Episode Transcript
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Speaker 1 (00:00):
All these years you've saved up planning for a secure retirement,
but if you're not careful, it will be the irs
that's living it up when you retire by taxing your
hard earned money. Welcome to the Maggie Tax and Financial
Hour with Robert and Chris Maggie of Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
in tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty or visit Maggie
Tax dot Com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:53):
Welcome everyone, and thanks for joining us today. My name
is Robert Maggie and I'm here with my son, Chris Maggie.
You're listening to the Maggie Tax Infinancial Show. Be sure
to visit our website Maggie Tax dot com and register
for our upcoming seminars. We have seminars on a state planning,
and we will have seminars on tax planning, very very important.
We'll keep mentioning this every week. But go to our website,
(01:14):
Maggie Tax dot com. It's right there. You can give
us a call and register, and don't forget. Every Sunday
on ABC TV at ten thirty, tune into the Maggie
Tax and Financial Show. We have a lot to talk
about today. You all know that we do a lot
of things like tax planning, income planning, investment planning, insurance planning,
and just proper planning for everybody. We've learned a lot
(01:34):
from you folks out there coming in because you're confused
and you don't understand certain things. So we're going to
talk today about a Wroth conversion because this is very
important right now to understand that all of you have
a debt to the irs, and when the subject of
converting your IRA to a Roth tax free IRA comes up,
you get many different opinions. And most often what we
(01:55):
hear is my advisor or CPA or investment manager told
me that I just need to convert to the top
of my tax bracket every year. Not a bad idea,
but they will also tell you it's not worth it
to pay a higher tax. And we disagree in what
you have to understand from a tax standpoint when we
do tax planning, and Chris will talk about this in
a minute, but you've got to do it from a
(02:15):
mock tax return. What does your tax return look like?
How much tax can you pay if you go to
the next level. So all of you have a tax
time bomb and it's ticking louder and louder every day,
and you have a debt to the IRIS, and at
some point you or your beneficiaries will have to pay
the tax and it could be a higher tax. And
some people tell me they have developed their own spreadsheets.
(02:37):
I love that one because the spreadsheets basically don't tell
you what the tax is you're going to pay, and
it looks like conversions aren't going to be worth it
to me. If they have a spreadsheet, how can you
say that it's just not true. We have a client
in Tampa and she called us the other day first
time and she said to me, you know, she could
not believe we were actually recommending what she had and
listen to this what she had questioned her CPA about
(03:00):
ten years ago, right after the tax rates were lowered
by the Tax Cut and Jobs Act. So the question
today is what will happen in twenty twenty five, and
if you don't know the Tax Cuts and Jobs actors
getting to expire, her CPA told it would not make
sense for her to convert any more than just enough
to get to the top of her current low tax bracket.
She lost the argument with the CPA. So the problem
(03:22):
is she lost the opportunity to get conversions finished before
she would have to take the required minimum distribution to
R and D. I know that may sound confusing to you,
but when we show you this, this is what's going
to happen to a lot of you when you start
taking your RM and D. And Chris, this is the
part that people sit back and they go, we didn't
know that. But you know, if CPAs aren't helping you,
(03:43):
or tax advisors aren't helping you, right now is the
time to pick up the phone and give us a call.
Sit down with Chris and me, and we'll talk about
conversion because we want you to see it from the
ground up. It's not just an opinion, it's a fact
that you have to do it right. So, Chris, I
mean you see it all the time that we talk
about this, and we're going to talk about there's seven
questions that people should be asking about growth conversions. And
(04:04):
one of the things that we always say, if you
don't know what you don't know, then don't say no.
Speaker 3 (04:09):
Right, Well, that's just said, you know, welcome everyone, I'm
Chris Maggie and thanks for tuning into the show. And
my dad said a lot right there, because there's so
much to talk about. Many people have iras and formal
k's and TSPs and set iras. These accounts are what
we call infected with taxes. So if you're listening today,
if you have these accounts, you have accounts that are
infected with tax What does that mean. That means when
(04:30):
you take a distribution from these accounts, you have to
pay the tax. There's a ten nillion nine that's issued
and you have to report it on your tax return. Now,
you have maybe five hundred thousand in your qualified account.
You might have a million, you might have one point five.
It doesn't matter what it is. The fact of the
matter is, it's all taxable. So at the end of
twenty twenty five, the Trump tax cuts expire, what does
(04:52):
that mean? That means that tax rates will revert back
up at least three percent, if not higher. So that
means when you take a distribution, you're not only paying tax,
you're paying higher tax. So what can you do now
to start converting money from an infected area of tax
to a tax free environment. How do you get there?
And that's the biggest question that many advisors try to
(05:14):
talk to their clients about, but they have no idea
what the tax ramivocations are going to be. And a
Maggie Tax Advisor and financial group we do because we
take a tax approach and everything. We understand tax planning,
we understand investments. We do investments, we do insurance planning,
we do complete planning. And that's what we do for
our clients. So what we're going to talk about today
(05:35):
is taxes. What do you believe will happen to income
taxes in the future. Will they be higher or will
they be lower? So Dad talk about this.
Speaker 2 (05:44):
One thing that I also want to mention to help
you at the stand Going to our website maggietax dot
com and the top right, you'll see the retirement tax
calculator put in your information. In thirty seconds, I can
send you a report to give you an idea of
what your tax bill is going to be. So what
Chris just said, what do you believe happen to income
tax rates in the future. Most people tell us it's
going to go up. So there is another common misconception
(06:06):
floating around out there that portrays Wroth. Conversions has something
as simple as whether you'll pay a higher rate or
of tax today or tomorrow. It depends on your situation,
and that's why you have to sit down and do
it from a tax return. Your tax return and the
clients that we've worked with see huge tax savings regardless
of whether the tax rates increase or decrease. But there's
(06:28):
some value in considering the impact of possible tax increases
as a motivation for choosing a faster conversion timeline. Listen,
the IRS loves you if you're a millionaire, because you're
a millionaire and you're leaving a million dollars of taxes
on the doorstep of the IRS, and you don't think
about it that way. So you can convert. You can
do a conversion. We can talk about that because the
(06:49):
Tax Cut and Jobs Act of twenty seventeen, it drove
us to a fifty year low in the rate of
income taxes that we pay in America. So the Tax
Cuts and Jobs Act is set to expire at the
end of twenty twenty five. What does that mean. It
means you have a window of opportunity between now and
the end of twenty twenty four twenty five to convert
to pay the lower tax and be done with it.
(07:11):
How many of you would like to do that, Chris?
When we tell this to people, they well, my guy
never told me about it. Well, why don't you ask?
I mean, it's not that simple.
Speaker 3 (07:18):
Well that's it. Well, many people just really just don't
know know about what to do. And that's why you're
listening today. And that's okay. So pick up the phone,
schedule time to meet with us, Come on in, and
we have offices on both sides of the bay. We
have three convenient locations to help you. So visit our
website at Maggie tax dot com. That's m A g
GI tax dot com. So we talking about here is
let's just say you have an IRA and then let's
(07:39):
just say for you have five hundred thousand dollars IRA. Well,
you take an income from social security. You might have
a pension, but maybe you need ten thousand go on
a cruise, or fifteen thousand to do some planning or whatever.
The bottom line is that you've got to pay tax
on those that distribution, right, So what's that tax rate
going to be? But what if you're sixty five years
(08:01):
old and you don't need the money, Well, you're required
to take a distribution at age seventy three. It was
seventy and a half, then it was seventy two, now
it's seventy three. So from those retirement accounts, you have
what they call the required minimum distribution. You have to
take a distribution at seventy three years old. But go back,
if you are sixty five and you don't need the money,
(08:22):
why not start taking that five hundred thousand dollars IRA
that's infected with tax and why don't you start converting it,
meaning start taking a distribution and converting it to a
roth ira that's tax free money. So think about this.
Over the next seven years eight years you have, you
can slowly take that five hundred thousand and convert it
(08:42):
to roth ira. So when you are seventy three, you
have tax free money that you can take out and
not have to take a lot from the requirementum distribution.
So what do you do now? You are in position
and in control, so when they do change tax rates,
you don't have to pay them. That's what we're talking
about here. So pick up the phone, schedule a time
to meet with us. Let's talk about the Roth conversion.
(09:05):
Let's talk about if you should do it. That's what
we're talking about here. Planning planning, planning, planning, tax planning,
investment planning, income planning eight three three Maggie.
Speaker 2 (09:15):
Tax And most people, you know, when we ask them,
do you need the r m D, they say no,
and what can we do with it? Well, what's going
to happen is you'll probably take it and reinvest it.
That is going to cause a tax too. It's going
to bring into a higher income level. So how much
of your future income will you need from investment or
savings accounts? And what Chris was talking about, if you
stop and think about the guaranteed income that you have
(09:37):
like pension and social security, and we ask everyone this question,
how much do you need to come in the front
door every month. Like I say, if you need eight
thousand bucks and you know you're short one or two,
then you're going to take it from the IRA, but
it's going to become taxable. Why not learn how to
convert this and what Chris mentioned a minute ago. When
you're ready to take that out, it comes out tax free.
(09:59):
Think about it. Let's say it to yourself, tax free.
I'd rather have a tax free account than a taxable account.
