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 secure retirement,
but if you're not careful, it will be the irs
that's living it up when you retire by taxing your
hard earned money. Welcome to the Maggie Tax and Financial
Hour with Robert and Chris Maggie of Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
and tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie
Tax dot Com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:52):
Welcome everyone, and thanks for joining us today. My name
is Robert Maggie and I'm here with Chris Maggie and
thanks for joining us today on the Maggie taxin Financial Show.
Be sure to visit our website Maggie Tax dot com
and don't forget Every Sunday at ten thirty on ABC TV,
tune into the Maggie Tax and Financial Show. So, Chris,
we have a lot we want to talk about. Taxes,
we want to talk about are what we do with
the Maggie Plan. So let's get started and see what
(01:15):
we got today.
Speaker 3 (01:15):
Welcome everyone, and thank you so much for tuning into
our show. And how many of you out there are
just afraid to ask for help? You know, we're all
human and we get to that point sometimes in our
life that we are afraid to ask for help. But
maybe you are afraid to ask. It might seem stupid
to ask those questions, but really, what's on your mind?
Many people out there are worried about their retirement. They
worried about the market volatility, the word about running out
(01:38):
of money, the word about well when what do I
do with Medicare and social security planning? But you know,
maybe you didn't want to impose on people because you
were afraid to ask for help. And my dad and
I are like that, you know, my brother is like that.
You know, maybe you're that way. We're just human, as
I mentioned before, But sometimes it takes many years until
you reach a point that you are in so much
trouble that you must ask for help. And many people
(02:01):
out there are going through retirement and they really just
don't see the positive focus on what their retirement's going
to look like because they have those fears and then
they're uncertain. And you don't have to be that way
if you do the proper planning.
Speaker 2 (02:14):
You know, and there's absolutely nothing wrong with that, because
you're human and we see people every day that need
our help, but we're afraid to ask. Many of you
listening right now need our help. And you have to
ask a question. What's on your mind? You know, what's
the elephant in the room. Are you worried that in
twenty twenty five, the Trump tax cuts are going to expire.
We talk about that every week on our show, and
(02:35):
it's starting to resonate with people because it's going to happen.
Are you afraid to ask for help or will you
just wait until you get hit with a huge tax
time bomb? And Chris, with that said, we had many
people coming in and they're starting to realize that in
another in twenty twenty five, what's going to happen? To
the taxes it's going to go up. So you know,
we have the retirement tax calculated to help all of them,
(02:56):
and in thirty seconds we can show you what your
tax bill will be in retirement. Just ask for help.
It's that simple.
Speaker 3 (03:03):
And here's an example that we're talking about. Sometimes you
get in so much trouble you will have to ask
for help, and it's never too late. And that's why
I pick up the phone, schedule time to meet with
us eight three to three Maggie Tax. And our website,
Maggie tax dot com is so much information right there
at your fingertips and we can help you. If you're
looking for income planning, we can help. If you look
at a tax planning, we can help. We had a
(03:24):
client that came in last week talked about roth conversions
and if they should convert their iras to roths. They said, well,
I hear a lot about it. Is that good for me?
And I explained to them that in their particular situation,
it wasn't the right move. But I had a client
that came in later on that day and guess what
it fit them to the t It was a perfect opportunity,
and I showed them ways to create a tax deduction
(03:46):
so they can offset some money coming out of the
IRA and pay the least amount of tax as possible.
So you know, these people are asking for help, they
need it, and we can help. Pick up the phone,
schedule time to meet with us. Eight three three, Maggie, tax.
Speaker 2 (03:58):
A simple way. We have some on a state, social
security and tax planning. And every time we do these seminars,
people say, well, no, I know about that. But when
we start the seminar we start talking about wills and
trusts and we talk about social security and tax planning,
it starts to resonate what people say, now, I need help.
So we also talk about bucket planning and so much more.
(04:19):
And bucket planning, Chris is a big thing right now
because of what we do with clients. You mentioned it before,
had to position their money for income planning, for tax
planning and growth because so many people and I know
the other day we had a client come in. They're
so used to the old way that they have to
keep their accounts there and that's not true. The complaint
that she had is that, well, there's no tax planning
(04:39):
and there's no income planning, and what do I do
and what do you do is sit down and do
some bucket planning.
Speaker 3 (04:45):
Well, this is exactly it. I mean, every account that
you have with us has a purpose, whether it's for safety,
whether it's for growth, whether it's the combat inflation in
the future, whether it's a paycheck that you need, or
whether it's a play check. Playcheck is just extra income
coming in the front door that you can play with.
You can spend the heck out of it and do
it all over the next thirty days, so for the
forever and in your life. So these are income streams
(05:08):
that can come in and that's why we do bucket planning.
Why not spend down one of those buckets, but the
other bucket goes right back up to where you started,
So really you're living off of interest. How cool is that?
So pick up the phone, schedule time to meet with us.
If you're looking for an investment plan, we can help.
If you're looking for an income plan, we can help.
If you're looking for a tax plan, we can help.
(05:29):
If you can want to put all those three together
so you have income in the most tax efficient way,
and you have accounts that are growing with safety and growth.
If that's what you want. We can help, So pick
up that phone, give us a call eight three three
Maggie Tax.
Speaker 2 (05:41):
Well we make it sound so simple, but the bottom
line is all you have to do is just ask.
So why are we making such a big deal of
asking for help? Because eventually all of us have to
make changes and ask for help. Something's going to happen
where you definitely need to make help. We take an
holistic approach, So what does that mean? We're a complete advisor?
And what the heck does that mean? We are a fiduciary?
(06:04):
So what does that mean? And why are we making
a big deal of this today? Why? Because if you
do not ask for help, then you have nothing to
complain about. And why are you listening to the Maggie
Tax and Financial Show. I hope you're looking to get
something out of it. Why because you need help, You
need professional help, and we can help. Just ask eight
three to three Magie Tax, and ask now before taxes
(06:26):
go up, and ask now before your benefits get cut.
These are the complaints that we're hearing. All of you
can probably share the same thing. Ask for help now
if you think you will not have enough to retire,
So ask now. Why we talk about bucket planning and
why we discuss safe options ask now for help, So
sit down with us, have a conversation. Eight three to
(06:47):
three magi tax. Because doing nothing.
Speaker 3 (06:49):
Is not a plan, absolutely, and you know doing something
can save you from worrying about these things that you
can't control. So pick up the phone, schedule a time
to meet with us. Eight three to three men, Magie tax.
That's eight three to three Maggie tax.
Speaker 2 (07:03):
And we're hoping that you listen to our show because
you want a better plan than what you have now,
and you have to start thinking about that. Many people
are complaining about things and they want to hide behind
the door and wait for something to happen. Please don't
do that. We take education very seriously because the more
that you know, meaning know, the more you know now,
then you can make a better decision. And we want
(07:25):
you to be ahead of the game so you can
enjoy retirement and have control over what happens in your life.
How many of you would like that, Just give us
a call. It's real simple, eight three to three magi
tax and let's discuss the Maggie plan. Simple and easy
to understand.
Speaker 3 (07:40):
And that's so exactly what the Maggie plans about. It's
income planning. It's a tax plan. It's guaranteed income planning
for life. It's a as I mentioned, a tax plan,
so you can avoid the unnecessary higher taxes that are
coming to all of you. It's coming, it's coming. Do
something now so you could take advantage of the opportunities
that will be there for you. As opposed to saying,
(08:00):
oh my gosh, I'm part of everyone, or everyone lost money,
or everyone's paying more in tax, or everyone doesn't have income. No,
that's not the case. Do the planning now so you
can have a plan. You know, it's an insurance plan.
You know, it's a tax free retirement plan. That's what
the Maggie plans about. It's bucket planning. It's looking from
a complete angle. Think about looking through glasses from a
(08:23):
different lens. You know, you might be looking at retirement
right now. I got to get to a certain amount
and then I can retire. Well, that might not be
the case. There might be some other strategies that you
already have enough money. We had a client, two clients
last week that came in and the first thing when
we met with them, they said, I have to keep
working because I have to get to a certain number.
And we stopped and we looked at their social security,
(08:45):
we looked at their income. We asked them how much
they need per month, and guess what the amount of
money they had. They just didn't know what to do
with it. So we created bucket planning and we showed
them that you turn this bucket on, you let these grow.
This will give you the guaranteed income in the most
tax efficient way. And guess what, but they can retire
for life. And they sat back and they said, what
about inflation. Well, those are the other two buckets that
(09:06):
are growing. So when inflation does happen worse than it
is now, then you could turn on for guaranteed income
for more income. And they said, oh my gosh, we
never were shown this before. You know our advisor who
is currently looking at their accounts. All they do is
buy and sell and that's not what they're looking for.
They want a plan. They deserve a plan. You do too,
(09:26):
So pick up the phone, schedule time they need with
us eight three to three mag attacks. We have office
on both sides of the Bay Maggi Tax dot com
eight three to three Magi Tax and.
