Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
All these years you've saved up planning for a secure retirement,
but if you're not careful, it will be the irs
that's living it up when you retire by taxing your
hard earned money. Welcome to the Maggie Tax and Financial
Hour with Robert and Chris Maggie of Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
in tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie
Tax dot Com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:53):
Welcome everyone, and thanks for joining us today. My name
is Robert Maggie and I'm here with my son, Chris Maggie.
You're listening to the Maggie Tax and Financial Show. Be
sure to visit our website Maggie Tax dot com and
register for our upcoming seminars. We have seminars on a
state planning and we will have seminars on tax planning,
very very important. We'll keep mentioning this every week. But
go to our website, Maggie Tax dot com.
Speaker 3 (01:15):
It's right there.
Speaker 2 (01:15):
You can give us a call and register, and don't forget.
Every Sunday on ABC TV at ten thirty, tune into
the Maggie Tax and Financial Show.
Speaker 3 (01:23):
We have a lot to talk about today.
Speaker 2 (01:24):
You all know that we do a lot of things
like tax planning, income planning, investment planning, insurance planning, and
just proper planning for everybody. We've learned a lot from
you folks out there coming in because you're confused and
you don't understand certain things. So we're going to talk
today about a Wroth conversion because this is very important
right now to understand that all of you have a
(01:45):
debt to the irs, and when the subject of converting
your IRA to a Roth tax free IRA comes up,
you get many different opinions. And most often what we
hear is my advisor or CPA or investment manager told
me that I just need to invert to the top
of my tax bracket every year. Not a bad idea,
but they will also tell you it's not worth it
(02:06):
to pay a higher tax. And we disagree in what
you have to understand from a tax standpoint when we
do tax planning, and Chris will talk about this in
a minute, but you've got to do it from a
mock tax return. What does your tax return look like?
How much tax can you pay if you go to
the next level. So all of you have a tax
time bomb and it's ticking louder and louder every day,
(02:26):
and you have a debt to the IRIS, and at
some point you or your beneficiaries will have to pay
the tax and it could be a higher tax. And
some people tell me they have developed their own spreadsheets.
I love that one because the spreadsheets basically don't tell
you what the tax is you're going to pay, and
it looks like conversions.
Speaker 3 (02:42):
Aren't going to be worth it to me.
Speaker 2 (02:44):
If they have a spreadsheet, how can you say that
it's just not true. We have a client in Tampa
and she called us the other day first time and
she said to me, you know, she could not believe
we were actually recommending what she had and listened to
this what she had questioned her CPA about tech ten
years ago, right after the tax rates were lowered by
the Tax Cut and Jobs Act. So the question today
(03:05):
is what will happen in twenty twenty five, and if
you don't know the Tax Cuts and Jobs actors getting
to expire, her CPA told it would not make sense
for her to convert any more than just enough to
get to the top of her current low tax bracket.
She lost the argument with the CPA. So the problem
is she lost the opportunity to get conversions finished before
(03:27):
she would have to take the required minimum distribution to
R and D. I know that may sound confusing to you,
but when we show you this, this is what's going
to happen to a lot of you when you start
taking your R and D. And Chris, this is the
part that people sit back and they go, we didn't
know that. But you know, if CPAs aren't helping you,
or tax advisors aren't helping you, right now is the
time to pick up the phone and give us a call.
Speaker 3 (03:48):
Sit down with Chris and me, and.
Speaker 2 (03:49):
We'll talk about conversion because we want you to see
it from the ground up. It's not just an opinion,
it's a fact that you have to do it right. So, Chris,
I mean you see it all the time that we
talk about this, and we're going to talk about se
questions that people should be asking about growth conversions and
one of the things what we always say, if you
don't know what you don't know, then don't say no.
Speaker 3 (04:09):
Right, Well, that's just said, you know. Welcome everyone, I'm
Chris Maggie and thanks for tuning into the show. And
my dad said a lot right there, because there's so
much to talk about. Many people have iras and formal
k's and TSPs and set iras. These accounts are what
we call infected with taxes. So if you're listening today,
if you have these accounts, you have accounts that are
infected with tax What does that mean. That means when
(04:30):
you take a distribution from these accounts, you have to
pay the tax. There's a ten nillion nine that's issued
and you have to report it on your tax return. Now,
you have maybe five hundred thousand in your qualified account.
You might have a million, you might have one point five.
It doesn't matter what it is. The fact of the
matter is, it's all taxable. So at the end of
twenty twenty five, the Trump tax cuts expire, what does
(04:51):
that mean? That means that tax rates will revert back
up at least three percent, if not higher. So that
means when you take a distribution, you're not only paying tax,
you're paying higher tax. So what can you do now
to start converting money from an infected area of tax
to a tax free environment. How do you get there?
And that's the biggest question that many advisors try to
(05:14):
talk to their clients about, but they have no idea
what the tax ramivocations are going to be. And a
Maggie Tax Advisor and financial group we do because we
take a tax approach and everything. We understand tax planning,
we understand investments. We do investments, we do insurance planning,
we do complete planning. And that's what we do for
our clients. So what we're going to talk about today
(05:35):
is taxes. What do you believe will happen to income
taxes in the future. Will they be higher or will
they be lower? So Dad talk about this.
Speaker 2 (05:44):
One thing that I also want to mention to help
you understand. Going to ol website maggietax dot com. The
top right you'll see the retirement tax calculator put in
your information. In thirty seconds, I can send you a
report to give you an idea what your tax bill
is going to be. So what Chris just said, what
do you believe will have happened to income tax rates
in the future. Most people tell us it's going to
go up. So there is another common misconception floating around
(06:07):
out there that portrays Wroth. Conversions has something as simple
as whether you'll pay a higher rate or of tax
today or tomorrow. It depends on your situation, and that's
why you have to sit down and do it from
a tax return. Your tax return and the clients that
we've worked with see huge tax savings regardless of whether
tax rates increase or decrease. But there's some value in
(06:29):
considering the impact of possible tax increases as a motivation
for choosing a faster conversion timeline. Listen, the IRS loves
you if you're a millionaire, because you're a millionaire and
you're leaving a million dollars of taxes on the doorstep
of the IRS, and you don't think about it that way.
Speaker 3 (06:45):
So you can convert. You can do a conversion.
Speaker 2 (06:47):
We can talk about that because the Tax Cut and
Jobs Act of twenty seventeen, it drove us to a
fifty year low in the rate of income taxes that
we pay in America. So the Tax Cuts and Jobs
Act is set to expire at the end of time
twenty twenty five.
Speaker 3 (07:01):
What does that mean.
Speaker 2 (07:02):
It means you have a window of opportunity between now
and the end of twenty twenty four twenty five to
convert to pay the lower tax and be done with it.
Speaker 3 (07:10):
How many of you would like to do that, Chris?
When we tell this to people that they well, my
guy never told me about it. Well, why don't you ask?
I mean, it's not simple. Well that's it. Well, many
people just really just don't know know about what to do.
And that's why you're listening today. And that's okay. So
pick up the phone, schedule time to meet with us,
Come on in, and we have offices on both sides
of the bay. We have three convenient locations to help you.
(07:31):
So visit our website at Maggie tax dot com. That's
m A g GI tax dot com. So we talking
about here is let's just say you have an IRA
and then let's just say you have five hundred thousand
dollars IRA. Well, you take an income from social security.
You might have a pension, but maybe you need ten
thousand go on a cruise, or fifteen thousand to do
some planning or whatever. The bottom line is that you've
(07:53):
got to pay tax on those that distribution, right, So
what's that tax rate going to be? But what if
you're sixty five years old and you don't need the money, Well,
you're required to take a distribution at age seventy three.
It was seventy and a half, then it was seventy two,
now it's seventy three. So from those retirement accounts, you
(08:13):
have what they call the required minium distribution. You have
to take a distribution at seventy three years old. But
go back, if you are sixty five and you don't
need the money, why not start taking that five hundred
thousand dollars IRA that's infected with tax and why don't
you start converting it, meaning start taking a distribution and
converting it to a roth ira that's tax free money.
(08:35):
So think about this. Over the next seven years, eight
years you have you can slowly take that five hundred
thousand and convert it to roth ira. So when you
are seventy three, you have tax free money that you
can take out and not have to take a lot
from the requirementum distribution. So what do you do now?
You are in position and in control so when they
(08:56):
do change tax rates, you don't have to pay them.
That's what we're talking about here. So pick up the phone,
schedule a time to meet with us. Let's talk about
the Roth conversion. Let's talk about if you should do it.
That's what we're talking about here. Planning planning, planning, planning,
tax planning, investment planning, income planning eight three three Maggie tax.
Speaker 2 (09:15):
And most people, you know, when we ask them do
you need the RMD, they say no, and what can
we do with it? Well, what's going to happen is
you'll probably take it and reinvest it. That is going
to cause a tax too. It's going to bring into
a higher income level. So how much of your future
income will you need from investment or savings accounts? And
what Chris was talking about, if you stop and think
about the guaranteed income that you have like pension and
(09:38):
social security, and we ask everyone this question, how much
do you need to come in the front door every month.
Like I say, if you need eight thousand bucks and
you know you're short one or two, then you're going
to take it from the IRA, but it's going to
become taxable. Why not learn how to convert this and
what Chris mentioned a minute ago. When you're ready to
take that out, it comes out tax free. Think about it,
(10:00):
say it to yourself tax free. I'd rather have a
tax free account than a taxable account.
Speaker 3 (10:04):
And that's just it. So what type of planning are
you doing today to help yourself and your family moving forward?
