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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's living it up when you retire by taxing your

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

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Speaker 1: Hour with Robert and Chris Maggie of Maggie Tax Advisory

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Speaker 1: and Financial Group. With over thirty years of combined experience

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Speaker 1: in 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 nest egg from Uncle Sam. Your questions and

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Speaker 1: comments are welcome during today's program by calling eight one

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Speaker 1: three three two two twenty five twenty. That's eight one

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Speaker 1: three three two two twenty five twenty, or visit Maggie

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Speaker 1: Tax dot Com. That's Maggi tax dot com and now

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Speaker 1: your host for the Maggie Tax Financial Hour on nine

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Speaker 1: seventy WFLA. Robert and Chris Maggie.

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Speaker 2: Hello everyone, and thanks for joining us today. You're listening

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Speaker 2: to the Maggie Tax and Financial Show. I am Robert

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Speaker 2: Maggie and I'm here with my son Chris Maggie, and

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Speaker 2: together we're going to be talking about a lot of

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Speaker 2: different things regarding taxes, about income planning, retirement planning, social security.

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Speaker 2: These are things that people talk to us every day about.

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Speaker 2: But the easy way is go to our website, Maggie

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Speaker 2: Tax dot Com. That's Maggi Tax dot Com on the

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Speaker 2: lower right hand corner. We have a chat box. So

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Speaker 2: if you're listening to today's program and you have a question,

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Speaker 2: go to Maggie Tax dot Com. Put it in there

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Speaker 2: and we'll respond to you. And then if you want

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Speaker 2: to make an appointment, we could set up something for you.

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Speaker 2: Eight three three Maggie Tax and don't forget. Every Sunday

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Speaker 2: at ten thirty on ABC TV, I'll watch the Maggie

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Speaker 2: Tax and Financial Show and Chris, we want to talk

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Speaker 2: about a lot of things today, but one of the

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Speaker 2: biggest questions is could hire taxes derail your retirement approach

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Speaker 2: because people aren't prepared for taxes in retirement because everybody

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Speaker 2: thinks the taxes are going to be low and that's

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Speaker 2: not correct. That's right.

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Speaker 3: Welcome everyone, and thank you so much for tuning into

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Speaker 3: the show. And you're right, could taxes derail your retirement approach?

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Speaker 3: And that's we're going to talk about today. You know

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Speaker 3: five ways taxes can rise and how to protect yourself.

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Speaker 3: And you know we're in a EOO economy. Let's admit it.

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Speaker 3: You're on your own and we see what's going on

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Speaker 3: with the administration, we see what's going on with the economy.

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Speaker 3: So how can you protect yourself? And one of the

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Speaker 3: big things that you can do is you can pick

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Speaker 3: up the phone schedule time to meet with us. You

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Speaker 3: need a partner, you need someone on your side, and

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Speaker 3: that's what we could do for you. So visit our

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Speaker 3: website at Maggie tax dot com. There's so much information

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Speaker 3: right there at your fingertips that you can access. And

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Speaker 3: what's really cool on the website, there's a chat box.

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Speaker 3: Go to our website Maggie tax dot com. If you

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Speaker 3: have any questions during our show, go ahead and type

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Speaker 3: it in.

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Speaker 2: We have.

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Speaker 3: Availability to address the questions for you. So if you

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Speaker 3: have things that are on your mind during our show,

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Speaker 3: pick up the phone, schedule time to meet with us

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Speaker 3: eight three to three Maggie Tax, or just go to

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Speaker 3: Maggi tax dot com and in the chat box go

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Speaker 3: ahead and ask your question.

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Speaker 2: And if you're not aware of it, on the top

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Speaker 2: of our website. There's a tax retirement calculator. We're going

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Speaker 2: to be talking about that in a few minutes because

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Speaker 2: we can actually show you in thirty seconds what your

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Speaker 2: retirement tax bill will be. It's real simple. Take a

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Speaker 2: look at it, and like Chris said, go to the

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Speaker 2: chat box and if you have a question, just ask.

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Speaker 2: I mean, this way, you don't have to be embarrassed.

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Speaker 2: We see it and we'll be glad to respond. So

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Speaker 2: taxes are an important topic when it comes to retirement,

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Speaker 2: and many people overlook that. And you know, the more

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Speaker 2: you pay in taxes, the less money, the less income

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Speaker 2: you're going to have in retirement to spend. And that's

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Speaker 2: what's happening now, Chris. A lot of people are complaining

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Speaker 2: about inflation, about the prices of gas going up, food

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Speaker 2: going up, everything. And when you get into retirement and

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Speaker 2: you start looking at this, it starts to eat away

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Speaker 2: at what you think you have and you don't have

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Speaker 2: enough to live on.

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Speaker 3: Well, that's just it. I mean, think about it. You

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Speaker 3: can't go back to work. So income sources are so valuable.

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Speaker 3: It's so important. And if your advisor is not talking

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Speaker 3: about an income plan, then you have to And if

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Speaker 3: they don't know how an income plan works. They're just

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Speaker 3: more focused on the accumulation phase. Then that's what we specialize.

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Speaker 3: You know, it's like going to a doctor. You need

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Speaker 3: heart surgery, you need to go to a hard doctor

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Speaker 3: to focus on getting it fixed. Same thing with your retirement.

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Speaker 3: You know, many advisors are out there talking about the

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Speaker 3: accumulation phase and yeah, they can grow your money, so

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Speaker 3: can you can do it by yourself these days, But

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Speaker 3: they don't focus on the distribution phase. And we specialize

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Speaker 3: in the distribution phase because income and taxes and investments

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Speaker 3: and longevity and making sure your assets transfer to where

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Speaker 3: you want it to go is so valuable.

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Speaker 2: So let's talk about three possibilities for taxes. Number one,

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Speaker 2: your taxes could be lower in retirement they are today.

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Speaker 2: And this is the premise of tax deferred savings vehicles.

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Speaker 2: So if you have a four oh one K or

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Speaker 2: an IRA that's tax deferred. You defer your taxes to

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Speaker 2: the future and hopes that your tax rate is going

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Speaker 2: to be lower in retirement than it is during your

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Speaker 2: working years. And what we see now coming and think

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Speaker 2: about this talk about legislature risk. They can change the

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Speaker 2: rules anytime they want. Number two, your taxes could be

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Speaker 2: the same in retirement as they are today. And savers

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Speaker 2: who want to maintain their pre retirement lifestyle once they're

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Speaker 2: retired often need to maintain a similar annual income in retirement. Christen,

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Speaker 2: that's the question we ask everybody, how much do you

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Speaker 2: need in retirement? You know, And a lot of people

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Speaker 2: are afraid to answer that question. But the way they

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Speaker 2: go is, i'm making this now, can I make that

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Speaker 2: in retirement? So for these savers, the tax rate may

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Speaker 2: stay the same in retirement because their income needs stay

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Speaker 2: the same in retirement. And I don't know if that's

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Speaker 2: correct with everybody. And again, like we talked about it before,

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Speaker 2: and you can address it with things are changing, inflation

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Speaker 2: prices going up that we've seen, that's not right.

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Speaker 3: Well, most people that we see come across, as you know,

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Speaker 3: they're working, they're bringing six thousand dollars a month home

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Speaker 3: or ten thousand dollars a month home, and pretty much

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Speaker 3: that's what they're used to getting. So if you are

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Speaker 3: receiving income now and you're thinking about, oh, what kind

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Speaker 3: of retirement income should or I have or what will

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Speaker 3: it look like, it's pretty much about what you have now.

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Speaker 3: And maybe it's going to get less because you might

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Speaker 3: have then your house paid off and debt has been

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Speaker 3: cleared out, or it could increase because of inflation. So

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Speaker 3: we need to have these variables set in place, and

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Speaker 3: that's why it's so important to work with the right advisor,

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Speaker 3: a distribution phase specialist to work with you. So let's

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Speaker 3: talk about the last possibility for your taxes.

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Speaker 2: Well, that'd be your taxes could be higher in retirement

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Speaker 2: than they are today. And this is a risk many

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Speaker 2: savers are beginning to understand because we talk about it

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Speaker 2: every week. We talk about it with every client. But

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Speaker 2: with our current federal debt and recent congressional spending, tax

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Speaker 2: rates in the future could be higher than they are today.

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Speaker 2: I know one thing, and we talk about this all

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Speaker 2: the time, that Trump tax cuts are going to expire

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Speaker 2: in twenty twenty five. And what does that mean to

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Speaker 2: everybody out there? It means the taxes are going to

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Speaker 2: go up and again if the government stays the same.

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Speaker 2: The administration right now is spending trillions of dollars. We

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Speaker 2: have to pay it. We have to pay it back.