Speaker 2 (09:35):
Just remember it's an insurance plan where you can have
tax free income when you pass. It's an investment plan
where you work with a complete advisor who offers institutional
money managers. Chris, we talk about this all the time
with our clients, about transactional and institutional. And every time
you do a comparison, when you do the comparison of
their accounts, they don't realize what they do realize once
(09:56):
you get to tell them that they have transactional advisor
in that's all they're given. There's no other options to
make it better.
Speaker 3 (10:03):
Well, think about it. You know, maybe it's not your fault.
It's not your advisor's fault. Maybe they just with a
brokerage company or a company financial company that offers limited options.
And you know that's why we're independent. We're not tied
to anyone company. We have to do the best thing
for you, so we can go out there and get
whatever we need to help you. If if think about
life insurance for a minute, if if someone has diabetes,
(10:24):
we can go and get a policy that with a
company who understands diabetes or high blood pressure or whatever.
It is same thing with income. If there's a company
that has guaranteed income or higher interest rates. We can
go out and shop that to do the best thing
for you. So that's why it's so important to meet
with us. You know, at Maggi Tax Advisory, we do
a lot of different things. We care about our clients.
We want you to have income in the most tax
(10:46):
efficient way. We want you to enjoy your retirement without
the worry of the volatility of the market. It's totally
up to you. Pick up the phone, schedule time to
meet with us a three to three maggitex.
Speaker 1 (10:58):
Stop planning for Uncle Sam's or timeirement and start planning
for your retirement. As we return to the Maggie Tax
and Financial Hour with your host, father and son Robert
and Chris Maggie. For additional information on how you can
create a tax free retirement, visit Maggie Tax dot com.
That's ma Ggi tax dot com or call eight one
(11:19):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty now your host
for the Maggie Tax and Financial Hour, Father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 2 (11:36):
Hello and welcome back to the Maggie Tax and Financial Show.
My name is Robert Maggie and I'm here with my son,
Chris Maggie. A couple things real important for all of you.
If you're just tuning in, go to our website, Maggie
Tax dot Com. On the top right there's the retirement calculator.
Click on it and fill in the information. Let's see
what your tax bill is going to be, and in
thirty seconds we could show you what it is. Number two,
(11:57):
there's a chat box on this so if you're driving
or you have questions, go to the chatbox, fill in
the question. We will respond to you. And more importantly,
to educate everybody out there and help when we're doing
seminars every month, So go to the Maggie Tax dot
com look for upcoming seminars. The dates are there. Register
and let's get a chance to meet with you. Because
isn't it imperative that all of you reason out for
(12:19):
yourself that you can have a strategy under any circumstances.
And again, Chris, most people come in and they go, gee, guys,
I don't have a lot of money. That's not the
question we're asking you. The question we're asking you is
how can we help you? So, my guess is many
of you do not know this information, and it's because
you're not asking your advisor why. Because it's the language.
(12:40):
We talk about, the language, and many of you do
not understand, so we can help. We call it the
Maggie Plan, simple and easy to understand. And for many
of you that have met with us, you understand what
I'm saying because we made it simple and understand. Chris
talked about some clients that came in before we talk
about this every week. They came in and they were shocked, Wow,
I really could do that. So many people in our
(13:01):
countries believe that the government's going to take care of them. Look,
in fact, isn't it the majority of people many of
you listening, Sure it is. So how do we get
you to understand that it has now become mathematically impossible
that the government's going to take care of you. Christen,
what's happening is they're doing the opposite. They're making it
worse for us.
Speaker 3 (13:19):
Well, that's just saying, and you can't control that. Right
where in a yoyo economy, you're on your own and
many people work hard, you know, they go to have
a job, they put money away, they don't know what
to do with it. That's where we come in. You know,
how do you structure all this where you can have
income in the most tax efficient way. How do you
structure this where you can have a tax plan where
you pay the least amount of taxes possible, but do
it legally. How do you put together an investment plan
(13:42):
where you have different buckets doing different things to combat inflation?
How do you make sure that everything you put together
stays in your family and doesn't have to go through
the probate process or has to go through taxes or
just heartache with other beneficiaries. It doesn't have to happen.
It's called succession planning? And how do you put this together?
(14:03):
So that's what we're discussing here. And if you have questions,
now's the time to stop for a minute, take a
deep breath, you know, pick up the phone and schedule
a time to meet with us. You know, a goal
without a plan is really not going to be achievable.
So what do you do. You have to have to
schedule time to meet with us. You have to come
in and let's let's have a conversation. Why, because you
(14:25):
deserve it? You put away money. Now is the time
to put together a plan.
Speaker 2 (14:28):
You just brought something up that just hit me. You
call it succession planning. Many people call it enhanced planning
or estate planning. But talk about succession planning for a minute,
because it applies to everything that we're talking about, Chris,
about income planning, about tax planning, about four oh one
k rollovers. It's about succession planning. How do you get
to the next level because people do not understand the language,
(14:52):
and if you do not take action, you're simply just
going to lose. And if you do take action, you
can win. It's that easy. And what I'm saying is
it's that easy. Once you learn the game and you
learn the rules, you can make something happen. And we
can help all of you arrive at this important determination.
Because you're probably worrying too much. Why are we sharing
(15:12):
this with you? We do this every week, we do
our TV show. You know. I've been speaking in person,
you know, and on the radio and on TV for years,
and I have been stunned to discover how few people
understand this vital information because they don't take the time,
Chris to stop for a second and let me put this,
it's an hour an hour and a half of your
time instead of going to the beach or going bowling
(15:35):
or going whatever, or drinking. Am I right around?
Speaker 3 (15:38):
I mean because if you don't understand this information, it's
possible that you will not realize the damage that you're
doing to your financial and retirement success. And that's pretty simple.
I mean, if you take the time to just carve
out a little bit of time to do what you
need to do to put yourself in good order, then
you can have fun from there. You know, we talked
about a client of mine that we had you will
(16:01):
ask the segment. We discussed how they had no idea
how to generate the income. And they came to us
and they said, I got this lum sum pension. What
do I do with it? How do I get income
in the most tax efficient way? Well, we created bucket planning.
They'll never outlive that money. Ever, they will have guaranteed
income coming in eight thousand dollars a month for the
rest of their life, you know what. And how settling
(16:25):
is that? How comforting is that? So when I say
the question is what are you doing about it? Or
if you don't understand this information, that we're talking about,
is possible that you will not realize that the damage
that you're doing to your financial your future of financial
and retirement success.
Speaker 2 (16:40):
You know, and again it doesn't matter if it's intentional
or unintentional. And one of the things that you know
what you brought up about education, about language, about teaching
our young folks and our kids how to save for
retirement because nobody's doing that. Why because they're not making
enough money to even save. But there is a way
to save a portion of your money if you understand
the way it works. And the worst part, many of
(17:01):
you are unaware of the poor choice that you're making
because you are being informed in ways that are beneficial
to the sellers of these non beneficial products. You don't
understand what you have with mutual funds and stocks and
what the fees are and what the risk is. And
Chris talk about the comparison when we do that with
many clients, because when we ask them, are you married
to that stock or do you know what you have?
(17:21):
The answer always is, uh, I don't know.
Speaker 3 (17:24):
Well, that's just say how many people follow the crowd?
How many people just try to keep up with the Joneses, right,
their neighbors, and they just don't know what they don't know,
and that is the biggest thing. So we have clients
that come in and they say, just like my dad
mentioned the well, I don't have a lot of money.
But meanwhile they do. They have enough money so they
can retire. They have enough money where you can create
(17:46):
a guaranteed income plan and they stay within their income
and their budget, and they're great. They can do that.
They don't have to have millions of dollars. You don't
have to get to a certain number like the TV
tells us or these advertisements tells us to do. You
don't have to. You don't know what you don't know.
And that's the thing. That's why when you come in
to meet with us, we'll tell you. You know, as
(18:07):
a fiduciary, we got to tell you the best thing.
We got to do the best thing for you. This
is your money, not ours. But we can help because
a lot of things we do as a complete planner,
we can help. So pick up the phone, schedule time
to meet with us. Every Sunday, we have a TV
show on ABC TV at ten thirty. It's called The
Maggie Tax and Financial Show, and Why do we do it?
(18:27):
Because we enjoy teaching, We enjoy educating you. Why because
you need this information. When's the last class you had
on income planning, tax planning, investment planning, estate planning, social
security planning, medicare planning. When's the last time you had
a class on that. You don't even have a class
on how to buy and sell a house. That's how
(18:48):
the educational system we have is not complete. That's why
we need to meet with you. So pick up the
phone schedule time to meet with us. We look forward
to meeting with you. Visit our website, Maggie Tax Doc
that's Maggie tax dot com.
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
(19:25):
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 (19:41):
Welcome back everyone, and thanks for joining us today. My
name is Robert Maggan. I'm here with Chris Maggie. So
a couple things here that we want to talk about.
