0:00

All these years you've saved up planning for a secure retirement, but if you're

0:04

not careful, it will be the irs that's living it up when you retire

0:07

by taxing your hard earned money. Welcome to the Maggie Tax and Financial Hour

0:11

with Robert and Chris Maggie of Maggie Tax Advisory and Financial Group. With over

0:16

thirty years of combined experience in tax savings, income planning, and investment opportunities,

0:21

Robert and Chris share advice and tax planning strategies designed to protect your retirement

0:26

nest egg from Uncle Sam. Your questions and comments are welcome during today's program

0:31

by calling eight one three three two two twenty five twenty. That's eight one

0:35

three three two two twenty five twenty, or visit Maggie Tax dot com.

0:41

That's Maggi tax dot com and now your host for the Maggie Tax Financial Hour

0:48

on nine seventy WFLA. Robert and Chris Maggie. Welcome everyone, and thanks

0:54

for joining us today. My name is Robert Maggie and I'm here with Chris

0:56

Maggie. You're listening to the Maggie Tax and Financial Show. Be sure to

1:00

visit our website. Maggie tax dot Com. Click on the retirement calculator.

1:03

We're going to be talking about this in every show and see what your retirement

1:07

tax bill is going to be if you have an IRA or a four oh

1:11

one K. And then also look at where it says seminars. We are

1:14

doing seminars every month on taxes, social Security, and the wills and trust

1:19

and register for one. It's a sixty minute seminar. It's no cost,

1:22

no obligation. They're all at libraries. We've had fifty sixty people attend,

1:26

So if you're interested, give us a call eight three to three Maggie Tax.

1:30

I want to get to the point right now, Chris, because today

1:34

we're going to be talking about tax risk for all of you. There's going

1:37

to be a lot of things happening in the next year or so, a

1:41

lot of people that we see every day, Chris. The biggest question is what's your biggest concern and what do they say? They say, taxes.

1:47

That's right, So welcome everyone. I'm Chris, Maggie. Thank you so

1:49

much for tuning into our show. Taxes, Taxes, taxes, that's our

1:53

biggest expense and people need to be aware of how the taxes are going to

1:59

affect your retirement savings, your future income, and also your investments. So

2:04

stay tuned today throughout today's show. Pick up the phone, schedule a time

2:07

to meet with us if you have questions. Let's put together a tax plan,

2:10

an investment plan, an income plan for you so we can show you

2:15

what your income is going to be in the future, and how the taxes are going to affect retirement accounts that you have put away, and how it

2:21

could be really hurtful if you don't plan the right way. So pick up

2:24

the phone a three to three Maggi Tax, Visit our website at Maggie tax

2:28

dot com, and don't forget. Every Sunday on ABCTV at ten thirty am,

2:32

tune in for the half an hour Maggie Tax and Financial Show. So

2:37

nearly all Americans believe a myth, and every time savers look at their iras,

2:40

they take part in what they call the Great American Savings myth, and

2:46

they believe that money is theirs. And it's an easy myth to accept.

2:49

So when you look at your IRA statement and let's say you have a balance

2:53

of five hundred thousand, and you start thinking of ways you can spend the

2:57

five hundred thousand. How much income can you generate, What trips you're gonna

3:00

might want to take, or where you want to finance a car or something.

3:04

Those are things that go through your mind. But listen to me.

3:07

Your account is not worth five hundred thousand. That's because you're IRA and all

3:12

qualified accounts have a silent partner, Uncle Sam and the irs and Uncle Sam

3:16

owns a part of your IRA and he's going to collect it in taxes.

3:21

And Chris, I think that's the problem right now that people do not see

3:23

at the end of the rainbow as you and I do every day we talk

3:28

about this, and then people are just totally shocked, like, Oh,

3:30

I don't have that much money. Why would you be shocked? You know

3:34

you have to pay this bill. Well, that's just it. I mean,

3:36

you have a pile of money just sitting there and it's been growing tax deferred for so many years. But now it comes to the point where the

3:42

distribution phase is right here for you and it's approaching or you're in it right

3:46

now. So what do you do? But think of it this way.

3:49

If you have a twenty five percent tax liability, Uncle Sam owns twenty five

3:52

percent of that account of that IRA, so that's one hundred and twenty five

3:55

thousand dollars. In our example that we just used, you only own seventy

4:00

five percent oh of your IRA, so you only own three hundred and seventy

4:02

five thousand worth of it. But so think of it that way. Is

4:05

that enough money for you to retire? Is that enough money that you can

4:09

generate interest on so you can supplement that income that you need every month when

4:14

you retire. That's the questions that you have. Those are the questions that

4:17

we can answer for you. So pick up the phone, schedule time to

4:20

meet with us, because this is very crucial. Can you work, should

4:25

you work? Do you need to work? So when we say stop funding

4:29

Uncle Sam's retirement, that's exactly what we're speaking about. Tax deferred savings have

4:33

become a mainstrey of American retirement plans, and with it has come the Great

4:39

American savings myth. When savers plan based on their IRA account values, their

4:45

risk overestimating the amount of assets that they actually have in retirement because they forget

