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
and tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie
Tax dot Com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:52):
Welcome everyone, and thanks for joining us today. My name
is Robert Maggie and I'm here with Chris Maggie. Be
sure to visit our website, Maggie Tax dot Com. Click
on the retirement calculator, see what your tax bill is
going to be in retirement. Check out seminars because next
year we're gonna have seminars every month, so you can
register for them. You'll see them on the website. Talking
about taxes, talking about Social Security and the big thing,
(01:14):
talk about wills and trust. A lot of people asking
us today. We're going to talk about some deadlines because
we're getting to the end of the year and a
lot of the I guess confusion is what people need
to do with the end of the year. So we're
going to talk about a couple of things. But first, Chris,
welcome everybody, and thanks for joining us today.
Speaker 3 (01:31):
That's right, Welcome everyone, and you're right. It's the end
of the year and a lot of things are happening,
and a lot of people are busy and excited and
all those good things. So it's definitely a great time
of the year. It's December and the halls are decked,
the Starbucks holiday cups are everywhere. We see it each
and every day. You know, the end of the year
is not far away, and that means the deadline is
near for taking a required minimum distribution. And here's what
(01:54):
you need to know. If you have your own IRA
individual retirement account, or if you are an IRA beneficiary,
and let's start with your IRA first. You know, the
Secure ACTA and Secure two point zero have delayed the
aids for our mds and back in twenty twenty three
early on. If you have an IRA including a SEP,
a simple IRA or a SEP self Employed plan, and
(02:16):
you are age seventy three or older than this year,
you must take an RMD called the required minimum distribution
by December thirty first of this year. So many people
dead out there don't really know that, and then they
get stuck because now they have a penalty. So it's
so important. If you have an IRA and you listen
to the show, stop what you're doing. Make sure that
(02:37):
you have taken and satisfied the required minimum distribution.
Speaker 2 (02:41):
You know, I talk about confusion and I talk about language,
and this is exactly what we're talking about. You know,
I've done many seminars and when people come to the suminar,
they always come up and say, you know, I did
not know that, and we understand that. So take the time.
When Chris is talking about rm ds, if you have
an IRA, give us a call, sit down and see
if we can help you out on this. The other
thing when you want to talk about is roth ira
owners and they catch a break. So no rm ds
(03:04):
are required during your lifetime. If you have a roth ira,
again during the year, we try to convert, but you
convert for the right reason to have tax free money
and to avoid the r and ds, because it is
the higher your account gets, the more they're going to
want you to take. So let's talk about an inherited ira.
Many of you out there have an inherited ira. If
(03:27):
you have an inherited ira, you may need to take
an r and D by December thirty first, twenty twenty three.
And again what Chris said, many people don't know that
until they sit down with us and they see they
have to do that. So remember well, roth ira owners
do not ever need to take rm ds. Roth Ira
beneficiaries do. And Chris I think that's confusing because they
(03:48):
think that they don't have to take it. But that's
not correct.
Speaker 3 (03:51):
Well, even though it's say roth ira and a roth
beneficiary are both tax free money on distributions, they the
government want you to take a distribution from your inherited
wroth ira. That means if someone passed away and you're
the recipient of the roth ira. Then guess what you
just received an inherited roth ira and that's where you
(04:11):
have to take a distribution. Even though it's tax free,
it still has to be taken as a distribution. So
many beneficiaries find themselves subject to what they call a
ten year payout on these inherited iras, and under IRS
proposed regulations, some beneficiaries of traditional iras are subject to
the ten year rule and they must also take annual rmds.
(04:32):
So the ten year rule means that they have to
liquidate that account with over ten years by ten years
and this has caused great confusion and as a result,
the IRS has granted some relief. So back in twenty
twenty two, the IRS issue to notice twenty twenty two
Dash five three which wait penalties for miss twenty twenty
one and twenty two are mds within the ten year period.
(04:55):
But then they came out with another notice. It was
a notice twenty twenty three Dash five to four exten
when's the penalty waiver to cover missed twenty twenty three
rmds within the ten year period. So, as you know,
you might have some relief here, but the end of
the day, at some point you're not going to have
the relief, and you need to make sure that everything
is satisfied.
Speaker 2 (05:13):
And the bottom line is IRS gets paid. You have
to take the rm ds and pay the tax based
on your tax situation. So these missed rm ds that
we're talking about within a ten year period, they will
not have to be made up. But like Chris said,
at the end, you have to take it all in
one distribution. And just remember if you take a large
sum of qualified money onto your tax return, it's going
(05:34):
to increase your taxes and it's going to create maybe
a problem if you can't pay it. Notice twenty twenty
three days fifty four, it does not affect lifetime rm
ds inherited iras by eligible designated beneficiaries. And this is
another thing, eligible designated beneficiaries or rm ds by beneficiaries
who inherited. And this is before twenty twenty. Why are
(05:56):
we saying this because the Secure Act made the changes
prior to that, it wasn't a big deal. In fact, Chris,
we used to have something called the stretch IRA. So
if people died before twenty twenty two and they were
in an IRA with a stretch provision. They could stretch
it over the lifetime of the children and the beneficiars,
but not now.
Speaker 3 (06:15):
That's it. So things are changing, and that's why it's important.
If you have the individual retirement account a form, okay,
a set plan, a simple IRA, these accounts are infected
with tax bottom line and the clock is taking So
what we're encouraging everyone to do right now, and that's
why it's so important. End of the year you have
to start taking these distributions. This should have been done
or planned throughout the whole year. So if your advisor's
(06:36):
not talking about tax planning and making sure that you
are satisfying the distributions, then you're missing the boat and
you're going to be subject with penalties and also taxes.
So that's one of the things that we do to
make sure that everything's taking care for you. So pick
up the phone, schedule time to meet with us. Let's
get together. If you have an IRA, we could talk
about tax planning. If we're talking about income planning, investment planning.
If you have investments in yours the end of the
(06:58):
year and you're not sure what to do going into
the beginning of the year. Pick up the phone, let's
schedule a time. Let's get together. Let's start the year
off right. Let's make sure that you in the right
tax situation so you are having more income and less
paying taxes. That's what it's about. Your income, your investments,
your taxes. They all work together. And if your advisor
is not doing that, not talking about it, you miss
(07:19):
in the boat. So pick up their own phone, schedule
time to meet with us. Eight three to three Maggie Tax.
Speaker 2 (07:24):
And just remember the clock is ticking and you have
to do something about it, so do it sooner rather
than later. In many IRA custodians they have earlier internal deadline,
so be careful there. Check with your advisor as well,
and there is no reason to wait until the last minute,
because that is when things can go wrong and that's
when it's too late to fix it. So remember there
(07:45):
is no credit for distributions taken in prior years. You
just take what you're supposed to take. You could take more,
but you've got to be tax more. Make sure if
you are a beneficiary that you take any required twenty
twenty three R and D, especially roth IRA benefit fisharies,
and these rm ds are often missed. So look, it's confusion,
it's language, and we get it. We understand because we
(08:06):
meet a lot of people. Look, you're not in the
game every day like we are. And when you start
getting into tax season and you start seeing these things
happen to you, that's when, like we're doing now, end
of year is always good. So double check your R
and D transactions by year end to be sure everything
was done correctly. And every year, Chris, people miss rmds
(08:27):
and the result can be a twenty five percent penalty
on the amount not taken. Many people don't know that,
so please don't let this happen to you. Now is
the time to hustle and take your twenty twenty three
R and D if you haven't already. And Chris, you've
said it before. We talk with every client about taxes
and insurance, income investments. But it all ties together.
Speaker 3 (08:49):
It sure does. I mean, that's why we call it
the Maggi plan, because a Maggi plan is about tax planning,
having more income in a most tax efficient way. If
you are paying too much in tax, my gosh, there's
got to be ways to reduce it. That's where the
tax strategies come in.
Speaker 2 (09:01):
Play.
Speaker 3 (09:01):
What about your investments. Maybe your investments are causing you
to pay on necessary taxes. What if your investments you're
not in the right buckets of money. We talk about
green money buckets, safe money, we talk about red money buckets.
Whether we're at risk? Are you taking the right amount
of risk for your retirement? Are you close to retirement?
Are you scared with the volatility of the market. These
are things that we have to discuss because they play
(09:23):
in the overall position of where you're going to be
in retirement. So make sure you pick up the phone
schedule time to meet with us. We have office on
both sides of the Bay eight three to three Maggi Tax.
Visit our website at Maggie tax dot com. There's so
much information rate there at your fingertips. My gosh. You
can click on top right hand corner if you want
to know what your future tax rate's going to be
with your IRA, we can show you. If you have
(09:46):
an IRA, those accounts are infected with taxes. So pick
up the phone, schedule time to meet with us. Let's
get you out of the tax situation. Let's put you
in tax free zones. Why so you have more income
on a tax favorite basis eight three to three Magi tax.
