Episode 20250621 - Inflation and Financial Risks

Episode Transcript

Speaker 1 (00:00):
All these years you've saved up planning for a secure retirement,
but if you're not careful, it will be the irs
that's living it up when you retire by taxing your
hard earned money. Welcome to the Maggie Tax and Financial
Hour with Robert and Chris Maggie of Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
and tax savings, income planning, and investment opportunities, Robert and

(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie
Tax dot com. That's Maggi tax dot com and now

(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.

Speaker 2 (00:53):
Welcome everyone, and thanks for joining us today. My name
is Robert Maggie and you're listening to the Maggie Tax
and Financial Show. I'm here with my son Chris, and
be sure to visit our website. Maggie Tax dot Com.
We have a chat box there, so during today's show
and every show, if you have a question, type it
in and we'll answer it. Also, be sure to go
to the top of my website, Maggie tax dot com

(01:13):
for the retirement calculator. If you have an IRA four
oh one, K, four oh three B or a TSP,
plug in the numbers and we can tell you what
your retirement tax bill is going to be. And then
let's get together eight three to three Maggie Tax. So
what's going to be the tremendous impact when taxes and
inflation and healthcare costs and the impact that's going to
have on all of you? Have you thought about it?

(01:35):
Your children and your grandchildren? What about them? How do
we take care of them? And we must take you
all through a process of discovery, Chris, And every time
we meet with someone, that's what it is. It's questions.
It's about asking them what they feel, not what we
tell them. That's it.

Speaker 3 (01:49):
And welcome everyone. Thank you so much for tuning into
the Magi Tax and Financial Show. I'm Chris Maggian. We
welcome you to the show today. And education is extremely important.
We all mention that each and every week we can
educate you, but now is the time to take action.
We are in a yo yo economy. You're on your own.
We see what's happening out there, what are you doing
about it? And why this is so important because this

(02:11):
is your retirement, this is your future, this is your money,
and because it really limits the choices that the fit
A Reserve and the government have for solving our current
inflation crisis. We're in a couple crisises right now, and
the smart people are going to take advantage of these opportunities,
but a lot of people are going to fall victim
to them because they have no plan. So in order
to normalize, so in order to normalize inflation, they must

(02:36):
try to increase the interest rates to level the matches
that the inflation rate is being presented to us today.
So if they did that, the interest on the thirty
one trillion dollars would be around two point five trillion.
That would be more than forty percent of the current
budget going for interest only. So it's amazing what's happening

(02:56):
out there and that many people out there have to
start doing something now.

Speaker 2 (03:00):
Well, you know, it's getting to like the end of
the line. You know, like the end of the year,
you've got to do something before it starts all over again.
So yeah, I mean we have to look at this
and sit down and have a conversation. So would other
programs the government provided be eliminated, of course not, because
they're already implemented. So think about it. You know, they
would increase our current inflation problem by printing what more money?

(03:21):
Everybody knows that, So inflation, Chris, is a big deal.
And finally, if you understand the information that we're going
to talk about, you're going to realize that the government
would surely attempt to increase income taxes and all other taxes.
And we're going to get into that. But every time
we ask a question, and I'm asking anyone out there,
do you think taxes are going to go up or
down or what?

Speaker 1 (03:39):
Do?

Speaker 2 (03:40):
They normally say it's going to go up. But here's
the thing.

Speaker 3 (03:42):
When you have these retirement tax accounts that are infected
with taxes, you have a question mark tax rate. You're
moving in the future with the unknown, and that's a
scary point, especially when you need income. That means more
income to the government and less to you. And that's
not a good situation to be in.

Speaker 2 (04:00):
And let's make it real simple. If you have an
IRAA four oh one K four oh three B, a
step plan or a TSP, guess what, you have a
target on your back? Why? Because that money hasn't been taxed.
And again, go to the Maggie tax dot com and
click on the retirement calculator. Put in your numbers and
you'll see what I'm talking about. And in thirty seconds
you're going to look at this. We had a client

(04:20):
last week that came in. He's fifty five years old
and when we first started talking him about this, he goes, oh,
I don't worry about it. But guess what when he
did it, Chris, what happened then? I mean he was like, really,
I'm going to pay that much tax based on that
much growth, and then what if the market goes down?
And then it started to realize time to do something
about it now. And that's it.

Speaker 3 (04:38):
So what he did was he created a bucket plan.
And that's what we can put together for you. There's
buckets designed with a purpose. We can show you from
safety buckets for income, buckets for play checks.

Speaker 2 (04:47):
Who wants a play check? What is a play check?

Speaker 3 (04:50):
A play check is just what it is, a check
coming in each and every month that you can play with.
It's going to come in every month of the rest
of your life. You want a five hundred dollars play check,
you want a thousand dollars play just spend the heck
out of it every month because it's going to keep
coming in. It's a great way to put together a
nice play area for you to do whatever you want
in the future.