There are many pieces to your financial puzzle, and let
us help you put your pieces together. When we design plans,
we talk about income plan tax planning, estate planning, legacy planning.
And this all has to do with everyone listening to
(20:02):
our show today. So one of the questions, Chris, we
get all the time is what do we do? How
do we put this thing called bucket planning together? And
what does it really mean? Because, like you say, many
times people have piles of money and you know, the
old rule of taking four percent out and think that's
going to you know, last forever is not the way
to go. So when we talk about bucket planning in
(20:22):
this let's just go over this because I think this
is so important to a lot of people listening out
there that might help them.
Speaker 3 (20:27):
So what is bucket income planning? Well, let me give
you a two minute overview. When we start with the
big question on many retirees' minds, which is what kind
of income can I expect in retirement. Although this is
a longer discussion than we have really time for. You
also need to stop thinking about the gross paycheck you
got from your last job or the jobs that we've
been working in the past, and start thinking about the
(20:49):
net check you received in your bank account. There are
tax strategies that help reduce the taxes you pay in retirement,
so gross numbers might be so gross, you know a
second think about it. When thinking about the income plan.
We typically plan for retirement that is lasting twenty or
thirty years or even more. So we have to plan
accordingly as no one wants to run out of money.
(21:10):
You know, many people, even if you're wealthy or you
don't have a lot of money, the main concern that
we see is they're going to run out of money.
Am I going to run out of money? We meet
with millionaires and the big question is am I going
to run out of money? And many people are confused, Well,
they have plenty of money. Well, no, they're worried about
running out of money. So it doesn't matter if you
have a lot of money or if you don't. Running
(21:32):
out of money is the main concern that we see,
So will you run out of accounts to zero? Maybe
maybe you won't, but probably not. But running out of
money to us used to mean you have to change
your lifestyle. So there's two things that we're talking about here,
but also third, think of money this way. Typically the
greater risk you take and investing can mean greater rewards,
(21:55):
but also brings the potential for greater losses and vice versa.
So when it comes to day for retirement strategies, you
have to start having an open mind to bucket planning
and making sure that you have your money in the
right spot.
Speaker 2 (22:09):
And also remember one thing to consider is to safe.
To have safe money, it might bring a very low return.
We know that there's you know, money market accounts, savings
account very low returns. We get that interest rates used
to be higher where we used to be and was
spoiled getting more money because we had higher interest rates.
But when you have very low returns causing you to
(22:30):
lose purchasing power to inflation, you know, let's get the
bucket planning underway. Because what people don't see, most of
you listening today don't know the pile of money you
have and what you can do with it. Meaning set
it up for income. The question we ask everybody how
much money do you need today to put your feet
on the ground and get that paycheck every month that
(22:52):
you need to live. Okay, because that's the main goal, Chris,
what do they need today? The budget is a big
question that people don't know what to do, and that's
a question that they have to answer.
Speaker 3 (23:02):
And that's it. So when you meet with us, we're
going to ask you how much income you need to
live each and every month. Net. There's gross, which is
gross before taxes, there's net after taxes. So we can
figure out right in front of you what your tax
liability is going to be. And a lot of people
don't really understand how solid security works. It could be
taxed up to eighty five percent, it could be taxed
(23:24):
at zero. So if you structure it the right way,
you might have one hundred thousand dollars of income coming
in the front door and paying no taxes like a
lot of our clients do because they take the money
from the right source. So that's what we talk talk
about income planning and tax planning. So if you have
questions about is my solid security getting taxed or how
(23:45):
much will it get tax. Pick up the phone, schedule
time to meet with us. Eight three three Maggie Tax.
So let's talk about three buckets.
Speaker 2 (23:52):
You know.
Speaker 3 (23:52):
The first bucket we structure for income needed early in retirement.
We want to look for the percentage of assets that
can deliver enough income to last anywhere between five to
seven years. We want this first bucket to be in
retirement vehicles that can deliver a decent return to outpace inflation.
And that's what's really really important. And you have some
downside protection as well, So we want to minimize investment losses.
(24:15):
Why because you need those funds. When we look at
the second bucket, as you're enjoying the income from the
first bucket, you're living your life, you're enjoying it. Well,
we've got the second bucket accumulating and ready to begin
income when that first bucket is exhausted. So think of
it this way. You get now money, later money, never money.
So the second bucket is pretty much your later money.
(24:36):
So when you start taking income from the first bucket,
the second bucket is growing, and when you need that most,
you can turn that on for income. Because we aren't
immediately reliant on the income from this second bucket. We
got that first five to seven year timeframe to take
a little more risk, so we have time due to
(24:57):
absorb the ups and downs as market fluctuation occurs. So
it's less of a concern right now because we have
time on our side. So ideally the percentage of assets
we place in the second bucket accumulates during that five
to seven year timeframe, and then what do we do
after that? We turn it on for guaranteed income for
another five to seven years, for a guaranteed income stream.
(25:18):
So let's talk about the third bucket as well well.
Speaker 2 (25:20):
So post it for a minute, because you mentioned some
numbers five to seven, five to seven, that's ten to
fourteen years of income without touching what I'm going to
talk about in a minute, the third bucket. And I think, Chris,
what people get confused is they have to stop and
think and pause for a second and understand that if
this is the income you need for the next five
to seven years, why you're taking risk with the other
money for what reason? That doesn't make any sense. What
(25:42):
you want to do is keep the bucket safe five
to seven years and then exhaust that bucket, let it
get empty, and then do it again, and then when
you get to the tenth year, which we're going to
talk about. Now, now we've got that last bucket, the
third bucket, and the third bucket we ideally aren't touching
for income for ten to fifteen years. So now we've
got some real time on our side to let it.
(26:03):
Let the market do what the market does. And our
plan would be, excuse me, would be to make that
money last and then do it all again. Place the
percentage of assets in this bucket that could grow over
this time period to the original amount that we started
with ten years ago, and at that point we reassess
income needs and again things change, okay, interest rates change,
(26:25):
and start a new plan all over again. That's the
Maggie plan. That's what we're talking about. Bucket planning. Chris
and people, when they sit down and we do this
in front of them, it's almost like geewis. No one
ever showed us that I didn't know we could do
this with our money.
Speaker 3 (26:37):
That's just it. So we made it sound simple, and
again it can be simple if you work with the
right advisors. So we can put together a plan. There's
a lot of detail that we talk about. You know,
each bucket has a purpose. And that's why when people
come to us, you know, they sit down in front
of us and they put all the statements in front
of us, and they're opening the mail right there, and
they said, I have an account over here, and they're
opening the mail and then it comes out and they
(26:59):
really don't know what they have. They don't have bucket planning.
They don't have the first phase, the second buckets, the
third bucket. They have everything in the market, everything is
everything is pretty much their last leg. So can you
live on your last leg? The answer is no, because
what if the market does go down twenty thirty forty percent,
then all your income goes down with it. You know,
(27:21):
here's an example. A lot of people back in two
thousand and one and two thousand and eight, they had
a million dollars and guess what they would take in
four percent income from it. That's forty thousand dollars of
income for the year. Well what happened, Well, the market
went down thirty forty percent, So your million now is
worth six hundred thousand. So now you're taking four percent,
that's twenty four thousand, So that's a sixteen thousand dollars loss.
(27:44):
Of income because the market went down. So do you
want to be in that environment where you have to
cut back and you have to have those fears. You
don't have to if you don't want to. And that's
why the importance of meeting with some of those complete planning,
someone who's a fiduciary going to do the best thing
for you, someone who understands tax planning, investment planning, income planning.
(28:05):
We can put together the bucket strategy for you and
show you how much you can have and then replenish
it all over again and do it all over again
for years to come. So visit our website at Maggi
tax dot com and pick up the phone. Schedule time
to meet with us, and when your schedule time, say
to the representative and to our assistance, we want the
bucket plan. We want that bucket plan, and when you
(28:26):
come in we can show you eight three to three.
Maggie Tax.
Speaker 2 (28:29):
I'm going to make it real easy for all of
you because we do seminars. So we have a three
and one seminar on what Chris and I are talking
about today, bucket planning and also your retirement tax bill.
We're going to illustrate live at our seminar. So if
you register for our seminar, go to Maggie Tax dot com,
click on seminars. The dates are there, the times are there.
Take the time to come in and look at tax planning,
(28:51):
bucket planning, estate planning, and social security planning. You know why,
because you're not getting the education. It's the language that's
confusing a lot of people out there. You mentioned before
the word legislature risk. That's not going to change because
Congress can do whatever they want. I'm holding here a pencil.
This is what it is. It's written in pencil. And
every time we do these shows, we hear new things
(29:12):
that are going on. To offer these to you. Please
don't hide your head in the sand, and Chris, we
see that so many times because people are afraid to
ask a question. My dad was like that, and you
know what, you can't be like that. The new rules
of retirement right now are here eight three to three
MAGI Tax. Register for our seminar, go to Maggie Tax
dot com and come in and we'll show you bucket planning,
(29:34):
We'll show you the retirement tax bill, We'll show you
about social security. These are things that you need to
have So.