That's a three to three Maggie.
Speaker 2 (10:01):
Tax and don't forget. Well, you're on Maggie tax dot com.
Click on seminars. We do seminars all year round. We
do them every month. They're free, they're held at libraries,
and they're educational. And then you can make a decision
based on that seminar. What you need to do regarding
wills and trust. How many of you don't have a
will or a trust? How many of you are going
to go through probate, Well, we can help you with that.
(10:22):
What about social Security? Many of you are confused about
social Security, about the URM attax and what it's going
to do to your income, and what about taxes. Just
remember the Trump tax cuts are going to expire. You
have to have a plan to beat the taxes that
are going to be paid in the future. You have
to do some planning. We call it the Maggie Plan.
It's a tax plan, it's an income plan, it's an
(10:43):
insurance plan, it's a legacy plan. Give us a call
eight three to three Maggie Tax and don't forget. Every
Sunday at ten thirty on ABC TV. Tune into the
Maggie Tax and Financial Show. You're listening to the Maggie
Tax and Financial Show.
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, and you're listening to the Maggie Tax and
Financial Show. I am Robert Maggie and I am here
with Chris Maggie. And today we're going to talk about
a bed, Santa and the Grinch who offers horrible advice.
And I'm gonna play the Grinch because I've been playing
Santa for years and Chris, do you play Santa? Is
that okay?
Speaker 3 (11:51):
Sounds good?
Speaker 2 (11:52):
Amazing? So, folks, we're gonna have a little fun with this,
but I want you to see why this is important,
because it's not a game. It's not fun if you
do it wrong. So we're just gonna have some serious
fun here. So if the Grinch and Bad Santa both
pass the securities exam and they decided to open an
investment advisory firm, I'm pretty sure they would combine forces
(12:13):
to intentionally deliver some of the worst financial advice possible.
And remember, we're just having fun here, and here are
some of the terrible, hideously, horrible, good for nothing planning ideas.
So bad Santa, and that's your deal, Chris, So you
take that one and talk about Bad Santa. What does
he say?
Speaker 3 (12:31):
He would say, Well, everything on TV and the internet
is true. Invest your IRA and gold coins that you
can run through your fingers through and that's what people
are saying, we see each and every day, and let's
just go down that route.
Speaker 2 (12:42):
But be careful.
Speaker 3 (12:44):
If you have gold coins or bullions in your IRA,
those coins must be in the custody of a qualified
trustee or custodian. Many people don't know that if they
are tumbling through your fingers like on the commercials, there
is a good chance you have a taxable distribution along
with all the normal underage fifty nine and a half
penalty consequences. So people need to be aware of what
(13:07):
they're seeing when they hear these commercials, and also on
TV with all the talking about investing gold investing gold,
there's got to be a proper way to do it.
Speaker 2 (13:17):
That's a bad Santa, right, So let's talk about a
bad grinch and he says, don't worry about liquidity for
IRA rm DS, the IRS is here to please. That's untrue.
Liquidity for requirement of distributions purposely is a big concern
for some IRA owners and here's why. So let's say
you have a beachfront investment property in your IRA but
(13:38):
no cash. That in itself is perfectly acceptable, but if
you're subject to r and DS, you can't carve off
the balcony for distribution. So you better figure out how
to either generate some cash within the IRA. And the
IRS does not care about your liquidity issues. The R
and D must be taken and is the IRA owner's
(13:59):
responsibility to do so. Chris, how many people do we get.
Let's say the same thing, I have property in it,
and do I have to take my arm ds. They do. Well,
that's it.
Speaker 3 (14:08):
So many people out there like to invest in iras
and have real estate inside of it. So that's called
the self directed IRA. There's a perfect example. If you
have no liquidity, meaning if you don't have no income
or no cash inside that self directed IRA and it's
just a house and guess what. It's a million dollar
house or a five hundred thousand dollars house and there's
(14:28):
no cash in there.
Speaker 2 (14:29):
Guess what?
Speaker 3 (14:29):
You have to take an R and D requirement distribution.
We talked about that last segment. If you're aged seventy
three or older, you have to take the requirement of distribution.
And the government doesn't care if you don't have any
cash inside of it, because they're going to subject to
you a penalty, but not haven't taken a distribution. So
that's why it's so important to make sure that you
(14:50):
have liquid money inside that IRA.
Speaker 2 (14:53):
And that's because people get bad advice, and that's what
we're talking about. So let's go back to bad Santa Chris.
You're the bad sand Well.
Speaker 3 (15:00):
Some people say here, well, rental property in a roth ira.
Let's discuss that question. You know, so bad Santa says,
access your tax free rental income today. So let's talk
about that. Well, No, Sir, rental income within a roth
IRA is simply earnings like dividends or capital gains or
stock appreciation. And additionally, roth iras file strict ordering rules.
(15:22):
Contributions come out first, then converted dollars come out second,
and then earnings, so you can't just target and withdraw
the rents that you receive. Plus, roth IRA owners must
follow the standard what they call five year clock rules,
meaning this that the income has stay in there or
(15:42):
the growth has to stand in there for five years
before income out tax free. So rental income definitely does
not get to bypass all the normal roth IRA distribution guidelines.
So that this is so important for many people to
understand because they do not understand how the distributions come
out with the wroth I.
Speaker 2 (16:00):
And be sure to visit our website Maggie tax dot
com set a time to go over this with you
so we can explain the rules for you. So let's
talk about the Grinch, and the Grinch with his evil snarl,
he says roth conversions are best left to the last
day of the year. Until then, enjoy some holidaach year.
That's not true as well, because the deadline for a
ROTH conversion is December thirty first, And if you want
(16:22):
to do a roth conversion in the twenty twenty three
taxi that's what we're talking about there, It must be
initiated before the calendar changes. And some custodians will set
their internal ROTH conversion cutoffs even earlier to ensure they
don't get buried with last minute requests. And remember, procrastination
is not a plan. So to avoid the possibility of
(16:43):
missing the twelve thirty one deadline, do your wroth conversion
sooner rather than later. So let's go back to bad Santa.
What does he say.
Speaker 3 (16:50):
Well, Bad Santa says, well, IRMA IRMAA brackets and let's
discuss those. Just do your roth conversions and all will
be fine. Don't worry about the IRMA Part B premium
increase as well. That's definitely not true. You definitely don't
want to go down that route without doing proper planning.
And the medicare income related monthly adjustment amount that's called
(17:12):
IRMA brackets are a cliff just one dollar over and
you can fall into paying more each month for your
Part B premium. And we're talking about Medicare here and
all effects Medicare Part B if you're over age sixty
five with your income, so roth conversions are not excluded
for IRMA calculations and can easily push a person into
(17:34):
a higher tax bracket. So for anyone age sixty three
year older the cognizant of the stealth tax, we call
it before doing any conversions. And that's why it's so
important to pick up the phone schedule time to meet
with us before you do anything with your investments. You
need to understand how it's going to relate to your
taxes and your future income. And also IRMA Part B
premiums if you are over age sixty five, schedule time
(17:55):
to meet with us. Eight three to three Maggie tax.
So let's go back to the grinchdat What is the grinch?
Speaker 2 (18:00):
Well, he says, reviewing beneficiary forms is a waste of time.
I'd rather sip eggnog mixed with rotten brown lime. How
many court cases have we seen what people's lives were
turned upside down due to a beneficiary form being forgotten,
filled out incorrectly, or never updated. It happens all the time,
and it may not be glamorous, but an annual review
(18:20):
of beneficiary forms could be the most important planning strategy
of all. So where's the sec oversight? Where's the compliance department?
Bad Santam and the Grinch are unscrupulous. We're going to
address all of these in another segment because this is
going to be ongoing, but look, you have to do something.
Pick up the phone, give us a call eight three
to three, Maggie Tax. Let's talk about the bad Grinch
(18:41):
in the Santa and how it goes there from there,
because you have to do something, So please pick up
the phone eight three to three, Maggie Tax. Visit our
website Maggie Tax dot com and be shored to tune
in every Sunday at ten thirty on ABC the Maggie
Tax and Financial Show. Pick up the phone and give
us a call eight three to three Maggie Tax, and
be sure to visit Maggie Tax dot com.
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 ma
gg I tax dot com or call eight one three
(19:25):
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 (19:40):
Welcome back to the Maggie Tax and Financial Show, and
we thank you so much for being here today and
each and every week we talk about complete planning. That's
what it's about. Tax planning, investment planning, income planning, social
security maximization planning, a state planning. My gosh, there's so
much dat to talk about to do the best thing
for you. So if you're looking for a plan, if
you want a plan that consists of all those things,
(20:03):
then pick up the phone in schedule time to meet
with us. That's what complete planning is. If you're just
looking for an investment account, then you could do it yourself,
but most people out there want the whole package. So
pick up the phone, schedule time and we can make
that happen for you. Visit our website at Maggie Tax
dot com or pick up the phone eight three three, Maggie,
tax and I want to talk about some things because
(20:24):
many people don't understand the challenges that I believe that
you and your family should be very worried about. If
these challenges not addressed, they can change your life forever.
