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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 nest day from Uncle Sam. Call them at

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

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Speaker 1: dot com. And now your host for the Maggie Tax

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Speaker 1: and Financial Show, Robert and Chris Maggie.

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Speaker 2: Welcome to the Maggie Tax and Financial Show. 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. And today we're gonna talk about

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Speaker 2: a lot of different topics because we get a lot

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Speaker 2: of calls, but this is the place where clarity meets

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Speaker 2: confidence and a lot of people out there, Chris that

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Speaker 2: we see and speak to the sure and their confidence

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Speaker 2: level on what they have is not clear either. So

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Speaker 2: you know, your retirement questions finally get real answers here.

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Speaker 2: And by the way, if you have questions throughout the show,

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Speaker 2: give us a call let us know see if we

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Speaker 2: can answer them. On the show, every week we break

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Speaker 2: down the headlines, the tax laws, and the financial decisions

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Speaker 2: that shape your future and everybody's future out there. It

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Speaker 2: changes all the time because your money doesn't retire when

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Speaker 2: you do. And that's kind of a funny statement, but

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Speaker 2: the truth is, your money doesn't retire when you do.

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Speaker 2: So Chris, let's get into the show and talk about

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Speaker 2: these topics today and see if we can help people out.

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Speaker 3: That's it, So welcome everyone, I am Chris, Maggie and

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Speaker 3: glad to be here as always. And you know, when

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Speaker 3: we meet with people during the week, a lot of

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Speaker 3: people have questions and they just don't know where to go.

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Speaker 3: The confidence in their retirement actually is not as high

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Speaker 3: as what it should be. And why because people don't

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Speaker 3: have a plan. So that's why they come to us,

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Speaker 3: because we can help them develop a tax plan and

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Speaker 3: income plan and investment plan and also legacy plan and

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Speaker 3: a state plan. I mean, that's what the foundation to

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Speaker 3: retirement is all about. So think of the phone, schedule

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

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Speaker 3: We have office on both sides of the bay, three

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Speaker 3: convenient offices for you to visit us. Let's get together,

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Speaker 3: have a conversation, and let's put together a plan for you.

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Speaker 4: You know, it's funny.

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Speaker 2: I get calls every every week and people will get

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Speaker 2: on the phone and I ask them, why are you

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Speaker 2: calling and how can we help you? And the answer

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Speaker 2: we get, Chris, is I want to see what you got.

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Speaker 2: It's not that, it's what kind of plan do you have?

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Speaker 2: Is what we're looking for. Because look, you all know

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Speaker 2: the world is changing fast. Everything is happening around us

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Speaker 2: so fast, and if you don't see what's coming, you're

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Speaker 2: going to get hit very hard. So the market swing,

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Speaker 2: we all know that tax rules shift, and every time

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Speaker 2: you turn on the news there's something new that could

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Speaker 2: impact your retirement and you worry about it and you

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Speaker 2: lose sleep over it. But the question we have is

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Speaker 2: when you have an advisor. If you have an advisor,

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Speaker 2: are they talking about this? And Chris, one thing that

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Speaker 2: you and I have done since we started in this

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Speaker 2: business is call clients and say what's on your mind,

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Speaker 2: follow up at least a little concern on our end

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Speaker 2: for them, because they're not getting that call well.

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Speaker 3: As I said, So today we're going to talk about

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Speaker 3: a lot of different things. We're going to tackle one

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Speaker 3: of the biggest misunderstandings out there, tax planning versus tax preparation.

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Speaker 3: They sound similar, but it can't be more than different,

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Speaker 3: and knowing the difference can save you thousands over your lifetime.

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Speaker 3: We're also going to break down the old question that

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Speaker 3: many people have is should we pay taxes now or

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Speaker 3: should we pay taxes later? And most people guess, but

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Speaker 3: smart retirees plan. And today we'll show you how to

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Speaker 3: make those decisions with confidence and clarity. And finally, we're

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Speaker 3: getting into the old questions that keep retirees awake at night,

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Speaker 3: the ones that people are often too nervous to ask,

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Speaker 3: but absolutely need answers too, because peace of mind isn't

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Speaker 3: a luxury, it's a plan. So we urge you to

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

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Speaker 3: So settle in, stay with us, and let's get clarity

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Speaker 3: that you deserve. And this is the MAGI Tax Advisory Show,

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Speaker 3: and your retirement starts right now, so let's jump in

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Speaker 3: to these major topics that many people have questions about.