Speaker 2 (05:09):
But it's designed this for you. Yeah, but it's what
you always say, and we talk about. They don't understand
how to do bucket planning. They have a pile of
money and they think, well, I got to take out
that four percent that was supposedly told for years and years.
But that's not the case. When you do bucket planning,
you have income, you have growth, and then you have
later money, so preserve it. We had a gentleman the
other day, so I just want to preserve my money. Chris, Well,

(05:30):
you're not doing it the way you are because ninety
percent of your money was what we call in red money,
was infected with taxes.

Speaker 3 (05:35):
That's exactly right. And you can also have green money.
You can have a straight fix rate, a lot, paying
a lot higher than with the CD to are paining
right now if you want just something really safe and fixed.
But also you can be in the market and have
upside potential with no downside market loss. So there's a
lot of different things you can do to protect yourself
if uknow, if you know about it, and the only

(05:55):
way to do it is to meet with the right advisor.
So pick up the phone, schedule time to meet with us.
Eight three maggie tax. That's eight three to three maggie tax.

Speaker 2 (06:02):
And just remember we talk about this every week, all
of us, all of us are going to face increased
taxes and a dramatic loss of the purchasing power of
the money that you have left after taxes and losses
in the market. And Chris, we call that market risk.
So let's talk about that from me.

Speaker 3 (06:17):
So the question I have for everyone listening today, are
you okay with what's happening right now? Or you see it,
you feel it, you watch the news, you know you
get that easy, uneasy feeling out there.

Speaker 2 (06:27):
Are you okay with that?

Speaker 3 (06:29):
Or would you like to develop a strategy that allows
all of you to prevent all that damage to your
financial and your retirement future. You have the choice. We
talked about it before. We're in Ayoeo economy. You're on
your own, but you can put together something if you
work with the right advisor. You know, we're going to
show you how to use this amazing information. You know
that Social Security has provided each and every year since

(06:51):
nineteen ninety to show you why it's likely that you
will pay more in taxes in the future. Do something
now to prevent all this for you and your family.

Speaker 2 (07:01):
So a three to three Maggie Tax. We have office
on both sides of the Bay. Visit our website Maggie
Tax dot com. We have a chat box there. Please
put a question in there. We'll answer it because if
you have questions, we can help you out. And don't
forget the retirement tax calculator on the top of the website.
Click on it. I'm putting your information and in thirty
second it's going to tell you what your retirement tax

(07:22):
bill is. And I don't think anyone's doing that that
I know of your CPA, your tax prepairer, your broker.
All they're talking about is the market and market risk.
Well Chris was just talking about it. So we also
use the information to show and this is important for
the older people grandma and grandpa out there. Why it's
so vital to preserve and even leverage their estates because
statistics show us that it will be highly unlucky that

(07:43):
grandma and grandpa's children and grandchildren will have enough money
to retire unless grandma and Grandpa preserve their estates. And
I have to be one of them. You have two children,
and I'm a papa, and my wife said yahyah, because
it's Greek. But we have to also think about it.
We have how you know your two kids, Addison and
you know Ryan later on are going to be taken

(08:05):
care of because right now you're not learning that, and
you have to teach that.

Speaker 3 (08:08):
And we're not talking about a gift towards them, just
to give them my point. You want to be able
to give them the opportunity, the opportunity where they can
have a bucket of money that they can tap into
to help them move forward in the future. And if
you provide them with the education and the knowledge, they'll
make their own decisions. But now you have a hand
up as opposed to a handout.

Speaker 2 (08:28):
Good point, that's that's really good. And we got a
lot of people coming in and saying, well, my kids
think my retirement is their money. Not necessarily. I mean,
I love my kids, I love my grandchildren. I'm sure
many of you out there do. But you've got to
draw the line and start teaching them, because our goal
is not to tell you about all this information, because
we want to ask all of you how you feel
about this noise, because how is it going to affect

(08:49):
you and your family? And we want to verify how
you feel about all this and then we can implement
the strategy and come up with a solution. And we're
talking about bucket planning and red money, green money, and
talking about Chris mentioned before, play checks and paychecks. So
how all this impact you and your family? Will it
impact you in a negative way? Or could a strategy
be developed that would allow the information that we give

(09:11):
you on every show to impact your family in a
positive way? And Chris, I think that's what people need
to be. They're so headstrong and bulldozed into negative, negative, negative,
and they don't understand this a positive way. And that's
what we try to do because once they see if
you will you see the light? Wow, you get that
aha moment? Right? Well, that's just it.

