November 11, 2025 • 38 mins
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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 is, living it up when you retire by taxing
your hard earned money. Welcome to the Maggie Tax and
Financial Show with Robert and Chris Maggie of Maggie Tax
and Wealth Advisors. With over four decades 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 day from Uncle Sam. Call them at
eight three three Maggie Tax or online at Maggie Tax
dot com. And now your host for the Maggie Tax
and Financial Show, Robert and Chris Maggie.
Speaker 2 (00:41):
Thank you for tuning into the Maggie Tax and Financial Show.
We welcome you to our show and thank you so
much for listening. I'm Chris Maggie and I'm here with
my dad and cost of the show, Robert Maggie. And
before we get going, visit our website at Maggie Tax
dot com. That's m A G. G I Tax dot com.
And we love what we do because as a past
here we want to help you. There's a lot of
(01:01):
things we can do. Tax planning, insurance planning, income planning,
investment planning, state planning, a lot of things that we
do to help you. We do complete planning here at
Maggie Tax Advisor and Financial Group. And today we want
to talk about a lot of things to help you.
So if you have any questions, pick up the phone,
schedule a time to meet with us eight three to
three MAGI Tax. That's eight three to three Magi Tax.
(01:24):
And welcome dad to the show. And what do we
got to talk about today.
Speaker 3 (01:28):
Well, we have a lot to talk about, and thank
you and welcome everyone, and be sure to visit our
website Maggietax dot com. We have a lot of information
on there, a lot of videos. I think what we've
been helping people understand is different things like tax planning
and social security in a state planning, legacy planning. But
today we talk about this all the time, Chris and
(01:49):
I and from many of you that have met with us,
we talk about bucket planning and what the heck is
bucket planning? And this is one of the biggest questions
that we get all the time. What is bucket plan
guys tell me about it. So let me give you
a two minute overview. And we start with a big
question on many retires' minds, which is what kind of
income can I expect in retirement. I met with a
(02:10):
gentleman this week and his biggest concern was, you know,
we have a large amount of money in our TSP.
It was a federal employee and also we had another
client come in and they say what do we do
with it? And the point is that I made him
understand that it's about a plan about income planning about
how much income do you need today, how much you're
going to need later, and how do you position that.
(02:30):
So this is a longer discussion than we have time for.
But you also need to stop thinking about gross paycheck
and that you got from your job and start thinking
about net check you received in your bank account. And Chris,
you ask the question every time, what is the amount
of money that you need when you retire to put
your feet on the ground to pay your bills? And
(02:51):
you say it that has to come into the mailbox
every month.
Speaker 2 (02:54):
And that's it. You know what is that number? And
if you don't know, that's fine. You know, meet with
us let's go through budget planning. We can help you
very simple process that we do to help you really
dial in on that amount. Why because that's the amount
of money you're going to get on the first of
the month, and you can spend in the next thirty
days and do it all over again for the rest
of your life if you do it right. So that's
why bucket planning is so important to make sure that
(03:16):
that amount of money's coming in every month.
Speaker 3 (03:18):
Another question we get if I have this qualified money
and it's all taxable, how do I get it down
to where I have tax free money? And there are
tax strategies to help reduce the taxes you pay in retirement.
So gross numbers might be big, you know, so gross
that it's too much. But here's what I'm trying to
make a point of. You don't understand how taxes work.
(03:39):
And what's happening now is whatever tax bracket you're in,
can tell Chris and I how much you have before
you hit the threshold to be tax in the next level.
And Chris, we talk about that where people don't think about, well, gee,
I have room because you get the standard deduction, so
that first amount is tax free. So when you get
your retirement, things are changing. Correct.
Speaker 2 (04:00):
Let me jump in here real quick, because when we
did bucket planning, I met with a client you know
last week, and they had forty four thousand dollars of
Social Security between the two of income and just alone
right there. If you do the right planning, there's no
tax to pay, so there's no tax liability that and
they had no idea. They said, what do I have
to withhold? Well, you don't have to withhold anything because
you're under the threshold income as my dad was mentioned.
(04:22):
So think about that. The first forty four thousand dollars
right here had no tax. Then they had a pension
which was one thousand dollars a month, and then we
took another thousand dollars from their IRA. So they said,
oh my gosh, we're going to pay a lot in tax.
I said, no, no, you're not going to. So we
did the mock tax return, and I'll do the same
thing for you too. When you come in and meet
with us, we'll show you exactly what your future tax
(04:44):
is going to be. But at the end of the day,
they had a great amount of income and only paid
one thousand dollars in taxes one thousand dollars in tax
I said, you know, if you withhold about eighty dollars
a month, that's it and you will break even. You
know there payning more to the taxman. Why because the
way sell security is taxed then and when you add
in your other income, you could be under the threshold income.
(05:06):
So a lot of people have no idea about gross
or net. It's not just like they work they have
to automatically with hold fifteen percent. They don't have to
do that. If you do the right tax planning.
Speaker 3 (05:18):
You make a good point there. They don't look at
it that way. So the second thing when thinking about
the income plan, and again that's the first bucket, how
much income do you need? We typically plan for a
retirement that is lasting twenty or thirty years or even more.
So we have to plan accordingly as no one wants
to run out of money. That's the biggest thing. I'm
afraid because when I ask people what keeps you up
(05:39):
at night, they say, well, Bobby, Chris, maybe running out
of money. Well it's not maybe if you do, what
are you going to do? So will you run your
accounts to zero? Probably not, But running out of money
to us means that you have to change your lifestyle
and understand how bucket planning works income growth and.
Speaker 2 (05:57):
Later money right, absolutely, and that's the key, because you
want to make sure that you have that paycheck coming
in the front door because you can't go back to
work and I don't care how much money you have.
We've met with people who have ten million dollars, people
who have one hundred thousand dollars, and the same theme
between them both is I'm afraid of outliving my money.
So a lot of people thinking today, well a lot
(06:18):
of people have a lot of money, they don't have
to worry about that. Well, they just don't know how
to use their assets, their piles of money to create
buckets of guaranteed income growth legacy planning. They just don't
know how to do it. And that's what we do.
Speaker 3 (06:32):
And the thing is that we control it by how
much risk do you want to take with your money,
meaning that when you have income, how much risk do
you want to take? It could be a fixed income bucket,
the first one for maybe ten years that you're going
to be guaranteed that money. The second bucket could be
lower risk, lower volatility and ability to gain more cash
and then just keep repeating that process over and over. Chris,
(06:55):
and I think that is where when we show the
bucket planning in its entirety, they look at it and
they go, this is what I want. This is exactly what.
Speaker 2 (07:03):
I want, absolutely, And that's why when we invest money
into different allocations and buckets, there's a reason, there's a purpose.
You know, most advisors you meet with, you know, how
much money do you have, and they just put you
in an allocation and that's it and they go onto
the next client. But that's that's just regular transactional advisors.
And you think about it. Do you want to work
with a transactional advisor or do you want to work
(07:24):
with a complete advisor. And that's what we do here
because when we do bucket planning, every account you have
is going to have a purpose, whether it's for income,
whether it's for future inflation, whether it's for growth opportunities
or legacy tax free planning. These things that our clients
are looking for and we can help you. Just pick
up the phone, schedule time to meet with us eight
(07:45):
three three Magi Tax and visit our website at Magi
tax dot com for more information where our locations are
and how we can help you.
Speaker 3 (07:52):
And I think what you just mentioned to make it simple,
it's called managing risk. And the third thing, think of
money this way. Typically, the great risk you take in
investing can mean greater rewards. We all know that, but
also brings the potential for greater losses and vice versa.
So when it comes to safer retirement strategies, one thing
to also consider is too safe might bring a very
(08:14):
low return. And I get that, but think about the
rates today. That's what we have and in causing you
to lose purchasing power to inflation, we understand that too,
and we have to address that. So let's get to
the bucket planning, folks. This is something that all of
you could do. I challenge all of you to come
in and sit down with us. We'll do the free
risk analysis for you. We'll do bucket planning, and we'll
(08:36):
do it with your money. And one thing last week,
the gentlemen said, well, this is not your money that
you figured into this, and I said, no, it's your money.
He said, that's wonderful, because most advisors just think that
they should put it into risky investments and let it ride. Well,
that's not it, Chris anymore.
