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Speaker 1: All these years you've saved up planning for a secure retirement,

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Speaker 1: but if you're not careful, it will be the irs

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Speaker 1: that is living it up when you retire by taxing

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Speaker 1: your hard earned money. Welcome to the Maggie Tax and

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Speaker 1: Financial Show with Robert and Chris Maggie of Maggie Tax

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Speaker 1: and Wealth Advisors. With over four decades of combined experience

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Speaker 1: and tax savings, income planning, and investment opportunities, Robert and

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Speaker 1: Chris share advice and tax planning strategies designed to protect

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Speaker 1: your retirement nestay from Uncle Sam. Call them at eight

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Speaker 1: three three Maggie Tax or online at Maggie Tax dot

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Speaker 1: com and now your host for the Maggie Tax and

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Speaker 1: Financial Show, Robert and Chris Maggie.

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Speaker 2: Welcome everyone, and thanks for joining us today. My name

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Speaker 2: is Robert Maggie and I'm here with my son and

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Speaker 2: co host, Chris Maggie. Visit our website, Maggie Tax dot com.

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Speaker 2: There's a lot of information there. Click on the retirement

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Speaker 2: calculator if you have an IRA or a four oh

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Speaker 2: one K, take a look and see what your retirement

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Speaker 2: tax bill is going to be, and then come in

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Speaker 2: and let's do some tax planning. Let's do some income planning,

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Speaker 2: investment planning, insurance planning, and let's talk about the Maggie plan.

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Speaker 2: Visit Maggie tax dot com. Well, give us a call

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Speaker 2: eight three to three Maggie Tax. So, Chris, we're getting

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Speaker 2: a lot of questions about Roth conversions. Some people are

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Speaker 2: doing it wrong, some people are getting the wrong information.

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Speaker 2: And as you know, and as everybody else out there knows,

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Speaker 2: we specialize in tax planning. So let's talk about Roth

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Speaker 2: conversions today.

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Speaker 3: Absolutely, so welcome everyone. I'm Chris Maggie and thank you

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Speaker 3: so much for tuning into the show. And that's correct.

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Speaker 3: Wroth conversions many people talk about. Many advisors talk about it,

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Speaker 3: but they don't complete the story because they don't tell

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Speaker 3: you what the tax modification is going to be. You

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Speaker 3: go to your tax prepair and they go ahead and

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Speaker 3: just do your tax return. But again, how much should

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Speaker 3: you convert? So a lot of things you need to

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Speaker 3: be aware of when you do convert. It's not just

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Speaker 3: what everyone should do. Some people should do it, some

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Speaker 3: people should not. So that's why it's so important to

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Speaker 3: work with the right advisor who understands investments and income

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Speaker 3: planning and tax planning because if you do it the

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Speaker 3: wrong way, you're going to get this tax bill that

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Speaker 3: you owe thousands of thousands of dollars for taxes. And

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Speaker 3: it doesn't have to be that way, So you don't

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Speaker 3: want to be surprised. And that's what we want to

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Speaker 3: talk about today. Is a Roth conversion right for you?

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Speaker 3: Should you do it? And those are things that many

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Speaker 3: people have questions on. So visit our website at Maggie

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Speaker 3: Tax dot com, pick up the phone, schedule time to

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Speaker 3: meet with us eight three three Maggie Tax Maggi tax

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Speaker 3: dot com for more information and we can help you.

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Speaker 2: And one of the things that we do that other

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Speaker 2: advisors do not do is we do it from a

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Speaker 2: tax return. So if you're thinking of a rough conversion,

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Speaker 2: don't just go to your tax guy and convert the

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Speaker 2: money and then pay the big tax. Do it strategically

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Speaker 2: and have a plan. Here's the question, is it tax

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Speaker 2: season right now? Chris?

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Speaker 3: It's always tax season in our eyes because taxes are

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Speaker 3: our biggest expense and you need to always make sure

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Speaker 3: that you are aware of the tax liability.

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Speaker 2: And the reason why I asked that question because at

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Speaker 2: Maggie Tax it's tax season all year round, so it's

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Speaker 2: not just up to April fifteenth, or October or September,

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Speaker 2: whatever the extensions are. It's all year round. And right

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Speaker 2: now I think most of you out there are concerned

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Speaker 2: about if taxes go up. The question is taxes are

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Speaker 2: going to go up, how is it going to affect you,

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Speaker 2: whether whether you have an IRA or a four oh

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Speaker 2: one K. That's why we offer the retirement calculator. We

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Speaker 2: do advanced tax planning, So now is the time to

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Speaker 2: call eight three to three Magi tax. Right now, I

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Speaker 2: have operators standing by eight three to three Magi tax.

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Speaker 2: Let the operator know that this is urgent and just

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Speaker 2: tell them tax planning at eight three to three maggie tax.

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Speaker 2: I don't care how big your IRA or four to

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Speaker 2: oh one K is. Folks, you have a deferred account

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Speaker 2: that you have not paid taxes on. So strategically, no

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Speaker 2: matter what age you are, whether you be fifty to

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Speaker 2: fifty five or sixty or even seventy, you're going to

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Speaker 2: pay an unknown tax. And that's the problem I think

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Speaker 2: that most investors have. Most investors hate taxes, but honestly,

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Speaker 2: we enjoy the challenge of minimizing taxes. Over the long term.

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Speaker 2: So why is tax planning is an essential element in

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Speaker 2: smart investing? Chris? Is that play a big part in

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Speaker 2: many of the clients that we see with they just

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Speaker 2: committed to buy a stock bond on mutual fund. Well

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Speaker 2: that's it.

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Speaker 3: You know, you want to make sure you do complete

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Speaker 3: planning and get Let's talk about some examples here, right,

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Speaker 3: So about three years ago at a client came in

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Speaker 3: had three hundred thousand dollars of their IRA money. So

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Speaker 3: what do we do. We looked at their tax return

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Speaker 3: and he was receiving solid security. He had a pension

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Speaker 3: and then marriage so she was getting solid security as well.

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Speaker 3: So they had three income streams. They were getting about

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Speaker 3: five thousand dollars a month of income, very satisfied covered

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Speaker 3: their need. But they had three hundred thousand dollars of

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Speaker 3: IRA money. So this account is fully infected with taxes.

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Speaker 3: And he said to me, he said, what do we

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Speaker 3: need to do to get this money out in the

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Speaker 3: most tax efficient way? So he's thought about it, and

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Speaker 3: he said, well, let's just rip off the band aid

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Speaker 3: and let's go ahead and pay the tax. So I

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Speaker 3: ran a couple of different mock returns and I showed him,

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Speaker 3: let's go ahead and just take the three hundred thousand

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Speaker 3: added to a solid security his pension, and this is

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Speaker 3: what your tax liability is going to be. So he

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Speaker 3: sat back and it was kind of sticker shocked, and

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Speaker 3: he said, I don't want to do that, and I said,

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Speaker 3: you don't have to. Let's run some more. So what

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Speaker 3: I did was do some strategic planning. And what he

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Speaker 3: did was we took out thirty thousand dollars a year

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Speaker 3: for the next seven years, as with a plan was

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Speaker 3: what it was supposed to be, and we did and

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Speaker 3: Ron still pays to do it. But over the past

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Speaker 3: three years, he has paid tax on thirty thousand dollars

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Speaker 3: of conversion, and again he's only in the eight percent

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Speaker 3: effective tax bracket on that amount of money. So he's

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Speaker 3: taken money out of a taxable environment and converting it

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Speaker 3: to a tax free environment.

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Speaker 2: So over the.

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Speaker 3: Past three years now he's got eighty five thousand dollars

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Speaker 3: of money after taxes that he has an a tax

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Speaker 3: free zone, plus the interest, which is more than when

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Speaker 3: he converted. So now he's up to over one hundred

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Speaker 3: and five thousand dollars of tax free money. Because his

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Speaker 3: account has now paid the tax, it's earned money, and

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Speaker 3: now it's on its way to earning more tax free

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Speaker 3: money in the future. So we got many more years

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Speaker 3: to do this until he reaches his required minium distribution age,

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Speaker 3: which is aged seventy three for him. So he is

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Speaker 3: on a great path moving forward. Every year we look

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Speaker 3: at this and we're on a tax return and we

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Speaker 3: talk about should we convert more? But he is in

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Speaker 3: his sweet spot right now. He doesn't have to worry

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Speaker 3: about the IRMA tax. He doesn't have to worry about

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Speaker 3: the Medicare tax, like that's what IRMA is, increase of

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Speaker 3: Part B premium. And he's sitting pretty. He's got his

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Speaker 3: income coming in every month. He's converting money to a

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Speaker 3: tax for his zone. His accounts are in a safe

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Speaker 3: spot and guess what, he is in control of his return.

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Speaker 2: Chris, you just gave everyone a reason out there to

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Speaker 2: pick up the phone and call eight three to three

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Speaker 2: Magie Tax. Because there are situations that Chris is talking

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Speaker 2: about where a long term tax strategy may save you money.