You know, many people who have been in the accumulation
phase have have saved enough money. Now what about the
distribution phase? And that's what we specialize in. So if
your advisor is not talking to you about tax planning
or roth conversions or ways to have tax free retirement,
(10:27):
then guess what you need to get a second opinion.
So pick up the phone today, schedule a time to
meet with us. Eight three three Maggie Tax. Visit our
website at Maggie tax dot com. There's so much information
right at our website to help you. We do complete planning.
Why because that's what it's about. It's not just about
managing your money and about the investments. There's the tax
(10:47):
side of this whole thing, in the income side. So
pick up the phone. Let's put together a plan. Eight
three three Maggie Tax. Eight three three Magi Tax.
Speaker 1 (10:58):
Stop planning for Uncle Sam's or tirement and start planning
for your retirement. As we return to the Maggie Tax
and Financial Hour with your host, father and son Robert
and Chris Maggie. For additional information on how you can
create a tax free retirement, visit Maggie Tax dot com.
That's ma Ggi tax dot com or call eight one
(11:20):
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 in Financial Group, Robert and Chris Maggie.
Speaker 2 (11:36):
Welcome back and you're listening to the Maggie Tax and
Financial Show. My name is Robert Maggie and I'm here
with my son Chris Maggie. And don't forget visit our website,
Maggie Tax dot com and tune in every Sunday at
ten thirty on ABC TV to The Maggie Tax.
Speaker 3 (11:48):
And Financial Show.
Speaker 2 (11:50):
So along the way, we get a lot of clients
to come in and we do different plans for these folks,
whether it be income, whether it be tax planning. But Chris,
let's talk about when someone comes in and they want
safety of their money, they want guaranteed income, and they
want you know, longevity where they have money left over
for the kids.
Speaker 3 (12:07):
How do we go about that great question? And you know,
if you're out there listening today, and just give an example.
We had a client that came in three years ago
and we just you knowed the reviews each and every year,
and they came in with six hundred thousand dollars and
they retired and they have some income coming in, so
we really didn't need to give them income because they
had two pensions and social securities coming in. So four
income streams that totaled seven thousand dollars a month of
(12:29):
income net after tax, and they only need about five
thousand a month. So they have positive cash flow of
two thousand dollars a month. So they said, well, what
do we do with our six hundred thousand dollars? And
I said, well, what do you want to do with it?
And they sat back and they said, well, we don't
really know, but we do have money in the market,
and we're playing the market and it's going up and down.
And I asked them, as safety of your money important
(12:51):
to you? And they both sat back and they said,
at this phase of the game, absolutely it has, isn't
it to everybody? And I said, no, it's actually not.
We have clients that come in sometimes and you know,
if they lose ten bucks, they can't do that, they
can't stomach that, they can't sleep at night. They have
other clients that come in and if they lose a
couple hundred grand because the mark go's and down, it's
not a big deal. It's going to come back. So
my question to you out there is where are you?
(13:13):
And if you are sitting in a volatile account and
you don't want to be, then you need to raise
your hand and pick up the phone and schedule time
to meet with us. If you are on a conservative
account and you want to take more risk with some
of your money, then you need to pick up the
phone and raise your hand and schedule time to meet
with us. But going back to the client who had
six hundred thousand dollars of money, what we did was
(13:33):
we did the color of money. We did bucket planning.
We call it now money, later money, never money, And
when we organize these accounts into different buckets, they had
safety of their money in the short term. They had
long term growth with money on the other side, which
is never to later money. And what we did was
we can deal with the risk with those accounts that
(13:54):
we're not going to touch for ten to fifteen to
twenty years. So we did strategic planning where we made
these buckets where they had control flexibility. And that's where
many people come in they have no plan. But when
they leave us and they work with us, guess what,
they have a plan.
Speaker 2 (14:13):
Here's what I would say to that, because this is
the biggest question. You're right on everything you said, and
it's encouraging to know that when people come in.
Speaker 3 (14:20):
This is what we talk about. But here's the big thing.
Speaker 2 (14:23):
When I ask people to bring in their statement, as
you know, many of them have a brokerage account, they
have stock spawns and mutual funds. They have some risk
and no risk. They have some in the fixed account.
But that's not a plan. That's not a plan, that's
not the Maggie plan, that's not an income plan that's
not a tax plan.
Speaker 3 (14:39):
And what Chris is referring to. If you've heard as.
Speaker 2 (14:41):
Many times talk about bucket planning, this is where we
can put a plan together for you based on the
money that you have. Now, when we do a risk
tolerance form, and Chris, this is so important we talk
about it. The risk tolerance form tells us more about
a client what risk they're taking. And many times you
can talk about this, they're in more risk than they
even know they are because their advisor doesn't sit down
(15:03):
and tell them that. And that's a big problem.
Speaker 3 (15:05):
Right, that's it. I mean, you know, when we do
an annalyce of your accounts, many people have just piles
of money. Think about this. You have five statements that
come in the mail, right, three statements. Some statmans won't
even come in the mail. They come every quarter. You
might have an old four one K that you never
really look at anymore, maybe two or three of them, right,
because you've changed your employers. So the bottom line here
is many people have piles of money and there's no
(15:28):
concrete to those piles. They can be tumbled down. Think
of it. You know, they just piles of sand, right,
and they can be blown away by just market fluctuation.
Is that what you want or do you want a
concrete plan where if there is wind blowing and storms
changing and things happening and hurricanes and whatever it is
that your account doesn't move. That's what we need to
(15:50):
talk about. Your color of money. What do you want
your money to do for you? Because if you're looking
for a plan, an investment plan, we can help. And
that's why you pick up the phone, schedule time to
meet with us. Three three, Maggie Tax. Let's get a
second opinion on what you currently have and let's do
bucket planning for you.
Speaker 2 (16:05):
And again I challenge all of you if you have
a plan. Now, we're not trying to break a relationship here.
What we're trying to do is when you come in
and we show you a different strategy and then you
sit back and say, wow, my guy or Mike gal
has not told me that, then we have something to
talk about.
Speaker 3 (16:17):
Because this is the new rules of retirement.
Speaker 2 (16:20):
You have to understand what we're talking about roth convergence
and tax planning and income planning. If your folks are
not talking about that, shame on them, because when it
comes to retirement, you want to make sure that you
have enough coming in, like Chris says, the front door
every month where you can just you know, pick up
the check, cash the check and not worry about the
other expenses. And when you start taking a lot of risk, Chris,
(16:41):
and this is what we see, because that's what they
were taught, take a lot of risks. See if the
market goes up, and we all know what's going on
with the market goes up, it goes down. But on
our Maggie plan, the way we do it, we position
a lot of money, not a lot of money, but
the portion that you want to be safe in green buckets.
Green buckets mean it doesn't go down, it only goes up.
Speaker 3 (17:00):
And there's no fees to those buckets either, So they
could be safety and no fees and you don't have
to worry about the rest, which is the biggest question.
What's the biggest concern everybody comes in, what's your fee?
Worried about the fee to play? Right, But again it's
not about that. It doesn't have to be that way
if you want safe money.
Speaker 2 (17:14):
But if you're in a broken's account and you have
an IRA and you're paying fees, you're paying fees on
an account that should be growing, not going down.
Speaker 3 (17:19):
Well that's it. And if no one's watching it and
there's pretty much just all transactions and you have loads
and commissions, guess what you're not Your account's not doing
what you want it to do. So that's why it's
so important. It's encouraging. Pick up the phone, schedule time
to meet with us. We have offices standing by. Let
them know that it's urgent that you need to come
in and meet with us. Because when we see retirement,
there's the accumulation phase, there's the distribution phase of your retirement.
(17:44):
Where are you right now? Because if you are approaching
the distribution phase or in the distribution phase and you
see these big volatility markets go up and they go down,
if that doesn't affect you or scare you, then maybe
you start looking at what's happening, because if it is
affecting you and worrying you and keeping you up at night,
then maybe now is a time, more than ever before,
(18:06):
to make sure that you get a second opinion and
we can help eight three three Maggie Tax and.
Speaker 2 (18:11):
Don't forget to watch our TV show on Sunday at
ten thirty. We have seminars coming up every month on
a state planning on tax planning. If you go to
my website, Maggie Tax dot com, they're all listed there.
We do them libraries so we can educate you. And
that's the whole point for you to come in and
be educated and not be sold. Because once you understand
the ground rules of this income planning, tax planning, investment planning,
(18:33):
market risk, you know all the types of risks that
are out there, the health risk. This is important for
all of you out there. Pick up the phone eight
three three Maggie Tax. Visit our website, Maggie Tax dot com.
Click on seminars and register for one of the seminars.
Speaker 3 (18:47):
They're free and they're educational.
Speaker 2 (18:49):
Eight three three Magi Tax and visit the Maggie Tax
dot com Maggie Tax dot com website. On the retirement calculator,
click on Maggie Tax dot com.
Speaker 3 (18:58):
Give us a call right now, Maggie Tax.
Speaker 1 (19:03):
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
(19:26):
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 (19:42):
Welcome back to the Maggie Tax and Financial Show, and
feel free to visit our website, Maggie tax dot com.
There's so much information right there at your fingertips. Do
you have a tax plan, do you have an income plan?
Do you have an investment plan? And you know what,
do you have an estate plan? If you said no
to any one of those, you need to listen up
because now is a time to put together a plan
(20:03):
for you and your family. A three to three Magi
tax that's eight three to three Maggie tax. There's so
much there that we could talk about. You know, at
our firm we talk about the Maggi Plan. You know
we're talking about taxes today, but how do they incorporate
with your investments? If you are paying more in tax,
guess what less income to you and your family So
are you prepared for the possibility of higher taxes in retirement?