Speaker 2 (08:53):
Absolutely. I mean there's paychecks and also playchecks. There's a
lot of things you can do to have the guaranteed
income bucket. Planning. The first bucket, we structure for income
needed early in retirement, and we want to look for
the percentage of ADSs that can deliver enough income to
last five to seven years. That's your first bucket. And
we want this first bucket to be in retirement vehicles
that can deliver a decent return outpace inflation, yet still
(09:17):
have some downside protection, so we minimize the investment losses.
This is your protection bucket. And then second we look
at a second bucket. And with this bucket, you know,
you can enjoy the income from the first bucket living
your life. And we've got the second bucket accumulating and
ready to begin income when the first bucket is exhausted.
So think of it this way. One runs dry in
(09:39):
five to seven years, the second bucket is right there
to pick up where it left off because that's the
guaranteed income that we need to have moving forward. So
with the second bucket, we're really not immediately reliant on
the income in this bucket. You know, We've got that
five to seven year timeframe to take a little more
risk as market fluctuation is less of a concern because
(10:00):
we have time on our side, and ideally the percentage
of as as we place in the second bucket accumulates
during that five to seven year time frame and then
we turn it on for income for another five to
seven years of guaranteed income for life.
Speaker 3 (10:15):
Okay, So we just talked about the first two buckets,
so we're gonna continue this in the next segment and
we'll talk about the third bucket. Pick up the phone,
give us a call eight three to three, Maggie Tax.
Be sure to watch our TV show tomorrow on Sunday
at ten thirty am to the Maggie Tax and Financial Show.
And don't forget we have offices in Tampa and Palm
Harbor and also Saint Pete. So pick up the phone
eight three three, Maggie Tax. We have operated standing by
(10:38):
right now eight three to three Maggie Tax. And you're
listening to the Maggie Tax and Financial Shows.
Speaker 1 (10:48):
Stop funding Uncle Sam's retirement and start planning for your
own successful retirement. As we return to the Maggie Tax
Financial Show with your host Robert and Chris Maggie with
Maggie Tax Act and Wealth Advisors. For information on how
you can create a tax free retirement, call eight three
three Maggie Tax or visit Maggie Tax dot com. Now
(11:10):
your host with Maggie Tax and Wealth Advisors. Robert and
Chris Maggie.
Speaker 2 (11:16):
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 on K's investment plans.
They have no idea what kind of risk they're currently
(11:37):
taking with their accounts. Well, we can help. Many people
have form on K's old ones. They don't know what
to do with it or even lum sum pension plans.
What do you do with it?
Speaker 3 (11:46):
Do you take it?
Speaker 2 (11:46):
Do you roll it over? What do you do? 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 do complete planning. If you
have an estate planning issue, you need will or a
trust of have attorney. We can help as well. We
(12:09):
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 meet with
let's pick up the phone. Schedule time eight three three
Magi Tax. Visit our website at Maggi tax dot com.
Speaker 3 (12:23):
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
(12:45):
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.
Speaker 2 (12:58):
That's just said it's a great, great segue to a
great situation that a lot of people should be hearing.
He was with his CPA for twenty five years, 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. So he paid a lot of
(13:19):
commissions years ago on these products that he had and hey,
the market did well, so his accounts 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 gets the second opinion with us,
(13:42):
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.
I want safety. But guess what he has got about
ninety percent of his money and risk. So he's his
CPA currency pee is not listening to him. They're not
listening to what he in his wife wants, so he
came to us and he wanted an income plan, he
(14:03):
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 came back into a CPA
and he told him, Hey, I'm going to transfer my
money over. He'd 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
(14:24):
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. They thanked him
very much for 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
(14:44):
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 ever and ever, for some of his accounts.
So guess what he has the opportunity have tax free income,
and guess what his money has it is safe, and
(15:06):
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
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 3 (15:26):
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 fers. But in addition,
he said, the reason why I want to work with
you guys is because you're a fiduciary. He understands what
(15:48):
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 or 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
(16:09):
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 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 to
(16:30):
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 2 (16:48):
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 five years, with the current
CPA twenty five years, they should have had it. They
should have had an estate plan, they should have had
an income plan, they should have had a tax free plan,
(17:08):
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 anomated 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 in Financial Group.
(17:31):
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 roth ira roth conversions we
can help. Do you want a tax plan? We can help.
Do you want to state planning? We can help. Do
you want help with Medicare? If you are a federal
(17:51):
employee with your furs or your serves benefits, we can help.
So again, sold security maximization, we can help. That's what
we do here maggix dot com. Pick up the phone,
schedule a time to meet with us.
Speaker 3 (18:03):
So tax analysis, tax planning, that's what we do. Eight
three to three Magi Tax. It's a new concept. It's
available to everyone listening to the Maggie Tax Show today.
Go to Maggie tax dot com. Check it out. Your
CPA taxpayers should be discussing lowering taxes, not just preparing them.
And Chris. The other thing is, like every year we
(18:23):
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 to
three Magi Tax. Be sure to watch our show every
Sunday ten thirty on ABCTV eight three three Maggie Tax.
That's eight three to three Maggie Tax.
Speaker 1 (18:42):
Stop funding Uncle Sam's retirement and start planning for your
own successful retirement. As we return to the Maggie Tax
Financial Show with your host Robert and Chris Maggie with
Maggie Tax and Wealth Advisors. For information on how you
can create a tax free retirement, call eight three three
Maggie Tax or visit Maggie tax dot com. Now your
(19:05):
host with Maggie Tax and Wealth Advisors. Robert and Chris Maggie.
Speaker 3 (19:10):
Welcome every morning, Thanks for joining us. My name is
Robert Maggie. I'm here with my son Chris Maggie, and
today we're talking about what we do for a lot
of people on the ROTH conversions and why it's so
important to get it done correctly. So if you have
an account, a Brokente account, or you have just a
savings account and you need some information on how to
put a plan together, that's what Chris and I are
going to talk about because it's not just investments, it's
(19:34):
more because it's an income plan, it's a tax plan,
it's a legacy plan, and what about your beneficiaries. So
we're going to talk about how we put this together.
Because now we're gonna put this car, this vehicle together
so you can drive away in a tax free environment.
So Chris, let's start with you know, a typical client
comes in and they bring in their statements and we
see they have brokeer statements and there's non qualified and qualified,
(19:57):
which brings up another point. Sometimes I don't even know
what they have. So how do we start to make
it easy for them to understand how to separate that
money and start putting it into bucket planning?
Speaker 2 (20:06):
Well, that's it, you know a great question. My gosh.
Many people come in with all these statements and they
have piles of money. They don't know where and what
those accounts are. Are they taxable, they non taxable? Can
you generate income from them or can you not? So
they're just confused, right, And they've been with their advisor,
maybe for a couple of years or for a long time,
it doesn't matter. But maybe they're not doing the complete
(20:27):
plan for them. Maybe they're just doing transactional an account
or I've had this advisor or brokerage account for ten
years and it's just sitting there. Well is it? Are
you taking the right risk with that account? So what
we do is we can do a couple of things.
Number One, we set up a balance sheet. We show
you where your accounts are, what's taxable, it's non taxable,
all on one sheet. We show you type of income
(20:49):
you're currently taking. And this makes a lot of sense
to people because it's about education. So we educate you
on what you have, and then we can go into
step number two, go back to.
Speaker 3 (21:00):
The balance sheet because it's always some enlightening. A lot
of advisors don't do a balance sheet, and we do
it from the ground up. You know what's soo security?
What the what there's saving these accounts are if it's
non qualified, if it's qualified, and goes into the beneficiary
and who you want to leave it to. So the
biggest concern that I think people have is that when
they meet with an advisor that they're gonna come in
(21:22):
and they're gonna take all their money and they're gonna
put all their money into one bucket. And they don't
want to do that. So how do you separate to
educate the client that you can put money in safe buckets.
You can still put money in some risky buckets, but
not all of it. And we've seen this every single
time when a client comes in with a statement.
Speaker 2 (21:42):
Absolutely, So leading into step two is that we can
analyze your accounts and you're right, this is your money.
Let's just talk about this it's not your advisor's money,
it's not your CPAs, it's your money. So if you
come in and you have a million dollars and you
have two hundred and fifty thousand in the stock that
you love because you've been with it for a long time,
can't you keep it? Sure you can, there's nothing wrong
with saying you can't. But let's see how it plays
(22:05):
in your plan. Let's get educated and let's show you
what type of risk that will take and maybe we
have to peel off a little bit of that money
to get the income that you need or for the
right risk level that you're looking for. So Dad, you're right.