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Speaker 2: Let me just go back to one thing you said,

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Speaker 2: you know, breaking down the age old question should you

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Speaker 2: pay taxes? Now? Folks, if you have an IRA or

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Speaker 2: a four one K, or a four or three B

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Speaker 2: or a TSP, you have a tax time bomb.

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Speaker 4: Every one.

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Speaker 2: If you have a tax time bomb, I don't care

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Speaker 2: how old you are, but if you have an IRA four,

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Speaker 2: one K, four or three B, you need to do

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Speaker 2: tax planning. So you know, we do tax preparation and

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Speaker 2: when everyone comes in, we do a tax plan for

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Speaker 2: them as well, because if you have a large IRA,

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Speaker 2: a million dollar IRA or whatever, you have five hundred thousand,

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Speaker 2: you owe taxes on that money.

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Speaker 4: Period.

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Speaker 2: So what Chris and I do is we do you know,

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Speaker 2: an analysis for you to show you what your tax

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Speaker 2: liability is and just you know what you said before,

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Speaker 2: then you can start doing planning.

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Speaker 4: When should I pay? Should I pay it?

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Speaker 2: Now?

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Speaker 4: Should I pay? Letter?

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Speaker 2: And you asked this question to a person that came

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Speaker 2: in last week. They had I don't know this seventy

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Speaker 2: three They had a million dollars in their IRA, and

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Speaker 2: you asked them the question when when are you going

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Speaker 2: to pay it?

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Speaker 4: And who's going to pay it?

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Speaker 3: What they say, let's they just didn't know, so they

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Speaker 3: didn't have a plan and they said, well, we'll just

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Speaker 3: pay it later. Meanwhile, the account just kept growing and

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Speaker 3: growing and growing. Market has done well, their accounts have

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Speaker 3: done well. But guess what they defer in the taxes

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Speaker 3: and they're hit with a lot of taxable income in

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Speaker 3: the future. So what are they doing about it? Well,

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Speaker 3: that's why you need a plan. So 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: Magie Tax. If you have an IRA at four one k,

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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. So let's get into

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Speaker 3: how major impacts in the news affect retirement.

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Speaker 2: So let's jump straight into how today's headlines hit your retirement.

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Speaker 2: So big news stories aren't just noise. They can move markets.

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Speaker 2: We all know that shift taxes and change what your

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Speaker 2: savings will do for you. So before we talk strategy,

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Speaker 2: let's break down what's happening right now and what it

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Speaker 2: could mean for your accounts, your income and your long

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Speaker 2: time plan.

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Speaker 4: Chris. And that's what people fall short. They don't plan

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Speaker 4: on this. Well, that's just it.

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Speaker 3: I mean, you know they can quietly reshape your retirement

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Speaker 3: income and your investment risk and every major news story

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Speaker 3: now you know, interest rates, change, inflation reports, geopolitical tensions.

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Speaker 3: We see what's going on right now, which is open

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Speaker 3: up the news and turn it on and you can

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Speaker 3: see how it's impacting. Right oil prices, gas energy, all

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Speaker 3: these things are really developing people's retirement.

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Speaker 2: But there's one thing and everything you just said to

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Speaker 2: think about the things you can control and the things

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Speaker 2: that you can't control. There's nothing you can do about

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Speaker 2: it's going to happen. You mentioned some of the headline,

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Speaker 2: But you know what you need to do. You need

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Speaker 2: to sit down and go over tax planning and find

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Speaker 2: out what you can do to reduce the taxes on

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Speaker 2: these I rais and these four oh one ks and

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Speaker 2: these four or three bs so that you don't get

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Speaker 2: hit with the taxes later, Chris, that we're talking about

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Speaker 2: when it comes to medicare or.

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Speaker 4: The whole thing.

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Speaker 2: So when you're living on savings instead of a Paicheck

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Speaker 2: and talking about when you retire, even small shifts in

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Speaker 2: the economy can change how long your money last, and

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Speaker 2: most people don't realize how connected the news is to

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Speaker 2: their retirement plan. And that's exactly why this segment matters

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Speaker 2: because Chris people don't think like that until they get

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Speaker 2: into a situation.