4:49

about the tea word. Taxes, taxes, taxes, So that's why it's

4:54

so important to meet with us. Pick up the phone, schedule time to

4:57

meet with us. Let's look at your tax plan, your income plaint,

5:00

and your investments plan to show you how they all work together do the best

5:03

thing for you. So what do we do about this? So conversion strategies

5:08

are gaining popularity as savers convert their tax deferred assets to assets with tax free

5:14

growth. And we get that question every time, how do we convert our money? Is it the right thing to do? What's the tax going to

5:18

be? And when we run a mock tax return, we can strategically show

5:23

you the right way to do it. The naysayers often can't stomach the large

5:27

tax bill today, but they forget that part of their IRA was never there

5:30

to begin with. And that's the deal you made back when you said I'm

5:34

going to take tax deferral and pay the taxes later. And I'm sure some

5:39

of you are true followers of Dave Ramsey. How many know Dave Ramsey.

5:43

Many of you are committed to getting debt free in all aspects of your finances.

5:47

But Ramsey and his followers overlook a huge debt nearly every American carries,

5:54

and it's their debt to Uncle Sam. So do you have funds and qualified

5:57

accounts? If so, then you are not debt free. And here's why.

6:00

When you look at your IRA statement you see a balance of five hundred

6:04

thousand, and you start thinking of how you will manage and spend that five

6:09

hundred thousand. But you will forget that account is not worth five hundred thousand

6:13

simply because every IRA and four to one K includes a debt to Uncle Sam.

6:18

And you begin paying back that debt the day you start with drawing funds

6:23

and have to pay taxes on them. And Chris, from a tax standpoint,

6:26

you and I see this every day when you do a mock tax r

6:29

and then you start adding into RMD, it kind of blows these people away.

6:32

Well that's just said. I mean people are just not aware of what

6:35

is really going to come in the front door when they need their income from

6:41

those accounts. I mean, think about it. You know, you retire,

6:44

you take some security, maybe you have a pension, but then you

6:46

have to fill this income gap. So where do you take your money from? And most people just say, oh, just take it from my four

6:50

one K, or I'll take it from this IRA, or I'll take it

6:54

from my husband's IRA. Well, then again you have to take more out

6:58

just to net the amount you need. So what are you doing about it?

7:01

That's why we talk about create an income plan for yourself. What's an

7:04

income plan? It's not just taking money out of those accounts and draining them.

7:09

Why not put together buckets of money where you have guaranteed income where you'll

7:13

never outlive it. I don't care how long you live. It'll always pay

7:15

you like your own family pension plan. And you can have other buckets out

7:20

there that you can grow and keep growing on a tax deferred basis. But

7:25

you don't need to if you can get some of this money out and pay

7:29

the taxes now so you have tax free money in the future. So put

7:31

together a plan we can help eight three to three Maggie tax And one thing

7:35

we always talk about. The Trump tax cuts are going to expire in two

7:40

years, and the question is what are you doing about it? So talking

7:44

today about this, you need to be thinking about it today and stop planning

7:46

on it. When the Trump tax cuts expire. We don't know what the

7:50

tax bill is going to be. So taxes are your biggest debt to Uncle

7:54

Sam, and you have to remember that you owe money. Everyone out there

7:58

does. In truth, you pay back the debt with interest. After all,

8:01

you decided to defer taxes on your IRA contributions, which was a good

8:05

thing. But you're paying taxes on the contributions and your account growth. So

8:09

think about it. Grow, grow grow, that's the message, right,

8:13

Chris, Grow, grow grow. But at the end of that, guess

8:16

what you have. You've got a big oak tree with a lot of branches

8:20

and those are going to be taxes you're going to pay. And that's just it. So that's why we have and we say each and every day those

8:26

accounts that are infected with taxes. So who wants to be infected with something?

8:30

Not good things if it comes to your health or even taxes? Right,

8:33

So what do you do about it? You have to diffuse the tax

8:37

time bomb. And that's what we can show you how to do. What if you do a strategic rollout, What if you're able to come up with

8:41

some tax saving strategies to offset the tax and create a tax deduction? Would

8:46

you want to know? Absolutely? But most advisors out there don't care.

8:52

They don't care about the rest of the story. And the rest of the

8:54

story is taxes. Anybody can can have your account grow. You can do

8:58

it your self. That's what it's not about. It's about the end of

9:03

the story. And when you start taking a distribution, how much you're gonna

9:05

pay Uncle Sam. So pick up the phone, schedule time to meet with

9:09

us. We can do the investment planning. We could put together an income

9:13

plan and show you how it's going to relate to your taxes. We could

9:15

put together a tax plan and show you exactly what you're gonna pay in tax.