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Speaker 2: It's going to come from iras four oh one k's

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Speaker 2: and by the way, on four oh one k's. If

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Speaker 2: you have old four oh one k's and we have

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Speaker 2: a lot of people calling us, you have to think

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Speaker 2: about moving it out or roll it over to a better,

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Speaker 2: safer product because they're not taking care of it, Chris.

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Speaker 2: And that's the other problem that people don't understand. The

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Speaker 2: four one K and the IRA are taxable.

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Speaker 3: Simply if you don't work for that employer, you shouldn't

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Speaker 3: have your money there. You should do something with it

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Speaker 3: where you can have an advisor look at it. Maybe

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Speaker 3: create some safety buckets, some growth buckets, some opportunistic buckets.

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Speaker 3: There's a lot of things you can do to help yourself.

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Speaker 3: So rising taxes in retirement is an important risk for

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Speaker 3: savers to really understand, and that's why we're talking about

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Speaker 3: this today. This is especially true for individuals who have

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Speaker 3: saved all or the majority of their retirement assets and

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Speaker 3: tax deferred investment vehicles like iras and four one ks

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Speaker 3: and set plans and TSP traditional accounts. That's what we're

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Speaker 3: talking about here. These accounts are infected with taxes. You

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Speaker 3: need to go ahead and start understanding how to diffuse

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Speaker 3: the big time bomb that these accounts have.

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Speaker 2: Exactly tax time bomb. And one more thing. Visit our

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Speaker 2: website Maggie Tax during the show right now. If you

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Speaker 2: have questions, go to our Maggie tax dot com. It's

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Speaker 2: a chatbox on the bottom right. If some of these

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Speaker 2: concern you, write a question, will be glad to answer it,

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Speaker 2: and then go to the top of the website for

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Speaker 2: the tax retirement calculator. Put the information in and in

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Speaker 2: thirty seconds we could show you what your retirement tax

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Speaker 2: is going to be. This is something, Chris, that all

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Speaker 2: people need and it's got to help them. So some

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Speaker 2: savers are most concerned about higher taxes and retirement. Some

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Speaker 2: we talked to it doesn't make a difference. But since

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Speaker 2: higher taxes pose the greatest risk to traditional tax deferred

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Speaker 2: saving vehicles, what are you doing about it? What are

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Speaker 2: you doing about it? Do something? Don't just sit there

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Speaker 2: and wait on Just a real quick note. We had

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Speaker 2: a client come in last week and we were talking

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Speaker 2: about what Chris mentioned before, the accumulation phase and the

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Speaker 2: distribution phase. And he said, guys, listen, you know I've

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Speaker 2: worked for I don't know how many years, and I

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Speaker 2: accumulated money, but my guy never talked to me about

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Speaker 2: the distribution phase. And when we talked about a we

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Speaker 2: talked about bucket planning, We talked about income now, letting

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Speaker 2: it grow more for retirement so he could relax. And

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Speaker 2: you want to know something, he sat back and he said,

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Speaker 2: I did not know that I could retire with the

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Speaker 2: money I have. And actually, Chris, you could probably talk

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Speaker 2: about this. We actually gave him more in retirement than

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Speaker 2: he did while he was working. And that's just it.

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Speaker 3: You know, many people say, oh, I got to get

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Speaker 3: to a million bucks, I have to get to a

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Speaker 3: certain number and then I can retire. It's not true.

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Speaker 3: You know, there's different products, there's different strategies that you

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Speaker 3: can create your own family guaranteed income for a bucket

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Speaker 3: of money, and you don't need that much to do it,

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Speaker 3: and you can create another buckets for liquidity and other

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Speaker 3: buckets for more play checks. There's a lot of things

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Speaker 3: you can do and you just don't know how because

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Speaker 3: you just don't know what you don't know. So it's

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Speaker 3: very simple, pick up the phone, schedule time to meet

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Speaker 3: with us. Let's get together. We have offices on both

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Speaker 3: sides of the Bay to help you very convenient. Visit

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Speaker 3: our website at Maggie Tax dot com. As my dad

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Speaker 3: mentioned before, there's so much information right there at your fingertips,

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Speaker 3: you know, so you might be wondering will my taxes

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Speaker 3: be lower, the same or high in retirement. Let's get

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Speaker 3: that question answered. We had a client that came in

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Speaker 3: last week, great client of ours. They want to know

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Speaker 3: if they should start converting their money from iras to

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Speaker 3: roth iras. And what we did was in the office,

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Speaker 3: we went ahead and did a mock tax return. We

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Speaker 3: showed him let's maybe convert a certain amount of this,

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Speaker 3: or if we rip off the band aid, what it's

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Speaker 3: gonna look like. And guess what they both said, We

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Speaker 3: don't really need to convert, do we know? He said, yes,

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Speaker 3: you don't have to. So your situation was a little

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Speaker 3: different than everybody else, because you know, every situation, every

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Speaker 3: plan that we put together is different, and it's your money.

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Speaker 3: So pick up the phone, schedule time to meet with us.

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

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Speaker 3: mag Attacks and don't forget to tune in every Sunday

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Speaker 3: for the Maggie Tax and Financial Show on ABC TV

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Speaker 3: at ten thirty am. Eight three three Magi Tax. Don't

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Speaker 3: forget visit our website Maggie tax dot com. If you

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Speaker 3: have a question, there's a chatbox rate there we can

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Speaker 3: answer it for eight three to three Maggie Tax.

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

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Speaker 1: your retirement. As we return to the Maggie Tax and

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Speaker 1: Financial Hour with your host, father and son Robert and

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Speaker 1: Chris Maggie. For additional information on how you can create

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Speaker 1: a tax free retirement, visit Maggie tax dot com. That's

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Speaker 1: Maggi tax dot com. Or call eight one three three

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Speaker 1: two two twenty five twenty. That's eight one three three

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Speaker 1: two two twenty five twenty. Now your host for the

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Speaker 1: Maggie Tax and Financial Hour, Father and son from Maggie

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Speaker 1: Tax Advisory and Financial Group, Robert and Chris Maggie.

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Speaker 3: Welcome everyone, and thank you so much for tuning in.

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Speaker 3: Welcome back in visit our website at Maggi tax dot com.

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Speaker 3: There's so much information right there at your fingertips, and

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Speaker 3: it's about education, and that's what we strive to do

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Speaker 3: to help you. Why because we feel as if you

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Speaker 3: are educated enough, you can make the right decisions and

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Speaker 3: you can empower yourself and your retirement. And that's what

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Speaker 3: we need during these times right now in America. So

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Speaker 3: go ahead, right now, visit our website at Maggie Tax

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Speaker 3: dot com. A top right hand corner the retirement tax bill.

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Speaker 3: In thirty seconds, just thirty seconds, you can understand what

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Speaker 3: your qualified account retirement tax bill will be. Talking about

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Speaker 3: iras and forming kes. Guess what, you don't have all

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Speaker 3: that amount of money in those accounts. So Uncle Sam

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Speaker 3: has a portion, so figure out what that is and

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Speaker 3: we can help a three to three Maggie Tax.

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Speaker 2: One thing, we met with a client the other day,

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Speaker 2: just a point what you just said. He thought he

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Speaker 2: had one point five million in his IRA and once

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Speaker 2: we sat down and show him the retirement tax bill

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Speaker 2: and a calculator. I'm not laughing, but he was shocked

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Speaker 2: that half of that was not his money. So he

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Speaker 2: saved all his life for this and now he has

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Speaker 2: to do something. So education from Maggie Tax is so important.

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Speaker 2: And why financial education is important, It's because due to

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Speaker 2: recent tax law changes, we talk about legislative risk and

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Speaker 2: uncertain future for social security and the shift toward employee

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Speaker 2: directed retirement plans, the need for sound financial strategies has

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Speaker 2: never been greater. That's what Chris and I talk about

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Speaker 2: a complete plan. So if you're listening to this and

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Speaker 2: you don't have an income plan, or a tax plan,

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Speaker 2: or an insurance plan or an investment plan, you have

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Speaker 2: an incomplete plan. So, in straightforward language, Maggie Tax will

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Speaker 2: explain time tested strategies that help you to make informed

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Speaker 2: financial decisions. And again, Chris, I'm going to go back

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Speaker 2: to a client we met the other day. Old rules

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Speaker 2: don't apply anymore. New rules apply. So if you sit

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Speaker 2: down with Chris and I, keep an open mind because

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Speaker 2: there's new rules and you have to listen and apply them.

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Speaker 2: And then you're going to say, wow, no one told

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Speaker 2: me about that. Well, that's just it.