(20:25):
And that's what we're talking about today. You need to
have a plan. You need to have an investment plan,
a tax plan, and also an income plan. Eight three
to three magi tax schedule time to meet with us.
We have obvious on both sides of the bay Ad
three to three magi tax and by the.
Speaker 2 (20:39):
Way, we do tax preparation. So if you want to
make an appointment, come on in. But let me mention
one thing that happened this week. And it's really simple.
Everyone that works you make income, right, who's the first
one that you have to pay Uncle Sam Oh? So
so let's just say you make twenty thousand last year
and you make fifty thousand this year, you've increased by
thirty thousand.
Speaker 3 (20:58):
Is that thirty thousand free, Chris, Nope, you have to
pay uncle sam Oh. You have to pay Uncle Sam.
Speaker 2 (21:03):
See I'm making light of this because this is where
people getting confused. When I talked about the five ways
that taxes are going to go up, so many of
you assume that your taxes will be lower in the future.
Speaker 3 (21:14):
Not true, it's not true.
Speaker 2 (21:16):
But as today's retiremies are discovering that's often not the case.
Speaker 3 (21:19):
And we see this every day.
Speaker 2 (21:20):
In a perfect example is when you make more money,
your tax bracket's going to go up.
Speaker 3 (21:24):
You have to pay more.
Speaker 2 (21:25):
So if taxes keep going up and the tax brackets
keep rising, you get less. So we can help you
understand the five ways your taxes could go up in retirement.
And again, I have a brochure. If you want to
call my office, just give me your email. I'll be
glad to send it to you in an email and
you can see for yourself. Well, come to one of
our seminars and I'll give you that at the seminar,
and how we can help you mitigate that tax risk.
Speaker 3 (21:46):
Think about that.
Speaker 2 (21:48):
Does your advisor talk about mitigating tax risk? Now they
talk about putting more money in another account. So from
the congressional spending to tax bracket changes, you're going to
learn how to position tax axes in your retirement. And
every news item out of washing con seems to include
details of a new or expanded tax.
Speaker 3 (22:06):
Let me ask you a question.
Speaker 2 (22:08):
So the total government revenue in twenty twenty two was
four point nine trillion. That's what the government takes in
in revenue that was in twenty twenty two. Total government
spending in fiscal year twenty two was six point three trillion.
Speaker 3 (22:23):
Do the math.
Speaker 2 (22:24):
It's like, you know you have a credit card, you
got to pay it back, Okay, but we're not even
paying back half of it.
Speaker 3 (22:30):
Chris Well, let's just said. I mean things you can't control.
Speaker 1 (22:32):
Right.
Speaker 3 (22:32):
We know that the government is spending more. That's not
a topic we want to go into right now. It
is what it is. They're spending more than they take in.
But what does that mean to you? What does that
mean to me? Right? What does it mean to our generation?
It means that we are going to pay more in
tax because they know how much money you have in iras,
They know how much money you have in formal case,
they know how much money you having a TSP if
(22:53):
you're a federal employee. They know these are all qualified
accounts that are infected with tax so very simple. You're
exposed to tax risk. You're exposed to legislative risk, where
they can change the rules. What I mean by that
is they can change the rules on how much they
tax you, they tax me. Right, these are things that
we need to start controlling today. And you can if
(23:14):
you put together a tax plan. That's why I ask you,
what's your plan? What's your tax plan? If you don't
have one, now is the time to start really putting
one together and we can help. So pick up the phone,
schedule time to meet with us. Because when we put
together a tax plan, we can put together an income plan.
And what's better having taxable income or tax free income?
And when you can show a tax return like we
(23:37):
do to our clients in retirement that I don't care
if they increase taxes because our clients' plans have tax
free money. So when they retire and they take income
and government says, well, we need to pay our deficeit
and we need to increase taxes, our clients aren't affected
by that because they have a tax plan. That's what
we can do for you. So pick up the phone,
(23:57):
schedule time to meet with us. Eight three to three
Maggie tax. That's eight three three maggie tax.
Speaker 2 (24:02):
And this is a race that we all must learn
to win where we're ahead of it, not behind it,
because that's when people get in trouble. In at every
seminar that we do, this is the question that we
ask the audience, and I'm asking all of you how
many people think taxes are going up in the future,
and I know everybody raises their hand. Nearly everyone raised
their hands because it's going to go up. So the
point Chris and I are making today is tax planning
(24:24):
is essential. You've got to start thinking about it. Whether
you have low income or high income, it doesn't make
a difference.
Speaker 3 (24:30):
Yet.
Speaker 2 (24:30):
While you understand we've entered it into a rising tax environment,
surprisingly few of you have used that knowledge to change
how you save for retirement.
Speaker 3 (24:39):
And if your.
Speaker 2 (24:40):
Advisor's not talking to you about this, which is why
we say, go to my retirement calculator on Maggie tax
dot com and see for yourself what your tax is
going to be.
Speaker 3 (24:49):
Chris, that's very important. Well let's just talk about that.
You know, when we meet with clients, what are we seeing.
We're seeing tons of Irrah accounts, tons of Form and
K accounts, tons of these accounts that are deferred. We
see this and they've been with their advisors for years.
They're not doing the right job. I'll tell you what. Yeah,
anyone can manage your money. You can manage yourself with
this market where it's at, and the amount of money
they're pumping in and the environment with they're playing with
(25:11):
the interest rates. Everyone's making money. That's easy, that's the
easy part of it. But what about the end of
the game. You know, when you think about a football
game and you're up at halftime, you're all happy because
you're up by forty points, but guess what, you got
to finish the game. And that's where Uncle Sam comes in,
and that's where he blows it right by you and
you lose forty three to forty because you did not
have a tax plan. So pick up the phone, schedule
(25:32):
time to meet with us. Let's put together an investment plan,
Let's put together an income plan. Let's put together that
tax plan that you need to generate guaranteed safety and
also income in the future. What's wrong with going to
the mailbox every month when you're retired, pick it up
a check and that's tax free money and spending the
heck out of it and doing all over again for
the rest of your life. How cool would that be?
(25:53):
Because when you hear the news and hear all the
drama and they talk about, oh my gosh, taxes are
going to go up. Tax are the highest it's ever
been in You can say and put a smile on
your face and say that doesn't affect They're not higher,
they're lower and the lowest point now chorus.
Speaker 2 (26:08):
But how cool could it be in the future when
that happens, that you don't have to be affected by it.
That's why we can put together a tax plan eight
three three magi tax. Get the tax plan. We have
office on both sides of the day, a three three
magi tax. So if you all continue to defer taxes,
which many of you do in an IRA four oh
one K four H three B on all or most
of your retirement assets, you're going to have a large
(26:30):
tax bill to pay.
Speaker 3 (26:32):
So why would you do that?
Speaker 2 (26:33):
If you can do strategic planning or like Chris and
I talk about bucket planning, where you have income that
may be tax free, you have growth and you have
later money, but you take that money and you have
tax free money.
Speaker 3 (26:45):
We can do that. That's what we do. That's called
the Maggie Plan.
Speaker 2 (26:47):
It's a tax plan, it's an income plan, it's an
investment plan, and it's a legacy plan. And please one
other thing. Many of you don't have a will or
a trust and you sit back and say I don't
need it, because well you do. So one of our seminars.
Go to my website Maggie tax dot com. We have
two seminars a month. Take a look at the dates
and times and locations and come. There's no obligation, no lunch,
(27:09):
no dinner, no nothing, just explaining to you what this
is about. I think that's more important getting you education
and understanding the language than feeding people. And you know what,
I've done that for years and it's okay, but it's
not what I want. If you want information, then you
come to my seminar. I will give you the information
because that's what you need. So how can we help
overcome this disconnect of taxes and legislative risk? And at
(27:32):
Magi Tax we help our clients face new risks. People
work with Magi Tax because we help. And here's the
word mitigate risk. Chris, does any advisor are talking about
mitigate risk?
Speaker 3 (27:43):
No, they don't talk about that. That that's why it's
so disappointing. Think about it. You don't have clients like
we see this. We meet with clients and they come
in with statements. Yeah it's five hundred thousand, Yeah, it's
one point two million, Yeah it's three hundred thousand, Yeah
it's four million. It doesn't matter. At the end of
the day, there's no planning. There's no planning. It's just
investment accounts. You've got piles of money. We're see in this.
This is what advisors are doing. They're just dealing with investments. Yeah,
(28:05):
you have money. I don't care. The fact of men
is what's the end of the game look like for you?
The tax side of this, Because yeah, you can have
four million bucks, but guess what when we run the
tax time calculator and that four million dollars is not
worth four million, It's worth two million, or it's worth
two point five million. Guess what, Uncle Sam is your partner.
(28:25):
How do you remove Uncle Sam from your partner forever
and ever and ever?
Speaker 2 (28:30):
So we can show you how to do this. So
here's the misunderstanding that you just said that people have.
I have a lot of money. I have two million,
I have one million, I have five hundred thousand.
Speaker 3 (28:37):
No you don't.
Speaker 2 (28:38):
Here's the question that we ask every single person that
comes into meets with us, how much income do you
need per month? Forget about how much you have, how
much do you need per month? Am I right or wrong?
Speaker 3 (28:50):
Yeah?
Speaker 2 (28:51):
And then where are we going to get it from?
