Episode Transcript
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Speaker 1 (00:00):
All these years you've saved up planning for a secure retirement,
but if you're not careful, it will be the irs
that's living it up when you retire by taxing your
hard earned money. Welcome to the Maggie Tax and Financial
Hour with Robert and Chris Maggie of Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
in tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie
Tax dot com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:53):
Welcome everyone, and thanks for joining us today.
Speaker 3 (00:55):
My name is Robert Maggie and I'm here with my
son and co host, Chris Maggie. Visit our website, Maggie
dot com. There's a lot of information there, click on
the retirement calculator if you have an IRA or a
four to one K, take a look and see what
your retirement tax bill is going to be. And then
come in and let's do some tax planning. Let's do
some income planning, investment planning, insurance planning, and let's talk
(01:15):
about the Maggie plan. Visit Maggie tax dot com. Well,
give us a call eight three to three Maggie Tax. So, Chris,
we're getting a lot of questions about Roth conversions. Some
people are doing it wrong, some people are getting the
wrong information. And as you know, and as everybody else
out there knows, we specialize in tax planning.
Speaker 2 (01:32):
So let's talk about Roth conversions today.
Speaker 4 (01:35):
Absolutely, so welcome everyone. I'm Chris Maggie and thank you
so much for tuning into the show. And that's correct.
Wroth conversions many people talk about. Many advisors talk about it,
but they don't complete the story because they don't tell
you what the tax menification is going to be. You
go to your tax prepair and they go ahead and
just do your tax return. But again, how much should
you convert? So a lot of things you need to
(01:57):
be aware of when you do convert it's not just
what everyone should do. Some people should do it, some
people should not. So that's why it's so important to
work with the right advisor who understands investments and income
planning and tax planning, because if you do it the
wrong way, you're going to get this tax bill that
you owe thousands of thousands of dollars for taxes. And
it doesn't have to be that way, So you don't
(02:17):
want to be surprised. And that's what we want to
talk about today. Is a Roth conversion right for you?
Should you do it? And those are things that many
people have questions on. So visit our website at Maggie
tax dot com, pick up the phone, schedule time to
meet with us eight three three Maggie Tax Maggi tax
dot com for more information and we can help you.
Speaker 3 (02:36):
And one of the things that we do that other
advisors do not do is we do it from a
tax return. So if you're thinking of a rough conversion,
don't just go to your tax guy and convert the
money and then pay the big tax. Do it strategically
and have a plan. Here's the question, is it tax
season right now?
Speaker 2 (02:51):
Chris?
Speaker 4 (02:52):
It's always tax season in our eyes, because taxes are
our biggest expense and you need to always make sure
that you are aware of the tax liability.
Speaker 3 (03:00):
And the reason why I asked that question because in
Maggie Tax, it's tax season all year round. So it's
not just up to April fifteenth, or October or September,
whatever the extensions are. It's all year round, and right
now I think most of you out there are concerned
about if taxes go up. The question is taxes are
going to go up, how is it going to affect you,
whether whether you have an IRA or four oh one K.
(03:21):
That's why we offer the retirement calculator. We do advanced
tax planning. So now is the time to call eight
three to three Maggie Tax. Right now, I have operators
standing by eight three to three Magi Tax. Let the
operator know that this is urgent and just tell them
tax planning at eight three to three Maggie Tax. I
don't care how big your IRA or four oh one
(03:41):
K is. Folks, you have a deferred account that you
have not paid taxes on. So strategically, no matter what
age you are, whether you be fifty to fifty five
or sixty or even seventy you're going to pay an
unknown tax, and that's the problem I think that most
investors have. Most investors hate taxes, but honestly, when you
enjoy the challenge of minimizing taxes over the long term.
(04:03):
So why is tax planning is an essential element in
smart investing?
Speaker 2 (04:07):
Chris?
Speaker 3 (04:08):
Is that play a big part in many of the
clients that we see, Well, they just committed to buy
a stock bond on mutual fund.
Speaker 4 (04:14):
Well that's it. You know, you want to make sure
you do complete planning. And let's talk about some examples here, right,
So about three years ago, a client came in had
three hundred thousand dollars of their IRA money.
Speaker 2 (04:23):
So what do we do.
Speaker 4 (04:24):
We looked at their tax return and he was receiving
Social Security, he had a pension and then marriage so
she was getting solid security as well. So they had
three income streams. They were getting about five thousand dollars
a month of income, very satisfied covered their need. But
they had three hundred thousand dollars of IRA money. So
this account is fully infected with taxes. And he said
to me, he said, what do we need to do
to get this money out in the most tax efficient way?
(04:47):
So he's thought about it, and he said, well, let's
just rip off the band aid and let's go ahead
and pay the tax. So I ran a couple of
different mock returns and I showed him, let's go ahead
and just take it. Three hundred thousand added to a
solid security his pension, and this is what your tax
liability is going to be. So he sat back and
it was kind of sticker shocked, and he said, I
don't want to do that, and I said, you don't
have to. Let's run some more. So what I did
(05:09):
was do some strategic planning. And what we did was
we took out thirty thousand dollars a year for the
next seven years. Is a plan was what it was
supposed to be, and we did and rom still pays
to do it. But over the past three years he
has paid tax on thirty thousand dollars of conversion. And
again he's only in the eight percent effective tax bracket
(05:32):
on that amount of money. So he's taken money out
of a taxable environment and converting it to a tax
free environment. So over the past three years now he's
got eighty five thousand dollars of money after taxes that
he has an a tax free zone, plus the interest,
which is more than when he converted. So now he's
up to over one hundred and five thousand dollars of
(05:53):
tax free money because his account has now paid the tax,
it's earned money, and now it's on its way to
earning more or tax free money in the future. So
we got many more years to do this until he
reaches his required minimum distribution age, which is age seventy
three for him. So he is on a great path
moving forward. And every year we look at this and
(06:13):
we're on a tax return and we talk about should
we convert more? But he is in his sweet spot
right now. He doesn't have to worry about the IRMA tax.
He doesn't have to worry about the Medicare tax, like
that's what IRMA is, increase of Part B premium. And
he's sitting pretty. He's got his income coming in every month.
He's converting money to a tax free zone. His accounts
are in a safe spot. And guess what, he is
(06:34):
in control of his retirement.
Speaker 3 (06:36):
Chris, you just gave everyone a reason out there to
pick up the phone and call eight three to three
Magie Tax. Because there are situations that Chris is talking
about where a long term tax strategy may save you money.
The only thing is you don't know and you don't
see it, even though it requires paying more taxes in
the short term. That's where tax planning comes in and
what Chris and I do. That's what we do advanced
(06:57):
tax planning all year round at Maggie Tax and Folks,
I'll challenge you if you want to come in and
bring in your information and we'll show you and believe me,
if we can help you. We're going to tell you
that we're going to help you. Understand. But guess what,
like Chris said, if we can make your situation better,
and you're going to make the final decision, not me
or Chris. But life has many changes and you have
to be ready and understand the language why so you
(07:20):
can avoid unnecessary taxes Because what's happening now when the
tax cuts expire, it's going to go up at least
thirty percent. Maybe some of you don't see that, but
when you get your taxes in two years, you're going
to see it and you're going to wonder what I
could have done. So consider the long term tax benefits
of WROTH for on one case and Roth Iras and Chris.
Speaker 2 (07:39):
There is a difference, right, absolutely there is.
Speaker 4 (07:41):
And that's one thing that we talk about is all
the time is tax free zones, and there is You're right,
the traditional form and K and also the Wroth form
K if your employer offers these things. But let me
go back to the example that well not example, but
exactly the client that we were working with here that
did this three years ago. When I talk about the
bucket planning, he said to me, well, what do I
(08:01):
do with the money? How can I position it now
where I can have a plan, where I can have
safety and some risk and take some chances with some money.
And we put together a bucket strategy using red money,
green money, and yellow money, and he was blown away.
He said, my gosh, this is exactly what I was
looking for. And he said to me, he said, in
two years to now, I might want about maybe another
(08:22):
five hundred dollars a month of income. So I ran
another mock tax return and I showed him if we
take five hundred dollars from his IRA money, this is
a tax for inifications. But if now we use his
tax free account, he can have more money. Next six
thousand dollars a year of income and pay no tax.
And he was blown away. They both were, and they said,
this is exactly what we're looking for. This is a plan,
(08:44):
this is a tax plan, it's an income plan, it's
an investment plan. And to make things even better, we
talked about their accounts again and we said, hey, do
you want this to go through probate or do you
want to make sure it goes to your two kids?
And they said, you know the answer to that one.
We want to make sure the money stays in the family.
So we put that together where he has an estate plan,
he's got proper beneficiary designation, he's got an estate plan,
(09:06):
his house, his assets, everything's going to avoid probate and
go to where they want it to go. So that
can happen to you too. Just pick up the phone
and schedule time to meet with us. Eight three to
three Maggie tax.
Speaker 3 (09:17):
And one other point traditional four and win ks They
became available in nineteen seventy eight as a way to
save for retirement, but the four and one K was
the biggest disappointment created. And think about this. You get
a tax deduction on the front end, and you get
that for many years, and that's great, but when you
start to withdraw the money, you're going to be paying
it all back for many years, and you're going to
be paying three to five times more than the tax
(09:39):
deduction that you received. This is why tax planning is
so important. This is why the retirement calculat that I
have on the website is going to help you understand this.