And I'm talking about multiple things here, but I really
want to talk about the concern of taxes. With everything
happening in our country, governments at every level will require
more and more revenue. Income taxes will increase, property taxes
(20:47):
will increase, sales tax excise taxes and inherence and taxes
will increase, just to name a few. So the tax
that you and your family should be most concerned about
will definitely be income taxes. Since only around ten percent
of Americans make more than one hundred thousand dollars a year,
only ten percent of the Americans get that, the only
way to increase revenue will be to increase taxes dramatically
(21:10):
on those ten percent. But here's another surprise. The government
will also have to increase taxes on the other ninety
percent because that is where most people are. So think
about today. You know, a smaller tax increase will still
help the government begin their achievement to require revenue increase.
So think about what we're talking about here today, whatever
(21:32):
tax bracket you're in, they're going to have to increase
the tax rates. That means less to you. So what
type of planning are you doing today to make sure
that you take an advantage of these opportunities instead of
falling victim to them. So let's talk about that.
Speaker 2 (21:45):
Well, that's a great point you made there, and most
people don't understand that in two years, the Trump tax
cuts are going to expire. Perfect point what you're making here.
It's going to go at least each each tax bracket's
going to go increase by at least three percent. And
then you add on the other taxes that you talk about, taxes, taxes, taxes.
That's you know, more out of your paycheck and less
to you. So what kind of planning are you doing?
(22:06):
And if you go to a website Maggie tax dot
com on the top right, you'll see retirement tax bill.
This is so important for all of you. Go to
this website, plug in your information and in thirty seconds
we can show you what your tax bill is going
to be at the rate that you put in there.
So if it's twenty five percent or thirty percent. You
need to see that because that's where you're going to
start once you start taking money out of the IRA
(22:27):
four oh one K, four oh three b or TSP Chris.
Many people don't know that. And when they go to
that website and they put their numbers in and you're
going to get the report back in thirty seconds, your
eyes open up. And now it's time to sit down
like Chris is mentioning, and let's figure out where your
income is going to come from and how much is
going to be taxed.
Speaker 3 (22:45):
Well, that's just said, you know, and the piggyback off
of that. The biggest tax surprise of all will come
when you want to transfer tax deferred retirement plans such
as regular iras and the visual retirement accounts four oh
one k's, four O three b's four fifty seven plans
and deferred accounts to your family after you die. And
many people are not thinking about this. The Interner Revenue
(23:06):
Service has a first mortgage on those funds and they
are paid first before your family receives anything. Many people
don't understand that. So if you have an IRA in
a form one, kay, guess what they're infected with taxes
when the first distribution has to go to taxes, and
because it's almost always taken in a lump sum these accounts,
when someone passes away, if it's piled up on the
(23:27):
beneficiary's current income tax rate, guess what their income could
increase to thirty, forty, even fifty percent in some states,
it's unbelievable that these accounts are infected with tax and
people don't understand how to take them. So now is
the time you're listening to this today. You have to
be aware of what's going to about to happen at
some point, and you have to put together a plan.
That's what we call it the Maggi Plan. The Maggi
(23:49):
plan is a simple it's a tax plan, it's an
income plant, it's an investment plan, it's a state plan.
It's social security maximization planning. We can help.
Speaker 2 (23:57):
So why do I encourage all of you to go
to our website Maggie tax dot com register for the seminar.
It's educational, there's no cost, there's no obligation, and it's
three topics that could affect each and every one of
you in some way. A state planning. So without a will,
probate court and the estate decide what happens to your
assets after you've gone. And by the way, on that
when you die, there's going to be a big tax
(24:19):
on inheritance tax and that may impact a state taxes
as well. So enhanced planning could help you reduce your
state's exposure to taxes as you transferred to the next generation.
What about your tax bill, let's talk about that. I
encourage all of you to go to Maggie tax. Could
your tax bill and retirement be too big? In thirty seconds,
we're going to show you what your tax bill is
going to be. So if you have an IRA of
(24:41):
four to oh one k, a TSP or any tax
deferred retirement account, you will want to know what your
tax bill will be. And think about what Chris was
talking about. If the tax rates go up three percent,
figure out what you're in now, it's going to go
up three Chris could go up higher.
Speaker 3 (24:55):
Well, that's what could called legislative risk. And think about that.
If it goes up, guess what that means? Less income
to you. But we have plans that would help you
to reduce or even eliminate that income tax liability. We
have plans, We have options that we can explore for you.
We can show you how to create a tax deduction.
We can show you to have income in a most
tax efficient way. We can show you how your investments
(25:18):
can coordinate with your income so you can have less
income and have your investments do what you want it
to do, whether it's safe, whether it's for growth, whether
it's to hedge against inflation. Many people are concerned about that.
Today we can help. We have plans that would help
you reduce or even eliminate that income tax liability. So
pick up the phone, schedule time to meet with us.
Eight three to three, Maggie Tax. That's eight three three
(25:41):
Magi tax.
Speaker 2 (25:42):
Let me also put some icing on the cake, because
when you register for our seminar and you attend, we're
going to give you some information to take with you.
In other words, we have a book Stop funding Uncle
Sam's retirement and get a plan that's simple and easy
to understand. And then the chapters it's called organizing your
outsets and what about the color of mud the money,
Understanding your Social Security. We're going to give you a
(26:03):
social security brochure that's going to address all the questions
you have about MRA and what the taxes are, because
I don't know if anyone's doing that, but I'd rather
give you information for free. You can go to a
seminar because you're not going to remember everything we say,
there's no way, but we're going to give you that.
And also we're going to give you a book called
the Maggie Plan, what Chris and I are talking about,
that addresses all this. And then I have a very
(26:24):
very powerful brochure that all of you are going to receive,
and it's Washington and your retirement and the four risks
to watch because Chris talked about legislative risk. Legislative risk
has to do with the structure of the US tax code,
and this is the risk that our government passes new
legislation that negatively impacts your retirement savings, vehicle, or approach it.
(26:48):
The other risk is tax risk. Tax risk has to
do with your level of taxation. Chris and I just
been talking about that. So when you come to my seminar,
we're going to give you this information. I don't think
any other advisor out there is given you this powerful
information for free. There's no cost, Chris, there's no obligation.
I have to tell you when people leave that presentation,
they're all making appointments to see us because we hit
(27:10):
the nerve on a state planning on social security and taxes,
and that's what they're looking for.
Speaker 3 (27:14):
So what we have and what we're giving you, you
need to know. You need to have this information so
you can make the informed decisions to take advantage of
the opportunities that are about to happen as a as
A as opposed to falling victim to them. You know,
we hate when people say, well, well I lost money
in the market, everybody lost money in the market, or
you know what everyone's paying taxes, or you know what
everyone's going through the same situation. That's not true. It
(27:37):
doesn't have to be that way. So pick up the phone,
schedule time to meet with us. Eight three three maggie tax.
Let's provide you with the information the knowledge, so now
you can put together a plan and we can help
you through that that you have income planning, tax planning,
investment planning, social security maximization planning, and estate planning. We
can help a three to three magi tax. That's eight
(27:58):
three three magi tax.
Speaker 2 (28:00):
So ask yourself this question what actions can you take
today to help protect yourself from these types of risks.
Different retirement savings vehicles have different levels of exposure to
tax and legislative risk, and I don't think many people
realize that diversification within your retirement approach can potentially help
you reduce these risks. What Chris and I are talking
about when we do a Maggie plan, we do strategic rollouts.
(28:23):
This is what you need to see from how it
looks where you can reduce your tax and some savers
choose to address the risk of rising taxes by incorporating
tax free vehicles into their retirement strategies. Many people don't
know about the roth ira or the WROTH for OH
one k. Tax free assets can serve as a hedge
against rising taxes in the future. And Chris mentioned one
(28:45):
thing before where an advisor took money out of a
qualifying account and he didn't need to because he had
a tax free account. And since roth iras and wroth
four olin k's and other tax free savings vehicles they
are funded with after tax dollars, no te taxes or
do on the funds when they are withdrawn in retirement.
Isn't that important Chris to have money taking out and
(29:06):
no taxes and be in the zero percent tax bracket.
Speaker 3 (29:09):
Well that's it. So the question out there is do
you have tax free accounts? Do you have tax free buckets?
Do you have a plan? If not, why not? We
have those plans for you. All you have to do
is meet with the right advisor. So pick up the phone,
schedule time to meet with us. We're here to help you.