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Speaker 2: The only thing is you don't know and you don't

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Speaker 2: see it, even though it requires paying more taxes in

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Speaker 2: the short term. That's where tax planning comes in and

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Speaker 2: what Chris and I do, that's what we do advanced

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Speaker 2: tax planning all year round at Maggie Tax and Folks,

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Speaker 2: I'll challenge you if you want to come in and

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Speaker 2: bring in your information and we'll show you and believe me,

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Speaker 2: if we can help you. We're going to tell you

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Speaker 2: that we're going to help you. Understand. But guess what,

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Speaker 2: like Chris said, if we can make your situation better,

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Speaker 2: and you got to make the final decision, not me

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Speaker 2: or Chris, but life has many changes and you have

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Speaker 2: to be ready and understand the language why so you

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Speaker 2: can avoid unnecessary taxes Because what's happening now when the

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Speaker 2: tax cuts expire, it's going to go up at least

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Speaker 2: thirty percent. Maybe some of you don't see that, but

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Speaker 2: when you get your taxes in two years, you're going

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Speaker 2: to see it and you're going to wonder what I

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Speaker 2: could have done. So consider the long term tax benefits

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Speaker 2: of Wroth for on one case and Roth Iras and Chris.

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Speaker 2: There is a difference, right, absolutely there is.

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Speaker 3: And that's one thing that we talk about is all

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Speaker 3: the time is tax free zones, and there is You're right,

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Speaker 3: the traditional Form one K and also the Wroth Form

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Speaker 3: o K if your employer offers these things. But let

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Speaker 3: me go back to the example that well not example,

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Speaker 3: but exactly the client that we were working with here

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Speaker 3: that did this three years ago. When I talk about

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Speaker 3: the bucket planning, he said to me, well, what do

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Speaker 3: I do with the money? How can I position it

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Speaker 3: now where I can have a plan where I can

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Speaker 3: have safety and some risk and take some chances with

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Speaker 3: some money. And we put together a bucket strategy red money,

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Speaker 3: green money, and yellow money. And he was blown away.

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Speaker 3: He said, my gosh, this is exactly what I was

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Speaker 3: looking for. And he said to me, he said, in

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Speaker 3: two years, toron now I might want about maybe another

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Speaker 3: five hundred dollars a month of income. So I ran

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Speaker 3: another mock tax return and I showed him if we

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Speaker 3: take five hundred dollars from his IRA money, this is

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Speaker 3: a tax for invocations. But if now we use his

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Speaker 3: tax free account, he can have more money next six

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Speaker 3: thousand dollars a year of income and pay no tax.

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Speaker 2: And he was blown away.

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Speaker 3: They both wore and they said, this is exactly what

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Speaker 3: we're looking for. This is a plan. This is a

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Speaker 3: tax plan. It's an income plan, it's an investment plan.

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Speaker 3: And to make things even better, we talked about their

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Speaker 3: accounts again and we said, hey, do you want this

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Speaker 3: to go through probate or do you want to make

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Speaker 3: sure it goes to your two kids? And they said,

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Speaker 3: you know the answer to that one. We want to

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Speaker 3: make sure the money stays in the family. So we

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Speaker 3: put that together where he has an estate plan, he's

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Speaker 3: got proper beneficiary designation, he's got an estate plan, his house,

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Speaker 3: his assets, everything's going to avoid probate and go to

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Speaker 3: where they wanted to go. So that can happen to

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Speaker 3: you too. Just pick up the phone and schedule time

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Speaker 3: to meet with us. Eight three to three Maggie tax.

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Speaker 2: And one other point traditional four and one k's They

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Speaker 2: became available in nineteen seventy eight as a way to

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Speaker 2: save for retirement. But the four and one K was

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Speaker 2: the biggest disappointment created. And think about this. You get

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Speaker 2: a tax deduction on the front end, and you get

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Speaker 2: that for many years, and that's great, but when you

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Speaker 2: start to withdraw the money, you're going to be paying

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Speaker 2: it all back for many years and you're going to

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Speaker 2: be paying three to five times more than the tax

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Speaker 2: deduction that you received. This is why tax planning is

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Speaker 2: so important. This is why the retirement calculate that I

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Speaker 2: have on the website is going to help you understand this.

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Speaker 2: These plans are offered by employers. The amount in employee

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Speaker 2: contributes to their account is considered pre tax and it

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Speaker 2: is deducted from their taxable income. That's fine, That's what

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Speaker 2: a lot of people did. The retirement account is tax

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Speaker 2: deferred until the money is withdrawn during your retirement. Employers

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Speaker 2: often contribute a portion of the employer's contributions called a match,

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Speaker 2: which is in an added benefit, but it's all taxable, Chris,

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Speaker 2: every bit of And then when you start talking about

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Speaker 2: with drolls, which we'll talk about in the next segment,

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Speaker 2: they're taxed as well. But now at what age are

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Speaker 2: you taking it out seventy three, seventy four, seventy five,

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Speaker 2: how much and how much is it going to affect

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Speaker 2: your income? This is why tax planning is so important.

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Speaker 2: Right now, pick up the phone eight three three, Maggie,

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Speaker 2: tax sit down with us and go over this. This

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Speaker 2: is going to be something that's going to be ongoing.

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Speaker 2: And if your tax preparer is not addressing these issues

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Speaker 2: like Chris and I are shame on them. Eight three

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Speaker 2: to three Maggie Tax. Visit our website, Maggie Tax dot

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Speaker 2: com and every Sunday listen watch our TV show with

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Speaker 2: ten thirty The Maggie Tax and Financial Show. Visit Maggie

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Speaker 2: Tax dot com today and give us a call at

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Speaker 2: eight three three Maggie Tax. That's eight three three Maggie Tax.

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Speaker 1: Stop funding Uncle Sam's retirement and start planning for your

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Speaker 1: own successful retirement. As we return to The Maggie Tax

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Speaker 1: Financial Show with your host Robert and Chris Maggie with

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Speaker 1: Meaggie Tax and Wealth Advisors for information on how you

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Speaker 1: can create a tax free retirement. Call eight three three

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Speaker 1: Maggie Tax, or visit Maggie Tax dot com. Now you're

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Speaker 1: host with Maggie Tax and Wealth Advisors. Robert and Chris Maggie.

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Speaker 3: Welcome back to the Maggie Tax and Financial Show. And

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Speaker 3: I'm Chris Maggie, I'm here my dad and coast of

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Speaker 3: the show, Robert Maggie. Every Sunday on ABC TV at

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Speaker 3: ten thirty am, we have our show. It's thirty minutes.

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Speaker 3: It's a live show. What we do is we help

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Speaker 3: people understand their retirement issues from the tax side of it,

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Speaker 3: from the income side, from the investment side, from the

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Speaker 3: estate planning. So we do complete planning. And today we're

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Speaker 3: focusing on roth conversions. And what is a roth conversion. Well,

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Speaker 3: many people out there have iras and formal keys and TSPs.

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Speaker 3: If you're a federal or a sept planned self employed plan,

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Speaker 3: these accounts are infected with taxes. They grow tax deferred,

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Speaker 3: which means when you start taking money out, they have

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Speaker 3: to hit you with taxes. You get a ten nine

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Speaker 3: taxable event. So in the future, what can you do?

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Speaker 3: What are you doing to protect yourself on the income

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Speaker 3: side and these things we're talking about here today to

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Speaker 3: help you. But you can start converting from the IRA

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Speaker 3: and get the money out of a taxable environment into

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Speaker 3: tax free accounts.

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Speaker 2: How do you do that?

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Speaker 3: And that's what we're discussing today. So Dad, let's talk

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Speaker 3: about the second question here. How much of your future

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Speaker 3: income will you need from your investments or sav these accounts.

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Speaker 2: And that's a great question that we ask everyone because

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Speaker 2: you have to tell us what you're looking for. And

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Speaker 2: when you have a text deferred account with five hundred

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Speaker 2: thousand or a million dollars. Your first thought is we've

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Speaker 2: got to take it from there, But do you have

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Speaker 2: a plan to convert that? So the common portfolio practice

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Speaker 2: tells us that there's a certain amount of distribution that

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Speaker 2: an investment portfolio can withstand without depleting itself over time.

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Speaker 2: What you want to do is have guaranteed income over

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Speaker 2: your lifetime. So if you're currently distributing a significant percentage

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Speaker 2: of your IRA on which to pay for living expenses,

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Speaker 2: and then you have to ask your portfolio to also

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Speaker 2: pay the taxes for the conversions, you can quickly get

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Speaker 2: to the no go situation on converting. Now, when I

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Speaker 2: say that, it's because that's what people think. But there

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Speaker 2: are ways to convert this where it makes sense to

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Speaker 2: do it, and we can show you that. So we

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Speaker 2: like to use a rule of thumb of four percent

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Speaker 2: as the maximum distribution from your total IRA, and this

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Speaker 2: does not apply to every situation. So again, when you

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Speaker 2: meet with us, we're going to go over this and

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Speaker 2: we're going to show you how it works. But it's

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Speaker 2: a great starting point to see if you should proceed

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Speaker 2: with the notion of a conversion. And the reason why

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Speaker 2: the conversion is so important is because we can show

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Speaker 2: you strategically over a five or seven year window to

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Speaker 2: pay that tax and have no tax to pay. And

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Speaker 2: remember something I said before, when you're saving all your

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Speaker 2: life for tax retirement. For retirement, you have a tax

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Speaker 2: deferred account. So when you start taking it out the

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Speaker 2: R and DS and Chris, the distribution is so important

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Speaker 2: right now because along with that we look at the pensions,

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Speaker 2: so security and how much do you really need to

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Speaker 2: make up the difference in that it probably comes from

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Speaker 2: your IRA, but why not have it come from a

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Speaker 2: wroth tax free account.