These plans are offered by employers. The amount in employee
contributes to their account is considered pre tax and it
is deducted from their taxable income. That's fine, that's what
a lot of people did. I'm an account is tax
(10:01):
deferred until the money is withdrawn during your retirement. Employers
often contribute a portion of the employer's contributions called the match,
which is in an added benefit. But it's all taxable, Chris,
every bit of it. And then when you start talking
about withdrawals, which we'll talk about in the next segment,
they're taxed as well. But now at what age are
you taking it out seventy three, seventy four to seventy five,
(10:22):
How much and how much is it's going to affect
your income? This is why tax planning is so important.
Right now, pick up the phone eight three to three
Maggie Tax. Sit down with us and go over this.
This is going to be something that's going to be ongoing.
And if your tax prepairer is not addressing these issues
like Chris and I are, shame on them.
Speaker 2 (10:39):
Eight three to three Maggie Tax.
Speaker 3 (10:41):
Visit our website Maggie Tax dot com and every Sunday
listen watch our TV show with ten thirty, The Maggie
Tax and Financial Show. Visit Maggie Tax dot com today
and give us a call at eight three to three
Maggie Tax.
Speaker 2 (10:54):
That's eight three to three Maggie Tax.
Speaker 1 (10:57):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host father and son, Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie Tax dot com. That's
ma gg I tax dot com or call eight one
(11:19):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty. Now your host
for the Maggie Tax and Financial Hour, Father and son
from Maggie Tax Advisory and Financial Group Robert and Chris Maggie.
Speaker 2 (11:35):
Welcome back.
Speaker 3 (11:36):
My name is Robert Maggie, and you're listening to the
Maggie Tax and Financial Show. And I'm here with my
son Chris Maggie, and we're talking about debt to the
irs because a lot of folks out there when they
start taking money out of the IRA, and many of
you have great iras in four oh one k's, you're
going to pay a tax. And remember the definition of
debt something especially money owed to someone else. Does that
(11:56):
sound like taxes in an IRA? Chrismas absolutely so. If
you have saved in a four to one k on
IRA or any tax deferred vehicle, you owe a debt
of taxes to the irs. And let me remind all
of you, you have a debt to the irs, and
the bad news is a debt that grows with interest.
This is the problem that we don't realize, or a
lot of people don't, because as it grows and the
(12:18):
interest you know it grows as well, you're going to
pay them a lot more tax So you all owe
taxes not only on your contributions, but also on the
growth and the funds in your accounts. You talked about
something before investment risk and investment growth. How does that apply?
Like when we talk about this when people come in.
Speaker 4 (12:35):
Well, there's a regular debt, and many people think about
credit cards and bad debt, and then you got investment debt,
which is what we're talking about here today. And we
talked about this last segment. It's a question mark tax
rate when you retire. That's the thing when you put
money away and you're doing a great job if you
have an IRA A four one K and a TSP
of your federal employee, but the bottom line is you
really kind of follow the crowd and you're really not
(12:57):
doing it the right way because you're investing and putting
your money away for a question mark tax rate in
the future that when you need the money, you have
no idea what that tax rate's going to be. You
have no idea what that amount is going to be
sent to the irs? So what is going to be yours?
And that's where most people when you start planning and
you start planning on what is actually yours, and they
(13:20):
talk about the irs, and it's theirs, thrs, the to hrs.
And what you really want to think about here is
that when you talk about income and planning. You want
to make sure that you have after tax accounts given
you income so you can plan on it. That's why
roth iras is so important. That's why ROTH Form one
KSER is so important. But the traditional ira is and
(13:40):
the tax deferred accounts, these accounts are huge and there's
trillions of dollars there that Uncle Sam knows how much
they're going to get in taxes. But that means less
income to you.
Speaker 3 (13:51):
And basically it can add up to a lot of debts.
So call my office at eight three to three Maggie Tax.
Here's what I want you to do. Tell the operator
that it's urgent that you want to get out of
debt to the IRS, and set in a point with
Chris and I eight three to three Maggie Tax. And
make sure you tell them it's urgent because it is.
Because a lot of people don't understand, well, let me
defer it, let me worry about it later in two
(14:13):
years when the Trump tax cuts expired, there's.
Speaker 2 (14:15):
Going to be a lot to worry about.
Speaker 3 (14:16):
People are going to be shocked, Chris when they see
that they're going to pay another thirty percent more in taxes.
Speaker 2 (14:20):
Negative of why and this hurts a lot of people.
Speaker 3 (14:23):
So if you don't do some proper planning, you're going
to be hit with this tax time bomb.
Speaker 2 (14:27):
And it's ticking, it's ticking louder.
Speaker 4 (14:29):
So one of the things I can do, because let's
talk about this, when you come in and meet with us,
we're going to help you defuse this big tax time bomb.
We're going to show you how much money you have
in pre tax money and how much you haven't after
tax money. And what if there's a strategy where we
can get the money out of an affected area of
taxes into tax free accounts. Would you want to know?
Speaker 2 (14:46):
That's what we'll do for you.
Speaker 4 (14:47):
So when you come in, we'll look at that investment plan,
and we'll look at the debt that you have on
the investments, and we'll show you how you can have
after tax accounts and do it the most beneficial and
strategic way possible to pay lease amount in taxes.
Speaker 3 (15:00):
So one other way to look at this is many
people look at it through a micro lens, which means
right now today, what about a macro lens later on?
How is it going to affect you. That's proper planning,
that's tax planning. That's income planning. One of the biggest
questions we get, well, I think I'm going to run
out of money. We have millionaire clients that come in here,
and Chris, you can tell the story on these, but
(15:20):
they're worried that they're not going to have enough money
to live on. The problem is they don't have no
plan to get what the income they want. And that's
the problem that a lot of people have. So give
us a call eight three to three Magi Tax. Make
sure you visit our website, Maggie Tax, click on the
retirement calculator and see for yourself. You're going to get
a report back in thirty seconds. We're going to give
you a call, or you call us and let's get together.
(15:41):
So the question you might ask Maggie Tax is how
do I reduce my IRS debt? And there are ways
to reduce your debt to the iras, and now it
may be the perfect time to help you do it.
So eight three to three Magi Tax. Tell the operator
it's urgent and we schedule a meeting to get out
of debt with the IRS. That's what you have to
do to take control. You can't sit in the back
(16:02):
and procrastinate. That's not a retirement plan. And many experts
have said the US is likely entering get to a
period of higher taxes for American savers. So here's the question.
Do you think taxes are gonna go up? Or do
you think taxes are gonna go down? And what's the question?
Answer we get all the time.
Speaker 4 (16:16):
Most people think the taxes are gonna go up, and
it's gonna happen. And why is so important because that's
what they're talking about. Many experts are talking about how
we're going to enter a period of higher taxes for
Americans and what are you going to do about it?
Think about this, say you're retired. You can't do anything
about it. You're retired. You sound like you're gonna go
back to work and earn more money. Now you're gonna
(16:37):
have to sit there and just bite the bullet on
whatever the tax rate's gonna be.
Speaker 2 (16:40):
Do you want to be in that situation?
Speaker 1 (16:42):
No?
Speaker 4 (16:42):
So what do you do? You need the plan? That's
why it's so important to meet with us. Pick up
the phone, schedule time to meet with us. Eight three
to three, Maggie tax Why because you have a debt
to the IRS? Investment debt, and it's grown each and
every day, and it's a ticking time bomb and it's
getting louder each and every day. If taxes are higher
in the future, actually, when taxes are higher in the
(17:04):
future than they are today, you will be paying the
IRS a higher share of your retirement assets. Don't let
that happen to you. And remember you have a partner
with IRS. That's why you have investment debt, and that's
why you have an incomplete plan. We can help you.
Pick up the phone, schedule time to meet with us.
We have office on both sides of the bay. Eight
three three, Maggie tax. As my dad mentioned before, tell
(17:26):
the operator that it's urgent. Why because you need to
diffuse your big tax time bomb. And again, you did
a great job of saving, you did a great job
of listening to other people. But the end of the day,
it's gonna hurt you because you have an account that's
infected with taxes. I don't care how much is in there.
I don't care if it's one hundred thousand, I don't
care if it's two million. It doesn't matter. The fact
(17:48):
of the matter is you have a debt, an investment
debt to uncle Sam. So visit our website maggietax dot com,
schedule time to meet with us. Let's discuss what options
you have, what you have put together a plan for you.
Eight three three Maggie tax.
Speaker 3 (18:03):
One of the things Chris just said about options, there's
something called a strategic rollout, and this is something that
we do with a lot of clients. I know you
don't see what I'm talking about now, but we do
it over a five or ten year period to reduce
the tax so that later on, when you're ready to
take out the IRA, your ire is lower, less tax
And on the other side, you may have a roth
(18:23):
IRA that's tax free, which would you rather have? So
that's the choice you want to make. So when you
come in, we'll go over with this whole thing with you.
We put a balance sheet together, we have questions for you.
We need to get the right answers from you to
design the plan. Eight three to three Magi tax. And
remember the Maggi plan is a tax plan, it's an
income plan, it's an investment plan, it's an insurance plan,
and it's in a state plan.
Speaker 2 (18:44):
So if you don't have any.
Speaker 3 (18:45):
Documents for a state planning, we can help eight three
to three MAGI Tax. Be sure to visit our website,
Maggie tax dot com, click on the retirement.
Speaker 2 (18:53):
Calculator and see for yourself.
Speaker 3 (18:54):
In thirty seconds, you'll get to report back eight three
three MAGI Tax. So when you call, tell the and
it's urgent that you want to meet with Chris and Bobby.
