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. That's

0:41

Maggi tax dot com and now your host for the Maggie Tax Financial Hour on

0:48

nine seventy WFLA. Robert and Chris Maggie. Welcome everyone to the Maggie Tax

0:54

and Financial Show. My name is Robert Maggie. I'm here with Chris Maggie

0:58

and today we're going to be talking about tax and some income planning and Chris

1:02

i know you have a lot to talk about, so let's get the show started. Welcome everyone, and thank you so much for tuning in, and

1:07

we appreciate you listening today and each and every week. We love doing what

1:10

we do because you need to get educated. You know, when's the last class you had on how to put together an income plan or an investment plan

1:17

or a tax plan. Many people have questions each and every day and they

1:21

just don't know what to do. So if you listen today, pick up

1:23

the phone, schedule time to meet with us. We have office on both

1:26

sides of the Bay to help you. Visit our website at Maggie Tax dot

1:29

com. That's m A G G I T a X dot com. And

1:32

don't forget every Sunday on ABC TV at ten thirty am, tune into the

1:36

Maggie Tax and Financial Show on TV. But let's talk about a lot of

1:41

things today. My gosh, there's so much to discuss because we're going to

1:45

talk about tax drag. So what's tax drag? Tax drag? What is

1:49

tax dreg Well, I believe tax drag is real, and many of you

1:53

out there are going to understand and agree why I believe tax drag can cause

1:57

losses in all of your portfolio. I believe many advisors do not discuss tax

2:02

planning like we do with every client at Maggie Tax and at Maggie Tax we

2:07

design and build plans that help mitigate tax drag. Think about that. Mitigate

2:12

tax drag? Is your advisor doing that? But I also believe that many

2:15

of you listening today have what we call chris an incomplete plan and part of

2:21

it and pretty much most of it is because of taxes. Well, let's

2:23

just say, you know, think about it. Most advisors don't talk about

2:27

taxes. Well, taxes are your biggest expense and it's there for you.

2:30

Yeah, we have investments, Yeah we have piles of money, but what

2:32

are you doing with it? How are you putting it all together? And

2:36

that's why Maggie Tax Advisor in financial Group, we do complete planning. You

2:38

know, we got tax planning, we got income planning, we got investment

2:42

planning. We do a state planning with attorneys that we work with. So

2:46

there's a lot that we do to help you. So pick up the phone, schedule time to meet with us today. You know, the Trump tax

2:51

cuts expire in a couple of years. What are you doing about it,

2:53

what's your future tax strategy, what does that look like? What's your tax

2:58

plan? So we can help today. So let's talk about tax drag and

3:02

really define what it is. Okay, so first let's define tax drag and

3:07

what tax drig is is the reduction of your portfolios annualized return due to the

3:13

tax liability triggered by distributions and capital gains in a non qualified account. And

3:17

always remember taxes have to be paid first, So when you get your income

3:23

or you do your tax return, it's based on your income and then you're going to have whatever tax bracket you're in. But the textbook solution to tax

3:29

dreg tends to be using tax shelters like four to one ks and iras tax

3:34

deferred vehicles prevent taxation on those funds come April fifteenth each year. So many

3:39

of you that have a tax deferred account like a four to one K four

3:43

or three b IRA, that's a tax deferred and Chris, the problem is

3:47

is that when they start taking the distributions out, it changes the return on

3:52

what they think they have because the taxes bring it down. Is that a

3:55

simple way to explain it. Yeah, we think about it. I mean

3:58

you have a five hundred thousand dollar or qualified account. It could be a four one k a TSP if you're federal, a four to oh three B

4:04

a four to oh one K traditional. Guess what? Tax deferral means that

4:09

all the gains grow tax deferred. Deferred means that you don't pay it until

4:13

the future. So if you take your five hundred thousand dollars retirement account now

4:16

grows a seven hundred and fifty thousand, well you delayed the tax. So

4:20

deferred means delayed the tax. Right. So when you start taking a distribution,

4:25

what people don't realize is what their future tax brackets are going to be.

4:29

And you add your other income into this, you might be in a

4:31

higher tax bracket. So when you take that money out, guess what.

