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.
I hope you're having a great day. A couple things
I want to make right from the start. Visit our
website Maggie tax dot com. Click on the retirement calculator
and in thirty seconds we can show you what your
retirement tax bill will be. Also, click on seminars. We
are doing a lot of educational seminars. They're all in
(01:14):
different areas, so go to Maggie Tax As Seminars and
you'll see the time and location.
Speaker 3 (01:19):
Register for the seminar.
Speaker 2 (01:20):
We talk about a state planning, tax planning, income planning,
and social security. Because a lot of you out there
are asking for help, again, pick up the phone eight
three to three. Maggie Tax operators are standing by. So Chris,
you know, we have a lot that we talk about.
I think the biggest thing that I learned from people
is what they don't know. And when they come in,
they're just surprised and they ask questions because.
Speaker 3 (01:40):
They don't know.
Speaker 2 (01:41):
And you know, the thing that I want to make
sure people understand. You don't have to be afraid to
sit down and have a conversation. It's about understanding the
language and retirement planning. And I can give examples all
day long of people that come in that have worked
with us. So, Chris, would you agree that would be
probably the most important thing that we're trying to accomplish here.
Speaker 4 (01:59):
I would absolutely education is extremely important, and as we
see each and every day and each and every week
that many people just really don't know what their options are.
And welcome to the Maggie Tax and Financial Show. I
am Chris Maggie, and we thank you so much for
tuning in. And that's what it's about. It's putting together
a plan. There's so much there. When it comes down
to your finances, you work, you put money away, you safe,
(02:20):
you go through a lot of events during your life,
and then it comes down to the point of retirement.
You're thinking about when should I retire, Can I retire?
What it's going to look like? And many people just
don't know. And we talk about you live in ayoo economy.
You're on your own and you live in the dark
because you really just don't know what retirement looks like.
We all have the ideas of a happy retirement, but
(02:40):
still you have to have income, you have to pay taxes,
you have to make sure your investments are in the
right order, and you've got to make sure that you're
accomplishing what you want to accomplish. So when we get
down to this. That's why we call it the Maggie Plan.
It's a plan for you. And if you do not
have a plan for your retirement, if you're in retirement,
you're about to retire, whatever it is, and you want
to get a second opinion, you know your current advisor
(03:02):
cannot give you a second opinion. That's why we say
pick up the phone, schedule time to meet with us,
because there's so much there. Things are changing. There's tax planning,
there's investment planning, there's income planning that needs to be done.
If you're talking about or thinking about soul security, when's
the best time to take it to maximize the benefit.
With a client that came in last week and we're
(03:23):
talking about the spouse, and they had no idea, the
spouse that they could get at least half of the
husband's benefit. So we asked them to call sol Security
and guess what. A couple of days later, they increased
the payment for the spouse up two hundred dollars more
in her paycheck each and every every month, and they
had no idea. So that's what we're talking about here.
(03:44):
You don't know what you don't know, but you can
by picking up the phone, schedule time to meet with us.
Let's go over your situation, Let's put together a plan.
We call it the Maggi Plan, and we look forward
to helping you a three to three Maggie tax.
Speaker 2 (03:54):
And again, the simple solution is go to Maggie tax
dot com, click on seminars and what Chris is just
talking about with doing seminars educational seminars all across Tampa Bay.
Check the website, the dates and times are located. They
are just register and bum be there and show up.
So Chris mentioned something before about savers, so let's talk
about something because some savers may want to reduce the
(04:14):
risk or uncertainty of their taxes in retirement. That's the
biggest question we get because at Maggie Tax and Financial
Group we always do taxes. We've been doing taxes all
year round. We do advanced tax planning. But don't put
it to bed after April fifteenth, because you need to
plan because in two years the Trump tax cuts are
going to expire. So a more predictable retirement tax environment
(04:35):
may help you better prepare for the taxes that you're
gonna pay. And you know, we talk about you know,
how much you're gonna get in retirement and what it's
gonna cost you. Things are going up, Prices are going up,
you know, and you're gonna pay and the spendable income
you can generate after taxes are paid. That's the key, Chris.
After taxes. You always get the question when someone sits
down and we ask them how much do you need
(04:56):
per month?
Speaker 3 (04:56):
And it's what after taxes?
Speaker 4 (04:58):
That's right. So our biggest e vents are taxes. It's
going to be taxes, taxes, taxes, taxes, and it's not
about just filing your return. Filing your return from your
tax preparer is just pretty much what they did, what
you did prior to twelve months right or last year.
What you want to do is tax planning, So you
want to make sure that your investments are in line
with your taxes, your income are aligned with your taxes.
(05:20):
So we can do a mock tax return today or
any month throughout the year to show you exactly what
impact your taxes are going to be. And we can
do the analysis of your potential tax exposure to your
tax risk or tax uncertainty within your given retirement approach
and a higher retirement tax score. We call it RTS
(05:41):
represents a higher exposure to these risks, while a lower
retirement tax score conveys a lower exposure to tax changes.
This is what and how the retirement tax calculator that
we have will show you in thirty seconds, we can
evaluate your tax risk and prepare you for your future
tax bill. And that's why we encourage you to visit
our website at Maggie tax dot com. There's so much
(06:03):
information right there. If you have a four one K
an IRA, A four to H three B a TSP traditional,
then guess what. You have an account that's infected with taxes.
There are huge taxes that you have to pay. So
how do you diffuse a tax time bomb? Do you
have a plan? If you don't, then we can help you.
All you have to do is visit our website at
Maggie tax dot com. Click on the top right hand
(06:25):
corner retirement tax bill and in thirty seconds you can
get your retirement tax score and what you're going to
pay and we can help you reduce that or possibly
find ways to strategically get that money out in the
most tax advantage way in a tax free account. Just
pick up the phone, schedule time to meet with us
eight three to three Maggie tax And.
Speaker 2 (06:45):
The thing now is most people don't understand the retirement
tax score what it is and your retirement tax bill,
and think about it. When you retire, you have to
start taking requirement and distribution at age seventy three.
Speaker 3 (06:57):
They're changing those rules all the time.
Speaker 2 (06:58):
But at the same time, with the taxes go up,
you're gonna have to take out more of your taxable IRA.
So your retirement tax goor measures your exposure to the
risk of changing taxes. That is so important right now
because we talk about it every week. In two years,
the tax cuts are going to expire. What are you
doing about it? Exposure to this risk can vary depending
on the vehicles and approaches you use to save for retirement.
(07:21):
You know, is it an IRA? Is it a four
to one K? Is it a four H three B?
Is it a TSP for federal people? And Chris you know,
it's just a confusion of alphabet soup that people don't get.
But it all bundles into one and at the bottom
line is what they got to pay taxes.
Speaker 4 (07:34):
And that's just it. Well makes it make it even
more easier for a lot of the listeners today when
you come in, that's why we can help. When you
come to me with us, we're going to show you.
We're going to show you a balance you. We're going
to show you what's taxable, We're going to show you
what's non taxable. We're going to show you what you
could do to get the money out of a taxable
environment to tax free in the most tax efficient way.
This is tax planning, and tax planning is done all
(07:56):
the time. If you're not working with the right advisor
and they're not doing tax plan for you, you need
to raise your hand and give us a call because
tell you what taxes are our biggest expense and you're
going to get hit with more taxes if you don't
plan on it. Because most advisors out there just do investments.
Most advisors just want to put you in a stock
upon a mutual phone or a manage account and that's it.
(08:17):
But there's way more than that. There's the tax side
of this. There's the income side. What about your income
when you take a distribution, how is it taxed?
Speaker 3 (08:24):
Do you know?
Speaker 4 (08:25):
And if you don't know, you need to know. And
that's why our clients whenever they take a distribution. We
show them exactly what the tax ramification is going to be,
if any, so they know that the money they receive
is guess what after tax, and they can spend it
and not have to worry. So pick up the phone,
schedule time to meet with us. Let's do a tax review,
Let's do an investment review, Let's do an income review.
If you're looking for more income, let's show you how
(08:48):
to get more income on a most tax efficient way.
We call it paychecks. We also call it play checks.
What's a play check? A playcheck is something that you
can get each and every month and just play with it,
do whatever you want with it, Spend it to come
in for the rest of your life if you want that.
We can help eight three to three Maggie tax. That's
eight three to three Maggie tax.
Speaker 2 (09:06):
So WHI are we talking about this today? And how
can we bundle this into something easier for all of you?
It's real simple. Go to Maggie tax dot com, go
to the retirement calculator, take a look at it for yourself.
Speaker 3 (09:16):
It's very simple. There's a video there that explains it.
Speaker 2 (09:18):
It takes you maybe five minutes if that, and then
you're going to get a report back in thirty seconds
of your retirement tax bill number two. Like I said,
we're offering seminars, educational seminars across Tampa Bay every month.
All you have to do is go to seminars on
Maggie tax dot com, look at the times on the locations.
I mean, it's convenient for everybody, and it's educational. And
(09:39):
what we're talking about today, that's what we're going to
be talking about at the seminar. Folks, it's up to you.
You have to get a retirement plan. You have to
look at taxes, you have to look at income planning.
It's a puzzle. It's a very confusing puzzle. And don't
be afraid to sit down with us and have a conversation.