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Speaker 3: You know, we want you to have confidence, We want

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Speaker 3: to empower you. Why because this is your money, this

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Speaker 3: is your retirement. You know, you don't have to rely

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Speaker 3: on the stock market and other people's decisions on what

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Speaker 3: you can and can do. This is what you've deserved

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Speaker 3: to do. So make your retirement the way you want

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Speaker 3: it to be. That's why you should have an income plan,

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Speaker 3: you should have a tax plan. You should have an

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Speaker 3: income plan and also an investment plan. How it relates

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Speaker 3: together in a state plan. Make sure everything stays in

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Speaker 3: your family. This is what we do and you can

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Speaker 3: have it too. So pick up the phone, schedule time

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Speaker 3: to meet with us, write your questions down.

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Speaker 2: Let's help you.

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Speaker 3: You know whether your objective is to build a nest

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Speaker 3: egg or protect your assets or preserve your lifestyle throughout

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Speaker 3: your retirement. This course and what we do when we educate,

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Speaker 3: you can plan your future with confidence. And by working

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Speaker 3: with us today, you will learn about many ways to

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Speaker 3: save for retirement as well as the advantages and the

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Speaker 3: disadvantages of each. You know, what are the tax ramifications,

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Speaker 3: what are the income and the inflation objectives? How do

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Speaker 3: I go combat that? What about paychecks and playchecks? What's

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Speaker 3: a playcheck? Well, we have clients that have playchecks. They

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Speaker 3: have money coming in every month and you just spend

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Speaker 3: it and guess what it comes back in the next

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Speaker 3: thirty days, forever and ever and ever. It's called the

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Speaker 3: play check. They spend it on whatever they want. Do

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Speaker 3: you want a playcheck? We can help you with that

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Speaker 3: as well. A three to three magi texs and.

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Speaker 2: Again with all the volatility. You know, we see a

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Speaker 2: lot of clients but their account is up, their account

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Speaker 2: is down, But we have clients that have not lost

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Speaker 2: a penny when the market's been down. And if you

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Speaker 2: don't have that plan, then you have an incomplete plan.

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Speaker 2: So we can help all of you discover how to

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Speaker 2: save money on taxes. Again, go to Maggie tax dot com.

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Speaker 2: The top right you'll see the retirement calculator. Click on it.

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Speaker 2: It'll take you thirty seconds, fill in the information. It'll

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Speaker 2: send you a report back, and it's going to make

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Speaker 2: you wake up and see what's really going on and

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Speaker 2: then sit down and give us a call. Eight thirty

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Speaker 2: three Magie Tax. So this is on you, folks. We're

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Speaker 2: trying to educate you. That's what our show is about.

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Speaker 2: It's not about selling, because we can't sell you anything.

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Speaker 2: It's not a store. This is about your retirement. This

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Speaker 2: is about your savings. This is about what you worked

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Speaker 2: hard for, and this is about what you plan for

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Speaker 2: in retirement.

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Speaker 3: And you just said it, you know, that's what it's about.

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Speaker 3: We're not a transactional advisor just sells things. That's not

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Speaker 3: what it's about. You deserve better. I don't care if

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Speaker 3: you have fifty thousand. I don't care if you have

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Speaker 3: fifty million. It doesn't matter. You need a plan. You

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Speaker 3: deserve a plan. Why because you've worked so hard, you

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Speaker 3: put money away, you saved, and guess what they're going

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Speaker 3: to go after the people who have the money. And

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Speaker 3: if you have money, you need to have a plan.

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Speaker 3: And that's why it's so important to meet with us.

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Speaker 3: Now is the time. There are strategies that you could

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Speaker 3: put together today to put you in position to take

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Speaker 3: advantage of these opportunities that are about to happen. We're

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Speaker 3: talking about recession, we're talking about the market volatility, we're

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Speaker 3: talking about inflation. Of these concerns for you. Absolutely, they're

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Speaker 3: concerns for everybody.

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Speaker 2: But guess what.

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Speaker 3: The only small amount of people take advantage of opportunities

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Speaker 3: to put together a complete plan. Many people want a

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Speaker 3: tax plan, they just don't know where to get it.

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Speaker 3: They have an advisor, but guess what, they don't talk

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Speaker 3: to them about that we talked about this last segment.

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Speaker 3: Many people come in and they say, well, my advisors said,

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Speaker 3: goes talk to my tax guy. And then when they

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Speaker 3: go talk to their tax guy, the tax guy says,

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Speaker 3: we'll go talk to your financial guy. They're not talking

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Speaker 3: together for you, but we do that here. So pick

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Speaker 3: up the phone, schedule time to meet with us. We

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Speaker 3: can help eight three to three Maggie Tax.

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Speaker 2: And again we can help all of you discover how

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Speaker 2: to save money on taxes, manage investment risks, and protect

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Speaker 2: your assets from potential long term healthcare expenses. And that's

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Speaker 2: another big concern curs about long term care. We have

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Speaker 2: a solution for that. So above all, at Maggie Tax,

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Speaker 2: we can show you how to access your money financial

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Speaker 2: situations are different for everybody, and develop a personalized plan

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Speaker 2: to achieve your retirement goals. And one thing again we're

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Speaker 2: going to keep you know, pounding on this. Go to

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Speaker 2: my website, Maggie tax dot com. Click on the retirement

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Speaker 2: calculator on the top right. Fill in the information because

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Speaker 2: if you have an IRA or a four oh one K,

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Speaker 2: or you're getting close to retirement, we talked about it

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Speaker 2: before because of legislative risk that no one's talking about,

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Speaker 2: but we are that they change the rules on you

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Speaker 2: because it's written in pencil. Taxes are going to go up.

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Speaker 2: I don't care if you're a Republican, Democrat, independent, anything.

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Speaker 2: Taxes will affect everybody in this nation, so you have

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Speaker 2: to do something about it. Look at your situation and

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Speaker 2: see if your plan is a complete plan or an

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Speaker 2: incomplete plan. And like Chris talks about, and we both

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Speaker 2: talk about, if you have a problem with taxes, now

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Speaker 2: is the time to address it.

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Speaker 3: So get a second opinion. You know, do you have

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Speaker 3: confidence in your current advisor to get a second opinion?

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Speaker 3: Let me think about it. This is your money. The

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Speaker 3: advisor used to work for you, not you work for them,

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Speaker 3: And that's why it's so important to make sure that

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Speaker 3: you get your accounts lined up into different buckets. Many

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Speaker 3: people have piles of money, but guess what, they go

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Speaker 3: up and they go down. They don't have to if

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Speaker 3: you don't want them to. So what do you want?

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Speaker 3: What do you want? Ask that question to yourself listening

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Speaker 3: today because we can help you. We can help you

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Speaker 3: navigate a plan, put together one that's customized for you.

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Speaker 3: So pick up the phone, schedule time to meet with us.

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Speaker 3: Eight three three MAGI tax. We do income planning, tax planning,

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Speaker 3: investment planning, a state planning. Do you have a will?

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Speaker 3: Do you have a trust? Well, we have attorneys that

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Speaker 3: take care of all that for you. But guess what,

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Speaker 3: we're all talking in one room to help you. What

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Speaker 3: about medicare planning, what about Social Security maximization planning? When's

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Speaker 3: the best time to take it? We can help, So

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Speaker 3: pick up the phone. Schedule time to meet with us.

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Speaker 3: Eight three to three mag Attacks and don't forget. Every

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Speaker 3: Sunday on ABC TV at ten thirty in the morning,

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Speaker 3: watch ABCTV for the mag Attax and Financial Show eight

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Speaker 3: three to three meg Attacks.

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Speaker 2: Schedule time this.

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

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Speaker 1: your retirement. As we return to the Maggie Tax and

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Speaker 1: Financial Hour with your host, father and son Robert and

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Speaker 1: Chris Maggie. For additional information on how you can create

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Speaker 1: a tax free retirement, visit Maggie Tax dot com. That's

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Speaker 1: ma Ggi tax dot com or call eight one three

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Speaker 1: three two two twenty five twenty. That's eight one three

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Speaker 1: three two two twenty five twenty now your host for

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Speaker 1: the Maggie Tax and Financial Hour, Father and son from

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Speaker 1: Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.

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

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Speaker 2: name is Robert Maggie. I'm here with my son Chris Maggie,

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Speaker 2: and today we've been talking about can tax diversification provide

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Speaker 2: more flexibility. Can tax diversification guard against future taxes. But

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Speaker 2: there's something very important that goes along with this. So

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Speaker 2: let's discuss the different phases in one's five financial life.

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Speaker 2: And let's just jump right into it. Because throughout one's

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Speaker 2: financial life there are three different phases. And I bet

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Speaker 2: many of you don't know this or don't realize it.