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Speaker 4: They're going, now, what do I do well?

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Speaker 3: When you have a diversified plan, and when you're able

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Speaker 3: to sit in front of somebody and they can go

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Speaker 3: over buckets, we talk about bucket planning. If you don't

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Speaker 3: have bucket planning, then you know what you're really missing

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Speaker 3: it and you need to meet with us because it's

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Speaker 3: so important. Every account we have invested with our clients

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Speaker 3: is for a purpose. Is it safety of your money?

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Speaker 3: Is it for income? Is it speculative? Is it a

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Speaker 3: long term growth? Is it to fight inflation?

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Speaker 4: What is it?

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Speaker 3: Because market swings impact retirees more because you're no longer

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Speaker 3: adding money, you're just taking it out. So when the

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Speaker 3: market drops during your working years, you're buying in at

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Speaker 3: lower prices, but in retirement you're withdrawing, meaning downturns can

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Speaker 3: drain your accounts faster and permanently reduce your future income.

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Speaker 3: So why is this important? Because it's called the sequence

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Speaker 3: of returns. What happens, it's one of the biggest threats

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Speaker 3: that the retirees face, and if you're not planning on it,

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Speaker 3: guess what you're going to be hurt by it. So

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Speaker 3: put together a plan understanding how current events like what

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Speaker 3: we're going through today influence market behavior and helps you

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Speaker 3: protect your savings before it's too late. That's why we

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Speaker 3: urge you to pick up the phone. Schedule time to

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Speaker 3: meet with us eight three to three, Maggie Tax. Let's

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Speaker 3: review your current investment plan if you have one. If

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Speaker 3: you do or you don't know. If you do, then

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Speaker 3: it's okay, get a second opinion. That's what we do.

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

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Speaker 3: us eight three to three Magi Tax, and.

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Speaker 4: Think about this.

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Speaker 2: New tax laws, social Security adjustments, Medicare changes, and federal

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Speaker 2: spending decisions all show up in the news long before

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Speaker 2: they show up in your wallet. Retirees are especially vulnerable

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Speaker 2: because they rely on fixed income sources. Nothing wrong with it,

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Speaker 2: but that's going to make it great for you. That's good.

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Speaker 2: But knowing how to read the signs and how to

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Speaker 2: plan around them can save you thousands in unnecessary taxes

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Speaker 2: and penalties. And that's what we do with Maggie tax

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Speaker 2: and wealth advisors. Because if your advisor just talks about

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Speaker 2: a stock bond on mutual fund, that's not the right

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Speaker 2: advice to be with because you need more.

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Speaker 3: I'm a right or wrong, It's exactly right. It's not

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Speaker 3: just put together a plan now and forget about it.

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Speaker 3: I mean you have to have active trading. You have

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Speaker 3: to have active a team looking at what you have

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Speaker 3: and putting together specific buckets for the purpose to fight

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Speaker 3: through all this. So when you look at everything happening

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Speaker 3: in the world right now, the markets, interest rates, new

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Speaker 3: tax proposals, global events, it's very clear that retires can't

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Speaker 3: afford to tune it out. It has to be something

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Speaker 3: that they're looking at. But if you don't have a plan,

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Speaker 3: then you have the uncertainty. You know, these headlines just

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Speaker 3: don't fill the news cycle. They shape the financial reality

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Speaker 3: that you're living in. And the good news. With the

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Speaker 3: right plan, you don't have to feel vulnerable to any

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Speaker 3: of it. You can feel prepared and you can feel protected,

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Speaker 3: you can feel confident. That's what're talking about clarity confidence

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Speaker 3: and that brings us right into something that's just as important.

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Speaker 3: Understand the difference between tax planning and also tax preparation,

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Speaker 3: because reacting to news is one thing, but having a

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Speaker 3: proactive tax strategy that protects your time every single year,

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Speaker 3: that's where real control begins. So pick up the phone,

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Speaker 3: schedule time the meeting with us, AID three to three

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Speaker 3: Maggie Tax, and visit our website at Maggie 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: don't forget. Every Sunday on ABC TV, tune into our show.