Speaker 3 (10:04):
And that's just it. So what type of planning are
you doing today to help yourself and your family moving forward?
You know, many people who have been in the accumulation
phase have have saved enough money. Now what about the
distribution phase? And that's what we specialize in. So if
your advisor is not talking to you about tax planning
or roth conversions or ways to have tax free retirement,
(10:27):
then guess what you need to get a second opinion.
So pick up the phone today, schedule a time to
meet with us. Eight three three Maggie Tax. Visit our
website at Maggie tax dot com. There's so much information
right at our website to help you. We do complete planning.
Why because that's what it's about. It's not just about
managing your money and about the investments. There's the tax
(10:47):
side of this whole thing, in the income side. So
pick up the phone. Let's put together a plan. Eight
three three Maggie Tax. Eight three three Magi Tax.
Speaker 1 (10:58):
Stop planning for Uncle Sam's or 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 gg I tax dot com. Or call eight
(11:19):
one three three two two twenty five twenty. That's eight
one three three two two twenty five twenty. Now your
host for the Maggie Tax and Financial Hour, father and
son from Maggie Tax Advisory and Financial Group, Robert and
Chris Maggie.
Speaker 2 (11:36):
Welcome back, and you're listening to the Maggie Tax and
Financial Show. My name is Robert Maggie and I'm here
with my son and co host Chris Maggie. Don't forget
tune in every Sunday at ten thirty am on ABC
TV for the Maggie Tax and Financial Show. We have
a lot of topics we discuss in every Saturday, we
have a radio show at five pm and on Sunday
a radio show at eleven am on WFLA. So we
(11:58):
have a lot going on. It's tax time. We do
tax preparation. We take a holistic approach to everything we do.
What does that mean. It means we talk about you know,
income planning, tax planning, investment planning for you out there
that federal employees. We have seminars coming up, so if
you want to give us a call for the dates,
give us a call eight three to three Maggie Tax.
(12:19):
A lot of people right now are thinking about roth conversions,
Chris tax free retirement plans. A lot of people have
lost their jobs. I know some federal people have been,
you know, told they may not have a job if
they don't get a shot. So we've met with a
lot of people. So there's a lot going on right
now and a lot of fear and anxiety and a
lot of people. So the thing that I can see
is that savers need a long retirement plan because if
(12:41):
they don't have that now, then they're going to be
looking down the road that they don't have enough income.
So don't let this talk about long game retirement worry you.
You're probably already pretty good at thinking long term when
it comes to your future. And after all, when did
you start saving for retirement? So Chris, let's start with
that because it's the most important thing on people's mind
(13:02):
right now.
Speaker 3 (13:02):
Well, that's just it, you know, think about this. Yeah,
you mentioned many people who knows have gotten laid off.
They have they got the back against the wall. They
have to do something. And you know, what are you
gonna do about your retirement accounts? You know you have
them there? What do you do? How do you transferm
the most tax efficient way? A lot of things people
need to do something about. So we can help in
a lot of different ways. If that's happening to you,
(13:22):
pick up the phone, schedule time to meet with us.
Don't do anything until you meet with us. Eight three
three Maggie Tax and also visit our website at Maggie
tax dot com. And you mentioned one of the really
great points when you deal with retirement, it's not just
the short term. A lot of people looking for the
hot stock with a hot where to invest my money,
(13:43):
you know, crypto or gold or silver or what stock
out there is gonna give me the biggest return. And
that's the micro thinking. When you deal with long term retirement,
you know, you got to start thinking macro and macro
and that's what we specialize in long term retime planning.
I'm talking about tax planning, I'm talking about income planning.
(14:03):
I'm talking about Social Security maximization planning. I'm talking about
a state planning. I'm talking about legacy planning. That's what
we're talking about here. And you know a lot of
keys to retirement. You want growth, you want income, you
want safety, you want liquit it in your retirement plan.
Do you have that? And if you don't, you need
to start thinking the long term and that's what we
can help you out with exactly.
Speaker 2 (14:23):
So when did you actually start saving for retirement? Many
of you have four h one K plans. You put
money into it every every two weeks or every month
because you're saving for your retirement. What is that really
going to be at the end? And the other thing is,
you know, do you have an IRA. You're contributing to
an IRA to get a tax deduction. But what does
this all mean at the end? And that's what Chris
and I are talking about. So was it three years ago?
(14:44):
Was it five years ago? And the truth is many
of us are not very good at thinking long term
in all the right places. When it comes to retirement
tax planning, number one, have you thought about the tax
is going up in ten years when you retire, five
years when you retire, So what are you going to
do about it? What is your plan? And we think about,
you know, we think the hard work is over, you know,
(15:05):
we've saved enough money. But that's not true because in
some ways the hard work is just beginning and just beginning,
meaning what's going on today in this economy.
Speaker 3 (15:13):
And that's just it. I mean, your your assets have
to last as long as you do. What if they
don't last? Yeah, absolutely, you want to ask longer. I
mean many people come in and they say, I just
want to spend the last dollar on the day that
I passed away. Yeah, realistically, that's what you want because
you want to spend every last dollar that you save.
But realistically it's not going to happen that way because
we don't know. But the fact of the matter is,
(15:35):
if you create buckets of money and you have a
strategy with your long term retirement plan, you won't let
that happen, and you will be in control of your
retirement and get through the tough times that are about
to happen.
Speaker 2 (15:48):
Well that's a great point. But here's the thing. What
do we mean when we say that? Because almost all
of you likely have one thing in common, and I'm
gonna maybe insult a few people here, but it's in
a good way. You probably have an incomplete retirement approach.
And what do we mean by incomplete? You know, we've
identified three areas where American savers must think long term
when it comes to retirement, and Chris talk about them
(16:10):
because the first one is growth, So talk about how
that works. Well, that's just it.
Speaker 3 (16:13):
I mean, how do you build your retirement? How do
you maintain your retirement funds? I mean, think about it.
If you have five thousand dollars a month coming in
the front door, you know you want to have at
least that in retirement if you can. But how do
you go about growing your money? How do you go
about growing your investments? What strategies do you use? Do
you use safe strategies, do you use aggressive strategies? Do
(16:34):
you try to find the best opportunity out there with
all your money? What do you do and what's your approach.
That's what we call the investment plan. Do you have
an investment plan? If not, why not? We can show you.
And that's one of the key importance is the growth
side of it. What other options are there?
Speaker 2 (16:48):
Well, you got to talk about income or how you
use your retirement fund to support your lifestyle. Chris mentioned
it before. Ask yourself the simple question how much if
you're retired today, which you need to come in the
front door every single month, And that's an important question
because you have to budget your money because what if
it's two thousand less than what you're making now, you
have to find a plan to do that. But here's
(17:09):
the big part, Chris, what about taxes? Taxes or what
how much your retirement funds are going to? How much
you're actually going to keep after taxes and where are
we now? It's the same story. If taxes go up,
you're going to have less money later on and maybe
pay more fees and then have less in retirement. And
so that's a very important part when you talk about
retirement planning.
Speaker 3 (17:29):
So when you take a macro approach in retirement, and
that's what we do, it's a holistic approach. You know,
we talk about the steps you need to take to
make sure that you have growth, have income, and you
pay least amount of taxes possible. I mean, our clients
that we work with, they understand what their tax liability
is going to be, so they know what they get
is going to be net money and they can spend
(17:51):
it each and every month or the rest of their life.
Money's coming in the front door. And we know that
most successful retirees have long term plans for growth, income
and taxes. But nearly every saver we typically meet with
has really only one or two of these areas really
that are covered. So in fact, less than ten percent
of people we meet with addically prepare for all three
(18:12):
areas of these these important areas. And less than ten percent.
So what does that mean the other ninety percent they
have no plan? They have an incomplete plan.
Speaker 2 (18:22):
There you go, So pick up the phone, give us
a call eight three to three MAGI tax. Let's sit down.
Let's talk about your situation. You know what keeps you
up at night? What are your concerns right now? Is
it income? Is that taxes? Are your investments in line?
Do you understand the risk And we'll get into that
in a second, because it's up to you. It's your plan,
and most people like we see here, have an incomplete plan.
(18:43):
Eight three to three Magi Tax. Make sure you visit
our website, Maggie Tax dot com. We have a lot
of webinars on there, a lot of free webinars that
you can get educated and then you'll know when you
come in what we're going to do. So pick up
the phone eight three to three Magi Tax and we
have operated standing by right now, and be sure to
visit Maggie tax dot com.
Speaker 1 (19:03):
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
Maggi tax dot com or call eight one three three
(19:25):
two two twenty five twenty that's eight one three three
two two twenty five twenty now your host for the
Maggie Tax and Financial Hour, Father and son from Maggie
Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 2 (19:41):
Welcome every want to thanks for joining us. My name
is Robert Maggie. I'm here with my son, Chris Maggie,
and today we're talking about what we do for a
lot of people on the Roth conversions and why it's
so important to get it done correctly. So, if you
have an account, a Brokensch account, or you have just
a savings account and you need some information on how
to put a plan together, that's what Chris and I
are going to talk about. Because it's not just investments,
(20:04):
it's more because it's an income plan, it's a tax plan,
it's a legacy plan, and what about your beneficiaries. So
we're going to talk about how we put this together,
because now we're going to put this car, this vehicle
together so you can drive away in the tax free environment.
