule time
to meet with us eight three three Maggie Tax. Visit
our website at Maggie tax dot com. There's so much
(30:50):
information right there at your fingertips. But now's the time.
Now's the time, especially in the crucial environment that we're
living in, to get a second opinion. Pick up the phone,
schedule time I'm to meet with us eight three three
Maggie Tax. That's eight three three Maggie Tax.
Speaker 1 (31:06):
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 2 (31:16):
Maggie.
Speaker 1 (31:16):
For additional information on how you can create a tax
free retirement, visit Maggie tax dot com. That's m a
gg I 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
(31:37):
and Financial Hour. Father and son from Maggie Tax Advisory
and Financial Group, Robert and Chris Maggie.
Speaker 2 (31:43):
Welcome back.
Speaker 5 (31:44):
Thanks for tuning into the Maggie Tax and Financial Show.
And today, Oh my gosh, what a great show. We're
talking about tax diversification, what does that really mean? Legislative risk,
what does that do? Uh, we're talking about.
Speaker 4 (31:54):
The phases of retirement. Oh my gosh.
Speaker 5 (31:57):
You know, we talked about the accumulation phase and the uh,
the second phase where you start planning, preparation phase, and
then also the main phase is the distribution phase. So
let's talk about some of the things that prevent someone
from really creating a retirement plan. What causes someone to
not get this going?
Speaker 3 (32:16):
Well, to wrap this up in a nice bow and
make it simple, because there's a lot inside it. Chris,
Number one, procrastination and not understanding how to save. And
we wrote a couple of books already, stuff on thing
Uncle Sam's retirement. We wrote a book, The Holistic Approach.
Why do we do that? Because education is so important.
I think what people fail is they don't go and
get information that pertains to them. You have to save something.
(32:40):
Saving nothing is not a retirement plan, and start investing monthly.
You can start early, stick to your plan. And when
should you start planning for retirement? Ideally you start saving
in your twenties, when you first leave school and begin
earning paychecks. I know that sounds weird, but that's the truth.
That's because the sooner you begin saving, the more time
(33:00):
your money has to grow. And Chris, you say it
all the time. You don't have this class in high
school or college.
Speaker 5 (33:05):
Now, they don't teach you that, but you know now
is the time to do it. And many people listening
today are way past that, right. So maybe you should
give a gift of this to your kids or your grandkids.
And the thing that we would talk about is pay
yourself first. We all hear it, but really what does
it mean. So every time you get money, whether you
earn one thousand dollars, take five percent of it or
(33:27):
ten percent of it and put it away before you
deal with the resk. You want to pay taxes, create
a bucket for that. You want to create a bucket
for donations and charity, and then you want to make
sure that you pay your bills right and whatever's leftover
is you can spend. But some of the key things
is just get going with something.
Speaker 3 (33:44):
Exactly, and let's talk about that. Retirement planning should include
determining the time horizon when do you want to retire?
And many times like when can you retire? Is going
to be the answer, But estimating expenses. How many of
you don't do a budget sheet, Well, we make sure
you do retired after tax returns and we offer an
after tax statement because you need to know this. Assessing
(34:06):
risk tolerance, this is so huge right now, risk tolerance
and doing a state planning. How many of you out
there do not have an estate plan, a will, a
power of attorney, you know, a healthcare surrogate, Chris, what
is wrong with that?
Speaker 5 (34:19):
My gosh, If you don't just pick up the phone
schedule a time to meet with this because we can
help you as well, my gosh, just making sure that
your accounts a title the right way, making sure that
you have these documents put in place. It's not hard,
you just have to do it. We can help eight
three to three maggie tax. That's eight three to three
maggie tax, you know.
Speaker 3 (34:34):
And continue with that start planning for retirement as soon
as you can pick up the phone, give us a
call eight three to three, Maggie tax for a free consultation.
You have to sit down and have a conversation and
talk about the advantage of power of compounding. This is
where a lot of people don't even talk about that.