We have offics on both sides of the bay and
very simply visit our website at maggietax dot com. My
dad talked about the seminars to three and one seminar
(29:32):
to help you. Oh my gosh, we're talking about three
different topics to help you in so many different ways. Well,
you can have a complete plan. My gosh, so cool
and so educational because you'll leave there being empowered, having
in the confidence and the clarity that you need to
go through the environment we're living in today. So one
thing is clear, it's important to work with a financial
professional who understands tax and legislative risk and can help
(29:55):
you make informed decisions based on your needs and your
goal in retirement. It's not just about investments. Anyone can
go ahead and manage your money. You could do it yourself.
It's very simple. If you just buy one stock and
sit on it, guess what, you can be very very wealthy.
But again, is that where you want to be? Is
that a complete plan? No?
Speaker 2 (30:16):
Do you look?
Speaker 3 (30:16):
Are you looking for a complete plan? If so, we
can help a three to three Magi Tax.
Speaker 2 (30:20):
And one thing, there are new ideas for investing ensuring
that your plan and your future are protected. So the
fate of the free world is taxes. That's what's going
to happen. So covering your tax base and understanding what
it's going to be is very important. And not April
fifteenth when I'm talking about. This is retirement planning. So
making a plan about you know, your money and your
(30:42):
future is so important. So give us a call eight
three to three Magi Tax. Visit our website Maggie Tax
and Don't forget Every Sunday at ten thirty, tune in
to the Magi Tax and Financial Show on ABC TV Educational.
A lot of good ideas there. You're listening to the
Maggi Tax and Financial Show three Maggie Tex and Don't
forget Every Sunday on ABC at ten thirty two and
(31:04):
into the Maggie Tax in Financial Tier.
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 2 (31:44):
Welcome back and thanks for joining us today, and I
hope you learn a lot from today. We have a
lot to discuss with you. Please go to our website,
Maggie Tax dot com and register for the seminars that
are coming up on tax planning, on social security, on
estate planning. Questions that you have we can answer, give
us a call eight three three Maggie Tax. There are
operators standing by right now. It's up to you. And
we call it a three and one. Don't we call
(32:06):
it a three and one. That's a good point. I
forgot so three and one. Yeah, tax planning, a state planning,
social security. And there's no one that I know that's
doing three in one. And this is an educational event.
It's about you understanding the language. So we talk about
a lot of things. You know, your retirement tax score?
What is it? You know how it pertains to taxes
because you're going to be paying a lot in taxes somewhere.
(32:26):
You're going to be paying taxes somewhere. But how much
are you going to pay? We don't know. You know,
how are your assets tax when you know? Chris. One
thing that we always get when a client comes in
and shows us their statement on the bottom, it says
consult with a tax advisor, right. So, and the reason
why we say that is because what we see on
that form is they're taking money from a taxable account
(32:47):
to create a tax and they don't need to if
there's an account that's already been taxed.
Speaker 3 (32:51):
Think of it this way. If you have your left
hand that's account that's infected with taxes, and then you
have the right hand, which is tax free. So think
of it about it. Would you want to put your
hard earned assets in your left hand where it's weak
and it doesn't have really strength and that's where it's
infective with tax Or would you rather put your strong,
valuable possessions in your right hand where it's strong, you
(33:13):
know you can squeeze it. You have the ability to
have tax free money. That's what we're talking about here.
So think about your retirement accounts today when you get
when you leave for the weekend, and you think about
things during the week and after today's show. It's so
important that you understand where your money is. Do you
have accounts that are infected with taxes that you're living
(33:34):
in a question mark tax environment? Who wants to live
in an environment where it's cloudy all day, right, and
you don't know if it's gonna rain. Well, that's the
same thing. You don't know what's gonna rain on your investments,
and when it does, it could be really, really hard
because they change the legislative risk where there's more taxes
to pay. I'd rather be in a sunny Florida where
(33:55):
the clear skies and there's no rain, knowing that you
can put a smile on your face, and that's the
retirement that I want. You can have that too. If
your accounts are put into position where they're safe, where
you have protection against tax risk and also investment risk,
and you can take income for the rest of your life.
That's what we're talking about today, putting together your financial puzzle.
Make sure it's right. We all put together puzzles in
(34:18):
the past. We all know that when you're done putting
the puzzle together, it makes yourself feel really good. But
that one or two missing pieces really upsets you. So
put together the retirement puzzle for you and we can
help you the tax side of it, the income puzzle piece,
the investment puzzle piece, the estate planning puzzle piece, the
Social Security maximization puzzle piece. Let's put it all together
(34:40):
so you can put a smile on your face for retirement.
So schedule time to meet with us. Eight three to three,
Maggie tax. That's eight three to three, Maggie Tax.
Speaker 2 (34:48):
I have a question for you. You've done puzzles before,
and every time, like you and your brother did a
puzzle and we got to the end that was a
piece missing. How hard did we search for that piece
that's missing? We went absolutely positively. What nuts We looked
under the table, we looked in the box. We looked
all over, because that puzzle is not complete without that
(35:10):
final piece exactly, and you mentioned it. What's the final piece?
Is it taxes? Is it legislative risk? Is it sol security?
Is it market risk? What is it? Is it a
state planning risk? What's the missing piece?
Speaker 3 (35:22):
Chris, great point, And that's why many people out there.
The tax piece is the missing piece. The investment piece
is the missing piece. The guaranteed income streams are missing,
is a missing piece. The estate planning side is the
missing piece. So what are you doing to put it together?
And you might have multiple missing pieces for your financial retirement,
and that's what's holding you back. That's what gives you
(35:45):
the uncertainty. That's what doesn't give you the confidence. That's
what doesn't give you the clarity. You want the clarity,
the confidence going into retirement. Why because you have stuff
to fall back on. No one wants to go back
to work in retirement. And we've seen it, and you
don't have to. It doesn't have to be if you
put everything together. So pick up the phone, schedule time
to meet with us. Let's put together your financial pieces.
(36:06):
Let's put that puzzle together and go ahead and let's
glue it at the end so it makes sure that
is protected for yourself. Eight three to three Maggi tax.
Let's do this for you, eight three to three Maggi tax.
Speaker 2 (36:16):
You know, we call it the Maggie Plan. It's simple
and easy to understand, and it should be your plan.
It should be the Smith plan, the Jones plan, whatever.
And that's the point we're trying to make because if
you don't have a plan, the government has a plan
for you, and that's not the plan that you want
because it's going to be taxed. You don't even know
if the assets are going to be passed on to
your beneficiaries, and it goes through probate and then it
(36:37):
goes through that long process and then many of you
listening today right now will probably shaking your head saying,
you know he's right. Well, now is the time to
do something about it. Come in and meet with us
and go to my seminar. Come to the seminar and
look at the estate planning and the taxes and the
social security and get a better understanding of what you
can do. And you do it. You don't have to
be told what to do. I know many times you
(37:00):
when you're told what to do, you don't like it.
Don't tell me what to do. Let me understand before
I do anything, right. I mean I used to yell
at you guys all the time, but used to walk
away from me and say, dad, chill. You know you
don't get it right.
Speaker 3 (37:11):
But once you understand, when you get older, why you're
saying what you're saying, it makes total sense. And that's
where we're out today. Right, when's the last class you
had on your retirement and how to put it out together?
To be honest with you, there's no classes out there.
They don't teach this stuff in high school. They don't
teach this stuff with us. Yess're right, but most people
(37:31):
they work all day, you know, the college, they don't
teach this stuff. Stuff should be taught in elementary and
middle school and high school.
Speaker 2 (37:39):
Right.
Speaker 3 (37:39):
It just makes us all stronger. But at the end
of the day, it's not. So we're put into this
environment where you need to control your retirement. We're in
a yoo economy. You're on your own, but you don't
have to be if you have the right resources. And
that's what we do. When you're coming to meet with us.
Let's get together. Let's have a conversation. That's why we
call it the Maggie Plan. It's tax planning piece, it's
the income planning piece. Let's put together play checks, playchecks
(38:03):
and paychecks. My gosh, think about how many paychecks do
you want in playchecks coming in the front door every
month for the rest of your life. That's a great
income plan. What about your investment plan? You know, make
sure that you have investments with different risk tolerances and
maximizing it with the potential for the market gains, but
also the market losses. Make sure you protect those. What
(38:25):
about your tax risk? Make sure that you're in control
of the future legislation. So pick up the phone, schedule
time to meet with us. We thank you so much
for listening today A three to three Maggie Tax Schedule
time to meet with us. We look forward to meeting
with you A three three Magie Tax.
Speaker 1 (38:41):
You've been listening to the Maggie Tax and Financial Hour
discussing tax planning investment strategies, presented by Robert and Chris
Maggie from Maggie Tax Advisory and Financial Services with offices
in Hillsboro and Panela's County. Visit Maggie tax dot Com
or called eight one three three two two twenty five twenty.