I think what Chris and I see so many times
as people come in and they say, well, gee, I'm
afraid to talk to my advisor.
Speaker 3 (10:00):
Why this is your money?
Speaker 4 (10:01):
Chris, that's ridiculous, absolutely, And we see it each and
every day, and people come in and they just have
their head in the sand and they don't need to be.
You could be doing something different to make your situation better.
Interest rates have risen, right, So what are you doing
about it? Market has done? What up and down? How
do you take advantage of the opportunities you can? You
don't have to just fall victim to it. You don't
have to just make money when the market goes up.
(10:23):
What about when the market goes the other way? Do
you want to participate in those gains as well? Can you?
Speaker 3 (10:28):
Absolutely?
Speaker 4 (10:29):
If you're working with the right advisor. So pick up
the phone. Schedule time to meet with us. Tax planning,
investment planning. Let's analyze your accounts. Let's look at them.
Let's show you what kind of risk you're taking with
your current accounts, what kind of standard deviation? How much risk?
And also where do you want to be? This is
your money. If you want to be aggressive and you're
in a low investment risk, is that really why you want.
Speaker 3 (10:51):
To be well?
Speaker 4 (10:51):
We can help you. So pick up the phone. Schedule
time to meet with us eight three to three mag atax.
That's eight three to three magitas.
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 4 (11:36):
Welcome back to the Maggie Tax and Financial Show, and
thank you for tuning in. I'm Chris Maggie and I'm
here with my dad and coast of the show, Robert Maggie.
And visit our website at Maggie Tax dot com. There's
so much information right there at your fingertips. We're talking
about seminars to get educated three in one seminar. Learn
about your tax bill. If you have an IRA Form
one K, it's a it's a tax time bomb about
(11:57):
to explode with taxes. How do you defuse that time bomb?
We can help you. Visit our website at magatax dot com.
Schedule time to meet with us. Let's get together. We
have office on both sides of the bay. Let's review
your investments. Let's put together an income plan. Let's show
you what you can do put together a complete plan
for you and your family. So one of the things
we're talking about today, because we're talking about the seminars
(12:20):
that we do, we discuss the enhanced plan and the
estate planning. What about Social Security? And there's four things
to understand before making decisions about your Social Security benefits.
So Dad, let's start with number one. It all starts
when you pay in correct exactly.
Speaker 2 (12:34):
So each paycheck that you receive from your employer is
subject to Social Security tax that amounts to about twelve
point four percent of your salary, but split evenly at
six point two percent for you and six point two
percent for your employer. So you pay that amount on
everything you earn up to a certain amount of this
one be one hundred and forty seven thousand, and each
(12:55):
one five hundred and ten dollars that you earned provides
you with one Security credit up to four credits per year,
and once you've collected forty credits, you are eligible to
receive benefits. And this, Chris, is the biggest question we get.
Do they have enough credits? How do they establish the credits?
And if I don't have enough credits, what do I do?
Speaker 4 (13:14):
That said, so, most people, if you work ten years
and you work throughout the whole year, you get four
credits a year, that's forty quarters. You're good to go.
But a lot of people we meet with sometimes they're short.
Sometimes they have thirty eight credits. They just don't qualify
for the benefit. So it all starts when you pay in.
So the second thing that's really important if you do
understand about making social security decisions, that you increase your
(13:35):
benefit as you earn more. So let's talk about that.
Speaker 2 (13:37):
Sure, well, you may be eligible to receive Social Security
benefits after working as few as ten years. The amount
you receive is calculated over a greater time period. So
your benefit amount is based on your highest thirty five
years of earnings. If you've worked fewer than thirty five years,
the missing years are counted at zero. Again, Chris, we
run a Social Security Maximization report that this up and
(14:00):
when we do the seminar, the second segment is the
Social Security I can't tell you how many questions we
get on this. It's just so confusing to a lot
of people.
Speaker 4 (14:07):
Absolutely, and that's why it's so important to make sure
that you go to SSA dot gov and look to
see if your earnings are calculated correctly. But a quick
example my mom, my mom here, what she did was
look at our social Security statement and one year there
was zero on her earnings record. They didn't calculate it.
So all we had to do we notified SOLI Security Administration.
(14:28):
We showed her the W two and guess what They
changed that real quick. So if that happens to you,
don't be alarmed to pick up the phone, schedule time
to meet with us. Let's go over call Social Security.
But also making sure that you have everything credited and
your earnings are there. So talking about solid security. And
number three, the things that you need to understand is
that the earliest you can receive benefits is age sixty two.
Speaker 3 (14:50):
So let's elaborate on that for a little bit.
Speaker 2 (14:52):
Correct so you may begin to receive early benefits from
socurity age sixty two, that's a few years before what
the Social Security Administration calls your full retirement age or FRA.
Full retirement age or FRA is the age at which
you can receive one hundred percent of your primary insurance amount.
And this is important because when we do tax planning
(15:14):
and we do taxes. It depends on the biggest question
we get, when should I take it? Well, you can
take it at sixty two if you definitely need it,
But there's a couple of variables in there that if
you're working, Chris, and you're making more than a certain amount,
you don't need to be taking solid security. I guess
the biggest concern most people have that it's not going
to be there. So each month that you delay receiving
your Social Security benefit, the amount that you're going to
(15:36):
receive increases. Retire at sixty two and you may only
receive seventy five percent of your primary insurance amount. Retire
it your full retirement age, and you're going to receive
one hundred percent of your FRA. So wait even longer
and you may receive an additional eight percent each year
up to age seventy. So what happens is from sixty
two to sixty six it grows at six point two percent,
(15:58):
and sixty six to seventy it grows it. And Chris,
many times when we show this to clients, they don't
really understand, Wow, maybe I can wait, and this is
how come it's growing.
Speaker 4 (16:07):
So when's the best time to take it. Every situation
is different. There's no one age for everybody that's the
best option for them. So what you need to do
is meet with the right advisor. Bringing your social Security statement,
Let's analyze it. Let's do the maximization report for you
and your spouse so we can show you when's the
best time to take the benefit. And we also will
(16:27):
show you how much you're going to get per month.
And this is part of the income plan. This is
part of the incomplaining that we do, and it correlates
with your your investment plan, and your tax plan and
your overall enhanced plan. So that's why it's so important
to meet with us. Let's go over social Security. Let's
explain it and let's answer those questions that you have.
So we're talking about here today. What you need to
(16:48):
do to understand your benefits about social Security, and number
four is find your when we talk about this all
the time, but find your whin elaborate on that for
me day exactly.
Speaker 2 (16:58):
And this is one of the most challenging questions. That
is when to start receiving your Social Security benefit? Should
you start collecting at sixty two, wait until seventy, or
choose somewhere in the middle, because you can if you're
age sixty two or older. The first question you should
ask yourself is if you need the money, and if
you do need solid security income to meet your expenses
in retirement, you'll need to take your Social Security income
(17:21):
or consider other options. If you don't need the money,
it might make sense to consider delaying your benefits to
let your future payment increase until you reach one hundred
percent of your PIA and Chris. Many times that we
meet with clients, their advisors are not talking about this.
They're not addressing as state taxes, they're not talking about
Social Security because they don't understand it. So you have
(17:41):
to understand how it works and how it's going to
benefit you. That's why the seminar, the three and one
seminar that we put together, is so important. Go to
maggietax dot com registered today. You're invited. It's simple and
there's the locations are right there in the times.
Speaker 4 (17:55):
And if you can't visit our seminar, then no problem.
Just pick up the phone. Schedule time to meet with
us in visually. We have office on both sides of
the bay. Schedule appointment to meet with us. So We
talked about four different things that you need to understand
about social Security, but also there's benefits for spouses and
x spouses and widows and widowers. So there's so much
there education about social Security. They should have a whole
(18:18):
class on this because many people have no idea how
it starts, what the benefits are this cost of living adjustments?
How is that based off of my gosh, you know
what happens if someone passes away, who gets the higher
of the two? Usually it's a spouse that's living gets
the higher of the two. But many people don't understand that.
So spousal benefits, death benefits, your benefits. There's a lot
(18:41):
to discover, and there's also it's important to understand. This
is very crucial to understanding your retirement income needs. So
pick up the phone, schedule time to meet with us.
Eight three three Magi Tacks. That's eight three to three
mag Attacks and don't forget every Sunday on ABC TV.
Tune in on ABC TV at ten thirty for the
mag Attacks and Financial Show eight three three Maggie Tax.
Speaker 1 (19:03):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie Tax dot com. That's
m a gg I tax dot com or call eight
(19:24):
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 4 (19:40):
Thanks for tuning in to the Maggie Tax and Financial Show,
and welcome everyone. And I'm Chris Maggie and we're talking
today about the rothiray accounts and why you should open
up roth ira immediately. We hear a lot about tax
free money. We hear a lot about iras and formal
k's and wroth accounts, and a lot of people have questions.
They're just confused, and we stand and that's why when
(20:01):
you come to meet with us, we're going to help you,
educate you and show you what works best for you.
So we talk about why you should open up a
wroth ira immediately. Let's talk about five reasons why you
should do that as soon as possible.
Speaker 2 (20:14):
Oh number one, you want to get the clock started.