Speaker 1 (19:02):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie tax dot com. That's
Maggi tax dot com. Or call eight one three three
(19:25):
two two twenty five twenty. That's eight one three three
two two twenty five twenty. Now your host for the
Maggie Tax and Financial Hour, father and son from Maggie
Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 3 (19:40):
Welcome back, and you're listening to the Maggie Tax and
Financial Show. My name is Robert Maggie and I'm here
with Chris Maggie. Today we're talking about taxes and some
strategies and concepts that you could use. The biggest thing
is make an appointment. Sit down with us, give us
a call eight three to three, Maggie Tax. Let's discuss
your situation, answer the questions you have, because I know
a lot of people are confused. So I want to
(20:00):
go back to a couple of things we talked about.
But here's an example of what we're trying to help
you with. And let's just say that you're sixty three
years old, you have a two hundred thousand dollars IRA,
and you may want to convert it. So let's also
say that you have a twenty five percent tax liability
and your account grows at five percent per year. And
you can really put any numbers in here, but I
(20:20):
just want to use this for illustration. So here's the
total amount of taxes that you could potentially pay from
that two hundred thousand dollars from today through age ninety.
So if you keep the qualified account, the total taxes
that you're going to pay on the RMDS is going
to be about seventy three thousand, nine hundred and forty
three dollars. And then you've got to pay tax on
(20:41):
the reinvested rmds. Which a lot of people don't think about.
About thirty thousand, and the tax is paid on the
remaining account when you pass away of forty seven thousand dollars.
So the total taxes paid is one hundred and fifty
two thousand on that two hundred thousand dollar IRA. Why
are we breaking this down because this is what you do.
I don't see when you start taking money out of
(21:02):
your RAA. Now, if you converted that I rate to
a tax free option, you would pay taxes on the
conversion of fifty thousand, and that's it. You don't pay
any more taxes. Is that shocking because a lot of
people see Chris and they go, wow, how can that be?
Speaker 2 (21:16):
Because you're taking off one thing? You say, you're ripping
off the band aid. That's it.
Speaker 4 (21:20):
So can you rip off the band aid? Should you
rip off the band Aid? The answer is yes, and
depends on your situation.
Speaker 2 (21:26):
Right.
Speaker 4 (21:26):
So that's why it's so important to meet with us,
because what this client did was they went ahead and said,
I don't want to be in an area or an
environment that's infected with taxes. I want to be in
an environment that's totally income tax free where he can
breed the clean, fresh air of tax free income. And
that's what he was looking for. So what are you
looking for? That's the question that we are going to
(21:47):
ask you. So when you come to meet with us,
we're going to ask these questions. We're going to show
you what the tax liability is going to be, and
we can do some strategies. We could do a lump sum,
we could do a strategic rollout, we can do it
over time. Whatever we got to do to see if
we can help you benefit you. And so you now
you have tax free money. That's what it's about. So
when taxes increase, guess what. If you have tax free money,
(22:11):
you don't have to worry about it. So why not
put yourself there if you can, and we can show
you how eight three to three Magie Tax. Pick up
the phone, schedule time to meet with us. We have
office on both sides of the day to help you.
Eight three three Magie Tax.
Speaker 3 (22:25):
Now, when you come in, we can show you this
illustration because I know it's hard to see on the radio,
but keeping your IRA in that situation's going to cost
you an extra one hundred and two thousand and taxes.
And if you spent the R and ds rather than
reinvesting them. It's still going to cost you an extra
seventy two thousand to keep the IRA. That's just the
way it is. I mean, there's nothing we can tell
you that's going to be different.
Speaker 2 (22:45):
It's real.
Speaker 3 (22:45):
So when you run it from a tax standpoint, this
is what you folks need to see. And by the way,
we can run this tax analysis for all of you
when you come in, and it's part of what we
do every day at Maggie Tax. And here's a better option.
Now that you know the truth about tax, let me
give you a better option. And here at Maggie Tax,
we believe the most powerful tax free option. This is
(23:06):
another one that a lot of people don't discuss. It
may be good for some, it may not be good
as Index Universal Life, and some of you might qualify
and some may not. And that's why we have to
meet and see if this is an option. So by
converting some of your tax deferred assets into tax free
Index Universal Life, you could save hundreds of thousands of
dollars in taxes. We've helped a lot of people do that.
(23:28):
You can increase your income in retirement tax free, and
you can reduce the risk and volatility in your retirement portfolio.
So if you want to learn more about that, call
my office right now eight three to three Maggie Tax
or visit Maggie tax dot com and set an appointment
today and let's schedule a time to talk about this,
and let's talk about tax risk and legislative risk and
(23:50):
what the heck is the difference. As things stay hot
in Washington, I'm getting asked this question more and more.
Both are risk that can dramatically impact all of you,
and both are risks chris that most savers are underprepared
to address. And that's confusing because they're not educated on this.
It's the language that they don't understand.
Speaker 4 (24:09):
Well, that's just said. I mean, everyone thinks they have
to go through those risks. You know, if the mark
goes down, they think, well, everyone's going to lose money. Well, no,
it doesn't happen that way. They think, well, everyone's going
to pay taxes. No not, everyone's going to pay taxes.
And if you do the right strategies, you can control
your retirement. You can control the amount that you earn,
you can control the volatility, you can control the tax
(24:30):
side of this. You can even control how it transfers
to who you want it to go to. These are
things that we do each and every day. Do you
have these plans? If not, why not. That's what we
can help you with. So we have offices on both
sides of the bay to help you. But my dad's
talking about a lot of different things here. When it
comes down to your retirement and income. Your retirement assets
are going to be affected by the taxes. Your current
(24:53):
income and your future income are going to be affected
by the taxes because as they raise the tax brackets,
guess what, less income to you, and then you and
then you put inflation on top of this, then it
gets even worse. So what are you doing about it?
And that's why it's so important to get a review.
Pick up the phone, schedule time to meet with us.
Let's get together. Let's have a conversation. When you come in,
(25:13):
we're going to look at your tax return, we'll look
at your investments, and we look at your income plan.
And if you don't have an income plan, we'll show
you how to get one. We'll do it for you.
Eight three to three Maggie.
Speaker 2 (25:22):
Tax. So tax risk is the risk that a person's taxes,
they're going to be higher in retirement than what you
plan for, and this means more of a retires income
is going to be we'll go to the I R
s as taxes, which means less income to you. So
you have to do something about this.
Speaker 3 (25:38):
And that's that's a great point there, and Chris, they
don't see this more to I RS and less to
you because if you a big question we ask everybody
when they come in, how much income do you need
every month to come in the front door to pay
your bills, to live and do what you want without worrying.
Speaker 2 (25:53):
And that's a you know, that's a question, Chris. The
people can't answer. They don't know the answer to when
it's confusing because that's the roundwork that you and I
start with, so we could see what's going to happen
when it comes.
Speaker 4 (26:04):
To taxes exactly we're talking about net you know, we
can we can gross up the rest or if we
have strategies. We don't have the takeout taxes because we
don't have to pay them. So that's why it's so
important to make sure that you know how much you
need per month, especially approaching retirement. What is the amount
you need for the next thirty days to spend. I'm
not talking about put it going on a vacation or
(26:25):
I'm not talking about going on a cruise or to
go on a trip. Those things we can plan for.
But I'm talking about day to day or month to
month activities that you need to cover to make sure
that you have income coming in. So these things we
can help you with. It's called budget planning. Schedule time
to meet with us. We can help you eight three
to three Maggie.
Speaker 3 (26:42):
Tax there's another word to use, budget planning. A lot
of people out there listening today don't even know about
a budget, don't have a budget. Well, folks, it's real
important when you sit down and look at what you're
spending and what you owe. You know what's coming in
the front door, how does that balance out. So from
a standpoint that Chris and I do, we do a
balance sheet on every client. See where your assets are,
which ones you're using for you know, income, which one
(27:04):
you're using for taxes, because that's part of the plan.
It's a tax planet, it's an income planet, it's an
investment plan, and it's a legacy plan.
Speaker 2 (27:12):
So folks, if you're.
Speaker 3 (27:13):
Missing that, you know, I encourage you to call right
now eight three to three Maggie tax pick up the phone,
make it a pointment. Let's see what we can help
you out. Because in short, tax risk measures the level
of taxation that you're going to experience in retirement. Now,
I know you're saying, well, I'm not retiring yet, but
that's okay because you want to plan for it, So
don't put that off until the year before you retire.
(27:34):
How many people Chris call us and say can I retire?
And we ask him, when do you want to retire?
And in many cases they can retire but don't even.
Speaker 2 (27:42):
Know they can. Well, let's just say it.
Speaker 4 (27:43):
So it's a great feeling when you can tell someone yes,
you could retire and they look at you like, well,
where am I going to get the income from? And
we can show them because we can put together buckets
of money where it has income producing account growing for
long term to combat the inflation as well. And all
the best thing is that of it's probate and stage
within the family, so you can leverage your money. You
(28:03):
can maximize your soil security benefits, you can have spousal benefits.
These are things that we talk about each and every
week because you need to know. You know, we got
a client that came in last week and we put
together a plan and they sat back and they said,
my gosh, I am sixty four years old and no
one's ever ever told me how to go about doing this.
Speaker 2 (28:22):
And she was.