Speaker 3 (09:31):
I mean these opportunities now that are present to us.
People are taking advantage of these opportunities when the market's
going down. They take advantage of the opportunities when things
are happening, when many people are getting caught off guard
with So what are you doing about it? Do you
have a plan with that? Or are you just sitting
there and going with the flow with everybody else? And

(09:52):
you don't have to go down that path. And that's
why if you have a plan, if you have a strategy,
we can help you. So pick up the phone, schedule
time to meet with us. Eight three to three Maggie Tax.

Speaker 2 (10:00):
And it's called the Maggie Plan. It's a tax plan,
it's an income plan, it's an investment plan, and it's
a state planning. How many of you do not have
a will or a power of attorney? How many do
not have your beneficiaries up to date? That's what we
do here at Maggie Tax and Financial eight three to
three Maggie Tax. Be sure to visit our website Maggie
Tax dot com. We have a chat box there. If
you have questions, raise your hand, ask the question and

(10:22):
don't forget the top right go to the retirement tax
calculator fill in your information. If you have an IRA
or a four oh one K or a four oh
three B or a TSP, you have a tax problem,
so check it out Maggie tax dot Com and don't forget.
Every Sunday at ten thirty, tune into the Maggie Tax
and Financial Show on ABC TV. Visit Maggie Tax dot
com and give us a call. Eight three three Maggie Tax.

(10:44):
We have off on both sides of the bay. Eight
three three Maggie Tax. You're listening to the Maggie Tax
and Financial Show and give us a call at eight
three three Maggie Tax. That's eight three three Maggie Tax.

Speaker 1 (10:58):
Stop planning for Uncle Sam's or timeirement and start planning
for your retirement. As we return to the Maggie Tax
and Financial Hour with your host father and son Robert
and Chris Maggie. For additional information on how you can
create a tax free retirement, visit Maggie tax dot com.
That's m a gg I tax dot com or call

(11:19):
eight 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 3 (11:36):
Welcome back to the Maggie Tax and Financial Show and
thank you so much for tuning in. You know, we
love doing what we do. Why because you know, we
help people. We help people reduce their tax We help
people design an income plan for guaranteed income for the
rest of their life. We design investment plans. You know,
many people out there have form and K's investment plans.
They have no idea what kind of risk they're currently

(11:57):
taking with their accounts. Well we can have Many people
have form on K's old ones. They don't know what
to do with it or even lum sum pension plans.

Speaker 2 (12:05):
What do you do with it? Do you take it?
Do you roll it over? What do you do?

Speaker 3 (12:09):
What about converting money from an infected area of taxes
to tax free and eliminate Uncle Sam? Those are the
things we do why because you need a plan and
we know that. That's why we are do complete planning.
If you have an estate planning issue, you need will
or a trust of have attorney. We can help as well.

(12:29):
We have people, we have staff we have professionals there
to help you. We put together complete plans. That's what
we call the Maggie Plan. So schedule time to meeble,
let's pick up the phone. Schedule time eight three three
Maggi Tax. Visit our website at Maggie Tax dot com.

Speaker 2 (12:43):
And there's a reason why we have our name Maggie
Tax and Financial Group because we specialize in taxes and
advanced taxes and financial planning. And you know, ask your CPA.
And this is an interesting story. We met with a
gentleman this week, and you know, we had a CPA
for years and you know, trusted him. And he came
in and he said, look, I want to get a
second opinion, which is fine and all of you can

(13:05):
get a second opinion. But when we showed him what
his CPA, Chris should have showed him, he went back
to a CPA and a CPA said, well, that's not good.
Well do you mean it's not good? It's not good
because he didn't tell him. Well, that's just it.

Speaker 3 (13:18):
It's a great, great segue into a great situation that
a lot of people should be hearing. He was with
his CPA for twenty five years. I had a great relationship
business during the accumulation phase. You know, when we analyzed
his current situation, we noticed that there was a lot
of a shares mutual funds with a shares front end loaded.

(13:39):
So he paid a lot of commissions years ago on
these products that he had and hey, the market did well,
so his account's up. But at the end of the day,
he's seen a lot of volatility, especially with what's happening now,
and he's at the point where him and his wife
want the distribution phase. They want to protect what they
have gotten. So now he goes back to his he

(14:01):
gets the second opinion with us, and we showed him
we analyzed accounts and the fees that he's paying and
type of risk that he's currently taking with his accounts,
and he's basically saying, I want safety.

Speaker 2 (14:10):
I want safety.