And then when you start looking at the numbers and
you start budgeting and you start figuring out, well I
only need this amount and I'm okay, let the risk
grow put on a tax free basis. Why would you
not want to do that? So how do we do that?
It's real simple. We use a process. We have a
process at Maggie Tax. We identify the risk. And this
is so important because older people are taking more risk
(29:13):
than they need to and the advisor's not talking about
risk management we do. We want to quantify that risk
because maybe you're taking too much risk and we can
reduce the risks we have more tax free money. And
here's the thing, write this down. We're going to build
a plan to mitigate to mitigate that risk. You know what,
I challenge all of you. Go to your advisor, go
to your CPA, and ask them this question, how do
(29:35):
you mitigate my tax risk?
Speaker 3 (29:36):
And then be quiet.
Speaker 2 (29:37):
I guarantee you they're going to look at you and
going to stare at you, like, what are you talking about?
Speaker 3 (29:41):
Mitigate lower the tax risk.
Speaker 2 (29:43):
So it started with the market savers wanted to and
this is what Chris was talking about before, and they
needed the power of the stock market to grow their funds.
It was a simple formula, there was nothing wrong with it.
They put money aside, invest in the stock market, and
watch it grow.
Speaker 3 (29:58):
Oh man, this is growing great, right.
Speaker 2 (29:59):
Chris, Until it didn't. Until it didn't, and it's gonna
happen again. So during the market downturn, savers learned about what.
Speaker 3 (30:07):
Risks, what kind of risk Chris. There's different types of
market risk, right, Inflation risk, we see that. What about
tax risk? These are things we're talking about. So do
you have a plan? Many people out there don't. They
just have piles of money. You get those statements. You
have a pile of money, big deal, But how is
it going to come out? What's the end of the
game look like for that account? Pick up the phone,
(30:29):
schedule time to meet with us. Let's get together. I
urge you to do this because we see this each
and every day. Many people they come in, they think
they have a plan, and guess what they don't. Because
when we do tax planning and tax preparation each and
every year, guess what they're paying taxes? And then they're saying,
what can I do well? You follow the crowd, You
didn't listen, and you didn't put together a plan. Now
(30:50):
is the time to do it. Don't follow the crowd.
Eight three three Magi Tax. That's a three to three
Magi tax. Visit our website at maggitax dot com. There's
so much there to help you. Eight three three Magi Tax.
Send an appointment today. Eight three three Magie Tax.
Speaker 1 (31:07):
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
(31:28):
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 (31:45):
Welcome back, and you're listening to the Maggie Tax and
Financial Show. And today we've been talking about tax risk
and legislative risk, and a whole bunch of other things.
But what thing I want to bring back this is
for the person out there that you know has been
investing in this for a long time. In the advisor community,
they learned to identify that risk by they created using
fancy terms like alpha and beta. How many people know that?
(32:06):
And the industry helped create tools like Monte Carlo simulations
to quantify that risk for clients.
Speaker 3 (32:11):
How many know that? Okay, I'm not worried about that.
Speaker 2 (32:14):
Finally, advisors would use those tools to build asset allocation
models to mitigate market risk, not mitigate tax risk. So
the question is every time we see a client come in,
did you open up your statement? Do you know what
you have? And they say no, I don't. They don't
know about alpha, beta and all this other stuff. They
just look at the bottom line and they look at
how many fees they're paying. Well, what is the advisor
(32:35):
doing for you? He's not doing tax risk, he's not
doing income risk.
Speaker 3 (32:39):
So what was he doing?
Speaker 2 (32:40):
He's just grown your assets. The focus on accumulating wealth
was the primary focus until a few things happened. The
dot com bubble burst, followed shortly there after by the
financial crisis, and suddenly savers were reaching retirement age with
depleted assets and no plan to generate income. And that
problem was compounded by the reality that retirees were living
(33:01):
longer than ever. So none of these advisors talked about
future tax free money or income. And I asked it before,
how much income do you need for the rest of
your life to go to that mailbox every month and
get the check that you want. Advisors learn to identify
that income risk or a longevity risk. That's what we do.
And suddenly it wasn't enough to just accumulate funds. Savers
(33:23):
needed a plan to make those funds last a lifetime.
Speaker 3 (33:26):
Chris, and that's what.
Speaker 2 (33:27):
We see every day now because people are confused, they're isolated,
and they're angry. Would you think it's because they got
the wrong information, they were taught the wrong language.
Speaker 3 (33:37):
Well, this is what's happening. People come into tax preparation
and guess what. When they're not clients of ours, they're
clients of other advisers. They come in and they say,
I want to get a plan, So we do the
taxes for them, and guess what, they're upset they have
to pay a tax liability and they said, well, my
advisor never showed me a tax plan. So what if
you could have a plan where you have buckets of money.
(33:58):
Just think about this for a sec If you have
a buckets of money that have growth with investments that
are allocated the right way to your risk tolerance. What
if you have a couple other buckets that generate guaranteed
income so you can go to the mailbox each and
every month and grab that check and spend the heck
out of it and do it all over again for
the rest of your life. And what if you have
like an inflation bucket, right you can always tap into
(34:19):
so when things hit the fan, you can always tap
into and have income so you don't have to worry
about the inflation or running out of money. Then what
if you had those buckets, every one of them, make
sure that they pass to where you want it to
go and avoid the probate process. Then what if you
had some of those buckets that are tax free, so
when you use taxes every year, you take some from
(34:41):
a taxable environment, some from a tax free and you
can stay under the threshold income. So maybe you don't
have to file a tax return or your effective tax
rate is very low. That's how you do planning. What
if you can have that, well, that's what the Maggie
plans all about. That's the holistic plan that we do.
It's not about just giving your money, let me manage
it were you anybody can do that. There's more to it.
(35:03):
So when you think about what's happening right now, you're
following the crowd. You're the same as every one of
people out there. And there's a small percentage of people
out there that actually have what I just talked about
because there's so many people out there that don't know
what to do. If you're listening today, I urge you
to pick up the phone, schedule a time to meet
with us, get a second opinion on your plan. Eight
(35:25):
three to three magi tax. That's eight three to three
magi tax.
Speaker 2 (35:28):
So the question is how do you make your money
last a lifetime? And what happened things change in this industry.
Annuities came out guaranteed income riders that people have. That
was the perfect solution to provide a guaranteed check and
clients could retire and outlive their money in the In
the year two thousand, advisors became experts in income planning
addressed this major concern and that's what we do. And
(35:51):
shortly thereafter, most advisors across the industry were using annuities
to offset income risk. Now, don't panic when I say
the word annuities, because if you look your Social Security
and your pension, that's an annuity. So think about it.
You just don't understand the language and how they apply,
and some may be bad. I get it, Chris understands.
But until you sit down and see how the annuity
(36:11):
process works. You want guaranteed income for life, you want
a certain amount, we can help you. So today the
headlines are all about taxes, all right. They just bypassed everything.
They shoved it under the blanket. Advisors who understand tax
risks today, like we do with Maggie, tax are the
reason why we are successful.
Speaker 3 (36:29):
Many of you know us.
Speaker 2 (36:30):
Many of you come in and see us and you
understand the plan and we do complete planning. And I'll
say it again, you do not have a complete plan
if you do not have a tax plan or an
income plan. And we can apply the same financial process
we use to address market and income risks. We want
to help clients identify your tax risk quantifying dollars and cents.
That's the bottom line. People say, Bobby, Chris, how much
(36:53):
am I going to get? Bottom line? And let us
find the tools to reduce that risk. That's up to you.
You have to tell us what's concerning you income? Is
it taxes or it's all the above, Because the biggest
thing we hear, Chris, is the market.
Speaker 3 (37:06):
The market. Oh, it's up, we're making money. No, you're not.
Speaker 2 (37:09):
You got It's not all yours until it crashes, and
then it crashes. Then you lose what, you lose all
that you think you had. That is not a plan
for retirement, Chris. I mean, I'm sorry, I get upset,
but this is what people come in. They think the
market is the best thing in the world for what
For growth, yes, but for retirement you got to start
thinking about change and looking at it through a different lens.
Speaker 3 (37:29):
Absolutely, And that's where there's the complete process. You know
we talked about early in the show. Yeah, you're up
at halftime and it's great, you're all excited, but guess what.
The second half comes around and that's where Uncle Sam is.
He comes out. That's a silent partner that's there on
the other team. That you do not see and that's
what we're showing you today. So when we think about
big picture, we get it. We have people retire each
and every day. You retire once, so we retire each
(37:53):
and every day and we can show you how it's
going to look. So think up the phone and schedule
time to meet with us. We have office on both
sides of the We do a radio show. Obviously, we
do a TV show every Sunday on ABC TV at
ten thirty am. Tune in watch. Go to our website
Maggie Tax dot com. See what we do. You're listening today.
If you do not have a plan, we can help.
(38:14):
If you want an income plan, a tax plan, an
investment plan, and a state plan, a social security maximization plan,
we can help. What are you doing If you do
not have a plan, you need to get one a
three to three magi tax. We look forward to working
with you. Forward a meeting with you. Get the Maggie Plan.