9:18

We have a client last week and it was great. We've have my

9:22

clients with us for five years, and they said, well, how do

9:24

we start taking money out? What's it going to look like. Well,

9:28

I showed them the sole security that's going to come in. I showed them

9:30

the small pension that's going to come in. I showed them how to take their accounts from the right buckets of money. And guess what they're gonna be

9:37

in a two percent effective tax rate and they're gonna get seventy five thousand dollars

9:41

of guaranteed income coming in the front door every year for the rest of their

9:45

life. How cool is that? Because they have a tax plan, an

9:48

income plan and investment plan. So pick up the phone, schedule time to meet with us. Eight three to three Maggie Tax. Think of it this

9:54

way. If you have a twenty five percent tax liability, you are indebted

9:58

to Uncle Sam for quarter of your savings. That's one hundred and twenty five

10:03

thousand in our example. So tax deferred savings have become a mainstay of American

10:07

retirement plans because that's what we were taught, which means nearly all of you

10:11

owe a debt to Uncle Sam, and many of you would benefit from tax

10:15

efficient income planning. So make twenty twenty four and beyond the year you get

10:20

help. That's why we do the show. That's why we talk about this

10:22

and get out of debt to Uncle Sam. If you're curious to see Uncle

10:26

Sam's total share of your IRA, go to Maggie tax dot com, click

10:31

on the retirement calculata, and in thirty seconds you're going to see what your

10:35

taxes that you will owe. Eight three to three Maggie Tax. Visit our

10:37

website, Maggie tax dot com. Let's talk about taxes, Let's talk about

10:41

your IRA, and let's make it straight and easy for you to understand.

10:46

Eight three to three Maggie Tax, and you're listening to the Maggie Tax and

10:48

Financial Show, give us a call eight three to three Maggie Tax. Stop

10:56

planning for Uncle Sam's retirement and start planning for your retirement. As we return

11:01

to the Maggie Tax and Financial Hour with your host father and son Robert and

11:07

Chris Maggie. For additional information on how you can create a tax free retirement,

11:11

visit Maggie Tax dot com. That's Maggi tax dot com. Or call

11:18

eight one three three two two twenty five twenty. That's eight one three three

11:24

two two twenty five twenty. Now your host for the Maggie Tax and Financial

11:28

Hour, Father and son from Maggie Tax Advisory and Financial Group, Robert and

11:33

Chris Maggie. Welcome back and thanks for joining us today. My name is

11:37

Robert Maggie and I'm here with my son Chris Maggie, and today we've been talking about taxes as we always do, income planning, state planning, market

11:45

planning, everything. So one thing I would like you all to do invite

11:48

you to our seminars. Go to our website, Maggie Tax dot com,

11:52

click on seminars and you'll see the seminars coming up. They're free, they're

11:54

educational. There are different locations, so just go to Maggie Tax and register.

12:00

Also, don't forget go to the retirement calculator on top and if you

12:03

want to find out what your retirement tax bill is in thirty seconds, we can help you out. So tax changes can potentially come in two forms.

12:09

We're going to talk about that first of all, situational changes, which are

12:13

changes based on your individual needs and situation. Because everybody's situation is different,

12:20

so when you come in and meet with us, your situation is different than

12:22

your neighbor. We're going to talk about that. Situational changes can include how

12:26

much income that you want to generate in retirement, what is the number,

12:30

how much do you want to get in retirement? And your filing status as

12:33

a single, joint or head of household filer. They make a difference and

12:37

a lot of people, Chris don't understand you know, filing taxes what it

12:41

is and the standard deduction, and I know that's what we're talking about today.

12:45

But when you come in, we basically analyze that and take our time

12:48

one line at a time. Well, when was the last time your advisor

12:52

or your tax preper preparer actually did a review of your tax and most times

13:01

many people have no idea how to even read the tax return, and you

13:05

should. You know, you're supposed to file your tax return, and you're

13:07

supposed to understand what's on it. And many people get scared because of all

13:13

the lines and the numbers on it. But you don't have to be.

13:16

It's not saying you have to do tax preparation on your own. What I'm

13:18

saying is understanding what's on it. And before you file the return, you

13:22

should understand where the money is coming from and what you can do on the

13:26

most tax efficient way to reduce your tax. And if your advisor or your

13:30

tax advisor, even your investment advisor are causing taxes because of the income that

13:33

they're taking from the different sources of your retirement, then guess what, you're

13:37

paying more tax than you really need to so are you? It can possibly

13:41

be, And that's why we need to do a review. Come in,

13:43

Let's do a tax review, let's do an investment in review, let's do

13:46

an income review, let's do a state planning review. That's what we're talking

13:50

about. And as you mentioned that situational changes. Things do change in people's

13:54

lives, and we don't do cookie cutter plans. This is the same plan

14:00

is not done for everybody. This is your money. So when we sit down and we talk about you and your spouse or you individually, we're going

14:07

to put together a plan that's going to compose of income and investments and your

14:09

risk and also making sure that everything stays in the family goes to where you

14:13

want it to go. If that's what you want. So pick up the

14:15

phone, schedule time to meet with us. Eight three to three, Maggie.

14:18

Tax schedule time. Let's get together. So we talked about situational changes.