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Speaker 3: It's a thirty minute show, The Maggie Tax and Wealth

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Speaker 3: Advisors Show. We're here to help you, educate you and

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Speaker 3: also provide ways for clarity and confidence and peace of

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Speaker 3: mind moving forward. AID three to three Maggie Tax and

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Speaker 3: Income Planning, tax planning, investment planning, a state planning, legacy planning,

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Speaker 3: social security maximization planning. That's what we do. So pick

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

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Speaker 3: get together, have a conversation, and we look forward to

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Speaker 3: working with you and providing you with the clarity and

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Speaker 3: confidence you need during retirement.

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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: 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 and I'm here with my dad and

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Speaker 3: coast of the show, Robert Maggie, and let's shift gears

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Speaker 3: and talk about why most people only get half the

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Speaker 3: tax help they actually need and how the right kind

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Speaker 3: of planning can save you far more than what you

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Speaker 3: think you know. Welcome back to the Maggie Tax and

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Speaker 3: Financial Show. Visit our website at Maggie tax dot com.

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

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Speaker 3: talking about tax planning versus tax preparations. So let's jump in.

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Speaker 4: One thing I could mention I did before.

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Speaker 2: But go to our website, Maggie Tax dot com and

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Speaker 2: on the top right click on retirement calculator. And for

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Speaker 2: all of you that have an IRA four oh one

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Speaker 2: K four oh three VI A TSP you have deferred money.

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Speaker 2: You have tax deferred money. So you need to know

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Speaker 2: when you start taking the required minimum distribution at seventy three,

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Speaker 2: what you're going to have to take out and then

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Speaker 2: what you're going to have to pay. Go to the

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Speaker 2: retirement calculator, fill in the information and in thirty seconds

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Speaker 2: you will receive an email back of what you're going to.

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Speaker 4: Have to pay at the age that you have to

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Speaker 4: start taking it out.

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Speaker 2: I have to tell you and Chris we talk about

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Speaker 2: this tax planning and tax preparation. There are many people

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Speaker 2: out there right now that don't do that. And folks,

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Speaker 2: if you're going to defer defer, deferred defer, are tax

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Speaker 2: is going to go up or tax is going to

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Speaker 2: go down?

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Speaker 4: So with this report, yeah, right up?

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Speaker 3: No, I think mean to interrupt you.

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Speaker 4: No, Oh, you're right.

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Speaker 3: You mean a great point. Because if you're not getting

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Speaker 3: the help, you're missing it. Because taxes are our biggest expense.

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Speaker 3: So if your current advisor or is not doing it

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Speaker 3: for you, or your current CPA is not doing it

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Speaker 3: for you, or you basically don't have anybody, you're you're

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Speaker 3: missing it, aren't you exactly?

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Speaker 2: And I think that's you know, the shock and all

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Speaker 2: that people get when they everybody knows when they save

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Speaker 2: in a tax deferred account, they're going to be taxed

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Speaker 2: on it what amount they don't know. And then when

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Speaker 2: you come in and do taxes, like we do tax

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Speaker 2: planning all year round, even right now. So if you

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Speaker 2: need your taxes done, you can come in.

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Speaker 4: We'll show you.

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Speaker 2: But we'll also show you what the requirement of distribution

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Speaker 2: is going to be and how it's going to affect

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Speaker 2: you later on. Because let's open the door to a

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Speaker 2: topic that can completely change the way you experience retirement.

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Speaker 4: And what do I mean by that?

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Speaker 2: Because when you find out you're going to have to

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Speaker 2: take out more money and it starts to increase your

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Speaker 2: tax bracket. I think you want to know right now.

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Speaker 2: So the difference between tax planning and tax preparation, because

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Speaker 2: these two things may sound similar, but they can create

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Speaker 2: very different outcomes. And one is about looking back and

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Speaker 2: the other is about looking ahead. And Chris, I think

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Speaker 2: looking ahead for people that are getting ready to retire,

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Speaker 2: I'll give you an example. I had a lady the

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Speaker 2: other day call me and she sixty two, and she said, Bobby,

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Speaker 2: I want to retire because I'm just getting tired and

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Speaker 2: I want to go spend time with my family. So

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Speaker 2: what we did was we looked at her Social Security

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Speaker 2: that she was going to get, and then we looked

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Speaker 2: at the annuity that she has and how much she's

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Speaker 2: going to get. Chris, she can tie it right now

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Speaker 2: and make more than if she was working.