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Speaker 3: Well that's just say so think about this when in

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Speaker 3: the future you need income. So let's just say you

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Speaker 3: retire and you get sold security of two thousand a

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Speaker 3: month and your spouse gets a thousand a month. That's

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Speaker 3: three thousand dollars a month of income. Well what if

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Speaker 3: you need five what do you do? Many people think, well,

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Speaker 3: I'll just take it from my IRA. Well that's a

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Speaker 3: two thousand dollars a month distribution. Well, now you're going

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Speaker 3: to get a ten ninety nine and that's taxable one

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Speaker 3: hundred percent taxed. So what if you were able to

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Speaker 3: create tax free buckets? So maybe you take a thousand

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Speaker 3: from your IRA in a thousand from your wroth IRA.

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Speaker 3: Now you have five thousand dollars a month of income.

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Speaker 3: But guess what you will be under the threshold income,

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Speaker 3: which means that you won't have to file a tax

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Speaker 3: term because you won't have to pay any tax. So

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Speaker 3: many people are thinking, well, how's that happen. Well, many

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Speaker 3: people don't understand how solid security is taxed. So in

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Speaker 3: this in this situation I just mentioned, you can go

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Speaker 3: go ahead and protect yourself from paying more tax in

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Speaker 3: the future by doing the planning now, so pick up

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Speaker 3: the phone, schedule time to meet with us. Let's talk

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Speaker 3: about how you can create tax free buckets and if

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Speaker 3: you should convert your money to the roth ira eight

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Speaker 3: three three Maggie.

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Speaker 2: Tax.

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Speaker 3: Pick up the phone today. It's so crucial because tax

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Speaker 3: rates are going to go up. What are you doing

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Speaker 3: if you have the opportunity to convert. Let's convert on

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Speaker 3: the most tax efficient way and we can show you

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Speaker 3: eight three three Magi tax.

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Speaker 2: And all of us have a debt to the irs,

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Speaker 2: so don't take that away because you saved on a

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Speaker 2: tax deferred basis. Now you've got to pay the tax

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Speaker 2: that they'll let you save on. And the problem now

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Speaker 2: is that when taxes go up, and they will, then

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Speaker 2: most people will not see that Chris, because they weren't

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Speaker 2: aware of the fact that tax cuts and jobs act

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Speaker 2: to reduce their taxes years ago. But look right now,

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Speaker 2: if you have a million dollar IRA or a five

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Speaker 2: hundred thousand dollar IRA or a two hundred thousand I

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Speaker 2: don't care what's in the IRA of four to one k.

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Speaker 2: You need to start thinking about converting because you're going

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Speaker 2: to pay tax maybe ten to twenty times more than

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Speaker 2: the tax deduction that you got years ago. So think

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Speaker 2: about it. You know, I'd rather have tax free money,

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Speaker 2: and it's it's going to hurt a little bit. But

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Speaker 2: when you look at it and you say, I have

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Speaker 2: to pay that tax because then I own it, that's

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Speaker 2: what you want to do. It's like the mortgage on

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Speaker 2: your house. You have to pay a mortgage, but when

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Speaker 2: you pay it off, you own that house. It's the

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Speaker 2: same thing with your roth account or your RMD or

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Speaker 2: your IRA. If you pay the tax, then you have

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Speaker 2: no more rm D, you have no more tax on

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Speaker 2: Social Security, you have no more ARM. And if your

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Speaker 2: advisor's not talking to you about this or your tax prepairer,

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Speaker 2: please give us a call eight three to three Maggie

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Speaker 2: Tax eight three three Magi tax. Let Chris and I

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Speaker 2: run a conversion for you and prove it to you,

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Speaker 2: and I can go with examples later that I can

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Speaker 2: show you how we helped a million dollar IRA basically

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Speaker 2: pay little or no tax, but they got it all

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Speaker 2: back and now it's a tax free account. Which would

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Speaker 2: you rather have?

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Speaker 3: That's the thing, you know, think about it? Moving forward,

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Speaker 3: tax rates are going to go up. The debtonus country

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Speaker 3: is high. Where are they going to get the money?

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Speaker 3: They know how much money you have in qualified accounts,

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Speaker 3: They know you know. That's what the thing about it

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Speaker 3: is is that they can increase tax rates three percent,

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Speaker 3: five percent, eight percent, ten percent in the future and

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Speaker 3: guess what that means more money to them, less to you.

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Speaker 3: But not if you have tax free buckets, because then

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Speaker 3: you just eliminated Uncle Sam forever and ever and ever.

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Speaker 3: Would you want to eliminate Uncle Sam? Absolutely? If you can,

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Speaker 3: how do you do it? That's the planning we talk about.

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Speaker 3: So let's do tax planning for you. Let's do income planning,

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Speaker 3: Let's do investment planning. Let's put it all together and

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Speaker 3: do a state planning. My gosh, how many people out

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Speaker 3: there don't have wills or trusts or power of attorneys

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Speaker 3: or state planning documents. Well, these are just crucial. And

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Speaker 3: I met with a client last week, sixty five years old.

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Speaker 3: My gosh, has three quarters of a million dollars and

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Speaker 3: guess what. They have no estate plan, they have no

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Speaker 3: income plan, they have no investment plan. They have no

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Speaker 3: tax plan. But now they do so because they talked

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Speaker 3: about how do we convert, how do we put our

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Speaker 3: money in the right position so we can have tax

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Speaker 3: free money in the future. They were concerned about out

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Speaker 3: the increase in tax rates. They're concerned about the administration.

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Speaker 3: They're concerned about the legislative risk. What we mean by

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Speaker 3: that is when they start changing the tax code, just

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Speaker 3: by the it's written in pencil, they're going to change it.

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Speaker 3: So what do you do tax planning? Pick up the phone,

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Speaker 3: schedule time to meet with us eight three to three.

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Speaker 3: Maggie Tax. We have offices on both sides of the Bay.

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Speaker 3: Visit our website Maggie tax dot com. That's m A.

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Speaker 3: G GI tax dot com. Once again, schedule time to

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Speaker 3: meet with us. We look forward to meeting with you

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Speaker 3: and every Sunday on ABC TV at ten thirty am.

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Speaker 3: Tune into our show ten thirty am ABC TV on

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Speaker 3: Sunday for the Maggie Tax and Financial Show eight three

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Speaker 3: to three Maggie Tax. That's eight three to three Magi Tax.

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Speaker 1: Stop funding Uncle Sam's retirement and start planning for your

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Speaker 1: own successful retirement as we return to the Maggie Tax

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Speaker 1: Financial Show with your host Robert and Chris. Maggie with

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Speaker 1: Maggie Tax and Wealth Advisors. For information on how you

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Speaker 1: can create a tax free retirement, call eight three three

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Speaker 1: three Maggie Tax, or visit Maggie tax dot com. Now

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Speaker 1: you're host with Maggie Tax and Wealth Advisors, Robert and Chris.

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Speaker 2: Maggie.

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Speaker 3: Welcome back to the Magi Tax and Financial Show, and

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Speaker 3: feel free to visit our website, Maggie Tax dot com.

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Speaker 3: There's so much information right there at your fingertips. Do

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Speaker 3: you have a tax plan? Do you have an income plan?

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Speaker 3: Do you have an investment plan? And you know what,

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Speaker 3: do you have an estate plan? If you said no

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Speaker 3: to any one of those, you need to listen up,

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Speaker 3: because now's the time to put together a plan for

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Speaker 3: you and your family a three to three MAGI tax.

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Speaker 3: That's a three to three Maggie tax. There's so much

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Speaker 3: there that we could talk about. You know, at our firm,

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Speaker 3: we talk about the Maggie plan. You know we're talking

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Speaker 3: about taxes today, but how do they incorporate with your investments?

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Speaker 3: If you are paying more in tax, guess what, less

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Speaker 3: income to you and your family. So are you prepared

435
00:19:50,000 --> 00:19:53,320
Speaker 3: for the possibility of higher taxes in retirement? And that's

436
00:19:53,359 --> 00:19:56,160
Speaker 3: what we're talking about today. You need to have a plan.

437
00:19:56,440 --> 00:19:58,359
Speaker 3: You need to have an investment plan, a tax plan,

438
00:19:58,440 --> 00:20:01,120
Speaker 3: and also an income plan. Eight three to three mag

439
00:20:01,119 --> 00:20:03,560
Speaker 3: attack schedule time to meet with us. We have obvious

440
00:20:03,600 --> 00:20:05,520
Speaker 3: on both sides of the day aid three to three

441
00:20:05,720 --> 00:20:06,760
Speaker 3: magi tax and.