That's eight one three three two two twenty five twenty
(39:04):
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
and tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie
Tax dot Com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:52):
Welcome everyone, and thanks for joining us today. My name
is Robert Maggie and I'm here with Chris Maggie. Be
sure to visit our website, Maggie Tax dot Com. Click
on the retirement calculator, see what your tax bill is
going to be in retirement. Check out seminars because next
year we're gonna have seminars every month, so you can
register for them. You'll see them on the website. Talking
about taxes, talking about Social Security and the big thing,
(01:14):
talk about wills and trust. A lot of people asking
us today. We're going to talk about some deadlines because
we're getting to the end of the year and a
lot of the I guess confusion is what people need
to do with the end of the year. So we're
going to talk about a couple of things. But first, Chris,
welcome everybody, and thanks for joining us today.
Speaker 3 (01:31):
That's right, Welcome everyone, and you're right. It's the end
of the year and a lot of things are happening,
and a lot of people are busy and excited and
all those good things. So it's definitely a great time
of the year. It's December and the halls are decked,
the Starbucks holiday cups are everywhere. We see it each
and every day. You know, the end of the year
is not far away, and that means the deadline is
near for taking a required minimum distribution. And here's what
(01:54):
you need to know. If you have your own IRA
individual retirement account, or if you are an IRA beneficiary,
and let's start with your IRA first. You know, the
Secure ACTA and Secure two point zero have delayed the
aids for our mds and back in twenty twenty three
early on. If you have an IRA including a SEP,
a simple IRA or a SEP self Employed plan, and
(02:16):
you are age seventy three or older than this year,
you must take an RMD called the required minimum distribution
by December thirty first of this year. So many people
dead out there don't really know that, and then they
get stuck because now they have a penalty. So it's
so important. If you have an IRA and you listen
to the show, stop what you're doing. Make sure that
(02:37):
you have taken and satisfied the required minimum distribution.
Speaker 2 (02:41):
You know, I talk about confusion and I talk about language,
and this is exactly what we're talking about. You know,
I've done many seminars and when people come to the suminar,
they always come up and say, you know, I did
not know that, and we understand that. So take the time.
When Chris is talking about rm ds, if you have
an IRA, give us a call, sit down and see
if we can help you out on this. The other
thing when you want to talk about is roth ira
owners and they catch a break. So no rm ds
(03:04):
are required during your lifetime. If you have a roth ira,
again during the year, we try to convert, but you
convert for the right reason to have tax free money
and to avoid the r and ds, because it is
the higher your account gets, the more they're going to
want you to take. So let's talk about an inherited ira.
Many of you out there have an inherited ira. If
(03:27):
you have an inherited ira, you may need to take
an r and D by December thirty first, twenty twenty three.
And again what Chris said, many people don't know that
until they sit down with us and they see they
have to do that. So remember well, roth ira owners
do not ever need to take rm ds. Roth Ira
beneficiaries do. And Chris I think that's confusing because they
(03:48):
think that they don't have to take it. But that's
not correct.
Speaker 3 (03:51):
Well, even though it's say roth ira and a roth
beneficiary are both tax free money on distributions, they the
government want you to take a distribution from your inherited
wroth ira. That means if someone passed away and you're
the recipient of the roth ira. Then guess what you
just received an inherited roth ira and that's where you
(04:11):
have to take a distribution. Even though it's tax free,
it still has to be taken as a distribution. So
many beneficiaries find themselves subject to what they call a
ten year payout on these inherited iras, and under IRS
proposed regulations, some beneficiaries of traditional iras are subject to
the ten year rule and they must also take annual rmds.
(04:32):
So the ten year rule means that they have to
liquidate that account with over ten years by ten years
and this has caused great confusion and as a result,
the IRS has granted some relief. So back in twenty
twenty two, the IRS issue to notice twenty twenty two
Dash five three which wait penalties for miss twenty twenty
one and twenty two are mds within the ten year period.
(04:55):
But then they came out with another notice. It was
a notice twenty twenty three Dash five to four exten
when's the penalty waiver to cover missed twenty twenty three
rmds within the ten year period. So, as you know,
you might have some relief here, but the end of
the day, at some point you're not going to have
the relief, and you need to make sure that everything
is satisfied.
Speaker 2 (05:13):
And the bottom line is IRS gets paid. You have
to take the rm ds and pay the tax based
on your tax situation. So these missed rm ds that
we're talking about within a ten year period, they will
not have to be made up. But like Chris said,
at the end, you have to take it all in
one distribution. And just remember if you take a large
sum of qualified money onto your tax return, it's going
(05:34):
to increase your taxes and it's going to create maybe
a problem if you can't pay it. Notice twenty twenty
three days fifty four, it does not affect lifetime rm
ds inherited iras by eligible designated beneficiaries. And this is
another thing, eligible designated beneficiaries or rm ds by beneficiaries
who inherited. And this is before twenty twenty. Why are
(05:56):
we saying this because the Secure Act made the changes
prior to that, it wasn't a big deal. In fact, Chris,
we used to have something called the stretch IRA. So
if people died before twenty twenty two and they were
in an IRA with a stretch provision. They could stretch
it over the lifetime of the children and the beneficiars,
but not now.
Speaker 3 (06:15):
That's it. So things are changing, and that's why it's important.
If you have the individual retirement account a form, okay,
a set plan, a simple IRA, these accounts are infected
with tax bottom line and the clock is taking So
what we're encouraging everyone to do right now, and that's
why it's so important. End of the year you have
to start taking these distributions. This should have been done
or planned throughout the whole year. So if your advisor's
(06:36):
not talking about tax planning and making sure that you
are satisfying the distributions, then you're missing the boat and
you're going to be subject with penalties and also taxes.
So that's one of the things that we do to
make sure that everything's taking care for you. So pick
up the phone, schedule time to meet with us. Let's
get together. If you have an IRA, we could talk
about tax planning. If we're talking about income planning, investment planning.
If you have investments in yours the end of the
(06:58):
year and you're not sure what to do going into
the beginning of the year. Pick up the phone, let's
schedule a time. Let's get together. Let's start the year
off right. Let's make sure that you in the right
tax situation so you are having more income and less
paying taxes. That's what it's about. Your income, your investments,
your taxes. They all work together. And if your advisor
is not doing that, not talking about it, you miss
(07:19):
in the boat. So pick up their own phone, schedule
time to meet with us. Eight three to three Maggie Tax.
Speaker 2 (07:24):
And just remember the clock is ticking and you have
to do something about it, so do it sooner rather
than later. In many IRA custodians they have earlier internal deadline,
so be careful there. Check with your advisor as well,
and there is no reason to wait until the last minute,
because that is when things can go wrong and that's
when it's too late to fix it. So remember there
(07:45):
is no credit for distributions taken in prior years. You
just take what you're supposed to take. You could take more,
but you've got to be tax more. Make sure if
you are a beneficiary that you take any required twenty
twenty three R and D, especially roth IRA benefit fisharies,
and these rm ds are often missed. So look, it's confusion,
it's language, and we get it. We understand because we
(08:06):
meet a lot of people. Look, you're not in the
game every day like we are. And when you start
getting into tax season and you start seeing these things
happen to you, that's when, like we're doing now, end
of year is always good. So double check your R
and D transactions by year end to be sure everything
was done correctly. And every year, Chris, people miss rmds
(08:27):
and the result can be a twenty five percent penalty
on the amount not taken. Many people don't know that,
so please don't let this happen to you. Now is
the time to hustle and take your twenty twenty three
R and D if you haven't already. And Chris, you've
said it before. We talk with every client about taxes
and insurance, income investments. But it all ties together.
Speaker 3 (08:49):
It sure does. I mean, that's why we call it
the Maggi plan, because a Maggi plan is about tax planning,
having more income in a most tax efficient way. If
you are paying too much in tax, my gosh, there's
got to be ways to reduce it. That's where the
tax strategies come in.
Speaker 2 (09:01):
Play.
Speaker 3 (09:01):
What about your investments. Maybe your investments are causing you
to pay on necessary taxes. What if your investments you're
not in the right buckets of money. We talk about
green money buckets, safe money, we talk about red money buckets.
Whether we're at risk? Are you taking the right amount
of risk for your retirement? Are you close to retirement?
Are you scared with the volatility of the market. These
are things that we have to discuss because they play
(09:23):
in the overall position of where you're going to be
in retirement. So make sure you pick up the phone
schedule time to meet with us. We have office on
both sides of the Bay eight three to three Maggi Tax.
Visit our website at Maggie tax dot com. There's so
much information rate there at your fingertips. My gosh. You
can click on top right hand corner if you want
to know what your future tax rate's going to be
with your IRA, we can show you. If you have
(09:46):
an IRA, those accounts are infected with taxes. So pick
up the phone, schedule time to meet with us. Let's
get you out of the tax situation. Let's put you
in tax free zones. Why so you have more income
on a tax favorite basis eight three to three Magi tax.