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Speaker 4: Why would you not do that? But she did what

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Speaker 4: tax planning? That's exactly right.

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Speaker 3: And plus people just don't know, they don't know what

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Speaker 3: they don't know because their investment guys only dealing with investments.

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Speaker 3: They don't have the ability to talk about tax planning.

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Speaker 3: And we do at our firm here each and every day.

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Speaker 3: That's what we do. We incorporate it all. So you know,

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Speaker 3: my dad mentioned a good point. Tax preparation is about

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Speaker 3: looking back and tax planning is about looking ahead. And

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Speaker 3: one reports what happened and the other helps you shape

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Speaker 3: what will happen. And that's what we do here. We

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Speaker 3: could do both, but more importantly, the tax planning what

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Speaker 3: will happen is what we're about.

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Speaker 2: Yeah, so you know again and this is so important.

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Speaker 2: Please take time to listen to what we're saying. Give

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Speaker 2: us a call eight three to three Maggie Tax. Go

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Speaker 2: to our website Maggie tax dot com, click on the

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Speaker 2: retirement calculator and see for yourself, because it's going to

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Speaker 2: explain to you what we're talking about here.

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Speaker 3: Now you're right, and then you know. Once you start

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Speaker 3: understanding the difference between looking back and what will happen

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Speaker 3: in the future, you start seeing opportunities that most people miss.

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Speaker 3: So that's what we're going to dig into this because

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Speaker 3: tax preparation looks backwards, but retirement requires someone who can

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Speaker 3: look forward. Most people only interact with taxes once a year.

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Speaker 3: They hand over their documents, they get their return filed,

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Speaker 3: and they hope for the best. And sometimes they get

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Speaker 3: mad that they're prepared to it wrong because they have

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Speaker 3: to pay. But meanwhile they might just not with old enough.

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Speaker 3: But that's just reporting history. In retirement, the real danger

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Speaker 3: isn't what happened last year, it's what's coming up next.

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Speaker 3: So tax planning shifts the focus to the future, how

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Speaker 3: to reduce taxes next year, five years from now, and

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Speaker 3: throughout retirement. So when listeners understand this difference, and if

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Speaker 3: you're out there today, once you realize that you may

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Speaker 3: be missing the most important part of your financial strategy.

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Speaker 3: Now is the time they pick up the phone, schedule

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

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Speaker 4: Tax.

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Speaker 2: So planning helps you control your tax bracket and that's

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Speaker 2: very important to understand instead of letting insteading letting the

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Speaker 2: irs decide it for you. And believe me, I'd rather

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Speaker 2: figure out what I have to pay them what the

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Speaker 2: RIS is going to tell me what to pay?

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Speaker 4: And here's the thing.

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Speaker 2: Without a plan, retirees often drift into higher tax brackets

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Speaker 2: without even realizing it. And when we find that out, Chris,

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Speaker 2: is when we do the taxes and they say, Wow,

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Speaker 2: I'm paying too much in taxes.

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Speaker 4: No, you're not. You're not paying enough because you made

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Speaker 4: too much money.

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Speaker 2: And no one does that for them, Chris, the the

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Speaker 2: advisor doesn't do that. They just look about stock sponsor investments.

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Speaker 2: What about the tax sarity? But how important is that?

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Speaker 3: Well, that's sick because they have no plan. So that's

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Speaker 3: why they drift into higher tax brackets without realizing it

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Speaker 3: because they do no planning. So required withdrawal solid security taxation.

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Speaker 3: How many people getting tax on solid security? A lot

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Speaker 3: of people, but a lot of our clients aren't. Why

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Speaker 3: because they have a plan and what about investment income?

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Speaker 3: These can stack up fast. So that's why tax planning

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Speaker 3: helps you intentionally manage your income so you stay in

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Speaker 3: control in the most efficient brackets possible. That's what we do.

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Speaker 3: We look at this. It isn't about loopholes. It's about timing,

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Speaker 3: strategy and keeping more of what you earned. So if

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Speaker 3: you're listening, to start wondering what bracket should you be

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Speaker 3: in and whether are you paying more than what you

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Speaker 3: need to And if you don't know, pick up the

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Speaker 3: phone schedule time to meet with us. A three three

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Speaker 3: Maggie tax.