Speaker 3 (14:11):
But guess what he has got about ninety percent of
his money and risk, so he's his CPA currency p.
He's not listening to him. They're not listening to what
he and his wife wants. So he came to us
and he wanted an income plan. You want a tax plan.
He wanted a way in an investment plan to make
sure that everything is in the right order. So guess what.
We put together a whole plan for him. So he

(14:32):
came back into a CPA and he told him, Hey,
I'm going to transfer my money over. He done a
great job, and his CPA went nuts. And his CPA
went nuts because he's a transactional advisor. He's a transactional advisor,
and he didn't want to lose the business. But he
wasn't listening to the client. And that's where they said,
you know what, I don't care. I've been there for
twenty five years. Did They thanked him very much for

(14:54):
all his work, but now it's time to move on
and move on to someone who specialized in the distribution
phase of their retirement. And that's what we did. So
here's what we did. We put together buckets of safety.
We put together buckets of long term growth. We put
buckets together where he has tax free money. We showed
him to get money out of an infected area of
taxes to tax free. We eliminate Uncle Sam forever and

(15:17):
ever and ever for some of his accounts. So guess
what he has the opportunity to have tax free income,
and guess what his money has is safe, And guess
what he has a plan that he didn't have before,
and to wrap it all up, all his accounts that
he had, there was no beneficiaries, there was no estate plan.
So his CPA for twenty five years, he thought was

(15:39):
doing the right work didn't. So if that's you, pick
up the phone, schedule time to meet with us. Let's
get together, you know.

Speaker 2 (15:46):
And another point, we had met a client this week.
He came in and he hears us on the radio
for years, and he wanted to talk about his FRS
because he's he works at USF and he said, I
hear you guys talk about FRS, that the retirement plan
and also with the federal people, the feers. But in addition,
he said, the reason why I want to work with
you guys is because you're a fiduciary. He understands what

(16:09):
a fiduciary is. And what Chris just mentioned, we just
did the whole plan for him that the CPA didn't do.
So you everyone listening has the right to go back
and ask Kim or her why they didn't show you
what we did. And I have no problem with it.
Neither does Chris, because the egg on their face is
on them. And you know, what if you just sit

(16:29):
there and do nothing. That's not a plan. And I
will tell you as we are been talking today about taxes.
We understand taxes. We understand advanced tax planning. So look,
pick up the phone eight three to three, Maggie Tax.
Visit my website Maggie tax dot com. Go to the
top the retirement calculator, just for laughs and giggles. Put
anything in you want and when I get you're going

(16:50):
to get an email to show you and then we
can give you a call and go from there. Folks, Look,
we have a free consultation. And one more thing, Chris,
let's mention. You are going to meet with both Chris
and I. And this is a big problem for a
lot of people out there where they have advisors they've
had in the past, Chris, and they don't even get
a chance to see them. And that's not the way
it works.

Speaker 3 (17:08):
You know, And that's just it. You know, when you
come in to meet with us, we're going to meet
with you and we enjoy it. Why because there's so
much there to help you. And you know, when we
look at that situation that I just mentioned about that
the clients with twenty five years with the current CPA
twenty five years. They should have had it real They
should have had an estate plan, they should have had
an income plan, they should have had a tax free plan.

(17:29):
They should have had an investment plan. They should have
had all this done already for twenty five years in
a relationship. If you haven't gotten that done, then shame
on them. And you know what, that's why we get upset.
We get animated about this because if your current advisor
is just selling you something and they're more transactional advisor,
you don't need to be with a transactional advisor. You
need to be with a complete advisor. And that's what
we do here at Maggie Tax Advisory and Financial Groups.

(17:51):
So pick up the phone, schedule a time to meet
with us, Visit our website at Maggie tax dot com.
You want income planning, we can help. You want investment planning,
we can help. You want to roll out your money
from an IRA to a rothira roth conversions?

Speaker 2 (18:03):
We can help.

Speaker 3 (18:04):
Do you want a tax plan? We can help. Do
you want to stay planning? We can help. Do you
want help with medicare? If you are a federal employee
with your furs or your serves benefits, we can help.
So again, sol scaringy maximization, we can help. That's what
we do here Maggie tax dot Com. Pick up the phone,
schedule of time to meet with us.

Speaker 2 (18:23):
So, tax analysis, tax planning, that's what we do. Eight
three three Magi Tax. It's a new concept. It's available
to everyone listening to the Magi Tax Show today. Go
to Maggie tax dot com. Check it out. Your CPA
tax payers should be discussing lowering taxes, not just preparing them.
And Chris. The other thing is, like every year we

(18:43):
show our clients from the tax return why they're paying
taxes and how they can reduce it. Many of you
want that, so give us a call. Eight three three
Magi Tax. Be sure to watch our show every Sunday
ten thirty on ABC TV. Eight three three Magi Tax.
That's eight three to three Magie 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.

Speaker 2 (19:13):
Maggie.

Speaker 1 (19:13):
For additional information on how you can create a tax
free retirement, visit Maggie tax dot com that's ma gg
I Tax dot Com or call eight one three 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

(19:37):
Tax Advisory and Financial Group, Robert and Chris.