14:22

Let's talk about one that's very important. It's called legislative changes. What

14:26

is legislature risk and these are changes that are based on new laws or regulations

14:31

from the government, because just remember everything's written in pencil. So legislative changes

14:37

can include which assets are subject to taxation, when those assets are taxed,

14:41

and at what level they are taxed. So that's a big question right now,

14:45

Like with your ires four one k's the Trump tax cuts are going to

14:48

expire in two years. What's the tax going to be? People don't see

14:52

that the way we do it, Chris. When we do an analysis like the retirement calculator, we know what the tax bill is going to be.

14:58

Now we have to figure out the rest of the story. What's on the

15:01

tax return in addition to that, and then bam, what's the tax going

15:05

to be? That's it, and then after that you can walk away and

15:07

spend the money and you don't have to worry about the taxes anymore. And

15:11

those two risks are very important, situational risk and legislative risk. But I

15:15

would say legislative risk is way more important because you can't control it. Situations.

15:20

Yeah, some you cannot change, but you could do the things in

15:24

order to change your life and to make sure that you are you have a

15:28

right budget in place, or you control your spending. Those situations that you

15:31

can control. But legislative risk is so so scary because if they change the

15:37

tax code and they say, well, now when you start taking money out,

15:41

it's going to be five percent more in tax and guess what. Now you have to figure out what the tax penalty with the tax implications are going

15:46

to be, and that's less income to you. So guess what that changes

15:50

your lifestyle? That changes what you can and can't do. So when you

15:54

come into meet with us, let's put together playchecks. Let's put together paychecks.

15:58

But those play checks are so important because you can fight inflation. Many

16:02

people come in and say, well, how do I fight inflation with interest rates being so high? And I mean the interest rates at the bank or

16:07

kind a fixed account are not keeping up. Well, we can show you

16:11

how to have an income because if you have enough income sources coming in the

16:14

front door every month, guess what, it doesn't matter what inflation's going to

16:18

because you have enough money to spend for the rest of your life. So

16:21

we can help you. Let's put together a play check plan. Playcheck plan

16:25

for you. Eight three to three Maggie Tax. That's eight three to three Maggie Tax. Are you confused yet, because you should be. But that's

16:30

okay. But again, what we're offering everyone out there today and we do

16:33

it every week, is go to our website Maggie Tax dot com. Register

16:38

for our seminar. They're free and they're all over Tampa Bay and it's someplace

16:42

that you can go to. It's about an hour and a half. We're

16:45

going to educate you on a state planning, on social security, planning,

16:48

on tax planning, on legislature risk, on market options that you have that

16:53

you don't have. Now that might be better. We're going to talk about

16:56

red money green money in the next segment. But christ is that people are

17:00

not understanding the language because, like we talked about the RMD required minimum distribution,

17:07

that is confused to everybody since the Secure Act was changed, and a

17:10

lot of people don't even know what the Secure Act was and what it does. Well, you know, at seventy and a half you were able you

17:15

had to take the require minium distribution and that's just money out of your retirement

17:18

accounts like IRA's, phone k's if you're not working anymore for three b's.

17:22

These are all qualified accounts that are infective attack. So you required to take

17:26

out a distribution and they change that to seventy two and then seventy three and

17:32

then seventy five with some people. So are you calculating it right? Well,

17:36

if not, there's a penalty for not calculating and taking the distribution. So what are you doing about it? You know many people just don't know

17:41

what to do with it. Well, we can show you what to do

17:44

with it. To leverage your money, to have tax free money, to

17:47

keep the money in your family, you know, for your spouse, or for your kids, or for your grandkids. Many people care about their grandkids.

17:52

You know. There's a lot going on these days with the environment and

17:56

the country and the world we live in. So would you want to give

17:59

you grandkids a step in the right direction if they need it, as opposed

18:03

to just found the crowd and fallen victim to everything. Well, absolutely you

18:07

would, you know, if that's the kind heart that you have, and

18:11

many people do. But that's why we need to create paychecks and play checks

18:15

and make sure you have income for life. And you have to make sure

18:18

that your investments are in the right spot to take advantage of the opportunities that

18:22

are out there. Even if the market goes down. Let's take advantage of the opportunity. Let's not just say, oh my gosh, everyone lost money,

18:27

because that's not the way it works. It doesn't have to be that

18:30

way if you have an investment plan. So pick up the phone, schedule

18:33

time to meet with us. Eight three to three maggie tax. That's eight

18:36

three to three maggie tax. And don't forget register for us seminars coming up.

18:40

It's very simple. Go to Maggie Tax, click on seminars. You'll

18:42

see all the dates and times and locations. Pick one and you know,

18:45

just register. It's that simple. Get educated, understand the language on tax

18:49

planning, income planning, social security, and everything else that's concerning on your

18:55

mind. So eight three to three Maggie Tax. We have operators standing by right now. Eight three to three Magie Tax. Stop planning for Uncle Sam's

19:03

retirement and start planning for your retirement. As we return to the Maggie Tax

19:07

and Financial Hour with your host, father and son Robert and Chris Maggie.

19:11

For additional information on how you can create a tax free retirement, visit Maggie

19:17

Tax dot com. That's ma Ggi tax dot com. Or call eight one

19:22

three three two two twenty five twenty. That's eight one three three two two

19:29

twenty five twenty. Now your host for the Maggie Tax and Financial Hour,

19:33

father and son from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.