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Speaker 4: Oh gosh, exactly.

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Speaker 2: I mean, the right plan can can reduce taxes for decades,

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Speaker 2: not just one filing season. Tax preparation saves you money once.

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Speaker 2: Tax planning can save you money every year for the rest.

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Speaker 4: Of your life.

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Speaker 2: If you put a plan together, we call it the

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Speaker 2: Maggie Plan, simple and easy to understand. And strategies like

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Speaker 2: Wroth conversions, which I'm talking about now. If you don't

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Speaker 2: have a Wroth maybe we need to take a look

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Speaker 2: at it because we could save.

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Speaker 4: You money bracketing. What bracket are you going to be in?

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Speaker 2: You know, is it going to be more or less

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Speaker 2: and tax efficient, which roles can reduce lifetime taxes by

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Speaker 2: tens of thousands of dollars.

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Speaker 4: Chris, that's a lot of money.

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Speaker 3: Absolutely, So most retirees they've never been shown these options.

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Speaker 3: And when you sit in front of us, we'll go

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Speaker 3: through it. We'll incorporate your investment with your income and

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Speaker 3: your tax is ensure the most income in the most

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Speaker 3: tax efficient way. Who would not want that? You know

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Speaker 3: I'm talking about. So planning turns taxes from a yearly

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Speaker 3: chore into a long term advantage. That's why it's so

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Speaker 3: important to meet with us. So again, when you shift

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Speaker 3: from reacting to planning, taxes stop being something you dread

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Speaker 3: and start becoming something that you can use to your advantage.

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Speaker 3: You gain clarity, the confidence and control. You stop guessing,

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Speaker 3: you stop hoping, You start making decisions that protect your income,

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Speaker 3: your lifestyle, and your future. And that's what if you're

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Speaker 3: listening today, that's what you can do too. So if

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Speaker 3: you're out there and you're thinking where do I go?

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

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Speaker 3: eight three three Maggie Tax. Visit our website at Maggie

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Speaker 3: tax dot com. There's so much information right there at

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Speaker 3: your fingertips 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: 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: Bag 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: as always we're here to help you provide clarity and

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Speaker 3: confidence so you can get into your retirement with the

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Speaker 3: smoother process. Welcome everyone. Visit our website at Maggie tax

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Speaker 3: dot com. Pick up the phone, schedule a time to

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Speaker 3: meet with us. Eight three three Maggie Tax. Get that

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Speaker 3: second opinion, you know, get that direction, put together a

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Speaker 3: plan you deserve too. It doesn't matter how much money

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Speaker 3: you have or what questions you have. If you are

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Speaker 3: concerned about taxes and tax planning, investments, income planning and

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Speaker 3: state planning, social security plan, where's the best time to

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Speaker 3: maximize my social security benefits. Just pick up the phone,

437
00:19:46,880 --> 00:19:50,359
Speaker 3: schedule time to meet with us. Eight three three Maggie Tax.

438
00:19:50,480 --> 00:19:52,080
Speaker 2: So I'll throw a question out to all of you,

439
00:19:53,000 --> 00:19:56,359
Speaker 2: should you pay taxes now or should you pay them later?

440
00:19:57,119 --> 00:19:59,199
Speaker 2: And that's an answer that each one of you have

441
00:19:59,240 --> 00:20:02,000
Speaker 2: a different answer to. So most people make the decision

442
00:20:02,040 --> 00:20:05,280
Speaker 2: by guessing that's not a good way to go. Smart

443
00:20:05,280 --> 00:20:07,840
Speaker 2: retirees make this decision by planning which is the right

444
00:20:07,880 --> 00:20:09,239
Speaker 2: way to go. And that's what we do here at

445
00:20:09,280 --> 00:20:13,200
Speaker 2: Maggie Tax and Wealth Advisors. And once you understand how

446
00:20:13,240 --> 00:20:16,960
Speaker 2: this choice actually works, you'll see why timing your taxes

447
00:20:17,000 --> 00:20:19,199
Speaker 2: is one of the most powerful tools in all of

448
00:20:19,200 --> 00:20:21,879
Speaker 2: retirement planning. I've been doing tax planning for years, and

449
00:20:21,920 --> 00:20:24,720
Speaker 2: every time tax season comes like now, people come in

450
00:20:24,720 --> 00:20:26,560
Speaker 2: and they say, well, I'm paying too much in taxes

451
00:20:26,600 --> 00:20:29,080
Speaker 2: And the answer is, well, maybe not. You're not because

452
00:20:29,080 --> 00:20:30,960
Speaker 2: you're not paying enough and it's because of what you make.