We can create the buckets of money, and a lot
of people are looking for safety for their core. They
want to protect their money. We call it green money buckets.
Those are safe money where you don't lose anything, there's
(22:25):
no fees where you protect your money. So if the
market goes down, guess what those are your protection buckets.
Then you can have yellow money. Yellow money's we're actively
manage the money. That's where you can have different purposes
with accounts. You can have an inflation protection bucket. You
can have an account that generates dividends. You can have
an account that has growth stocks, ETFs, a lot of
(22:46):
different positions that are managed effectively, and you can have
a red bucket where if you want to have your
own account that you actively manage or play with, then
you could do that too. But having a whole list
approach with your accounts and knowing where your money's at
is so crucial, and many people, we find out don't
(23:07):
have that in place.
Speaker 3 (23:08):
You mentioned a keyword, holistic. We had a client call
last week and I've had it many times and they say,
can you explain what holistic means? Because I've never heard
that word before. And folks, it's a simple word because
it's about your money. It's about all your money and
where you're going to put it. And the cool thing
about it is that think about this for a second.
You save money, you put it in a savings account
(23:29):
or you put it in a checking account. Why do
you do that because it's liquid money and you don't
want to take the risk of losing the money. Right.
I know it's a low interest rate, we get that,
but we can show you some ways to make that better.
But then you've got to start thinking about the rest
of your money, like Chris is talking about, has anyone
sat down with you and said, hey, you know what,
You're taken ninety percent risk in your investments and if
(23:50):
the market goes down, you're going to lose. And the
question is then what do you do now? Okay, you're
going to go back to your advisor and say, well,
you know, you put it in the wrong bucket. You've
got to sit down, you have to have a conversation.
You have to understand what we're talking about, because you
are going to make the final decision where when when
you put to bucket planning, how much you want in income,
how much you want in green money, how much you
(24:11):
want in yellow money. And I bet people listening right now, Chris,
their advisors aren't talking about red, green, and yellow.
Speaker 2 (24:16):
No they're not. And that's the thing. They just have
you this broker's account and she's just sitting there and
this is what it's done over the past year. And
don't worry, it's going to come back when if it
goes down, but over time it's going to be Okay. Yeah,
those are the general answers to the questions that people
are having. But at the end of the day, you've
done working, you're retired, you're about to retire. So many
(24:37):
people are in the accumulation phase of their life and
when they retire, they're still in the accumulation phase of
their life. But there's the distribution phase that you have
to shift to. And it doesn't mean just hunker down
and protect your money with all of it. That's not
what we're saying. We're saying here is that you have
to have a clue. You have to have a plan.
You have to have a purpose with every dollar you have,
(24:59):
and that's why you create buckets. When you come in
to meet with us, we're going to put together an
investment plan. I'm going to show you where one your risk,
what your risk level is, and if you are reaching
that or not, maybe you're taking more risk than you
need to. Maybe you're not taking as much risk than
you need to as well, so we can evaluate that
for you. That's step number two. Step number three is
put together a plan. We can allocate the different buckets
(25:21):
and your money into different buckets where you're going to
have a purpose. You're going to have a plan so
if this market does go down, you have now money
that just protect it. Your later money. You can let
it grow. You can invest that money. If you are
a forty year old, that's fine, or fifty year old,
that's fine. But making sure that you have segments of
money and buckets put together with the right purpose.
Speaker 3 (25:41):
And here's the question that all of you should be
asking yourself. What if what if something happens to me today?
You know, I'm working, I've got money coming in. How
much do you have put aside that's going to give
you the income that you need every month? Where is
it going to come from? Is it going to come
from solid security? Is it going to come from a
pension without disrupting the most of your accounts? And Chris,
I think that's the biggest fear of people have is
(26:03):
running out of money and they don't know where to
get it. When they do, well, that's it.
Speaker 2 (26:06):
You hit it on the head. I don't care if
you have fifty thousand or ten million dollars. I'll tell
you what. Most people who have a lot of money,
their main concern is running out of money. And many
people say, well, they have plenty of money. Know what
they're worried about is losing it. They're worried about if
the market goes down and running out of money, So
how do you combat that? Well, that's where the income
(26:28):
plan comes into play, and that's why it's so important
to make sure you have an income plan. If we
asked you, what's your income plan? Can can you define it?
Speaker 3 (26:36):
Well?
Speaker 2 (26:37):
Yeah, you're right. You have social security from a husband
and spouse. Some people have a pension. Maybe some people
don't even have a survivor benefit. So if anything happens
to that person, it stops. So what are you doing?
Those are three income streams? But what if you need
more money? Where do you take the money in a
most tax efficient way so you can have the income,
preserve your money and not have to worry instead of
(26:59):
going back to work. That's generating an income plaant. So
we can help you by picking up the phone. Schedule
time to meet with us. That's eight three three Maggie Tax.
That's eight three three Maggie Tax.
Speaker 3 (27:08):
And don't forget register for our seminars. This is what
we talk about. Go to Maggie tax dot com look
for seminars. The dates are there. Give us a call
today eight three three. Magi Tax operators are standing by.
You need to do something to help your situation and
the biggest thing is understand what you have. Eight three
three Magi Tax. So if it's at our website Maggie
Tax dot com, be sure to watch our TV show
(27:30):
every Sunday at ten thirty on ABC. Folks, it's up
to you. We are offering a lot of helpier you
have to take the time to do it. Eight three
to three Maggie Tax.
Speaker 2 (27:39):
Yeah, no, you're right, So to keep going. I just
want to talk about this as too is to summarize
some things. We do the balance sheet, we analyze the
risks that you're currently taking, We implement the plan, and
we create the buckets of money. But when it gets
to the point of conversions and tax free buckets are
taxable buckets, we can take it to a new level
and create tax free incomes. What does that look like, Well,
tax res.
Speaker 3 (28:00):
If you look at it from a tax standpoint like
we have and you're paying less taxes, I think you're
gonna be pretty happy. Okay, we've reduced a lot of
our client's taxes because they did it the right way,
and we even show them if you continue on the
same path that you have, you're gonna pay a lot
in taxes. And you know what, everybody says, well, I
don't want to do that. I know, I know, but
you've got to do something to fix it. Change the lane,
look at it through a different lens. That's the problem, Chris,
(28:22):
that I think people have. They are so stubborn in
their ways. Because that's the way we would talk. No
one broke the mold and said, hey, you can do
something different and it's not going to hurt you. You're
allowed to do that. You're a big boy, you're a
big girl. Your money, your career, your life. So take
a step to the side and look at it through
a different lens, because you can do it. And a
(28:44):
lot of times, Chris, I know, we see it all
the time, the amazement and some of the people that
come in like, wow, I really didn't know that.
Speaker 2 (28:50):
And that's great. You know, it's really rewarding when we
see clients who have or generating over one hundred thousand
dollars of income per year and are paining a diamond
tax and you look at that, and we say that
on the radio, and we say it when we move people.
I can tray the tax returns. You know, people are
getting income from five different sources, including social Security and
a small pension and guess what they got income coming
in the front door and aren't paining a diamond tax,
(29:12):
and their accounts are in a situation where they have
a purpose and they have safety, and they have growth,
they have what they're looking for inflation protection and then
guess what they have a plan. So we talked about
all that and then leads into the final what about
a state planning? What is that and how do we
put this all together?
Speaker 3 (29:28):
Well, you know, if you don't have a will or
a power of attorney or a durable power of attorney
or a healthcare surrogate. People that own homes don't have
a quit claim deed or a lady bird deed, and
if they don't have that, it's going to go through probate.
And so many of you out there think, well, just
because my name's on the mortgage, it's not going to
go through probate. I'm going to tell you right now
you're wrong. And you need to understand how simple this is,
(29:50):
how inexpensive this is, and how important it is to
all of you to sit down and put either a
trust package together or a will package, because it's going
to protect you and it's going to protect your kids,
and I'm telling you we've seen too many people come
in after the fact, Chris, and it's like you sit
there and you cry, like why didn't someone tell them?
Speaker 2 (30:07):
Well, that's it. I mean, you see the passion that
we have. We can do. That's what holistic planning is
incomplaining tax planning, investment planning, a state planning, and that's
what we do here at Maggie Tax and Financial Groups.