Speaker 3 (29:40):
Let's put together a plan eight three to three Maggie
tax and someone's to talk about. Times are changing. People
are fearful, inflation is here a lot of questions. Should
I buy gold? Should I not buy gold? Where should
it be in my plan? How much should I have?
My gosh? People are confused, They're feeling isolated, and they
just don't know what to do. Well, we have to
empower empower you, and we will because you'll have the
(30:03):
knowledge to understand what your accounts can do. And when
you come in, we're going to ask you how much
income do you need? Is it five thousand a month,
is it three thousand a month, is it eight thousand
a month? Whatever it is, Let's put together a plan
and we'll be honest with you and we'll tell you.
Will you run out of money? Maybe maybe you won't.
But what if you can leave and understand, my gosh,
I have a plan, I have guaranteed income for life.
(30:25):
I know what my tax situation is going to be,
and I can just spend paychecks and play checks each
and every month for the rest of my life and
I don't have to worry about it. So pick up
the phone, schedule time to meet with us eight three
three Magtas that's eight three to three Magi Tas and
don't forget Every Sunday, tune in to ABCTV at ten
thirty am for the Magi Tax and Financial Show. And
(30:46):
we have a lot of different topics. We talk about
the bucket plan, we talk about tax planning, investment planning,
social security maximization planning, as state planning. There's so much
that we discuss to help you. So pick up the
phone schedule to meet with us eight three three Maggie Tax.
That's eight three three Maggie Tax.
Speaker 1 (31:06):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie Tax dot com. That's
ma gg I tax dot com. Or call eight one
(31:27):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty. Now your host
for the Maggie Tax and Financial Hour, Father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 3 (31:44):
Thanks for tuning in to the Maggie Tax and Financial Show.
And as throughout today's show, we talked about a lot
of different things. Tax risk, investment risk, income risk, what
about a state planning risk? These are the risk associated
with people who are living and also retirement in retirement,
So what are you doing about it? If you have
any questions, pick up the phone, schedule time to meet
(32:04):
with us A three to three MAGI tax. Visit our
website at Maggi tax dot com and don't forget every
Sunday on ABC TV. Tune in to our show, our
TV show ten thirty am on Sunday on ABC TV,
A three three magi tax.
Speaker 2 (32:19):
So we talked about a lot like Chris Mensch, but
let's discuss what a risk score is and how it
relates to your risk tolerance. And here's the thing, Chris,
let me ask you a question. Do you have to
be in the market to make money? You don't have
to be, Okay, most people are, and they're always looking
for that stock bond of mutual fund. But there are
other investments that can give you gains, right with no
(32:39):
losses and no fees. Right, there are out there, Yes,
there so when we talk about a risk score, that's
part of it. So a tax risk score, it's a
measure of an individual's exposure to tax changes within a
given retirement approach. Do you know what your risk score is?
Because if you don't, we can help you. And the
methodology looks at two specific areas of tax change risk.
(32:59):
The first we talked about it before, situational change, which
measures changes based on your income needs and situation. And remember,
everyone you're listening today, your situation is different. So if
you go to an advisor and they're just doing a
cookie cutter plan, that's not what you're looking for. Situational
changes can include how much income you want to generate
(33:21):
in retirement. That's the big question, Chris, how much do
you want retirement? How many times do we ask a
husband and wife and the answer is I don't know right.
Speaker 3 (33:30):
Right, they're confused, But we help them through this process
because this is a very key question that needs to
be addressed. How much income do you need to come
in the front door every month? And many people just
don't know. And when we do a budget planning, we
can show you. You can take time to go through that
with you because as long as you have that income
coming in, guess what covers your expenses? Covers everything that
(33:51):
you looking for, and then you can start generating play
checks and have fun travel, spend the money, go golfing,
go see the kids, the grandkids, do the things that
you want to do with a playcheck and still preserving
the rest of your money.
Speaker 2 (34:02):
You mentioned something that just tickles me. It's called budget.
How many of you have an advisor and discuss budget
because when we do a budget, we do a balance
sheet to get all your income, assets and everything and
then figure out the answer to the question is if
you're getting self security, if you're getting pensioned, then how
much money do you need? What's the gap? And many
of you don't know that because that's what we're trying
(34:24):
to do with you. So the secondary of tax change
risk is tax risk score, which measures your exposure to
legislative changes. We talked about that. What if the government
changes the rules and they're going to tax cuts are
going to expire in two years, what are you doing
about it? And these are tax changes based on new
laws or regulations. Guess what from the government. Because it's
(34:45):
written in pencil and it is you all know that
Legislative changes can include which assets are subject to taxation.
We're talking about your IRA four to one K, your
four oh three B, your TSP when those assets are taxed,
and question is Chris, what level? Because we don't know.
That's an uncertainty tax.
Speaker 3 (35:04):
And that's it. You know, you're living your life in
a question mark tax rate environment. Think about that. You know,
it's like your health. You keep eating bad, Guess what,
at some point, you're not going to feel good. Same
thing with your investment accounts and also your tax risk.
What if you keep deferring and putting money away and
parking it into accounts that are infected with taxes at
(35:27):
some point, guess what when you start taking money out,
you got to You got to bite the bullet and
pay the tax. And you don't have to go through
that if you do some planning, if you do situational planning,
tax planning, things that we can do to control the
tax rate in our future because we can do strategic planning.
And that's why meeting with the right advisor who does
(35:49):
income planning, tax planning, investment planning, and state planning, we
can show you how to put all this together. My
dad talked about a puzzle. We all feel good when
the puzzles put together, don't we. But the first step,
when we open the box and we put all those
pieces on the table, we're like, oh gosh, I gotta wow.
I don't know where to start. But that's where you
meet with us and we can help you put these
(36:09):
pieces together. And then when you put your puzzle together,
guess what, it brings a smile to your face, like, Wow,
this is a cool thing that I just did. And
that's what we can do for you. So pick up
the phone, schedule time to meet with us. Let's put
together your retirement puzzle. Let's talk about the tax side
of it. Let's talk about the income side of it.
Let's talk about your investments side of it. Let's talk
about the estate planning side of it. Let's talk about
(36:31):
the Medicare side of it, your health insurance side of it.
These are things we're talking about so we can help you.
Pick up the phone, schedule time to meet with us.
Eight three to three magi tax. We have, obviously on
both sides of the bay to help you. Eight three
three maggi tax.
Speaker 2 (36:44):
You know you made me laugh there about a puzzle.
If you think about it. When the little kids we
give them a puzzle, we give them like a four
piece puzzle or a five piece puzzle, and then we
give them a ten piece puzzle, and then we give
them a bigger puzzle. And that's the same thing that
we're talking about here with each and every one of you.
What are the pieces of the financial side, the tax side,
(37:04):
the estate planning side. How do we put those pieces together? Well,
here's how I can tell you how we can do it.
Go to my website, Maggie tax dot com, click on seminars.
It's up to you. Come out and get educated. Understand
the language. We're going to talk about estate planning. We're
going to talk about tax planning. We're going to talk
about social security planning. We're going to talk about all
of this in an easy to understand way. I'm going
(37:25):
to give you a book called Stop funding Uncle Sam's
Retirement and get a plan that's simple and easy to understand.
I promise you when you leave this event, you're going
to feel better about Wow. Now I understand I can
talk to somebody, I can have a conversation about all
of what we're talking about. Second thing is when you
go to the retirement calculator. Like Chris mentioned, go to
the retirement calculator in thirty seconds. There's no one that's
(37:48):
doing what we're doing in thirty seconds to tell you
your retirement tax bill. Eight three three Maggie Tax.
Speaker 3 (37:54):
That's it. You know, you hit on the head. I mean,
it's all right there. And we talk about when you
complete the puzzle, it brings a smiley your face. But
the problem is is that when you complete the puzzle
and you miss that piece, how frustrated are you? You're
extremely frustrated. And that's where many people we see each
and every day is they don't have the pieces at
the end. They don't have the income piece put together,
(38:15):
they don't have the tax piece put together. The market's
going down, they don't have the investment piece put together
for them, and guess what, that puzzle is not complete
and the smiles on their face. It doesn't have to
happen to you put everything together. Let's get together, let's
have a conversation. We look forward to meeting with you.
Eight three to three Magi tax. Schedule time to meet
(38:35):
with us 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 strategies, presented by Robert and Chris
Maggie from Maggie Tax Advisory and Financial Services with offices
in Hillsboro and Panela's County. Visit Maggie tax dot com
or call eight one three three two two twenty five twenty.