Tax planning, income planning, investment planning, social security planning, as
(38:34):
state planning. Get a plan. You deserve it. Eight three
three magi tax. That's eight three to three magi 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 Maggi tax dot
com or call eight one three three two two twenty
five twenty. That's eight one three three two two twenty
(39:03):
five twenty and tune in next Saturday at five for
the Maggie Tax and Financial Hour
All these years you've saved up planning for a secure retirement,
but if you're not careful, it will be the irs
that's living it up when you retire by taxing your
hard earned money. Welcome to the Maggie Tax and Financial
Hour with Robert and Chris Maggie of Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
in tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie
Tax dot Com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:53):
Welcome everyone, and thanks for joining us today. My name
is Robert Maggie and I'm here with my son, Chris Maggie.
You're listening to the Maggie Tax and Financial Show. Be
sure to visit our website Maggie Tax dot com and
register for our upcoming seminars. We have seminars on a
state planning and we will have seminars on tax planning,
very very important. We'll keep mentioning this every week. But
go to our website, Maggie Tax dot com.
Speaker 3 (01:15):
It's right there.
Speaker 2 (01:15):
You can give us a call and register, and don't forget.
Every Sunday on ABC TV at ten thirty, tune into
the Maggie Tax and Financial Show.
Speaker 3 (01:23):
We have a lot to talk about today.
Speaker 2 (01:24):
You all know that we do a lot of things
like tax planning, income planning, investment planning, insurance planning, and
just proper planning for everybody. We've learned a lot from
you folks out there coming in because you're confused and
you don't understand certain things. So we're going to talk
today about a Wroth conversion because this is very important
right now to understand that all of you have a
(01:45):
debt to the irs, and when the subject of converting
your IRA to a Roth tax free IRA comes up,
you get many different opinions. And most often what we
hear is my advisor or CPA or investment manager told
me that I just need to invert to the top
of my tax bracket every year. Not a bad idea,
but they will also tell you it's not worth it
(02:06):
to pay a higher tax. And we disagree in what
you have to understand from a tax standpoint when we
do tax planning, and Chris will talk about this in
a minute, but you've got to do it from a
mock tax return. What does your tax return look like?
How much tax can you pay if you go to
the next level. So all of you have a tax
time bomb and it's ticking louder and louder every day,
(02:26):
and you have a debt to the IRIS, and at
some point you or your beneficiaries will have to pay
the tax and it could be a higher tax. And
some people tell me they have developed their own spreadsheets.
I love that one because the spreadsheets basically don't tell
you what the tax is you're going to pay, and
it looks like conversions.
Speaker 3 (02:42):
Aren't going to be worth it to me.
Speaker 2 (02:44):
If they have a spreadsheet, how can you say that
it's just not true. We have a client in Tampa
and she called us the other day first time and
she said to me, you know, she could not believe
we were actually recommending what she had and listened to
this what she had questioned her CPA about tech ten
years ago, right after the tax rates were lowered by
the Tax Cut and Jobs Act. So the question today
(03:05):
is what will happen in twenty twenty five, and if
you don't know the Tax Cuts and Jobs actors getting
to expire, her CPA told it would not make sense
for her to convert any more than just enough to
get to the top of her current low tax bracket.
She lost the argument with the CPA. So the problem
is she lost the opportunity to get conversions finished before
(03:27):
she would have to take the required minimum distribution to
R and D. I know that may sound confusing to you,
but when we show you this, this is what's going
to happen to a lot of you when you start
taking your R and D. And Chris, this is the
part that people sit back and they go, we didn't
know that. But you know, if CPAs aren't helping you,
or tax advisors aren't helping you, right now is the
time to pick up the phone and give us a call.
Speaker 3 (03:48):
Sit down with Chris and me, and.
Speaker 2 (03:49):
We'll talk about conversion because we want you to see
it from the ground up. It's not just an opinion,
it's a fact that you have to do it right. So, Chris,
I mean you see it all the time that we
talk about this, and we're going to talk about se
questions that people should be asking about growth conversions and
one of the things what we always say, if you
don't know what you don't know, then don't say no.
Speaker 3 (04:09):
Right, Well, that's just said, you know. Welcome everyone, I'm
Chris Maggie and thanks for tuning into the show. And
my dad said a lot right there, because there's so
much to talk about. Many people have iras and formal
k's and TSPs and set iras. These accounts are what
we call infected with taxes. So if you're listening today,
if you have these accounts, you have accounts that are
infected with tax What does that mean. That means when
(04:30):
you take a distribution from these accounts, you have to
pay the tax. There's a ten nillion nine that's issued
and you have to report it on your tax return. Now,
you have maybe five hundred thousand in your qualified account.
You might have a million, you might have one point five.
It doesn't matter what it is. The fact of the
matter is, it's all taxable. So at the end of
twenty twenty five, the Trump tax cuts expire, what does
(04:51):
that mean? That means that tax rates will revert back
up at least three percent, if not higher. So that
means when you take a distribution, you're not only paying tax,
you're paying higher tax. So what can you do now
to start converting money from an infected area of tax
to a tax free environment. How do you get there?
And that's the biggest question that many advisors try to
(05:14):
talk to their clients about, but they have no idea
what the tax ramivocations are going to be. And a
Maggie Tax Advisor and financial group we do because we
take a tax approach and everything. We understand tax planning,
we understand investments. We do investments, we do insurance planning,
we do complete planning. And that's what we do for
our clients. So what we're going to talk about today
(05:35):
is taxes. What do you believe will happen to income
taxes in the future. Will they be higher or will
they be lower? So Dad talk about this.
Speaker 2 (05:44):
One thing that I also want to mention to help
you understand. Going to ol website maggietax dot com. The
top right you'll see the retirement tax calculator put in
your information. In thirty seconds, I can send you a
report to give you an idea what your tax bill
is going to be. So what Chris just said, what
do you believe will have happened to income tax rates
in the future. Most people tell us it's going to
go up. So there is another common misconception floating around
(06:07):
out there that portrays Wroth. Conversions has something as simple
as whether you'll pay a higher rate or of tax
today or tomorrow. It depends on your situation, and that's
why you have to sit down and do it from
a tax return. Your tax return and the clients that
we've worked with see huge tax savings regardless of whether
tax rates increase or decrease. But there's some value in
(06:29):
considering the impact of possible tax increases as a motivation
for choosing a faster conversion timeline. Listen, the IRS loves
you if you're a millionaire, because you're a millionaire and
you're leaving a million dollars of taxes on the doorstep
of the IRS, and you don't think about it that way.
Speaker 3 (06:45):
So you can convert. You can do a conversion.
Speaker 2 (06:47):
We can talk about that because the Tax Cut and
Jobs Act of twenty seventeen, it drove us to a
fifty year low in the rate of income taxes that
we pay in America. So the Tax Cuts and Jobs
Act is set to expire at the end of time
twenty twenty five.
Speaker 3 (07:01):
What does that mean.
Speaker 2 (07:02):
It means you have a window of opportunity between now
and the end of twenty twenty four twenty five to
convert to pay the lower tax and be done with it.
Speaker 3 (07:10):
How many of you would like to do that, Chris?
When we tell this to people that they well, my
guy never told me about it. Well, why don't you ask?
I mean, it's not simple. Well that's it. Well, many
people just really just don't know know about what to do.
And that's why you're listening today. And that's okay. So
pick up the phone, schedule time to meet with us,
Come on in, and we have offices on both sides
of the bay. We have three convenient locations to help you.
(07:31):
So visit our website at Maggie tax dot com. That's
m A g GI tax dot com. So we talking
about here is let's just say you have an IRA
and then let's just say you have five hundred thousand
dollars IRA. Well, you take an income from social security.
You might have a pension, but maybe you need ten
thousand go on a cruise, or fifteen thousand to do
some planning or whatever. The bottom line is that you've
(07:53):
got to pay tax on those that distribution, right, So
what's that tax rate going to be? But what if
you're sixty five years old and you don't need the money, Well,
you're required to take a distribution at age seventy three.
It was seventy and a half, then it was seventy two,
now it's seventy three. So from those retirement accounts, you
(08:13):
have what they call the required minium distribution. You have
to take a distribution at seventy three years old. But
go back, if you are sixty five and you don't
need the money, why not start taking that five hundred
thousand dollars IRA that's infected with tax and why don't
you start converting it, meaning start taking a distribution and
converting it to a roth ira that's tax free money.
(08:35):
So think about this. Over the next seven years, eight
years you have you can slowly take that five hundred
thousand and convert it to roth ira. So when you
are seventy three, you have tax free money that you
can take out and not have to take a lot
from the requirementum distribution. So what do you do now?
You are in position and in control so when they
(08:56):
do change tax rates, you don't have to pay them.
That's what we're talking about here. So pick up the phone,
schedule a time to meet with us. Let's talk about
the Roth conversion. Let's talk about if you should do it.
That's what we're talking about here. Planning planning, planning, planning,
tax planning, investment planning, income planning eight three three Maggie tax.
Speaker 2 (09:15):
And most people, you know, when we ask them do
you need the RMD, they say no, and what can
we do with it? Well, what's going to happen is
you'll probably take it and reinvest it. That is going
to cause a tax too. It's going to bring into
a higher income level. So how much of your future
income will you need from investment or savings accounts? And
what Chris was talking about, if you stop and think
about the guaranteed income that you have like pension and
(09:38):
social security, and we ask everyone this question, how much
do you need to come in the front door every month.
Like I say, if you need eight thousand bucks and
you know you're short one or two, then you're going
to take it from the IRA, but it's going to
become taxable. Why not learn how to convert this and
what Chris mentioned a minute ago. When you're ready to
take that out, it comes out tax free. Think about it,
(10:00):
say it to yourself tax free. I'd rather have a
tax free account than a taxable account.
Speaker 3 (10:04):
And that's just it. So what type of planning are
you doing today to help yourself and your family moving forward?