So Chris, let's start with you know, a typical client
comes in and they bring in their statements and we
see they have brokered statements and there's non qualified and qualified,
(20:28):
which brings up another point. Sometimes I don't even know
what they have. So how do we start to make
it easy for them to understand how to separate that
money and start putting it into bucket planning.
Speaker 3 (20:37):
Well that's it, you know, a great question. My gosh,
many people come in with all these statements and they
have piles of money. They don't know where and what
those accounts are. Are they taxable, they non taxable? Can
you generate income from them? Or can you not? So
they're just confused, right, and they've been with their advisor,
maybe for a couple of years or for a long time,
it doesn't matter. But maybe they're not doing the complete
(20:58):
plan for them. Maybe they're just doing transactional an account
or I've had this advisor or brokerage account for ten
years and it's just sitting there. Well is it? Are
you taking the right risk with that account? So what
we do is we can do a couple of things.
Number one, we set up a balance sheet. We show
you where your accounts are, what's taxable, it's non taxable,
all on one sheet. We show you type of income
(21:19):
you're currently taking. And this makes a lot of sense
to people because it's about education. So we educate you
on what you have and then we can go into
step number two, go back.
Speaker 2 (21:30):
To the balance sheet, because it's always enlightening. A lot
of advisors don't do a balance sheet, and we do
it from the ground up. You know what's so security,
What there's saving these accounts are if it's non qualified,
if it's qualified and goes into the beneficiary, and who
you want to leave it to. So the biggest concern
that I think people have is that when they meet
(21:50):
with an advisor that they're gonna come in and they're
gonna take all their money and they're gonna put all
their money into one bucket. And they don't want to
do that. So how do you separate to educate the
client that you can put money in safe buckets? You
can still put money in some risky buckets, but not
all of it. And we've seen this every single time
(22:11):
when a client comes in with a statement.
Speaker 3 (22:13):
Absolutely, So leading into step two is that we can
analyze your accounts and you're right, this is your money.
Let's just talk about this. It's not your advisor's money,
it's not your CPAs, it's your money. So if you
come in and you have a million dollars and you
have two hundred and fifty thousand in a stock that
you love because you've been with it for a long time,
why can't you keep it? Sure you can, there's nothing
wrong with saying you can't. But let's see how it
(22:35):
plays in your plan. Let's get educated and let's show
you what type of risk that will take and maybe
we have to peel off a little bit of that
of money to get the income that you need or
for the right risk level that you're looking for. So Dad,
you're right. We can create the buckets of money. And
a lot of people are looking for safety for their core.
They want to protect their money. We call it green
money buckets. Those are safe money where you don't lose anything,
(22:56):
there's no fees where you protect your money. So if
the market goes down, guess what those are your protection buckets.
Then you can have yellow money. Yellow money's we're actively
managing money. That's where you can have different purposes with accounts.
You can have an inflation protection bucket, you can have
an account that generates dividends, you can have an account
that has growth stocks, ETFs, a lot of different positions
(23:19):
that are managed effectively. And you can have a red
bucket where if you want to have your own account
that you actively manage or play with, then you could
do that too. But having a holistic approach with your
accounts and knowing where your money's at is so crucial
and many people we find out don't have that in place.
Speaker 2 (23:39):
You mentioned a keyword, holistic. We had a client call
last week and I've had it many times and they say,
can you explain what holistic means? Because I've never heard
that word before. And folks, it's a simple word because
it's about your money. It's about all your money and
where you're going to put it. And the cool thing
about it is that think about this for a second.
You save money, you put it in a savings account,
(24:00):
put it in a checking account. Why do you do that?
Because it's liquid money and you don't want to take
the risk of losing the money. Right. I know it's
a low interest rate, we get that, but we can
show you some ways to make that better. But then
you've got to start thinking about the rest of your money,
like Chris is talking about. Has anyone sat down with
you and said, hey, you know what, you're taking ninety
percent risk in your investments and if the market goes down,
(24:22):
you're going to lose. And the question is then what
do you do now? Okay, you're going to go back
to your advisor and say, well, you know, you put
it in the wrong bucket. You've got to sit down,
you have to have a conversation. You have to understand
what we're talking about, because you are going to make
the final decision where when when you put to bucket planning,
how much you want in income, how much you want
in green money, how much you want in yellow money.
(24:42):
And I bet the people listening right now, Chris, their
advisors aren't talking about red, green, and yellow.
Speaker 3 (24:47):
No they're not. And that's the thing. They just have
you this broker's account and it's just sitting there and
this is what it's done over the past year, and
don't worry, it's going to come back when if it
goes down, but over time it's going to be okay. Yeah,
those are the general answers to the question that people
are having. But at the end of the day, you've
done working, you're retired, you're about to retire. So many
(25:07):
people are in the accumulation phase of their life, and
when they retire, they're still in the accumulation phase of
their life. But there's the distribution phase that you have
to shift to. And it doesn't mean just hunker down
and protect your money with all of it. That's not
what we're saying. We're saying here is that you have
to have a clue. You have to have a plan.
You have to have a purpose with every dollar you have,
(25:30):
and that's why you create buckets. When you come in
to meet with us, we're going to put together an
investment plan. We're going to show you where one your risk,
what your risk level is, and if you are reaching
that or not, maybe you're taking more risk than you
need to. Maybe you're not taking as much risk than
you need to as well, so we can evaluate that
for you. That's step number two. Step number three is
put together a plan. We can allocate the different buckets
(25:51):
and your money into different buckets where you're going to
have a purpose. You're going to have a plan. So
if this market does go down, you have now money
that just protect it. Your later money. You can let
it grow, you can invest that money. If you are
a forty year old, that's fine, or fifty year old,
that's fine. But making sure that you have segments of
money and buckets put together with the right purpose.
Speaker 2 (26:12):
And here's the question that all of you should be
asking yourself. What if what if something happens to me today,
I'm working, I've got money coming in how much do
you have put aside that's going to give you the
income that you need every month. Where is it going
to come from. Is it going to come from solid security?
Is it going to come from a pension without disrupting
the rest of your accounts? And Chris, I think that's
(26:32):
the biggest fear of people have is running out of
money and they don't know where to get it. When
they do, well, that's it.
Speaker 3 (26:36):
You hit it on the head. I don't care if
you have fifty thousand or ten million dollars. I'll tell
you what. Most people who have a lot of money,
their main concern is running out of money. And many
people say, well, they have plenty of money. Know what
they're worried about is losing it. They're worried about if
the market goes down and running out of money. So
how do you combat that. Well, that's where the income
(26:58):
plan comes into play. And that's why it's so important
to make sure you have an income plan. If we
asked you, what's your income plan? Can you can you
define it? Well?
Speaker 2 (27:07):
Yeah, you're right.
Speaker 3 (27:08):
You have soci security from a husband and spouse. Some
people have a pension. Maybe some people don't even have
a survivor benefit. So if anything happens to that person,
it stops. So what are you doing? Those are three
income streams? But what if you need more money? Where
do you take the money on a most tax efficient
way so you can have the income, preserve your money
and not have to worry instead of going back to work.
(27:30):
That's generating an income plant. So we can help you
by picking up the phone. Schedule time to meet with us.
That's eight three three Magi Tax. That's eight three three
Magi Tax. And don't forget register for our seminars.
Speaker 2 (27:41):
This is what we talk about. Go to Maggie tax
dot com. Look for seminars that dates are there. Give
us a call today eight three three Magi Tax. Operators
are standing by. You need to do something to help
your situation, and the biggest thing is understand what you
have eight three three Magi Tax. So if it's at
our website Maggie Tax dot Com, be sure to watch
our TV show every Sunday at ten thirty on ABC. Folks,
(28:03):
it's up to you. We are offering a lot of
help here. You have to take the time to do it.
Eight three to three Maggie Tax.
Speaker 3 (28:09):
Eight yeah, no, you're right, So to keep going, I
just want to talk about this as too is to
summarize some things. We do the balance sheet, we analyze
the risks that you're currently taking. We implement the plan,
and we create the buckets of money. But when it
gets to the point of conversions and tax free buckets
are tax of a buckets, we can take it to
a new level and create tax free incomes.
Speaker 2 (28:29):
What does that look like, Well, tax free income. If
you look at it from a tax standpoint like we
have and you're paying less taxes, I think you're going
to be pretty happy. Okay, we've reduced a lot of
our client's taxes because they did it the right way,
and we even show them if you continue on the
same path that you have, you're got to pay a
lot in taxes. And you know what, everybody says, well,
I don't want to do that. I know, I know,
but you've got to do something to fix it, change
(28:50):
the lane, look at it through a different lens. That's
the problem, Chris, that I think people have. They are
so stubborn in their ways. Because that's the way we
would talk. No one broke the the mold and said, yeah,
you can do something different. And it's not going to
hurt you. You're allowed to do that. You're a big boy,
you're a big girl. Your money, your career, your life.
So take a step to the side and look at
(29:12):
it through a different lens, because you can do it.
And a lot of times, Chris, I know, we see
it all the time, the amazement and some of the
people that come in like, wow, I really didn't know that.
Speaker 3 (29:21):
And that's great. You know, it's really rewarding when we
see clients who have or generating over one hundred thousand
dollars of income per year and aren't pain a diamond tax.