442
00:20:06,720 --> 00:20:08,600
Speaker 2: By the way, we do tax preparations. So if you

443
00:20:08,600 --> 00:20:10,119
Speaker 2: want to make an appointment, come on in. But let

444
00:20:10,160 --> 00:20:12,840
Speaker 2: me mention one thing that happened this week. And it's

445
00:20:12,840 --> 00:20:16,560
Speaker 2: really simple. Everyone that works you make income, right, who's

446
00:20:16,560 --> 00:20:20,040
Speaker 2: the first one that you have to pay? Uncle Sam? Oh?

447
00:20:19,640 --> 00:20:22,280
Speaker 2: So let's just say you make twenty thousand last year

448
00:20:22,280 --> 00:20:25,040
Speaker 2: and you make fifty thousand this year, You've increased by

449
00:20:25,080 --> 00:20:28,199
Speaker 2: thirty thousand. Is that thirty thousand free Chris, Nope, you

450
00:20:28,200 --> 00:20:30,400
Speaker 2: have to pay Uncle Sam. Oh, you have to pay

451
00:20:30,480 --> 00:20:33,000
Speaker 2: Uncle Sam. See I'm making light of this because this

452
00:20:33,080 --> 00:20:35,600
Speaker 2: is where people getting confused. When I talked about the

453
00:20:35,640 --> 00:20:37,879
Speaker 2: five ways that taxes are going to go up, so

454
00:20:38,200 --> 00:20:41,000
Speaker 2: many of you assume that your taxes will be lower

455
00:20:41,000 --> 00:20:44,080
Speaker 2: in the future. Not true, it's not true. But as

456
00:20:44,119 --> 00:20:47,320
Speaker 2: today's retirees are discovering, that's often not the case. And

457
00:20:47,400 --> 00:20:49,359
Speaker 2: we see this every day. In a perfect example is

458
00:20:49,359 --> 00:20:52,199
Speaker 2: when you make more money, your tax bracket's gonna go up,

459
00:20:52,200 --> 00:20:54,600
Speaker 2: you have to pay more. So if taxes keep going

460
00:20:54,680 --> 00:20:56,840
Speaker 2: up and the tax brackets keep rising, you get less.

461
00:20:57,359 --> 00:20:59,520
Speaker 2: So we can help you understand the five ways your

462
00:20:59,520 --> 00:21:01,840
Speaker 2: taxes can could go up in retirement. And again, I

463
00:21:01,840 --> 00:21:03,959
Speaker 2: have a brochure. If you want to call my office,

464
00:21:04,000 --> 00:21:06,040
Speaker 2: just give me your email. I'll be glad to send

465
00:21:06,040 --> 00:21:07,440
Speaker 2: it to you in an email and you can see

466
00:21:07,440 --> 00:21:09,800
Speaker 2: for yourself. Well, come to one of our seminars and

467
00:21:09,840 --> 00:21:12,080
Speaker 2: I'll give you that at the seminar, and how we

468
00:21:12,119 --> 00:21:15,360
Speaker 2: can help you mitigate that tax risk. Think about that.

469
00:21:16,000 --> 00:21:19,840
Speaker 2: Does your advisor talk about mitigating tax risk? No, they

470
00:21:19,880 --> 00:21:22,159
Speaker 2: talk about, you know, putting more money in another account.

471
00:21:22,359 --> 00:21:26,360
Speaker 2: So from the congressional spending to tax bracket changes. You're

472
00:21:26,359 --> 00:21:28,880
Speaker 2: going to learn how to position taxes in your retirement.

473
00:21:29,240 --> 00:21:31,760
Speaker 2: And every news item out of watching con seems to

474
00:21:31,800 --> 00:21:34,760
Speaker 2: include details of a new or expanded tax. Let me

475
00:21:34,800 --> 00:21:38,000
Speaker 2: ask you a question. So, the total government revenue in

476
00:21:38,080 --> 00:21:42,320
Speaker 2: twenty twenty two was four point nine trillion. That's what

477
00:21:42,359 --> 00:21:45,119
Speaker 2: the government takes in in revenue that was in twenty

478
00:21:45,160 --> 00:21:49,200
Speaker 2: twenty two. Total government spending in fiscal year twenty two

479
00:21:49,760 --> 00:21:52,919
Speaker 2: was six point three trillion. Do the math. It's like,

480
00:21:52,960 --> 00:21:54,359
Speaker 2: you know you have a credit card, you got to

481
00:21:54,359 --> 00:21:56,840
Speaker 2: pay it back, okay, but we're not even paying back

482
00:21:57,240 --> 00:21:57,639
Speaker 2: half of it.

483
00:21:57,760 --> 00:21:59,840
Speaker 3: Chris, Well, that's just said. I mean things you can't control.

484
00:22:00,160 --> 00:22:02,280
Speaker 3: We know that the government is spending more. That's not

485
00:22:02,280 --> 00:22:03,719
Speaker 3: a topic we want to go into right now.

486
00:22:03,920 --> 00:22:04,479
Speaker 2: Is what it is.

487
00:22:04,840 --> 00:22:06,840
Speaker 3: They're spending more than they take in. But what does

488
00:22:06,840 --> 00:22:09,600
Speaker 3: that mean to you? What does that mean to me?

489
00:22:09,880 --> 00:22:11,320
Speaker 2: Right? What does it mean to our generation?

490
00:22:12,000 --> 00:22:14,040
Speaker 3: It means that we are going to pay more in

491
00:22:14,119 --> 00:22:17,280
Speaker 3: tax because they know how much money you have in iras,

492
00:22:17,440 --> 00:22:19,359
Speaker 3: They know how much money you have in formal case,

493
00:22:19,680 --> 00:22:21,199
Speaker 3: they know how much money you have in a TSP.

494
00:22:21,280 --> 00:22:22,719
Speaker 2: If you're a federal employee.

495
00:22:23,160 --> 00:22:26,080
Speaker 3: They know these are all qualified accounts that are infected

496
00:22:26,080 --> 00:22:30,080
Speaker 3: with tax so very simple. You're exposed to tax risk,

497
00:22:30,200 --> 00:22:33,479
Speaker 3: you're exposed to legislative risk where they can change the rules.

498
00:22:33,800 --> 00:22:35,359
Speaker 3: What I mean by that is they can change the

499
00:22:35,440 --> 00:22:38,680
Speaker 3: rules on how much they tax you they tax me. Right,

500
00:22:38,920 --> 00:22:41,439
Speaker 3: these are things that we need to start controlling today.

501
00:22:41,520 --> 00:22:44,240
Speaker 3: And you can if you put together a tax plan.

502
00:22:44,720 --> 00:22:47,240
Speaker 3: That's why I ask you, what's your plan? What's your

503
00:22:47,320 --> 00:22:49,840
Speaker 3: tax plan? If you don't have one, now is the

504
00:22:49,880 --> 00:22:52,440
Speaker 3: time to start really putting one together. And we can help.

505
00:22:52,640 --> 00:22:54,600
Speaker 3: So pick up the phone, schedule time to meet with us.

506
00:22:54,680 --> 00:22:57,120
Speaker 3: Because when we put together a tax plan, we can

507
00:22:57,160 --> 00:23:00,840
Speaker 3: put together an income plan. And what's better having taxable

508
00:23:00,880 --> 00:23:03,639
Speaker 3: income or tax free income, and when you can show

509
00:23:03,880 --> 00:23:06,919
Speaker 3: a tax return like we do to our clients in retirement,

510
00:23:07,280 --> 00:23:10,960
Speaker 3: that I don't care if they increase taxes because our clients'

511
00:23:11,000 --> 00:23:14,600
Speaker 3: plans have tax free money. So when they retire and

512
00:23:14,640 --> 00:23:17,560
Speaker 3: they take income and government says, well, we need to

513
00:23:17,600 --> 00:23:20,200
Speaker 3: pay our deficet and we need to increase taxes, our

514
00:23:20,200 --> 00:23:22,920
Speaker 3: clients aren't affected by that because they have a tax plan.

515
00:23:23,560 --> 00:23:25,000
Speaker 3: That's what we can do for you. So pick up

516
00:23:25,000 --> 00:23:27,280
Speaker 3: the phone, schedule a time to meet with us. Eight

517
00:23:27,320 --> 00:23:30,240
Speaker 3: three to three Maggie Tax. That's eight three three Maggie Tax.