19:40

Welcome back everyone, and thanks for joining us today. My name is Robert Maggan. I'm here with Chris Maggie. So a couple things here that

19:45

we want to talk about. There are many pieces to your financial puzzle,

19:48

and let us help you put your pieces together. When we design plans,

19:52

we talk about income plan tax planning, estate planning, legacy planning. And

19:57

this all has to do with everyone listening to our show today. So one

20:02

of the questions, Chris, we get all the time is what do we

20:04

do? How do we put this thing called bucket planning together? And what

20:08

does it really mean? Because, like you say, many times people have

20:11

piles of money and you know, the old rule of taking four percent out

20:15

and think that's going to you know, last forever is not the way to

20:18

go. So when we talk about bucket planning in this let's just go over

20:22

this because I think this is so important to a lot of people listening out

20:25

there that might help them. So what is bucket income planning? Well,

20:27

let me give you a two minute overview when we start with the big question

20:30

on many retirees' minds, which is what kind of income can I expect in

20:34

retirement? Although this is a longer discussion than we have really time for.

20:38

You also need to stop thinking about the gross paycheck you got from your last

20:44

job or the jobs that we've been working in the past, and start thinking

20:47

about the net check you received in your bank account. There are tax strategies

20:52

that help reduce the taxes you pay in retirement, so gross numbers might be

20:56

so gross, you know, second, think about it when thinking about the

21:00

income plan. We typically plan for retirement that is lasting twenty or thirty years

21:03

or even more. So we have to plan accordingly as no one wants to

21:07

run out of money. You know, many people, even if you're wealthy

21:11

or you don't have a lot of money, the main concern that we see

21:15

is they're going to run out of money. Am I going to run out

21:18

of money? We meet with millionaires and the big question is am I going

21:22

to run out of money? And many people are confused, Well, they have plenty of money. Well, no, they're worried about running out of

21:26

money. So it doesn't matter if you have a lot of money or if

21:29

you don't. Running out of money is the main concern that we see.

21:33

So will you run out of accounts to zero? Maybe maybe you won't,

21:37

but probably not. But running out of money to us used to mean you

21:41

have to change your lifestyle. So there's two things that we're talking about here.

21:47

But also third, think of money this way. Typically the greater risk

21:51

you take and investing can mean greater rewards, but also brings the potential for

21:55

greater losses and vice versa. So when it comes to safer retirement strategy,

22:00

you have to start having an open mind to bucket planning and making sure that

22:03

you have your money in the right spot. And also remember one thing to

22:08

consider is to safe. To have safe money, it might bring a very

22:12

low return. We know that there's you know, money market accounts, savings

22:17

account very low returns. We get that interest rates used to be higher where

22:21

we used to be and was spoiled getting more money because we had higher interest

22:25

rates. But when you have very low returns causing you to lose purchasing power

22:30

to inflation, you know, let's get the bucket planning underway because what people

22:36

don't see, most of you listening today don't know the pile of money you

22:38

have and what you can do with it, meaning set it up for income.

22:42

The question we ask everybody how much money do you need today to put

22:47

your feet on the ground and get that paycheck every month that you need to

22:52

live? Okay, because that's the main goal. Chris, what do they

22:55

need today? The budget is a big question if people don't know what to

22:59

do, and that's a question that they have to answer. And that's it. So when you meet with us, we're going to ask you how much

23:03

income you need to live each and every month. Net. There's gross,

23:07

which is gross before taxes, and there's net after taxes. So we can

23:11

figure out right in front of you what your tax liability is going to be.

23:15

And a lot of people don't really understand how solid security works. It

23:19

could be taxed up to eighty five percent, it could be taxed at zero.

23:23

So if you structured the right way, you might have one hundred thousand

23:27

dollars of income coming in the front door and paying no taxes like a lot

23:30

of our clients do because they take the money from the right source. So

23:34

that's what we talk talk about, income planning and tax planning. So if

23:38

you have questions about is my solid security getting taxed or how much will it

23:44

get taxed? Pick up the phone, schedule time to meet with us.

23:47

Eight three three, Maggie tax. So let's talk about three buckets. You

23:51

know. The first bucket we structure for income needed early in retirement. We

23:53

want to look for the percentage of assets that can deliver enough income to last

23:57

anywhere between five to seven years. We want this first bucket to be in

24:02

retirement vehicles that can deliver a decent return to outpace inflation, and that's what's

24:07

really really important. And you have some downside protection as well, So we

24:11

want to minimize investment losses. Why because you need those funds. When we

24:15

look at the second bucket, as you're enjoying the income from the first bucket,

24:19

you're living your life, you're enjoying it. Well, we've got the

24:22

second bucket accumulating and ready to begin income when that first bucket is exhausted.

24:27

So think of it this way. You get now money, later money,

24:30

never money, So the second bucket is pretty much your later money. So

24:34

when you start taking income from the first bucket, the second bucket is growing,

24:40

and when you need that most, you can turn that on for income.