453
00:20:31,000 --> 00:20:34,600
Speaker 2: So things change. So when you're deciding whether to pay

454
00:20:34,640 --> 00:20:37,879
Speaker 2: taxes now or later, it really comes down, Chris, to

455
00:20:38,000 --> 00:20:41,520
Speaker 2: one thing. What gives you the biggest advantage in retirement?

456
00:20:41,560 --> 00:20:43,760
Speaker 2: And the answer isn't guesswork, it's strategy.

457
00:20:43,880 --> 00:20:46,480
Speaker 3: That's it. It's strategy, it's a plan, and that's why

458
00:20:46,560 --> 00:20:48,960
Speaker 3: you need an advisor that you can talk to, that

459
00:20:49,000 --> 00:20:51,399
Speaker 3: you can put together options. You can talk about what

460
00:20:51,440 --> 00:20:53,600
Speaker 3: income looks like in the most tax efficient way. And

461
00:20:54,240 --> 00:20:56,640
Speaker 3: here are some key factors that will help you make

462
00:20:56,840 --> 00:21:00,399
Speaker 3: the smartest decision. You know, everything starts with lensible question.

463
00:21:00,920 --> 00:21:03,840
Speaker 3: You know, will your tax to be higher now or later?

464
00:21:03,920 --> 00:21:06,359
Speaker 3: And we asked this question to everyone who comes in

465
00:21:06,440 --> 00:21:09,040
Speaker 3: because many people have a different perspective, and it's okay

466
00:21:09,359 --> 00:21:12,480
Speaker 3: because most retirees assume their tax bill shrinks once they're

467
00:21:12,520 --> 00:21:15,560
Speaker 3: stopped working. And that's what we've been taught. That's what

468
00:21:15,560 --> 00:21:18,639
Speaker 3: they've taught us. Put money away, get a tax deduction today.

469
00:21:18,680 --> 00:21:20,680
Speaker 3: In the future, you've been a lower tax bracket because

470
00:21:20,680 --> 00:21:23,600
Speaker 3: you're not earning money through wages and you'll pay less

471
00:21:23,640 --> 00:21:26,480
Speaker 3: than taxes. But that's just not always how it plays out.

472
00:21:26,800 --> 00:21:31,440
Speaker 3: Once solid security kicks in, once required minimum distributions from

473
00:21:31,440 --> 00:21:35,040
Speaker 3: your IRA or your qualified accounts kick in, once investment

474
00:21:35,080 --> 00:21:37,920
Speaker 3: income stacks on top of everything else, you know, many

475
00:21:37,920 --> 00:21:42,120
Speaker 3: people find themselves pushed into higher brackets than they've ever expected.

476
00:21:42,560 --> 00:21:44,159
Speaker 3: And we see it each and every day. And this

477
00:21:44,320 --> 00:21:48,480
Speaker 3: is why now or later isn't guesswork is a strategic

478
00:21:48,560 --> 00:21:52,760
Speaker 3: decision that can help shape your entire retirement. So I

479
00:21:52,880 --> 00:21:54,400
Speaker 3: urge you to pick up the phone and schedule time

480
00:21:54,400 --> 00:21:56,280
Speaker 3: to meet with us. Eight three to three Maggie Tax.

481
00:21:56,359 --> 00:22:00,880
Speaker 3: Why Because if you're doing everything well now and guess

482
00:22:00,920 --> 00:22:02,760
Speaker 3: what now, you have a second opinion and you can

483
00:22:02,800 --> 00:22:04,919
Speaker 3: cross it off the list that everything's good. It's like

484
00:22:04,960 --> 00:22:07,040
Speaker 3: going to a doctor, right. But if you are feeling

485
00:22:07,280 --> 00:22:10,080
Speaker 3: uncertained or you have questions and you go to the

486
00:22:10,080 --> 00:22:12,400
Speaker 3: doctor and you get these questions answered, maybe there might

487
00:22:12,400 --> 00:22:14,080
Speaker 3: be something better to help you. And that's what we

488
00:22:14,080 --> 00:22:16,520
Speaker 3: can do, Maggie Tax dot Com eight three to three

489
00:22:16,560 --> 00:22:17,640
Speaker 3: Maggie Tax.