We'll go into that in a minute. But if you
already filed your taxes, you can still make a roth
Ira contribution. So bottom line is get it done well.
Chris and I are talking about we have a long
way ahead of us. Start putting money into a wroth
even if the contribution is for a small amount like
one hundred bucks. And this is important. It's going to
start your roth Ira five year clock ticking. And if
(20:36):
you if you designate the contribution for this year, you
get a January one start date twenty twenty three, So
your five year clock just became a three year, nine
month clock. That's important because now everything you put into
that roth is going to grow tax free. And number
two something called the magic of compounding. The longer money
(20:57):
has to grow within your wroth Ira, the more tax
free earnings you stand to accumulate.
Speaker 3 (21:03):
Think about it, you put.
Speaker 2 (21:04):
Money in this account, it's gonna grow, it's gonna gonna grow,
it's gonna compound. And if more accumulates now, then more
can potentially compound on top of that. Albert Einstein you've
probably heard this before. Said, compound interest is the eighth
wonder of the world. So he who understands it earns it.
He who doesn't pays it. And that's the bottom line, Chris,
(21:26):
that people with regular iras tax deferred are paying it,
not having a roth ira where they don't have to
pay it. So another popular saying is it's not about
timing the market, it's about time in the market. And Chris,
again it goes back to language and understanding this. Maybe
some of you we just confuse and that's why you
need to pick up the phone. Eight three three, Maggie tax.
(21:48):
Let's sit down, let Chris and I explain it to you.
And by the way, you're going to meet with both
of us. Let's sit down and answer your questions and
get you on the same page to get a tax.
Speaker 4 (21:57):
Free retirement less you said, if you want tax free money,
then you need to start putting away tax free buckets.
And we can help you do these types of things
and steer you in the right direction on how much
you should contribute and also to which bucket. So pick
up the phone, schedule time to meet with us. Let's
get together and let's have that conversation so we can
help you. So another reason why you should contribute to
(22:19):
a roth Ira immediately is because wrothfol K is a destination.
If you have a wrothfool one k and the plan
is to roll it over to a roth Ira, at
some point in the future, you will need to open
up a wroth Ira. So if you have a four
one K and they offer you the wroth option, contribute
to it because there's a lot of really good contribution
(22:41):
amounts you can put into it that you cannot really
put into into the roth Ira. So but if you've
never had a roth Ira and you wait until the
last minute to establish the account to accept the rollover,
your four one K dollars will adopt the five year
clock of the Ira and the roth Ira rule. So
it's important to get this clock started. My dad mentioned
(23:02):
this before. You need to get a go and contribute
something so you have it in play, because what happens
is if you let it go five years, then the
gains in that account are tax free. So you want
to get that clock started as soon as possible.
Speaker 2 (23:16):
And let me just kind of give you an example. Think
about federal employees out there. If you're listening, you have
a four oh one k and you have a TSP
for a roth ira. Now the difference is if you
put money in the roth, you don't get the tax deduction,
but everything from there on grows tax free. So that's
important to understand why the roth is important. So qualified
plan distributions that can soften this blow.
Speaker 3 (23:39):
Why wait, what are you waiting for?
Speaker 2 (23:41):
Chris mentioned one hundred dollars start somewhere and you can
always contribute more. So establish a roth ira now for
any future four oh one k rollover is that's so
important right now and again I'm going to keep saying this.
It's the language. I know we talk about this week,
talk about this every week, but you have to understand it.
Another reason leverage a conversion and you make too much
(24:01):
money to contribute to a wroth ira. We hear this
all the time. Well, there are no income limits on
wroth conversions. So anyone with the traditional IRA is eligible
to do a wroth conversion. And it does not matter
if you make zero dollars or a million, and Chris,
that's another big point there. So it doesn't matter if
you participate in a work plan or not. Again, these
(24:23):
are the rules, the language. So yes, a conversion is taxable.
It's going to add to your earned income for the year,
but all future growth is tax free. Chris, how many
times do we see that and you do something that's
really important? We should should everyone should do this. We
do a mock tax return. What if you can convert
some of the money and still stay in the same
tax bracket. One of the biggest things that we're going
(24:43):
to be faxkin a couple of years is the tax
cuts are going to come back. It's going to go
up three percent. So when you want to pay the
tax at the lower.
Speaker 3 (24:50):
Rate or no rate then a higher rate.
Speaker 4 (24:54):
Well, that's just a great question, and thus the answer
the answer is yes, you want to go ahead and
do that. So how do you convert? Can you convert?
My dad just mentioned you can convert at any time.
Has nothing to do with income or what you have
in the bank or what or your age, has no
bear on any of that. What you should be looking
at is if you have an IRA that's infected with
taxes or iras, you have a tax time bomb. You
(25:16):
need to go ahead and meet with the right advisor
who can show you how to roll that money out
or convert that money. We have clients last year that
went ahead and just said, hey, let's repuff the band date,
let's pay the tax, just to stroke the check to
Uncle Sam for the tax and then guess what those
funds are tax free forever and ever and ever. So
(25:36):
this could happen to you. Or do you do a
strategic rollout? Do you roll out the IRA over a
five year period, over ten year period, or how do
you go about doing that? We can show you so
when you come in to meet with us, we can
show you what the tax term will look like, so
you will know how much you will pay in tax.
So pick up the phone, schedule time to meet with us.
If you're looking for a Wroth conversion, if you're looking
(26:00):
four ways to contribute to tax free buckets, we can
show you how. Pick of the phone. A three to
three Maggie tax. That's a three to three Maggie tax.
Speaker 2 (26:08):
Chris mentioned a couple things before strategic rollout. When you
go to my website retirement calculator and you put in
your numbers, you'll see what you're going to pay at
seventy two or seventy three. But in between you have
a window of opportunity where you can roll some of
that money out at a low tax rate, convert it
to a roth have tax free income and reduce your rmds.
(26:31):
So please go to my website. I challenge everyone out
there to take a look at this. I don't care
how much money you have in your IRA, four to
one k, put in the numbers. Take a look at
it because you have to do some tax planning. And
that's what we talk about. One other thing Chris mentioned before,
Chris the five year clock. What does the five year
clock mean? Because after the five year clock expires or
(26:52):
goes past, it's all tax free money, right.
Speaker 3 (26:55):
That's it.
Speaker 4 (26:55):
That's why you want to start your roth ira immediately.
Make sure that you open up wroth iras. If you're
in a situation where right now you can't put as
much money into it, no problem. Just start the roth ira.
Put one hundred bucks into it because in the future
you can always use that. Once that five years passes,
it's all tax free money. So why not start it now?
So pick up the phone, schedule time to meet with us.
(27:16):
Let's get together. Visit our website at Maggi tax dot com.
There's so much information rate there at your fingertips and
every Sunday on ABCTV at ten thirty watch the Maggi
Tax and Financial Show. We educate you why because you
need to know this information. It's crucial, especially in retirement.
Taxes are going to go up. What are you doing
(27:37):
about them? If you have taxable accounts that are infected
with taxes, guess what you're gonna pay Uncle Sam forever
and ever and ever. But if you have tax free buckets,
guess what you just did eliminated Uncle Sam forever and ever?
Which one or which side do you want to be?
We can show you how a three to three Maggi tax.
Speaker 2 (27:54):
So let's talk about the roth Ira distribution ordering rules.
This is so important and I don't want to hear
any excuses about locking up your money or what if
there is a financial emergency. Wroth Ira distributions follow strict
ordering rules. Contributions come out first, then converted dollars, and
then the earnings.
Speaker 3 (28:14):
So a person always.
Speaker 2 (28:15):
Has access to their wroth contributions tax and penalty free.
So if you put in fifty thousand and two years
later you want to take it out, you can, but
you just can't take out the earnings until that five
year clock passes. Correct, and people don't know that, and
that's important. Again, it's the language. So converted dollars are
available after five years, regardless of.
Speaker 3 (28:36):
How old you are.
Speaker 2 (28:37):
And that's another concern because the iras have you can't
touch it till fifty nine and a half without getting
a penalty, and now you've got to wait till seventy three.
You know, it goes on and on and it gets
more tax, more tax, more tax. So if there is
a true emergency, there's a good chance a portion of
your roth ira is going to be available for withdrawals
and no strings attached.
Speaker 4 (28:58):
So that's why planning assume important when you're come in
to meet with us. We need to look at the
big picture. We need to do complete planning, overall planning.
That's why we do tax preparation. That's why we do
tax planning, wroth conversions, that's why we're insurance licenses. We
can help you in a lot of different ways to
protect your money. There's ways that you can fund an
index universal life for tax free money if you are
(29:19):
phased out of the wroth ira because you make too
much money. We have our investment division at Maggie Investments
as a fiduciary to look at all your accounts. We
can actively manage portfolios. There's a lot of things we
can do to help you. We can dissect it the
risk that you're currently taking in your portfolio or your
WROTH accounts, or your iras or whatever it is that
you have your brokerage accounts. Let's show you the risk.
(29:41):
Let's show you what type of accounts you're investing your
money into and is that the right thing for you.