Speaker 3 (19:40):
Maggie, Welcome back to the Maggie Tax and Financial Showing.
Thank you so much for tuning in. You know, I'm
Chris Maggie and uh we love do what we do.
You know, it's a passion that we have to help
you and your retirement should be one of the best
times in your life, you know, spent with your loved
ones and traveling the world as you see fit, playing
a lot of golf, hanging out and doing what you
do and not have to work.

Speaker 2 (20:00):
So why am I still working? Chris?

Speaker 3 (20:01):
Please tell your choice as I mentioned, because people help
me out there. You love doing what you do I do,
and it's a great feeling when you can help a
lot of people reduce their taxes, have a guaranteed in
complaint and have the estate transfer to their family as
opposed to having the government plan, which is a plan
for Uncle Sam, which you don't want So whatever your

(20:24):
perfect retirement looks like, whatever you're dreaming of, the last
thing that you want is to put your retirement at risk.

Speaker 2 (20:30):
So what do we do dad to help people with this. Well,
you need to ensure that you're prepared for the most
common retirement risks facing older Americans today and younger ones,
so that your retirement doesn't become a time of constant
stress and worry. And we see this every day when
people come in and they're kind of afraid. They'll like say,
I don't have a lot of money, I don't know
if we should be here. But that's not the way

(20:51):
it should be presented. You do have a lot of money.
You did work for it, and it is your retirement,
so you have to make sure that you do it right.
And at Maggie Tax we have identified the five most
common retirement risks that you should know about so that
you can be prepared for them and live a retirement
filled with love and laughter and unforgettable experiences. So that's
what it's about. You work what forty fifty years and

(21:13):
then you're going to retire. You know, you don't want
to be stressed all the time, christ And that's what
people they lose sleep at night. They worry about these things.
And to me, you know, and you as well, because
we feel this all the time with people. Just stop
a second and have a conversation about what you're concerned about,
what actually keeps you up at night, you know, just
the thinking about.

Speaker 3 (21:30):
A couple of weeks ago, husband and Life came in
and we got up at the end of the meeting
and they thanked me and I said, no, I thank
you for coming in. They said, no, we thank you
for clarity and peace of mind and understanding.

Speaker 2 (21:44):
And they said.

Speaker 3 (21:45):
The gentleman told me, he said, you look, we work
for as dad you mentioned, forty years and we don't
get taught this information. And you know, we meet with
you for a couple of times and I leave the
office every time excited and just with confidence. And that
was a great feeling. And that's where our clients, oh yeah,
are where. That's what education is so important as.

Speaker 2 (22:05):
It's all about. And by the way, you said another
thing there, folks, just understand something. When you go see
an advisor, don't be scared that you're going to close
you on the first day. That is wrong. That is
not what we do at Maggie tax, it's education. Chris
mentioned it. How many of you know about income planning
or tax planning? You don't. So if Chris and I
take the time and sit with you, and many of
you out there have heard our show and listen to

(22:26):
us and come in, and that's what we do. We
have a conversation. It's not sixty minutes and you're out
the door. And I just want to advise you that
if you get to a point like that, just be polite,
step back and look for another advisor. Because the five
retirement risks that you should know about it and your
advisor should be talking about are longevity risk. Okay. Longevity

(22:47):
risk is simply the risk of outliving your projected lifespan
that your current retirement plan is budgeted for. Chris, there's
the word budgeted. People don't budget their money. And if
you were to outlive your savings, which is highly possible
for many older Americans, especially if they live a health
healthy lifestyle, you may struggle to get by on Social
Security alone, and that's not a retirement plan, okay, And

(23:09):
people think about it. People ask us all the time,
am I going to lose it? And if you're living
on that alone, you may find yourself surviving just above
poverty level depending on your earnings before you retire. It
all goes together, doesn't.

Speaker 3 (23:22):
It sure does, So how do you prepare for it?
And the best way to combat the risk of longevity
is to be sure that you have a significant retirement
nest egg that provides significant income at a safe and
secure what's all rate, And that's where many people miss it.
They don't know how to how to put together the
distribution phase of their retirement, the income planning side, and

(23:44):
that's what we specialize in.

Speaker 2 (23:45):
You know, for instance, if you.

Speaker 3 (23:46):
Want to ensure that you have thirty thousand dollars a
year in revenue from your savings account, you have to
have a minimum investment of seven hundred fifty thousand dollars
before leaving the workforce, especially if you're planning to follow
the four percent rule, and what I mean by that
is taking four percent of interest interest out per year.
And if you're getting four percent, then you're going to
live off the interest. But you also consider maximizing your

(24:09):
Social Security benefits by claiming them maybe at a later
time or the latest possible, to avoid any early filing penalties.
And this might make sense for you, and it might not,
and that's why we do the Social Security Maximization Report
for everybody. We show you exactly when it takes social
Security and that's what we can do for you. So
pick up the phone, schedule time to meet with us.
We just talked about longevity risk, but now let's talk

(24:32):
about market risk.