518
00:23:30,320 --> 00:23:32,280
Speaker 2: And this is a race that we all must learn

519
00:23:32,359 --> 00:23:34,679
Speaker 2: to win where we're ahead of it, not behind it,

520
00:23:34,760 --> 00:23:36,640
Speaker 2: because that's when people get in trouble in it. Every

521
00:23:36,640 --> 00:23:38,639
Speaker 2: seminar that we do, this is the question that we

522
00:23:38,720 --> 00:23:41,160
Speaker 2: ask the audience, and I'm asking all of you how

523
00:23:41,200 --> 00:23:43,840
Speaker 2: many people think taxes are going up in the future,

524
00:23:44,240 --> 00:23:47,000
Speaker 2: And I know everybody raises their hand. Nearly everyone raised

525
00:23:47,040 --> 00:23:48,800
Speaker 2: their hands because it's going to go up. So the

526
00:23:48,800 --> 00:23:51,840
Speaker 2: point Chris and I are making today is tax planning

527
00:23:52,400 --> 00:23:55,120
Speaker 2: is essential. You've got to start thinking about it. Whether

528
00:23:55,160 --> 00:23:57,199
Speaker 2: you have low income or high income, it doesn't make

529
00:23:57,240 --> 00:24:00,280
Speaker 2: a difference. Yet, while you understand we've entered it into

530
00:24:00,320 --> 00:24:04,040
Speaker 2: a rousing tax environment, surprisingly few of you have used

531
00:24:04,080 --> 00:24:07,560
Speaker 2: that knowledge to change how you save for retirement. And

532
00:24:07,600 --> 00:24:09,840
Speaker 2: if your advisor's not talking to you about this, which

533
00:24:09,880 --> 00:24:12,399
Speaker 2: is why we say, go to my retirement calculator on

534
00:24:12,480 --> 00:24:15,200
Speaker 2: Maggie tax dot com and see for yourself what your

535
00:24:15,240 --> 00:24:18,000
Speaker 2: tax is going to be. Chris, that's very important.

536
00:24:18,000 --> 00:24:19,480
Speaker 3: Well, let's just talk about that. You know, when we

537
00:24:19,560 --> 00:24:22,440
Speaker 3: meet with clients. What are we seeing. We're seeing tons

538
00:24:22,440 --> 00:24:25,280
Speaker 3: of RRAH accounts, tons of form with K accounts, tons

539
00:24:25,320 --> 00:24:27,879
Speaker 3: of these accounts that are deferred. We see this and

540
00:24:27,920 --> 00:24:29,880
Speaker 3: they've been with their advisors for years. They're not doing

541
00:24:29,920 --> 00:24:32,360
Speaker 3: the right job. I'll tell you what. Yeah, anyone can

542
00:24:32,359 --> 00:24:35,000
Speaker 3: manage your money. You can manage yourself. With this market

543
00:24:35,000 --> 00:24:36,720
Speaker 3: where it's at and the amount of money they're pumping

544
00:24:36,760 --> 00:24:39,680
Speaker 3: in and the environment they're playing with the interest rates,

545
00:24:40,119 --> 00:24:42,760
Speaker 3: everyone's making money. That's easy, that's the easy part of it.

546
00:24:43,000 --> 00:24:44,600
Speaker 3: But what about the end of the game. You know,

547
00:24:44,600 --> 00:24:46,440
Speaker 3: when you think about a football game and you're up

548
00:24:46,560 --> 00:24:49,639
Speaker 3: at halftime, you're all happy because you're up by forty points,

549
00:24:49,640 --> 00:24:51,879
Speaker 3: but guess what, You've got to finish the game. And

550
00:24:51,920 --> 00:24:53,919
Speaker 3: that's where Uncle Sam comes in, and that's where he

551
00:24:53,960 --> 00:24:56,120
Speaker 3: blows it right by you and you lose forty three

552
00:24:56,160 --> 00:24:58,440
Speaker 3: to forty because you did not have a tax plan.

553
00:24:58,880 --> 00:25:01,160
Speaker 3: So pick up the phone, schedule time to meet with us.

554
00:25:01,359 --> 00:25:03,639
Speaker 3: Let's put together an investment plan, Let's put together an

555
00:25:03,680 --> 00:25:06,560
Speaker 3: income plan. Let's put together that tax plan that you

556
00:25:06,680 --> 00:25:10,920
Speaker 3: need to generate guaranteed safety and also income in the future.

557
00:25:11,000 --> 00:25:13,440
Speaker 3: What's wrong with going to the mailbox every month when

558
00:25:13,440 --> 00:25:16,680
Speaker 3: you're retired, pick it up a check and that's tax

559
00:25:16,680 --> 00:25:18,280
Speaker 3: free money and spending the heck out of it and

560
00:25:18,359 --> 00:25:19,880
Speaker 3: doing it all over again for the rest of your life.

561
00:25:19,920 --> 00:25:21,320
Speaker 2: How cool would that be?

562
00:25:21,320 --> 00:25:23,320
Speaker 3: Because when you hear the news and hear all the

563
00:25:23,440 --> 00:25:26,040
Speaker 3: drama and they talk about, oh my gosh, taxes are

564
00:25:26,080 --> 00:25:27,960
Speaker 3: going to go up. Tax are the highest it's ever been,

565
00:25:28,240 --> 00:25:30,359
Speaker 3: you can say and put a smile on your face

566
00:25:30,400 --> 00:25:32,400
Speaker 3: and say that doesn't affect.

567
00:25:32,520 --> 00:25:35,800
Speaker 2: Not higher, they're lower is the lowest point.

568
00:25:35,840 --> 00:25:37,640
Speaker 3: But how cool could it be when the future, when

569
00:25:37,640 --> 00:25:40,160
Speaker 3: that happens, that you don't have to be affected by it.

570
00:25:40,480 --> 00:25:42,480
Speaker 3: That's why we can put together a tax plan eight

571
00:25:42,600 --> 00:25:45,560
Speaker 3: three three magi tax. Get the tax plan. We have

572
00:25:45,600 --> 00:25:47,280
Speaker 3: office on both sides of the bay eight three to

573
00:25:47,280 --> 00:25:48,160
Speaker 3: three magi tax.

574
00:25:48,280 --> 00:25:51,200
Speaker 2: So if you all continue to defer taxes, which many

575
00:25:51,240 --> 00:25:52,879
Speaker 2: of you do in an IRA four to one K

576
00:25:53,359 --> 00:25:56,040
Speaker 2: four or three B on all or most of your

577
00:25:56,040 --> 00:25:59,000
Speaker 2: retirement assets, you're going to have a large tax bill

578
00:25:59,080 --> 00:26:01,520
Speaker 2: to pay. So why would you do that? If you

579
00:26:01,560 --> 00:26:04,080
Speaker 2: can do strategic planning or like Chris and I talk

580
00:26:04,119 --> 00:26:07,359
Speaker 2: about bucket planning, where you have income that may be

581
00:26:07,480 --> 00:26:10,000
Speaker 2: tax free, you have growth and you have later money,

582
00:26:10,040 --> 00:26:12,639
Speaker 2: but you take that money and you have tax free money.

583
00:26:12,920 --> 00:26:14,720
Speaker 2: We can do that. That's what we do. That's called

584
00:26:14,720 --> 00:26:17,440
Speaker 2: the Maggie Plan. It's a tax plan, it's an income plan,

585
00:26:17,440 --> 00:26:19,919
Speaker 2: it's an investment plan, and it's a legacy plan. And

586
00:26:19,960 --> 00:26:22,560
Speaker 2: please one other thing. Many of you don't have a

587
00:26:22,600 --> 00:26:24,880
Speaker 2: will or a trust and you sit back and say

588
00:26:24,920 --> 00:26:27,760
Speaker 2: I don't need it, because well you do, so visit

589
00:26:27,800 --> 00:26:30,120
Speaker 2: one of our seminars. Go to my website Maggie tax

590
00:26:30,160 --> 00:26:32,560
Speaker 2: dot com. We have two seminars a month. Take a

591
00:26:32,560 --> 00:26:35,040
Speaker 2: look at the dates and times and locations and come.

592
00:26:35,080 --> 00:26:38,800
Speaker 2: There's no obligation, no lunch, no dinner, no nothing, just

593
00:26:39,040 --> 00:26:41,080
Speaker 2: explaining to you what this is about. I think that's

594
00:26:41,160 --> 00:26:44,439
Speaker 2: more important getting you education and understanding the language than

595
00:26:44,440 --> 00:26:46,480
Speaker 2: feeding people. And you know what, I've done that for

596
00:26:46,600 --> 00:26:48,760
Speaker 2: years and it's okay, but it's not what I want.

597
00:26:48,800 --> 00:26:51,000
Speaker 2: If you want information, then you come to my seminar.

598
00:26:51,280 --> 00:26:53,760
Speaker 2: I will give you the information because that's what you need.

599
00:26:54,000 --> 00:26:58,200
Speaker 2: So how can we help overcome this disconnect of taxes

600
00:26:58,240 --> 00:27:01,800
Speaker 2: and legislative risk. Maggie Tax We help our clients face

601
00:27:01,920 --> 00:27:05,440
Speaker 2: new risks. People work with Maggie Tax because we help.

602
00:27:05,680 --> 00:27:09,280
Speaker 2: And here's the word mitigate risk. Chris, does any advisor

603
00:27:09,320 --> 00:27:12,400
Speaker 2: are talking about mitigate risk? No, they don't talk about that.