We also have a state planning that we do. Our wills,
trust pow of attorneys. We have attorneys that can help
you complete these documents to make sure that everything avoids
probate and stays in your family. So if you're looking
for an income plan, we can help. If looking for
a tax plan, or a Social Security maximization plan, or
(30:03):
an investment plan, we can help. That's what we do.
So when you come in to meet with us, we
can show you how to put money into a roth ira,
where to put the money so it's beneficial for you.
Every situation is different. This isn't how cookie cutter plans.
These are plans for you. So when you come in
to meet with us, we will spend the time to
get together with you and understand you and your questions
(30:25):
and put together something that's going to work for you.
A three to three Maggie Tax.
Speaker 2 (30:29):
And also when you visit our website Maggie Tax dot com,
there's a lot of videos on there on the color
of money, on Medicare, on Social Security that you can
look at. There may be twenty minutes, but it's educational,
and again that's what our show is about educating. So
pick up the phone eight three three Maggie Tax.
Speaker 3 (30:46):
Visit us.
Speaker 2 (30:46):
We have an office in Palm Harbor Loots and also
Saint Pete. And yes, you will be meeting with both
Chris and I. So you have questions, we can help
you out. Be sure to tune into our show every
Sunday on ABC TV at ten thirty and right after.
Speaker 3 (30:57):
That show, we're back on the radio. So we're going
to give you a lot of help, a lot of education.
Speaker 2 (31:01):
Give us a call eight three three Maggie Tax, and
be sure to visit all website Maggie Tax dot com.
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
ma gg I tax dot com. Or call eight one
(31:30):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty. Now your host
for the Maggie Tax and Financial Hour, father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 3 (31:46):
Hello and welcome back. My name is Robert Maggie.
Speaker 2 (31:47):
You're listening to the Maggie Tax and Financial Show and
I'm here with my son and co host Chris Maggie.
And if you have any questions, well you need to
make an appointment. Give us a call at eight three
three Maggie Tax and I have operators standing by right now,
and mention to them that you want to talk about
a Roth conversion, or you want to talk about taxes,
and you want to talk about investments. Let them know
so when we get together we'll have a conversation. But
(32:08):
you know, we've been talking about Roth conversions and I
want to talk about why a Wroth conversion at any
age will save you hundreds of thousands of dollars in taxes.
And let's talk about one of my clients that I had.
We can talk about a lot of them, but one
of them, the girl's name is Patricia. She came to
us a year ago or so after coming to the
realization that her great saving habits were going to be
(32:29):
taxed very heavily in the future, and she was shocked
because of her required minimum distribution. Chris, the thing that
matters a lot to people is they don't realize that
the iras have required minimum distribution. So whatever balance it is,
they're going to take something right they have to. They
have to, and whether they want to or not, they
have to right now. The question is you take that
(32:51):
R and D and what do you do with it?
Speaker 4 (32:53):
Well, some people, if they don't need it, they have
to take it and they just reinvest it. So what
happens is one, they have to pay the tax on
the distribution. Two now they start paying taxes on the reinvestment.
And three now when they pass away, they have to
pay tax on the amount that goes to the beneficiaries.
Speaker 2 (33:09):
And now let me give you a point. Client calls
me last week and says he got a check for
eleven thousand dollars. What's that from? I said, well to
your RMD from IRA. He said, what's that?
Speaker 4 (33:21):
So?
Speaker 2 (33:21):
I said, look, you're of age, you have to take
the requirement distribution.
Speaker 3 (33:25):
He said, but I don't want the eleven thousand.
Speaker 2 (33:28):
I said, well, put in your bank and then if
you invest it, you're going to get taxed on it.
Speaker 3 (33:32):
He said, I don't want that. So what do we
tell this guy?
Speaker 4 (33:35):
So now that's why he's what seventy five years old?
So now looking back, if he was seventy years old,
we could start doing a roth conversion over time. To
call this strategic rollout. Even if he was younger, he says,
sixty five or sixty even fifty five, right, or even
fifty it's even better because then you can get all
the money out into a tax free environment. You have
to worry about the requirement of distribution.
Speaker 2 (33:55):
One window of opportunity that all of you need to
look at, and you know your situation is if you're
say sixty to seventy three, that's a thirteen year window
that you have time to strategically convert your IRA to
a ROTH IRA and pay no tax.
Speaker 3 (34:13):
How many people do that?
Speaker 4 (34:15):
Well, a lot of people. If they know that there's
a plan to do it.
Speaker 2 (34:19):
That's the reason why I do it. You said the keyword.
If they know, and you know, and I know a
lot of people don't. They're shocked. So tax time comes
around and client says to me, Bobby, I'm paying too
much in taxes, and I say, no, you're not. Oh yeah,
I never paid this much in tax I said, well,
guess what you got to check for requirement of distribution? Right, yeah,
Well it's taxable, which means you didn't withhold anything for
(34:43):
that distribution and you're you're supposed to do that.
Speaker 3 (34:46):
Who gets paid first?
Speaker 2 (34:47):
Chris, Uncle Sam, gosh man. I wish that would change,
don't you.
Speaker 4 (34:50):
So that's it. So we're all taught, right, we're all
taught to put money away into a four one k ira,
reduce a tax now, but in the future, guess what
you'll have it. You don't mean a lower tax bracket,
so when the money comes out, it's not gonna be
a problem for you. Well, the problem is is that
we have a huge debt as a country, and taxes
are prevalent. They're there, they're going they're gonna go after
people who have the money they know how much money
(35:11):
you have in your IR. They know how much money
you have in your formal Okay, they know it. So
all they have to do is increase a tax rate
three percent, five percent and guess what more tax revenues.
So who's it gonna come from? People who have the money.
You have the money, so they're gonna go out and
get it at some point. Whether it's now, whether it's
five years, and whether it's fifteen years, it doesn't matter.
So the fact that we're talking about here is keep
(35:32):
an open mind, do some planning, tax planning, investment planning,
income planning, and state playing. That's what we do here,
and we're talking about here tax planning because that's our
biggest expense. So pick up the phone, schedule time to
meet with us. Let's look at if you have an IRA,
Let's look at a Roth conversion. Sit down, have a conversation,
see if it makes sense. And when when we look
(35:53):
at your accounts and we can figure out how much
tax is that going to be, and then you know,
we can put it all together to put together a
plan for you. Because most people, we see about eighty
five percent of the people will come in and have
no plan. They have piles of money, they have taxable
accounts and guess what, they're just falling victim to whatever
is going to happen. If that's what you want, then
you will have it. But if you don't want that,
(36:13):
then let's put together a plan. And that's what we
want to focus on here today is putting together the
right plan for you.
Speaker 2 (36:19):
Eight three three Maggie Tax. So let me offer all
of you listening a life support. Go to our website,
Maggie tax dot com, click on seminars. We have seminars
scheduled every single month, two a month. They're at libraries.
There's no food. I'm not feeding anybody. It's education. And
a lot of people tell me the reason why they
come is because they want the education. So let me
(36:40):
say this. When you come to the seminar, it's about
an hour and a half. We're going to educate you
on what we're talking about right here, the rm ds
and how they're taxed and how to convert.
Speaker 3 (36:50):
Take the time.
Speaker 2 (36:51):
I challenge all of you all right there in the
morning and they're in the afternoon. Take the time and
come to our event. Go to Maggie Tax dot com
right now, and you can put your name and register
this seminars through February, and we're going to do this
and we have been every month. It's the only way
that I can help you understand what these questions that
we're giving you now that people give us will answer
(37:12):
for you, because you have to know the answer and
go back to the other person I had before. The
reason why that this woman realized this was because she
went on my website, Maggie Tax dot com, and in
thirty seconds we sent to the retirement tax bill. And
this is when she realized she has been saving so
long on a tax to third basis and finally realize
she has a problem. Why wait so long before the
(37:35):
virus sets in or the fever gets high. Do something
about it now. So go to Maggie Tax dot com
right now, go to seminars. You can click and I'll
take you two seconds. The dates are there, the times
are there. Take the time and educate and help. Let
us help you.
Speaker 4 (37:49):
Eight three three Maggie Tax. And here's an idea for
all of you. If you have two hundred thousand dollars
to a million dollars even higher, we have a team
of highly qualified, personally trained representative's planner with the knowledge
and understanding from a tax approach to understand how a
Roth conversion can save you hundreds of thousands of dollars
in unnecessary fees and taxes. How about a quick chat
(38:11):
to see if we can help you. Eight three three
Maggie Tax. Visit our website at Maggi tax dot com.
We thank you so much for listening to today's show.
Every Sunday on ABCTV at ten thirty am, tune in
to the Maggi Tax and Financial Show half an hour
and educating you on a lot of different topics income planning,
tax planning, investment planning as well as a state planning.
(38:32):
Put together the holistic plan for you. Eight three three
Maggie Tax. We look forward to meeting with you. We
have obvios on both sides of the Bay. Eight three
three Magi Tax.
Speaker 1 (38:42):
You've been listening to the Maggie Tax and Financial Hour
discussing tax planning investment strategies presented by Robert and Chris
Maggie from Maggie Tax Advisory and Financial Services with offices
in Hillsboro and Panelas County. Visit Maggi Tax dot com
or call eight one three three two two t five twenty.
That's eight one three three two two twenty five twenty
(39:05):
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.