You know, many people who have been in the accumulation
phase have have saved enough money. Now what about the
distribution phase? And that's what we specialize in. So if
your advisor is not talking to you about tax planning
or roth conversions or ways to have tax free retirement,
(10:27):
then guess what you need to get a second opinion.
So pick up the phone today, schedule a time to
meet with us. Eight three three Maggie Tax. Visit our
website at Maggie tax dot com. There's so much information
right at our website to help you. We do complete planning.
Why because that's what it's about. It's not just about
managing your money and about the investments. There's the tax
(10:47):
side of this whole thing, in the income side. So
pick up the phone. Let's put together a plan. Eight
three three Maggie Tax. Eight three three Magi Tax.
Speaker 1 (10:58):
Stop planning for Uncle Sam's or tirement and start planning
for your retirement. As we return to the Maggie Tax
and Financial Hour with your host, father and son Robert
and Chris Maggie. For additional information on how you can
create a tax free retirement, visit Maggie Tax dot com.
That's ma Ggi tax dot com or call eight one
(11:20):
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 in Financial Group, Robert and Chris Maggie.
Speaker 2 (11:36):
Welcome back and you're listening to the Maggie Tax and
Financial Show. My name is Robert Maggie and I'm here
with my son Chris Maggie. And don't forget visit our website,
Maggie Tax dot com and tune in every Sunday at
ten thirty on ABC TV to The Maggie Tax.
Speaker 3 (11:48):
And Financial Show.
Speaker 2 (11:50):
So along the way, we get a lot of clients
to come in and we do different plans for these folks,
whether it be income, whether it be tax planning. But Chris,
let's talk about when someone comes in and they want
safety of their money, they want guaranteed income, and they
want you know, longevity where they have money left over
for the kids.
Speaker 3 (12:07):
How do we go about that great question? And you know,
if you're out there listening today, and just give an example.
We had a client that came in three years ago
and we just you knowed the reviews each and every year,
and they came in with six hundred thousand dollars and
they retired and they have some income coming in, so
we really didn't need to give them income because they
had two pensions and social securities coming in. So four
income streams that totaled seven thousand dollars a month of
(12:29):
income net after tax, and they only need about five
thousand a month. So they have positive cash flow of
two thousand dollars a month. So they said, well, what
do we do with our six hundred thousand dollars? And
I said, well, what do you want to do with it?
And they sat back and they said, well, we don't
really know, but we do have money in the market,
and we're playing the market and it's going up and down.
And I asked them, as safety of your money important
(12:51):
to you? And they both sat back and they said,
at this phase of the game, absolutely it has, isn't
it to everybody? And I said, no, it's actually not.
We have clients that come in sometimes and you know,
if they lose ten bucks, they can't do that, they
can't stomach that, they can't sleep at night. They have
other clients that come in and if they lose a
couple hundred grand because the mark go's and down, it's
not a big deal. It's going to come back. So
my question to you out there is where are you?
(13:13):
And if you are sitting in a volatile account and
you don't want to be, then you need to raise
your hand and pick up the phone and schedule time
to meet with us. If you are on a conservative
account and you want to take more risk with some
of your money, then you need to pick up the
phone and raise your hand and schedule time to meet
with us. But going back to the client who had
six hundred thousand dollars of money, what we did was
(13:33):
we did the color of money. We did bucket planning.
We call it now money, later money, never money, And
when we organize these accounts into different buckets, they had
safety of their money in the short term. They had
long term growth with money on the other side, which
is never to later money. And what we did was
we can deal with the risk with those accounts that
(13:54):
we're not going to touch for ten to fifteen to
twenty years. So we did strategic planning where we made
these buckets where they had control flexibility. And that's where
many people come in they have no plan. But when
they leave us and they work with us, guess what,
they have a plan.
Speaker 2 (14:13):
Here's what I would say to that, because this is
the biggest question. You're right on everything you said, and
it's encouraging to know that when people come in.
Speaker 3 (14:20):
This is what we talk about. But here's the big thing.
Speaker 2 (14:23):
When I ask people to bring in their statement, as
you know, many of them have a brokerage account, they
have stock spawns and mutual funds. They have some risk
and no risk. They have some in the fixed account.
But that's not a plan. That's not a plan, that's
not the Maggie plan, that's not an income plan that's
not a tax plan.
Speaker 3 (14:39):
And what Chris is referring to. If you've heard as.
Speaker 2 (14:41):
Many times talk about bucket planning, this is where we
can put a plan together for you based on the
money that you have. Now, when we do a risk
tolerance form, and Chris, this is so important we talk
about it. The risk tolerance form tells us more about
a client what risk they're taking. And many times you
can talk about this, they're in more risk than they
even know they are because their advisor doesn't sit down
(15:03):
and tell them that. And that's a big problem.
Speaker 3 (15:05):
Right, that's it. I mean, you know, when we do
an annalyce of your accounts, many people have just piles
of money. Think about this. You have five statements that
come in the mail, right, three statements. Some statmans won't
even come in the mail. They come every quarter. You
might have an old four one K that you never
really look at anymore, maybe two or three of them, right,
because you've changed your employers. So the bottom line here
is many people have piles of money and there's no
(15:28):
concrete to those piles. They can be tumbled down. Think
of it. You know, they just piles of sand, right,
and they can be blown away by just market fluctuation.
Is that what you want or do you want a
concrete plan where if there is wind blowing and storms
changing and things happening and hurricanes and whatever it is
that your account doesn't move. That's what we need to
(15:50):
talk about. Your color of money. What do you want
your money to do for you? Because if you're looking
for a plan, an investment plan, we can help. And
that's why you pick up the phone, schedule time to
meet with us. Three three, Maggie Tax. Let's get a
second opinion on what you currently have and let's do
bucket planning for you.
Speaker 2 (16:05):
And again I challenge all of you if you have
a plan. Now, we're not trying to break a relationship here.
What we're trying to do is when you come in
and we show you a different strategy and then you
sit back and say, wow, my guy or Mike gal
has not told me that, then we have something to
talk about.
Speaker 3 (16:17):
Because this is the new rules of retirement.
Speaker 2 (16:20):
You have to understand what we're talking about roth convergence
and tax planning and income planning. If your folks are
not talking about that, shame on them, because when it
comes to retirement, you want to make sure that you
have enough coming in, like Chris says, the front door
every month where you can just you know, pick up
the check, cash the check and not worry about the
other expenses. And when you start taking a lot of risk, Chris,
(16:41):
and this is what we see, because that's what they
were taught, take a lot of risks. See if the
market goes up, and we all know what's going on
with the market goes up, it goes down. But on
our Maggie plan, the way we do it, we position
a lot of money, not a lot of money, but
the portion that you want to be safe in green buckets.
Green buckets mean it doesn't go down, it only goes up.
Speaker 3 (17:00):
And there's no fees to those buckets either, So they
could be safety and no fees and you don't have
to worry about the rest, which is the biggest question.
What's the biggest concern everybody comes in, what's your fee?
Worried about the fee to play? Right, But again it's
not about that. It doesn't have to be that way
if you want safe money.
Speaker 2 (17:14):
But if you're in a broken's account and you have
an IRA and you're paying fees, you're paying fees on
an account that should be growing, not going down.
Speaker 3 (17:19):
Well that's it. And if no one's watching it and
there's pretty much just all transactions and you have loads
and commissions, guess what you're not Your account's not doing
what you want it to do. So that's why it's
so important. It's encouraging. Pick up the phone, schedule time
to meet with us. We have offices standing by. Let
them know that it's urgent that you need to come
in and meet with us. Because when we see retirement,
there's the accumulation phase, there's the distribution phase of your retirement.
(17:44):
Where are you right now? Because if you are approaching
the distribution phase or in the distribution phase and you
see these big volatility markets go up and they go down,
if that doesn't affect you or scare you, then maybe
you start looking at what's happening, because if it is
affecting you and worrying you and keeping you up at night,
then maybe now is a time, more than ever before,
(18:06):
to make sure that you get a second opinion and
we can help eight three three Maggie Tax and.
Speaker 2 (18:11):
Don't forget to watch our TV show on Sunday at
ten thirty. We have seminars coming up every month on
a state planning on tax planning. If you go to
my website, Maggie Tax dot com, they're all listed there.
We do them libraries so we can educate you. And
that's the whole point for you to come in and
be educated and not be sold. Because once you understand
the ground rules of this income planning, tax planning, investment planning,
(18:33):
market risk, you know all the types of risks that
are out there, the health risk. This is important for
all of you out there. Pick up the phone eight
three three Maggie Tax. Visit our website, Maggie Tax dot com.
Click on seminars and register for one of the seminars.
Speaker 3 (18:47):
They're free and they're educational.
Speaker 2 (18:49):
Eight three three Magi Tax and visit the Maggie Tax
dot com Maggie Tax dot com website. On the retirement calculator,
click on Maggie Tax dot com.
Speaker 3 (18:58):
Give us a call right now, Maggie Tax.
Speaker 1 (19:03):
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
(19:26):
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 (19:42):
Welcome back to the Maggie Tax and Financial Show, and
feel free to visit our website, Maggie tax dot com.
There's so much information right there at your fingertips. Do
you have a tax plan, do you have an income plan?
Do you have an investment plan? And you know what,
do you have an estate plan? If you said no
to any one of those, you need to listen up
because now is a time to put together a plan
(20:03):
for you and your family. A three to three Magi
tax that's eight three to three Maggie tax. There's so
much there that we could talk about. You know, at
our firm we talk about the Maggi Plan. You know
we're talking about taxes today, but how do they incorporate
with your investments? If you are paying more in tax,
guess what less income to you and your family So
are you prepared for the possibility of higher taxes in retirement?