And you look at that, and we say that on
the radio, and we say it we move people, and
I can show the tax returns. You know, people are
getting income from five different sources, including social Security and
a small pension and guess what they got income coming
in the front door and aren't paying a diamond tax.
(29:43):
And their accounts are in a situation where they have
a purpose and they have safety, and they have growth,
they have what they're looking for inflation protection and then
guess what, they have a plan. So we talked about
all that and then leads into the final what about
a state planning. What is that and how do we
put this all together?
Speaker 2 (29:59):
Well, you know, we don't have a will or a
power of attorney or a durable power of attorney or
a healthcare surrogate. People that own homes don't have a
quit claim deed or a lady bird deed, and if
they don't have that, it's going to go through probate.
And so many of you out there think, well, just
because my name's on the mortgage, it's not going to
go through probate. I'm going to tell you right now
you're wrong. And you need to understand how simple this is,
(30:21):
how inexpensive this is, and how important it is to
all of you to sit down and put either a
trust package together or a will package because it's going
to protect you and it's going to protect your kids.
And I'm telling you, we've seen too many people come
in after the fact, Chris and it's like you sit
there and you cry, like why didn't someone.
Speaker 3 (30:37):
Tell them about Well, that's it. I mean, you see
the passion that we have we can do. That's what
holistic planning is incomplaining, tax planning, investment planning, state planning,
and that's what we do here. At MAGI Tax and
Financial Groups, So pick up the phone schedule time to
meet with us. Eight three three Magi Tax eight three
three mag Attacks. We have offices on both sides of
the bay, so it's very convenient for you. Maggie Tax.
(31:00):
We look forward to meeting with you and putting together
a plan for you and your family. Eight three to three,
Maggie Tax.
Speaker 1 (31:08):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie Tax dot com. That's
Maggi Tax dot com or call eight one three three
(31:30):
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 (31:46):
Welcome back to the Maggie Tax and Financial Show, and
thank you so much for tuning in today. And we've
been talking about investment debt and getting out of debt
in a good way. Many people think about credit cards,
but I'm not talking about that. I'm talking about the
investment debt that you have on all your retirement accounts.
And think about this. You have iras Form one k's
thrift savings plans, four O three b's four fifty seven plans.
(32:08):
Guess what those accounts are infected with taxes. And if
you're infected with something, it's not a good thing, right, So,
if your retirement accounts are infected with taxes, that means
you have an unknown question mark tax rate that has
to come out. You have a debt to the IRS
when you start taking distributions. And many people don't know that.
(32:28):
They look at their statements each and every month and
they say, oh my gosh, it's up ten grand, it's
down ten it's up thirty thousand, it's up forty thousand,
it's doing great. But guess what, when you start taking
a distribution, it's taxable. So what are you doing about it.
That's the planning that comes into play that has to
be there in your retirement to make sure you have
a solid plan. And if you don't have a plan,
(32:50):
when you're talking about taxes and investments and income, you
need to pick up the phone and schedule time to
meet with us eight three to three magi tax. That's
eight three to three magi tax.
Speaker 2 (32:59):
And when you put a plan together, you're talking about
putting a tax plan, an income plan, an investment plan,
an insurance plan. So how can you do it in
an efficient way so that you're not shooting yourself in
the foot while you're going to try to go tax
for you have to pay the taxes first period. So
what we're going to show you is the least amount
of taxes and then it's not gonna be a hard
decision for you to make because if you have the
(33:21):
cash and we can do it from there, you do
it now so that later on you don't have this
big tax.
Speaker 3 (33:25):
Now, that's it. Let's talk about that. So when someone
comes in, what are we going to do? Well, we
understand taxes obviously, So what we can do is show
you right there, will show you what your current tax
return looks like. Then we'll break it down and we'll
show you what if we convert a twenty thousand or
fifty thousand from an IRA to a wroth, Well, you
have to pay the tax to get there, right, So
we understand that we're talking about buying out the irs.
(33:47):
Let's do that at a cheaper rate as opposed to
later on where it's very expensive. So we can show
you to you and we can break this down and
we can sit down and show that what the tax
turn will look like. And you say, I like that strategy.
I like that strategy, but I don't like the other strategy.
That's fine. This is your money. We can put together
a plan and show you options that can you can
(34:07):
own and feel good about it because when you start
building a tax free bucket, what you have done is
you eliminated. Uncle Sam and my dad talked about putting
your retirement plan in pencil. Well, let's put it in
pen where it's permanent, where you know that you don't
have to pay taxes forever and ever and ever and
ever again. Now many people don't have that ability, but
(34:29):
you can if you come meet with us, because we'll
show you ways to create a tax deduction. We'll show
you ways to get the money out in the most
tax efficient way. Eight three to three Magi Tax will
go through that for you. Schedule time to meet with us.
You meet with us eight three to three Maggie Tax.
Speaker 2 (34:43):
So here's how one of the ideas works. The goal
is we're going to start with your retirement account because
that's the one that's taxed the most. So we use
and just use this for concept because when you come
in we'll explain it. But we use a five year
conversion period and at the end of this time period
in which we do the series of structured conversions. We
call them structured because what Chris just said, we'll take
(35:04):
out certain amount one year, certain amount the second year
from a tax return, where we convert the money over
to a roth ira and basically the goal is that
you want to have at least the same amount as
you started with. Let me repeat that. So if you
have five hundred thousand now over the next five years,
when you start converting, we have to use an investment
vehicle that's going to get you back to where you
(35:24):
were five years ago. And that's how we do bucket planning.
So take a second and explain how that works, because
it's three buckets that we use to get there.
Speaker 3 (35:32):
That's it. So let's just give an example. What if
we had three buckets and you have one hundred thousand dollars, Well,
what if you put twenty thousand dollars in bucket one,
and we put thirty thousand in bucket two and fifty
thousand and bucket three. Well, what we're designing here is
an income plan. So that first bucket a bucket one
of twenty grand, Let's give you income off of that
for the next five years guaranteed. But that in five
(35:54):
years is going to go down to zero. And many
people say, oh my gosh, I don't want my account
to going down to zero. Well, just bucket one is
what about bucket two and bucket three? So when bucket
one is given you income, bucket two and three you're
growing and guess what Now you have just as much,
if not more income and value there. But now what
after five years? Now you turn on bucket two. So
(36:15):
now bucket two gives you guaranteed income for life, but
now that goes down the zero after five years. Then
you might start thinking, well, I have no money. No,
you forgot about bucket three. Bucket three grows back to
where you started originally, and you could do it all
over again. So that's when we start talking about bucket
planning and income planning, where you can have income and
you don't run out of money. You live off of
(36:37):
the interest, and you live it off of the way
where you can create it, where you have buckets doing
different things with different strategies that you're protected and diversified
in a lot of different ways. That's income planning right now.
What about tax planning, Well, we use the same concept
where we can get money that's infected with taxes, eliminate
Uncle Sam and create a tax free bucket. So now
(36:59):
you don't have to worry about Uncle Sam ever and
ever and ever again. So who cares what an amount,
what tax rates are going to be? Who cares if
tax rates go up? It doesn't matter to clients of
ours who have tax free buckets because they don't have
to worry about it. That's where your retirement plan is
written in pen instead of pencil.
Speaker 2 (37:18):
So what you want to do is call my office
eight three three Maggie Tax and tell them you want
to do this. We're going to tell you what it is.
It's called a strategic rollout. It's called a strategic rollout
and bucket planning. And if your advisor's not talking about this,
then you know, shame on them. They're not giving you
the whole story. And you're going to have a tax
free rough account, which Chris said, you're going to have
paid all the taxes over five or ten year period
(37:39):
at the lowest amount, and you're going to have tax
free income. How good is that? So by the time
that we're done, you probably have more than what you
started with.
Speaker 3 (37:47):
And one more thing, you're going to eliminate Uncle Sam.
Who wants to eliminate Uncle Sam? Well, if I can
eliminate the person who's causing taxes, guess what, that's a
great feeling to have.
Speaker 2 (37:57):
And it's it's kind of funny because when we show
this to people's as shocking and they always say, well,
I've never heard this before. What's because your advisor doesn't
talk about taxes, doesn't talk about income planning, talk about
you know, retirement planning, talk about IRA, R M d
S and how it's going to affect everything that you do.
Eight three three Magie Tax, I hope today was helpful
to you getting out of debt to the irs. It's
(38:19):
going to be here for a long time. You need
to do something about it. Eight three three Magie Tax.
Visit our website Maggie tax dot com, click on seminars
and register for the seminar. These are at the library.
They're educational. We talk about everything. Eight three three Maggie
Tax and visit our website Maggie Tax dot com. You're
listening to the Maggie Tax and Financial Show. Eight three
(38:40):
three Magie Tax.