Speaker 4 (28:23):
Disappointed with her past, and she said, I wish I
would have found you ten years ago because I would
have been even in better shape. Because now she has clarity,
she's educated, she knows exactly what she can do and
what each account's going to do. And she said, oh,
my gosh, I'm retiring on Monday. I can't wait to
come in and see you again the next couple weeks
and then we can put together and implement the plan
(28:44):
to make sure it happens. And that's what we're talking
about today. If you don't have a plan, why not
we call it the Maggie plan. What's the Maggi plant's
tax planning, income planning, investment planning, sol security maximization planning.
What about state planning? If you don't have a will
or a power of attorney or maybe a living trust
is right for you, maybe it's not, but these documents
(29:06):
are important. They're crucial. Do you have beneficiary forms? Do
you have your account set up? If not, why not
pick up the phone, schedule a time the need less
we can help you eight three three MAGI tax. That's
eight three to three MAGI tax.
Speaker 3 (29:19):
And we're about to see tax risk and action because
in twenty twenty five, several provisions from the twenty seventeen
Trump tax cuts expire, and this includes the reduction and
individual income tax bracket rates. So in twenty twenty six,
many savers are going to find their tax bracket rates
higher than they are today, causing many of you to
pay more in taxes even while maintaining the same.
Speaker 2 (29:41):
Amount of income. Is that what you really want?
Speaker 3 (29:43):
So get prepared, you know, have a plan, sit down
and you know, for the younger people out there, one
thing Chris mentioned don't I don't want you to wait
you sixty four to figure out if you can retire,
you could do it younger, and that's when you start
putting a plan together for even younger people.
Speaker 2 (29:57):
Chris, you know you're young, You've got a plan. But
these the people listening to this show, it's not just
for retired people. And if you have children that are
you know, trying to figure out this out on their own.
Speaker 3 (30:09):
It's not gonna be easy. It's a big puzzle. So
have them give us a call eight three three Maggie Tax,
and again visit our website Maggie tax dot com.
Speaker 2 (30:18):
Ten one of our seminars.
Speaker 3 (30:19):
We talk about social security, we talk about Willson Trust
that Chris mentioned, we talk about taxes, you know, and
this is what a lot of people are missing. So
please don't sit back and do nothing. Procrastination is not
a retirement plan, absolutely, and let's just leave it at this.
If you do not have a tax plan in your
retirement plan, then you are in trouble because it's going
to eat away at the investments that you have, it's
(30:42):
going to eat away at the future income that you have.
It's the biggest problem that most American people don't know
how to retire or can't retire because they have not
thought about the tax planning. So pick up the phone
and schedule time to meet with us. Tax planning, investment planning,
income planning. We could do at all to help you
complete planning. Maggie Tax dot Com eight three three Maggie Tax.
(31:02):
That's eight three to 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 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
(31:27):
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 (31:44):
Welcome back and you'll listen to the Maggie Tax and
Financial Show. My name is Robert Maggie and I'm here
with Chris Maggie. And be sure to visit our website,
Maggie Tax dot com. We've been talking about this all show.
Click on the retirement tax bill calculator, put in your
numbers and see what the tax bracket is. Third thirty seconds,
we'll send you back a report so you could see
exactly what we're talking about. And then pick up the
(32:04):
phone eight three to three Maggie Tax and come on
in and let's sit down and see if we can
help you out. So we've been talking about tax risk,
and we talk about legislature risk. So let's talk about
legislature risk. A lot of people don't even know what
that word is, and here's what it is. So it's
the risk that Congress changes the rules and those changes
negatively impact the savior's retirement approach. And like we said before,
(32:25):
the rules are written in pencil. Legislative risk measures the
structure of taxation that US saver experience in retirement. What
is taxed, when it's taxed, and for whom it's tax
And again, this is what's going to change in a
couple of years when the Trump tax cuts expire. So
we just experienced a good example of legislature risk in
twenty nineteen.
Speaker 2 (32:45):
And think about this. It was the Secure Act. Congress
included a provision eliminating the stretch IRA for most Americans
and that was a retirement strategy that people did use.
And this change impacted when inherited iras are taxed, potentially
up ending tax strategies IRA owners had put in place
for the heirs years ago. And Chris, this is the point.
Speaker 3 (33:07):
You have tax risk, you have legislature risk and people
are going to get hit and again with the inherited
IRA is a lot of people have you know, have
parents have passed away and the biggest question is what
do we do with the inherited IRA.
Speaker 4 (33:18):
Well, that's just said you need to do planning and
if you don't take it the right way, there's a
penalty for it. So get educated and let's work with
the advisor who understands tax planning, income planning, and investment planning.
You know, as a fiduciary over here at Maggie Investment Services,
we had the best thing for you. But we take
pride in that because how do you maximize your solid security?
How do you deal with maximizing your income? What do
(33:40):
you deal with your investments and the risk that you
need to take in retirement? What about inflation and how
to combat that? But taxes what we're talking about, and
tax and legislative risk impacts a savers total tax burdening
retirement and beyond, and that impact can mean less money
even for savers who think they've created a salary, time
(34:00):
and income plan. So start doing some tax planning, now,
start doing income planning. Now all you got to do
is pick up the phone, schedule time to meet with us.
We have office on both sides of the Bay eight
three three Maggi tax, and we will be discussing this
each and every week because it's so important. It's not
about how much money you have. It's about how much
money you keep. That's what the whole thing is about.
(34:21):
And if you save so much and you lost it
to the volatility and the market risk, and then you
lost it even more because you got to pay more
in taxes, guess what what have you done for all
those years. That's why there's the accumulation phase. And then
there's the distribution phase. If you're nearing retirement or you
are in retirement, pick up the phone now, schedule time
(34:43):
to meet with us. Let's get together. Let's talk about
that distribution phase and how to take income on the
most tax efficient way eight three to three Maggi tax.
Speaker 2 (34:52):
And one more thing that I think we need to
bring up.
Speaker 3 (34:53):
We do a lot of work with federal employees out there.
So if you're a federal employee and you're getting ready
to retire, the thing that most people are concerned about
is what kind of annuity they're going to get, what
their TSP is going to get and Chris, a lot
of folks out there, federal employees don't know and don't
even like their TSP because they don't know if they're
making any money. Their choices they have are very limited.
(35:14):
This is something that we can help you with, you know.
And retirement's not easy. I'm not saying it is. I
think it's a fear factor that people out there are like, oh, well, gosh,
you know, if I retire, what happens. But the reason
why we're talking about this today is because if you
do planning, and you do it from a tax situation,
income planning, investment planning, and Chris talks about buckets now bucket,
(35:35):
you know, growth bucket and later bucket, then if you
don't have that now, then what is your advisor or
broker telling you. All he's telling you, what she's telling
you is growth, growth, growth. But then, one thing I
want to mention when people lost money in two thousand
and two and two thousand and eight, and then when
COVID hit, Chris, they were ready for retirement until that hit,
and then what happened now the number dropped and their
(35:57):
retirement they had to wait. That's the reason why they
couldn't retire.
Speaker 4 (36:00):
That's exactly right, So don't let that happen to you.
Make sure that you have a power packed plan. It's
called a complete plan. Don't just look at your investments.
Look at the tax side of this. Look at the
sol security maximization, look at the estate planning side, look
at the income plan side. We can help you with
all these things. So pick up the phone, schedule time
to meet with us. You know, each and every week
we talk about complete planning because we have clients that
(36:22):
come in and want to maximize their income the most
tax efficient way. What if you have a highly appreciated asset,
what are you doing about it? Are you going to
pay capital gains or are you looking for ways to
offset that those gains and create a tax deduction. There
are ways to do that, use charitable leveraging strategies. How
do you go about doing these things? We can help.
We can assist you, and that's what we do. So
(36:44):
pick up the phone, schedule time to meet with us.
Visit our website at Maggie tax dot com. There's so
much information right there at your fingertips. My gosh, we
do seminars each and every week. Why to educate you.
There's so much to talk about because you need to
know you've saved, you've worked, what are you doing to
complete the plan? We can put together a complete plan
for you. Eight three three Maggie tax and I.
Speaker 3 (37:06):
Just want to end this segment with one thing. We
talk about trust and wills. Many of you out there
do not have a trust or a will. Many of
you don't even have something called a quit claim deed
or a lady bird deed for your house. A lot
of people look confused when someone passes away how to
transfer the assets. So you know what we're going to
talk about when you come in is the dos and
don'ts for transferring your assets, including your home or farm,
(37:28):
to your children.
Speaker 2 (37:29):
Do you know how to do that?
Speaker 3 (37:30):
The benefits of avoiding probate for your family, and we
see this every day. Okay, you don't have to go
through probate if you do proper planning. Protection from unexpected
nursing home costs without nursing home insurance, that's another big one.
And how to reduce or eliminate many forms of taxation,
which we're talking about throughout the show, and the importance
of having the right legal documents at the right time.
(37:52):
We work with a national group of attorneys and we
can help you with wills and trust and set them
up the way you want. Maybe you need a willy,
you need to trust, but let's find out what you
have so well awareness. Give us a call eight three
to three Maggie Tax. Go to my website Maggie Tax
dot com and sign up for one of our seminars.
Speaker 2 (38:10):
And you know I'm telling you right now, you learn
a lot more and get educated.
Speaker 4 (38:12):
That's what it's about. Education. Get a complete plan. A
complete plan is what you deserve. It doesn't matter how
much money you have. It's about getting a complete plan.
Tax planning, income planning, investment planning, and as my dad
mentioned as state planning. Make sure everything you have stays
in your family and doesn't go to Uncle Sam and
the government. So when you talk about putting the other plan,
(38:33):
you deserve it. Eight three three Maggie Tax, schedule time
to meet with us. That's a 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 Panelas County. Visit Maggie tax dot
com or call eight one three three two two twenty
five twenty. That's eight one three three two two 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):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie
Tax dot com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:53):
Welcome everyone, and thanks for joining us today.