4:35

You create a taxable event at a much higher rate, which drags down your

4:40

account because of the tax. Well that's well said, drag the account down

4:45

and think about this for a second. We have the retirement calculator that we

4:48

offer on our website. Just go to maggietax dot com, click on the

4:51

retirement calculator. What we're talking about here is you will see what the tax

4:56

drig is on your IRA, your four oh one K, your four H

4:59

three B, and then start planning on it because there are ways to reduce

5:02

those taxes if you do proper tax planning. And yeah, you can be

5:05

more active trader of securities within a tax deferred account knowing there will be no

5:11

short term tax consequences for those trades. But that's fine. But when it

5:15

comes Chris to the bottom line and they have to start taking the distributions and

5:17

they put it on the tax return, it makes a big difference on what

5:20

they have for distributions moving forward. Well, yeah, you're totally right,

5:24

and most people are not thinking about and that's tax planning with investment planning,

5:28

right, So when you take a distribution, how much is it going to

5:31

be taxed? How much do you need each and every month? So when

5:34

we look at a complete planning, taxes make a huge gosh, they're just

5:41

a huge derailment of your future income. So what we talk about is how

5:46

do you get accounts out of a taxable environment into a tax free environment so

5:50

you don't have to worry about future tax rates and what they're going to be

5:55

when you need the money, whether it's now or in the future. Well,

5:58

let me ask all of you a question. With what he just said,

6:00

how would you like to reduce or eliminate your estate taxes, pay no

6:03

capital gains tax, and receive more guaranteed income over your lifetime. And that's

6:09

what we're talking about tax planning. So if you're not doing anything about your

6:14

iras and your four to one k's in deferred accounts, and you don't understand

6:17

tax dreg, trust me, when you do your tax return, it's going

6:20

to hit. But we all know that tax deferral in an IRA or four

6:24

to one K doesn't happen forever. So there's a question that we need to

6:28

explore. Does tax deferral in itself create its own form of tax drag and

6:33

the traditional approach to addressing tax dreg may actually create more tax dreg in a

6:39

long term. So with that in mind, let's do some math. We're

6:42

going to talk about a simple account and Chris and I am going to look

6:45

at taxable accounts, tax deferred accounts, and tax free accounts and then look

6:49

at the impact of taxes on each. So ask yourself this question, what

6:54

do you have? What kind of account? Do you have? A tax

6:56

deferred account, Do you have a tax free account? And then let's see

7:00

what the impact of taxes on each one. That's gonna look like chrysal Let me stop you right there, because a lot of people out there might not

7:04

know what they have right so we see this each and every day, and

7:08

that's why it's so important to pick up the phone schedule time to meet with

7:11

us, because when you're come in to meet with us, we're gonna educate

7:14

you on what you have. We're gonna put together a balance sheet and make it simple for you. We're going to show you what's qualified, what's taxable,

7:18

what types of accounts do you have right now? Are growing tax deferred?

7:23

And you might be an aye, you might be like, oh my

7:25

gosh, I didn't know it was that much. Or you might be on

7:28

the other side where you have non qualified accounts or tax free accounts and you

7:31

might not know it, or a combination of all the three. So it's

7:35

so important right now, and it's crucial to understand what you have, and

7:39

when you're come in to meet with us, we'll put that together for you.

7:41

You don't have to worry about it. That's why we can put together

7:44

a plan to help you. And once we do that, then you'll see

7:46

and you'll know, oh, my gosh, I got twenty percent of my

7:49

money that's tax free. I got eighty percent of my money that's taxable,

7:54

and I got maybe ten years to get that money out. How do I

7:57

do it? Well, we can show you strategies. And my dad was

8:00

mentioning before some charitable leveraging strategies, some ways to reduce your taxes. There

8:05

are strategies, there are advanced planning strategies that you can take advantage of to

8:09

lower your taxes. Will possibly eliminate some of the capital gains tax. And

8:15

that's why when you come to meet with us, we'll put together a tax plan, an income plan, an investment plan, and a state plan.

8:20

Will do the Maggie plan. That's what we do. So schedule time to

8:24

meet with us, pick up the phone, write this number down eight three three Maggie Tax. And one more thing that's important about what we're talking about

8:31

is the language and what you understand it to be. And Chris mentioned before,

8:35

how many of you know what tax deferred accounts you have? How many

8:39

of you know what's taxable and what's not taxable. This is important because you

8:43

know, we talk about language and understanding what we're trying to teach you,

8:48

because when you sit with us and we go over the whole thing, you

8:50

have to understand it and feed it back to us and say, guys,

8:54

and I think I get it now and I didn't know that, because that's what we hear all the time. And there's nothing wrong with that, nothing

9:00

wrong with saying that, because look, we understand. We do this every

9:03

single day. Okay, you live your life every single day. You don't

9:07

come home and you know, do financial planning and read tax laws. That's

9:11

why we do what we do. That's why we're a complete advisor. I

9:15

mentioned it before. Many of you out there have an incomplete plan. And

9:18

when we do the seminar as, Chris and I sit in front of fifty

9:22

people and I tell them they have an incomplete plan, their eyes look at

9:26

me like, what did you say? So the truth is you do.

9:28

You do have an incomplete plan, and you have to start thinking about what

9:31

Chris and I are talking about today, tax drag. Write it down.