Speaker 1 (38:43):
You've been listening to the Maggie Tax and Financial Hour
discussing tax planning investment strategy is presented by Robert and
Chris Maggie from Maggie Tax Advisory and Financial Services with
offices in Hillsboro and Panelas County. Visit Maggie Tax dot
com or call eight one three three two two twenty
five twenty. That's eight one three three two two twenty
(39:05):
five twenty and tune in next Saturday at five for
the Maggie Tax and Financial Hour
All these years you've saved up planning for a secure retirement,
but if you're not careful, it will be the irs
that's living it up when you retire by taxing your
hard earned money. Welcome to the Maggie Tax and Financial
Hour with Robert and Chris Maggie of Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
in tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty or visit Maggie
Tax dot Com. That's Maggi tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:53):
Welcome everyone, and thanks for joining us today. My name
is Robert Maggie and I'm here with my son, Chris Maggie.
You're listening to the Maggie Tax Infinancial Show. Be sure
to visit our website Maggie Tax dot com and register
for our upcoming seminars. We have seminars on a state planning,
and we will have seminars on tax planning, very very important.
We'll keep mentioning this every week. But go to our website,
(01:14):
Maggie Tax dot com. It's right there. You can give
us a call and register, and don't forget. Every Sunday
on ABC TV at ten thirty, tune into the Maggie
Tax and Financial Show. We have a lot to talk
about today. You all know that we do a lot
of things like tax planning, income planning, investment planning, insurance planning,
and just proper planning for everybody. We've learned a lot
(01:34):
from you folks out there coming in because you're confused
and you don't understand certain things. So we're going to
talk today about a Wroth conversion because this is very
important right now to understand that all of you have
a debt to the irs, and when the subject of
converting your IRA to a Roth tax free IRA comes up,
you get many different opinions. And most often what we
(01:55):
hear is my advisor or CPA or investment manager told
me that I just need to convert to the top
of my tax bracket every year. Not a bad idea,
but they will also tell you it's not worth it
to pay a higher tax. And we disagree in what
you have to understand from a tax standpoint when we
do tax planning, and Chris will talk about this in
a minute, but you've got to do it from a
(02:15):
mock tax return. What does your tax return look like?
How much tax can you pay if you go to
the next level. So all of you have a tax
time bomb and it's ticking louder and louder every day,
and you have a debt to the IRIS, and at
some point you or your beneficiaries will have to pay
the tax and it could be a higher tax. And
some people tell me they have developed their own spreadsheets.
(02:37):
I love that one because the spreadsheets basically don't tell
you what the tax is you're going to pay, and
it looks like conversions aren't going to be worth it
to me. If they have a spreadsheet, how can you
say that it's just not true. We have a client
in Tampa and she called us the other day first
time and she said to me, you know, she could
not believe we were actually recommending what she had and
listen to this what she had questioned her CPA about
(03:00):
ten years ago, right after the tax rates were lowered
by the Tax Cut and Jobs Act. So the question
today is what will happen in twenty twenty five, and
if you don't know the Tax Cuts and Jobs actors
getting to expire, her CPA told it would not make
sense for her to convert any more than just enough
to get to the top of her current low tax bracket.
She lost the argument with the CPA. So the problem
(03:22):
is she lost the opportunity to get conversions finished before
she would have to take the required minimum distribution to
R and D. I know that may sound confusing to you,
but when we show you this, this is what's going
to happen to a lot of you when you start
taking your RM and D. And Chris, this is the
part that people sit back and they go, we didn't
know that. But you know, if CPAs aren't helping you,
(03:43):
or tax advisors aren't helping you, right now is the
time to pick up the phone and give us a call.
Sit down with Chris and me, and we'll talk about
conversion because we want you to see it from the
ground up. It's not just an opinion, it's a fact
that you have to do it right. So, Chris, I
mean you see it all the time that we talk
about this, and we're going to talk about there's seven
questions that people should be asking about growth conversions. And
(04:04):
one of the things that we always say, if you
don't know what you don't know, then don't say no.
Speaker 3 (04:09):
Right, Well, that's just said, you know, welcome everyone, I'm
Chris Maggie and thanks for tuning into the show. And
my dad said a lot right there, because there's so
much to talk about. Many people have iras and formal
k's and TSPs and set iras. These accounts are what
we call infected with taxes. So if you're listening today,
if you have these accounts, you have accounts that are
infected with tax What does that mean. That means when
(04:30):
you take a distribution from these accounts, you have to
pay the tax. There's a ten nillion nine that's issued
and you have to report it on your tax return. Now,
you have maybe five hundred thousand in your qualified account.
You might have a million, you might have one point five.
It doesn't matter what it is. The fact of the
matter is, it's all taxable. So at the end of
twenty twenty five, the Trump tax cuts expire, what does
(04:52):
that mean? That means that tax rates will revert back
up at least three percent, if not higher. So that
means when you take a distribution, you're not only paying tax,
you're paying higher tax. So what can you do now
to start converting money from an infected area of tax
to a tax free environment. How do you get there?
And that's the biggest question that many advisors try to
(05:14):
talk to their clients about, but they have no idea
what the tax ramivocations are going to be. And a
Maggie Tax Advisor and financial group we do because we
take a tax approach and everything. We understand tax planning,
we understand investments. We do investments, we do insurance planning,
we do complete planning. And that's what we do for
our clients. So what we're going to talk about today
(05:35):
is taxes. What do you believe will happen to income
taxes in the future. Will they be higher or will
they be lower? So Dad talk about this.
Speaker 2 (05:44):
One thing that I also want to mention to help
you at the stand Going to our website maggietax dot
com and the top right, you'll see the retirement tax
calculator put in your information. In thirty seconds, I can
send you a report to give you an idea of
what your tax bill is going to be. So what
Chris just said, what do you believe happen to income
tax rates in the future. Most people tell us it's
going to go up. So there is another common misconception
(06:06):
floating around out there that portrays Wroth. Conversions has something
as simple as whether you'll pay a higher rate or
of tax today or tomorrow. It depends on your situation,
and that's why you have to sit down and do
it from a tax return. Your tax return and the
clients that we've worked with see huge tax savings regardless
of whether the tax rates increase or decrease. But there's
(06:28):
some value in considering the impact of possible tax increases
as a motivation for choosing a faster conversion timeline. Listen,
the IRS loves you if you're a millionaire, because you're
a millionaire and you're leaving a million dollars of taxes
on the doorstep of the IRS, and you don't think
about it that way. So you can convert. You can
do a conversion. We can talk about that because the
(06:49):
Tax Cut and Jobs Act of twenty seventeen, it drove
us to a fifty year low in the rate of
income taxes that we pay in America. So the Tax
Cuts and Jobs Act is set to expire at the
end of twenty twenty five. What does that mean. It
means you have a window of opportunity between now and
the end of twenty twenty four twenty five to convert
to pay the lower tax and be done with it.
(07:11):
How many of you would like to do that, Chris?
When we tell this to people, they well, my guy
never told me about it. Well, why don't you ask?
I mean, it's not that simple.
Speaker 3 (07:18):
Well that's it. Well, many people just really just don't
know know about what to do. And that's why you're
listening today. And that's okay. So pick up the phone,
schedule time to meet with us, Come on in, and
we have offices on both sides of the bay. We
have three convenient locations to help you. So visit our
website at Maggie tax dot com. That's m A g
GI tax dot com. So we talking about here is
let's just say you have an IRA and then let's
(07:39):
just say for you have five hundred thousand dollars IRA. Well,
you take an income from social security. You might have
a pension, but maybe you need ten thousand go on
a cruise, or fifteen thousand to do some planning or whatever.
The bottom line is that you've got to pay tax
on those that distribution, right, So what's that tax rate
going to be? But what if you're sixty five years
(08:01):
old and you don't need the money, Well, you're required
to take a distribution at age seventy three. It was
seventy and a half, then it was seventy two, now
it's seventy three. So from those retirement accounts, you have
what they call the required minimum distribution. You have to
take a distribution at seventy three years old. But go back,
if you are sixty five and you don't need the money,
(08:22):
why not start taking that five hundred thousand dollars IRA
that's infected with tax and why don't you start converting it,
meaning start taking a distribution and converting it to a
roth ira that's tax free money. So think about this.
Over the next seven years eight years you have, you
can slowly take that five hundred thousand and convert it
(08:42):
to roth ira. So when you are seventy three, you
have tax free money that you can take out and
not have to take a lot from the requirementum distribution.
So what do you do now? You are in position
and in control, so when they do change tax rates,
you don't have to pay them. That's what we're talking
about here. So pick up the phone, schedule a time
to meet with us. Let's talk about the Roth conversion.
(09:05):
Let's talk about if you should do it. That's what
we're talking about here. Planning planning, planning, planning, tax planning,
investment planning, income planning eight three three Maggie.
Speaker 2 (09:15):
Tax And most people, you know, when we ask them,
do you need the r m D, they say no,
and what can we do with it? Well, what's going
to happen is you'll probably take it and reinvest it.
That is going to cause a tax too. It's going
to bring into a higher income level. So how much
of your future income will you need from investment or
savings accounts? And what Chris was talking about, if you
stop and think about the guaranteed income that you have
(09:37):
like pension and social security, and we ask everyone this question,
how much do you need to come in the front
door every month. Like I say, if you need eight
thousand bucks and you know you're short one or two,
then you're going to take it from the IRA, but
it's going to become taxable. Why not learn how to
convert this and what Chris mentioned a minute ago. When
you're ready to take that out, it comes out tax free.
(09:59):
Think about it. Let's say it to yourself, tax free.
I'd rather have a tax free account than a taxable account.