24:44

Because we aren't immediately reliant on the income from the second bucket, we

24:48

got that first five to seven year timeframe to take a little more risk,

24:53

so we have time due to absorb the ups and downs as market fluctuation occurs.

24:59

So it's less a concern right now because we have time on our side.

25:03

So ideally the percentage of assets we place in the second bucket accumulates during

25:07

that five to seven year timeframe, and then what do we do after that?

25:10

We turn it on for guaranteed income for another five to seven years,

25:15

for a guaranteed income stream. So let's talk about the third bucket as well

25:18

well. So post it for a minute, because you mentioned some numbers.

25:21

Five to seven, five to seven, that's ten to fourteen years of income

25:25

without touching what I'm going to talk about a minute, the third bucket. And I think, Chris, what people get confused is they have to stop

25:30

and think and pause for a second and understand that if this is the income

25:34

you need for the next five to seven years, why you're taking risk with

25:37

the other money for what reason? That doesn't make any sense. What you

25:41

want to do is keep the bucket safe five to seven years and then exhaust

25:45

that bucket, let it get empty, and then do it again. And

25:48

then when you get to the tenth year, which we're going to talk about now, now we've got that last bucket, the third bucket, and the

25:53

third bucket we ideally aren't touching for income for ten to fifteen years. So

25:59

now we've got some real time on our side to let it. Let the

26:02

market do what the market does. And our plan would be, excuse me,

26:06

would be to make that money last and then do it all again.

26:10

Place the percentage of assets in this bucket that could grow over this time period

26:15

to the original amount that we started with ten years ago, and at that

26:18

point we reassess income needs and again things change, okay, interest rates change,

26:22

and start a new plan all over again. That's the Maggie plan.

26:26

That's what we're talking about. Bucket planning, Chris, and people when they

26:30

sit down and we do this in front of them, it's almost like,

26:33

gee, wish no one ever showed us that. I didn't know we could do this with our money. That's just it. So we made it sound

26:37

simple, and again it can be simple if you work with the right advisors.

26:41

So we can put together a plan. There's a lot of detail that

26:44

we talk about. You know, each bucket has a purpose, and that's why when people come to us, you know, they sit down in front

26:48

of us and they put all the statements in front of us, and they're

26:52

opening the mail right there, and they said, I have an account over

26:55

here and they're opening the mail and then it comes out and they really don't

26:57

know what they have. They don't have have bucket planning. They don't have

27:02

the first phase, the second buckets, the third bucket. They have everything

27:04

in the market, everything is everything is pretty much their last leg. So

27:10

can you live on your last leg? The answer is no, because what

27:14

if the market does go down twenty thirty forty percent, then all your income

27:18

goes down with it. You know, here's an example. A lot of

27:21

people back in two thousand and one and two thousand and eight, they had a million dollars and guess what they would take in four percent income from it.

27:27

That's forty thousand dollars of income for the year. Well what happened,

27:30

Well, the market went down thirty forty percent, So your million now is

27:34

worth six hundred thousand. So now you're taking four percent that's twenty four thousand.

27:41

So that's a sixteen thousand dollars loss of income because the market went down.

27:45

So do you want to be in that environment where you have to cut

27:48

back and you have to have those fears. You don't have to if you

27:52

don't want to. And that's why the importance of meeting with someone of those

27:56

complete planning. Someone who's a fiduciary is going to do the best thing for

27:59

you, someone who understands tax planning, investment planning, income planning. We

28:03

can put together the bucket strategy for you and show you how much you can

28:08

have and then replenish it all over again and do it all over again for

28:11

years to come. So visit our website at Maggie tax dot com and pick

28:15

up the phone. Schedule time to meet with us. And when your schedule

28:18

time, say to the representative and to our assistance, we want the bucket

28:22

plan. We want that bucket plan, and when you come in we can

28:26

show you eight three to three. Maggie Tax. I'm going to make it real easy for all of you because we do seminars. So we have a

28:30

three and one seminar on what Chris and I are talking about today, bucket

28:34

planning and also your retirement tax bill. We're going to illustrate live at our

28:38

seminar. So if you register for our seminar, go to Maggie Tax dot

28:42

com, click on seminars. The dates are there, the times are there.

28:47

Take the time to come in and look at tax planning bucket planning,

28:51

estate planning, and social security planning. You know why, because you're not

28:53

getting the education. It's the language that's confusing a lot of people out there

28:57

today. You mentioned before the word legislature risk. That's not going to change

29:02

because congrets can do whatever they want. I'm holding here a pencil. This

29:06

is what it is. It's written in pencil. And every time we do these shows, we hear new things that are going on. To offer these

29:11

to you, Please don't hide your head in the sand. And Chris,

29:15

we see that so many times because people are afraid to ask a question.