9:35

You're not gonna remember every word we say, but that's important. We'll talk

9:39

about that when you come in. Absolutely, and that's why when you come

9:41

inet with us, we'll put together plan. We'll put together plan to help you. And you know, we retire each and every day. You retire

9:46

once and when you start thinking about that, you know, that's how we help our clients. We understand what retirement looks like. We understand how to

9:52

get there. We understand what it looks like as far as a tax side

9:54

of it, the investment side of it, the guaranteed income strategies, and

9:58

how to go about doing it. So if you have highly appreciated assets,

10:01

if you have a tax problem, as far as how do I get my

10:05

money out of a taxable environment to tax free strategies roth conversions, we can

10:09

help you. We can show you is it right for you? Is it

10:13

not? Many people out there come in and they say, well, my

10:15

advisor told me to convert the money. Well, it might not be the

10:18

right strategy for you. Do you want to know? I would? Because

10:20

why pay more unnecessary taxes you don't have to. And that's why it's so

10:24

important to get a second opinion and get a review. So pick up the

10:26

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

10:28

We have office on both sides of the bay to help you, visit

10:33

our website at Maggie tax dot com. Go to our website and on the

10:35

top right hand corner it's the retirement tax bomb. We can help you defuse

10:41

that big tax bomb. Eight three three Maggie Tax. Pick up the phone,

10:45

schedule time to meet with us. Eight three three Maggie Tax. Get

10:48

the Maggie Plan, tax planning, income planning and state planning, investment planning,

10:52

sold security planning. Maggie tax dot Com. Stop planning for Uncle Sam's

10:58

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

11:03

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

11:07

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

11:11

Tax dot com. That's ma gg I tax dot com or call eight one

11:18

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

11:24

twenty five twenty now your host for the Maggie Tax and Financial Hour, Father

11:28

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

11:35

Welcome back and you're listening to the Maggie Tax in Financial Show. Mon name

11:37

is Robert Maggie and I'm here with Chris Maggie, and today we're talking about

11:41

taxes and some strategies that you need to be thinking about because when it comes

11:46

to retirement, you're going to wind up paying a lot of taxes if you

11:48

have an IRA four oh one K or four oh three B. This is

11:52

going to happen to a lot of people. So if you've turned on the

11:56

news lately, will you read the paper, or look at social media or

12:00

talk to practically anyone? You are doubtedly aware that a year away from now

12:03

twenty twenty four presidential election, which means we all have to sit back and

12:07

vote and pick a candidate that we want to be president. But like the

12:11

last several election cycles, this one's going to be heated and focused on both

12:16

domestic and international issues. Taxes, spending, and foreign aid are sure to

12:20

be in the mix. But what does it all mean for all of you?

12:24

It's unsettling truth. The debate in Washington can have a big impact on

12:28

the success or failure of your retirement approach. And this is what a lot

12:33

of the advisors are not talking to you about. And if they're not,

12:37

shame on them, because this is going to be a critical discussion. And

12:41

Chris and I have been doing taxes for a long time. We have the

12:43

Retirement Calculator on our website to give you an idea of what's coming and then

12:48

set an appointment. And Chris, I just feel bad for a lot of

12:50

people that don't really understand how the Trump tax cuts affected them in one way

12:56

or another, and they're going to be in shock. And I think it's

12:58

going to be our responsibility and also their responsibility to sit down and do something

13:03

about it. Well, let's just said, you've got to take act and

13:05

you've got to do something because it's our responsibility to evaluate the election and its

13:09

potential impact on the savings approaches you use for your retirement funds, and we

13:13

need to consider both the immediate and long term impact. And many people out

13:16

there aren't thinking way in advance, and that's why it's so important to plan.

13:22

Planning is not just one meeting. Planning is going over time to make

13:26

sure that you are in front of and taking advantage of the opportunities that are

13:28

there for you. So I know what you think, and that sounds like

13:31

a lot of work, but again, this is your money. You put

13:35

money away for so long, you work really really hard to do something and

13:39

have money there for your retirement. Why lose it to the impacts of an

13:45

election or the ups and downs of the market. When you can put together

13:50

a plan and have a concrete plan that's considered tax savings, that's considering income

13:56

planning and also investment planning and estate planning. And we can help pick up

14:00

the phone, schedule time to meet with us, because that's what it's about.

14:03

You need to get a plan. If you have questions, right now

14:05

is a time to get them answered. Don't wait because you never know what's

14:09

going to happen in the market with the volatility and also with the legislative risk

14:13

with taxes and changing rules that's going to affect you. Don't let it happen

14:18

to you if you don't have to eight three to three Maggie tax and I'm

14:20

here to share a little secret with all of you. Helping you identify and

14:24

mitigate the risk coming from Washington is actually much easier than you think. And

14:28

one thing we want to talk about. Chris mentioned the word is legislative risk,

14:33

and get used to that word because we work with an organization who have

14:35

helped us understand the decisions made in Washington can have a direct impact on the

14:41

savings of millions of Americans. And they also help me realize it isn't difficult

14:46

to help you protect yourselves from legislative risk. It's become my passion to help

14:50

all of you understand and quantify and mitigate tax risk and legislative risk. And

14:56

the question I would have, and I said it before, if your advice

15:00

is not talking about that, when are they going to? So one of

15:03

the key things that we have. We have a brochure five ways that your

15:07

taxes could be higher in retirement and I give this it out at seminars and

15:11

it's really impactful. If you want a copy, give me a call.