I hope you're having a great day. A couple things
I want to make right from the start. Visit our
website Maggie tax dot com. Click on the retirement calculator
and in thirty seconds we can show you what your
retirement tax bill will be. Also, click on seminars. We
are doing a lot of educational seminars. They're all in
(01:14):
different areas, so go to Maggie Tax As Seminars and
you'll see the time and location.
Speaker 3 (01:19):
Register for the seminar.
Speaker 2 (01:20):
We talk about a state planning, tax planning, income planning,
and social security. Because a lot of you out there
are asking for help, again, pick up the phone eight
three to three. Maggie Tax operators are standing by. So Chris,
you know, we have a lot that we talk about.
I think the biggest thing that I learned from people
is what they don't know. And when they come in,
they're just surprised and they ask questions because.
Speaker 3 (01:40):
They don't know.
Speaker 2 (01:41):
And you know, the thing that I want to make
sure people understand. You don't have to be afraid to
sit down and have a conversation. It's about understanding the
language and retirement planning. And I can give examples all
day long of people that come in that have worked
with us. So, Chris, would you agree that would be
probably the most important thing that we're trying to accomplish here.
Speaker 4 (01:59):
I would absolutely education is extremely important, and as we
see each and every day and each and every week
that many people just really don't know what their options are.
And welcome to the Maggie Tax and Financial Show. I
am Chris Maggie, and we thank you so much for
tuning in. And that's what it's about. It's putting together
a plan. There's so much there. When it comes down
to your finances, you work, you put money away, you safe,
(02:20):
you go through a lot of events during your life,
and then it comes down to the point of retirement.
You're thinking about when should I retire, Can I retire?
What it's going to look like? And many people just
don't know. And we talk about you live in ayoo economy.
You're on your own and you live in the dark
because you really just don't know what retirement looks like.
We all have the ideas of a happy retirement, but
(02:40):
still you have to have income, you have to pay taxes,
you have to make sure your investments are in the
right order, and you've got to make sure that you're
accomplishing what you want to accomplish. So when we get
down to this. That's why we call it the Maggie Plan.
It's a plan for you. And if you do not
have a plan for your retirement, if you're in retirement,
you're about to retire, whatever it is, and you want
to get a second opinion, you know your current advisor
(03:02):
cannot give you a second opinion. That's why we say
pick up the phone, schedule time to meet with us,
because there's so much there. Things are changing. There's tax planning,
there's investment planning, there's income planning that needs to be done.
If you're talking about or thinking about soul security, when's
the best time to take it to maximize the benefit.
With a client that came in last week and we're
(03:23):
talking about the spouse, and they had no idea, the
spouse that they could get at least half of the
husband's benefit. So we asked them to call sol Security
and guess what. A couple of days later, they increased
the payment for the spouse up two hundred dollars more
in her paycheck each and every every month, and they
had no idea. So that's what we're talking about here.
(03:44):
You don't know what you don't know, but you can
by picking up the phone, schedule time to meet with us.
Let's go over your situation, Let's put together a plan.
We call it the Maggi Plan, and we look forward
to helping you a three to three Maggie tax.
Speaker 2 (03:54):
And again, the simple solution is go to Maggie tax
dot com, click on seminars and what Chris is just
talking about with doing seminars educational seminars all across Tampa Bay.
Check the website, the dates and times are located. They
are just register and bum be there and show up.
So Chris mentioned something before about savers, so let's talk
about something because some savers may want to reduce the
(04:14):
risk or uncertainty of their taxes in retirement. That's the
biggest question we get because at Maggie Tax and Financial
Group we always do taxes. We've been doing taxes all
year round. We do advanced tax planning. But don't put
it to bed after April fifteenth, because you need to
plan because in two years the Trump tax cuts are
going to expire. So a more predictable retirement tax environment
(04:35):
may help you better prepare for the taxes that you're
gonna pay. And you know, we talk about you know,
how much you're gonna get in retirement and what it's
gonna cost you. Things are going up, Prices are going up,
you know, and you're gonna pay and the spendable income
you can generate after taxes are paid. That's the key, Chris.
After taxes. You always get the question when someone sits
down and we ask them how much do you need
(04:56):
per month?
Speaker 3 (04:56):
And it's what after taxes?
Speaker 4 (04:58):
That's right. So our biggest e vents are taxes. It's
going to be taxes, taxes, taxes, taxes, and it's not
about just filing your return. Filing your return from your
tax preparer is just pretty much what they did, what
you did prior to twelve months right or last year.
What you want to do is tax planning, So you
want to make sure that your investments are in line
with your taxes, your income are aligned with your taxes.
(05:20):
So we can do a mock tax return today or
any month throughout the year to show you exactly what
impact your taxes are going to be. And we can
do the analysis of your potential tax exposure to your
tax risk or tax uncertainty within your given retirement approach
and a higher retirement tax score. We call it RTS
(05:41):
represents a higher exposure to these risks, while a lower
retirement tax score conveys a lower exposure to tax changes.
This is what and how the retirement tax calculator that
we have will show you in thirty seconds, we can
evaluate your tax risk and prepare you for your future
tax bill. And that's why we encourage you to visit
our website at Maggie tax dot com. There's so much
(06:03):
information right there. If you have a four one K
an IRA, A four to H three B a TSP traditional,
then guess what. You have an account that's infected with taxes.
There are huge taxes that you have to pay. So
how do you diffuse a tax time bomb? Do you
have a plan? If you don't, then we can help you.
All you have to do is visit our website at
Maggie tax dot com. Click on the top right hand
(06:25):
corner retirement tax bill and in thirty seconds you can
get your retirement tax score and what you're going to
pay and we can help you reduce that or possibly
find ways to strategically get that money out in the
most tax advantage way in a tax free account. Just
pick up the phone, schedule time to meet with us
eight three to three Maggie tax And.
Speaker 2 (06:45):
The thing now is most people don't understand the retirement
tax score what it is and your retirement tax bill,
and think about it. When you retire, you have to
start taking requirement and distribution at age seventy three.
Speaker 3 (06:57):
They're changing those rules all the time.
Speaker 2 (06:58):
But at the same time, with the taxes go up,
you're gonna have to take out more of your taxable IRA.
So your retirement tax goor measures your exposure to the
risk of changing taxes. That is so important right now
because we talk about it every week. In two years,
the tax cuts are going to expire. What are you
doing about it? Exposure to this risk can vary depending
on the vehicles and approaches you use to save for retirement.
(07:21):
You know, is it an IRA? Is it a four
to one K? Is it a four H three B?
Is it a TSP for federal people? And Chris you know,
it's just a confusion of alphabet soup that people don't get.
But it all bundles into one and at the bottom
line is what they got to pay taxes.
Speaker 4 (07:34):
And that's just it. Well makes it make it even
more easier for a lot of the listeners today when
you come in, that's why we can help. When you
come to me with us, we're going to show you.
We're going to show you a balance you. We're going
to show you what's taxable, We're going to show you
what's non taxable. We're going to show you what you
could do to get the money out of a taxable
environment to tax free in the most tax efficient way.
This is tax planning, and tax planning is done all
(07:56):
the time. If you're not working with the right advisor
and they're not doing tax plan for you, you need
to raise your hand and give us a call because
tell you what taxes are our biggest expense and you're
going to get hit with more taxes if you don't
plan on it. Because most advisors out there just do investments.
Most advisors just want to put you in a stock
upon a mutual phone or a manage account and that's it.
(08:17):
But there's way more than that. There's the tax side
of this. There's the income side. What about your income
when you take a distribution, how is it taxed?
Speaker 3 (08:24):
Do you know?
Speaker 4 (08:25):
And if you don't know, you need to know. And
that's why our clients whenever they take a distribution. We
show them exactly what the tax ramification is going to be,
if any, so they know that the money they receive
is guess what after tax, and they can spend it
and not have to worry. So pick up the phone,
schedule time to meet with us. Let's do a tax review,
Let's do an investment review, Let's do an income review.
If you're looking for more income, let's show you how
(08:48):
to get more income on a most tax efficient way.
We call it paychecks. We also call it play checks.
What's a play check? A playcheck is something that you
can get each and every month and just play with it,
do whatever you want with it, Spend it to come
in for the rest of your life if you want that.
We can help eight three to three Maggie tax. That's
eight three to three Maggie tax.
Speaker 2 (09:06):
So WHI are we talking about this today? And how
can we bundle this into something easier for all of you?
It's real simple. Go to Maggie tax dot com, go
to the retirement calculator, take a look at it for yourself.
Speaker 3 (09:16):
It's very simple. There's a video there that explains it.
Speaker 2 (09:18):
It takes you maybe five minutes if that, and then
you're going to get a report back in thirty seconds
of your retirement tax bill number two. Like I said,
we're offering seminars, educational seminars across Tampa Bay every month.
All you have to do is go to seminars on
Maggie tax dot com, look at the times on the locations.
I mean, it's convenient for everybody, and it's educational. And
(09:39):
what we're talking about today, that's what we're going to
be talking about at the seminar. Folks, it's up to you.
You have to get a retirement plan. You have to
look at taxes, you have to look at income planning.
It's a puzzle. It's a very confusing puzzle. And don't
be afraid to sit down with us and have a conversation.