Speaker 2 (24:33):
Well, this is probably the risk of investment losses due
to market fluctuation, which we all know. And you will
come across of these losses even after you're retired because
of the nature of investing in the market, and it's
difficult sometimes and if you don't have the right person,
it's going to be even worse. But while it's a
risk that many retires are taking to earn reasonable returns,
that's the bottom line, what's the best return. It doesn't

(24:55):
mean that you have to allow the changes in the
market to impact your nest egg. And we talked about
it before about income planning, bucket planning. There's a reason
right now that if you can take a portion of
your money and put it into the market and let
the rest of your money have income and growth, Chris,
that's how they can avoid that and still have good
returns during their retirement years.

Speaker 3 (25:15):
Yeah, so how do you prepare for it? Well, be
sure to always maintain an appropriate asset allocation by not
investing too much of your savings in the market. So
there's green money buckets, there's yellow money buckets, there's red
money buckets, there's inflation protection buckets. Where are you going
to invest your money? Well, what if you have the
right plan and you can strategically put this together for
you as a case designs as a portfolio of design,

(25:39):
that's what we could do for you. Pick up the phone,
schedule time to need with US eight three to three. Maggie, tax.

Speaker 2 (25:44):
You mentioned the words strategically and I had a client
last week come and say we hear you talk about it.
What does that mean? You know, we strategically do a
rollover of a retirement account to reduce the tax. That
means we put it into something that's not going to
be taxable. So you want to maximize your retirement. Want
to pay less tax, not more tax. So maximizing your
retirement means you're going to have enough liquidity to cover

(26:05):
anywhere from two to five years of living expenses. And Chris,
this is another one. The first question we ask liquidity
how much do I need should I hold? I had
a gentleman say, Bobby, I keep a year's salary in
the bank just in case, because that's what we were taught.
So you know, you don't have to do that. But
in addition, the more diversified your portfolio you know, sell
investments at a loss is more, is the more mitigation

(26:28):
of market risk you'll have during your retirement. But with
all this, Chris, it's got to be managed by someone
who understands that like we do. And we talk about
that to every client because again the word is education
and we're looking for what a solution for everything they have.

Speaker 3 (26:41):
That's it, and that's why we talked about longevity risk.
We talk about market risk. Well what about health risk?
You know, health risk this refers to simply to any
unexpected and costly health issues that may occur for you
and your spouse during your retirement. And unfortunately, you know,
old Americans are more likely to encounter some years out
that could incur in significant medical expenses.

Speaker 2 (27:02):
So are you prepared for it? So how do you
prepare for this? Well, the best way that I would
say to prepare for costly and unexpected health risks is
to stay ahead of your health through regular preventive care,
exercising and eating right. And I know we've been told
that all all life, but you have to do that
as you get older. Be sure to factor in health
care spending when you're outlining your retirement saving goals. And

(27:24):
take advantage of the health savings account if you have it,
and we see people a lot of people have the
health Savings account and it's there. It's a benefit, you know,
through your employer. That's where you're going to wind up
getting also understanding which Medicare benefits and plans are best
suited to your specific medical needs. If you're turning sixty five.
We get this question all the time, and you have
to understand it. It's another great way to help prepare

(27:46):
for health risks that may arise during retirement. Chris, we
had a federal employee in the other day, seventy years old.
They're still working, they have the Florida Plan, but they
also are questioning what do I do with Medicare? So
they have Medicare part as everybody does. But then here's
what's happening. When do you take Part B? How much
does it cost? You know, I've been doing Medicare for

(28:06):
thirty years since I've been here, the advantage plans to
supplement plans, and Chris, that's what we talk about with
all this story. Every client that comes in.

Speaker 3 (28:13):
So dime outok you docked all out right there for
a minute. And you know, for those of you listening today,
you know, take a deep breath, it's okay. You know,
we do talk about a lot of things. Why because
these are all issues that you need to be aware of.
So if you're listening today, take a deep breath. Pick
of the phone, schedule times to meet with us. Visit
our website at Maggie tax dot com. Our numbers eight

(28:34):
three three Maggie Tax, m A G G I T
A X Maaggi tax dot com.

Speaker 2 (28:39):
You know, and I apologize, I just got rambled on there,
but this is what we see every day, Chris and I.
And it's automatic. We don't make this up, we don't
script it, because this is what happens to every single
client when they come in. You know, look at our website,
take a look at Maggie tax dot com. Take a
look at the videos that are there on the red money,
green money, on social security, on risk, on everything. It's

(29:00):
thirty minutes, plug it in or just tune in because
it's all there. We do this all the time. But
even we do our show, our radio show I've been
doing for a long time, and our TV show Chris because,
as you know, when you're younger than I am, it's
about education, and many people don't understand retirement, financial planning,
investment planning, and the whole ball of axe. Right, that's
exactly right, and that's what we're talking about today. The risk.