So pick up the phone, schedule time to meet with us.
Eight three three Maggie Tax eight three three Magi Attacks.
We have offices on both sides of the base, so
it's very convenient for you. Eight three three Magi Tax.
(30:30):
We look forward to meeting with you and putting together
a plan for you and your family. Eight three to
three Maggie Tax.
Speaker 1 (30:38):
Stop funding Uncle Sam's retirement and start planning for your
own successful retirement. As we return to the Maggie Tax
Financial Show with your host Robert and Chris, Maggie with
Maggie Tax and Wealth Advisors. For information on how you
can create a tax free retirement, call eight three three
Maggie Tax or visit Maggie Tax dot com. Now your
(31:00):
host with Maggie Tax and Wealth Advisors Robert and Chris Maggie, Welcome.
Speaker 2 (31:05):
Back to the Mega Tax and Financial Show, and thank
you so much for tuning in today. And we've been
talking about investment debt and getting out of debt in
a good way. Many people think about credit cards, but
I'm not talking about that. I'm talking about the investment
debt that you have on all your retirement accounts. And
think about this. You have IRA's form on K's thrift
savings plans four O three b's four fifty seven plans.
(31:26):
Guess what those accounts are infected with taxes. And if
you're infected with something, it's not a good thing, right, So,
if your retirement accounts are infected with taxes, that means
you have an unknown question mark tax rate that has
to come out. You have a debt to the irs
when you start taking distributions, and many people don't know that.
(31:47):
They look at their statements each and every month and
they say, oh my gosh, it's up ten grand, it's
down ten it's up thirty thousand, it's up forty thousand,
it's doing great. But guess what. When you start taking
a distribution, it's taxable. So what are you doing about it.
That's the planning that comes into play, that has to
be there in your retirement to make sure you have
a solid plan. And if you don't have a plan,
(32:09):
when you're talking about taxes and investments and income, you
need to pick up the phone and schedule time to
meet with us. Eight three to three magi tax. That's
eight three to three magi tax.
Speaker 3 (32:18):
And when you put a plan together, you're talking about
putting a tax plan, an income plan, an investment plan,
an insurance plan. So how can you do it in
an efficient way so that you're not shooting yourself in
the foot while you're going to try to go tax
for you have to pay the taxes first period. So
what we're going to show you is the least amount
of taxes and then it's not going to be a
hard decision for you to make because if you have
(32:39):
the cash and we can do it from there, you
do it now so that later on you don't have
this big tax.
Speaker 2 (32:43):
Now that's it. Let's talk about that. So when someone
comes in, what are we going to do. Well, we
understand taxes obviously, so what we can do is show
you right there, will show you what your current tax
return looks like. Then we'll break it down and we'll
show you what if we convert a twenty thousand or
fifty thousand from an IRA to a raw Well, you
have to pay the tax to get there, right, So
we understand that we're talking about buying out the irs.
(33:05):
Let's do that at a cheaper rate as opposed to
later on where it's very expensive. So we can show
you to you and we can break this down, and
we can sit down and show you what the tax
term will look like. And you say, I like that strategy.
I like that strategy, but I don't like the other strategy.
That's fine, this is your money. We can put together
a plan and show you options that you can you
(33:26):
can own and feel good about it because when you
start building a tax free bucket, what you have done
is you eliminated. Uncle Sam and my dad talked about
putting your retirement plan in pencil. Well, let's put it
in pen where it's permanent, where you know that you
don't have to pay taxes forever and ever and ever
and ever again. Now, many people don't have that ability,
(33:48):
but you can if you come meet with us, because
we'll show you ways to create a tax deduction. We'll
show you ways to get the money out in the
most tax efficient way. Eight three to three Maggie tax
will go through that for you. Schedule time to meet
with a you'll meet with us eight three three maggie tax.
Speaker 3 (34:02):
So here's how one of the ideas works. The goal
is we're going to start with your retirement account because
that's the one that's taxed the most. So we use
and just use this for concept because when you come
in we'll explain it. But we use a five year
conversion period and at the end of this time period
in which we do the series of structured conversions. We
call them structured because what Chris just said, will take
(34:22):
out a certain amount one year, certain amount to second
year from a tax return, where we convert the money
over to a roth ira And basically the goal is
that you want to have at least the same amount
as you started with. Let me repeat that. So if
you have five hundred thousand now over the next five years,
when you start converting, we have to use an investment
vehicle that's going to get you back to where you
(34:43):
were five years ago. And that's how we do bucket planning.
So take a second explain how that works, because it's
three buckets that we use to get there.
Speaker 2 (34:51):
That's it. So let's just give an example. What if
we had three buckets and you have one hundred thousand dollars. Well,
what if you put twenty thousand dollars in bucket one
and we put thirty thousand in bucket two, fifty thousand
and bucket three. Well, what we're designing here is an
income plan. So that first bucket, a bucket one of
twenty grand, Let's give you income off of that for
the next five years, guaranteed. But that in five years
(35:13):
is going to go down to zero. And many people say,
oh my gosh, I don't want my account to going
down to zero. Well, just bucket one is, but what
about bucket two and bucket three. So when bucket one
is given you income, bucket two and three are growing
and guess what now you have just as much, if
not more income and value there. But now what after
five years? Now you turn on bucket two. So now
(35:34):
bucket two gives you guaranteed income for life, but now
that goes down the zero after five years. Then you
might start thinking, well, I have no money. No, you
forgot about bucket three. Bucket three grows back to where
you started originally, and you could do it all over again.
So that's when we start talking about bucket planning and
income planning, where you can have income and you don't
run out of money, you live off of the interest,
(35:56):
and you live it off of the way where you
can create it, where you have bucket gets doing different
things with different strategies that you're protected and diversified in
a lot of different ways. That's income planning right now.
What about tax planning, Well, we use the same concept
where we can get money that's infected with taxes, eliminate
Uncle Sam and create a tax free bucket, so now
(36:17):
you don't have to worry about paying Uncle Sam ever
and ever and ever again. So who cares what an amount,
what tax rates are going to be? Who cares if
tax rates go up? It doesn't matter to clients of
ours who have tax free buckets because they don't have
to worry about it. That's where your retirement plan is
written in pen instead of pencil.
Speaker 3 (36:37):
So what you want to do is call my office
eight three three Maggie Tax and tell them you want
to do this. We're going to tell you what it is.
It's called a strategic rollout. It's called a strategic rollout
and bucket planning. And if your advisor's not talking about this,
then you know, shame on them. They're not giving you
the whole story. And you're going to have a tax
free rough account, which Chris said, you're going to have
paid all the taxes over five or ten year period
(36:58):
at the lowest amount, and you're going to have tax
free income. How good is that? So by the time
that we're done, you probably have more than what you
started with.
Speaker 2 (37:06):
And one more thing, you're going to eliminate Uncle Sam.
Who wants to eliminate Uncle Sam. Well, if I can
eliminate the person who's causing taxes, guess what, that's a
great feeling to have.
Speaker 3 (37:16):
And it's it's kind of funny because when we show
this to people, it's shocking and they always say, well,
I've never heard this before. What's because your advisor doesn't
talk about taxes, doesn't talk about income planning, talk about
you know, retirement planning, talk about IRA r M d
S and how it's gonna affect everything that you do.
Eight three three MAGI tax I Hope today was helpful
to you getting out of debt to the irs. It's
(37:37):
going to be here for a long time. You need
to do something about it. Eight three to three Maggie Tax.
Visit our website, Maggie Tax dot com. Click on seminars
and register for the seminar. These are at the library.
They're educational. We talk about everything. Eight three three Maggie Tax,
and visit our website Maggie Tax dot com. You're listening
to the Maggie Tax and Financial Show eight three to
(37:58):
three Magie Tax.
Speaker 1 (38:01):
Thank you for listening to Maggie Tax and Financial Show
with Robert and Chris Maggie of Maggie Tax Wealth Advisors.
Listen here five to six pm every Saturday and from
eleven am till noon every Sunday, or anytime on the
free iHeartRadio app. And remember you can pay less tax
with Maggie Tax Program. Content provided by Maggie Tax Wealth
(38:22):
and Advisors. Call them at eight three three Maggie Tax,
or visit them online at Maggietax dot com.