29:19

My dad was like that, and you know what, you can't be like

29:22

that. The new rules of retirement right now are here. Eight three to

29:26

three Magi Tax. Register for our seminar. Go to Maggie Tax dot com

29:30

and come in and we'll show you bucket planning, We'll show you the retirement

29:33

tax bill, We'll show you about social security. These are things that you

29:37

need to have. So let's put together a plan. Eight three to three

29:41

Maggie Tax. And someone's to talk about. Times are changing. People are

29:44

fearful. Inflation is here a lot of questions should I buy gold? Should

29:48

I not buy gold. Where should it be in my plan? How much

29:51

should I have? My gosh, people are confused, they're feeling isolated,

29:56

and they just don't know what to do. Well, we have to empower

29:59

it and how are you? And we will because you'll have the knowledge to

30:03

understand what your accounts can do. And when you come in, we're going

30:06

to ask you how much income do you need? Is it five thousand a month, is it three thousand a month, is it eight thousand a month?

30:10

Whatever it is, let's put together a plan and we'll be honest with

30:14

you and we'll tell you. Will you run out of money? Maybe maybe

30:18

you won't, But what if you can leave and understand, my gosh,

30:21

I have a plan. I have guaranteed income for life. I know what my tax situation is going to be, and I can just spend paychecks and

30:29

playchecks each and every month for the rest of my life and I don't have to worry about it. So pick up the phone, schedule a time to

30:33

meet with us eight three to three magtas. That's eight three to three magi

30:37

tas and don't forget Every Sunday, tune in to ABCTV at ten thirty am

30:42

for the Magi Tax and Financial Show, and we have a lot of different

30:45

topics. We talk about the bucket plan, we talk about tax planning,

30:49

investment planning, social security maximization planning, a state planning. There's so much

30:55

that we discuss to help you. So pick up the phone, schedule a

30:57

time to meet with us. Eight three to three Maggie Tax. That's eight

31:00

three three Maggie Tax. Stop planning for Uncle Sam's retirement and start planning for

31:08

your retirement. As we return to the Maggie Tax and Financial Hour with your

31:12

host, father and son Robert and Chris Maggie. For additional information on how

31:18

you can create a tax free retirement, visit Maggie Tax dot com. That's

31:22

ma gg I Tax dot com or call eight one three three two two twenty

31:29

five twenty. That's eight one three three two two twenty five twenty now your

31:34

host for the Maggie Tax and Financial Hour, Father and son from Maggie Tax

31:40

Advisory and Financial Group, Robert and Chris Maggie. Thanks for tuning in to

31:44

the Megi Tax and Financial Show. In Throughout today's show, we did discuss

31:48

a lot of different things. Education is so important and right now more than

31:52

ever, things are changing and you need to make sure that you have a

31:56

plan. That's why we call it the Maggie Plan. Advanced tax planning,

31:59

so security planning, income planning, four on KSE solutions, Medicare solutions,

32:04

legacy planning, roth conversions, investment solutions. That's what we do. It's

32:08

called the Maggie Plan. So pick up the phone, schedule a time to

32:12

meet with us. Visit our website. We have offices on both sides of

32:15

the day. We have seminar locations where you can attend get educated. We

32:20

have the three and one seminar on a state planning, solid security planning,

32:23

tax planning, oh my gosh, all in one. You definitely need to

32:28

attend or just meet with us eight three three Maggie Tax. And I promise

32:31

you this that I'll make it worth your while when you attend, because I

32:35

give out two books. A first book, stop funding Uncle Sam's retirement.

32:38

Get a plan that's simple and easy to understand, and right from the beginning.

32:44

The chapter one is organizing your assets, which is what Chris and I

32:46

are talking about. Number two the color of money. We talk about red

32:51

money, green money. How much of your money is at risk and have you done a risk tolerance because there are new strategies that you could use when

32:58

you sit down with Chris and see what they are. The other thing is

33:01

the big one understanding social Security and Chris. When I give this book out

33:05

with the Social Security Guide, I have to tell you the eyes on the

33:08

Social Security Guide and the questions we get which we talked about today, are

33:13

unbelievable because social Security doesn't tell them what we tell them. And the Maximization

33:17

report, and you know this as well as I do, it is powerful.

33:21

And people sit back and they go like, why aren't they telling me

33:24

any of this? What am I supposed to do? We pay into social

33:28

Security and we don't get any help on it. That doesn't make sense.

33:30

That's just one thing that's part of the complete plan. Right. It's not

33:32

just about investments. Anybody can manage your money. You can do it yourself.

33:37

We can talk about investments. We do investments. We can show you

33:40

how to protect your money. We have yellow money and green money and red

33:43

money. We can break that down for you. We can show you the type of risk tolerance date that you're taking right now, and where you should

33:49

be at your age and where you are in your retirement. So that's the

33:52

investment planning. But you made a great point that people talking about social security

33:57

and how does that correlate with your investments, because that's an income plan.

34:00

So that's why we call it the Maggie Plan. So, as you mentioned,

34:02

complete planning is so important and providing you with knowledgeable, informative and comprehensive

34:08

financial guidance is what we do. So pick up the phone, schedule a

34:12

time to meet with us eight three to three, Maggie tax and you talk

34:15

about complete plan and incomplete plan. And every time we ask the people out

34:19

there at the seminar do you have a complete plan or incomplete plan? They

34:22

look at us and they go, I guess we have an incomplete plan.