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Speaker 2: So in previous shows we've talked about, you know, three

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Speaker 2: phases of your financial life. So let's talk about the

434
00:20:16,200 --> 00:20:19,320
Speaker 2: first phase, which is the accumulation phase, Chris, And that's

435
00:20:19,359 --> 00:20:22,240
Speaker 2: everybody out there, you know, they work, they save, and

436
00:20:22,320 --> 00:20:25,280
Speaker 2: they accumulate money. And then let's just talk about how

437
00:20:25,359 --> 00:20:27,399
Speaker 2: that works. And then we'll go into the second phase,

438
00:20:27,440 --> 00:20:30,320
Speaker 2: which is the preservation of principal phase, and then the

439
00:20:30,400 --> 00:20:32,119
Speaker 2: last one, the distribution phase.

440
00:20:32,200 --> 00:20:34,040
Speaker 3: You know, we're all young. We were taught to go

441
00:20:34,040 --> 00:20:36,520
Speaker 3: to school, get educated, and then get a job. Right.

442
00:20:36,560 --> 00:20:38,280
Speaker 3: We always want to get a job and the best

443
00:20:38,359 --> 00:20:40,879
Speaker 3: job we can, and that's the accumulation phase. We need

444
00:20:40,920 --> 00:20:42,719
Speaker 3: to save for retirement, and this is the time of

445
00:20:42,960 --> 00:20:46,840
Speaker 3: building assets by saving and investing. Usually comes from earned

446
00:20:46,840 --> 00:20:50,480
Speaker 3: income which you have specifically reserved for retirement. You know,

447
00:20:50,600 --> 00:20:53,120
Speaker 3: keep in mind that during your retirement years, your ability

448
00:20:53,160 --> 00:20:56,560
Speaker 3: to maintain a comfortable lifestyle well depend on the money

449
00:20:56,600 --> 00:20:58,919
Speaker 3: that you've saved. If you have enough money there, you

450
00:20:58,920 --> 00:21:01,320
Speaker 3: can continue the lifestyle. You can't, then obviously things are

451
00:21:01,359 --> 00:21:03,840
Speaker 3: going to change. So the investments you made and the

452
00:21:03,880 --> 00:21:07,400
Speaker 3: assets you accumulated during the accumulation phase are very important.

453
00:21:07,760 --> 00:21:09,639
Speaker 3: You know, you contribute to your IRA or maybe a

454
00:21:09,680 --> 00:21:12,600
Speaker 3: four one K. Maybe the company you work for offers

455
00:21:12,600 --> 00:21:15,560
Speaker 3: a match. Maybe you have some money and manage accounts.

456
00:21:15,880 --> 00:21:18,119
Speaker 3: Maybe you have money in CDs or a money market

457
00:21:18,119 --> 00:21:22,520
Speaker 3: for access. Maybe you want to accumulate money in risky

458
00:21:22,520 --> 00:21:25,200
Speaker 3: investments or gold or precious metals. But you want to

459
00:21:25,240 --> 00:21:27,359
Speaker 3: accumulate as much as you can in those working years

460
00:21:27,359 --> 00:21:31,680
Speaker 3: so you can retire with a nice income. So that's

461
00:21:31,720 --> 00:21:34,760
Speaker 3: what the accumulation phase is. We take some chances, we

462
00:21:34,880 --> 00:21:39,639
Speaker 3: create buckets, we keep feeding something, feeding accounts each and

463
00:21:39,640 --> 00:21:43,280
Speaker 3: every month, every time we get it. That's the accumulation phase.

464
00:21:43,560 --> 00:21:46,000
Speaker 2: Yeah, and along with that goes the risk tolerance. How

465
00:21:46,080 --> 00:21:47,879
Speaker 2: much risk can you take at a young age and

466
00:21:48,320 --> 00:21:50,480
Speaker 2: as you get older what your risk tolerance, you know,

467
00:21:50,840 --> 00:21:53,840
Speaker 2: starts to change. Many advisors don't go over that and

468
00:21:53,880 --> 00:21:57,359
Speaker 2: again it tax. You know, diversification and you know a

469
00:21:57,440 --> 00:21:59,840
Speaker 2: state planning has a lot to do with so faced

470
00:21:59,840 --> 00:22:02,800
Speaker 2: two two we call the planning or preparation in preservation

471
00:22:02,920 --> 00:22:06,440
Speaker 2: phase and this is the core of your retirement planning efforts.

472
00:22:06,480 --> 00:22:09,760
Speaker 2: Ideally addressed so seven to ten years prior to your

473
00:22:09,760 --> 00:22:13,119
Speaker 2: plan retirement start date. Phase two will include a review

474
00:22:13,160 --> 00:22:18,720
Speaker 2: of all your retirement investments, anticipated basic living expenses, lifestyle expenses,

475
00:22:19,080 --> 00:22:22,760
Speaker 2: potential tax obligations, social security benefits when you want to

476
00:22:22,800 --> 00:22:26,160
Speaker 2: start it, and expected pension if you get one, requirement

477
00:22:26,200 --> 00:22:29,400
Speaker 2: of distribution, calculations for all qualified money if you have

478
00:22:29,440 --> 00:22:33,600
Speaker 2: that retirement risk profile, and again medical and estate planning

479
00:22:33,640 --> 00:22:38,080
Speaker 2: needs and potential debt reduction. Pride to actually retiring. This

480
00:22:38,240 --> 00:22:41,119
Speaker 2: is huge because when you accumulate money and then you

481
00:22:41,200 --> 00:22:44,000
Speaker 2: start trying to preserve it, these are the things you

482
00:22:44,040 --> 00:22:46,359
Speaker 2: have to look for, Chris. When people say, well when

483
00:22:46,359 --> 00:22:49,040
Speaker 2: should I start doing this, well, you can never start

484
00:22:49,080 --> 00:22:51,840
Speaker 2: too early. The sooner you start, the more you're going

485
00:22:51,880 --> 00:22:54,520
Speaker 2: to have for retirement and you're going to have the preservation.

486
00:22:54,720 --> 00:22:58,520
Speaker 2: So careful attention is paid to determine your expected retirement

487
00:22:58,920 --> 00:23:01,040
Speaker 2: cost of living, which is changing. We know that with

488
00:23:01,440 --> 00:23:04,640
Speaker 2: consideration to both your basic monthly living expense as well

489
00:23:04,680 --> 00:23:08,040
Speaker 2: as the cost of your desired lifestyle expenses when you retire,

490
00:23:08,359 --> 00:23:10,680
Speaker 2: and Chris, not many people think about We always ask,

491
00:23:10,720 --> 00:23:12,720
Speaker 2: we talk about this, how much do you need when

492
00:23:12,720 --> 00:23:14,919
Speaker 2: you retire? And what's the answer We always get.

493
00:23:14,760 --> 00:23:17,480
Speaker 3: Well, most people really sometimes don't have a clue unless

494
00:23:17,480 --> 00:23:19,520
Speaker 3: they do budgeting, and we can help you budget. We

495
00:23:19,640 --> 00:23:22,160
Speaker 3: have a budget sheet that we go over and identify

496
00:23:22,280 --> 00:23:25,920
Speaker 3: the different types of categories that you need in retirement.

497
00:23:26,320 --> 00:23:28,240
Speaker 3: But you know a lot of people want the same

498
00:23:28,280 --> 00:23:29,760
Speaker 3: amount of money coming in, so how do they go

499
00:23:29,800 --> 00:23:33,080
Speaker 3: about doing that? And that's why the distribution phase is

500
00:23:33,480 --> 00:23:37,240
Speaker 3: extremely important as well, so not only on the accumulation phase.

501
00:23:37,320 --> 00:23:40,359
Speaker 3: And you know, everyone just keep funding something. Fund the

502
00:23:40,400 --> 00:23:43,399
Speaker 3: bucket of money and put towards retirement. You know, you

503
00:23:43,400 --> 00:23:46,800
Speaker 3: should pay yourself first. That's a key thing. If you're young.

504
00:23:47,320 --> 00:23:49,840
Speaker 3: Every dollar you earn, the first thing you should do

505
00:23:49,960 --> 00:23:52,840
Speaker 3: is put it away, and then from there pay your

506
00:23:52,840 --> 00:23:55,280
Speaker 3: bills and then from there whatever's left over you spend.

507
00:23:55,920 --> 00:23:58,080
Speaker 3: That's a good rule of thumb because it's a rainy

508
00:23:58,119 --> 00:24:01,600
Speaker 3: day fund that you can create and also for your retirement.

509
00:24:01,600 --> 00:24:03,920
Speaker 3: We call it you're on your own and you are

510
00:24:04,040 --> 00:24:06,080
Speaker 3: it's ayoo economy. You got to make sure that you're

511
00:24:06,119 --> 00:24:09,760
Speaker 3: putting money away. So not only that on the accumulation phase,

512
00:24:09,840 --> 00:24:12,359
Speaker 3: then you got the preparation phase. And that's what my

513
00:24:12,400 --> 00:24:14,600
Speaker 3: dad just talked about. You know, maybe seven to ten

514
00:24:14,720 --> 00:24:17,840
Speaker 3: years you start really dialing this in. And that's why

515
00:24:18,320 --> 00:24:20,640
Speaker 3: if you're going to retire at sixty maybe fifties, when

516
00:24:20,640 --> 00:24:23,719
Speaker 3: you start starting meeting with someone like us on the

517
00:24:23,760 --> 00:24:27,480
Speaker 3: distribution phase, maybe if you're seventy, now you're ten years

518
00:24:27,520 --> 00:24:30,320
Speaker 3: before that's sixty. Now you're really starting getting ready for retirement.