All these years you've saved up planning for a secure retirement,
but if you're not careful, it will be the irs
that is, living it up when you retire by taxing
your hard earned money. Welcome to the Maggie Tax and
Financial Show with Robert and Chris Maggie of Maggie Tax
and Wealth Advisors. With over four decades 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 day from Uncle Sam. Call them at
eight three three Maggie Tax or online at Maggie Tax
dot com. And now your host for the Maggie Tax
and Financial Show, Robert and Chris Maggie.
Speaker 2 (00:41):
Thank you for tuning into the Maggie Tax and Financial Show.
We welcome you to our show and thank you so
much for listening. I'm Chris Maggie and I'm here with
my dad and cost of the show, Robert Maggie. And
before we get going, visit our website at Maggie Tax
dot com. That's m A G. G I Tax dot com.
And we love what we do because as a past
here we want to help you. There's a lot of
(01:01):
things we can do. Tax planning, insurance planning, income planning,
investment planning, state planning, a lot of things that we
do to help you. We do complete planning here at
Maggie Tax Advisor and Financial Group. And today we want
to talk about a lot of things to help you.
So if you have any questions, pick up the phone,
schedule a time to meet with us eight three to
three MAGI Tax. That's eight three to three Magi Tax.
(01:24):
And welcome dad to the show. And what do we
got to talk about today.
Speaker 3 (01:28):
Well, we have a lot to talk about, and thank
you and welcome everyone, and be sure to visit our
website Maggietax dot com. We have a lot of information
on there, a lot of videos. I think what we've
been helping people understand is different things like tax planning
and social security in a state planning, legacy planning. But
today we talk about this all the time, Chris and
(01:49):
I and from many of you that have met with us,
we talk about bucket planning and what the heck is
bucket planning? And this is one of the biggest questions
that we get all the time. What is bucket plan
guys tell me about it. So let me give you
a two minute overview. And we start with a big
question on many retires' minds, which is what kind of
income can I expect in retirement. I met with a
(02:10):
gentleman this week and his biggest concern was, you know,
we have a large amount of money in our TSP.
It was a federal employee and also we had another
client come in and they say what do we do
with it? And the point is that I made him
understand that it's about a plan about income planning about
how much income do you need today, how much you're
going to need later, and how do you position that.
(02:30):
So this is a longer discussion than we have time for.
But you also need to stop thinking about gross paycheck
and that you got from your job and start thinking
about net check you received in your bank account. And Chris,
you ask the question every time, what is the amount
of money that you need when you retire to put
your feet on the ground to pay your bills? And
(02:51):
you say it that has to come into the mailbox
every month.
Speaker 2 (02:54):
And that's it. You know what is that number? And
if you don't know, that's fine. You know, meet with
us let's go through budget planning. We can help you
very simple process that we do to help you really
dial in on that amount. Why because that's the amount
of money you're going to get on the first of
the month, and you can spend in the next thirty
days and do it all over again for the rest
of your life if you do it right. So that's
why bucket planning is so important to make sure that
(03:16):
that amount of money's coming in every month.
Speaker 3 (03:18):
Another question we get if I have this qualified money
and it's all taxable, how do I get it down
to where I have tax free money? And there are
tax strategies to help reduce the taxes you pay in retirement.
So gross numbers might be big, you know, so gross
that it's too much. But here's what I'm trying to
make a point of. You don't understand how taxes work.
(03:39):
And what's happening now is whatever tax bracket you're in,
can tell Chris and I how much you have before
you hit the threshold to be tax in the next level.
And Chris, we talk about that where people don't think about, well, gee,
I have room because you get the standard deduction, so
that first amount is tax free. So when you get
your retirement, things are changing. Correct.
Speaker 2 (04:00):
Let me jump in here real quick, because when we
did bucket planning, I met with a client you know
last week, and they had forty four thousand dollars of
Social Security between the two of income and just alone
right there. If you do the right planning, there's no
tax to pay, so there's no tax liability that and
they had no idea. They said, what do I have
to withhold? Well, you don't have to withhold anything because
you're under the threshold income as my dad was mentioned.
(04:22):
So think about that. The first forty four thousand dollars
right here had no tax. Then they had a pension
which was one thousand dollars a month, and then we
took another thousand dollars from their IRA. So they said,
oh my gosh, we're going to pay a lot in tax.
I said, no, no, you're not going to. So we
did the mock tax return, and I'll do the same
thing for you too. When you come in and meet
with us, we'll show you exactly what your future tax
(04:44):
is going to be. But at the end of the day,
they had a great amount of income and only paid
one thousand dollars in taxes one thousand dollars in tax
I said, you know, if you withhold about eighty dollars
a month, that's it and you will break even. You
know there payning more to the taxman. Why because the
way sell security is taxed then and when you add
in your other income, you could be under the threshold income.
(05:06):
So a lot of people have no idea about gross
or net. It's not just like they work they have
to automatically with hold fifteen percent. They don't have to
do that. If you do the right tax planning.
Speaker 3 (05:18):
You make a good point there. They don't look at
it that way. So the second thing when thinking about
the income plan, and again that's the first bucket, how
much income do you need? We typically plan for a
retirement that is lasting twenty or thirty years or even more.
So we have to plan accordingly as no one wants
to run out of money. That's the biggest thing. I'm
afraid because when I ask people what keeps you up
(05:39):
at night, they say, well, Bobby, Chris, maybe running out
of money. Well it's not maybe if you do, what
are you going to do? So will you run your
accounts to zero? Probably not, But running out of money
to us means that you have to change your lifestyle
and understand how bucket planning works income growth and.
Speaker 2 (05:57):
Later money right, absolutely, and that's the key, because you
want to make sure that you have that paycheck coming
in the front door because you can't go back to
work and I don't care how much money you have.
We've met with people who have ten million dollars, people
who have one hundred thousand dollars, and the same theme
between them both is I'm afraid of outliving my money.
So a lot of people thinking today, well a lot
(06:18):
of people have a lot of money, they don't have
to worry about that. Well, they just don't know how
to use their assets, their piles of money to create
buckets of guaranteed income growth legacy planning. They just don't
know how to do it. And that's what we do.
Speaker 3 (06:32):
And the thing is that we control it by how
much risk do you want to take with your money,
meaning that when you have income, how much risk do
you want to take? It could be a fixed income bucket,
the first one for maybe ten years that you're going
to be guaranteed that money. The second bucket could be
lower risk, lower volatility and ability to gain more cash
and then just keep repeating that process over and over. Chris,
(06:55):
and I think that is where when we show the
bucket planning in its entirety, they look at it and
they go, this is what I want. This is exactly what.
Speaker 2 (07:03):
I want, absolutely, And that's why when we invest money
into different allocations and buckets, there's a reason, there's a purpose.
You know, most advisors you meet with, you know, how
much money do you have, and they just put you
in an allocation and that's it and they go onto
the next client. But that's that's just regular transactional advisors.
And you think about it. Do you want to work
with a transactional advisor or do you want to work
(07:24):
with a complete advisor. And that's what we do here
because when we do bucket planning, every account you have
is going to have a purpose, whether it's for income,
whether it's for future inflation, whether it's for growth opportunities
or legacy tax free planning. These things that our clients
are looking for and we can help you. Just pick
up the phone, schedule time to meet with us eight
(07:45):
three three Magi Tax and visit our website at Magi
tax dot com for more information where our locations are
and how we can help you.
Speaker 3 (07:52):
And I think what you just mentioned to make it simple,
it's called managing risk. And the third thing, think of
money this way. Typically, the great risk you take in
investing can mean greater rewards. We all know that, but
also brings the potential for greater losses and vice versa.
So when it comes to safer retirement strategies, one thing
to also consider is too safe might bring a very
(08:14):
low return. And I get that, but think about the
rates today. That's what we have and in causing you
to lose purchasing power to inflation, we understand that too,
and we have to address that. So let's get to
the bucket planning, folks. This is something that all of
you could do. I challenge all of you to come
in and sit down with us. We'll do the free
risk analysis for you. We'll do bucket planning, and we'll
(08:36):
do it with your money. And one thing last week,
the gentlemen said, well, this is not your money that
you figured into this, and I said, no, it's your money.
He said, that's wonderful, because most advisors just think that
they should put it into risky investments and let it ride. Well,
that's not it, Chris anymore.