Speaker 3 (00:55):
My name is Robert Maggie and I'm here with my
son and co host, Chris Maggie. Visit our website, Maggie
dot com. There's a lot of information there, click on
the retirement calculator if you have an IRA or a
four to one K, take a look and see what
your retirement tax bill is going to be. And then
come in and let's do some tax planning. Let's do
some income planning, investment planning, insurance planning, and let's talk
(01:15):
about the Maggie plan. Visit Maggie tax dot com. Well,
give us a call eight three to three Maggie Tax. So, Chris,
we're getting a lot of questions about Roth conversions. Some
people are doing it wrong, some people are getting the
wrong information. And as you know, and as everybody else
out there knows, we specialize in tax planning.
Speaker 2 (01:32):
So let's talk about Roth conversions today.
Speaker 4 (01:35):
Absolutely, so welcome everyone. I'm Chris Maggie and thank you
so much for tuning into the show. And that's correct.
Wroth conversions many people talk about. Many advisors talk about it,
but they don't complete the story because they don't tell
you what the tax menification is going to be. You
go to your tax prepair and they go ahead and
just do your tax return. But again, how much should
you convert? So a lot of things you need to
(01:57):
be aware of when you do convert it's not just
what everyone should do. Some people should do it, some
people should not. So that's why it's so important to
work with the right advisor who understands investments and income
planning and tax planning, because if you do it the
wrong way, you're going to get this tax bill that
you owe thousands of thousands of dollars for taxes. And
it doesn't have to be that way, So you don't
(02:17):
want to be surprised. And that's what we want to
talk about today. Is a Roth conversion right for you?
Should you do it? And those are things that many
people have questions on. So visit our website at Maggie
tax dot com, pick up the phone, schedule time to
meet with us eight three three Maggie Tax Maggi tax
dot com for more information and we can help you.
Speaker 3 (02:36):
And one of the things that we do that other
advisors do not do is we do it from a
tax return. So if you're thinking of a rough conversion,
don't just go to your tax guy and convert the
money and then pay the big tax. Do it strategically
and have a plan. Here's the question, is it tax
season right now?
Speaker 2 (02:51):
Chris?
Speaker 4 (02:52):
It's always tax season in our eyes, because taxes are
our biggest expense and you need to always make sure
that you are aware of the tax liability.
Speaker 3 (03:00):
And the reason why I asked that question because in
Maggie Tax, it's tax season all year round. So it's
not just up to April fifteenth, or October or September,
whatever the extensions are. It's all year round, and right
now I think most of you out there are concerned
about if taxes go up. The question is taxes are
going to go up, how is it going to affect you,
whether whether you have an IRA or four oh one K.
(03:21):
That's why we offer the retirement calculator. We do advanced
tax planning. So now is the time to call eight
three to three Maggie Tax. Right now, I have operators
standing by eight three to three Magi Tax. Let the
operator know that this is urgent and just tell them
tax planning at eight three to three Maggie Tax. I
don't care how big your IRA or four oh one
(03:41):
K is. Folks, you have a deferred account that you
have not paid taxes on. So strategically, no matter what
age you are, whether you be fifty to fifty five
or sixty or even seventy you're going to pay an
unknown tax, and that's the problem I think that most
investors have. Most investors hate taxes, but honestly, when you
enjoy the challenge of minimizing taxes over the long term.
(04:03):
So why is tax planning is an essential element in
smart investing?
Speaker 2 (04:07):
Chris?
Speaker 3 (04:08):
Is that play a big part in many of the
clients that we see, Well, they just committed to buy
a stock bond on mutual fund.
Speaker 4 (04:14):
Well that's it. You know, you want to make sure
you do complete planning. And let's talk about some examples here, right,
So about three years ago, a client came in had
three hundred thousand dollars of their IRA money.
Speaker 2 (04:23):
So what do we do.
Speaker 4 (04:24):
We looked at their tax return and he was receiving
Social Security, he had a pension and then marriage so
she was getting solid security as well. So they had
three income streams. They were getting about five thousand dollars
a month of income, very satisfied covered their need. But
they had three hundred thousand dollars of IRA money. So
this account is fully infected with taxes. And he said
to me, he said, what do we need to do
to get this money out in the most tax efficient way?
(04:47):
So he's thought about it, and he said, well, let's
just rip off the band aid and let's go ahead
and pay the tax. So I ran a couple of
different mock returns and I showed him, let's go ahead
and just take it. Three hundred thousand added to a
solid security his pension, and this is what your tax
liability is going to be. So he sat back and
it was kind of sticker shocked, and he said, I
don't want to do that, and I said, you don't
have to. Let's run some more. So what I did
(05:09):
was do some strategic planning. And what we did was
we took out thirty thousand dollars a year for the
next seven years. Is a plan was what it was
supposed to be, and we did and rom still pays
to do it. But over the past three years he
has paid tax on thirty thousand dollars of conversion. And
again he's only in the eight percent effective tax bracket
(05:32):
on that amount of money. So he's taken money out
of a taxable environment and converting it to a tax
free environment. So over the past three years now he's
got eighty five thousand dollars of money after taxes that
he has an a tax free zone, plus the interest,
which is more than when he converted. So now he's
up to over one hundred and five thousand dollars of
(05:53):
tax free money because his account has now paid the tax,
it's earned money, and now it's on its way to
earning more or tax free money in the future. So
we got many more years to do this until he
reaches his required minimum distribution age, which is age seventy
three for him. So he is on a great path
moving forward. And every year we look at this and
(06:13):
we're on a tax return and we talk about should
we convert more? But he is in his sweet spot
right now. He doesn't have to worry about the IRMA tax.
He doesn't have to worry about the Medicare tax, like
that's what IRMA is, increase of Part B premium. And
he's sitting pretty. He's got his income coming in every month.
He's converting money to a tax free zone. His accounts
are in a safe spot. And guess what, he is
(06:34):
in control of his retirement.
Speaker 3 (06:36):
Chris, you just gave everyone a reason out there to
pick up the phone and call eight three to three
Magie Tax. Because there are situations that Chris is talking
about where a long term tax strategy may save you money.
The only thing is you don't know and you don't
see it, even though it requires paying more taxes in
the short term. That's where tax planning comes in and
what Chris and I do. That's what we do advanced
(06:57):
tax planning all year round at Maggie Tax and Folks,
I'll challenge you if you want to come in and
bring in your information and we'll show you and believe me,
if we can help you. We're going to tell you
that we're going to help you. Understand. But guess what,
like Chris said, if we can make your situation better,
and you're going to make the final decision, not me
or Chris. But life has many changes and you have
to be ready and understand the language why so you
(07:20):
can avoid unnecessary taxes Because what's happening now when the
tax cuts expire, it's going to go up at least
thirty percent. Maybe some of you don't see that, but
when you get your taxes in two years, you're going
to see it and you're going to wonder what I
could have done. So consider the long term tax benefits
of WROTH for on one case and Roth Iras and Chris.
Speaker 2 (07:39):
There is a difference, right, absolutely there is.
Speaker 4 (07:41):
And that's one thing that we talk about is all
the time is tax free zones, and there is You're right,
the traditional form and K and also the Wroth form
K if your employer offers these things. But let me
go back to the example that well not example, but
exactly the client that we were working with here that
did this three years ago. When I talk about the
bucket planning, he said to me, well, what do I
(08:01):
do with the money? How can I position it now
where I can have a plan, where I can have
safety and some risk and take some chances with some money.
And we put together a bucket strategy using red money,
green money, and yellow money, and he was blown away.
He said, my gosh, this is exactly what I was
looking for. And he said to me, he said, in
two years to now, I might want about maybe another
(08:22):
five hundred dollars a month of income. So I ran
another mock tax return and I showed him if we
take five hundred dollars from his IRA money, this is
a tax for inifications. But if now we use his
tax free account, he can have more money. Next six
thousand dollars a year of income and pay no tax.
And he was blown away. They both were, and they said,
this is exactly what we're looking for. This is a plan,
(08:44):
this is a tax plan, it's an income plan, it's
an investment plan. And to make things even better, we
talked about their accounts again and we said, hey, do
you want this to go through probate or do you
want to make sure it goes to your two kids?
And they said, you know the answer to that one.
We want to make sure the money stays in the family.
So we put that together where he has an estate plan,
he's got proper beneficiary designation, he's got an estate plan,
(09:06):
his house, his assets, everything's going to avoid probate and
go to where they want it to go. So that
can happen to you too. Just pick up the phone
and schedule time to meet with us. Eight three to
three Maggie tax.
Speaker 3 (09:17):
And one other point traditional four and win ks They
became available in nineteen seventy eight as a way to
save for retirement, but the four and one K was
the biggest disappointment created. And think about this. You get
a tax deduction on the front end, and you get
that for many years, and that's great, but when you
start to withdraw the money, you're going to be paying
it all back for many years, and you're going to
be paying three to five times more than the tax
(09:39):
deduction that you received. This is why tax planning is
so important. This is why the retirement calculat that I
have on the website is going to help you understand this.
These plans are offered by employers. The amount in employee
contributes to their account is considered pre tax and it
is deducted from their taxable income. That's fine, that's what
a lot of people did. I'm an account is tax
(10:01):
deferred until the money is withdrawn during your retirement. Employers
often contribute a portion of the employer's contributions called the match,
which is in an added benefit. But it's all taxable, Chris,
every bit of it. And then when you start talking
about withdrawals, which we'll talk about in the next segment,
they're taxed as well. But now at what age are
you taking it out seventy three, seventy four to seventy five,
(10:22):
How much and how much is it's going to affect
your income? This is why tax planning is so important.