519
00:24:30,720 --> 00:24:33,840
Speaker 3: So you talk about the preparation phase, and now we're

520
00:24:33,840 --> 00:24:37,720
Speaker 3: talking about, which is so important, the distribution phase. So

521
00:24:37,760 --> 00:24:41,240
Speaker 3: what's the distribution phase? That explain what that really means.

522
00:24:41,359 --> 00:24:43,960
Speaker 2: Well, the distribution phases when you decide you retire, and

523
00:24:44,480 --> 00:24:48,040
Speaker 2: all retirement planning is done with one primary objective, and

524
00:24:48,080 --> 00:24:51,120
Speaker 2: this is to create an income stream that you cannot outlive.

525
00:24:51,119 --> 00:24:53,679
Speaker 2: And that's a big concern of everyone listening today. How

526
00:24:53,760 --> 00:24:55,800
Speaker 2: much am I going to have? Will I outlive my money?

527
00:24:56,040 --> 00:24:59,320
Speaker 2: So phase three starts when you are earned income stops.

528
00:24:59,400 --> 00:25:01,959
Speaker 2: Think about it, you're not working anymore, and now you

529
00:25:01,960 --> 00:25:04,000
Speaker 2: have to rely on your retirement and this is the

530
00:25:04,040 --> 00:25:06,879
Speaker 2: time that you reap the rewards of your retirement planning effort.

531
00:25:06,960 --> 00:25:09,399
Speaker 2: So when you save and you put in like we

532
00:25:09,440 --> 00:25:12,400
Speaker 2: talked about today, tax deferred accounts or tax free accounts,

533
00:25:12,640 --> 00:25:14,960
Speaker 2: this is when you're going to start receiving your monthly

534
00:25:15,000 --> 00:25:18,119
Speaker 2: solid security benefit, potential pension if you get it. And

535
00:25:18,200 --> 00:25:20,800
Speaker 2: again one thing about pension, we talk about this all

536
00:25:20,840 --> 00:25:23,240
Speaker 2: the time. If you don't have a pension, we can

537
00:25:23,240 --> 00:25:26,760
Speaker 2: help create a pension and planned income supplements from your

538
00:25:26,800 --> 00:25:30,200
Speaker 2: various investments. Because Chris, we talk about this bucket planning.

539
00:25:30,400 --> 00:25:32,600
Speaker 2: Have an income bucket, have a growth bucket, and have

540
00:25:32,640 --> 00:25:35,560
Speaker 2: a later bucket. And this is the thing that bothers

541
00:25:35,600 --> 00:25:37,359
Speaker 2: me and I know it bothers you. They say, well,

542
00:25:37,520 --> 00:25:39,399
Speaker 2: I have a pile of money. Yeah, but how you're

543
00:25:39,440 --> 00:25:41,399
Speaker 2: going to make a distribution of that and less for

544
00:25:41,440 --> 00:25:44,080
Speaker 2: the rest of your life. So the amount of money

545
00:25:44,080 --> 00:25:46,320
Speaker 2: that you're going to have to support your distribution phase

546
00:25:46,720 --> 00:25:49,440
Speaker 2: is dependent on how well you prepare during your phase one,

547
00:25:49,760 --> 00:25:53,560
Speaker 2: the accumulation phase, and your phase two the preparation. And Chris,

548
00:25:53,600 --> 00:25:56,359
Speaker 2: this is where people fall short. They just don't start

549
00:25:56,560 --> 00:25:58,160
Speaker 2: the race right there.

550
00:25:58,280 --> 00:26:01,360
Speaker 3: So that's why you're listening today there, maybe driving your car,

551
00:26:01,400 --> 00:26:04,560
Speaker 3: maybe your home, you know, maybe got pillow speakers on

552
00:26:05,800 --> 00:26:09,840
Speaker 3: while you're sleeping. But no, it's interesting how people listen

553
00:26:09,880 --> 00:26:12,400
Speaker 3: to the show. But wherever you are, and you start

554
00:26:12,440 --> 00:26:15,280
Speaker 3: thinking about what we're talking about here, and ask yourself

555
00:26:15,720 --> 00:26:17,600
Speaker 3: the same question, where am I? Where are you in

556
00:26:17,680 --> 00:26:20,720
Speaker 3: this phase? Are you in the accumulation phase? Well, we

557
00:26:20,720 --> 00:26:23,800
Speaker 3: can help you. We have accumulation accounts. We can help you.

558
00:26:23,800 --> 00:26:25,600
Speaker 3: We can show you which buckets to put it into,

559
00:26:25,880 --> 00:26:31,359
Speaker 3: whether it's tax defer, tax free, growth, moderate growth, conservative,

560
00:26:31,440 --> 00:26:33,560
Speaker 3: whatever it is. We can help you in the accumulation phase,

561
00:26:34,080 --> 00:26:37,000
Speaker 3: the second phase, the preparation is so important, my gosh.

562
00:26:37,000 --> 00:26:40,399
Speaker 3: We specialize in that, and also the distribution. We also

563
00:26:40,640 --> 00:26:43,400
Speaker 3: specialize in the distribution phase. And here's where I would

564
00:26:43,520 --> 00:26:47,200
Speaker 3: use the analogy. You know many people here Mount Everest, Well,

565
00:26:47,640 --> 00:26:49,879
Speaker 3: a lot of people hike up there, right, they go

566
00:26:49,920 --> 00:26:51,879
Speaker 3: all the way to the top. But most people, I

567
00:26:51,880 --> 00:26:53,439
Speaker 3: don't know if you know the stats on this, but

568
00:26:53,760 --> 00:26:56,840
Speaker 3: most people die on the way down. So think about that.

569
00:26:58,119 --> 00:27:00,800
Speaker 3: You go up easily in the accumulation, but when you

570
00:27:00,840 --> 00:27:03,960
Speaker 3: come down it's twice as hard. So that's why there's

571
00:27:04,000 --> 00:27:07,280
Speaker 3: a lot of more deaths on the downside, and the

572
00:27:07,320 --> 00:27:12,840
Speaker 3: same thing is in retirement, the distribution phase. People don't

573
00:27:12,840 --> 00:27:15,560
Speaker 3: know how to use the money or the piles of

574
00:27:15,640 --> 00:27:18,080
Speaker 3: money to create income for the rest of their life.

575
00:27:18,640 --> 00:27:21,040
Speaker 3: That's where we specialize. When you come in to meet

576
00:27:21,080 --> 00:27:22,840
Speaker 3: with us, want to tell you if you have enough

577
00:27:23,080 --> 00:27:25,959
Speaker 3: to retire or not. If you do and you do

578
00:27:26,040 --> 00:27:28,679
Speaker 3: the right thing and put your money with strategies in

579
00:27:28,720 --> 00:27:32,120
Speaker 3: different buckets, you should not outlive your money. And that's

580
00:27:32,119 --> 00:27:33,840
Speaker 3: what we show our clients. So when you pick up

581
00:27:33,840 --> 00:27:36,440
Speaker 3: the phone, schedule time to meet with us. Let's get

582
00:27:36,480 --> 00:27:40,080
Speaker 3: together work with someone who specialized in the distribution phase

583
00:27:40,160 --> 00:27:44,040
Speaker 3: like we do Maggi Tax Advisory. Visit our website Maggi

584
00:27:44,119 --> 00:27:46,560
Speaker 3: tax dot com. Pick up the phone, schedule time to

585
00:27:46,600 --> 00:27:49,280
Speaker 3: meet with us. Eight three to three Magi Tax. That's

586
00:27:49,320 --> 00:27:50,840
Speaker 3: eight three to three Maggie Tax.

587
00:27:51,119 --> 00:27:52,879
Speaker 2: So you have to ask yourself, what are some of

588
00:27:52,920 --> 00:27:56,080
Speaker 2: the most common retirement strategy mistakes and maybe I'm making them.

589
00:27:56,440 --> 00:27:58,800
Speaker 2: Number one not having a retirement plan in place. And

590
00:27:58,840 --> 00:28:01,760
Speaker 2: we talk about the Maggie Plan every week. The Maggi

591
00:28:01,800 --> 00:28:04,040
Speaker 2: plan is an income plan, it's a tax plan, it's

592
00:28:04,080 --> 00:28:06,800
Speaker 2: a retirement plan. If you don't have part of that,

593
00:28:06,840 --> 00:28:09,719
Speaker 2: then it's time to get together. Number two. Not saving

594
00:28:09,760 --> 00:28:12,399
Speaker 2: money now. I know it's hard to save right now,

595
00:28:12,720 --> 00:28:15,360
Speaker 2: but at some point you have to look at something,

596
00:28:15,560 --> 00:28:18,960
Speaker 2: put something away, and then let's just build on it.