Younger investors can take more risk with their investment. Like
my son, he takes risk. For me, No way, I'm
(34:56):
not going to do that because I got to protect
my money because I'm in the distribution FAI. You know,
retirement plans evolve through the years. It doesn't happen overnight,
and it means that you meet occasionally, maybe every quarter
or maybe every six months or every year because life happens,
which means portfolio should be rebalanced and the state plans
(35:17):
updated is needed. And right now crystal volatility is ridiculous
because we don't know where it's going to go. People
are looking, you know, they lost money. You know, the
two thousand and two, two thousand and eight situation, the
COVID situation. Don't let that happen again if you know
you can fix it. I don't get why people sit down,
Chris and do nothing.
Speaker 2 (35:35):
It really does.
Speaker 4 (35:36):
Well, that's it.
Speaker 5 (35:36):
They're just following the crowd and you don't have to.
And this again, I'm going to say it. You're in
a yoo economy. You're on your own. Don't say or
don't follow the crowd like everyone else and say, well
everyone else lost money, everyone else is down forty percent. No,
it's not true, because you can have accounts. We don't
lose anything. You can actually have accounts make money when
the market's down. We have those accounts. So there's different strategies,
(35:59):
different ways, different objectives moving forward. And you have to
meet with the right advisors. So pick up the phone,
schedule time to meet with us. Planning is so important.
The distribution phase is extremely important. We talked about going
to a specialist. Well, that's what we specialize in doing
the distribution phase. Pick up the phone, schedule time eight
three three magi tax. We have offics on both sides
(36:22):
of the bay to help you. Eight three to three
magi tax.
Speaker 3 (36:25):
One thing I want to remind everyone we talk about
legislative risk, be aware of it because if Congress changes
the rules, then guess what, we're all going to be
affected by it. So if someone wants to create a
retirement plan. What do they need to do. There's five
steps for creating the perfect retirement plan. Number one, make
make your portfolio well diversified and invests for long term
(36:47):
debt reduction is essential. I see so many people I know,
Chris with credit card that we've got to get that down.
Speaker 2 (36:53):
Prepare a budget.
Speaker 3 (36:54):
My goodness, this is so huge for all retirement income
and expenditures. I'll give you a budget sheet and Chris,
we've seen this time and time again.
Speaker 2 (37:01):
Fill it out.
Speaker 3 (37:02):
You will be shocked at what you can do because
you have the budget now, and take into account future
medical expenses. That's a big thing right now, Chris, health insurance.
And make plans for where you will live because things
change right now. You may want to move, you may
want to downsize. We see this all the time. But
take advantage of the planning. That's the keyword, the planning,
absolutely so for some key takeaways here.
Speaker 5 (37:24):
If you're self employed workers, setting up retirement plan is
a do it yourself job, we can help. There are
four available plans tail it for the self employed, maybe
a four one K self directed, maybe a step IRA,
simple IRA or even a KEYO plan. What about your HSA.
Health savings plans and traditional and roth iras are two
important areas, and also cash value life insurance. If you
(37:45):
make great money and you have if you're phased out
and you can't put money into a roth ira or
or a traditional ira, then you there are other options.
There's cash balance plans, there's there's other plans for you
to have tax free money in the future. And that's
where you need to go. Especially with the tax rates.
Speaker 2 (38:04):
I'm going to go up.
Speaker 5 (38:05):
Trump tax cuts expire in twenty twenty five. They're definitely
going up at least three percent at that point, if
not sooner if Congress makes changes. So pick up the phone,
schedule time to meet with us. You know we enjoy
doing we do, and why because we want to help you.
My gosh, we have a passion to help you. Reduce
your tax have more income on a tax favored basis,
protect your money, have investments with us, strategy with a purpose,
(38:27):
and make sure everything stays in your family.
Speaker 4 (38:30):
Eight three to three Maggie Tax.
Speaker 5 (38:32):
That's a three to three Maggie tax, and don't forget
Tune in every Sunday ABC TV for the Maggie Tax
and Financial Show. Ten thirty am eight three to three
Maggie Tax.
Speaker 1 (38:41):
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 Maggi tax dot
com or call eight one three three two two twenty
five twenty. That's eight one three three two two twenty
(39:03):
five twenty and tune in next Saturday at five for
the Maggie Tax and Financial Hour
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