Speaker 3 (10:04):
And that's just it. So what type of planning are
you doing today to help yourself and your family moving forward?
You know, many people who have been in the accumulation
phase have have saved enough money. Now what about the
distribution phase? And that's what we specialize in. So if
your advisor is not talking to you about tax planning
or roth conversions or ways to have tax free retirement,
(10:27):
then guess what you need to get a second opinion.
So pick up the phone today, schedule a time to
meet with us. Eight three three Maggie Tax. Visit our
website at Maggie tax dot com. There's so much information
right at our website to help you. We do complete planning.
Why because that's what it's about. It's not just about
managing your money and about the investments. There's the tax
(10:47):
side of this whole thing, in the income side. So
pick up the phone. Let's put together a plan. Eight
three three Maggie Tax. Eight three three Magi Tax.
Speaker 1 (10:58):
Stop planning for Uncle Sam's or 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 gg I tax dot com. Or call eight
(11:19):
one three three two two twenty five twenty. That's eight
one three three two two twenty five twenty. Now your
host for the Maggie Tax and Financial Hour, father and
son from Maggie Tax Advisory and Financial Group, Robert and
Chris Maggie.
Speaker 2 (11:36):
Welcome back, and you're listening to the Maggie Tax and
Financial Show. My name is Robert Maggie and I'm here
with my son and co host Chris Maggie. Don't forget
tune in every Sunday at ten thirty am on ABC
TV for the Maggie Tax and Financial Show. We have
a lot of topics we discuss in every Saturday, we
have a radio show at five pm and on Sunday
a radio show at eleven am on WFLA. So we
(11:58):
have a lot going on. It's tax time. We do
tax preparation. We take a holistic approach to everything we do.
What does that mean. It means we talk about you know,
income planning, tax planning, investment planning for you out there
that federal employees. We have seminars coming up, so if
you want to give us a call for the dates,
give us a call eight three to three Maggie Tax.
(12:19):
A lot of people right now are thinking about roth conversions,
Chris tax free retirement plans. A lot of people have
lost their jobs. I know some federal people have been,
you know, told they may not have a job if
they don't get a shot. So we've met with a
lot of people. So there's a lot going on right
now and a lot of fear and anxiety and a
lot of people. So the thing that I can see
is that savers need a long retirement plan because if
(12:41):
they don't have that now, then they're going to be
looking down the road that they don't have enough income.
So don't let this talk about long game retirement worry you.
You're probably already pretty good at thinking long term when
it comes to your future. And after all, when did
you start saving for retirement? So Chris, let's start with
that because it's the most important thing on people's mind
(13:02):
right now.
Speaker 3 (13:02):
Well, that's just it, you know, think about this. Yeah,
you mentioned many people who knows have gotten laid off.
They have they got the back against the wall. They
have to do something. And you know, what are you
gonna do about your retirement accounts? You know you have
them there? What do you do? How do you transferm
the most tax efficient way? A lot of things people
need to do something about. So we can help in
a lot of different ways. If that's happening to you,
(13:22):
pick up the phone, schedule time to meet with us.
Don't do anything until you meet with us. Eight three
three Maggie Tax and also visit our website at Maggie
tax dot com. And you mentioned one of the really
great points when you deal with retirement, it's not just
the short term. A lot of people looking for the
hot stock with a hot where to invest my money,
(13:43):
you know, crypto or gold or silver or what stock
out there is gonna give me the biggest return. And
that's the micro thinking. When you deal with long term retirement,
you know, you got to start thinking macro and macro
and that's what we specialize in long term retime planning.
I'm talking about tax planning, I'm talking about income planning.
(14:03):
I'm talking about Social Security maximization planning. I'm talking about
a state planning. I'm talking about legacy planning. That's what
we're talking about here. And you know a lot of
keys to retirement. You want growth, you want income, you
want safety, you want liquit it in your retirement plan.
Do you have that? And if you don't, you need
to start thinking the long term and that's what we
can help you out with exactly.
Speaker 2 (14:23):
So when did you actually start saving for retirement? Many
of you have four h one K plans. You put
money into it every every two weeks or every month
because you're saving for your retirement. What is that really
going to be at the end? And the other thing is,
you know, do you have an IRA. You're contributing to
an IRA to get a tax deduction. But what does
this all mean at the end? And that's what Chris
and I are talking about. So was it three years ago?
(14:44):
Was it five years ago? And the truth is many
of us are not very good at thinking long term
in all the right places. When it comes to retirement
tax planning, number one, have you thought about the tax
is going up in ten years when you retire, five
years when you retire, So what are you going to
do about it? What is your plan? And we think about,
you know, we think the hard work is over, you know,
(15:05):
we've saved enough money. But that's not true because in
some ways the hard work is just beginning and just beginning,
meaning what's going on today in this economy.
Speaker 3 (15:13):
And that's just it. I mean, your your assets have
to last as long as you do. What if they
don't last? Yeah, absolutely, you want to ask longer. I
mean many people come in and they say, I just
want to spend the last dollar on the day that
I passed away. Yeah, realistically, that's what you want because
you want to spend every last dollar that you save.
But realistically it's not going to happen that way because
we don't know. But the fact of the matter is,
(15:35):
if you create buckets of money and you have a
strategy with your long term retirement plan, you won't let
that happen, and you will be in control of your
retirement and get through the tough times that are about
to happen.
Speaker 2 (15:48):
Well that's a great point. But here's the thing. What
do we mean when we say that? Because almost all
of you likely have one thing in common, and I'm
gonna maybe insult a few people here, but it's in
a good way. You probably have an incomplete retirement approach.
And what do we mean by incomplete? You know, we've
identified three areas where American savers must think long term
when it comes to retirement, and Chris talk about them
(16:10):
because the first one is growth, So talk about how
that works. Well, that's just it.
Speaker 3 (16:13):
I mean, how do you build your retirement? How do
you maintain your retirement funds? I mean, think about it.
If you have five thousand dollars a month coming in
the front door, you know you want to have at
least that in retirement if you can. But how do
you go about growing your money? How do you go
about growing your investments? What strategies do you use? Do
you use safe strategies, do you use aggressive strategies? Do
(16:34):
you try to find the best opportunity out there with
all your money? What do you do and what's your approach.
That's what we call the investment plan. Do you have
an investment plan? If not, why not? We can show you.
And that's one of the key importance is the growth
side of it. What other options are there?
Speaker 2 (16:48):
Well, you got to talk about income or how you
use your retirement fund to support your lifestyle. Chris mentioned
it before. Ask yourself the simple question how much if
you're retired today, which you need to come in the
front door every single month, And that's an important question
because you have to budget your money because what if
it's two thousand less than what you're making now, you
have to find a plan to do that. But here's
(17:09):
the big part, Chris, what about taxes? Taxes or what
how much your retirement funds are going to? How much
you're actually going to keep after taxes and where are
we now? It's the same story. If taxes go up,
you're going to have less money later on and maybe
pay more fees and then have less in retirement. And
so that's a very important part when you talk about
retirement planning.
Speaker 3 (17:29):
So when you take a macro approach in retirement, and
that's what we do, it's a holistic approach. You know,
we talk about the steps you need to take to
make sure that you have growth, have income, and you
pay least amount of taxes possible. I mean, our clients
that we work with, they understand what their tax liability
is going to be, so they know what they get
is going to be net money and they can spend
(17:51):
it each and every month or the rest of their life.
Money's coming in the front door. And we know that
most successful retirees have long term plans for growth, income
and taxes. But nearly every saver we typically meet with
has really only one or two of these areas really
that are covered. So in fact, less than ten percent
of people we meet with addically prepare for all three
(18:12):
areas of these these important areas. And less than ten percent.
So what does that mean the other ninety percent they
have no plan? They have an incomplete plan.
Speaker 2 (18:22):
There you go, So pick up the phone, give us
a call eight three to three MAGI tax. Let's sit down.
Let's talk about your situation. You know what keeps you
up at night? What are your concerns right now? Is
it income? Is that taxes? Are your investments in line?
Do you understand the risk And we'll get into that
in a second, because it's up to you. It's your plan,
and most people like we see here, have an incomplete plan.
(18:43):
Eight three to three Magi Tax. Make sure you visit
our website, Maggie Tax dot com. We have a lot
of webinars on there, a lot of free webinars that
you can get educated and then you'll know when you
come in what we're going to do. So pick up
the phone eight three to three Magi Tax and we
have operated standing by right now, and be sure to
visit Maggie tax dot com.
Speaker 1 (19:03):
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
Maggi tax dot com or call eight one three three
(19:25):
two two twenty five twenty that's eight one three three
two two twenty five twenty now your host for the
Maggie Tax and Financial Hour, Father and son from Maggie
Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 2 (19:41):
Welcome every want to thanks for joining us. My name
is Robert Maggie. I'm here with my son, Chris Maggie,
and today we're talking about what we do for a
lot of people on the Roth conversions and why it's
so important to get it done correctly. So, if you
have an account, a Brokensch account, or you have just
a savings account and you need some information on how
to put a plan together, that's what Chris and I
are going to talk about. Because it's not just investments,
(20:04):
it's more because it's an income plan, it's a tax plan,
it's a legacy plan, and what about your beneficiaries. So
we're going to talk about how we put this together,
because now we're going to put this car, this vehicle
together so you can drive away in the tax free environment.