That's a three to three Maggie.
Speaker 2 (10:01):
Tax and don't forget. Well, you're on Maggie tax dot com.
Click on seminars. We do seminars all year round. We
do them every month. They're free, they're held at libraries,
and they're educational. And then you can make a decision
based on that seminar. What you need to do regarding
wills and trust. How many of you don't have a
will or a trust? How many of you are going
to go through probate, Well, we can help you with that.
(10:22):
What about social Security? Many of you are confused about
social Security, about the URM attax and what it's going
to do to your income, and what about taxes. Just
remember the Trump tax cuts are going to expire. You
have to have a plan to beat the taxes that
are going to be paid in the future. You have
to do some planning. We call it the Maggie Plan.
It's a tax plan, it's an income plan, it's an
(10:43):
insurance plan, it's a legacy plan. Give us a call
eight three to three Maggie Tax and don't forget. Every
Sunday at ten thirty on ABC TV. Tune into the
Maggie Tax and Financial Show. You're listening to the Maggie
Tax and Financial Show.
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, and you're listening to the Maggie Tax and
Financial Show. I am Robert Maggie and I am here
with Chris Maggie. And today we're going to talk about
a bed, Santa and the Grinch who offers horrible advice.
And I'm gonna play the Grinch because I've been playing
Santa for years and Chris, do you play Santa? Is
that okay?
Speaker 3 (11:51):
Sounds good?
Speaker 2 (11:52):
Amazing? So, folks, we're gonna have a little fun with this,
but I want you to see why this is important,
because it's not a game. It's not fun if you
do it wrong. So we're just gonna have some serious
fun here. So if the Grinch and Bad Santa both
pass the securities exam and they decided to open an
investment advisory firm, I'm pretty sure they would combine forces
(12:13):
to intentionally deliver some of the worst financial advice possible.
And remember, we're just having fun here, and here are
some of the terrible, hideously, horrible, good for nothing planning ideas.
So bad Santa, and that's your deal, Chris, So you
take that one and talk about Bad Santa. What does
he say?
Speaker 3 (12:31):
He would say, Well, everything on TV and the internet
is true. Invest your IRA and gold coins that you
can run through your fingers through and that's what people
are saying, we see each and every day, and let's
just go down that route.
Speaker 2 (12:42):
But be careful.
Speaker 3 (12:44):
If you have gold coins or bullions in your IRA,
those coins must be in the custody of a qualified
trustee or custodian. Many people don't know that if they
are tumbling through your fingers like on the commercials, there
is a good chance you have a taxable distribution along
with all the normal underage fifty nine and a half
penalty consequences. So people need to be aware of what
(13:07):
they're seeing when they hear these commercials, and also on
TV with all the talking about investing gold investing gold,
there's got to be a proper way to do it.
Speaker 2 (13:17):
That's a bad Santa, right, So let's talk about a
bad grinch and he says, don't worry about liquidity for
IRA rm DS, the IRS is here to please. That's untrue.
Liquidity for requirement of distributions purposely is a big concern
for some IRA owners and here's why. So let's say
you have a beachfront investment property in your IRA but
(13:38):
no cash. That in itself is perfectly acceptable, but if
you're subject to r and DS, you can't carve off
the balcony for distribution. So you better figure out how
to either generate some cash within the IRA. And the
IRS does not care about your liquidity issues. The R
and D must be taken and is the IRA owner's
(13:59):
responsibility to do so. Chris, how many people do we get.
Let's say the same thing, I have property in it,
and do I have to take my arm ds. They do. Well,
that's it.
Speaker 3 (14:08):
So many people out there like to invest in iras
and have real estate inside of it. So that's called
the self directed IRA. There's a perfect example. If you
have no liquidity, meaning if you don't have no income
or no cash inside that self directed IRA and it's
just a house and guess what. It's a million dollar
house or a five hundred thousand dollars house and there's
(14:28):
no cash in there.
Speaker 2 (14:29):
Guess what?
Speaker 3 (14:29):
You have to take an R and D requirement distribution.
We talked about that last segment. If you're aged seventy
three or older, you have to take the requirement of distribution.
And the government doesn't care if you don't have any
cash inside of it, because they're going to subject to
you a penalty, but not haven't taken a distribution. So
that's why it's so important to make sure that you
(14:50):
have liquid money inside that IRA.
Speaker 2 (14:53):
And that's because people get bad advice, and that's what
we're talking about. So let's go back to bad Santa Chris.
You're the bad sand Well.
Speaker 3 (15:00):
Some people say here, well, rental property in a roth ira.
Let's discuss that question. You know, so bad Santa says,
access your tax free rental income today. So let's talk
about that. Well, No, Sir, rental income within a roth
IRA is simply earnings like dividends or capital gains or
stock appreciation. And additionally, roth iras file strict ordering rules.
(15:22):
Contributions come out first, then converted dollars come out second,
and then earnings, so you can't just target and withdraw
the rents that you receive. Plus, roth IRA owners must
follow the standard what they call five year clock rules,
meaning this that the income has stay in there or
(15:42):
the growth has to stand in there for five years
before income out tax free. So rental income definitely does
not get to bypass all the normal roth IRA distribution guidelines.
So that this is so important for many people to
understand because they do not understand how the distributions come
out with the wroth I.
Speaker 2 (16:00):
And be sure to visit our website Maggie tax dot
com set a time to go over this with you
so we can explain the rules for you. So let's
talk about the Grinch, and the Grinch with his evil snarl,
he says roth conversions are best left to the last
day of the year. Until then, enjoy some holidaach year.
That's not true as well, because the deadline for a
ROTH conversion is December thirty first, And if you want
(16:22):
to do a roth conversion in the twenty twenty three
taxi that's what we're talking about there, It must be
initiated before the calendar changes. And some custodians will set
their internal ROTH conversion cutoffs even earlier to ensure they
don't get buried with last minute requests. And remember, procrastination
is not a plan. So to avoid the possibility of
(16:43):
missing the twelve thirty one deadline, do your wroth conversion
sooner rather than later. So let's go back to bad Santa.
What does he say.
Speaker 3 (16:50):
Well, Bad Santa says, well, IRMA IRMAA brackets and let's
discuss those. Just do your roth conversions and all will
be fine. Don't worry about the IRMA Part B premium
increase as well. That's definitely not true. You definitely don't
want to go down that route without doing proper planning.
And the medicare income related monthly adjustment amount that's called
(17:12):
IRMA brackets are a cliff just one dollar over and
you can fall into paying more each month for your
Part B premium. And we're talking about Medicare here and
all effects Medicare Part B if you're over age sixty
five with your income, so roth conversions are not excluded
for IRMA calculations and can easily push a person into
(17:34):
a higher tax bracket. So for anyone age sixty three
year older the cognizant of the stealth tax, we call
it before doing any conversions. And that's why it's so
important to pick up the phone schedule time to meet
with us before you do anything with your investments. You
need to understand how it's going to relate to your
taxes and your future income. And also IRMA Part B
premiums if you are over age sixty five, schedule time
(17:55):
to meet with us. Eight three to three Maggie tax.
So let's go back to the grinchdat What is the grinch?
Speaker 2 (18:00):
Well, he says, reviewing beneficiary forms is a waste of time.
I'd rather sip eggnog mixed with rotten brown lime. How
many court cases have we seen what people's lives were
turned upside down due to a beneficiary form being forgotten,
filled out incorrectly, or never updated. It happens all the time,
and it may not be glamorous, but an annual review
(18:20):
of beneficiary forms could be the most important planning strategy
of all. So where's the sec oversight? Where's the compliance department?
Bad Santam and the Grinch are unscrupulous. We're going to
address all of these in another segment because this is
going to be ongoing, but look, you have to do something.
Pick up the phone, give us a call eight three
to three, Maggie Tax. Let's talk about the bad Grinch
(18:41):
in the Santa and how it goes there from there,
because you have to do something, So please pick up
the phone eight three to three, Maggie Tax. Visit our
website Maggie Tax dot com and be shored to tune
in every Sunday at ten thirty on ABC the Maggie
Tax and Financial Show. Pick up the phone and give
us a call eight three to three Maggie Tax, and
be sure to visit Maggie Tax dot com.
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 ma
gg I tax dot com or call eight one three
(19:25):
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 (19:40):
Welcome back to the Maggie Tax and Financial Show, and
we thank you so much for being here today and
each and every week we talk about complete planning. That's
what it's about. Tax planning, investment planning, income planning, social
security maximization planning, a state planning. My gosh, there's so
much dat to talk about to do the best thing
for you. So if you're looking for a plan, if
you want a plan that consists of all those things,
(20:03):
then pick up the phone in schedule time to meet
with us. That's what complete planning is. If you're just
looking for an investment account, then you could do it yourself,
but most people out there want the whole package. So
pick up the phone, schedule time and we can make
that happen for you. Visit our website at Maggie Tax
dot com or pick up the phone eight three three, Maggie,
tax and I want to talk about some things because
(20:24):
many people don't understand the challenges that I believe that
you and your family should be very worried about. If
these challenges not addressed, they can change your life forever.