I think what Chris and I see so many times
as people come in and they say, well, gee, I'm
afraid to talk to my advisor.
Speaker 3 (10:00):
Why this is your money?
Speaker 4 (10:01):
Chris, that's ridiculous, absolutely, And we see it each and
every day, and people come in and they just have
their head in the sand and they don't need to be.
You could be doing something different to make your situation better.
Interest rates have risen, right, So what are you doing
about it? Market has done? What up and down? How
do you take advantage of the opportunities you can? You
don't have to just fall victim to it. You don't
have to just make money when the market goes up.
(10:23):
What about when the market goes the other way? Do
you want to participate in those gains as well? Can you?
Speaker 3 (10:28):
Absolutely?
Speaker 4 (10:29):
If you're working with the right advisor. So pick up
the phone. Schedule time to meet with us. Tax planning,
investment planning. Let's analyze your accounts. Let's look at them.
Let's show you what kind of risk you're taking with
your current accounts, what kind of standard deviation? How much risk?
And also where do you want to be? This is
your money. If you want to be aggressive and you're
in a low investment risk, is that really why you want.
Speaker 3 (10:51):
To be well?
Speaker 4 (10:51):
We can help you. So pick up the phone. Schedule
time to meet with us eight three to three mag atax.
That's eight three to three magitas.
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 4 (11:36):
Welcome back to the Maggie Tax and Financial Show, and
thank you for tuning in. I'm Chris Maggie and I'm
here with my dad and coast of the show, Robert Maggie.
And visit our website at Maggie Tax dot com. There's
so much information right there at your fingertips. We're talking
about seminars to get educated three in one seminar. Learn
about your tax bill. If you have an IRA Form
one K, it's a it's a tax time bomb about
(11:57):
to explode with taxes. How do you defuse that time bomb?
We can help you. Visit our website at magatax dot com.
Schedule time to meet with us. Let's get together. We
have office on both sides of the bay. Let's review
your investments. Let's put together an income plan. Let's show
you what you can do put together a complete plan
for you and your family. So one of the things
we're talking about today, because we're talking about the seminars
(12:20):
that we do, we discuss the enhanced plan and the
estate planning. What about Social Security? And there's four things
to understand before making decisions about your Social Security benefits.
So Dad, let's start with number one. It all starts
when you pay in correct exactly.
Speaker 2 (12:34):
So each paycheck that you receive from your employer is
subject to Social Security tax that amounts to about twelve
point four percent of your salary, but split evenly at
six point two percent for you and six point two
percent for your employer. So you pay that amount on
everything you earn up to a certain amount of this
one be one hundred and forty seven thousand, and each
(12:55):
one five hundred and ten dollars that you earned provides
you with one Security credit up to four credits per year,
and once you've collected forty credits, you are eligible to
receive benefits. And this, Chris, is the biggest question we get.
Do they have enough credits? How do they establish the credits?
And if I don't have enough credits, what do I do?
Speaker 4 (13:14):
That said, so, most people, if you work ten years
and you work throughout the whole year, you get four
credits a year, that's forty quarters. You're good to go.
But a lot of people we meet with sometimes they're short.
Sometimes they have thirty eight credits. They just don't qualify
for the benefit. So it all starts when you pay in.
So the second thing that's really important if you do
understand about making social security decisions, that you increase your
(13:35):
benefit as you earn more. So let's talk about that.
Speaker 2 (13:37):
Sure, well, you may be eligible to receive Social Security
benefits after working as few as ten years. The amount
you receive is calculated over a greater time period. So
your benefit amount is based on your highest thirty five
years of earnings. If you've worked fewer than thirty five years,
the missing years are counted at zero. Again, Chris, we
run a Social Security Maximization report that this up and
(14:00):
when we do the seminar, the second segment is the
Social Security I can't tell you how many questions we
get on this. It's just so confusing to a lot
of people.
Speaker 4 (14:07):
Absolutely, and that's why it's so important to make sure
that you go to SSA dot gov and look to
see if your earnings are calculated correctly. But a quick
example my mom, my mom here, what she did was
look at our social Security statement and one year there
was zero on her earnings record. They didn't calculate it.
So all we had to do we notified SOLI Security Administration.
(14:28):
We showed her the W two and guess what They
changed that real quick. So if that happens to you,
don't be alarmed to pick up the phone, schedule time
to meet with us. Let's go over call Social Security.
But also making sure that you have everything credited and
your earnings are there. So talking about solid security. And
number three, the things that you need to understand is
that the earliest you can receive benefits is age sixty two.
Speaker 3 (14:50):
So let's elaborate on that for a little bit.
Speaker 2 (14:52):
Correct so you may begin to receive early benefits from
socurity age sixty two, that's a few years before what
the Social Security Administration calls your full retirement age or FRA.
Full retirement age or FRA is the age at which
you can receive one hundred percent of your primary insurance amount.
And this is important because when we do tax planning
(15:14):
and we do taxes. It depends on the biggest question
we get, when should I take it? Well, you can
take it at sixty two if you definitely need it,
But there's a couple of variables in there that if
you're working, Chris, and you're making more than a certain amount,
you don't need to be taking solid security. I guess
the biggest concern most people have that it's not going
to be there. So each month that you delay receiving
your Social Security benefit, the amount that you're going to
(15:36):
receive increases. Retire at sixty two and you may only
receive seventy five percent of your primary insurance amount. Retire
it your full retirement age, and you're going to receive
one hundred percent of your FRA. So wait even longer
and you may receive an additional eight percent each year
up to age seventy. So what happens is from sixty
two to sixty six it grows at six point two percent,
(15:58):
and sixty six to seventy it grows it. And Chris,
many times when we show this to clients, they don't
really understand, Wow, maybe I can wait, and this is
how come it's growing.
Speaker 4 (16:07):
So when's the best time to take it. Every situation
is different. There's no one age for everybody that's the
best option for them. So what you need to do
is meet with the right advisor. Bringing your social Security statement,
Let's analyze it. Let's do the maximization report for you
and your spouse so we can show you when's the
best time to take the benefit. And we also will
(16:27):
show you how much you're going to get per month.
And this is part of the income plan. This is
part of the incomplaining that we do, and it correlates
with your your investment plan, and your tax plan and
your overall enhanced plan. So that's why it's so important
to meet with us. Let's go over social Security. Let's
explain it and let's answer those questions that you have.
So we're talking about here today. What you need to
(16:48):
do to understand your benefits about social Security, and number
four is find your when we talk about this all
the time, but find your whin elaborate on that for
me day exactly.
Speaker 2 (16:58):
And this is one of the most challenging questions. That
is when to start receiving your Social Security benefit? Should
you start collecting at sixty two, wait until seventy, or
choose somewhere in the middle, because you can if you're
age sixty two or older. The first question you should
ask yourself is if you need the money, and if
you do need solid security income to meet your expenses
in retirement, you'll need to take your Social Security income
(17:21):
or consider other options. If you don't need the money,
it might make sense to consider delaying your benefits to
let your future payment increase until you reach one hundred
percent of your PIA and Chris. Many times that we
meet with clients, their advisors are not talking about this.
They're not addressing as state taxes, they're not talking about
Social Security because they don't understand it. So you have
(17:41):
to understand how it works and how it's going to
benefit you. That's why the seminar, the three and one
seminar that we put together, is so important. Go to
maggietax dot com registered today. You're invited. It's simple and
there's the locations are right there in the times.
Speaker 4 (17:55):
And if you can't visit our seminar, then no problem.
Just pick up the phone. Schedule time to meet with
us in visually. We have office on both sides of
the bay. Schedule appointment to meet with us. So We
talked about four different things that you need to understand
about social Security, but also there's benefits for spouses and
x spouses and widows and widowers. So there's so much
there education about social Security. They should have a whole
(18:18):
class on this because many people have no idea how
it starts, what the benefits are this cost of living adjustments?
How is that based off of my gosh, you know
what happens if someone passes away, who gets the higher
of the two? Usually it's a spouse that's living gets
the higher of the two. But many people don't understand that.
So spousal benefits, death benefits, your benefits. There's a lot
(18:41):
to discover, and there's also it's important to understand. This
is very crucial to understanding your retirement income needs. So
pick up the phone, schedule time to meet with us.
Eight three three Magi Tacks. That's eight three to three
mag Attacks and don't forget every Sunday on ABC TV.
Tune in on ABC TV at ten thirty for the
mag Attacks and Financial Show eight three three Maggie Tax.
Speaker 1 (19:03):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie Tax dot com. That's
m a gg I tax dot com or call eight
(19:24):
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 4 (19:40):
Thanks for tuning in to the Maggie Tax and Financial Show,
and welcome everyone. And I'm Chris Maggie and we're talking
today about the rothiray accounts and why you should open
up roth ira immediately. We hear a lot about tax
free money. We hear a lot about iras and formal
k's and wroth accounts, and a lot of people have questions.
They're just confused, and we stand and that's why when
(20:01):
you come to meet with us, we're going to help you,
educate you and show you what works best for you.
So we talk about why you should open up a
wroth ira immediately. Let's talk about five reasons why you
should do that as soon as possible.
Speaker 2 (20:14):
Oh number one, you want to get the clock started.