That's eight one three three two two twenty five twenty
(39:04):
and tune in next Saturday at five for the Maggie
Tax and Financial Hour
All these years you've saved up planning for secure retirement,
but if you're not careful, it will be the irs
that's living it up when you retire by taxing your
hard earned money. Welcome to the Maggie Tax and Financial
Hour with Robert and Chris Maggie of Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
and tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie
Tax dot Com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:52):
Welcome everyone, and thanks for joining us today. My name
is Robert Maggie and I'm here with Chris Maggie and
thanks for joining us today on the Maggie taxin Financial Show.
Be sure to visit our website Maggie Tax dot com
and don't forget Every Sunday at ten thirty on ABC TV,
tune into the Maggie Tax and Financial Show. So, Chris,
we have a lot we want to talk about. Taxes,
we want to talk about are what we do with
the Maggie Plan. So let's get started and see what
(01:15):
we got today.
Speaker 3 (01:15):
Welcome everyone, and thank you so much for tuning into
our show. And how many of you out there are
just afraid to ask for help? You know, we're all
human and we get to that point sometimes in our
life that we are afraid to ask for help. But
maybe you are afraid to ask. It might seem stupid
to ask those questions, but really, what's on your mind?
Many people out there are worried about their retirement. They
worried about the market volatility, the word about running out
(01:38):
of money, the word about well when what do I
do with Medicare and social security planning? But you know,
maybe you didn't want to impose on people because you
were afraid to ask for help. And my dad and
I are like that, you know, my brother is like that.
You know, maybe you're that way. We're just human, as
I mentioned before, But sometimes it takes many years until
you reach a point that you are in so much
trouble that you must ask for help. And many people
(02:01):
out there are going through retirement and they really just
don't see the positive focus on what their retirement's going
to look like because they have those fears and then
they're uncertain. And you don't have to be that way
if you do the proper planning.
Speaker 2 (02:14):
You know, and there's absolutely nothing wrong with that, because
you're human and we see people every day that need
our help, but we're afraid to ask. Many of you
listening right now need our help. And you have to
ask a question. What's on your mind? You know, what's
the elephant in the room. Are you worried that in
twenty twenty five, the Trump tax cuts are going to expire.
We talk about that every week on our show, and
(02:35):
it's starting to resonate with people because it's going to happen.
Are you afraid to ask for help or will you
just wait until you get hit with a huge tax
time bomb? And Chris, with that said, we had many
people coming in and they're starting to realize that in
another in twenty twenty five, what's going to happen? To
the taxes it's going to go up. So you know,
we have the retirement tax calculated to help all of them,
(02:56):
and in thirty seconds we can show you what your
tax bill will be in retirement. Just ask for help.
It's that simple.
Speaker 3 (03:03):
And here's an example that we're talking about. Sometimes you
get in so much trouble you will have to ask
for help, and it's never too late. And that's why
I pick up the phone, schedule time to meet with
us eight three to three Maggie Tax. And our website,
Maggie tax dot com is so much information right there
at your fingertips and we can help you. If you're
looking for income planning, we can help. If you look
at a tax planning, we can help. We had a
(03:24):
client that came in last week talked about roth conversions
and if they should convert their iras to roths. They said, well,
I hear a lot about it. Is that good for me?
And I explained to them that in their particular situation,
it wasn't the right move. But I had a client
that came in later on that day and guess what
it fit them to the t It was a perfect opportunity,
and I showed them ways to create a tax deduction
(03:46):
so they can offset some money coming out of the
IRA and pay the least amount of tax as possible.
So you know, these people are asking for help, they
need it, and we can help. Pick up the phone,
schedule time to meet with us. Eight three three, Maggie, tax.
Speaker 2 (03:58):
A simple way. We have some on a state, social
security and tax planning. And every time we do these seminars,
people say, well, no, I know about that. But when
we start the seminar we start talking about wills and
trusts and we talk about social security and tax planning,
it starts to resonate what people say, now, I need help.
So we also talk about bucket planning and so much more.
(04:19):
And bucket planning, Chris is a big thing right now
because of what we do with clients. You mentioned it before,
had to position their money for income planning, for tax
planning and growth because so many people and I know
the other day we had a client come in. They're
so used to the old way that they have to
keep their accounts there and that's not true. The complaint
that she had is that, well, there's no tax planning
(04:39):
and there's no income planning, and what do I do
and what do you do is sit down and do
some bucket planning.
Speaker 3 (04:45):
Well, this is exactly it. I mean, every account that
you have with us has a purpose, whether it's for safety,
whether it's for growth, whether it's the combat inflation in
the future, whether it's a paycheck that you need, or
whether it's a play check. Playcheck is just extra income
coming in the front door that you can play with.
You can spend the heck out of it and do
it all over the next thirty days, so for the
forever and in your life. So these are income streams
(05:08):
that can come in and that's why we do bucket planning.
Why not spend down one of those buckets, but the
other bucket goes right back up to where you started,
So really you're living off of interest. How cool is that?
So pick up the phone, schedule time to meet with us.
If you're looking for an investment plan, we can help.
If you're looking for an income plan, we can help.
If you're looking for a tax plan, we can help.
(05:29):
If you can want to put all those three together
so you have income in the most tax efficient way,
and you have accounts that are growing with safety and growth.
If that's what you want. We can help, So pick
up that phone, give us a call eight three three
Maggie Tax.
Speaker 2 (05:41):
Well we make it sound so simple, but the bottom
line is all you have to do is just ask.
So why are we making such a big deal of
asking for help? Because eventually all of us have to
make changes and ask for help. Something's going to happen
where you definitely need to make help. We take an
holistic approach, So what does that mean? We're a complete advisor?
And what the heck does that mean? We are a fiduciary?
(06:04):
So what does that mean? And why are we making
a big deal of this today? Why? Because if you
do not ask for help, then you have nothing to
complain about. And why are you listening to the Maggie
Tax and Financial Show. I hope you're looking to get
something out of it. Why because you need help, You
need professional help, and we can help. Just ask eight
three to three Magie Tax, and ask now before taxes
(06:26):
go up, and ask now before your benefits get cut.
These are the complaints that we're hearing. All of you
can probably share the same thing. Ask for help now
if you think you will not have enough to retire,
So ask now. Why we talk about bucket planning and
why we discuss safe options ask now for help, So
sit down with us, have a conversation. Eight three to
(06:47):
three magi tax. Because doing nothing.
Speaker 3 (06:49):
Is not a plan, absolutely, and you know doing something
can save you from worrying about these things that you
can't control. So pick up the phone, schedule a time
to meet with us. Eight three to three men, Magie tax.
That's eight three to three Maggie tax.
Speaker 2 (07:03):
And we're hoping that you listen to our show because
you want a better plan than what you have now,
and you have to start thinking about that. Many people
are complaining about things and they want to hide behind
the door and wait for something to happen. Please don't
do that. We take education very seriously because the more
that you know, meaning know, the more you know now,
then you can make a better decision. And we want
(07:25):
you to be ahead of the game so you can
enjoy retirement and have control over what happens in your life.
How many of you would like that, Just give us
a call. It's real simple, eight three to three magi
tax and let's discuss the Maggie plan. Simple and easy
to understand.
Speaker 3 (07:40):
And that's so exactly what the Maggie plans about. It's
income planning. It's a tax plan. It's guaranteed income planning
for life. It's a as I mentioned, a tax plan,
so you can avoid the unnecessary higher taxes that are
coming to all of you. It's coming, it's coming. Do
something now so you could take advantage of the opportunities
that will be there for you. As opposed to saying,
(08:00):
oh my gosh, I'm part of everyone, or everyone lost money,
or everyone's paying more in tax, or everyone doesn't have income. No,
that's not the case. Do the planning now so you
can have a plan. You know, it's an insurance plan.
You know, it's a tax free retirement plan. That's what
the Maggie plans about. It's bucket planning. It's looking from
a complete angle. Think about looking through glasses from a
(08:23):
different lens. You know, you might be looking at retirement
right now. I got to get to a certain amount
and then I can retire. Well, that might not be
the case. There might be some other strategies that you
already have enough money. We had a client, two clients
last week that came in and the first thing when
we met with them, they said, I have to keep
working because I have to get to a certain number.
And we stopped and we looked at their social security,
(08:45):
we looked at their income. We asked them how much
they need per month, and guess what the amount of
money they had. They just didn't know what to do
with it. So we created bucket planning and we showed
them that you turn this bucket on, you let these grow.
This will give you the guaranteed income in the most
tax efficient way. And guess what, but they can retire
for life. And they sat back and they said, what
about inflation. Well, those are the other two buckets that
(09:06):
are growing. So when inflation does happen worse than it
is now, then you could turn on for guaranteed income
for more income. And they said, oh my gosh, we
never were shown this before. You know our advisor who
is currently looking at their accounts. All they do is
buy and sell and that's not what they're looking for.
They want a plan. They deserve a plan. You do too,
(09:26):
So pick up the phone, schedule time they need with
us eight three to three mag attacks. We have office
on both sides of the Bay Maggi Tax dot com
eight three to three Magi Tax and.