15:15

We'll get it to you because this is something that you start need to start looking at it now. And this is one of my favorite pieces of content

15:20

we have available to all of you when you come in and meet with us.

15:24

And in this brochure, I cover five ways that your taxes could be

15:28

higher in retirement based on what's happening in Washington today, and of course,

15:33

how to help you reallocate assets to protect against the risk of rising taxes.

15:39

And Chris, one of the word is reallocate. I don't think people realize

15:41

understand when you do tax risk and you look at this, you've got to

15:46

allocate certain investments to avoid the tax. And you know at the answer to

15:48

both these challenges is very simple. And if you can repeat this have to

15:52

me. I'm going to say, make it very very simple for you, is that tax efficient income planning is needed. Tax efficient income play is needed.

16:00

Go ask your advisor if they're doing tax efficient planning. I guarantee you

16:03

they're not. Go as your CPA if he's doing or she's doing tax efficient

16:07

planning, and I guarantee you they're not because they're just doing tax preparation.

16:14

So tax efficient income planning is the biggest opportunity in our industry today, and

16:18

those who are early adopters of this, which we've been doing for so many

16:22

years, already have a dramatic growth advantage. And we can help you with

16:26

the knowledge that we have. We know your broker is not addressing tax risk

16:30

and even market risk. We do this each and every day. What do

16:36

we mean by tax efficient income planning? Well, I mean helping you get

16:40

the most after tax income for the most tax efficient strategies and I bet nearly

16:45

one hundred percent of you don't want to pay more in taxes than you really

16:49

have to, so you don't have to go through that process. Many people

16:53

lost money in two thousand and eight our a lot of our clients did not.

16:56

So what do you do? You don't have to a lot of people

17:00

talking about I pay too much in taxes. Well, our clients who put

17:02

together tax division strategies don't. You don't have to either, So think up

17:06

the phone, schedule time to meet with us. Eight three to three MAGI tax. For too long, advisors have looked at the risk balance or asset

17:12

allocation of a client's portfolio, but they've overlooked the tax allocation of the portfolio.

17:18

And we can help you change that. Right now, we have to

17:22

help you focus on converting some of your tax deferred assets into tax free assets.

17:26

And that's where the new tax law has given financial planners a wonderful gift.

17:30

We call it strategic planning, and we use a great concept called bucket

17:36

planning. How many of you have that, and let's set a time so

17:38

we can help you understand what these strategies are about. Write this number down

17:42

eight three to three MAGI tax We have operated standing by right now, and

17:47

the legislation artificially lowers tax rates for a limited time. And remember the tax

17:52

code is written in pencil and we refer that to legislature risk. The government

17:56

can change the rules any time. And most of the household tax cuts expire

18:02

in twenty twenty five, so you still have time to convert your assets at

18:06

a lower rate. There's urgency for you. The time can convert is now,

18:10

and how can we help you understand how you can do this now?

18:14

Go to our website, Maggie tax dot com. Click on the retirement calculator

18:18

and see for yourself. Put the numbers in there. It'll tell you what

18:21

your tax bracket is. You can play with it and you can see what your tax bill is going to be in retirement. Don't you want to know

18:26

this now instead of later? And then you can do some planning that Chris

18:30

and I have been talking about on every show income planning, tax planning,

18:34

market planning, legacy planning. If you don't have those pieces of the puzzle,

18:41

then you are missing a great puzzle that you need to put together.

18:45

Eight three to three Maggie Tax, don't forget every Sunday on ABC TV.

18:48

Watch our TV show, The Maggie Tax and Financial Show, and don't forget

18:52

register for one of our seminars so we can help you understand these rules.

18:56

Eight three to three Maggie Tax and you're listening to the Maggie tex Financial Show.

19:02

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

19:06

we return to the Maggie Tax and Financial Hour with your host, father and

19:10

son Robert and Chris Maggie. For additional information on how you can create a

19:15

tax free retirement, visit Maggie tax dot com. That's ma gg I tax

19:21

dot com or call eight one three three two two twenty five twenty. That's

19:26

eight one three three two two twenty five twenty Now your host for the Maggie

19:33

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

19:37

Robert and Chris Maggie. Welcome back to the Maggie Tax and Financial Show,

19:41

and thank you so much for tuning in and vision our website at Maggie

19:45

Tax dot com. In thirty seconds, you can find out what your tax

19:49

bill would be in retirement. If you have an IRA four one K.