Speaker 2 (08:53):
Absolutely. I mean there's paychecks and also playchecks. There's a
lot of things you can do to have the guaranteed
income bucket. Planning. The first bucket, we structure for income
needed early in retirement, and we want to look for
the percentage of ADSs that can deliver enough income to
last five to seven years. That's your first bucket. And
we want this first bucket to be in retirement vehicles
that can deliver a decent return outpace inflation, yet still
(09:17):
have some downside protection, so we minimize the investment losses.
This is your protection bucket. And then second we look
at a second bucket. And with this bucket, you know,
you can enjoy the income from the first bucket living
your life. And we've got the second bucket accumulating and
ready to begin income when the first bucket is exhausted.
So think of it this way. One runs dry in
(09:39):
five to seven years, the second bucket is right there
to pick up where it left off because that's the
guaranteed income that we need to have moving forward. So
with the second bucket, we're really not immediately reliant on
the income in this bucket. You know, We've got that
five to seven year timeframe to take a little more
risk as market fluctuation is less of a concern because
(10:00):
we have time on our side, and ideally the percentage
of as as we place in the second bucket accumulates
during that five to seven year time frame and then
we turn it on for income for another five to
seven years of guaranteed income for life.
Speaker 3 (10:15):
Okay, So we just talked about the first two buckets,
so we're gonna continue this in the next segment and
we'll talk about the third bucket. Pick up the phone,
give us a call eight three to three, Maggie Tax.
Be sure to watch our TV show tomorrow on Sunday
at ten thirty am to the Maggie Tax and Financial Show.
And don't forget we have offices in Tampa and Palm
Harbor and also Saint Pete. So pick up the phone
eight three three, Maggie Tax. We have operated standing by
(10:38):
right now eight three to three Maggie Tax. And you're
listening to the Maggie Tax and Financial Shows.
Speaker 1 (10:48):
Stop funding Uncle Sam's retirement and start planning for your
own successful retirement. As we return to the Maggie Tax
Financial Show with your host Robert and Chris Maggie with
Maggie Tax Act and Wealth Advisors. For information on how
you can create a tax free retirement, call eight three
three Maggie Tax or visit Maggie Tax dot com. Now
(11:10):
your host with Maggie Tax and Wealth Advisors. Robert and
Chris Maggie.
Speaker 2 (11:16):
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 on K's investment plans.
They have no idea what kind of risk they're currently
(11:37):
taking with their accounts. Well, we can help. Many people
have form on K's old ones. They don't know what
to do with it or even lum sum pension plans.
What do you do with it?
Speaker 3 (11:46):
Do you take it?
Speaker 2 (11:46):
Do you roll it over? What do you do? 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 do complete planning. If you
have an estate planning issue, you need will or a
trust of have attorney. We can help as well. We
(12:09):
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 meet with
let's pick up the phone. Schedule time eight three three
Magi Tax. Visit our website at Maggi tax dot com.
Speaker 3 (12:23):
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
(12:45):
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.
Speaker 2 (12:58):
That's just said it's a great, great segue to a
great situation that a lot of people should be hearing.
He was with his CPA for twenty five years, 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. So he paid a lot of
(13:19):
commissions years ago on these products that he had and hey,
the market did well, so his accounts 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 gets the second opinion with us,
(13:42):
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.
I want safety. But guess what he has got about
ninety percent of his money and risk. So he's his
CPA currency pee is not listening to him. They're not
listening to what he in his wife wants, so he
came to us and he wanted an income plan, he
(14:03):
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 came back into a CPA
and he told him, Hey, I'm going to transfer my
money over. He'd 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
(14:24):
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. They thanked him
very much for 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
(14:44):
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 ever and ever, for some of his accounts.
So guess what he has the opportunity have tax free income,
and guess what his money has it is safe, and
(15:06):
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
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 3 (15:26):
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 fers. But in addition,
he said, the reason why I want to work with
you guys is because you're a fiduciary. He understands what
(15:48):
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 or 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
(16:09):
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 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 to
(16:30):
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 2 (16:48):
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 five years, with the current
CPA twenty five years, they should have had it. They
should have had an estate plan, they should have had
an income plan, they should have had a tax free plan,
(17:08):
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 anomated 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 in Financial Group.
(17:31):
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 roth ira roth conversions we
can help. Do you want a tax plan? We can help.
Do you want to state planning? We can help. Do
you want help with Medicare? If you are a federal
(17:51):
employee with your furs or your serves benefits, we can help.
So again, sold security maximization, we can help. That's what
we do here maggix dot com. Pick up the phone,
schedule a time to meet with us.
Speaker 3 (18:03):
So tax analysis, tax planning, that's what we do. Eight
three to three Magi Tax. It's a new concept. It's
available to everyone listening to the Maggie Tax Show today.
Go to Maggie tax dot com. Check it out. Your
CPA taxpayers should be discussing lowering taxes, not just preparing them.
And Chris. The other thing is, like every year we
(18:23):
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 to
three Magi Tax. Be sure to watch our show every
Sunday ten thirty on ABCTV eight three three Maggie Tax.
That's eight three to three Maggie Tax.
Speaker 1 (18:42):
Stop funding Uncle Sam's retirement and start planning for your
own successful retirement. As we return to the Maggie Tax
Financial Show with your host Robert and Chris Maggie with
Maggie Tax and Wealth Advisors. For information on how you
can create a tax free retirement, call eight three three
Maggie Tax or visit Maggie tax dot com. Now your
(19:05):
host with Maggie Tax and Wealth Advisors. Robert and Chris Maggie.
Speaker 3 (19:10):
Welcome every morning, Thanks for joining us. My name is
Robert Maggie. I'm here with my son Chris Maggie, and
today we're talking about what we do for a lot
of people on the ROTH conversions and why it's so
important to get it done correctly. So if you have
an account, a Brokente account, or you have just a
savings account and you need some information on how to
put a plan together, that's what Chris and I are
going to talk about because it's not just investments, it's
(19:34):
more because it's an income plan, it's a tax plan,
it's a legacy plan, and what about your beneficiaries. So
we're going to talk about how we put this together.
Because now we're gonna put this car, this vehicle together
so you can drive away in a tax free environment.
So Chris, let's start with you know, a typical client
comes in and they bring in their statements and we
see they have brokeer statements and there's non qualified and qualified,
(19:57):
which brings up another point. Sometimes I don't even know
what they have. So how do we start to make
it easy for them to understand how to separate that
money and start putting it into bucket planning?
Speaker 2 (20:06):
Well, that's it, you know a great question. My gosh.
Many people come in with all these statements and they
have piles of money. They don't know where and what
those accounts are. Are they taxable, they non taxable? Can
you generate income from them or can you not? So
they're just confused, right, And they've been with their advisor,
maybe for a couple of years or for a long time,
it doesn't matter. But maybe they're not doing the complete
(20:27):
plan for them. Maybe they're just doing transactional an account
or I've had this advisor or brokerage account for ten
years and it's just sitting there. Well is it? Are
you taking the right risk with that account? So what
we do is we can do a couple of things.
Number One, we set up a balance sheet. We show
you where your accounts are, what's taxable, it's non taxable,
all on one sheet. We show you type of income
(20:49):
you're currently taking. And this makes a lot of sense
to people because it's about education. So we educate you
on what you have, and then we can go into
step number two, go back to.
Speaker 3 (21:00):
The balance sheet because it's always some enlightening. A lot
of advisors don't do a balance sheet, and we do
it from the ground up. You know what's soo security?
What the what there's saving these accounts are if it's
non qualified, if it's qualified, and goes into the beneficiary
and who you want to leave it to. So the
biggest concern that I think people have is that when
they meet with an advisor that they're gonna come in
(21:22):
and they're gonna take all their money and they're gonna
put all their money into one bucket. And they don't
want to do that. So how do you separate to
educate the client that you can put money in safe buckets.
You can still put money in some risky buckets, but
not all of it. And we've seen this every single
time when a client comes in with a statement.
Speaker 2 (21:42):
Absolutely, So leading into step two is that we can
analyze your accounts and you're right, this is your money.
Let's just talk about this it's not your advisor's money,
it's not your CPAs, it's your money. So if you
come in and you have a million dollars and you
have two hundred and fifty thousand in the stock that
you love because you've been with it for a long time,
can't you keep it? Sure you can, there's nothing wrong
with saying you can't. But let's see how it plays
(22:05):
in your plan. Let's get educated and let's show you
what type of risk that will take and maybe we
have to peel off a little bit of that money
to get the income that you need or for the
right risk level that you're looking for. So Dad, you're right.