Speaker 2 (09:35):
Just remember it's an insurance plan where you can have
tax free income when you pass. It's an investment plan
where you work with a complete advisor who offers institutional
money managers. Chris, we talk about this all the time
with our clients, about transactional and institutional. And every time
you do a comparison, when you do the comparison of
their accounts, they don't realize what they do realize once
(09:56):
you get to tell them that they have transactional advisor
in that's all they're given. There's no other options to
make it better.
Speaker 3 (10:03):
Well, think about it. You know, maybe it's not your fault.
It's not your advisor's fault. Maybe they just with a
brokerage company or a company financial company that offers limited options.
And you know that's why we're independent. We're not tied
to anyone company. We have to do the best thing
for you, so we can go out there and get
whatever we need to help you. If if think about
life insurance for a minute, if if someone has diabetes,
(10:24):
we can go and get a policy that with a
company who understands diabetes or high blood pressure or whatever.
It is same thing with income. If there's a company
that has guaranteed income or higher interest rates. We can
go out and shop that to do the best thing
for you. So that's why it's so important to meet
with us. You know, at Maggi Tax Advisory, we do
a lot of different things. We care about our clients.
We want you to have income in the most tax
(10:46):
efficient way. We want you to enjoy your retirement without
the worry of the volatility of the market. It's totally
up to you. Pick up the phone, schedule time to
meet with us a three to three maggitex.
Speaker 1 (10:58):
Stop planning for Uncle Sam's or timeirement and start planning
for your retirement. As we return to the Maggie Tax
and Financial Hour with your host, father and son Robert
and Chris Maggie. For additional information on how you can
create a tax free retirement, visit Maggie Tax dot com.
That's ma Ggi tax dot com or call eight one
(11:19):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty now your host
for the Maggie Tax and Financial Hour, Father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 2 (11:36):
Hello and welcome back to the Maggie Tax and Financial Show.
My name is Robert Maggie and I'm here with my son,
Chris Maggie. A couple things real important for all of you.
If you're just tuning in, go to our website, Maggie
Tax dot Com. On the top right there's the retirement calculator.
Click on it and fill in the information. Let's see
what your tax bill is going to be, and in
thirty seconds we could show you what it is. Number two,
(11:57):
there's a chat box on this so if you're driving
or you have questions, go to the chatbox, fill in
the question. We will respond to you. And more importantly,
to educate everybody out there and help when we're doing
seminars every month, So go to the Maggie Tax dot
com look for upcoming seminars. The dates are there. Register
and let's get a chance to meet with you. Because
isn't it imperative that all of you reason out for
(12:19):
yourself that you can have a strategy under any circumstances.
And again, Chris, most people come in and they go, gee, guys,
I don't have a lot of money. That's not the
question we're asking you. The question we're asking you is
how can we help you? So, my guess is many
of you do not know this information, and it's because
you're not asking your advisor why. Because it's the language.
(12:40):
We talk about, the language, and many of you do
not understand, so we can help. We call it the
Maggie Plan, simple and easy to understand. And for many
of you that have met with us, you understand what
I'm saying because we made it simple and understand. Chris
talked about some clients that came in before we talk
about this every week. They came in and they were shocked, Wow,
I really could do that. So many people in our
(13:01):
countries believe that the government's going to take care of them. Look,
in fact, isn't it the majority of people many of
you listening, Sure it is. So how do we get
you to understand that it has now become mathematically impossible
that the government's going to take care of you. Christen,
what's happening is they're doing the opposite. They're making it
worse for us.
Speaker 3 (13:19):
Well, that's just saying, and you can't control that. Right
where in a yoyo economy, you're on your own and
many people work hard, you know, they go to have
a job, they put money away, they don't know what
to do with it. That's where we come in. You know,
how do you structure all this where you can have
income in the most tax efficient way. How do you
structure this where you can have a tax plan where
you pay the least amount of taxes possible, but do
it legally. How do you put together an investment plan
(13:42):
where you have different buckets doing different things to combat inflation?
How do you make sure that everything you put together
stays in your family and doesn't have to go through
the probate process or has to go through taxes or
just heartache with other beneficiaries. It doesn't have to happen.
It's called succession planning? And how do you put this together?
(14:03):
So that's what we're discussing here. And if you have questions,
now's the time to stop for a minute, take a
deep breath, you know, pick up the phone and schedule
a time to meet with us. You know, a goal
without a plan is really not going to be achievable.
So what do you do. You have to have to
schedule time to meet with us. You have to come
in and let's let's have a conversation. Why, because you
(14:25):
deserve it? You put away money. Now is the time
to put together a plan.
Speaker 2 (14:28):
You just brought something up that just hit me. You
call it succession planning. Many people call it enhanced planning
or estate planning. But talk about succession planning for a minute,
because it applies to everything that we're talking about, Chris,
about income planning, about tax planning, about four oh one
k rollovers. It's about succession planning. How do you get
to the next level because people do not understand the language,
(14:52):
and if you do not take action, you're simply just
going to lose. And if you do take action, you
can win. It's that easy. And what I'm saying is
it's that easy. Once you learn the game and you
learn the rules, you can make something happen. And we
can help all of you arrive at this important determination.
Because you're probably worrying too much. Why are we sharing
(15:12):
this with you? We do this every week, we do
our TV show. You know. I've been speaking in person,
you know, and on the radio and on TV for years,
and I have been stunned to discover how few people
understand this vital information because they don't take the time,
Chris to stop for a second and let me put this,
it's an hour an hour and a half of your
time instead of going to the beach or going bowling
(15:35):
or going whatever, or drinking. Am I right around?
Speaker 3 (15:38):
I mean because if you don't understand this information, it's
possible that you will not realize the damage that you're
doing to your financial and retirement success. And that's pretty simple.
I mean, if you take the time to just carve
out a little bit of time to do what you
need to do to put yourself in good order, then
you can have fun from there. You know, we talked
about a client of mine that we had you will
(16:01):
ask the segment. We discussed how they had no idea
how to generate the income. And they came to us
and they said, I got this lum sum pension. What
do I do with it? How do I get income
in the most tax efficient way? Well, we created bucket planning.
They'll never outlive that money. Ever, they will have guaranteed
income coming in eight thousand dollars a month for the
rest of their life, you know what. And how settling
(16:25):
is that? How comforting is that? So when I say
the question is what are you doing about it? Or
if you don't understand this information, that we're talking about,
is possible that you will not realize that the damage
that you're doing to your financial your future of financial
and retirement success.
Speaker 2 (16:40):
You know, and again it doesn't matter if it's intentional
or unintentional. And one of the things that you know
what you brought up about education, about language, about teaching
our young folks and our kids how to save for
retirement because nobody's doing that. Why because they're not making
enough money to even save. But there is a way
to save a portion of your money if you understand
the way it works. And the worst part, many of
(17:01):
you are unaware of the poor choice that you're making
because you are being informed in ways that are beneficial
to the sellers of these non beneficial products. You don't
understand what you have with mutual funds and stocks and
what the fees are and what the risk is. And
Chris talk about the comparison when we do that with
many clients, because when we ask them, are you married
to that stock or do you know what you have?
(17:21):
The answer always is, uh, I don't know.
Speaker 3 (17:24):
Well, that's just say how many people follow the crowd?
How many people just try to keep up with the Joneses, right,
their neighbors, and they just don't know what they don't know,
and that is the biggest thing. So we have clients
that come in and they say, just like my dad
mentioned the well, I don't have a lot of money.
But meanwhile they do. They have enough money so they
can retire. They have enough money where you can create
(17:46):
a guaranteed income plan and they stay within their income
and their budget, and they're great. They can do that.
They don't have to have millions of dollars. You don't
have to get to a certain number like the TV
tells us or these advertisements tells us to do. You
don't have to. You don't know what you don't know.
And that's the thing. That's why when you come in
to meet with us, we'll tell you. You know, as
(18:07):
a fiduciary, we got to tell you the best thing.
We got to do the best thing for you. This
is your money, not ours. But we can help because
a lot of things we do as a complete planner,
we can help. So pick up the phone, schedule time
to meet with us. Every Sunday, we have a TV
show on ABC TV at ten thirty. It's called The
Maggie Tax and Financial Show, and Why do we do it?
(18:27):
Because we enjoy teaching, We enjoy educating you. Why because
you need this information. When's the last class you had
on income planning, tax planning, investment planning, estate planning, social
security planning, medicare planning. When's the last time you had
a class on that. You don't even have a class
on how to buy and sell a house. That's how
(18:48):
the educational system we have is not complete. That's why
we need to meet with you. So pick up the
phone schedule time to meet with us. We look forward
to meeting with you. Visit our website, Maggie Tax Doc
that's Maggie tax dot com.
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
(19:25):
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 (19:41):
Welcome back everyone, and thanks for joining us today. My
name is Robert Maggan. I'm here with Chris Maggie. So
a couple things here that we want to talk about.