19:52

You need to understand what this number is why because it can't affect your retirement

19:59

future income. Maggietax dot com up a right hand corner tax bill in retirement.

20:04

Click on it and you can discover what that will be. But more

20:08

importantly, schedule time to meet with us. There's so much information to talk

20:11

about. If you have questions about how do I design an income plan for

20:15

my retirement where it has inflation built in and multiple income sources and guaranteed income,

20:21

how do I go about doing that? We can help. What if you're looking for an investment plan? A lot of volatility going on in the

20:26

market. Does it really keep you up at night? Are you losing sleep?

20:30

Do you have questions? Do you really not know what's going on and

20:33

you're afraid to open up your statements. Well, let's get it together and

20:37

have a conversation about it, because there might be some bucket planning that we

20:40

could put together to design for safety and growth and inflation and a lot of

20:45

other opportunities that are in the market today. What about social security planning?

20:51

Do you have questions about how do I maximize it for me and my spouse?

20:53

What about a state planning? I want to leave all this stuff to

20:56

my heirs. I just don't know how to do it. Is everything set

20:59

up the right way? Well, we can help these things that we do

21:02

each and every day to help you. So pick up the phone, schedule

21:04

time to meet with us. We look forward to get in together with you.

21:08

Eight three to three Maggie tax. So the question I would ask is

21:11

how many of you have a complete plan or an incomplete plan? And what

21:15

Chris just mentioned on some of the things that we see that people have an

21:19

incomplete plan. So what are you doing about it? You know what keeps

21:23

you up at night? What's that elephant in the room? Is it about

21:26

income? Is it about taxes? Is it about your investments? We know

21:30

the volatility of the market is there, but how are you prepared to take

21:34

less risk and keep more for yourself? And has anyone ever done a beneficiary

21:40

review for you? Quick example, We've had a client, a couple clients

21:44

this past year. They passed away and they had beneficiary designations on there.

21:48

They had POD and TOD on their accounts and Chris, the money passed to

21:52

their beneficiaries probate free and it didn't have to go through that process. And

21:59

people make, you know, mistakes about estate planning, let's call it enhanced

22:03

planning. Do you have the list of who you want your assets to go

22:08

to and when it should go to them and how much it should go to

22:12

them. Are you set up that way so you know if you have an

22:15

incomplete plan? Think about what Chris and I are talking about. If it's

22:19

about income, it's about taxes, you confuse about your investments. You don't

22:23

understand them. We see this every day. We ask a client, bring

22:26

in your statement, We ask them do they understand their investments? And Chris,

22:30

the answer that we get all the time is well, not really,

22:33

that is just not a good answer, And it's not because you work hard.

22:37

You worked hard for the money you have, the assets that you have,

22:40

and the worst thing you want to do is either I have to go back to work or be outlive your money. And most people that come in

22:47

and meet with us, we ask them, you know what brought you in and the main question and the answer is I want to make sure I don't

22:52

outlive my money and is that going to happen? And we have to do

22:56

the analysis to figure it out, and sometimes we have to tell people yes,

23:00

at this pace and with the assets that you have, you will outlive

23:06

your money. And that's where it's very, very scary. So can you

23:08

retire? We can show you we can. We can show you the projections,

23:12

we can show you what the guarantees are going to be. We can

23:15

show you that if you have a concrete plan or a complete plan, then

23:18

you'll enjoy retirement, You'll have the inflation buckets coming in for income in the

23:22

future, you'll have the estate plan. So if anything happens to you a

23:26

stay in your family. That's what we call developing a plan, because if

23:30

you don't have a plan, guess what, you know what, someone who

23:33

you don't know will make that plan for you in the future because you didn't

23:37

set it up the right way. So check the boxes off. Do you

23:41

have a tax plan yes or no? Do you have an income plan yes

23:45

or no? Do you have an investment plan or just laying that money right

23:48

in the market. Do you have an estate plan or an enhanced plan?

23:52

What about college planning for the children? Are you aware if you have a

23:55

mutual fund you're paying fees? How many fees are you paying? The question

24:00

do you know what your fees are paying? Because if you're paying fees,

24:02

it's eating aweight your retirement. So without a plan, like Chris says,

24:07

you have nothing. So everything we do, we have to have a plan.

24:11

What are you looking for in an advisor that you would be willing to

24:15

work with. We just mentioned a bunch of topics that we would talk to

24:18

you about because we see this all the time. Well, my advisor doesn't

24:22

talk about tax planning. Chris or Bobby, you know this is and when

24:26

we ask him, what were you hoping for when you came in? And

24:29

the answer we get all the time is wow, not this. Well,

24:32

you know the thing about it is when you talk about we asked that question, is your current advisor talking about tax planning? And most of the time,

24:38

probably ninety five percent of the time, it's no. And the question

24:41

that I have is why. I mean, that's your biggest expense. Taxes

24:45

are our biggest expense, and it's going to get worse. So think about

24:48

this, your cruising the retirement. Everything's going well, and guess what legislative

24:52

risk happens and the tax code changes, and guess what less to you?