We'll go into that in a minute. But if you
already filed your taxes, you can still make a roth
Ira contribution. So bottom line is get it done well.
Chris and I are talking about we have a long
way ahead of us. Start putting money into a wroth
even if the contribution is for a small amount like
one hundred bucks. And this is important. It's going to
start your roth Ira five year clock ticking. And if
(20:36):
you if you designate the contribution for this year, you
get a January one start date twenty twenty three, So
your five year clock just became a three year, nine
month clock. That's important because now everything you put into
that roth is going to grow tax free. And number
two something called the magic of compounding. The longer money
(20:57):
has to grow within your wroth Ira, the more tax
free earnings you stand to accumulate.
Speaker 3 (21:03):
Think about it, you put.
Speaker 2 (21:04):
Money in this account, it's gonna grow, it's gonna gonna grow,
it's gonna compound. And if more accumulates now, then more
can potentially compound on top of that. Albert Einstein you've
probably heard this before. Said, compound interest is the eighth
wonder of the world. So he who understands it earns it.
He who doesn't pays it. And that's the bottom line, Chris,
(21:26):
that people with regular iras tax deferred are paying it,
not having a roth ira where they don't have to
pay it. So another popular saying is it's not about
timing the market, it's about time in the market. And Chris,
again it goes back to language and understanding this. Maybe
some of you we just confuse and that's why you
need to pick up the phone. Eight three three, Maggie tax.
(21:48):
Let's sit down, let Chris and I explain it to you.
And by the way, you're going to meet with both
of us. Let's sit down and answer your questions and
get you on the same page to get a tax.
Speaker 4 (21:57):
Free retirement less you said, if you want tax free money,
then you need to start putting away tax free buckets.
And we can help you do these types of things
and steer you in the right direction on how much
you should contribute and also to which bucket. So pick
up the phone, schedule time to meet with us. Let's
get together and let's have that conversation so we can
help you. So another reason why you should contribute to
(22:19):
a roth Ira immediately is because wrothfol K is a destination.
If you have a wrothfool one k and the plan
is to roll it over to a roth Ira, at
some point in the future, you will need to open
up a wroth Ira. So if you have a four
one K and they offer you the wroth option, contribute
to it because there's a lot of really good contribution
(22:41):
amounts you can put into it that you cannot really
put into into the roth Ira. So but if you've
never had a roth Ira and you wait until the
last minute to establish the account to accept the rollover,
your four one K dollars will adopt the five year
clock of the Ira and the roth Ira rule. So
it's important to get this clock started. My dad mentioned
(23:02):
this before. You need to get a go and contribute
something so you have it in play, because what happens
is if you let it go five years, then the
gains in that account are tax free. So you want
to get that clock started as soon as possible.
Speaker 2 (23:16):
And let me just kind of give you an example. Think
about federal employees out there. If you're listening, you have
a four oh one k and you have a TSP
for a roth ira. Now the difference is if you
put money in the roth, you don't get the tax deduction,
but everything from there on grows tax free. So that's
important to understand why the roth is important. So qualified
plan distributions that can soften this blow.
Speaker 3 (23:39):
Why wait, what are you waiting for?
Speaker 2 (23:41):
Chris mentioned one hundred dollars start somewhere and you can
always contribute more. So establish a roth ira now for
any future four oh one k rollover is that's so
important right now and again I'm going to keep saying this.
It's the language. I know we talk about this week,
talk about this every week, but you have to understand it.
Another reason leverage a conversion and you make too much
(24:01):
money to contribute to a wroth ira. We hear this
all the time. Well, there are no income limits on
wroth conversions. So anyone with the traditional IRA is eligible
to do a wroth conversion. And it does not matter
if you make zero dollars or a million, and Chris,
that's another big point there. So it doesn't matter if
you participate in a work plan or not. Again, these
(24:23):
are the rules, the language. So yes, a conversion is taxable.
It's going to add to your earned income for the year,
but all future growth is tax free. Chris, how many
times do we see that and you do something that's
really important? We should should everyone should do this. We
do a mock tax return. What if you can convert
some of the money and still stay in the same
tax bracket. One of the biggest things that we're going
(24:43):
to be faxkin a couple of years is the tax
cuts are going to come back. It's going to go
up three percent. So when you want to pay the
tax at the lower.
Speaker 3 (24:50):
Rate or no rate then a higher rate.
Speaker 4 (24:54):
Well, that's just a great question, and thus the answer
the answer is yes, you want to go ahead and
do that. So how do you convert? Can you convert?
My dad just mentioned you can convert at any time.
Has nothing to do with income or what you have
in the bank or what or your age, has no
bear on any of that. What you should be looking
at is if you have an IRA that's infected with
taxes or iras, you have a tax time bomb. You
(25:16):
need to go ahead and meet with the right advisor
who can show you how to roll that money out
or convert that money. We have clients last year that
went ahead and just said, hey, let's repuff the band date,
let's pay the tax, just to stroke the check to
Uncle Sam for the tax and then guess what those
funds are tax free forever and ever and ever. So
(25:36):
this could happen to you. Or do you do a
strategic rollout? Do you roll out the IRA over a
five year period, over ten year period, or how do
you go about doing that? We can show you so
when you come in to meet with us, we can
show you what the tax term will look like, so
you will know how much you will pay in tax.
So pick up the phone, schedule time to meet with us.
If you're looking for a Wroth conversion, if you're looking
(26:00):
four ways to contribute to tax free buckets, we can
show you how. Pick of the phone. A three to
three Maggie tax. That's a three to three Maggie tax.
Speaker 2 (26:08):
Chris mentioned a couple things before strategic rollout. When you
go to my website retirement calculator and you put in
your numbers, you'll see what you're going to pay at
seventy two or seventy three. But in between you have
a window of opportunity where you can roll some of
that money out at a low tax rate, convert it
to a roth have tax free income and reduce your rmds.
(26:31):
So please go to my website. I challenge everyone out
there to take a look at this. I don't care
how much money you have in your IRA, four to
one k, put in the numbers. Take a look at
it because you have to do some tax planning. And
that's what we talk about. One other thing Chris mentioned before,
Chris the five year clock. What does the five year
clock mean? Because after the five year clock expires or
(26:52):
goes past, it's all tax free money, right.
Speaker 3 (26:55):
That's it.
Speaker 4 (26:55):
That's why you want to start your roth ira immediately.
Make sure that you open up wroth iras. If you're
in a situation where right now you can't put as
much money into it, no problem. Just start the roth ira.
Put one hundred bucks into it because in the future
you can always use that. Once that five years passes,
it's all tax free money. So why not start it now?
So pick up the phone, schedule time to meet with us.
(27:16):
Let's get together. Visit our website at Maggi tax dot com.
There's so much information rate there at your fingertips and
every Sunday on ABCTV at ten thirty watch the Maggi
Tax and Financial Show. We educate you why because you
need to know this information. It's crucial, especially in retirement.
Taxes are going to go up. What are you doing
(27:37):
about them? If you have taxable accounts that are infected
with taxes, guess what you're gonna pay Uncle Sam forever
and ever and ever. But if you have tax free buckets,
guess what you just did eliminated Uncle Sam forever and ever?
Which one or which side do you want to be?
We can show you how a three to three Maggi tax.
Speaker 2 (27:54):
So let's talk about the roth Ira distribution ordering rules.
This is so important and I don't want to hear
any excuses about locking up your money or what if
there is a financial emergency. Wroth Ira distributions follow strict
ordering rules. Contributions come out first, then converted dollars, and
then the earnings.
Speaker 3 (28:14):
So a person always.
Speaker 2 (28:15):
Has access to their wroth contributions tax and penalty free.
So if you put in fifty thousand and two years
later you want to take it out, you can, but
you just can't take out the earnings until that five
year clock passes. Correct, and people don't know that, and
that's important. Again, it's the language. So converted dollars are
available after five years, regardless of.
Speaker 3 (28:36):
How old you are.
Speaker 2 (28:37):
And that's another concern because the iras have you can't
touch it till fifty nine and a half without getting
a penalty, and now you've got to wait till seventy three.
You know, it goes on and on and it gets
more tax, more tax, more tax. So if there is
a true emergency, there's a good chance a portion of
your roth ira is going to be available for withdrawals
and no strings attached.
Speaker 4 (28:58):
So that's why planning assume important when you're come in
to meet with us. We need to look at the
big picture. We need to do complete planning, overall planning.
That's why we do tax preparation. That's why we do
tax planning, wroth conversions, that's why we're insurance licenses. We
can help you in a lot of different ways to
protect your money. There's ways that you can fund an
index universal life for tax free money if you are
(29:19):
phased out of the wroth ira because you make too
much money. We have our investment division at Maggie Investments
as a fiduciary to look at all your accounts. We
can actively manage portfolios. There's a lot of things we
can do to help you. We can dissect it the
risk that you're currently taking in your portfolio or your
WROTH accounts, or your iras or whatever it is that
you have your brokerage accounts. Let's show you the risk.
(29:41):
Let's show you what type of accounts you're investing your
money into and is that the right thing for you.
We also have a state planning that we do. Our wills,
trust pow of attorneys. We have attorneys that can help
you complete these documents to make sure that everything avoids
probate and stays in your family. So if you're looking
for an income plan, we can help. If looking for
a tax plan, or a Social Security maximization plan, or
(30:03):
an investment plan, we can help. That's what we do.