There are many pieces to your financial puzzle, and let
us help you put your pieces together. When we design plans,
we talk about income plan tax planning, estate planning, legacy planning.
And this all has to do with everyone listening to
(20:02):
our show today. So one of the questions, Chris, we
get all the time is what do we do? How
do we put this thing called bucket planning together? And
what does it really mean? Because, like you say, many
times people have piles of money and you know, the
old rule of taking four percent out and think that's
going to you know, last forever is not the way
to go. So when we talk about bucket planning in
(20:22):
this let's just go over this because I think this
is so important to a lot of people listening out
there that might help them.
Speaker 3 (20:27):
So what is bucket income planning? Well, let me give
you a two minute overview. When we start with the
big question on many retirees' minds, which is what kind
of income can I expect in retirement. Although this is
a longer discussion than we have really time for. You
also need to stop thinking about the gross paycheck you
got from your last job or the jobs that we've
been working in the past, and start thinking about the
(20:49):
net check you received in your bank account. There are
tax strategies that help reduce the taxes you pay in retirement,
so gross numbers might be so gross, you know a
second think about it. When thinking about the income plan.
We typically plan for retirement that is lasting twenty or
thirty years or even more. So we have to plan
accordingly as no one wants to run out of money.
(21:10):
You know, many people, even if you're wealthy or you
don't have a lot of money, the main concern that
we see is they're going to run out of money.
Am I going to run out of money? We meet
with millionaires and the big question is am I going
to run out of money? And many people are confused, Well,
they have plenty of money. Well, no, they're worried about
running out of money. So it doesn't matter if you
have a lot of money or if you don't. Running
(21:32):
out of money is the main concern that we see,
So will you run out of accounts to zero? Maybe
maybe you won't, but probably not. But running out of
money to us used to mean you have to change
your lifestyle. So there's two things that we're talking about here,
but also third, think of money this way. Typically the
greater risk you take and investing can mean greater rewards,
(21:55):
but also brings the potential for greater losses and vice versa.
So when it comes to day for retirement strategies, you
have to start having an open mind to bucket planning
and making sure that you have your money in the
right spot.
Speaker 2 (22:09):
And also remember one thing to consider is to safe.
To have safe money, it might bring a very low return.
We know that there's you know, money market accounts, savings
account very low returns. We get that interest rates used
to be higher where we used to be and was
spoiled getting more money because we had higher interest rates.
But when you have very low returns causing you to
(22:30):
lose purchasing power to inflation, you know, let's get the
bucket planning underway. Because what people don't see, most of
you listening today don't know the pile of money you
have and what you can do with it. Meaning set
it up for income. The question we ask everybody how
much money do you need today to put your feet
on the ground and get that paycheck every month that
(22:52):
you need to live. Okay, because that's the main goal, Chris,
what do they need today? The budget is a big
question that people don't know what to do, and that's
a question that they have to answer.
Speaker 3 (23:02):
And that's it. So when you meet with us, we're
going to ask you how much income you need to
live each and every month. Net. There's gross, which is
gross before taxes, there's net after taxes. So we can
figure out right in front of you what your tax
liability is going to be. And a lot of people
don't really understand how solid security works. It could be
taxed up to eighty five percent, it could be taxed
(23:24):
at zero. So if you structure it the right way,
you might have one hundred thousand dollars of income coming
in the front door and paying no taxes like a
lot of our clients do because they take the money
from the right source. So that's what we talk talk
about income planning and tax planning. So if you have
questions about is my solid security getting taxed or how
(23:45):
much will it get tax. Pick up the phone, schedule
time to meet with us. Eight three three Maggie Tax.
So let's talk about three buckets.
Speaker 2 (23:52):
You know.
Speaker 3 (23:52):
The first bucket we structure for income needed early in retirement.
We want to look for the percentage of assets that
can deliver enough income to last anywhere between five to
seven years. We want this first bucket to be in
retirement vehicles that can deliver a decent return to outpace inflation.
And that's what's really really important. And you have some
downside protection as well, So we want to minimize investment losses.
(24:15):
Why because you need those funds. When we look at
the second bucket, as you're enjoying the income from the
first bucket, you're living your life, you're enjoying it. Well,
we've got the second bucket accumulating and ready to begin
income when that first bucket is exhausted. So think of
it this way. You get now money, later money, never money.
So the second bucket is pretty much your later money.
(24:36):
So when you start taking income from the first bucket,
the second bucket is growing, and when you need that most,
you can turn that on for income. Because we aren't
immediately reliant on the income from this second bucket. We
got that first five to seven year timeframe to take
a little more risk, so we have time due to
(24:57):
absorb the ups and downs as market fluctuation occurs. So
it's less of a concern right now because we have
time on our side. So ideally the percentage of assets
we place in the second bucket accumulates during that five
to seven year timeframe, and then what do we do
after that? We turn it on for guaranteed income for
another five to seven years, for a guaranteed income stream.
(25:18):
So let's talk about the third bucket as well well.
Speaker 2 (25:20):
So post it for a minute, because you mentioned some
numbers five to seven, five to seven, that's ten to
fourteen years of income without touching what I'm going to
talk about in a minute, the third bucket. And I think, Chris,
what people get confused is they have to stop and
think and pause for a second and understand that if
this is the income you need for the next five
to seven years, why you're taking risk with the other
money for what reason? That doesn't make any sense. What
(25:42):
you want to do is keep the bucket safe five
to seven years and then exhaust that bucket, let it
get empty, and then do it again, and then when
you get to the tenth year, which we're going to
talk about. Now, now we've got that last bucket, the
third bucket, and the third bucket we ideally aren't touching
for income for ten to fifteen years. So now we've
got some real time on our side to let it.
(26:03):
Let the market do what the market does. And our
plan would be, excuse me, would be to make that
money last and then do it all again. Place the
percentage of assets in this bucket that could grow over
this time period to the original amount that we started
with ten years ago, and at that point we reassess
income needs and again things change, okay, interest rates change,
(26:25):
and start a new plan all over again. That's the
Maggie plan. That's what we're talking about. Bucket planning. Chris
and people, when they sit down and we do this
in front of them, it's almost like geewis. No one
ever showed us that I didn't know we could do
this with our money.
Speaker 3 (26:37):
That's just it. So we made it sound simple, and
again it can be simple if you work with the
right advisors. So we can put together a plan. There's
a lot of detail that we talk about. You know,
each bucket has a purpose. And that's why when people
come to us, you know, they sit down in front
of us and they put all the statements in front
of us, and they're opening the mail right there, and
they said, I have an account over here, and they're
opening the mail and then it comes out and they
(26:59):
really don't know what they have. They don't have bucket planning.
They don't have the first phase, the second buckets, the
third bucket. They have everything in the market, everything is
everything is pretty much their last leg. So can you
live on your last leg? The answer is no, because
what if the market does go down twenty thirty forty percent,
then all your income goes down with it. You know,
(27:21):
here's an example. A lot of people back in two
thousand and one and two thousand and eight, they had
a million dollars and guess what they would take in
four percent income from it. That's forty thousand dollars of
income for the year. Well what happened, Well, the market
went down thirty forty percent, So your million now is
worth six hundred thousand. So now you're taking four percent,
that's twenty four thousand, So that's a sixteen thousand dollars loss.
(27:44):
Of income because the market went down. So do you
want to be in that environment where you have to
cut back and you have to have those fears. You
don't have to if you don't want to. And that's
why the importance of meeting with some of those complete planning,
someone who's a fiduciary going to do the best thing
for you, someone who understands tax planning, investment planning, income planning.
(28:05):
We can put together the bucket strategy for you and
show you how much you can have and then replenish
it all over again and do it all over again
for years to come. So visit our website at Maggi
tax dot com and pick up the phone. Schedule time
to meet with us, and when your schedule time, say
to the representative and to our assistance, we want the
bucket plan. We want that bucket plan, and when you
(28:26):
come in we can show you eight three to three.
Maggie Tax.
Speaker 2 (28:29):
I'm going to make it real easy for all of
you because we do seminars. So we have a three
and one seminar on what Chris and I are talking
about today, bucket planning and also your retirement tax bill.
We're going to illustrate live at our seminar. So if
you register for our seminar, go to Maggie Tax dot com,
click on seminars. The dates are there, the times are there.
Take the time to come in and look at tax planning,
(28:51):
bucket planning, estate planning, and social security planning. You know why,
because you're not getting the education. It's the language that's
confusing a lot of people out there. You mentioned before
the word legislature risk. That's not going to change because
Congress can do whatever they want. I'm holding here a pencil.
This is what it is. It's written in pencil. And
every time we do these shows, we hear new things
(29:12):
that are going on. To offer these to you. Please
don't hide your head in the sand, and Chris, we
see that so many times because people are afraid to
ask a question. My dad was like that, and you
know what, you can't be like that. The new rules
of retirement right now are here eight three to three
MAGI Tax. Register for our seminar, go to Maggie Tax
dot com and come in and we'll show you bucket planning,
(29:34):
We'll show you the retirement tax bill, We'll show you
about social security. These are things that you need to
have So.