597
00:28:19,359 --> 00:28:22,480
Speaker 2: Not investing wisely. We see this many times. You may

598
00:28:22,520 --> 00:28:25,680
Speaker 2: be investing in risky stock or risky mutual funds on now.

599
00:28:25,720 --> 00:28:27,760
Speaker 2: The market's up and down, and you know you have

600
00:28:27,840 --> 00:28:30,679
Speaker 2: to be prepared for that. That's the market risk. Not

601
00:28:30,760 --> 00:28:33,199
Speaker 2: taking advantage of your employer four to win key matching.

602
00:28:33,480 --> 00:28:37,080
Speaker 2: Here's what happens. If you have a retirement account with

603
00:28:37,119 --> 00:28:39,320
Speaker 2: a four to one K and let's say you put

604
00:28:39,320 --> 00:28:42,840
Speaker 2: in five percent, and like federal employees, they match five percent.

605
00:28:43,160 --> 00:28:46,160
Speaker 2: That's free money. Take advantage of that. That's going to

606
00:28:46,200 --> 00:28:47,280
Speaker 2: help you in retirement.

607
00:28:47,360 --> 00:28:49,160
Speaker 3: But stay there for a minute, because if you want

608
00:28:49,200 --> 00:28:51,920
Speaker 3: to consumeute more, then you take the difference and let's

609
00:28:52,080 --> 00:28:56,000
Speaker 3: fund a after tax account exactly. And if you're young enough,

610
00:28:56,200 --> 00:28:59,440
Speaker 3: and you are you got years from retirement, this could

611
00:28:59,440 --> 00:29:02,200
Speaker 3: be the best thing you can make change to. So

612
00:29:02,240 --> 00:29:04,560
Speaker 3: you have a tax free bucket and you're already started.

613
00:29:04,600 --> 00:29:06,560
Speaker 3: Eliminate Uncle Sam forever and ever, Well.

614
00:29:06,400 --> 00:29:08,240
Speaker 2: You beat me too, it because number five is not

615
00:29:08,320 --> 00:29:11,400
Speaker 2: planning for tax implications. So think about it. When you

616
00:29:11,440 --> 00:29:14,240
Speaker 2: do tax planning, it's tax planning on what income you're

617
00:29:14,280 --> 00:29:16,120
Speaker 2: going to receive, what bracket you're going to be in.

618
00:29:16,160 --> 00:29:19,320
Speaker 2: And if this legislative risk brings our tax brackets up,

619
00:29:19,320 --> 00:29:20,720
Speaker 2: we're all going to be paying more and you have

620
00:29:20,760 --> 00:29:23,240
Speaker 2: to be ready for that and not letting your retirement

621
00:29:23,320 --> 00:29:28,360
Speaker 2: saving accumulate. Look, the more you save, let accumulate over

622
00:29:28,400 --> 00:29:31,320
Speaker 2: time ten twenty thirty years, it's something that's going to

623
00:29:31,360 --> 00:29:34,640
Speaker 2: help you when you retire. So what prevents someone from

624
00:29:34,720 --> 00:29:38,440
Speaker 2: creating a retirement plan? And this is very important, So Chris,

625
00:29:38,520 --> 00:29:40,960
Speaker 2: just address that because that's the number one reason. Well,

626
00:29:40,960 --> 00:29:41,280
Speaker 2: that's it.

627
00:29:41,360 --> 00:29:44,680
Speaker 3: You know we talk about meeting with a specialist. Procrastination,

628
00:29:45,000 --> 00:29:48,960
Speaker 3: you need to do something, and I know everyone procrastinates

629
00:29:49,000 --> 00:29:50,800
Speaker 3: in some aspect of their life, but when it comes

630
00:29:50,880 --> 00:29:53,880
Speaker 3: down to this, how many people don't have an estate plan,

631
00:29:53,960 --> 00:29:57,280
Speaker 3: a will or a power of attorney or different documents

632
00:29:57,480 --> 00:29:59,720
Speaker 3: or maybe your account not even titled the right way?

633
00:30:00,120 --> 00:30:03,320
Speaker 3: My gosh, don't procrastinate. You know, we're all at some

634
00:30:03,400 --> 00:30:05,479
Speaker 3: point going to pass away, and you want to make

635
00:30:05,480 --> 00:30:07,760
Speaker 3: sure that everything is to sit up the right way.

636
00:30:07,920 --> 00:30:10,000
Speaker 3: So pick up the phone, schedule time to meet with us.

637
00:30:10,040 --> 00:30:12,959
Speaker 3: And as I mentioned, a specialist. You know, say you

638
00:30:12,960 --> 00:30:15,800
Speaker 3: have a stomach pain when you're when you're when you're

639
00:30:16,000 --> 00:30:19,520
Speaker 3: a baby or a young a young child, you go

640
00:30:19,600 --> 00:30:22,960
Speaker 3: to what the pediatrician, right But as you get older,

641
00:30:23,480 --> 00:30:25,600
Speaker 3: if you have a stomach pain, you don't go to

642
00:30:25,600 --> 00:30:28,840
Speaker 3: the pediatrician anymore. You go to a specialist. And that's

643
00:30:28,880 --> 00:30:32,800
Speaker 3: where you start thinking with retirement. You're at the point

644
00:30:32,840 --> 00:30:35,520
Speaker 3: where you created buckets of money and piles of money.

645
00:30:36,000 --> 00:30:39,120
Speaker 3: Work with a specialist, someone who deals with the distribution

646
00:30:39,240 --> 00:30:41,360
Speaker 3: phase of your life, and that's what we do. So

647
00:30:41,360 --> 00:30:43,480
Speaker 3: pick up the phone, schedule time to meet with us.

648
00:30:43,920 --> 00:30:46,800
Speaker 3: Eight three three Maggie Tax. We do so much we

649
00:30:46,880 --> 00:30:50,040
Speaker 3: do incomplaining, tax planning, investment planning, and state planning, so

650
00:30:50,200 --> 00:30:53,280
Speaker 3: security maximization, planning, college funding, a lot of things we

651
00:30:53,360 --> 00:30:55,600
Speaker 3: do to help you. Eight three three Magi attack and

652
00:30:55,600 --> 00:30:58,120
Speaker 3: don't forget to tune into the Magi Tax and Financial

653
00:30:58,160 --> 00:31:02,160
Speaker 3: Show on ABC TV Sunday at ten thirty. You listen

654
00:31:02,200 --> 00:31:04,440
Speaker 3: to the Maggie Tax and Financial Show. Eight three three

655
00:31:04,520 --> 00:31:05,240
Speaker 3: Maggie Tax.

656
00:31:07,000 --> 00:31:10,280
Speaker 1: Stop planning for Uncle Sam's retirement and start planning for

657
00:31:10,360 --> 00:31:13,160
Speaker 1: your retirement as we return to the Maggie Tax and

658
00:31:13,200 --> 00:31:16,680
Speaker 1: Financial Hour with your host, father and son, Robert and

659
00:31:16,800 --> 00:31:19,760
Speaker 1: Chris Maggie. For additional information on how you can create

660
00:31:19,800 --> 00:31:23,520
Speaker 1: a tax free retirement, visit Maggie Tax dot com. That's

661
00:31:23,760 --> 00:31:29,560
Speaker 1: Maggi tax dot com or call eight one three three

662
00:31:29,640 --> 00:31:33,560
Speaker 1: two two twenty five twenty. That's eight one three three

663
00:31:33,640 --> 00:31:37,440
Speaker 1: two two twenty five twenty now your host for the

664
00:31:37,480 --> 00:31:40,800
Speaker 1: Maggie Tax and Financial Hour, Father and son from Maggie

665
00:31:40,800 --> 00:31:44,760
Speaker 1: Tax Advisory and Financial Group, Robert and Chris Maggie.

666
00:31:45,240 --> 00:31:47,800
Speaker 2: Welcome back everyone. Thanks for joining us today. You're listening

667
00:31:47,800 --> 00:31:50,400
Speaker 2: to the Maggie Tax and Financial Show. Be sure to

668
00:31:50,480 --> 00:31:52,960
Speaker 2: visit our website, Maggie Tax dot com and hit the

669
00:31:53,000 --> 00:31:55,520
Speaker 2: retirement Calculate it to find out what your tax bill

670
00:31:55,600 --> 00:31:57,440
Speaker 2: is going to be. And also be sure to watch

671
00:31:57,480 --> 00:32:01,520
Speaker 2: our TV show every Sunday at ten thirty on ABCTV.