Right now, pick up the phone eight three to three
Maggie Tax. Sit down with us and go over this.
This is going to be something that's going to be ongoing.
And if your tax prepairer is not addressing these issues
like Chris and I are, shame on them.
Speaker 2 (10:39):
Eight three to three Maggie Tax.
Speaker 3 (10:41):
Visit our website Maggie Tax dot com and every Sunday
listen watch our TV show with ten thirty, The Maggie
Tax and Financial Show. Visit Maggie Tax dot com today
and give us a call at eight three to three
Maggie Tax.
Speaker 2 (10:54):
That's eight three to three Maggie Tax.
Speaker 1 (10:57):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host father and son, Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie Tax dot com. That's
ma gg I tax dot com or call eight one
(11:19):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty. Now your host
for the Maggie Tax and Financial Hour, Father and son
from Maggie Tax Advisory and Financial Group Robert and Chris Maggie.
Speaker 2 (11:35):
Welcome back.
Speaker 3 (11:36):
My name is Robert Maggie, and you're listening to the
Maggie Tax and Financial Show. And I'm here with my
son Chris Maggie, and we're talking about debt to the
irs because a lot of folks out there when they
start taking money out of the IRA, and many of
you have great iras in four oh one k's, you're
going to pay a tax. And remember the definition of
debt something especially money owed to someone else. Does that
(11:56):
sound like taxes in an IRA? Chrismas absolutely so. If
you have saved in a four to one k on
IRA or any tax deferred vehicle, you owe a debt
of taxes to the irs. And let me remind all
of you, you have a debt to the irs, and
the bad news is a debt that grows with interest.
This is the problem that we don't realize, or a
lot of people don't, because as it grows and the
(12:18):
interest you know it grows as well, you're going to
pay them a lot more tax So you all owe
taxes not only on your contributions, but also on the
growth and the funds in your accounts. You talked about
something before investment risk and investment growth. How does that apply?
Like when we talk about this when people come in.
Speaker 4 (12:35):
Well, there's a regular debt, and many people think about
credit cards and bad debt, and then you got investment debt,
which is what we're talking about here today. And we
talked about this last segment. It's a question mark tax
rate when you retire. That's the thing when you put
money away and you're doing a great job if you
have an IRA A four one K and a TSP
of your federal employee, but the bottom line is you
really kind of follow the crowd and you're really not
(12:57):
doing it the right way because you're investing and putting
your money away for a question mark tax rate in
the future that when you need the money, you have
no idea what that tax rate's going to be. You
have no idea what that amount is going to be
sent to the irs? So what is going to be yours?
And that's where most people when you start planning and
you start planning on what is actually yours, and they
(13:20):
talk about the irs, and it's theirs, thrs, the to hrs.
And what you really want to think about here is
that when you talk about income and planning. You want
to make sure that you have after tax accounts given
you income so you can plan on it. That's why
roth iras is so important. That's why ROTH Form one
KSER is so important. But the traditional ira is and
(13:40):
the tax deferred accounts, these accounts are huge and there's
trillions of dollars there that Uncle Sam knows how much
they're going to get in taxes. But that means less
income to you.
Speaker 3 (13:51):
And basically it can add up to a lot of debts.
So call my office at eight three to three Maggie Tax.
Here's what I want you to do. Tell the operator
that it's urgent that you want to get out of
debt to the IRS, and set in a point with
Chris and I eight three to three Maggie Tax. And
make sure you tell them it's urgent because it is.
Because a lot of people don't understand, well, let me
defer it, let me worry about it later in two
(14:13):
years when the Trump tax cuts expired, there's.
Speaker 2 (14:15):
Going to be a lot to worry about.
Speaker 3 (14:16):
People are going to be shocked, Chris when they see
that they're going to pay another thirty percent more in taxes.
Speaker 2 (14:20):
Negative of why and this hurts a lot of people.
Speaker 3 (14:23):
So if you don't do some proper planning, you're going
to be hit with this tax time bomb.
Speaker 2 (14:27):
And it's ticking, it's ticking louder.
Speaker 4 (14:29):
So one of the things I can do, because let's
talk about this, when you come in and meet with us,
we're going to help you defuse this big tax time bomb.
We're going to show you how much money you have
in pre tax money and how much you haven't after
tax money. And what if there's a strategy where we
can get the money out of an affected area of
taxes into tax free accounts. Would you want to know?
Speaker 2 (14:46):
That's what we'll do for you.
Speaker 4 (14:47):
So when you come in, we'll look at that investment plan,
and we'll look at the debt that you have on
the investments, and we'll show you how you can have
after tax accounts and do it the most beneficial and
strategic way possible to pay lease amount in taxes.
Speaker 3 (15:00):
So one other way to look at this is many
people look at it through a micro lens, which means
right now today, what about a macro lens later on?
How is it going to affect you. That's proper planning,
that's tax planning. That's income planning. One of the biggest
questions we get, well, I think I'm going to run
out of money. We have millionaire clients that come in here,
and Chris, you can tell the story on these, but
(15:20):
they're worried that they're not going to have enough money
to live on. The problem is they don't have no
plan to get what the income they want. And that's
the problem that a lot of people have. So give
us a call eight three to three Magi Tax. Make
sure you visit our website, Maggie Tax, click on the
retirement calculator and see for yourself. You're going to get
a report back in thirty seconds. We're going to give
you a call, or you call us and let's get together.
(15:41):
So the question you might ask Maggie Tax is how
do I reduce my IRS debt? And there are ways
to reduce your debt to the iras, and now it
may be the perfect time to help you do it.
So eight three to three Magi Tax. Tell the operator
it's urgent and we schedule a meeting to get out
of debt with the IRS. That's what you have to
do to take control. You can't sit in the back
(16:02):
and procrastinate. That's not a retirement plan. And many experts
have said the US is likely entering get to a
period of higher taxes for American savers. So here's the question.
Do you think taxes are gonna go up? Or do
you think taxes are gonna go down? And what's the question?
Answer we get all the time.
Speaker 4 (16:16):
Most people think the taxes are gonna go up, and
it's gonna happen. And why is so important because that's
what they're talking about. Many experts are talking about how
we're going to enter a period of higher taxes for
Americans and what are you going to do about it?
Think about this, say you're retired. You can't do anything
about it. You're retired. You sound like you're gonna go
back to work and earn more money. Now you're gonna
(16:37):
have to sit there and just bite the bullet on
whatever the tax rate's gonna be.
Speaker 2 (16:40):
Do you want to be in that situation?
Speaker 1 (16:42):
No?
Speaker 4 (16:42):
So what do you do? You need the plan? That's
why it's so important to meet with us. Pick up
the phone, schedule time to meet with us. Eight three
to three, Maggie tax Why because you have a debt
to the IRS? Investment debt, and it's grown each and
every day, and it's a ticking time bomb and it's
getting louder each and every day. If taxes are higher
in the future, actually, when taxes are higher in the
(17:04):
future than they are today, you will be paying the
IRS a higher share of your retirement assets. Don't let
that happen to you. And remember you have a partner
with IRS. That's why you have investment debt, and that's
why you have an incomplete plan. We can help you.
Pick up the phone, schedule time to meet with us.
We have office on both sides of the bay. Eight
three three, Maggie tax. As my dad mentioned before, tell
(17:26):
the operator that it's urgent. Why because you need to
diffuse your big tax time bomb. And again, you did
a great job of saving, you did a great job
of listening to other people. But the end of the day,
it's gonna hurt you because you have an account that's
infected with taxes. I don't care how much is in there.
I don't care if it's one hundred thousand, I don't
care if it's two million. It doesn't matter. The fact
(17:48):
of the matter is you have a debt, an investment
debt to uncle Sam. So visit our website maggietax dot com,
schedule time to meet with us. Let's discuss what options
you have, what you have put together a plan for you.
Eight three three Maggie tax.
Speaker 3 (18:03):
One of the things Chris just said about options, there's
something called a strategic rollout, and this is something that
we do with a lot of clients. I know you
don't see what I'm talking about now, but we do
it over a five or ten year period to reduce
the tax so that later on, when you're ready to
take out the IRA, your ire is lower, less tax
And on the other side, you may have a roth
(18:23):
IRA that's tax free, which would you rather have? So
that's the choice you want to make. So when you
come in, we'll go over with this whole thing with you.
We put a balance sheet together, we have questions for you.
We need to get the right answers from you to
design the plan. Eight three to three Magi tax. And
remember the Maggi plan is a tax plan, it's an
income plan, it's an investment plan, it's an insurance plan,
and it's in a state plan.
Speaker 2 (18:44):
So if you don't have any.
Speaker 3 (18:45):
Documents for a state planning, we can help eight three
to three MAGI Tax. Be sure to visit our website,
Maggie tax dot com, click on the retirement.
Speaker 2 (18:53):
Calculator and see for yourself.
Speaker 3 (18:54):
In thirty seconds, you'll get to report back eight three
three MAGI Tax. So when you call, tell the and
it's urgent that you want to meet with Chris and Bobby.