Speaker 3 (29:40):
Let's put together a plan eight three to three Maggie
tax and someone's to talk about. Times are changing. People
are fearful, inflation is here a lot of questions. Should
I buy gold? Should I not buy gold? Where should
it be in my plan? How much should I have?
My gosh? People are confused, They're feeling isolated, and they
just don't know what to do. Well, we have to
empower empower you, and we will because you'll have the
(30:03):
knowledge to understand what your accounts can do. And when
you come in, we're going to ask you how much
income do you need? Is it five thousand a month,
is it three thousand a month, is it eight thousand
a month? Whatever it is, Let's put together a plan
and we'll be honest with you and we'll tell you.
Will you run out of money? Maybe maybe you won't.
But what if you can leave and understand, my gosh,
I have a plan, I have guaranteed income for life.
(30:25):
I know what my tax situation is going to be,
and I can just spend paychecks and play checks each
and every month for the rest of my life and
I don't have to worry about it. So pick up
the phone, schedule time to meet with us eight three
three Magtas that's eight three to three Magi Tas and
don't forget Every Sunday, tune in to ABCTV at ten
thirty am for the Magi Tax and Financial Show. And
(30:46):
we have a lot of different topics. We talk about
the bucket plan, we talk about tax planning, investment planning,
social security maximization planning, as state planning. There's so much
that we discuss to help you. So pick up the
phone schedule to meet with us eight three three Maggie Tax.
That's eight three three Maggie Tax.
Speaker 1 (31:06):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie Tax dot com. That's
ma gg I tax dot com. Or call eight one
(31:27):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty. Now your host
for the Maggie Tax and Financial Hour, Father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 3 (31:44):
Thanks for tuning in to the Maggie Tax and Financial Show.
And as throughout today's show, we talked about a lot
of different things. Tax risk, investment risk, income risk, what
about a state planning risk? These are the risk associated
with people who are living and also retirement in retirement,
So what are you doing about it? If you have
any questions, pick up the phone, schedule time to meet
(32:04):
with us A three to three MAGI tax. Visit our
website at Maggi tax dot com and don't forget every
Sunday on ABC TV. Tune in to our show, our
TV show ten thirty am on Sunday on ABC TV,
A three three magi tax.
Speaker 2 (32:19):
So we talked about a lot like Chris Mensch, but
let's discuss what a risk score is and how it
relates to your risk tolerance. And here's the thing, Chris,
let me ask you a question. Do you have to
be in the market to make money? You don't have
to be, Okay, most people are, and they're always looking
for that stock bond of mutual fund. But there are
other investments that can give you gains, right with no
(32:39):
losses and no fees. Right, there are out there, Yes,
there so when we talk about a risk score, that's
part of it. So a tax risk score, it's a
measure of an individual's exposure to tax changes within a
given retirement approach. Do you know what your risk score is?
Because if you don't, we can help you. And the
methodology looks at two specific areas of tax change risk.
(32:59):
The first we talked about it before, situational change, which
measures changes based on your income needs and situation. And remember,
everyone you're listening today, your situation is different. So if
you go to an advisor and they're just doing a
cookie cutter plan, that's not what you're looking for. Situational
changes can include how much income you want to generate
(33:21):
in retirement. That's the big question, Chris, how much do
you want retirement? How many times do we ask a
husband and wife and the answer is I don't know right.
Speaker 3 (33:30):
Right, they're confused, But we help them through this process
because this is a very key question that needs to
be addressed. How much income do you need to come
in the front door every month? And many people just
don't know. And when we do a budget planning, we
can show you. You can take time to go through that
with you because as long as you have that income
coming in, guess what covers your expenses? Covers everything that
(33:51):
you looking for, and then you can start generating play
checks and have fun travel, spend the money, go golfing,
go see the kids, the grandkids, do the things that
you want to do with a playcheck and still preserving
the rest of your money.
Speaker 2 (34:02):
You mentioned something that just tickles me. It's called budget.
How many of you have an advisor and discuss budget
because when we do a budget, we do a balance
sheet to get all your income, assets and everything and
then figure out the answer to the question is if
you're getting self security, if you're getting pensioned, then how
much money do you need? What's the gap? And many
of you don't know that because that's what we're trying
(34:24):
to do with you. So the secondary of tax change
risk is tax risk score, which measures your exposure to
legislative changes. We talked about that. What if the government
changes the rules and they're going to tax cuts are
going to expire in two years, what are you doing
about it? And these are tax changes based on new
laws or regulations. Guess what from the government. Because it's
(34:45):
written in pencil and it is you all know that
Legislative changes can include which assets are subject to taxation.
We're talking about your IRA four to one K, your
four oh three B, your TSP when those assets are taxed,
and question is Chris, what level? Because we don't know.
That's an uncertainty tax.
Speaker 3 (35:04):
And that's it. You know, you're living your life in
a question mark tax rate environment. Think about that. You know,
it's like your health. You keep eating bad, Guess what,
at some point, you're not going to feel good. Same
thing with your investment accounts and also your tax risk.
What if you keep deferring and putting money away and
parking it into accounts that are infected with taxes at
(35:27):
some point, guess what when you start taking money out,
you got to You got to bite the bullet and
pay the tax. And you don't have to go through
that if you do some planning, if you do situational planning,
tax planning, things that we can do to control the
tax rate in our future because we can do strategic planning.
And that's why meeting with the right advisor who does
(35:49):
income planning, tax planning, investment planning, and state planning, we
can show you how to put all this together. My
dad talked about a puzzle. We all feel good when
the puzzles put together, don't we. But the first step,
when we open the box and we put all those
pieces on the table, we're like, oh gosh, I gotta wow.
I don't know where to start. But that's where you
meet with us and we can help you put these
(36:09):
pieces together. And then when you put your puzzle together,
guess what, it brings a smile to your face, like, Wow,
this is a cool thing that I just did. And
that's what we can do for you. So pick up
the phone, schedule time to meet with us. Let's put
together your retirement puzzle. Let's talk about the tax side
of it. Let's talk about the income side of it.
Let's talk about your investments side of it. Let's talk
about the estate planning side of it. Let's talk about
(36:31):
the Medicare side of it, your health insurance side of it.
These are things we're talking about so we can help you.
Pick up the phone, schedule time to meet with us.
Eight three to three magi tax. We have, obviously on
both sides of the bay to help you. Eight three
three maggi tax.
Speaker 2 (36:44):
You know you made me laugh there about a puzzle.
If you think about it. When the little kids we
give them a puzzle, we give them like a four
piece puzzle or a five piece puzzle, and then we
give them a ten piece puzzle, and then we give
them a bigger puzzle. And that's the same thing that
we're talking about here with each and every one of you.
What are the pieces of the financial side, the tax side,
(37:04):
the estate planning side. How do we put those pieces together? Well,
here's how I can tell you how we can do it.
Go to my website, Maggie tax dot com, click on seminars.
It's up to you. Come out and get educated. Understand
the language. We're going to talk about estate planning. We're
going to talk about tax planning. We're going to talk
about social security planning. We're going to talk about all
of this in an easy to understand way. I'm going
(37:25):
to give you a book called Stop funding Uncle Sam's
Retirement and get a plan that's simple and easy to understand.
I promise you when you leave this event, you're going
to feel better about Wow. Now I understand I can
talk to somebody, I can have a conversation about all
of what we're talking about. Second thing is when you
go to the retirement calculator. Like Chris mentioned, go to
the retirement calculator in thirty seconds. There's no one that's
(37:48):
doing what we're doing in thirty seconds to tell you
your retirement tax bill. Eight three three Maggie Tax.
Speaker 3 (37:54):
That's it. You know, you hit on the head. I mean,
it's all right there. And we talk about when you
complete the puzzle, it brings a smiley your face. But
the problem is is that when you complete the puzzle
and you miss that piece, how frustrated are you? You're
extremely frustrated. And that's where many people we see each
and every day is they don't have the pieces at
the end. They don't have the income piece put together,
(38:15):
they don't have the tax piece put together. The market's
going down, they don't have the investment piece put together
for them, and guess what, that puzzle is not complete
and the smiles on their face. It doesn't have to
happen to you put everything together. Let's get together, let's
have a conversation. We look forward to meeting with you.
Eight three to three Magi tax. Schedule time to meet
(38:35):
with us 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 strategies, presented by Robert and Chris
Maggie from Maggie Tax Advisory and Financial Services with offices
in Hillsboro and Panela's County. Visit Maggie tax dot com
or call eight one three three two two twenty five twenty.
That's eight one three three two two twenty five twenty
(39:04):
and tune in next Saturday at five for the Maggie
Tax and Financial Hour
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.