672
00:32:01,920 --> 00:32:03,920
Speaker 2: I just want to mention something that with the current

673
00:32:03,960 --> 00:32:07,160
Speaker 2: administration in the White House, you need to act fest

674
00:32:07,760 --> 00:32:11,320
Speaker 2: because the tax plans are directly aimed at your retirement investments.

675
00:32:11,720 --> 00:32:14,600
Speaker 2: And here's the story. If you don't want to see

676
00:32:14,640 --> 00:32:18,320
Speaker 2: your retirement income potentially take a double digit tax hit.

677
00:32:18,680 --> 00:32:21,600
Speaker 2: You've got to do some tax planning now before they

678
00:32:21,720 --> 00:32:24,280
Speaker 2: change the laws. And remember it's written in pencils, so

679
00:32:24,280 --> 00:32:27,120
Speaker 2: they can do whatever they want. They have already said

680
00:32:27,360 --> 00:32:31,640
Speaker 2: raising taxes a top priority. So make protecting what's yours

681
00:32:31,680 --> 00:32:35,360
Speaker 2: a top priority. So right now, visit Maggie tax dot Com.

682
00:32:35,520 --> 00:32:37,680
Speaker 2: Click on the tax retirement bill on the top of

683
00:32:37,720 --> 00:32:41,520
Speaker 2: the website. In thirty seconds, I can tell you your

684
00:32:41,560 --> 00:32:45,479
Speaker 2: retirement bill. I said it, yes, in thirty second Maggie

685
00:32:45,520 --> 00:32:47,160
Speaker 2: tax dot Com. And that's just it.

686
00:32:47,320 --> 00:32:48,760
Speaker 3: You know, why not?

687
00:32:49,160 --> 00:32:49,560
Speaker 2: Why not?

688
00:32:49,800 --> 00:32:52,680
Speaker 3: Because do you want to fall victim to this or

689
00:32:53,080 --> 00:32:56,440
Speaker 3: do you not? The obvious answer is heck no, right,

690
00:32:56,800 --> 00:33:00,800
Speaker 3: But then again, why aren't people doing it? Why haven't

691
00:33:00,840 --> 00:33:01,360
Speaker 3: you done it?

692
00:33:01,560 --> 00:33:01,840
Speaker 2: Why?

693
00:33:01,960 --> 00:33:04,880
Speaker 3: Because you haven't had the leadership, you haven't had the

694
00:33:04,960 --> 00:33:06,880
Speaker 3: person to go to. And that's why we're here. So

695
00:33:06,920 --> 00:33:08,600
Speaker 3: pick up the phone, schedule time to meet with us.

696
00:33:08,920 --> 00:33:12,720
Speaker 3: Maggie Tax Advisory. That's what we do. We do, full planning,

697
00:33:12,800 --> 00:33:15,000
Speaker 3: complete planning. We call it the Maggie Plan. Why do

698
00:33:15,040 --> 00:33:17,360
Speaker 3: we call it the Maggi Plan Because it's complete planning,

699
00:33:17,360 --> 00:33:21,800
Speaker 3: it's income tax planning, it's tax planning, it is tax preparation.

700
00:33:22,320 --> 00:33:27,240
Speaker 3: It is income planning, investment planning, social security maximization planning,

701
00:33:27,280 --> 00:33:30,880
Speaker 3: medicare planning, a state planning. Do you want all of

702
00:33:30,920 --> 00:33:34,080
Speaker 3: that when you want that for you and your family? Absolutely,

703
00:33:34,320 --> 00:33:36,920
Speaker 3: So pick up the phone, schedule time to meet with us.

704
00:33:37,000 --> 00:33:39,479
Speaker 2: And work with a complete advisor like Maggie Tax. And

705
00:33:39,520 --> 00:33:42,000
Speaker 2: that's the reason why you should get a second opinion

706
00:33:42,440 --> 00:33:45,640
Speaker 2: and not a transactional advisor who's going to tell you

707
00:33:45,680 --> 00:33:47,360
Speaker 2: just stay in the market. So when you come in,

708
00:33:47,720 --> 00:33:49,520
Speaker 2: you're going to meet with Chris and I. We're going

709
00:33:49,560 --> 00:33:51,760
Speaker 2: to sit down with you have a conversation. So let

710
00:33:51,800 --> 00:33:54,040
Speaker 2: me talk about a gentleman here that came in. He

711
00:33:54,080 --> 00:33:57,200
Speaker 2: works at his job for twenty eight years. He worked

712
00:33:57,200 --> 00:34:00,480
Speaker 2: at another company until they closed that branch. So he

713
00:34:00,560 --> 00:34:02,800
Speaker 2: received the letter saying that he will have a fifty

714
00:34:02,800 --> 00:34:06,720
Speaker 2: percent penalty if he doesn't do something. And his wife

715
00:34:06,800 --> 00:34:09,400
Speaker 2: worked for a company for thirty five years and was

716
00:34:09,480 --> 00:34:13,040
Speaker 2: let go when COVID hit because of her age. So

717
00:34:13,080 --> 00:34:15,799
Speaker 2: her money from from where she work is still sitting

718
00:34:15,840 --> 00:34:17,640
Speaker 2: in a four to oh one k Why is it

719
00:34:17,680 --> 00:34:20,480
Speaker 2: still there, That's what we asked her, and her answer was, well,

720
00:34:20,480 --> 00:34:22,080
Speaker 2: I don't know what to do so. Now she works

721
00:34:22,120 --> 00:34:25,520
Speaker 2: part time at another job. They have an autistic son,

722
00:34:25,680 --> 00:34:29,400
Speaker 2: he goes to a county program. Until two thirty, they

723
00:34:29,440 --> 00:34:31,239
Speaker 2: had no idea they could roll over their four to

724
00:34:31,280 --> 00:34:34,239
Speaker 2: one K and do a trustee to trustee transfer and

725
00:34:34,280 --> 00:34:37,160
Speaker 2: protect their accounts. And Chris, the point here is if

726
00:34:37,160 --> 00:34:38,680
Speaker 2: any of you have an old four to one K

727
00:34:39,120 --> 00:34:42,040
Speaker 2: or a four one K with another company, you do

728
00:34:42,080 --> 00:34:44,279
Speaker 2: not have to leave it there. And we can show

729
00:34:44,320 --> 00:34:45,879
Speaker 2: all of you how to avoid a four to one

730
00:34:45,960 --> 00:34:48,200
Speaker 2: K roll over mistake. And that's just it.

731
00:34:48,280 --> 00:34:49,759
Speaker 3: You know, many people just don't know what to do.

732
00:34:49,840 --> 00:34:53,560
Speaker 3: So very simply we took the heartache out of all

733
00:34:53,640 --> 00:34:56,400
Speaker 3: this and the worry and the concern. And what we

734
00:34:56,440 --> 00:34:58,440
Speaker 3: did was, we can open up an IRA and we

735
00:34:58,480 --> 00:35:00,719
Speaker 3: can roll the money over. It's non tax trustee to

736
00:35:00,719 --> 00:35:04,160
Speaker 3: trustee transfers, there is no tax. But now she says, well,

737
00:35:04,200 --> 00:35:05,879
Speaker 3: what do we do with it? So we sat down

738
00:35:05,880 --> 00:35:08,399
Speaker 3: with her and we asked a lot of questions and

739
00:35:08,600 --> 00:35:11,479
Speaker 3: we discovered what her risk tolerance is and she said,

740
00:35:11,520 --> 00:35:14,000
Speaker 3: you know, Chris, Bobby, I'm in the middle. I'm balanced.

741
00:35:14,080 --> 00:35:16,680
Speaker 3: And we came to that conclusion as well. So what

742
00:35:16,719 --> 00:35:18,960
Speaker 3: we did was we put half of the money in

743
00:35:18,960 --> 00:35:21,320
Speaker 3: a safe account where she doesn't lose anything, there's no fees,

744
00:35:21,840 --> 00:35:23,160
Speaker 3: she gets the gains of the market if the mark

745
00:35:23,160 --> 00:35:24,759
Speaker 3: goes up. If the mark goes down, she doesn't lose

746
00:35:24,800 --> 00:35:26,880
Speaker 3: she had protected her money, and then the remaining amount

747
00:35:27,160 --> 00:35:29,440
Speaker 3: we actively manage it. There was really cool strategy that

748
00:35:29,440 --> 00:35:31,160
Speaker 3: we have that we can put the money in the

749
00:35:31,239 --> 00:35:33,800
Speaker 3: S and P five hundred or the Dow An Index

750
00:35:33,840 --> 00:35:36,640
Speaker 3: and then there's a twenty percent buffer on the downside.