34:24

But there's also something that you have to start looking at new ideas for investing,

34:30

ensuring that you're a plan and your future. One thing we talk about

34:34

is bucket planning. You want to talk about that in a minute. Why

34:36

is bucket planning so important? And everything we're talking about with social security,

34:40

with a state planning and taxes and then the other part that we put this

34:44

whole thing together. It's a puzzle. We all talk about that. The asset map and how this makes sense to a client, Chris, When they

34:51

come in and they sit down and go now from the top down, they

34:53

see and they go, wow, I didn't know what was like that.

34:55

That's it. You know, when you come in to meet with us,

34:58

We're going to show you a plea plan. We're going to show you what

35:01

your investments are going to do. We are going to show you if they're

35:06

going to be safe, they're going to be at risk, or they're going

35:08

to provide income in the future. We're going to show you that. And

35:12

that's why every plan is different. What do you want? Safety of your

35:15

money important to you? Are you a risk taker? Do you want more

35:19

income? Do you want guaranteed paychecks? Do you want more play checks?

35:22

What's a play check or playcheck is an additional income stream that you can get

35:27

every month and will come in for the rest of your life. So you

35:30

can count on it coming in and you can play with it. You can

35:34

spend it to the fullest extent. You know what about inflation, it's here,

35:38

it's there, it will be there for a long time. You need

35:42

to make sure that you're combating against it. That's why many people I don't

35:45

care how much you have come into our office. And the main concern is

35:50

am I going to outlive my money? I don't care if they have millions

35:52

of dollars. That's where most of the people have the same concern. Am

35:57

I going to outlive my money? Do you know that? And so for

36:00

sure if you don't, we can help. So pick up the phone, schedule time to meet with us. Watch our TV show every Sunday on ABC

36:07

TV at ten thirty. Am. My gosh. There's so much information right

36:12

there to help you. But more importantly, schedule time to meet with us

36:15

eight three three Maggie tax and when you're registered for the seminar, it's ninety

36:19

minutes. It's free, there's no cost, there's no obligation. We're gonna

36:22

give you a lot of information to help you leave there. And one more

36:25

thing, Chris, so we can talk about you know, we talked about

36:28

social Security, we talked about taxes, we talked about the red money,

36:32

green money, we talked about bucket planning. But there's one very important part

36:37

of the puzzle. It's called the income gap. And many people don't even

36:42

know they have an income gap. Can you kind of make it simple and

36:45

easy to up to stand. Yeah, and you know, think about this. You're working and just use even numbers. Say you're making five thousand a

36:51

month coming in every month because you're working, you have a paycheck coming in.

36:53

But what happens when you stop working? That's where the Social Security comes

36:58

in. You're gonna get Social Security? Do you qualify? Are you gonna

37:00

get spousal benefits? What is it? But what if you're gonna get two thousand a month and your spouse is gonna get a thousand a month, that's

37:06

three thousand a month. So that means you're used to five thousand coming in,

37:09

now you're getting three. How are you gonna fill that income gap that's

37:14

that two thousand dollars difference every month? Are you gonna have a guaranteed paycheck

37:17

that comes in to fill half of that or all that? Do you need

37:21

to rely on your on your investments? Are they going up and they going

37:24

down? Or do you feel you're gonna outlive your money? So how are

37:28

you filling that income gap in retirement? Most people don't know. But more

37:32

importantly, taking another level, how is it going to tax? Get taxed?

37:37

So maybe you need six thousand dollars instead of that five thousand because you

37:39

got to pay a thousand dollars tax every year because you have iras and Form

37:43

one CA's that are infected with taxes. So guess what, you gotta pay

37:46

taxes? So how are you gonna do it? That's what we're talking about.

37:50

So when you come in to meet with us, we're gonna put together the Maggie Plan. It's income planning, tax planning, advanced tax planning,

37:55

investment planning, a state planning. That's what we do. We're going to

38:00

provide you with knowledgeable, informative and comprehensive financial guidance to help you eight three

38:06

three Maggie Tax Real Simple. Go to our website Maggie Tax dot com right

38:09

now or after the show, register for our seminars and also go to the

38:13

retirement tax bill. Plug in your information. Let's find out what you're gonna

38:16

pay in taxes, and in thirty seconds, I promise you you'll get an

38:20

email to show you what your retirement tax bill is going to be. Watch

38:23

your TV show every Sunday at ten thirty on ABC TV. Tendar seminar Maggie

38:29

Tax dot Com. Click on seminars and also click on the retirement tax bill.

38:32

We appreciate you listening today. We hope you learned something and got educated.

38:37

And you're listening to the Maggie Tax and Financial Show. You've been listening

38:43

to the Maggie Tax and Financial Hour discussing tax planning investment strategy is presented by

38:46

Robert and Chris Maggie from Maggie Tax Advisory and Financial Services with offices in Hillsboro

38:52

and Panelas County. Visit Maggie Tax dot com or call eight one three three

38:59

two two five twenty that's eight one three three two two twenty five twenty and

39:05

tune in next Saturday at five for the Maggie Tax and Financial Hour