So Chris, let's start with you know, a typical client
comes in and they bring in their statements and we
see they have brokered statements and there's non qualified and qualified,
(20:28):
which brings up another point. Sometimes I don't even know
what they have. So how do we start to make
it easy for them to understand how to separate that
money and start putting it into bucket planning.
Speaker 3 (20:37):
Well that's it, you know, a great question. My gosh,
many people come in with all these statements and they
have piles of money. They don't know where and what
those accounts are. Are they taxable, they non taxable? Can
you generate income from them? Or can you not? So
they're just confused, right, and they've been with their advisor,
maybe for a couple of years or for a long time,
it doesn't matter. But maybe they're not doing the complete
(20:58):
plan for them. Maybe they're just doing transactional an account
or I've had this advisor or brokerage account for ten
years and it's just sitting there. Well is it? Are
you taking the right risk with that account? So what
we do is we can do a couple of things.
Number one, we set up a balance sheet. We show
you where your accounts are, what's taxable, it's non taxable,
all on one sheet. We show you type of income
(21:19):
you're currently taking. And this makes a lot of sense
to people because it's about education. So we educate you
on what you have and then we can go into
step number two, go back.
Speaker 2 (21:30):
To the balance sheet, because it's always enlightening. A lot
of advisors don't do a balance sheet, and we do
it from the ground up. You know what's so security,
What there's saving these accounts are if it's non qualified,
if it's qualified and goes into the beneficiary, and who
you want to leave it to. So the biggest concern
that I think people have is that when they meet
(21:50):
with an advisor that they're gonna come in and they're
gonna take all their money and they're gonna put all
their money into one bucket. And they don't want to
do that. So how do you separate to educate the
client that you can put money in safe buckets? You
can still put money in some risky buckets, but not
all of it. And we've seen this every single time
(22:11):
when a client comes in with a statement.
Speaker 3 (22:13):
Absolutely, So leading into step two is that we can
analyze your accounts and you're right, this is your money.
Let's just talk about this. It's not your advisor's money,
it's not your CPAs, it's your money. So if you
come in and you have a million dollars and you
have two hundred and fifty thousand in a stock that
you love because you've been with it for a long time,
why can't you keep it? Sure you can, there's nothing
wrong with saying you can't. But let's see how it
(22:35):
plays in your plan. Let's get educated and let's show
you what type of risk that will take and maybe
we have to peel off a little bit of that
of money to get the income that you need or
for the right risk level that you're looking for. So Dad,
you're right. We can create the buckets of money. And
a lot of people are looking for safety for their core.
They want to protect their money. We call it green
money buckets. Those are safe money where you don't lose anything,
(22:56):
there's no fees where you protect your money. So if
the market goes down, guess what those are your protection buckets.
Then you can have yellow money. Yellow money's we're actively
managing money. That's where you can have different purposes with accounts.
You can have an inflation protection bucket, you can have
an account that generates dividends, you can have an account
that has growth stocks, ETFs, a lot of different positions
(23:19):
that are managed effectively. And you can have a red
bucket where if you want to have your own account
that you actively manage or play with, then you could
do that too. But having a holistic approach with your
accounts and knowing where your money's at is so crucial
and many people we find out don't have that in place.
Speaker 2 (23:39):
You mentioned a keyword, holistic. We had a client call
last week and I've had it many times and they say,
can you explain what holistic means? Because I've never heard
that word before. And folks, it's a simple word because
it's about your money. It's about all your money and
where you're going to put it. And the cool thing
about it is that think about this for a second.
You save money, you put it in a savings account,
(24:00):
put it in a checking account. Why do you do that?
Because it's liquid money and you don't want to take
the risk of losing the money. Right. I know it's
a low interest rate, we get that, but we can
show you some ways to make that better. But then
you've got to start thinking about the rest of your money,
like Chris is talking about. Has anyone sat down with
you and said, hey, you know what, you're taking ninety
percent risk in your investments and if the market goes down,
(24:22):
you're going to lose. And the question is then what
do you do now? Okay, you're going to go back
to your advisor and say, well, you know, you put
it in the wrong bucket. You've got to sit down,
you have to have a conversation. You have to understand
what we're talking about, because you are going to make
the final decision where when when you put to bucket planning,
how much you want in income, how much you want
in green money, how much you want in yellow money.
(24:42):
And I bet the people listening right now, Chris, their
advisors aren't talking about red, green, and yellow.
Speaker 3 (24:47):
No they're not. And that's the thing. They just have
you this broker's account and it's just sitting there and
this is what it's done over the past year, and
don't worry, it's going to come back when if it
goes down, but over time it's going to be okay. Yeah,
those are the general answers to the question that people
are having. But at the end of the day, you've
done working, you're retired, you're about to retire. So many
(25:07):
people are in the accumulation phase of their life, and
when they retire, they're still in the accumulation phase of
their life. But there's the distribution phase that you have
to shift to. And it doesn't mean just hunker down
and protect your money with all of it. That's not
what we're saying. We're saying here is that you have
to have a clue. You have to have a plan.
You have to have a purpose with every dollar you have,
(25:30):
and that's why you create buckets. When you come in
to meet with us, we're going to put together an
investment plan. We're going to show you where one your risk,
what your risk level is, and if you are reaching
that or not, maybe you're taking more risk than you
need to. Maybe you're not taking as much risk than
you need to as well, so we can evaluate that
for you. That's step number two. Step number three is
put together a plan. We can allocate the different buckets
(25:51):
and your money into different buckets where you're going to
have a purpose. You're going to have a plan. So
if this market does go down, you have now money
that just protect it. Your later money. You can let
it grow, you can invest that money. If you are
a forty year old, that's fine, or fifty year old,
that's fine. But making sure that you have segments of
money and buckets put together with the right purpose.
Speaker 2 (26:12):
And here's the question that all of you should be
asking yourself. What if what if something happens to me today,
I'm working, I've got money coming in how much do
you have put aside that's going to give you the
income that you need every month. Where is it going
to come from. Is it going to come from solid security?
Is it going to come from a pension without disrupting
the rest of your accounts? And Chris, I think that's
(26:32):
the biggest fear of people have is running out of
money and they don't know where to get it. When
they do, well, that's it.
Speaker 3 (26:36):
You hit it on the head. I don't care if
you have fifty thousand or ten million dollars. I'll tell
you what. Most people who have a lot of money,
their main concern is running out of money. And many
people say, well, they have plenty of money. Know what
they're worried about is losing it. They're worried about if
the market goes down and running out of money. So
how do you combat that. Well, that's where the income
(26:58):
plan comes into play. And that's why it's so important
to make sure you have an income plan. If we
asked you, what's your income plan? Can you can you
define it? Well?
Speaker 2 (27:07):
Yeah, you're right.
Speaker 3 (27:08):
You have soci security from a husband and spouse. Some
people have a pension. Maybe some people don't even have
a survivor benefit. So if anything happens to that person,
it stops. So what are you doing? Those are three
income streams? But what if you need more money? Where
do you take the money on a most tax efficient
way so you can have the income, preserve your money
and not have to worry instead of going back to work.
(27:30):
That's generating an income plant. So we can help you
by picking up the phone. Schedule time to meet with us.
That's eight three three Magi Tax. That's eight three three
Magi Tax. And don't forget register for our seminars.
Speaker 2 (27:41):
This is what we talk about. Go to Maggie tax
dot com. Look for seminars that dates are there. Give
us a call today eight three three Magi Tax. Operators
are standing by. You need to do something to help
your situation, and the biggest thing is understand what you
have eight three three Magi Tax. So if it's at
our website Maggie Tax dot Com, be sure to watch
our TV show every Sunday at ten thirty on ABC. Folks,
(28:03):
it's up to you. We are offering a lot of
help here. You have to take the time to do it.
Eight three to three Maggie Tax.
Speaker 3 (28:09):
Eight yeah, no, you're right, So to keep going, I
just want to talk about this as too is to
summarize some things. We do the balance sheet, we analyze
the risks that you're currently taking. We implement the plan,
and we create the buckets of money. But when it
gets to the point of conversions and tax free buckets
are tax of a buckets, we can take it to
a new level and create tax free incomes.
Speaker 2 (28:29):
What does that look like, Well, tax free income. If
you look at it from a tax standpoint like we
have and you're paying less taxes, I think you're going
to be pretty happy. Okay, we've reduced a lot of
our client's taxes because they did it the right way,
and we even show them if you continue on the
same path that you have, you're got to pay a
lot in taxes. And you know what, everybody says, well,
I don't want to do that. I know, I know,
but you've got to do something to fix it, change
(28:50):
the lane, look at it through a different lens. That's
the problem, Chris, that I think people have. They are
so stubborn in their ways. Because that's the way we
would talk. No one broke the the mold and said, yeah,
you can do something different. And it's not going to
hurt you. You're allowed to do that. You're a big boy,
you're a big girl. Your money, your career, your life.
So take a step to the side and look at
(29:12):
it through a different lens, because you can do it.
And a lot of times, Chris, I know, we see
it all the time, the amazement and some of the
people that come in like, wow, I really didn't know that.
Speaker 3 (29:21):
And that's great. You know, it's really rewarding when we
see clients who have or generating over one hundred thousand
dollars of income per year and aren't pain a diamond tax.