604
00:27:12,400 --> 00:27:14,639
Speaker 2: That that's why it's so disappointing. Think about it. You

605
00:27:14,680 --> 00:27:16,600
Speaker 2: don't have clients like we see this. We meet with

606
00:27:16,600 --> 00:27:18,479
Speaker 2: clients and they come in with statements. Yeah it's five

607
00:27:18,560 --> 00:27:20,439
Speaker 2: hundred thousand, Yeah it's one point two million, Yeah it's

608
00:27:20,440 --> 00:27:22,000
Speaker 2: three hundred thousand, Yeah it's four million.

609
00:27:22,240 --> 00:27:24,160
Speaker 3: It doesn't matter. At the end of the day, there's

610
00:27:24,200 --> 00:27:27,280
Speaker 3: no planning. There's no planning. It's just investment accounts. You've

611
00:27:27,280 --> 00:27:30,000
Speaker 3: got piles of money. We see in this. This is

612
00:27:30,040 --> 00:27:33,040
Speaker 3: what advisors are doing. They're just dealing with investments. Yeah,

613
00:27:33,080 --> 00:27:33,800
Speaker 3: you have money.

614
00:27:33,840 --> 00:27:35,720
Speaker 2: I don't care. The fact of the man is what's

615
00:27:35,760 --> 00:27:37,440
Speaker 2: the end of the game look like for you?

616
00:27:37,480 --> 00:27:39,679
Speaker 3: The tax side of this, because yeah, you can have

617
00:27:39,680 --> 00:27:41,919
Speaker 3: four million bucks, but guess what when we run the

618
00:27:41,960 --> 00:27:44,919
Speaker 3: tax time calculator and that four million dollars is not

619
00:27:44,960 --> 00:27:48,320
Speaker 3: worth four million, It's worth two million, or it's worth

620
00:27:48,359 --> 00:27:52,760
Speaker 3: two point five million. Guess what, Uncle Sam is your partner.

621
00:27:53,280 --> 00:27:56,520
Speaker 3: How do you remove Uncle Sam from your partner forever

622
00:27:56,600 --> 00:27:57,800
Speaker 3: and ever and ever?

623
00:27:58,040 --> 00:27:59,720
Speaker 2: So we can show you how to do this. So

624
00:27:59,800 --> 00:28:01,919
Speaker 2: here's is understanding that you just said that people have

625
00:28:02,040 --> 00:28:03,960
Speaker 2: I have a lot of money. I have two million,

626
00:28:04,000 --> 00:28:05,639
Speaker 2: I have one million, I have five hundred thousand. No

627
00:28:05,720 --> 00:28:08,639
Speaker 2: you don't. Here's the question that we ask every single

628
00:28:08,680 --> 00:28:11,920
Speaker 2: person that comes into meets with us, how much income

629
00:28:12,520 --> 00:28:15,720
Speaker 2: do you need per month? Forget about how much you have?

630
00:28:16,240 --> 00:28:18,239
Speaker 2: How much do you need per month? Am I right

631
00:28:18,320 --> 00:28:20,680
Speaker 2: or wrong? And then where we going to get it from?

632
00:28:20,720 --> 00:28:22,480
Speaker 2: And then when you start looking at the numbers and

633
00:28:22,520 --> 00:28:25,080
Speaker 2: you start budgeting and you start figuring out, well I

634
00:28:25,080 --> 00:28:27,320
Speaker 2: only need this amount and I'm okay, let the risk

635
00:28:27,400 --> 00:28:29,680
Speaker 2: grow and put on a tax free basis. Why would

636
00:28:29,720 --> 00:28:31,560
Speaker 2: you not want to do that? So how do we

637
00:28:31,640 --> 00:28:34,359
Speaker 2: do that? It's real simple. We use a process. We

638
00:28:34,400 --> 00:28:37,480
Speaker 2: have a process at Maggie Tax. We identify the risk.

639
00:28:37,520 --> 00:28:40,280
Speaker 2: And this is so important because older people are taking

640
00:28:40,320 --> 00:28:42,520
Speaker 2: more risk than they need to and the advisor's not

641
00:28:42,840 --> 00:28:46,400
Speaker 2: talking about risk management we do. We want to quantify

642
00:28:46,440 --> 00:28:49,000
Speaker 2: that risk because maybe you're taking too much risk and

643
00:28:49,040 --> 00:28:51,400
Speaker 2: we can reduce the risks you have more tax free money.

644
00:28:51,680 --> 00:28:54,080
Speaker 2: And here's the thing, write this down. We're going to

645
00:28:54,080 --> 00:28:58,120
Speaker 2: build a plan to mitigate to mitigate that risk. You

646
00:28:58,120 --> 00:28:59,680
Speaker 2: know what, I challenge all of you. Go to your

647
00:28:59,680 --> 00:29:02,000
Speaker 2: advice or go to your CPA and ask them this question,

648
00:29:02,480 --> 00:29:05,280
Speaker 2: how do you mitigate my tax risk? And then be quiet.

649
00:29:05,600 --> 00:29:06,960
Speaker 2: I guarantee you they're going to look at you and

650
00:29:07,240 --> 00:29:08,880
Speaker 2: gonna stare at you, like, what are you talking about?

651
00:29:09,200 --> 00:29:12,960
Speaker 2: Mitigate lower the tax risk. So it started with the market.

652
00:29:13,200 --> 00:29:15,480
Speaker 2: Savers wanted to and this is what Chris was talking

653
00:29:15,640 --> 00:29:18,120
Speaker 2: about before, and they needed the power of the stock

654
00:29:18,160 --> 00:29:21,280
Speaker 2: market to grow their funds. It was a simple formula,

655
00:29:21,320 --> 00:29:23,560
Speaker 2: there was nothing wrong with it. They put money aside,

656
00:29:23,640 --> 00:29:26,400
Speaker 2: invest in the stock market, and watch it grow. Oh man,

657
00:29:26,440 --> 00:29:29,760
Speaker 2: this is growing great, right Chris, Until it didn't. Until

658
00:29:29,800 --> 00:29:32,320
Speaker 2: it didn't, and it's gonna happen again. So during the

659
00:29:32,400 --> 00:29:36,600
Speaker 2: market downturn, savers learned about what risks, what kind of

660
00:29:36,680 --> 00:29:39,200
Speaker 2: risk Chris, there's different types. Are at market risk? Right?

661
00:29:39,200 --> 00:29:42,760
Speaker 3: Inflation risk? We see that, What about tax risk? These

662
00:29:42,800 --> 00:29:45,280
Speaker 3: are things we're talking about. So do you have a plan?

663
00:29:46,040 --> 00:29:48,360
Speaker 3: Many people out there don't. They just have piles of money.

664
00:29:48,400 --> 00:29:50,240
Speaker 3: You get those statements. You have a pile of money,

665
00:29:50,240 --> 00:29:53,160
Speaker 3: big deal, But how is it going to come out.

666
00:29:53,200 --> 00:29:56,000
Speaker 3: What's the end of the game look like for that account,

667
00:29:56,280 --> 00:29:58,600
Speaker 3: pick up the phone, schedule time to meet with us.

668
00:29:58,720 --> 00:30:01,160
Speaker 3: Let's get together. I urge you to do this because

669
00:30:01,160 --> 00:30:03,520
Speaker 3: we see this each and every day. Many people. They

670
00:30:03,560 --> 00:30:06,000
Speaker 3: come in, they think they have a plan, and guess

671
00:30:06,040 --> 00:30:08,200
Speaker 3: what they don't because when we do tax planning and

672
00:30:08,240 --> 00:30:11,880
Speaker 3: tax preparation each and every year, guess what they're paying taxes?

673
00:30:12,320 --> 00:30:13,560
Speaker 3: And then they're saying, what can I do?

674
00:30:13,760 --> 00:30:14,000
Speaker 2: Well?

675
00:30:15,040 --> 00:30:17,440
Speaker 3: You follow the crowd. You didn't listen and you didn't

676
00:30:17,480 --> 00:30:19,600
Speaker 3: put together a plan. Now's the time to do it.

677
00:30:20,040 --> 00:30:22,960
Speaker 3: Don't follow the crowd. Eight three three Maggie Tax. That's

678
00:30:23,000 --> 00:30:25,840
Speaker 3: a three three Maggie Tax. Visit our website at Maggie

679
00:30:25,880 --> 00:30:28,480
Speaker 3: tax dot com. There's so much there to help you.

680
00:30:28,680 --> 00:30:31,880
Speaker 3: Eight three three Magi Tax. Send apployment today. Eight three

681
00:30:31,960 --> 00:30:33,120
Speaker 3: three Magi Tax.

682
00:30:36,400 --> 00:30:39,960
Speaker 1: Stop funding Uncle Sam's retirement and start planning for your

683
00:30:39,960 --> 00:30:43,440
Speaker 1: own successful retirement. As we return to the Maggie Tax

684
00:30:43,480 --> 00:30:46,880
Speaker 1: Financial Show with your host Robert and Chris, Maggie with

685
00:30:47,000 --> 00:30:50,160
Speaker 1: Maggie Tax and Wealth Advisors for information on how you

686
00:30:50,200 --> 00:30:53,760
Speaker 1: can create a tax free retirement. Call eight three three

687
00:30:54,200 --> 00:30:58,520
Speaker 1: Magie Tax, or visit Maggie Tax dot com. Now your

688
00:30:58,520 --> 00:31:02,920
Speaker 1: host with Maggie Tax and Wealth Advisors Robert and Chris Maggie.