We can create the buckets of money, and a lot
of people are looking for safety for their core. They
want to protect their money. We call it green money buckets.
Those are safe money where you don't lose anything, there's
(22:25):
no fees where you protect your money. So if the
market goes down, guess what those are your protection buckets.
Then you can have yellow money. Yellow money's we're actively
manage the money. That's where you can have different purposes
with accounts. You can have an inflation protection bucket. You
can have an account that generates dividends. You can have
an account that has growth stocks, ETFs, a lot of
(22:46):
different positions that are managed effectively, and you can have
a red bucket where if you want to have your
own account that you actively manage or play with, then
you could do that too. But having a whole list
approach with your accounts and knowing where your money's at
is so crucial, and many people, we find out don't
(23:07):
have that in place.
Speaker 3 (23:08):
You mentioned a keyword, holistic. We had a client call
last week and I've had it many times and they say,
can you explain what holistic means? Because I've never heard
that word before. And folks, it's a simple word because
it's about your money. It's about all your money and
where you're going to put it. And the cool thing
about it is that think about this for a second.
You save money, you put it in a savings account
(23:29):
or you put it in a checking account. Why do
you do that because it's liquid money and you don't
want to take the risk of losing the money. Right.
I know it's a low interest rate, we get that,
but we can show you some ways to make that better.
But then you've got to start thinking about the rest
of your money, like Chris is talking about, has anyone
sat down with you and said, hey, you know what,
You're taken ninety percent risk in your investments and if
(23:50):
the market goes down, you're going to lose. And the
question is then what do you do now? Okay, you're
going to go back to your advisor and say, well,
you know, you put it in the wrong bucket. You've
got to sit down, you have to have a conversation.
You have to understand what we're talking about, because you
are going to make the final decision where when when
you put to bucket planning, how much you want in income,
how much you want in green money, how much you
(24:11):
want in yellow money. And I bet people listening right now, Chris,
their advisors aren't talking about red, green, and yellow.
Speaker 2 (24:16):
No they're not. And that's the thing. They just have
you this broker's account and she's just sitting there and
this is what it's done over the past year. And
don't worry, it's going to come back when if it
goes down, but over time it's going to be Okay. Yeah,
those are the general answers to the questions that people
are having. But at the end of the day, you've
done working, you're retired, you're about to retire. So many
(24:37):
people are in the accumulation phase of their life and
when they retire, they're still in the accumulation phase of
their life. But there's the distribution phase that you have
to shift to. And it doesn't mean just hunker down
and protect your money with all of it. That's not
what we're saying. We're saying here is that you have
to have a clue. You have to have a plan.
You have to have a purpose with every dollar you have,
(24:59):
and that's why you create buckets. When you come in
to meet with us, we're going to put together an
investment plan. I'm going to show you where one your risk,
what your risk level is, and if you are reaching
that or not, maybe you're taking more risk than you
need to. Maybe you're not taking as much risk than
you need to as well, so we can evaluate that
for you. That's step number two. Step number three is
put together a plan. We can allocate the different buckets
(25:21):
and your money into different buckets where you're going to
have a purpose. You're going to have a plan so
if this market does go down, you have now money
that just protect it. Your later money. You can let
it grow. You can invest that money. If you are
a forty year old, that's fine, or fifty year old,
that's fine. But making sure that you have segments of
money and buckets put together with the right purpose.
Speaker 3 (25:41):
And here's the question that all of you should be
asking yourself. What if what if something happens to me today?
You know, I'm working, I've got money coming in. How
much do you have put aside that's going to give
you the income that you need every month? Where is
it going to come from? Is it going to come
from solid security? Is it going to come from a
pension without disrupting the most of your accounts? And Chris,
I think that's the biggest fear of people have is
(26:03):
running out of money and they don't know where to
get it. When they do, well, that's it.
Speaker 2 (26:06):
You hit it on the head. I don't care if
you have fifty thousand or ten million dollars. I'll tell
you what. Most people who have a lot of money,
their main concern is running out of money. And many
people say, well, they have plenty of money. Know what
they're worried about is losing it. They're worried about if
the market goes down and running out of money, So
how do you combat that? Well, that's where the income
(26:28):
plan comes into play, and that's why it's so important
to make sure you have an income plan. If we
asked you, what's your income plan? Can can you define it?
Speaker 3 (26:36):
Well?
Speaker 2 (26:37):
Yeah, you're right. You have social security from a husband
and spouse. Some people have a pension. Maybe some people
don't even have a survivor benefit. So if anything happens
to that person, it stops. So what are you doing?
Those are three income streams? But what if you need
more money? Where do you take the money in a
most tax efficient way so you can have the income,
preserve your money and not have to worry instead of
(26:59):
going back to work. That's generating an income plaant. So
we can help you by picking up the phone. Schedule
time to meet with us. That's eight three three Maggie Tax.
That's eight three three Maggie Tax.
Speaker 3 (27:08):
And don't forget register for our seminars. This is what
we talk about. Go to Maggie tax dot com look
for seminars. The dates are there. Give us a call
today eight three three. Magi Tax operators are standing by.
You need to do something to help your situation and
the biggest thing is understand what you have. Eight three
three Magi Tax. So if it's at our website Maggie
Tax dot com, be sure to watch our TV show
(27:30):
every Sunday at ten thirty on ABC. Folks, it's up
to you. We are offering a lot of helpier you
have to take the time to do it. Eight three
to three Maggie Tax.
Speaker 2 (27:39):
Yeah, no, you're right, So to keep going. I just
want to talk about this as too is to summarize
some things. We do the balance sheet, we analyze the
risks that you're currently taking, We implement the plan, and
we create the buckets of money. But when it gets
to the point of conversions and tax free buckets are
taxable buckets, we can take it to a new level
and create tax free incomes. What does that look like, Well,
tax res.
Speaker 3 (28:00):
If you look at it from a tax standpoint like
we have and you're paying less taxes, I think you're
gonna be pretty happy. Okay, we've reduced a lot of
our client's taxes because they did it the right way,
and we even show them if you continue on the
same path that you have, you're gonna pay a lot
in taxes. And you know what, everybody says, well, I
don't want to do that. I know, I know, but
you've got to do something to fix it. Change the lane,
look at it through a different lens. That's the problem, Chris,
(28:22):
that I think people have. They are so stubborn in
their ways. Because that's the way we would talk. No
one broke the mold and said, hey, you can do
something different and it's not going to hurt you. You're
allowed to do that. You're a big boy, you're a
big girl. Your money, your career, your life. So take
a step to the side and look at it through
a different lens, because you can do it. And a
(28:44):
lot of times, Chris, I know, we see it all
the time, the amazement and some of the people that
come in like, wow, I really didn't know that.
Speaker 2 (28:50):
And that's great. You know, it's really rewarding when we
see clients who have or generating over one hundred thousand
dollars of income per year and are paining a diamond
tax and you look at that, and we say that
on the radio, and we say it when we move people.
I can tray the tax returns. You know, people are
getting income from five different sources, including social Security and
a small pension and guess what they got income coming
in the front door and aren't paining a diamond tax,
(29:12):
and their accounts are in a situation where they have
a purpose and they have safety, and they have growth,
they have what they're looking for inflation protection and then
guess what they have a plan. So we talked about
all that and then leads into the final what about
a state planning? What is that and how do we
put this all together?
Speaker 3 (29:28):
Well, you know, if you don't have a will or
a power of attorney or a durable power of attorney
or a healthcare surrogate. People that own homes don't have
a quit claim deed or a lady bird deed, and
if they don't have that, it's going to go through probate.
And so many of you out there think, well, just
because my name's on the mortgage, it's not going to
go through probate. I'm going to tell you right now
you're wrong. And you need to understand how simple this is,
(29:50):
how inexpensive this is, and how important it is to
all of you to sit down and put either a
trust package together or a will package, because it's going
to protect you and it's going to protect your kids,
and I'm telling you we've seen too many people come
in after the fact, Chris, and it's like you sit
there and you cry, like why didn't someone tell them?
Speaker 2 (30:07):
Well, that's it. I mean, you see the passion that
we have. We can do. That's what holistic planning is
incomplaining tax planning, investment planning, a state planning, and that's
what we do here at Maggie Tax and Financial Groups.