And you look at that, and we say that on
the radio, and we say it we move people, and
I can show the tax returns. You know, people are
getting income from five different sources, including social Security and
a small pension and guess what they got income coming
in the front door and aren't paying a diamond tax.
(29:43):
And their accounts are in a situation where they have
a purpose and they have safety, and they have growth,
they have what they're looking for inflation protection and then
guess what, they have a plan. So we talked about
all that and then leads into the final what about
a state planning. What is that and how do we
put this all together?
Speaker 2 (29:59):
Well, you know, we don't have a will or a
power of attorney or a durable power of attorney or
a healthcare surrogate. People that own homes don't have a
quit claim deed or a lady bird deed, and if
they don't have that, it's going to go through probate.
And so many of you out there think, well, just
because my name's on the mortgage, it's not going to
go through probate. I'm going to tell you right now
you're wrong. And you need to understand how simple this is,
(30:21):
how inexpensive this is, and how important it is to
all of you to sit down and put either a
trust package together or a will package because it's going
to protect you and it's going to protect your kids.
And I'm telling you, we've seen too many people come
in after the fact, Chris and it's like you sit
there and you cry, like why didn't someone.
Speaker 3 (30:37):
Tell them about Well, that's it. I mean, you see
the passion that we have we can do. That's what
holistic planning is incomplaining, tax planning, investment planning, state planning,
and that's what we do here. At MAGI Tax and
Financial Groups, So pick up the phone schedule time to
meet with us. Eight three three Magi Tax eight three
three mag Attacks. We have offices on both sides of
the bay, so it's very convenient for you. Maggie Tax.
(31:00):
We look forward to meeting with you and putting together
a plan for you and your family. Eight three to three,
Maggie Tax.
Speaker 1 (31:08):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie Tax dot com. That's
Maggi Tax dot com or call eight one three three
(31:30):
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 (31:46):
Welcome back to the Maggie Tax and Financial Show, and
thank you so much for tuning in today. And we've
been talking about investment debt and getting out of debt
in a good way. Many people think about credit cards,
but I'm not talking about that. I'm talking about the
investment debt that you have on all your retirement accounts.
And think about this. You have iras Form one k's
thrift savings plans, four O three b's four fifty seven plans.
(32:08):
Guess what those accounts are infected with taxes. And if
you're infected with something, it's not a good thing, right, So,
if your retirement accounts are infected with taxes, that means
you have an unknown question mark tax rate that has
to come out. You have a debt to the IRS
when you start taking distributions. And many people don't know that.
(32:28):
They look at their statements each and every month and
they say, oh my gosh, it's up ten grand, it's
down ten it's up thirty thousand, it's up forty thousand,
it's doing great. But guess what, when you start taking
a distribution, it's taxable. So what are you doing about it.
That's the planning that comes into play that has to
be there in your retirement to make sure you have
a solid plan. And if you don't have a plan,
(32:50):
when you're talking about taxes and investments and income, you
need to pick up the phone and schedule time to
meet with us eight three to three magi tax. That's
eight three to three magi tax.
Speaker 2 (32:59):
And when you put a plan together, you're talking about
putting a tax plan, an income plan, an investment plan,
an insurance plan. So how can you do it in
an efficient way so that you're not shooting yourself in
the foot while you're going to try to go tax
for you have to pay the taxes first period. So
what we're going to show you is the least amount
of taxes and then it's not gonna be a hard
decision for you to make because if you have the
(33:21):
cash and we can do it from there, you do
it now so that later on you don't have this
big tax.
Speaker 3 (33:25):
Now, that's it. Let's talk about that. So when someone
comes in, what are we going to do? Well, we
understand taxes obviously, So what we can do is show
you right there, will show you what your current tax
return looks like. Then we'll break it down and we'll
show you what if we convert a twenty thousand or
fifty thousand from an IRA to a wroth, Well, you
have to pay the tax to get there, right, So
we understand that we're talking about buying out the irs.
(33:47):
Let's do that at a cheaper rate as opposed to
later on where it's very expensive. So we can show
you to you and we can break this down and
we can sit down and show that what the tax
turn will look like. And you say, I like that strategy.
I like that strategy, but I don't like the other strategy.
That's fine. This is your money. We can put together
a plan and show you options that can you can
(34:07):
own and feel good about it because when you start
building a tax free bucket, what you have done is
you eliminated. Uncle Sam and my dad talked about putting
your retirement plan in pencil. Well, let's put it in
pen where it's permanent, where you know that you don't
have to pay taxes forever and ever and ever and
ever again. Now many people don't have that ability, but
(34:29):
you can if you come meet with us, because we'll
show you ways to create a tax deduction. We'll show
you ways to get the money out in the most
tax efficient way. Eight three to three Magi Tax will
go through that for you. Schedule time to meet with us.
You meet with us eight three to three Maggie Tax.
Speaker 2 (34:43):
So here's how one of the ideas works. The goal
is we're going to start with your retirement account because
that's the one that's taxed the most. So we use
and just use this for concept because when you come
in we'll explain it. But we use a five year
conversion period and at the end of this time period
in which we do the series of structured conversions. We
call them structured because what Chris just said, we'll take
(35:04):
out certain amount one year, certain amount the second year
from a tax return, where we convert the money over
to a roth ira and basically the goal is that
you want to have at least the same amount as
you started with. Let me repeat that. So if you
have five hundred thousand now over the next five years,
when you start converting, we have to use an investment
vehicle that's going to get you back to where you
(35:24):
were five years ago. And that's how we do bucket planning.
So take a second and explain how that works, because
it's three buckets that we use to get there.
Speaker 3 (35:32):
That's it. So let's just give an example. What if
we had three buckets and you have one hundred thousand dollars, Well,
what if you put twenty thousand dollars in bucket one,
and we put thirty thousand in bucket two and fifty
thousand and bucket three. Well, what we're designing here is
an income plan. So that first bucket a bucket one
of twenty grand, Let's give you income off of that
for the next five years guaranteed. But that in five
(35:54):
years is going to go down to zero. And many
people say, oh my gosh, I don't want my account
to going down to zero. Well, just bucket one is
what about bucket two and bucket three? So when bucket
one is given you income, bucket two and three you're
growing and guess what Now you have just as much,
if not more income and value there. But now what
after five years? Now you turn on bucket two. So
(36:15):
now bucket two gives you guaranteed income for life, but
now that goes down the zero after five years. Then
you might start thinking, well, I have no money. No,
you forgot about bucket three. Bucket three grows back to
where you started originally, and you could do it all
over again. So that's when we start talking about bucket
planning and income planning, where you can have income and
you don't run out of money. You live off of
(36:37):
the interest, and you live it off of the way
where you can create it, where you have buckets doing
different things with different strategies that you're protected and diversified
in a lot of different ways. That's income planning right now.
What about tax planning, Well, we use the same concept
where we can get money that's infected with taxes, eliminate
Uncle Sam and create a tax free bucket. So now
(36:59):
you don't have to worry about Uncle Sam ever and
ever and ever again. So who cares what an amount,
what tax rates are going to be? Who cares if
tax rates go up? It doesn't matter to clients of
ours who have tax free buckets because they don't have
to worry about it. That's where your retirement plan is
written in pen instead of pencil.
Speaker 2 (37:18):
So what you want to do is call my office
eight three three Maggie Tax and tell them you want
to do this. We're going to tell you what it is.
It's called a strategic rollout. It's called a strategic rollout
and bucket planning. And if your advisor's not talking about this,
then you know, shame on them. They're not giving you
the whole story. And you're going to have a tax
free rough account, which Chris said, you're going to have
paid all the taxes over five or ten year period
(37:39):
at the lowest amount, and you're going to have tax
free income. How good is that? So by the time
that we're done, you probably have more than what you
started with.
Speaker 3 (37:47):
And one more thing, you're going to eliminate Uncle Sam.
Who wants to eliminate Uncle Sam? Well, if I can
eliminate the person who's causing taxes, guess what, that's a
great feeling to have.
Speaker 2 (37:57):
And it's it's kind of funny because when we show
this to people's as shocking and they always say, well,
I've never heard this before. What's because your advisor doesn't
talk about taxes, doesn't talk about income planning, talk about
you know, retirement planning, talk about IRA, R M d
S and how it's going to affect everything that you do.
Eight three three Magie Tax, I hope today was helpful
to you getting out of debt to the irs. It's
(38:19):
going to be here for a long time. You need
to do something about it. Eight three three Magie Tax.
Visit our website Maggie tax dot com, click on seminars
and register for the seminar. These are at the library.
They're educational. We talk about everything. Eight three three Maggie
Tax and visit our website Maggie Tax dot com. You're
listening to the Maggie Tax and Financial Show. Eight three
(38:40):
three Magie Tax.
Speaker 1 (38:43):
You've been listening to the Maggie Tax and Financial Hour
discussing tax planning investment strategy is presented by Robert and
Chris Maggie from Maggie Tax Advisory and Financial Services with
offices in Hillsboro and Panelas County. Visit Maggie Tax dot
com or call eight one three three two two twenty
five twenty. That's eight one three three two two twenty
(39:05):
five twenty and tune in next Saturday at five for
the Maggie Tax and Financial Hour
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