So when you come in to meet with us, we
can show you how to put money into a roth ira,
where to put the money so it's beneficial for you.
Every situation is different. This isn't how cookie cutter plans.
These are plans for you. So when you come in
to meet with us, we will spend the time to
get together with you and understand you and your questions
(30:25):
and put together something that's going to work for you.
A three to three Maggie Tax.
Speaker 2 (30:29):
And also when you visit our website Maggie Tax dot com,
there's a lot of videos on there on the color
of money, on Medicare, on Social Security that you can
look at. There may be twenty minutes, but it's educational,
and again that's what our show is about educating. So
pick up the phone eight three three Maggie Tax.
Speaker 3 (30:46):
Visit us.
Speaker 2 (30:46):
We have an office in Palm Harbor Loots and also
Saint Pete. And yes, you will be meeting with both
Chris and I. So you have questions, we can help
you out. Be sure to tune into our show every
Sunday on ABC TV at ten thirty and right after.
Speaker 3 (30:57):
That show, we're back on the radio. So we're going
to give you a lot of help, a lot of education.
Speaker 2 (31:01):
Give us a call eight three three Maggie Tax, and
be sure to visit all website Maggie Tax dot com.
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
ma gg I tax dot com. Or call eight one
(31:30):
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty. Now your host
for the Maggie Tax and Financial Hour, father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 3 (31:46):
Hello and welcome back. My name is Robert Maggie.
Speaker 2 (31:47):
You're listening to the Maggie Tax and Financial Show and
I'm here with my son and co host Chris Maggie.
And if you have any questions, well you need to
make an appointment. Give us a call at eight three
three Maggie Tax and I have operators standing by right now,
and mention to them that you want to talk about
a Roth conversion, or you want to talk about taxes,
and you want to talk about investments. Let them know
so when we get together we'll have a conversation. But
(32:08):
you know, we've been talking about Roth conversions and I
want to talk about why a Wroth conversion at any
age will save you hundreds of thousands of dollars in taxes.
And let's talk about one of my clients that I had.
We can talk about a lot of them, but one
of them, the girl's name is Patricia. She came to
us a year ago or so after coming to the
realization that her great saving habits were going to be
(32:29):
taxed very heavily in the future, and she was shocked
because of her required minimum distribution. Chris, the thing that
matters a lot to people is they don't realize that
the iras have required minimum distribution. So whatever balance it is,
they're going to take something right they have to. They
have to, and whether they want to or not, they
have to right now. The question is you take that
(32:51):
R and D and what do you do with it?
Speaker 4 (32:53):
Well, some people, if they don't need it, they have
to take it and they just reinvest it. So what
happens is one, they have to pay the tax on
the distribution. Two now they start paying taxes on the reinvestment.
And three now when they pass away, they have to
pay tax on the amount that goes to the beneficiaries.
Speaker 2 (33:09):
And now let me give you a point. Client calls
me last week and says he got a check for
eleven thousand dollars. What's that from? I said, well to
your RMD from IRA. He said, what's that?
Speaker 4 (33:21):
So?
Speaker 2 (33:21):
I said, look, you're of age, you have to take
the requirement distribution.
Speaker 3 (33:25):
He said, but I don't want the eleven thousand.
Speaker 2 (33:28):
I said, well, put in your bank and then if
you invest it, you're going to get taxed on it.
Speaker 3 (33:32):
He said, I don't want that. So what do we
tell this guy?
Speaker 4 (33:35):
So now that's why he's what seventy five years old?
So now looking back, if he was seventy years old,
we could start doing a roth conversion over time. To
call this strategic rollout. Even if he was younger, he says,
sixty five or sixty even fifty five, right, or even
fifty it's even better because then you can get all
the money out into a tax free environment. You have
to worry about the requirement of distribution.
Speaker 2 (33:55):
One window of opportunity that all of you need to
look at, and you know your situation is if you're
say sixty to seventy three, that's a thirteen year window
that you have time to strategically convert your IRA to
a ROTH IRA and pay no tax.
Speaker 3 (34:13):
How many people do that?
Speaker 4 (34:15):
Well, a lot of people. If they know that there's
a plan to do it.
Speaker 2 (34:19):
That's the reason why I do it. You said the keyword.
If they know, and you know, and I know a
lot of people don't. They're shocked. So tax time comes
around and client says to me, Bobby, I'm paying too
much in taxes, and I say, no, you're not. Oh yeah,
I never paid this much in tax I said, well,
guess what you got to check for requirement of distribution? Right, yeah,
Well it's taxable, which means you didn't withhold anything for
(34:43):
that distribution and you're you're supposed to do that.
Speaker 3 (34:46):
Who gets paid first?
Speaker 2 (34:47):
Chris, Uncle Sam, gosh man. I wish that would change,
don't you.
Speaker 4 (34:50):
So that's it. So we're all taught, right, we're all
taught to put money away into a four one k ira,
reduce a tax now, but in the future, guess what
you'll have it. You don't mean a lower tax bracket,
so when the money comes out, it's not gonna be
a problem for you. Well, the problem is is that
we have a huge debt as a country, and taxes
are prevalent. They're there, they're going they're gonna go after
people who have the money they know how much money
(35:11):
you have in your IR. They know how much money
you have in your formal Okay, they know it. So
all they have to do is increase a tax rate
three percent, five percent and guess what more tax revenues.
So who's it gonna come from? People who have the money.
You have the money, so they're gonna go out and
get it at some point. Whether it's now, whether it's
five years, and whether it's fifteen years, it doesn't matter.
So the fact that we're talking about here is keep
(35:32):
an open mind, do some planning, tax planning, investment planning,
income planning, and state playing. That's what we do here,
and we're talking about here tax planning because that's our
biggest expense. So pick up the phone, schedule time to
meet with us. Let's look at if you have an IRA,
Let's look at a Roth conversion. Sit down, have a conversation,
see if it makes sense. And when when we look
(35:53):
at your accounts and we can figure out how much
tax is that going to be, and then you know,
we can put it all together to put together a
plan for you. Because most people, we see about eighty
five percent of the people will come in and have
no plan. They have piles of money, they have taxable
accounts and guess what, they're just falling victim to whatever
is going to happen. If that's what you want, then
you will have it. But if you don't want that,
(36:13):
then let's put together a plan. And that's what we
want to focus on here today is putting together the
right plan for you.
Speaker 2 (36:19):
Eight three three Maggie Tax. So let me offer all
of you listening a life support. Go to our website,
Maggie tax dot com, click on seminars. We have seminars
scheduled every single month, two a month. They're at libraries.
There's no food. I'm not feeding anybody. It's education. And
a lot of people tell me the reason why they
come is because they want the education. So let me
(36:40):
say this. When you come to the seminar, it's about
an hour and a half. We're going to educate you
on what we're talking about right here, the rm ds
and how they're taxed and how to convert.
Speaker 3 (36:50):
Take the time.
Speaker 2 (36:51):
I challenge all of you all right there in the
morning and they're in the afternoon. Take the time and
come to our event. Go to Maggie Tax dot com
right now, and you can put your name and register
this seminars through February, and we're going to do this
and we have been every month. It's the only way
that I can help you understand what these questions that
we're giving you now that people give us will answer
(37:12):
for you, because you have to know the answer and
go back to the other person I had before. The
reason why that this woman realized this was because she
went on my website, Maggie Tax dot com, and in
thirty seconds we sent to the retirement tax bill. And
this is when she realized she has been saving so
long on a tax to third basis and finally realize
she has a problem. Why wait so long before the
(37:35):
virus sets in or the fever gets high. Do something
about it now. So go to Maggie Tax dot com
right now, go to seminars. You can click and I'll
take you two seconds. The dates are there, the times
are there. Take the time and educate and help. Let
us help you.
Speaker 4 (37:49):
Eight three three Maggie Tax. And here's an idea for
all of you. If you have two hundred thousand dollars
to a million dollars even higher, we have a team
of highly qualified, personally trained representative's planner with the knowledge
and understanding from a tax approach to understand how a
Roth conversion can save you hundreds of thousands of dollars
in unnecessary fees and taxes. How about a quick chat
(38:11):
to see if we can help you. Eight three three
Maggie Tax. Visit our website at Maggi tax dot com.
We thank you so much for listening to today's show.
Every Sunday on ABCTV at ten thirty am, tune in
to the Maggi Tax and Financial Show half an hour
and educating you on a lot of different topics income planning,
tax planning, investment planning as well as a state planning.
(38:32):
Put together the holistic plan for you. Eight three three
Maggie Tax. We look forward to meeting with you. We
have obvios on both sides of the Bay. Eight three
three Magi Tax.
Speaker 1 (38:42):
You've been listening to the Maggie Tax and Financial Hour
discussing tax planning investment strategies presented by Robert and Chris
Maggie from Maggie Tax Advisory and Financial Services with offices
in Hillsboro and Panelas County. Visit Maggi Tax dot com
or call eight one three three two two t five twenty.
That's eight one three three two two twenty five twenty
(39:05):
and tune in next Saturday at five for the Maggie
Tax and Financial Hour
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