Speaker 1 (19:02):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie tax dot com. That's
Maggi tax dot com. Or call eight one three three
(19:25):
two two twenty five twenty. That's eight one three three
two two twenty five twenty. Now your host for the
Maggie Tax and Financial Hour, father and son from Maggie
Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 3 (19:40):
Welcome back, and you're listening to the Maggie Tax and
Financial Show. My name is Robert Maggie and I'm here
with Chris Maggie. Today we're talking about taxes and some
strategies and concepts that you could use. The biggest thing
is make an appointment. Sit down with us, give us
a call eight three to three, Maggie Tax. Let's discuss
your situation, answer the questions you have, because I know
a lot of people are confused. So I want to
(20:00):
go back to a couple of things we talked about.
But here's an example of what we're trying to help
you with. And let's just say that you're sixty three
years old, you have a two hundred thousand dollars IRA,
and you may want to convert it. So let's also
say that you have a twenty five percent tax liability
and your account grows at five percent per year. And
you can really put any numbers in here, but I
(20:20):
just want to use this for illustration. So here's the
total amount of taxes that you could potentially pay from
that two hundred thousand dollars from today through age ninety.
So if you keep the qualified account, the total taxes
that you're going to pay on the RMDS is going
to be about seventy three thousand, nine hundred and forty
three dollars. And then you've got to pay tax on
(20:41):
the reinvested rmds. Which a lot of people don't think about.
About thirty thousand, and the tax is paid on the
remaining account when you pass away of forty seven thousand dollars.
So the total taxes paid is one hundred and fifty
two thousand on that two hundred thousand dollar IRA. Why
are we breaking this down because this is what you do.
I don't see when you start taking money out of
(21:02):
your RAA. Now, if you converted that I rate to
a tax free option, you would pay taxes on the
conversion of fifty thousand, and that's it. You don't pay
any more taxes. Is that shocking because a lot of
people see Chris and they go, wow, how can that be?
Speaker 2 (21:16):
Because you're taking off one thing? You say, you're ripping
off the band aid. That's it.
Speaker 4 (21:20):
So can you rip off the band aid? Should you
rip off the band Aid? The answer is yes, and
depends on your situation.
Speaker 2 (21:26):
Right.
Speaker 4 (21:26):
So that's why it's so important to meet with us,
because what this client did was they went ahead and said,
I don't want to be in an area or an
environment that's infected with taxes. I want to be in
an environment that's totally income tax free where he can
breed the clean, fresh air of tax free income. And
that's what he was looking for. So what are you
looking for? That's the question that we are going to
(21:47):
ask you. So when you come to meet with us,
we're going to ask these questions. We're going to show
you what the tax liability is going to be, and
we can do some strategies. We could do a lump sum,
we could do a strategic rollout, we can do it
over time. Whatever we got to do to see if
we can help you benefit you. And so you now
you have tax free money. That's what it's about. So
when taxes increase, guess what. If you have tax free money,
(22:11):
you don't have to worry about it. So why not
put yourself there if you can, and we can show
you how eight three to three Magie Tax. Pick up
the phone, schedule time to meet with us. We have
office on both sides of the day to help you.
Eight three three Magie Tax.
Speaker 3 (22:25):
Now, when you come in, we can show you this
illustration because I know it's hard to see on the radio,
but keeping your IRA in that situation's going to cost
you an extra one hundred and two thousand and taxes.
And if you spent the R and ds rather than
reinvesting them. It's still going to cost you an extra
seventy two thousand to keep the IRA. That's just the
way it is. I mean, there's nothing we can tell
you that's going to be different.
Speaker 2 (22:45):
It's real.
Speaker 3 (22:45):
So when you run it from a tax standpoint, this
is what you folks need to see. And by the way,
we can run this tax analysis for all of you
when you come in, and it's part of what we
do every day at Maggie Tax. And here's a better option.
Now that you know the truth about tax, let me
give you a better option. And here at Maggie Tax,
we believe the most powerful tax free option. This is
(23:06):
another one that a lot of people don't discuss. It
may be good for some, it may not be good
as Index Universal Life, and some of you might qualify
and some may not. And that's why we have to
meet and see if this is an option. So by
converting some of your tax deferred assets into tax free
Index Universal Life, you could save hundreds of thousands of
dollars in taxes. We've helped a lot of people do that.
(23:28):
You can increase your income in retirement tax free, and
you can reduce the risk and volatility in your retirement portfolio.
So if you want to learn more about that, call
my office right now eight three to three Maggie Tax
or visit Maggie tax dot com and set an appointment
today and let's schedule a time to talk about this,
and let's talk about tax risk and legislative risk and
(23:50):
what the heck is the difference. As things stay hot
in Washington, I'm getting asked this question more and more.
Both are risk that can dramatically impact all of you,
and both are risks chris that most savers are underprepared
to address. And that's confusing because they're not educated on this.
It's the language that they don't understand.
Speaker 4 (24:09):
Well, that's just said. I mean, everyone thinks they have
to go through those risks. You know, if the mark
goes down, they think, well, everyone's going to lose money. Well, no,
it doesn't happen that way. They think, well, everyone's going
to pay taxes. No not, everyone's going to pay taxes.
And if you do the right strategies, you can control
your retirement. You can control the amount that you earn,
you can control the volatility, you can control the tax
(24:30):
side of this. You can even control how it transfers
to who you want it to go to. These are
things that we do each and every day. Do you
have these plans? If not, why not. That's what we
can help you with. So we have offices on both
sides of the bay to help you. But my dad's
talking about a lot of different things here. When it
comes down to your retirement and income. Your retirement assets
are going to be affected by the taxes. Your current
(24:53):
income and your future income are going to be affected
by the taxes because as they raise the tax brackets,
guess what, less income to you, and then you and
then you put inflation on top of this, then it
gets even worse. So what are you doing about it?
And that's why it's so important to get a review.
Pick up the phone, schedule time to meet with us.
Let's get together. Let's have a conversation. When you come in,
(25:13):
we're going to look at your tax return, we'll look
at your investments, and we look at your income plan.
And if you don't have an income plan, we'll show
you how to get one. We'll do it for you.
Eight three to three Maggie.
Speaker 2 (25:22):
Tax. So tax risk is the risk that a person's taxes,
they're going to be higher in retirement than what you
plan for, and this means more of a retires income
is going to be we'll go to the I R
s as taxes, which means less income to you. So
you have to do something about this.
Speaker 3 (25:38):
And that's that's a great point there, and Chris, they
don't see this more to I RS and less to
you because if you a big question we ask everybody
when they come in, how much income do you need
every month to come in the front door to pay
your bills, to live and do what you want without worrying.
Speaker 2 (25:53):
And that's a you know, that's a question, Chris. The
people can't answer. They don't know the answer to when
it's confusing because that's the roundwork that you and I
start with, so we could see what's going to happen
when it comes.
Speaker 4 (26:04):
To taxes exactly we're talking about net you know, we
can we can gross up the rest or if we
have strategies. We don't have the takeout taxes because we
don't have to pay them. So that's why it's so
important to make sure that you know how much you
need per month, especially approaching retirement. What is the amount
you need for the next thirty days to spend. I'm
not talking about put it going on a vacation or
(26:25):
I'm not talking about going on a cruise or to
go on a trip. Those things we can plan for.
But I'm talking about day to day or month to
month activities that you need to cover to make sure
that you have income coming in. So these things we
can help you with. It's called budget planning. Schedule time
to meet with us. We can help you eight three
to three Maggie.
Speaker 3 (26:42):
Tax there's another word to use, budget planning. A lot
of people out there listening today don't even know about
a budget, don't have a budget. Well, folks, it's real
important when you sit down and look at what you're
spending and what you owe. You know what's coming in
the front door, how does that balance out. So from
a standpoint that Chris and I do, we do a
balance sheet on every client. See where your assets are,
which ones you're using for you know, income, which one
(27:04):
you're using for taxes, because that's part of the plan.
It's a tax planet, it's an income planet, it's an
investment plan, and it's a legacy plan.
Speaker 2 (27:12):
So folks, if you're.
Speaker 3 (27:13):
Missing that, you know, I encourage you to call right
now eight three to three Maggie tax pick up the phone,
make it a pointment. Let's see what we can help
you out. Because in short, tax risk measures the level
of taxation that you're going to experience in retirement. Now,
I know you're saying, well, I'm not retiring yet, but
that's okay because you want to plan for it, So
don't put that off until the year before you retire.
(27:34):
How many people Chris call us and say can I retire?
And we ask him, when do you want to retire?
And in many cases they can retire but don't even.
Speaker 2 (27:42):
Know they can. Well, let's just say it.
Speaker 4 (27:43):
So it's a great feeling when you can tell someone yes,
you could retire and they look at you like, well,
where am I going to get the income from? And
we can show them because we can put together buckets
of money where it has income producing account growing for
long term to combat the inflation as well. And all
the best thing is that of it's probate and stage
within the family, so you can leverage your money. You
(28:03):
can maximize your soil security benefits, you can have spousal benefits.
These are things that we talk about each and every
week because you need to know. You know, we got
a client that came in last week and we put
together a plan and they sat back and they said,
my gosh, I am sixty four years old and no
one's ever ever told me how to go about doing this.
Speaker 2 (28:22):
And she was.
Speaker 4 (28:23):
Disappointed with her past, and she said, I wish I
would have found you ten years ago because I would
have been even in better shape. Because now she has clarity,
she's educated, she knows exactly what she can do and
what each account's going to do. And she said, oh,
my gosh, I'm retiring on Monday. I can't wait to
come in and see you again the next couple weeks
and then we can put together and implement the plan
(28:44):
to make sure it happens. And that's what we're talking
about today. If you don't have a plan, why not
we call it the Maggie plan. What's the Maggi plant's
tax planning, income planning, investment planning, sol security maximization planning.