24:59

Because now you have to pay more to Uncle Sam, so that income check

25:03

every month goes down. And what about inflation? That's happening right now on

25:07

top of it. So you're in a situation where you have to change your

25:11

lifestyle in retirement. Is that what you want? The answer is no,

25:15

But could it happen to you? Yes, And if you don't have the

25:18

right plan in place, like an income plant, a tax plan, investment

25:22

plan, then yes, it could happen. And that's what you don't want.

25:26

So right now is a time, more than ever before, to pick

25:30

up the phone and schedule a time, get a second opinion. Do you

25:33

have enough confidence in your current advisor? Get a second opinion? Because it's

25:37

about you. It's about your money. It's not about me or your CPA

25:41

or your current advisor. It's not about that. It's about what you want

25:45

your money to do for you. Do you want safe money, we can

25:48

help. Do you want money in the market where it's risky. We can

25:52

design buckets like that as well. But guess what. You have to have

25:55

a purpose with everything you do. Why Because that's a plan. We all

25:59

hear. Yeah, you need to have a plan in life, we all get that. But the end of the day is, do you have a

26:03

plan with your retirement? Take take control of this and we can help eight

26:07

three three Maggie Tax. So the biggest question for all of you listening today,

26:11

how can we at Maggie tax and financial help you? That's the question.

26:15

So when you come in, I want to know the answer. How

26:17

can we help you? You know what upsets you every night when you put

26:21

your head on that pillow and your mind starts racing about what you're worried about

26:25

because you can't control it. You know, what are you looking to change?

26:29

And this is the big question, Chris. Change has to happen in

26:33

many cases with people out there because they don't understand their investments, they don't

26:37

understand income planning. Their advice is not sitting down and talking to them.

26:41

So what would you change? Think about that? What would you change if

26:47

you were educated on what you have that maybe it's not the right investment for

26:51

you, maybe it's not the right plan for you. When would you change

26:55

it? And? Like I said, what's the elephant in the room? And that's just it. You know, is your plan, your present plan,

27:00

going to get you where you want to go? Do you know unequivocally

27:04

if that the answer is yes, if you are thinking about it, well,

27:07

I'm really sure or I don't really know. Then you have to get

27:12

a second opinion. You have to look at this. You have to have

27:15

someone look at this for you so you can have that Yeah, absolutely,

27:18

I know. Absolutely my plan is going to give me what I want in

27:22

retirement and is doing it right now. That's what you want, the confidence,

27:25

the clarity, the control, and that's what we can help you with.

27:29

So pick up the phone, schedule time to meet with us. We look Forwarto meeting with you. We have office on both sides of the bay

27:33

to help you. A three to three MAGI tax that's eight three to three

27:37

Maggie tax. And here's the big question. Do you all do this planning

27:41

on your own? Think about this. The left brain in you is the

27:45

more to think about it. The right brain is the solution side of your

27:49

brain. We have both sides working for us, Chris, the left and

27:53

the right. Because you're confused, you have to draw a line in the

27:56

sand. I can't understand planning, you know, I think I'm okay,

28:00

but I'm not. And most people buy what they want, not what they

28:03

need. And that's the issue that we try to talk about. What do

28:07

you want? You know, what are your needs? How much income do

28:11

you want you know? Does your advisor have a process, Maggie, tax

28:15

advisor, We have a process. We come in and you come in and

28:18

meet with us. We ask you questions, you ask us questions. We

28:22

do a balance sheet, so we know where your assets are. We know

28:25

what qualified money is non qualified money. We know where your bank accounts are

28:29

if they're titled right. Does your advisor do all this? We call it

28:33

red money, green money, and on my website you can take a look

28:36

at it. But look, if you're taking too much risk and you don't

28:38

know it, folks, you know Chris does this all the time. When

28:41

are you going to realize that you don't have to take all that risk,

28:45

you don't have to pay all those fees, and you don't have to see

28:48

your account go down because your advisor says, well, everybody else is losing

28:52

No, it's not true, Chris, that's not true. That's just it.

28:56

You know, why follow the crowd? We don't have to just because

28:59

your advisor said everyone else has lost money. But where is it written that

29:02

you have to lose thirty forty percent? Where is it written that you have

29:06

to go down that route. I'm frustrated because you don't have to. I

29:11

have clients that come in and they're like, well, you know, this is what it is. We lost three hundred thousand dollars with our old advisor.

29:17

Why doesn't have to be that way? You know, maybe you're younger

29:21

and you got time on your side and you can absorb some of these losses.