689
00:31:02,720 --> 00:31:04,640
Speaker 2: Welcome back, and you're listening to the MAGA Tax and

690
00:31:04,720 --> 00:31:07,640
Speaker 2: Financial Show. And today we've been talking about tax risk

691
00:31:07,680 --> 00:31:09,920
Speaker 2: and legislative risk and a whole bunch of other things.

692
00:31:10,160 --> 00:31:11,840
Speaker 2: But what thing I want to bring back this is

693
00:31:11,880 --> 00:31:15,080
Speaker 2: for the person out there that has been investing in

694
00:31:15,120 --> 00:31:17,320
Speaker 2: this for a long time. In the advisor community, they

695
00:31:17,400 --> 00:31:21,280
Speaker 2: learn to identify that risk by they created using fancy

696
00:31:21,400 --> 00:31:24,200
Speaker 2: terms like alpha and beta. How many people know that?

697
00:31:24,520 --> 00:31:27,760
Speaker 2: And the industry helped create tools like Monte Carlo simulations

698
00:31:27,800 --> 00:31:30,640
Speaker 2: to quantify that risk for clients? How many know that? Okay,

699
00:31:30,680 --> 00:31:33,880
Speaker 2: I'm not worried about that. Finally, advisors would use those

700
00:31:33,920 --> 00:31:38,320
Speaker 2: tools to build asset allocation models to mitigate market risk,

701
00:31:38,960 --> 00:31:42,080
Speaker 2: not mitigate tax risk. So the question is every time

702
00:31:42,120 --> 00:31:43,920
Speaker 2: we see a client come in, did you open up

703
00:31:43,920 --> 00:31:45,239
Speaker 2: your statement? Do you know what you have? And they

704
00:31:45,240 --> 00:31:47,480
Speaker 2: say no, I don't. They don't know about alpha, beta

705
00:31:47,480 --> 00:31:48,960
Speaker 2: and all this other stuff. They just look at the

706
00:31:48,960 --> 00:31:51,800
Speaker 2: bottom line and they look at how many fees they're paying. Well,

707
00:31:51,800 --> 00:31:54,760
Speaker 2: what is the advisor doing for you? He's not doing

708
00:31:54,920 --> 00:31:57,600
Speaker 2: tax risk, he's not doing income risk, so what was

709
00:31:57,600 --> 00:32:00,160
Speaker 2: he doing he's just grown your assets. The focus on

710
00:32:00,200 --> 00:32:03,840
Speaker 2: accumulating wealth was the primary focus until a few things happened.

711
00:32:04,280 --> 00:32:07,640
Speaker 2: The dot com bubble burst, followed shortly there after by

712
00:32:07,680 --> 00:32:11,720
Speaker 2: the financial crisis, and suddenly savers were reaching retirement age

713
00:32:11,760 --> 00:32:16,080
Speaker 2: with depleted assets and no plan to generate income. And

714
00:32:16,080 --> 00:32:18,800
Speaker 2: that problem was compounded by the reality that retirees were

715
00:32:18,840 --> 00:32:21,760
Speaker 2: living longer than ever. So none of these advisors talked

716
00:32:21,760 --> 00:32:25,080
Speaker 2: about future tax free money or income. And I asked

717
00:32:25,120 --> 00:32:27,440
Speaker 2: it before, how much income do you need for the

718
00:32:27,440 --> 00:32:29,680
Speaker 2: rest of your life to go to that mailbox every

719
00:32:29,760 --> 00:32:32,600
Speaker 2: month and get the check that you want. Advisors learned

720
00:32:32,640 --> 00:32:36,400
Speaker 2: to identify that income risk or a longevity risk. That's

721
00:32:36,440 --> 00:32:39,200
Speaker 2: what we do. And suddenly it wasn't enough to just

722
00:32:39,240 --> 00:32:43,040
Speaker 2: accumulate funds. Savers needed a plan to make those funds

723
00:32:43,200 --> 00:32:46,160
Speaker 2: last a lifetime. Chris, And that's what we see every

724
00:32:46,240 --> 00:32:50,160
Speaker 2: day now because people are confused, they're isolated, and they're angry.

725
00:32:50,800 --> 00:32:53,040
Speaker 2: Would you think it's because they got the wrong information,

726
00:32:53,160 --> 00:32:55,959
Speaker 2: they were taught the wrong language. Well, this is what's happening.

727
00:32:55,960 --> 00:32:59,480
Speaker 3: People come into tax preparation and guess what, when they're

728
00:32:59,520 --> 00:33:02,239
Speaker 3: not clients savars, their clients of other advisors and they

729
00:33:02,280 --> 00:33:04,560
Speaker 3: come in and they say, I want to get a plan,

730
00:33:04,960 --> 00:33:06,960
Speaker 3: So we do the taxes for them, and guess what,

731
00:33:07,000 --> 00:33:08,800
Speaker 3: they're upset they have to pay a tax liability. And

732
00:33:08,800 --> 00:33:11,280
Speaker 3: they said, well, my advisor never showed me a tax plan.

733
00:33:11,880 --> 00:33:14,920
Speaker 3: So what if you could have a plan where you

734
00:33:14,960 --> 00:33:16,880
Speaker 3: have buckets of money? Just think about this for a

735
00:33:16,920 --> 00:33:18,920
Speaker 3: sec What if you have a buckets of money that

736
00:33:19,120 --> 00:33:22,040
Speaker 3: have growth with investments that are allocated the right way

737
00:33:22,080 --> 00:33:24,880
Speaker 3: to your risk tolerance. What if you have a couple

738
00:33:24,880 --> 00:33:27,480
Speaker 3: other buckets that generate guaranteed income so you can go

739
00:33:27,480 --> 00:33:29,200
Speaker 3: to the mailbox each and every month and grab that

740
00:33:29,320 --> 00:33:31,120
Speaker 3: check and spend the heck out of it and do

741
00:33:31,160 --> 00:33:32,760
Speaker 3: it all over again for the rest of your life.

742
00:33:33,240 --> 00:33:35,480
Speaker 3: And what if you have like an inflation bucket, right

743
00:33:35,720 --> 00:33:38,160
Speaker 3: you can always tap into so when things hit the fan,

744
00:33:38,720 --> 00:33:40,720
Speaker 3: you can always tap into and have income so you

745
00:33:40,720 --> 00:33:44,440
Speaker 3: don't have to worry about the inflation or running out

746
00:33:44,440 --> 00:33:47,160
Speaker 3: of money. Then what if you had those buckets, every

747
00:33:47,200 --> 00:33:51,000
Speaker 3: one of them, make sure that they pass to where

748
00:33:51,080 --> 00:33:53,840
Speaker 3: you wanted to go and avoid the probate process. Then

749
00:33:53,960 --> 00:33:55,600
Speaker 3: what if you had some of those buckets that are

750
00:33:55,600 --> 00:33:58,239
Speaker 3: tax free, so when you use taxes every year, you

751
00:33:58,280 --> 00:34:00,960
Speaker 3: take some from a taxable environment from a tax free

752
00:34:01,080 --> 00:34:03,120
Speaker 3: and you can stay under the threshold income. So maybe

753
00:34:03,160 --> 00:34:05,560
Speaker 3: you don't have to file a tax return or your

754
00:34:05,560 --> 00:34:10,200
Speaker 3: effective tax rate is very low. That's how you do planning.

755
00:34:10,480 --> 00:34:12,440
Speaker 3: What if you can have that, Well, that's what the

756
00:34:12,480 --> 00:34:15,759
Speaker 3: Maggie plans all about. That's the holistic plan that we do.

757
00:34:15,840 --> 00:34:17,319
Speaker 3: It's not about just give me your money, let me

758
00:34:17,360 --> 00:34:20,919
Speaker 3: manage it for you. Anybody can do that. There's more

759
00:34:21,000 --> 00:34:24,080
Speaker 3: to it. So when you think about what's happening right now,

760
00:34:24,520 --> 00:34:27,279
Speaker 3: you're following the crowd. You're the same as every one

761
00:34:27,360 --> 00:34:30,120
Speaker 3: of people out there, and there's a small percentage of

762
00:34:30,200 --> 00:34:32,680
Speaker 3: people out there that actually have what I just talked

763
00:34:32,680 --> 00:34:35,840
Speaker 3: about because there's so many people out there that don't

764
00:34:35,880 --> 00:34:38,399
Speaker 3: know what to do. If you're listening today, I urge

765
00:34:38,440 --> 00:34:40,600
Speaker 3: you to pick up the phone, schedule time to meet

766
00:34:40,600 --> 00:34:43,399
Speaker 3: with us, get a second opinion on your plan. Eight

767
00:34:43,440 --> 00:34:45,560
Speaker 3: three to three MAGI tax. That's eight three to three

768
00:34:45,719 --> 00:34:46,440
Speaker 3: Maggie tax.