(20:25):
And that's what we're talking about today. You need to
have a plan. You need to have an investment plan,
a tax plan, and also an income plan. Eight three
to three magi tax schedule time to meet with us.
We have obvious on both sides of the bay Ad
three to three magi tax and by the.
Speaker 2 (20:39):
Way, we do tax preparation. So if you want to
make an appointment, come on in. But let me mention
one thing that happened this week. And it's really simple.
Everyone that works you make income, right, who's the first
one that you have to pay Uncle Sam Oh? So
so let's just say you make twenty thousand last year
and you make fifty thousand this year, you've increased by
thirty thousand.
Speaker 3 (20:58):
Is that thirty thousand free, Chris, Nope, you have to
pay uncle sam Oh. You have to pay Uncle Sam.
Speaker 2 (21:03):
See I'm making light of this because this is where
people getting confused. When I talked about the five ways
that taxes are going to go up, so many of
you assume that your taxes will be lower in the future.
Speaker 3 (21:14):
Not true, it's not true.
Speaker 2 (21:16):
But as today's retiremies are discovering that's often not the case.
Speaker 3 (21:19):
And we see this every day.
Speaker 2 (21:20):
In a perfect example is when you make more money,
your tax bracket's going to go up.
Speaker 3 (21:24):
You have to pay more.
Speaker 2 (21:25):
So if taxes keep going up and the tax brackets
keep rising, you get less. So we can help you
understand the five ways your taxes could go up in retirement.
And again, I have a brochure. If you want to
call my office, just give me your email. I'll be
glad to send it to you in an email and
you can see for yourself. Well, come to one of
our seminars and I'll give you that at the seminar,
and how we can help you mitigate that tax risk.
Speaker 3 (21:46):
Think about that.
Speaker 2 (21:48):
Does your advisor talk about mitigating tax risk? Now they
talk about putting more money in another account. So from
the congressional spending to tax bracket changes, you're going to
learn how to position tax axes in your retirement. And
every news item out of washing con seems to include
details of a new or expanded tax.
Speaker 3 (22:06):
Let me ask you a question.
Speaker 2 (22:08):
So the total government revenue in twenty twenty two was
four point nine trillion. That's what the government takes in
in revenue that was in twenty twenty two. Total government
spending in fiscal year twenty two was six point three trillion.
Speaker 3 (22:23):
Do the math.
Speaker 2 (22:24):
It's like, you know you have a credit card, you
got to pay it back, Okay, but we're not even
paying back half of it.
Speaker 3 (22:30):
Chris Well, let's just said. I mean things you can't control.
Speaker 1 (22:32):
Right.
Speaker 3 (22:32):
We know that the government is spending more. That's not
a topic we want to go into right now. It
is what it is. They're spending more than they take in.
But what does that mean to you? What does that
mean to me? Right? What does it mean to our generation?
It means that we are going to pay more in
tax because they know how much money you have in iras,
They know how much money you have in formal case,
they know how much money you having a TSP if
(22:53):
you're a federal employee. They know these are all qualified
accounts that are infected with tax so very simple. You're
exposed to tax risk. You're exposed to legislative risk, where
they can change the rules. What I mean by that
is they can change the rules on how much they
tax you, they tax me. Right, these are things that
we need to start controlling today. And you can if
(23:14):
you put together a tax plan. That's why I ask you,
what's your plan? What's your tax plan? If you don't
have one, now is the time to start really putting
one together and we can help. So pick up the phone,
schedule time to meet with us. Because when we put
together a tax plan, we can put together an income plan.
And what's better having taxable income or tax free income?
And when you can show a tax return like we
(23:37):
do to our clients in retirement that I don't care
if they increase taxes because our clients' plans have tax
free money. So when they retire and they take income
and government says, well, we need to pay our deficeit
and we need to increase taxes, our clients aren't affected
by that because they have a tax plan. That's what
we can do for you. So pick up the phone,
(23:57):
schedule time to meet with us. Eight three to three
Maggie tax. That's eight three three maggie tax.
Speaker 2 (24:02):
And this is a race that we all must learn
to win where we're ahead of it, not behind it,
because that's when people get in trouble. In at every
seminar that we do, this is the question that we
ask the audience, and I'm asking all of you how
many people think taxes are going up in the future,
and I know everybody raises their hand. Nearly everyone raised
their hands because it's going to go up. So the
point Chris and I are making today is tax planning
(24:24):
is essential. You've got to start thinking about it. Whether
you have low income or high income, it doesn't make
a difference.
Speaker 3 (24:30):
Yet.
Speaker 2 (24:30):
While you understand we've entered it into a rising tax environment,
surprisingly few of you have used that knowledge to change
how you save for retirement.
Speaker 3 (24:39):
And if your.
Speaker 2 (24:40):
Advisor's not talking to you about this, which is why
we say, go to my retirement calculator on Maggie tax
dot com and see for yourself what your tax is
going to be.
Speaker 3 (24:49):
Chris, that's very important. Well let's just talk about that.
You know, when we meet with clients, what are we seeing.
We're seeing tons of Irrah accounts, tons of Form and
K accounts, tons of these accounts that are deferred. We
see this and they've been with their advisors for years.
They're not doing the right job. I'll tell you what. Yeah,
anyone can manage your money. You can manage yourself with
this market where it's at, and the amount of money
they're pumping in and the environment with they're playing with
(25:11):
the interest rates. Everyone's making money. That's easy, that's the
easy part of it. But what about the end of
the game. You know, when you think about a football
game and you're up at halftime, you're all happy because
you're up by forty points, but guess what, you got
to finish the game. And that's where Uncle Sam comes in,
and that's where he blows it right by you and
you lose forty three to forty because you did not
have a tax plan. So pick up the phone, schedule
(25:32):
time to meet with us. Let's put together an investment plan,
Let's put together an income plan. Let's put together that
tax plan that you need to generate guaranteed safety and
also income in the future. What's wrong with going to
the mailbox every month when you're retired, pick it up
a check and that's tax free money and spending the
heck out of it and doing all over again for
the rest of your life. How cool would that be?
(25:53):
Because when you hear the news and hear all the
drama and they talk about, oh my gosh, taxes are
going to go up. Tax are the highest it's ever
been in You can say and put a smile on
your face and say that doesn't affect They're not higher,
they're lower and the lowest point now chorus.
Speaker 2 (26:08):
But how cool could it be in the future when
that happens, that you don't have to be affected by it.
That's why we can put together a tax plan eight
three three magi tax. Get the tax plan. We have
office on both sides of the day, a three three
magi tax. So if you all continue to defer taxes,
which many of you do in an IRA four oh
one K four H three B on all or most
of your retirement assets, you're going to have a large
(26:30):
tax bill to pay.
Speaker 3 (26:32):
So why would you do that?
Speaker 2 (26:33):
If you can do strategic planning or like Chris and
I talk about bucket planning, where you have income that
may be tax free, you have growth and you have
later money, but you take that money and you have
tax free money.
Speaker 3 (26:45):
We can do that. That's what we do. That's called
the Maggie Plan.
Speaker 2 (26:47):
It's a tax plan, it's an income plan, it's an
investment plan, and it's a legacy plan. And please one
other thing. Many of you don't have a will or
a trust and you sit back and say I don't
need it, because well you do. So one of our seminars.
Go to my website Maggie tax dot com. We have
two seminars a month. Take a look at the dates
and times and locations and come. There's no obligation, no lunch,
(27:09):
no dinner, no nothing, just explaining to you what this
is about. I think that's more important getting you education
and understanding the language than feeding people. And you know what,
I've done that for years and it's okay, but it's
not what I want. If you want information, then you
come to my seminar. I will give you the information
because that's what you need. So how can we help
overcome this disconnect of taxes and legislative risk? And at
(27:32):
Magi Tax we help our clients face new risks. People
work with Magi Tax because we help. And here's the
word mitigate risk. Chris, does any advisor are talking about
mitigate risk?
Speaker 3 (27:43):
No, they don't talk about that. That that's why it's
so disappointing. Think about it. You don't have clients like
we see this. We meet with clients and they come
in with statements. Yeah it's five hundred thousand, Yeah, it's
one point two million, Yeah it's three hundred thousand, Yeah
it's four million. It doesn't matter. At the end of
the day, there's no planning. There's no planning. It's just
investment accounts. You've got piles of money. We're see in this.
This is what advisors are doing. They're just dealing with investments. Yeah,
(28:05):
you have money. I don't care. The fact of men
is what's the end of the game look like for you?
The tax side of this, Because yeah, you can have
four million bucks, but guess what when we run the
tax time calculator and that four million dollars is not
worth four million, It's worth two million, or it's worth
two point five million. Guess what, Uncle Sam is your partner.
(28:25):
How do you remove Uncle Sam from your partner forever
and ever and ever?
Speaker 2 (28:30):
So we can show you how to do this. So
here's the misunderstanding that you just said that people have.
I have a lot of money. I have two million,
I have one million, I have five hundred thousand.
Speaker 3 (28:37):
No you don't.
Speaker 2 (28:38):
Here's the question that we ask every single person that
comes into meets with us, how much income do you
need per month? Forget about how much you have, how
much do you need per month? Am I right or wrong?
Speaker 3 (28:50):
Yeah?
Speaker 2 (28:51):
And then where are we going to get it from?