751
00:35:36,680 --> 00:35:37,520
Speaker 2: This is really cool.

752
00:35:37,600 --> 00:35:41,400
Speaker 3: So if the market goes down within that twenty percent,

753
00:35:41,440 --> 00:35:44,480
Speaker 3: she doesn't lose anything. But this is invested in the market.

754
00:35:44,800 --> 00:35:47,080
Speaker 3: So if it goes past the twenty percent buffer, then

755
00:35:47,200 --> 00:35:48,879
Speaker 3: she just loses the difference. So if the mark goes

756
00:35:48,920 --> 00:35:52,360
Speaker 3: down twenty two, she loses two, not twenty two. And

757
00:35:52,400 --> 00:35:54,120
Speaker 3: she said, well, how do I go about doing that?

758
00:35:54,200 --> 00:35:56,640
Speaker 3: How do I have total protection on one side and

759
00:35:56,680 --> 00:36:01,200
Speaker 3: then still have really nice upside potential goes up, but

760
00:36:01,239 --> 00:36:04,239
Speaker 3: then again I still have downside protection as well, even

761
00:36:04,239 --> 00:36:06,640
Speaker 3: though I'm in the market. And I said, yeah, this

762
00:36:06,719 --> 00:36:08,520
Speaker 3: is how we can put this together. And she said,

763
00:36:08,560 --> 00:36:11,040
Speaker 3: oh my gosh, I wish I would have met with

764
00:36:11,080 --> 00:36:11,919
Speaker 3: you ten years ago.

765
00:36:12,719 --> 00:36:15,600
Speaker 2: So why do people meet with Maggie Tax because you

766
00:36:15,640 --> 00:36:18,400
Speaker 2: are confused. You need help and we can help. And

767
00:36:18,480 --> 00:36:20,480
Speaker 2: let's talk about the gorilla in the room. I keep

768
00:36:20,560 --> 00:36:23,000
Speaker 2: mentioning that there are so many many of you have

769
00:36:23,080 --> 00:36:25,359
Speaker 2: no estate planning, and many of you do not have

770
00:36:25,400 --> 00:36:28,440
Speaker 2: a proper beneficiary on your accounts. This is what we

771
00:36:28,520 --> 00:36:30,719
Speaker 2: do when we meet with the client. We do a

772
00:36:30,800 --> 00:36:32,960
Speaker 2: state planning. And even if you keep your accounts with

773
00:36:33,000 --> 00:36:36,400
Speaker 2: your advisor, then call us for a beneficiary review and

774
00:36:36,440 --> 00:36:39,600
Speaker 2: get a state planning. Why does this happen. It happens

775
00:36:39,600 --> 00:36:41,960
Speaker 2: because your advisor does not talk about what we do.

776
00:36:42,440 --> 00:36:46,360
Speaker 2: Every client. We discuss medicare planning. We discuss those security planning,

777
00:36:46,680 --> 00:36:50,800
Speaker 2: tax planning, income planning, investment planning, so you can avoid

778
00:36:50,840 --> 00:36:53,120
Speaker 2: these mistakes, these horror shows that Chris and I are

779
00:36:53,160 --> 00:36:56,600
Speaker 2: talking about. So it's up to you. Operators are standing

780
00:36:56,640 --> 00:36:58,960
Speaker 2: by eight three to three Magi Tax. Be sure to

781
00:36:59,040 --> 00:37:03,040
Speaker 2: visit our website Maggie dot com. Go to the retirement calculator,

782
00:37:03,320 --> 00:37:06,160
Speaker 2: punching the information and in thirty seconds we'll tell you

783
00:37:06,239 --> 00:37:07,520
Speaker 2: what your tax bill is going to be.

784
00:37:07,840 --> 00:37:09,960
Speaker 3: And that's just said. And if you're serious about looking

785
00:37:09,960 --> 00:37:11,759
Speaker 3: for an income plan, where do I take my money

786
00:37:11,760 --> 00:37:12,919
Speaker 3: from How do I do it in the most tax

787
00:37:12,920 --> 00:37:15,080
Speaker 3: efficient way? You know, how much am I going to

788
00:37:15,120 --> 00:37:18,520
Speaker 3: get after tax net? We can show you. And what

789
00:37:18,560 --> 00:37:20,400
Speaker 3: if you said, well, what about my accounts? You know,

790
00:37:20,440 --> 00:37:23,000
Speaker 3: how do I position them in safe money buckets? Now

791
00:37:23,000 --> 00:37:25,879
Speaker 3: money buckets? Later money buckets? Maybe I have some risk

792
00:37:25,960 --> 00:37:28,600
Speaker 3: and volatility, And what about later or even never money

793
00:37:28,600 --> 00:37:32,719
Speaker 3: buckets where no plans on touching that money? Well, how

794
00:37:32,719 --> 00:37:36,040
Speaker 3: do you go about making these buckets fit you and

795
00:37:36,080 --> 00:37:39,440
Speaker 3: your family? What about making sure that all my accounts,

796
00:37:39,560 --> 00:37:42,160
Speaker 3: all your accounts avoid probate and go to where you

797
00:37:42,280 --> 00:37:44,920
Speaker 3: want it to go, God forbid? And when you pass away,

798
00:37:45,520 --> 00:37:49,320
Speaker 3: what about making sure that you have a complete plan,

799
00:37:49,920 --> 00:37:51,719
Speaker 3: knowing that at the end of the day, I got

800
00:37:51,719 --> 00:37:54,680
Speaker 3: things in order. You know, that's how much is that

801
00:37:54,840 --> 00:37:57,200
Speaker 3: worth to you? And that's what we do here. So

802
00:37:57,239 --> 00:37:58,719
Speaker 3: when you come in and meet with us, these are

803
00:37:58,760 --> 00:38:00,440
Speaker 3: things we're going to talk about. We want to talk

804
00:38:00,440 --> 00:38:02,000
Speaker 3: about you. We want to talk about what you want

805
00:38:02,000 --> 00:38:03,400
Speaker 3: to do, when to talk about the risk. We're going

806
00:38:03,440 --> 00:38:06,719
Speaker 3: to get down to each and every account that you have.

807
00:38:06,840 --> 00:38:08,799
Speaker 3: So pick up the phone, schedule time to meet with us.

808
00:38:09,080 --> 00:38:10,719
Speaker 3: You know, let's talk about the gorilla in the room.

809
00:38:10,840 --> 00:38:13,480
Speaker 3: Let's talk. Take the risk off the table. You know,

810
00:38:13,480 --> 00:38:15,759
Speaker 3: how do you feel about taxes in the future. How

811
00:38:15,760 --> 00:38:17,800
Speaker 3: do you feel about risk? How do you feel about inflation?

812
00:38:18,280 --> 00:38:21,640
Speaker 3: How do you feel about government regulations and legislative risk?

813
00:38:22,320 --> 00:38:25,640
Speaker 3: You know, have you done any multi generational planning? If not,

814
00:38:25,760 --> 00:38:26,120
Speaker 3: why not?

815
00:38:26,440 --> 00:38:26,600
Speaker 1: You know?

816
00:38:26,640 --> 00:38:28,239
Speaker 3: What's your rate of return? What kind of rate are

817
00:38:28,239 --> 00:38:30,560
Speaker 3: you getting? If you don't know, pick up the phone,

818
00:38:30,640 --> 00:38:33,080
Speaker 3: schedule time to meet with us. That's what we do.

819
00:38:33,120 --> 00:38:36,200
Speaker 3: Maggie Tax Advisory and Financial Group. Visit our website Maggie

820
00:38:36,200 --> 00:38:38,600
Speaker 3: Tax dot Com and don't forget Every Sunday on ABC

821
00:38:38,640 --> 00:38:40,560
Speaker 3: TV at ten thirty for Maggie Tax.

822
00:38:40,440 --> 00:38:41,479
Speaker 2: And Financial Show.

823
00:38:42,840 --> 00:38:45,279
Speaker 1: You've been listening to the Maggie Tax on Financial Hour

824
00:38:45,400 --> 00:38:49,200
Speaker 1: discussing tax planning investment strategies, presented by Robert and Chris

825
00:38:49,239 --> 00:38:53,360
Speaker 1: Maggie from Maggie Tax Advisory and Financial Services with offices

826
00:38:53,400 --> 00:38:57,440
Speaker 1: in Hillsboro and Panela's County. Visit Maggie Tax dot com

827
00:38:57,680 --> 00:39:01,040
Speaker 1: or call eight one three three two two twenty five

828
00:39:01,160 --> 00:39:05,000
Speaker 1: twenty that's eight one three three two two twenty five

829
00:39:05,080 --> 00:39:08,520
Speaker 1: twenty and tune in next Saturday at five for the

830
00:39:08,560 --> 00:39:10,439
Speaker 1: Maggie Tax and financial hour,