769
00:34:46,560 --> 00:34:48,160
Speaker 2: So the question is how do you make your money

770
00:34:48,239 --> 00:34:51,640
Speaker 2: last a lifetime? And what happened things change in this industry.

771
00:34:51,920 --> 00:34:55,560
Speaker 2: Annuities came out guaranteed income riders that people have. That

772
00:34:55,680 --> 00:34:58,799
Speaker 2: was the perfect solution to provide a guaranteed check and

773
00:34:58,880 --> 00:35:02,799
Speaker 2: clients could retire and outlive their money. In the year

774
00:35:02,840 --> 00:35:07,040
Speaker 2: two thousand, advisors became experts in income planning, addressed this

775
00:35:07,160 --> 00:35:09,920
Speaker 2: major concern and that's what we do. And shortly thereafter,

776
00:35:10,000 --> 00:35:13,760
Speaker 2: most advisors across the industry were using annuities to offset

777
00:35:13,800 --> 00:35:16,400
Speaker 2: income risk. Now, don't panic when I say the word annuities,

778
00:35:16,880 --> 00:35:19,200
Speaker 2: because if you look at your Social Security and your pension,

779
00:35:19,200 --> 00:35:22,319
Speaker 2: that is that's an annuity. So think about it. You

780
00:35:22,400 --> 00:35:24,520
Speaker 2: just don't understand the language and how they apply. And

781
00:35:24,560 --> 00:35:27,600
Speaker 2: some may be bad. I get it. Chris understands. But

782
00:35:27,719 --> 00:35:30,480
Speaker 2: until you sit down and see how the annuity process works.

783
00:35:30,680 --> 00:35:33,280
Speaker 2: You want guaranteed income for life, you want a certain amount,

784
00:35:33,360 --> 00:35:35,839
Speaker 2: we can help you. So today the headlines are all

785
00:35:35,880 --> 00:35:39,160
Speaker 2: about taxes, all right. They just bypassed everything. They shoved

786
00:35:39,160 --> 00:35:43,320
Speaker 2: it under the blanket. Advisors who understand tax risks today

787
00:35:43,800 --> 00:35:45,839
Speaker 2: like we do with Maggie, tax are the reason why

788
00:35:45,880 --> 00:35:48,759
Speaker 2: we are successful. Many of you know us. Many of

789
00:35:48,800 --> 00:35:51,200
Speaker 2: you come in and see us and you understand the plan,

790
00:35:51,760 --> 00:35:53,880
Speaker 2: and we do complete planning. And I'll say it again,

791
00:35:54,239 --> 00:35:56,719
Speaker 2: you do not have a complete plan if you do

792
00:35:56,800 --> 00:35:59,120
Speaker 2: not have a tax plan or an income plan, and

793
00:35:59,160 --> 00:36:01,960
Speaker 2: we can apply the same financial process we used to

794
00:36:02,000 --> 00:36:04,920
Speaker 2: address market and income risks. We want to help clients

795
00:36:05,000 --> 00:36:08,880
Speaker 2: identify your tax risk, quantifying dollars and cents. That's the

796
00:36:08,880 --> 00:36:11,520
Speaker 2: bottom line. People say, Bobby, Chris, how much am I

797
00:36:11,560 --> 00:36:14,160
Speaker 2: going to get? Bottom line? And let us find the

798
00:36:14,160 --> 00:36:16,880
Speaker 2: tools to reduce that risk. That's up to you. You

799
00:36:16,960 --> 00:36:19,759
Speaker 2: have to tell us what's concerning you income, Is it

800
00:36:19,800 --> 00:36:22,640
Speaker 2: taxes or it's all the above, Because the biggest thing

801
00:36:22,680 --> 00:36:25,160
Speaker 2: we hear, Chris, is the market. The market. Oh, it's up,

802
00:36:25,160 --> 00:36:27,799
Speaker 2: we're making money. No, you're not. You got It's not

803
00:36:27,840 --> 00:36:30,799
Speaker 2: all yours until it crashes, and then it crashes. Then

804
00:36:30,800 --> 00:36:33,359
Speaker 2: you lose what, you lose all that you think you had.

805
00:36:33,400 --> 00:36:36,120
Speaker 2: That is not a plan for retirement, Chris. I mean,

806
00:36:36,200 --> 00:36:38,200
Speaker 2: I'm sorry, I get upset, but this is what people

807
00:36:38,200 --> 00:36:39,960
Speaker 2: come in. They think the market is the best thing

808
00:36:40,000 --> 00:36:43,040
Speaker 2: in the world for what For growth, yes, but for

809
00:36:43,160 --> 00:36:46,000
Speaker 2: retirement you got to start thinking about change and looking

810
00:36:46,040 --> 00:36:47,320
Speaker 2: at it through a different lens.

811
00:36:47,360 --> 00:36:50,000
Speaker 3: Absolutely, And that's where there's the complete process. You know

812
00:36:50,040 --> 00:36:52,239
Speaker 3: we talked about early in the show. Yeah, you're up

813
00:36:52,239 --> 00:36:54,680
Speaker 3: at halftime and it's great, you're all excited, but guess what.

814
00:36:54,880 --> 00:36:57,040
Speaker 3: The second half comes around, and that's where Uncle Sam is.

815
00:36:57,520 --> 00:36:59,520
Speaker 3: He comes out. That's a silent partner that's there on

816
00:36:59,520 --> 00:37:02,120
Speaker 3: the other team that you do not see. And that's

817
00:37:02,160 --> 00:37:04,200
Speaker 3: what we're showing you today. So when we think about

818
00:37:04,239 --> 00:37:07,200
Speaker 3: big picture, we get it. We have people retire each

819
00:37:07,200 --> 00:37:10,759
Speaker 3: and every day. You retire once, so we retire each

820
00:37:10,800 --> 00:37:13,239
Speaker 3: and every day and we can show you how it's

821
00:37:13,280 --> 00:37:15,240
Speaker 3: going to look. So pick up the phone and schedule

822
00:37:15,360 --> 00:37:17,279
Speaker 3: time to meet with us. We have office on both

823
00:37:17,280 --> 00:37:20,040
Speaker 3: sides of the Bay. We do a radio show. Obviously,

824
00:37:20,080 --> 00:37:22,879
Speaker 3: we do a TV show every Sunday on ABC TV

825
00:37:22,960 --> 00:37:25,920
Speaker 3: at ten thirty am. Tune in watch. Go to our

826
00:37:25,920 --> 00:37:28,879
Speaker 3: website Maggie Tax dot com. See what we do. You're

827
00:37:28,920 --> 00:37:31,480
Speaker 3: listening today. If you do not have a plan, we

828
00:37:31,600 --> 00:37:34,239
Speaker 3: can help. If you want an income plan, a tax plan,

829
00:37:34,280 --> 00:37:37,080
Speaker 3: an investment plan, and a state plan, a social Security

830
00:37:37,120 --> 00:37:39,360
Speaker 3: maximization plan, we can help.

831
00:37:39,520 --> 00:37:40,360
Speaker 2: What are you doing?

832
00:37:41,080 --> 00:37:43,239
Speaker 3: If you do not have a plan, you need to

833
00:37:43,239 --> 00:37:45,120
Speaker 3: get one a three to three Maggi tax.

834
00:37:45,120 --> 00:37:47,359
Speaker 2: We look forward to working with you. Forward a meeting with.

835
00:37:47,320 --> 00:37:51,000
Speaker 3: You get the Maggie Plan, tax planning, income planning, investment planning,

836
00:37:51,280 --> 00:37:52,520
Speaker 3: soial security planning.

837
00:37:52,320 --> 00:37:54,160
Speaker 2: A state planning. Get eight planned.

838
00:37:54,200 --> 00:37:57,000
Speaker 3: You deserve eight three three mag Attacks that's eight three

839
00:37:57,040 --> 00:37:58,399
Speaker 3: to three Magi Tax.

840
00:37:58,800 --> 00:38:01,640
Speaker 1: Thank you for listening to Maggie Tax and Financial Show

841
00:38:01,680 --> 00:38:05,440
Speaker 1: with Robert and Chris Maggie of Maggie Tax Wealth Advisors.

842
00:38:05,560 --> 00:38:08,839
Speaker 1: Listen here five to six pm every Saturday and from

843
00:38:08,880 --> 00:38:11,880
Speaker 1: eleven am till noon every Sunday, or any time on

844
00:38:11,960 --> 00:38:15,160
Speaker 1: the free iHeartRadio app. And remember you can pay less

845
00:38:15,239 --> 00:38:19,360
Speaker 1: tax with Maggie Tax Program. Content provided by Maggie Tax

846
00:38:19,360 --> 00:38:23,040
Speaker 1: Wealth and Advisors. Call them at eight three three Maggie Tax,

847
00:38:23,200 --> 00:38:28,760
Speaker 1: or visit them online at Maggietax dot com