Speaker 3 (29:22):
We talk about, market risk, longevity risk, right, medicare, we
talked about, what about healthcare risk? What about we're going
to talk about now family risk? Well, family risk. The
risk is an unforeseen risk that you need for family members.
You know, what if you need to take care of
other people, you know, for instance, if you end up
serving as a caregiver for your six spouse, this could

(29:42):
be a big deal for you and how you spend
your retirement or even providing financial support for your adult children.
How many times Dad, we met with the clients that
their kids are living with them with their grandkids. I mean,
it's a big financial burden, but they have to prepare
for this.

Speaker 2 (29:58):
So how do you prepare for this? Well?

Speaker 3 (30:00):
This is one of the most challenging retirement risks to
plan for during retirement years because it typically involves having
incredibly tough conversations with your loved ones. You know, that's
what things, that's what life's about. It's sometimes you're going
to incur those tough conversations and what you really can
do for them and clearly outline your expectations and your

(30:20):
ability to provide so that you don't have to, you know,
go through these tough times with your family or draining
through your retirement security and savings. And this is a
big deal because we've seen this a handful of times.
It's sad, but it happens, and you know, it's unforeseen risk.
And that's what we're talking about today.

Speaker 2 (30:39):
Risks.

Speaker 3 (30:40):
You know, we're going to talk a lot more in
our next segment about the other risks that a lot
of people should encounter before they retire or even think
about in retirement. So pick up the phone, schedule time
to meet with us. You know, we do a lot here.
Maggi Tax mag Atax dot com. Tomorrow watch our TV
show ten thirty am for The mag at Tax Advisory
and Financial Show on ABC TV. Thank you so much

(31:02):
for listening. More to come right here on the Maggie
Tax and Financial Show.

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):
Welcome back, Thanks for tuning into the Maggie Tax and
Financial Show. And today, oh my gosh, what a great show.
We're talking about tax diversification, what does that really mean?
Legislative risk, what does that do? We're talking about the
phases of retirement. Oh my gosh. You know, we talked
about the accumulation phase and the second phase where you
start planning, preparation phase, and then also the main phase

(32:08):
is the distribution phase. So let's talk about some of
the things that prevent someone from really creating a retirement plan.
What causes someone to not get this going?

Speaker 2 (32:19):
Well, to wrap this up in a nice bow and
make it simple, because there's a lot inside it. Chris
number one procrastination and not understanding how to save. And
we wrote a couple books already stop funding Uncle Sam's retirement.
We wrote a book, The Holistic Approach. Why do we
do that because education is so important. I think what
people fail is they don't go and get information that
pertains to them. You have to save something. Saving nothing

(32:44):
is not a retirement plan and start investing monthly. You
can start early, stick to your plan. And when should
you start planning for retirement? Ideally you start saving in
your twenties, when you first leave school and begin earning paychecks.
I know that sounds weird, but that's the truth. That's
because the sooner you begin saving, the more time your
money has to grow. And Chris, you say it all

(33:05):
the time. You don't have this class in high school
or college.

Speaker 3 (33:08):
Now they don't teach you that, but you know now
is the time to do it. And many people listening
today are way past that, right, So maybe you should
give a gift of this to your kids or your grandkids.
And the thing that we would talk about is pay
yourself first. We all hear it, but really what does
it mean? So every time you get money, whether you
earn one thousand dollars, take five percent of it or

(33:30):
ten percent of it and put it away before you
deal with the resk. You want to pay taxes, create
a bucket for that. You want to create a bucket
for donations and charity, and then you want to make
sure that you pay your bills right and then whatever's
leftover is you can spend. But some of the key
things is just get going with something.

Speaker 2 (33:47):
Exactly, and let's talk about that. Retirement planning should include
determining the time horizon when do you want to retire?
And many times like when can you retire? Is going
to be the answer. But estimating expenses. How many of
you don't do a budget sheet, Well, we make sure
you do, calculating retired after tax returns and we offer
an after tax statement because you need to know this.

(34:08):
Assessing risk tolerance, this is so huge right now, risk
tolerance and doing a state planning. How many of you
out there do not have an estate plan, a will,
a power of attorney, you know, a healthcare surrogate, Chris,
what is wrong with that?

Speaker 3 (34:21):
My gosh, if you don't just pick up the phone,
schedule time to meet with this because we can help
you as well, my gosh, just making sure that your
accounts are title the right way, making sure that you
have these documents put in place. It's not hard. You
just have to do it. We can help eight three
to three Maggie tax. That's eight three to three maggie tax.