So pick up the phone, schedule time to meet with us.
Eight three three Maggie Tax eight three three Magi Attacks.
We have offices on both sides of the base, so
it's very convenient for you. Eight three three Magi Tax.
(30:30):
We look forward to meeting with you and putting together
a plan for you and your family. Eight three to
three Maggie Tax.
Speaker 1 (30:38):
Stop funding Uncle Sam's retirement and start planning for your
own successful retirement. As we return to the Maggie Tax
Financial Show with your host Robert and Chris, Maggie with
Maggie Tax and Wealth Advisors. For information on how you
can create a tax free retirement, call eight three three
Maggie Tax or visit Maggie Tax dot com. Now your
(31:00):
host with Maggie Tax and Wealth Advisors Robert and Chris Maggie, Welcome.
Speaker 2 (31:05):
Back to the Mega Tax and Financial Show, and thank
you so much for tuning in today. And we've been
talking about investment debt and getting out of debt in
a good way. Many people think about credit cards, but
I'm not talking about that. I'm talking about the investment
debt that you have on all your retirement accounts. And
think about this. You have IRA's form on K's thrift
savings plans four O three b's four fifty seven plans.
(31:26):
Guess what those accounts are infected with taxes. And if
you're infected with something, it's not a good thing, right, So,
if your retirement accounts are infected with taxes, that means
you have an unknown question mark tax rate that has
to come out. You have a debt to the irs
when you start taking distributions, and many people don't know that.
(31:47):
They look at their statements each and every month and
they say, oh my gosh, it's up ten grand, it's
down ten it's up thirty thousand, it's up forty thousand,
it's doing great. But guess what. When you start taking
a distribution, it's taxable. So what are you doing about it.
That's the planning that comes into play, that has to
be there in your retirement to make sure you have
a solid plan. And if you don't have a plan,
(32:09):
when you're talking about taxes and investments and income, you
need to pick up the phone and schedule time to
meet with us. Eight three to three magi tax. That's
eight three to three magi tax.
Speaker 3 (32:18):
And when you put a plan together, you're talking about
putting a tax plan, an income plan, an investment plan,
an insurance plan. So how can you do it in
an efficient way so that you're not shooting yourself in
the foot while you're going to try to go tax
for you have to pay the taxes first period. So
what we're going to show you is the least amount
of taxes and then it's not going to be a
hard decision for you to make because if you have
(32:39):
the cash and we can do it from there, you
do it now so that later on you don't have
this big tax.
Speaker 2 (32:43):
Now that's it. Let's talk about that. So when someone
comes in, what are we going to do. Well, we
understand taxes obviously, so what we can do is show
you right there, will show you what your current tax
return looks like. Then we'll break it down and we'll
show you what if we convert a twenty thousand or
fifty thousand from an IRA to a raw Well, you
have to pay the tax to get there, right, So
we understand that we're talking about buying out the irs.
(33:05):
Let's do that at a cheaper rate as opposed to
later on where it's very expensive. So we can show
you to you and we can break this down, and
we can sit down and show you what the tax
term will look like. And you say, I like that strategy.
I like that strategy, but I don't like the other strategy.
That's fine, this is your money. We can put together
a plan and show you options that you can you
(33:26):
can own and feel good about it because when you
start building a tax free bucket, what you have done
is you eliminated. Uncle Sam and my dad talked about
putting your retirement plan in pencil. Well, let's put it
in pen where it's permanent, where you know that you
don't have to pay taxes forever and ever and ever
and ever again. Now, many people don't have that ability,
(33:48):
but you can if you come meet with us, because
we'll show you ways to create a tax deduction. We'll
show you ways to get the money out in the
most tax efficient way. Eight three to three Maggie tax
will go through that for you. Schedule time to meet
with a you'll meet with us eight three three maggie tax.
Speaker 3 (34:02):
So here's how one of the ideas works. The goal
is we're going to start with your retirement account because
that's the one that's taxed the most. So we use
and just use this for concept because when you come
in we'll explain it. But we use a five year
conversion period and at the end of this time period
in which we do the series of structured conversions. We
call them structured because what Chris just said, will take
(34:22):
out a certain amount one year, certain amount to second
year from a tax return, where we convert the money
over to a roth ira And basically the goal is
that you want to have at least the same amount
as you started with. Let me repeat that. So if
you have five hundred thousand now over the next five years,
when you start converting, we have to use an investment
vehicle that's going to get you back to where you
(34:43):
were five years ago. And that's how we do bucket planning.
So take a second explain how that works, because it's
three buckets that we use to get there.
Speaker 2 (34:51):
That's it. So let's just give an example. What if
we had three buckets and you have one hundred thousand dollars. Well,
what if you put twenty thousand dollars in bucket one
and we put thirty thousand in bucket two, fifty thousand
and bucket three. Well, what we're designing here is an
income plan. So that first bucket, a bucket one of
twenty grand, Let's give you income off of that for
the next five years, guaranteed. But that in five years
(35:13):
is going to go down to zero. And many people say,
oh my gosh, I don't want my account to going
down to zero. Well, just bucket one is, but what
about bucket two and bucket three. So when bucket one
is given you income, bucket two and three are growing
and guess what now you have just as much, if
not more income and value there. But now what after
five years? Now you turn on bucket two. So now
(35:34):
bucket two gives you guaranteed income for life, but now
that goes down the zero after five years. Then you
might start thinking, well, I have no money. No, you
forgot about bucket three. Bucket three grows back to where
you started originally, and you could do it all over again.
So that's when we start talking about bucket planning and
income planning, where you can have income and you don't
run out of money, you live off of the interest,
(35:56):
and you live it off of the way where you
can create it, where you have bucket gets doing different
things with different strategies that you're protected and diversified in
a lot of different ways. That's income planning right now.
What about tax planning, Well, we use the same concept
where we can get money that's infected with taxes, eliminate
Uncle Sam and create a tax free bucket, so now
(36:17):
you don't have to worry about paying Uncle Sam ever
and ever and ever again. So who cares what an amount,
what tax rates are going to be? Who cares if
tax rates go up? It doesn't matter to clients of
ours who have tax free buckets because they don't have
to worry about it. That's where your retirement plan is
written in pen instead of pencil.
Speaker 3 (36:37):
So what you want to do is call my office
eight three three Maggie Tax and tell them you want
to do this. We're going to tell you what it is.
It's called a strategic rollout. It's called a strategic rollout
and bucket planning. And if your advisor's not talking about this,
then you know, shame on them. They're not giving you
the whole story. And you're going to have a tax
free rough account, which Chris said, you're going to have
paid all the taxes over five or ten year period
(36:58):
at the lowest amount, and you're going to have tax
free income. How good is that? So by the time
that we're done, you probably have more than what you
started with.
Speaker 2 (37:06):
And one more thing, you're going to eliminate Uncle Sam.
Who wants to eliminate Uncle Sam. Well, if I can
eliminate the person who's causing taxes, guess what, that's a
great feeling to have.
Speaker 3 (37:16):
And it's it's kind of funny because when we show
this to people, it's shocking and they always say, well,
I've never heard this before. What's because your advisor doesn't
talk about taxes, doesn't talk about income planning, talk about
you know, retirement planning, talk about IRA r M d
S and how it's gonna affect everything that you do.
Eight three three MAGI tax I Hope today was helpful
to you getting out of debt to the irs. It's
(37:37):
going to be here for a long time. You need
to do something about it. Eight three to three Maggie Tax.
Visit our website, Maggie Tax dot com. Click on seminars
and register for the seminar. These are at the library.
They're educational. We talk about everything. Eight three three Maggie Tax,
and visit our website Maggie Tax dot com. You're listening
to the Maggie Tax and Financial Show eight three to
(37:58):
three Magie Tax.
Speaker 1 (38:01):
Thank you for listening to Maggie Tax and Financial Show
with Robert and Chris Maggie of Maggie Tax Wealth Advisors.
Listen here five to six pm every Saturday and from
eleven am till noon every Sunday, or anytime on the
free iHeartRadio app. And remember you can pay less tax
with Maggie Tax Program. Content provided by Maggie Tax Wealth
(38:22):
and Advisors. Call them at eight three three Maggie Tax,
or visit them online at Maggietax dot com.
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