What about state planning? If you don't have a will
or a power of attorney or maybe a living trust
is right for you, maybe it's not, but these documents
(29:06):
are important. They're crucial. Do you have beneficiary forms? Do
you have your account set up? If not, why not
pick up the phone, schedule a time the need less
we can help you eight three three MAGI tax. That's
eight three to three MAGI tax.
Speaker 3 (29:19):
And we're about to see tax risk and action because
in twenty twenty five, several provisions from the twenty seventeen
Trump tax cuts expire, and this includes the reduction and
individual income tax bracket rates. So in twenty twenty six,
many savers are going to find their tax bracket rates
higher than they are today, causing many of you to
pay more in taxes even while maintaining the same.
Speaker 2 (29:41):
Amount of income. Is that what you really want?
Speaker 3 (29:43):
So get prepared, you know, have a plan, sit down
and you know, for the younger people out there, one
thing Chris mentioned don't I don't want you to wait
you sixty four to figure out if you can retire,
you could do it younger, and that's when you start
putting a plan together for even younger people.
Speaker 2 (29:57):
Chris, you know you're young, You've got a plan. But
these the people listening to this show, it's not just
for retired people. And if you have children that are
you know, trying to figure out this out on their own.
Speaker 3 (30:09):
It's not gonna be easy. It's a big puzzle. So
have them give us a call eight three three Maggie Tax,
and again visit our website Maggie tax dot com.
Speaker 2 (30:18):
Ten one of our seminars.
Speaker 3 (30:19):
We talk about social security, we talk about Willson Trust
that Chris mentioned, we talk about taxes, you know, and
this is what a lot of people are missing. So
please don't sit back and do nothing. Procrastination is not
a retirement plan, absolutely, and let's just leave it at this.
If you do not have a tax plan in your
retirement plan, then you are in trouble because it's going
to eat away at the investments that you have, it's
(30:42):
going to eat away at the future income that you have.
It's the biggest problem that most American people don't know
how to retire or can't retire because they have not
thought about the tax planning. So pick up the phone
and schedule time to meet with us. Tax planning, investment planning,
income planning. We could do at all to help you
complete planning. Maggie Tax dot Com eight three three Maggie Tax.
(31:02):
That's eight three to 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 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
(31:27):
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 (31:44):
Welcome back and you'll listen to the Maggie Tax and
Financial Show. My name is Robert Maggie and I'm here
with Chris Maggie. And be sure to visit our website,
Maggie Tax dot com. We've been talking about this all show.
Click on the retirement tax bill calculator, put in your
numbers and see what the tax bracket is. Third thirty seconds,
we'll send you back a report so you could see
exactly what we're talking about. And then pick up the
(32:04):
phone eight three to three Maggie Tax and come on
in and let's sit down and see if we can
help you out. So we've been talking about tax risk,
and we talk about legislature risk. So let's talk about
legislature risk. A lot of people don't even know what
that word is, and here's what it is. So it's
the risk that Congress changes the rules and those changes
negatively impact the savior's retirement approach. And like we said before,
(32:25):
the rules are written in pencil. Legislative risk measures the
structure of taxation that US saver experience in retirement. What
is taxed, when it's taxed, and for whom it's tax
And again, this is what's going to change in a
couple of years when the Trump tax cuts expire. So
we just experienced a good example of legislature risk in
twenty nineteen.
Speaker 2 (32:45):
And think about this. It was the Secure Act. Congress
included a provision eliminating the stretch IRA for most Americans
and that was a retirement strategy that people did use.
And this change impacted when inherited iras are taxed, potentially
up ending tax strategies IRA owners had put in place
for the heirs years ago. And Chris, this is the point.
Speaker 3 (33:07):
You have tax risk, you have legislature risk and people
are going to get hit and again with the inherited
IRA is a lot of people have you know, have
parents have passed away and the biggest question is what
do we do with the inherited IRA.
Speaker 4 (33:18):
Well, that's just said you need to do planning and
if you don't take it the right way, there's a
penalty for it. So get educated and let's work with
the advisor who understands tax planning, income planning, and investment planning.
You know, as a fiduciary over here at Maggie Investment Services,
we had the best thing for you. But we take
pride in that because how do you maximize your solid security?
How do you deal with maximizing your income? What do
(33:40):
you deal with your investments and the risk that you
need to take in retirement? What about inflation and how
to combat that? But taxes what we're talking about, and
tax and legislative risk impacts a savers total tax burdening
retirement and beyond, and that impact can mean less money
even for savers who think they've created a salary, time
(34:00):
and income plan. So start doing some tax planning, now,
start doing income planning. Now all you got to do
is pick up the phone, schedule time to meet with us.
We have office on both sides of the Bay eight
three three Maggi tax, and we will be discussing this
each and every week because it's so important. It's not
about how much money you have. It's about how much
money you keep. That's what the whole thing is about.
(34:21):
And if you save so much and you lost it
to the volatility and the market risk, and then you
lost it even more because you got to pay more
in taxes, guess what what have you done for all
those years. That's why there's the accumulation phase. And then
there's the distribution phase. If you're nearing retirement or you
are in retirement, pick up the phone now, schedule time
(34:43):
to meet with us. Let's get together. Let's talk about
that distribution phase and how to take income on the
most tax efficient way eight three to three Maggi tax.
Speaker 2 (34:52):
And one more thing that I think we need to
bring up.
Speaker 3 (34:53):
We do a lot of work with federal employees out there.
So if you're a federal employee and you're getting ready
to retire, the thing that most people are concerned about
is what kind of annuity they're going to get, what
their TSP is going to get and Chris, a lot
of folks out there, federal employees don't know and don't
even like their TSP because they don't know if they're
making any money. Their choices they have are very limited.
(35:14):
This is something that we can help you with, you know.
And retirement's not easy. I'm not saying it is. I
think it's a fear factor that people out there are like, oh, well, gosh,
you know, if I retire, what happens. But the reason
why we're talking about this today is because if you
do planning, and you do it from a tax situation,
income planning, investment planning, and Chris talks about buckets now bucket,
(35:35):
you know, growth bucket and later bucket, then if you
don't have that now, then what is your advisor or
broker telling you. All he's telling you, what she's telling
you is growth, growth, growth. But then, one thing I
want to mention when people lost money in two thousand
and two and two thousand and eight, and then when
COVID hit, Chris, they were ready for retirement until that hit,
and then what happened now the number dropped and their
(35:57):
retirement they had to wait. That's the reason why they
couldn't retire.
Speaker 4 (36:00):
That's exactly right, So don't let that happen to you.
Make sure that you have a power packed plan. It's
called a complete plan. Don't just look at your investments.
Look at the tax side of this. Look at the
sol security maximization, look at the estate planning side, look
at the income plan side. We can help you with
all these things. So pick up the phone, schedule time
to meet with us. You know, each and every week
we talk about complete planning because we have clients that
(36:22):
come in and want to maximize their income the most
tax efficient way. What if you have a highly appreciated asset,
what are you doing about it? Are you going to
pay capital gains or are you looking for ways to
offset that those gains and create a tax deduction. There
are ways to do that, use charitable leveraging strategies. How
do you go about doing these things? We can help.
We can assist you, and that's what we do. So
(36:44):
pick up the phone, schedule time to meet with us.
Visit our website at Maggie tax dot com. There's so
much information right there at your fingertips. My gosh, we
do seminars each and every week. Why to educate you.
There's so much to talk about because you need to
know you've saved, you've worked, what are you doing to
complete the plan? We can put together a complete plan
for you. Eight three three Maggie tax and I.
Speaker 3 (37:06):
Just want to end this segment with one thing. We
talk about trust and wills. Many of you out there
do not have a trust or a will. Many of
you don't even have something called a quit claim deed
or a lady bird deed for your house. A lot
of people look confused when someone passes away how to
transfer the assets. So you know what we're going to
talk about when you come in is the dos and
don'ts for transferring your assets, including your home or farm,
(37:28):
to your children.
Speaker 2 (37:29):
Do you know how to do that?
Speaker 3 (37:30):
The benefits of avoiding probate for your family, and we
see this every day. Okay, you don't have to go
through probate if you do proper planning. Protection from unexpected
nursing home costs without nursing home insurance, that's another big one.
And how to reduce or eliminate many forms of taxation,
which we're talking about throughout the show, and the importance
of having the right legal documents at the right time.
(37:52):
We work with a national group of attorneys and we
can help you with wills and trust and set them
up the way you want. Maybe you need a willy,
you need to trust, but let's find out what you
have so well awareness. Give us a call eight three
to three Maggie Tax. Go to my website Maggie Tax
dot com and sign up for one of our seminars.
Speaker 2 (38:10):
And you know I'm telling you right now, you learn
a lot more and get educated.
Speaker 4 (38:12):
That's what it's about. Education. Get a complete plan. A
complete plan is what you deserve. It doesn't matter how
much money you have. It's about getting a complete plan.
Tax planning, income planning, investment planning, and as my dad
mentioned as state planning. Make sure everything you have stays
in your family and doesn't go to Uncle Sam and
the government. So when you talk about putting the other plan,
(38:33):
you deserve it. Eight three three Maggie Tax, schedule time
to meet with us. That's a 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 Panelas County. Visit Maggie tax dot
com or call eight one three three two two twenty
five twenty. That's eight one three three two two twenty
(39:03):
five twenty and tune in next Saturday at five for
the Maggie Tax and Financial Hour
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