Speaker 2 (34:37):
You know, and continue with that, start planning for retirement
as soon as you can pick up the phone, give
us a call eight three to three Maggie tax for
a free consultation. You have to sit down and have
a conversation and talk about the advantage of power of compounding.
This is where a lot of people don't even talk
about that. Younger investors can take more risk with their investment,
like my son, he takes risk. For me, No way,

(34:58):
I'm not going to do that because I got to
protect my money because I'm in the distribution phase.

Speaker 3 (35:03):
You know.

Speaker 2 (35:04):
Retirement plans evolve through the years. It doesn't happen overnight,
and it means that you meet occasionally, maybe every quarter
or maybe every six months or every year because life happens,
which means portfolio should be rebalanced and the state plans
updated is needed. And right now Chrystal volatility is ridiculous

(35:24):
because we don't know where it's gonna go. People are looking.
You know, they lost money. You know the two thousand
and two, two thousand and eight situation, the COVID situation.
Don't let that happen again if you know you can
fix it. I don't get why people sit down, Chris
and do nothing. It really does. Well, that's it.

Speaker 3 (35:39):
They're just following the crowd and you don't have to.
And this again, I'm gonna say it. You're in a
yoo economy. You're on your own. Don't say or don't
follow the crowd like everyone else and say, well everyone
else lost money, everyone else is down forty percent. No,
it's not true because you can have accounts, so we
don't lose anything. You can actually have accounts, make money
when the market's down. We have those account So there's

(36:01):
different strategies, different ways, different objectives moving forward. And you
have to meet with the right advisors. So pick up
the phone, schedule time to meet with us. Planning is
so important. The distribution phase is extremely important. We talked
about going to a specialist. Well, that's what we specialize
in doing the distribution phase. Pick up the phone schedule

(36:21):
of time eight three to three magi tax. We have
offers on both sides of the bay to help you
eight three to three magi tax.

Speaker 2 (36:28):
One thing I want to remind everyone we talk about
legislative risk. Be aware of it because if Congress changes
the rules, then guess what we're all going to be
affected by it. So if someone wants to create a
retirement plan, what do they need to do. There's five
steps for creating the perfect retirement plan. Number one, make
make your portfolio well diversified and invests for long term

(36:50):
debt reduction is essential. I see so many people I know,
Chris with credit card that we've got to get that down.
Prepare a budget. My goodness, this is so huge for
all retirement income and expenditures. I'll give you a budget
sheet and Chris, we've seen this time and time again.
Fill it out. You will be shocked at what you
can do because you have the budget now and take
into account future medical expenses. That's a big thing right now, Chris,

(37:13):
health insurance and make plans for where you will live
because things change right now. You may want a move,
you may want to downsize. We see this all the time.
But take advantage of the planning. That's the keyword, the planning,
absolutely so for some key takeaways here. If you're self
employed workers, setting up retirement plan is a do it
yourself job. We can help.

Speaker 3 (37:32):
There are four available plans tail it for the self employed,
maybe a four to one K self directed, maybe a
sep IRA, simple ira, or even a KEYO plan. What
about your HSA Health savings plans and traditional and roth
iras are two important areas, and also cash value life insurance.
If you make great money and you have if you're
phased out and you can't put money into a roth

(37:52):
ira or or a traditional ira, then you there are
other options. There's cash balance plans, there's there's other plans
for you to have tax free money in the future.
And that's where you need to go. Especially with the
tax rates.

Speaker 2 (38:07):
I'm going to go up.

Speaker 3 (38:08):
Trump tax cuts expire in twenty twenty five. They're definitely
going up at least three percent at that point, if
not sooner if Congress makes changes. So pick up the phone,
schedule time to meet with us. You know we enjoy
doing we do and why because we want to help you.
My gosh, we have a passion to help you. Reduce
your tax, have more income on a tax favored basis,
protect your money, have investments with us, strategy with a purpose,

(38:30):
and make sure everything stays in your family. Eight three
to three Magi Tax. That's a three to three Maggie tax,
and don't forget. Tune in every Sunday, ABC TV for
the Magi Tax and Financial Show ten thirty am.

Speaker 2 (38:42):
Eight three three Maggie Tax.

Speaker 1 (38:43):
You've been listening to the Maggie Tax on Financial Hour
discussing tax planning investment strategies, presented by Robert and Chris
Maggie from Maggie Tax Advisory and Financial Services with offices
in Hillsboro and Panela's County. Visit Maggie Tax dot com
or call eight one three three two two twenty five
twenty that's eight one three three two two twenty five

(39:06):
twenty and tune in next Saturday at five for the
Maggie Tax and Financial Hour