And then when you start looking at the numbers and
you start budgeting and you start figuring out, well I
only need this amount and I'm okay, let the risk
grow put on a tax free basis. Why would you
not want to do that? So how do we do that?
It's real simple. We use a process. We have a
process at Maggie Tax. We identify the risk. And this
is so important because older people are taking more risk
(29:13):
than they need to and the advisor's not talking about
risk management we do. We want to quantify that risk
because maybe you're taking too much risk and we can
reduce the risks we have more tax free money. And
here's the thing, write this down. We're going to build
a plan to mitigate to mitigate that risk. You know what,
I challenge all of you. Go to your advisor, go
to your CPA, and ask them this question, how do
(29:35):
you mitigate my tax risk?
Speaker 3 (29:36):
And then be quiet.
Speaker 2 (29:37):
I guarantee you they're going to look at you and
going to stare at you, like, what are you talking about?
Speaker 3 (29:41):
Mitigate lower the tax risk.
Speaker 2 (29:43):
So it started with the market savers wanted to and
this is what Chris was talking about before, and they
needed the power of the stock market to grow their funds.
It was a simple formula, there was nothing wrong with it.
They put money aside, invest in the stock market, and
watch it grow.
Speaker 3 (29:58):
Oh man, this is growing great, right.
Speaker 2 (29:59):
Chris, Until it didn't. Until it didn't, and it's gonna
happen again. So during the market downturn, savers learned about what.
Speaker 3 (30:07):
Risks, what kind of risk Chris. There's different types of
market risk, right, Inflation risk, we see that. What about
tax risk? These are things we're talking about. So do
you have a plan? Many people out there don't. They
just have piles of money. You get those statements. You
have a pile of money, big deal, But how is
it going to come out? What's the end of the
game look like for that account? Pick up the phone,
(30:29):
schedule time to meet with us. Let's get together. I
urge you to do this because we see this each
and every day. Many people they come in, they think
they have a plan, and guess what they don't. Because
when we do tax planning and tax preparation each and
every year, guess what they're paying taxes? And then they're saying,
what can I do well? You follow the crowd, You
didn't listen, and you didn't put together a plan. Now
(30:50):
is the time to do it. Don't follow the crowd.
Eight three three Magi Tax. That's a three to three
Magi tax. Visit our website at maggitax dot com. There's
so much there to help you. Eight three three Magi Tax.
Send an appointment today. Eight three three Magie Tax.
Speaker 1 (31:07):
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
(31:28):
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 (31:45):
Welcome back, and you're listening to the Maggie Tax and
Financial Show. And today we've been talking about tax risk
and legislative risk, and a whole bunch of other things.
But what thing I want to bring back this is
for the person out there that you know has been
investing in this for a long time. In the advisor community,
they learned to identify that risk by they created using
fancy terms like alpha and beta. How many people know that?
(32:06):
And the industry helped create tools like Monte Carlo simulations
to quantify that risk for clients.
Speaker 3 (32:11):
How many know that? Okay, I'm not worried about that.
Speaker 2 (32:14):
Finally, advisors would use those tools to build asset allocation
models to mitigate market risk, not mitigate tax risk. So
the question is every time we see a client come in,
did you open up your statement? Do you know what
you have? And they say no, I don't. They don't
know about alpha, beta and all this other stuff. They
just look at the bottom line and they look at
how many fees they're paying. Well, what is the advisor
(32:35):
doing for you? He's not doing tax risk, he's not
doing income risk.
Speaker 3 (32:39):
So what was he doing?
Speaker 2 (32:40):
He's just grown your assets. The focus on accumulating wealth
was the primary focus until a few things happened. The
dot com bubble burst, followed shortly there after by the
financial crisis, and suddenly savers were reaching retirement age with
depleted assets and no plan to generate income. And that
problem was compounded by the reality that retirees were living
(33:01):
longer than ever. So none of these advisors talked about
future tax free money or income. And I asked it before,
how much income do you need for the rest of
your life to go to that mailbox every month and
get the check that you want. Advisors learn to identify
that income risk or a longevity risk. That's what we do.
And suddenly it wasn't enough to just accumulate funds. Savers
(33:23):
needed a plan to make those funds last a lifetime.
Speaker 3 (33:26):
Chris, and that's what.
Speaker 2 (33:27):
We see every day now because people are confused, they're isolated,
and they're angry. Would you think it's because they got
the wrong information, they were taught the wrong language.
Speaker 3 (33:37):
Well, this is what's happening. People come into tax preparation
and guess what. When they're not clients of ours, they're
clients of other advisers. They come in and they say,
I want to get a plan, So we do the
taxes for them, and guess what, they're upset they have
to pay a tax liability and they said, well, my
advisor never showed me a tax plan. So what if
you could have a plan where you have buckets of money.
(33:58):
Just think about this for a sec If you have
a buckets of money that have growth with investments that
are allocated the right way to your risk tolerance. What
if you have a couple other buckets that generate guaranteed
income so you can go to the mailbox each and
every month and grab that check and spend the heck
out of it and do it all over again for
the rest of your life. And what if you have
like an inflation bucket, right you can always tap into
(34:19):
so when things hit the fan, you can always tap
into and have income so you don't have to worry
about the inflation or running out of money. Then what
if you had those buckets, every one of them, make
sure that they pass to where you want it to
go and avoid the probate process. Then what if you
had some of those buckets that are tax free, so
when you use taxes every year, you take some from
(34:41):
a taxable environment, some from a tax free and you
can stay under the threshold income. So maybe you don't
have to file a tax return or your effective tax
rate is very low. That's how you do planning. What
if you can have that, well, that's what the Maggie
plans all about. That's the holistic plan that we do.
It's not about just giving your money, let me manage
it were you anybody can do that. There's more to it.
(35:03):
So when you think about what's happening right now, you're
following the crowd. You're the same as every one of
people out there. And there's a small percentage of people
out there that actually have what I just talked about
because there's so many people out there that don't know
what to do. If you're listening today, I urge you
to pick up the phone, schedule a time to meet
with us, get a second opinion on your plan. Eight
(35:25):
three to three magi tax. That's eight three to three
magi tax.
Speaker 2 (35:28):
So the question is how do you make your money
last a lifetime? And what happened things change in this industry.
Annuities came out guaranteed income riders that people have. That
was the perfect solution to provide a guaranteed check and
clients could retire and outlive their money in the In
the year two thousand, advisors became experts in income planning
addressed this major concern and that's what we do. And
(35:51):
shortly thereafter, most advisors across the industry were using annuities
to offset income risk. Now, don't panic when I say
the word annuities, because if you look your Social Security
and your pension, that's an annuity. So think about it.
You just don't understand the language and how they apply,
and some may be bad. I get it, Chris understands.
But until you sit down and see how the annuity
(36:11):
process works. You want guaranteed income for life, you want
a certain amount, we can help you. So today the
headlines are all about taxes, all right. They just bypassed everything.
They shoved it under the blanket. Advisors who understand tax
risks today, like we do with Maggie, tax are the
reason why we are successful.
Speaker 3 (36:29):
Many of you know us.
Speaker 2 (36:30):
Many of you come in and see us and you
understand the plan and we do complete planning. And I'll
say it again, you do not have a complete plan
if you do not have a tax plan or an
income plan. And we can apply the same financial process
we use to address market and income risks. We want
to help clients identify your tax risk quantifying dollars and cents.
That's the bottom line. People say, Bobby, Chris, how much
(36:53):
am I going to get? Bottom line? And let us
find the tools to reduce that risk. That's up to you.
You have to tell us what's concerning you income? Is
it taxes or it's all the above, Because the biggest
thing we hear, Chris, is the market.
Speaker 3 (37:06):
The market. Oh, it's up, we're making money. No, you're not.
Speaker 2 (37:09):
You got It's not all yours until it crashes, and
then it crashes. Then you lose what, you lose all
that you think you had. That is not a plan
for retirement, Chris. I mean, I'm sorry, I get upset,
but this is what people come in. They think the
market is the best thing in the world for what
For growth, yes, but for retirement you got to start
thinking about change and looking at it through a different lens.
Speaker 3 (37:29):
Absolutely, And that's where there's the complete process. You know
we talked about early in the show. Yeah, you're up
at halftime and it's great, you're all excited, but guess what.
The second half comes around and that's where Uncle Sam is.
He comes out. That's a silent partner that's there on
the other team. That you do not see and that's
what we're showing you today. So when we think about
big picture, we get it. We have people retire each
and every day. You retire once, so we retire each
(37:53):
and every day and we can show you how it's
going to look. So think up the phone and schedule
time to meet with us. We have office on both
sides of the We do a radio show. Obviously, we
do a TV show every Sunday on ABC TV at
ten thirty am. Tune in watch. Go to our website
Maggie Tax dot com. See what we do. You're listening today.
If you do not have a plan, we can help.
(38:14):
If you want an income plan, a tax plan, an
investment plan, and a state plan, a social security maximization plan,
we can help. What are you doing If you do
not have a plan, you need to get one a
three to three magi tax. We look forward to working
with you. Forward a meeting with you. Get the Maggie Plan.
Tax planning, income planning, investment planning, social security planning, as
(38:34):
state planning. Get a plan. You deserve it. Eight three
three magi tax. That's eight three to three magi 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 Maggi tax dot
com or call eight one three three two two twenty
five twenty. That's eight one three three two two twenty
(39:03):
five twenty and tune in next Saturday at five for
the Maggie Tax and Financial Hour
Popular Podcasts
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.