And I'm talking about multiple things here, but I really
want to talk about the concern of taxes. With everything
happening in our country, governments at every level will require
more and more revenue. Income taxes will increase, property taxes
(20:47):
will increase, sales tax excise taxes and inherence and taxes
will increase, just to name a few. So the tax
that you and your family should be most concerned about
will definitely be income taxes. Since only around ten percent
of Americans make more than one hundred thousand dollars a year,
only ten percent of the Americans get that, the only
way to increase revenue will be to increase taxes dramatically
(21:10):
on those ten percent. But here's another surprise. The government
will also have to increase taxes on the other ninety
percent because that is where most people are. So think
about today. You know, a smaller tax increase will still
help the government begin their achievement to require revenue increase.
So think about what we're talking about here today, whatever
(21:32):
tax bracket you're in, they're going to have to increase
the tax rates. That means less to you. So what
type of planning are you doing today to make sure
that you take an advantage of these opportunities instead of
falling victim to them. So let's talk about that.
Speaker 2 (21:45):
Well, that's a great point you made there, and most
people don't understand that in two years, the Trump tax
cuts are going to expire. Perfect point what you're making here.
It's going to go at least each each tax bracket's
going to go increase by at least three percent. And
then you add on the other taxes that you talk about, taxes, taxes, taxes.
That's you know, more out of your paycheck and less
to you. So what kind of planning are you doing?
(22:06):
And if you go to a website Maggie tax dot
com on the top right, you'll see retirement tax bill.
This is so important for all of you. Go to
this website, plug in your information and in thirty seconds
we can show you what your tax bill is going
to be at the rate that you put in there.
So if it's twenty five percent or thirty percent. You
need to see that because that's where you're going to
start once you start taking money out of the IRA
(22:27):
four oh one K, four oh three b or TSP Chris.
Many people don't know that. And when they go to
that website and they put their numbers in and you're
going to get the report back in thirty seconds, your
eyes open up. And now it's time to sit down
like Chris is mentioning, and let's figure out where your
income is going to come from and how much is
going to be taxed.
Speaker 3 (22:45):
Well, that's just said, you know, and the piggyback off
of that. The biggest tax surprise of all will come
when you want to transfer tax deferred retirement plans such
as regular iras and the visual retirement accounts four oh
one k's, four O three b's four fifty seven plans
and deferred accounts to your family after you die. And
many people are not thinking about this. The Interner Revenue
(23:06):
Service has a first mortgage on those funds and they
are paid first before your family receives anything. Many people
don't understand that. So if you have an IRA in
a form one, kay, guess what they're infected with taxes
when the first distribution has to go to taxes, and
because it's almost always taken in a lump sum these accounts,
when someone passes away, if it's piled up on the
(23:27):
beneficiary's current income tax rate, guess what their income could
increase to thirty, forty, even fifty percent in some states,
it's unbelievable that these accounts are infected with tax and
people don't understand how to take them. So now is
the time you're listening to this today. You have to
be aware of what's going to about to happen at
some point, and you have to put together a plan.
That's what we call it the Maggi Plan. The Maggi
(23:49):
plan is a simple it's a tax plan, it's an
income plant, it's an investment plan, it's a state plan.
It's social security maximization planning. We can help.
Speaker 2 (23:57):
So why do I encourage all of you to go
to our website Maggie tax dot com register for the seminar.
It's educational, there's no cost, there's no obligation, and it's
three topics that could affect each and every one of
you in some way. A state planning. So without a will,
probate court and the estate decide what happens to your
assets after you've gone. And by the way, on that
when you die, there's going to be a big tax
(24:19):
on inheritance tax and that may impact a state taxes
as well. So enhanced planning could help you reduce your
state's exposure to taxes as you transferred to the next generation.
What about your tax bill, let's talk about that. I
encourage all of you to go to Maggie tax. Could
your tax bill and retirement be too big? In thirty seconds,
we're going to show you what your tax bill is
going to be. So if you have an IRA of
(24:41):
four to oh one k, a TSP or any tax
deferred retirement account, you will want to know what your
tax bill will be. And think about what Chris was
talking about. If the tax rates go up three percent,
figure out what you're in now, it's going to go
up three Chris could go up higher.
Speaker 3 (24:55):
Well, that's what could called legislative risk. And think about that.
If it goes up, guess what that means? Less income
to you. But we have plans that would help you
to reduce or even eliminate that income tax liability. We
have plans, We have options that we can explore for you.
We can show you how to create a tax deduction.
We can show you to have income in a most
tax efficient way. We can show you how your investments
(25:18):
can coordinate with your income so you can have less
income and have your investments do what you want it
to do, whether it's safe, whether it's for growth, whether
it's to hedge against inflation. Many people are concerned about that.
Today we can help. We have plans that would help
you reduce or even eliminate that income tax liability. So
pick up the phone, schedule time to meet with us.
Eight three to three, Maggie Tax. That's eight three three
(25:41):
Magi tax.
Speaker 2 (25:42):
Let me also put some icing on the cake, because
when you register for our seminar and you attend, we're
going to give you some information to take with you.
In other words, we have a book Stop funding Uncle
Sam's retirement and get a plan that's simple and easy
to understand. And then the chapters it's called organizing your
outsets and what about the color of mud the money,
Understanding your Social Security. We're going to give you a
(26:03):
social security brochure that's going to address all the questions
you have about MRA and what the taxes are, because
I don't know if anyone's doing that, but I'd rather
give you information for free. You can go to a
seminar because you're not going to remember everything we say,
there's no way, but we're going to give you that.
And also we're going to give you a book called
the Maggie Plan, what Chris and I are talking about,
that addresses all this. And then I have a very
(26:24):
very powerful brochure that all of you are going to receive,
and it's Washington and your retirement and the four risks
to watch because Chris talked about legislative risk. Legislative risk
has to do with the structure of the US tax code,
and this is the risk that our government passes new
legislation that negatively impacts your retirement savings, vehicle, or approach it.
(26:48):
The other risk is tax risk. Tax risk has to
do with your level of taxation. Chris and I just
been talking about that. So when you come to my seminar,
we're going to give you this information. I don't think
any other advisor out there is given you this powerful
information for free. There's no cost, Chris, there's no obligation.
I have to tell you when people leave that presentation,
they're all making appointments to see us because we hit
(27:10):
the nerve on a state planning on social security and taxes,
and that's what they're looking for.
Speaker 3 (27:14):
So what we have and what we're giving you, you
need to know. You need to have this information so
you can make the informed decisions to take advantage of
the opportunities that are about to happen as a as
A as opposed to falling victim to them. You know,
we hate when people say, well, well I lost money
in the market, everybody lost money in the market, or
you know what everyone's paying taxes, or you know what
everyone's going through the same situation. That's not true. It
(27:37):
doesn't have to be that way. So pick up the phone,
schedule time to meet with us. Eight three three maggie tax.
Let's provide you with the information the knowledge, so now
you can put together a plan and we can help
you through that that you have income planning, tax planning,
investment planning, social security maximization planning, and estate planning. We
can help a three to three magi tax. That's eight
(27:58):
three three magi tax.
Speaker 2 (28:00):
So ask yourself this question what actions can you take
today to help protect yourself from these types of risks.
Different retirement savings vehicles have different levels of exposure to
tax and legislative risk, and I don't think many people
realize that diversification within your retirement approach can potentially help
you reduce these risks. What Chris and I are talking
about when we do a Maggie plan, we do strategic rollouts.
(28:23):
This is what you need to see from how it
looks where you can reduce your tax and some savers
choose to address the risk of rising taxes by incorporating
tax free vehicles into their retirement strategies. Many people don't
know about the roth ira or the WROTH for OH
one k. Tax free assets can serve as a hedge
against rising taxes in the future. And Chris mentioned one
(28:45):
thing before where an advisor took money out of a
qualifying account and he didn't need to because he had
a tax free account. And since roth iras and wroth
four olin k's and other tax free savings vehicles they
are funded with after tax dollars, no te taxes or
do on the funds when they are withdrawn in retirement.
Isn't that important Chris to have money taking out and
(29:06):
no taxes and be in the zero percent tax bracket.
Speaker 3 (29:09):
Well that's it. So the question out there is do
you have tax free accounts? Do you have tax free buckets?
Do you have a plan? If not, why not? We
have those plans for you. All you have to do
is meet with the right advisor. So pick up the phone,
schedule time to meet with us. We're here to help you.