29:25

But guess what, you're in retirement, why go down to three four,

29:27

five hundred thousand dollars. Why? You know that's up to you,

29:30

but you don't have to. You know, where is it written that you

29:33

have to lose twenty thirty forty percent like everybody else. It's not there.

29:37

You don't have to go down that route if you don't want to. So

29:41

pick up the phone, schedule a time to meet with us. Let's show

29:44

you bucket planning. Let's put together a plan for you. Buckets. What

29:48

are buckets? Buckets with a purpose. You have buckets for safety. You

29:51

have buckets for inflation. You have buckets for future guaranteed income. You have

29:55

buckets for the volatility control. You have buckets to take advantage of the opportun

30:00

the markets down. You have buckets to take advantage when the market goes down.

30:03

You have buckets out there to provide buffer and strategies to protection against no

30:07

loss in the market. How do you go about doing these things because every

30:11

account needs to have a purpose based on what you are looking for. What

30:15

is it that you want? That's the question. When you come in,

30:18

We're going to ask you that question. We're going to listen to you, we're going to hear you. We're going to make this very very real for

30:23

you to try to accomplish what you are looking for. We're going to educate

30:27

you, We're going to take our time. We're going to build the confidence,

30:30

build the clarity, and you're going to have the control in retirement.

30:33

If that's what you want, you can pick up the phone and schedule time

30:37

to meet with us. We look forward a meeting with you. Why because

30:40

this is real. Things are changing and you need to be on the other

30:44

side to take advantage of these opportunities as opposed to falling victim to them.

30:48

So pick up the phone. We look forward to meeting with you. Eight

30:51

three three Magi Tax and Don't forget every Sunday for the mag Attacks and Financial

30:56

Show on tv ABC TV at ten thirty a m. At our website.

31:00

Maggie tax dot com. Schedule time to meet with us eight three three Maggie

31:04

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

31:10

As we return to the Maggie Tax and Financial Hour with your host, father

31:14

and son Robert and Chris Maggie. For additional information on how you can create

31:18

a tax free retirement, visit Maggie tax dot com. That's ma gg I

31:23

tax dot com or call eight one three three two two twenty five twenty.

31:30

That's eight one three three two two twenty five twenty now your host for the

31:36

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

31:41

Group, Robert and Chris Maggie. Thanks for tuning in to the Maggie Tax

31:45

and Financial Show. And as throughout today's show, we talked about a lot

31:48

of different things. Tax risk, investment risk, income risk, what about

31:52

a state planning risk? These are the risk associated with people who are living

31:56

and also retirement in retirement, So what are you doing about it? If

32:00

you have any questions, pick up the phone, schedule time to meet with

32:02

us a three to three Magi tax. Visit our website at Maggi tax dot

32:07

com and don't forget Every Sunday on ABC TV. Tune in to our show

32:12

our TV show ten thirty am on Sunday on ABC TV, A three three

32:16

MAGI tax. So we talked about a lot, like Chris minsheb, let's

32:20

discuss what a risk score is and how it relates to your risk tolerance.

32:23

And here's the thing, Chris, let me ask you a question. Do

32:25

you have to be in the market to make money? You don't have to

32:30

be, Okay, most people are, and they're always looking for that stock

32:32

bond of mutual fund. But there are other investments that can give you gains,

32:37

right with no losses and no fees. Right there are out there,

32:40

Yes there. So when we talk about a risk score, that's part of

32:43

it. So a tax risk score. It's a measure of an individual's exposure

32:47

to tax changes within a given retirement approach. Do you know what your risk

32:52

score is? Because if you don't, we can help you. And the methodology looks at two specific areas of tax change risk. The first is we

32:59

talked about it before, situational change, which measures changes based on your income

33:05

needs and situation. And remember everyone you're listening today, your situation is different

33:09

so if you go to an advisor and they're just doing a cookie cutter plan,

33:14

that's not what you're looking for. Situational changes can include how much income

33:19

you want to generate in retirement. That's the big question, Chris, how

33:23

much do you want retirement? How many times do we ask a husband and

33:27

wife and the answer is I don't know right right, They're confused, But

33:30

we help them through this process because this is a very key question that needs

33:35

to be addressed. How much income do you need to come in the front door every month? And many people just don't know. And when we do

33:40

a budget planning, we can show you. You can take time to go

33:44

through that with you. Because as long as you have that income coming in,

33:46

guess what covers your expenses? Covers everything that you're looking for, and

33:51

then you can start generating playchecks and have fun travel, spend the money,

33:54

go golfing, go see the kids, the grandkids, do the things that

33:58

you want to do with a playcheck and still preserving the rest of your money.

34:00

You mentioned something that just tickles me. It's called budget. How many

34:05

of you have an advisor and discuss budget because when we do a budget,

34:09

we do a balance sheet, to get all your income, assets and everything

34:13

and then figure out the answer to the question is if you're getting self security,

34:15

if you're getting pension, then how much money do you need? What's

34:20

the gap? And many of you don't know that because that's what we're trying

34:22

to do with you. So the secondary of tax change risk is tax risk

34:27

score, which measures your exposure to legislative changes. We talked about that.