We have offics on both sides of the bay and
very simply visit our website at maggietax dot com. My
dad talked about the seminars to three and one seminar
(29:32):
to help you. Oh my gosh, we're talking about three
different topics to help you in so many different ways. Well,
you can have a complete plan. My gosh, so cool
and so educational because you'll leave there being empowered, having
in the confidence and the clarity that you need to
go through the environment we're living in today. So one
thing is clear, it's important to work with a financial
professional who understands tax and legislative risk and can help
(29:55):
you make informed decisions based on your needs and your
goal in retirement. It's not just about investments. Anyone can
go ahead and manage your money. You could do it yourself.
It's very simple. If you just buy one stock and
sit on it, guess what, you can be very very wealthy.
But again, is that where you want to be? Is
that a complete plan? No?
Speaker 2 (30:16):
Do you look?
Speaker 3 (30:16):
Are you looking for a complete plan? If so, we
can help a three to three Magi Tax.
Speaker 2 (30:20):
And one thing, there are new ideas for investing ensuring
that your plan and your future are protected. So the
fate of the free world is taxes. That's what's going
to happen. So covering your tax base and understanding what
it's going to be is very important. And not April
fifteenth when I'm talking about. This is retirement planning. So
making a plan about you know, your money and your
(30:42):
future is so important. So give us a call eight
three to three Magi Tax. Visit our website Maggie Tax
and Don't forget Every Sunday at ten thirty, tune in
to the Magi Tax and Financial Show on ABC TV Educational.
A lot of good ideas there. You're listening to the
Maggi Tax and Financial Show three Maggie Tex and Don't
forget Every Sunday on ABC at ten thirty two and
(31:04):
into the Maggie Tax in Financial Tier.
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 2 (31:44):
Welcome back and thanks for joining us today, and I
hope you learn a lot from today. We have a
lot to discuss with you. Please go to our website,
Maggie Tax dot com and register for the seminars that
are coming up on tax planning, on social security, on
estate planning. Questions that you have we can answer, give
us a call eight three three Maggie Tax. There are
operators standing by right now. It's up to you. And
we call it a three and one. Don't we call
(32:06):
it a three and one. That's a good point. I
forgot so three and one. Yeah, tax planning, a state planning,
social security. And there's no one that I know that's
doing three in one. And this is an educational event.
It's about you understanding the language. So we talk about
a lot of things. You know, your retirement tax score?
What is it? You know how it pertains to taxes
because you're going to be paying a lot in taxes somewhere.
(32:26):
You're going to be paying taxes somewhere. But how much
are you going to pay? We don't know. You know,
how are your assets tax when you know? Chris. One
thing that we always get when a client comes in
and shows us their statement on the bottom, it says
consult with a tax advisor, right. So, and the reason
why we say that is because what we see on
that form is they're taking money from a taxable account
(32:47):
to create a tax and they don't need to if
there's an account that's already been taxed.
Speaker 3 (32:51):
Think of it this way. If you have your left
hand that's account that's infected with taxes, and then you
have the right hand, which is tax free. So think
of it about it. Would you want to put your
hard earned assets in your left hand where it's weak
and it doesn't have really strength and that's where it's
infective with tax Or would you rather put your strong,
valuable possessions in your right hand where it's strong, you
(33:13):
know you can squeeze it. You have the ability to
have tax free money. That's what we're talking about here.
So think about your retirement accounts today when you get
when you leave for the weekend, and you think about
things during the week and after today's show. It's so
important that you understand where your money is. Do you
have accounts that are infected with taxes that you're living
(33:34):
in a question mark tax environment? Who wants to live
in an environment where it's cloudy all day, right, and
you don't know if it's gonna rain. Well, that's the
same thing. You don't know what's gonna rain on your investments,
and when it does, it could be really, really hard
because they change the legislative risk where there's more taxes
to pay. I'd rather be in a sunny Florida where
(33:55):
the clear skies and there's no rain, knowing that you
can put a smile on your face, and that's the
retirement that I want. You can have that too. If
your accounts are put into position where they're safe, where
you have protection against tax risk and also investment risk,
and you can take income for the rest of your life.
That's what we're talking about today, putting together your financial puzzle.
Make sure it's right. We all put together puzzles in
(34:18):
the past. We all know that when you're done putting
the puzzle together, it makes yourself feel really good. But
that one or two missing pieces really upsets you. So
put together the retirement puzzle for you and we can
help you the tax side of it, the income puzzle piece,
the investment puzzle piece, the estate planning puzzle piece, the
Social Security maximization puzzle piece. Let's put it all together
(34:40):
so you can put a smile on your face for retirement.
So schedule time to meet with us. Eight three to three,
Maggie tax. That's eight three to three, Maggie Tax.
Speaker 2 (34:48):
I have a question for you. You've done puzzles before,
and every time, like you and your brother did a
puzzle and we got to the end that was a
piece missing. How hard did we search for that piece
that's missing? We went absolutely positively. What nuts We looked
under the table, we looked in the box. We looked
all over, because that puzzle is not complete without that
(35:10):
final piece exactly, and you mentioned it. What's the final piece?
Is it taxes? Is it legislative risk? Is it sol security?
Is it market risk? What is it? Is it a
state planning risk? What's the missing piece?
Speaker 3 (35:22):
Chris, great point, And that's why many people out there.
The tax piece is the missing piece. The investment piece
is the missing piece. The guaranteed income streams are missing,
is a missing piece. The estate planning side is the
missing piece. So what are you doing to put it together?
And you might have multiple missing pieces for your financial retirement,
and that's what's holding you back. That's what gives you
(35:45):
the uncertainty. That's what doesn't give you the confidence. That's
what doesn't give you the clarity. You want the clarity,
the confidence going into retirement. Why because you have stuff
to fall back on. No one wants to go back
to work in retirement. And we've seen it, and you
don't have to. It doesn't have to be if you
put everything together. So pick up the phone, schedule time
to meet with us. Let's put together your financial pieces.
(36:06):
Let's put that puzzle together and go ahead and let's
glue it at the end so it makes sure that
is protected for yourself. Eight three to three Maggi tax.
Let's do this for you, eight three to three Maggi tax.
Speaker 2 (36:16):
You know, we call it the Maggie Plan. It's simple
and easy to understand, and it should be your plan.
It should be the Smith plan, the Jones plan, whatever.
And that's the point we're trying to make because if
you don't have a plan, the government has a plan
for you, and that's not the plan that you want
because it's going to be taxed. You don't even know
if the assets are going to be passed on to
your beneficiaries, and it goes through probate and then it
(36:37):
goes through that long process and then many of you
listening today right now will probably shaking your head saying,
you know he's right. Well, now is the time to
do something about it. Come in and meet with us
and go to my seminar. Come to the seminar and
look at the estate planning and the taxes and the
social security and get a better understanding of what you
can do. And you do it. You don't have to
be told what to do. I know many times you
(37:00):
when you're told what to do, you don't like it.
Don't tell me what to do. Let me understand before
I do anything, right. I mean I used to yell
at you guys all the time, but used to walk
away from me and say, dad, chill. You know you
don't get it right.
Speaker 3 (37:11):
But once you understand, when you get older, why you're
saying what you're saying, it makes total sense. And that's
where we're out today. Right, when's the last class you
had on your retirement and how to put it out together?
To be honest with you, there's no classes out there.
They don't teach this stuff in high school. They don't
teach this stuff with us. Yess're right, but most people
(37:31):
they work all day, you know, the college, they don't
teach this stuff. Stuff should be taught in elementary and
middle school and high school.
Speaker 2 (37:39):
Right.
Speaker 3 (37:39):
It just makes us all stronger. But at the end
of the day, it's not. So we're put into this
environment where you need to control your retirement. We're in
a yoo economy. You're on your own, but you don't
have to be if you have the right resources. And
that's what we do. When you're coming to meet with us.
Let's get together. Let's have a conversation. That's why we
call it the Maggie Plan. It's tax planning piece, it's
the income planning piece. Let's put together play checks, playchecks
(38:03):
and paychecks. My gosh, think about how many paychecks do
you want in playchecks coming in the front door every
month for the rest of your life. That's a great
income plan. What about your investment plan? You know, make
sure that you have investments with different risk tolerances and
maximizing it with the potential for the market gains, but
also the market losses. Make sure you protect those. What
(38:25):
about your tax risk? Make sure that you're in control
of the future legislation. So pick up the phone, schedule
time to meet with us. We thank you so much
for listening today A three to three Maggie Tax Schedule
time to meet with us. We look forward to meeting
with you A three three Magie Tax.
Speaker 1 (38:41):
You've been listening to the Maggie Tax and Financial Hour
discussing tax planning investment strategies, presented by Robert and Chris
Maggie from Maggie Tax Advisory and Financial Services with offices
in Hillsboro and Panela's County. Visit Maggie tax dot Com
or called eight one three three two two twenty five twenty.
That's eight one three three two two twenty five twenty
(39:04):
and tune in next Saturday at five for the Maggie
Tax and Financial Hour
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