34:31

What if the government changes the rules and they're going to tax cuts are going

34:35

to expire in two years, what are you doing about it? And these are tax changes based on new laws or regulations, guess what from the government.

34:43

Because it's written in pencil and it is you all know that legislative changes

34:47

can include which assets are subject to taxation. We're talking about your IRA four

34:52

to one K, your four oh three B, your TSP. When those

34:55

assets are taxed, the question is, Chris, at what level? Because

35:00

we don't know. That's an uncertainty tax and that's it. You know,

35:04

you're living your life in a question mark tax rate environment. Think about that.

35:09

You know, it's like your health. You keep eating bad, guess

35:14

what, at some point you're not going to feel good. Same thing with

35:16

your investment accounts and also your tax risk. What if you keep deferring and

35:22

putting money away and parking it into accounts that are infected with taxes at some

35:25

point, guess what, when you start taking money out, you go.

35:30

You got to bite the bullet and pay the tax and you don't have to

35:32

go through that if you do some planning, if you do situational planning,

35:37

tax planning, things that we can do to control the tax rate in our

35:43

future because we can do strategic planning. And that's why meeting with the right

35:46

advisor who does income planning, tax planning, investment planning, and state planning,

35:51

we can show you how to put all this together. My dad talked about a puzzle. We all feel good when the puzzles put together, don't

35:58

we. But the first step, when we open the box and we put

36:00

all those pieces on the table, we're like, oh gosh, I gotta

36:04

wow. I don't know where to start. But that's where you meet with

36:07

us and we can help you put these pieces together. And then when you

36:10

put your puzzle together, guess what, it brings a smile to your face,

36:15

like, Wow, this is a cool thing that I just did.

36:17

And that's what we could do for you. So pick up the phone,

36:20

schedule time to meet with us. Let's put together your retirement puzzle. Let's

36:23

talk about the tax side of it. Let's talk about the income side of

36:25

it. Let's talk about your investment side of it. Let's talk about the

36:29

estate planning side of it. Let's talk about the medicare side of it, your health insurance side of it. These are things we're talking about. So

36:34

we can help you. Pick up the phone, schedule time to meet with

36:37

us. A three three maggie tax we have obviously on both sides of the bay to help you. Eight three three maggie tax. You know, you

36:44

made me laugh there about a puzzle. If you think about it, When

36:46

the little kids we give them a puzzle, We give them like a four

36:50

piece puzzle or a five piece puzzle, and then we give them a ten

36:53

piece puzzle, and then we give them a bigger puzzle. And that's the

36:57

same thing that we're talking about here with each and their one of you.

37:00

What are the pieces of the financial side, the tax side, the estate

37:04

planning side. How do we put those pieces together? Well, here's how

37:07

I can tell you how we can do it. Go to my website Maggie

37:09

Tax dot com. Click on seminars. It's up to you. Come out

37:14

and get educated, understand the language. We're going to talk about estate planning.

37:17

We're going to talk about tax planning. We're going to talk about social

37:20

security planning. We're going to talk about all of this in an easy to

37:23

understand way. I'm going to give you a book called Stop Funding Uncle Sam's

37:27

Retirement and get a plan that's simple and easy to understand. I promise you

37:31

when you leave this event, you're going to feel better about Wow. Now

37:35

I understand, I can talk to somebody, I can have a conversation about

37:38

all of what we're talking about. Second thing is when you go to the

37:42

retirement calculator, like Chris mentioned, go to the retirement calculator in thirty seconds.

37:46

There's no one that's doing what we're doing in thirty seconds to tell you

37:50

your retirement tax bill eight three three Maggie Tax. That's it. You know,

37:53

you hit it on the head. I mean, it's all right there. And we talk about when you complete the puzzle, it brings a smile

37:59

to your face. But the problem is is that when you complete the puzzle

38:01

and you miss that piece How frustrated are you? You're extremely frustrated. And

38:07

that's where many people we see each and every day is they don't have the

38:10

pieces at the end. They don't have the income piece put together, they

38:14

don't have the tax piece put together. The market's going down, they don't

38:17

have the investment piece put together for them. And guess what, that puzzle

38:22

is not complete, and the smiles on their face, it doesn't have to

38:25

happen to you. Put everything together. Let's get together, Let's have a

38:29

conversation. We look forward to meeting with you. Eight three to three Maggie

38:31

Tax schedule time to meet with us eight three to three Magi Tax. You've

38:39

been listening to the Maggie Tax on Financial Hour discussing tax planning investment strategies presented

38:45

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

38:50

Hillsboro and Panela's County. Visit Maggie Tax dot com or call eight one three

38:55

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

39:01

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