490
00:22:17,880 --> 00:22:21,359
Speaker 2: Well, said Chris, because that is the truth. So paying

491
00:22:21,400 --> 00:22:24,440
Speaker 2: taxes now can lock in today's lower rates and turn

492
00:22:24,520 --> 00:22:26,359
Speaker 2: future income into tax free income.

493
00:22:26,359 --> 00:22:27,600
Speaker 4: And that's what we're talking about.

494
00:22:27,840 --> 00:22:30,680
Speaker 2: A lot of people don't know that they can convert

495
00:22:30,720 --> 00:22:33,720
Speaker 2: into a WROTH and pay less tax, pay tax now,

496
00:22:34,040 --> 00:22:36,040
Speaker 2: which is a lower tax bracket, then later. And how

497
00:22:36,080 --> 00:22:38,320
Speaker 2: many of you out there would like tax free income.

498
00:22:38,440 --> 00:22:40,120
Speaker 2: I'm sure all of you say, of course we do.

499
00:22:40,520 --> 00:22:43,639
Speaker 2: But by using strengths, strategies like WROTH conversions and a

500
00:22:43,680 --> 00:22:46,920
Speaker 2: lot of people were not taught this during lower income years.

501
00:22:46,920 --> 00:22:50,040
Speaker 2: This is one of the misconceptions lower income years. You

502
00:22:50,080 --> 00:22:53,240
Speaker 2: can essentially prepare taxes at a rate that you control.

503
00:22:53,359 --> 00:22:56,760
Speaker 3: Hold on, stay right there. You can you can prepare

504
00:22:57,600 --> 00:23:02,240
Speaker 3: taxes so you have control you do. It's amazing because

505
00:23:02,440 --> 00:23:04,159
Speaker 3: many people don't think about that. We talked about this

506
00:23:04,160 --> 00:23:06,960
Speaker 3: in the last segment. Like you know the tax liberations

507
00:23:06,960 --> 00:23:11,040
Speaker 3: in the past. Tax planning is in the future. So

508
00:23:12,000 --> 00:23:15,040
Speaker 3: if you can think about the future and plan and

509
00:23:15,080 --> 00:23:17,439
Speaker 3: have control over that, why would you not want to

510
00:23:17,520 --> 00:23:17,880
Speaker 3: do that?

511
00:23:18,000 --> 00:23:19,800
Speaker 4: Well, if you prepay it, why not? Exactly?

512
00:23:19,880 --> 00:23:22,040
Speaker 2: And that's what the point is. With a rough conversion

513
00:23:22,400 --> 00:23:25,040
Speaker 2: and think about it. Every four years, what happens every

514
00:23:25,040 --> 00:23:25,760
Speaker 2: four years.

515
00:23:25,560 --> 00:23:28,080
Speaker 3: The eleukstration changes possibly right.

516
00:23:28,000 --> 00:23:30,240
Speaker 2: Call legislative risk. And you know it and I know

517
00:23:30,320 --> 00:23:32,280
Speaker 2: it because we see it all the time. That's what

518
00:23:32,480 --> 00:23:35,479
Speaker 2: changes in the tax planning because oh no, I'll wait

519
00:23:35,560 --> 00:23:37,879
Speaker 2: till next year. Oh I'll wait till next year. I

520
00:23:37,880 --> 00:23:39,600
Speaker 2: guess the old saying is, and all of you heard it,

521
00:23:39,680 --> 00:23:42,280
Speaker 2: let's kick the can down the road. Well, don't do that,

522
00:23:42,400 --> 00:23:44,960
Speaker 2: because you need to start to prepay taxes at a

523
00:23:45,040 --> 00:23:48,399
Speaker 2: rate that you control. And that's what we're talking about,

524
00:23:48,440 --> 00:23:50,520
Speaker 2: not when the irs chooses.

525
00:23:50,119 --> 00:23:52,080
Speaker 4: For you later. And think about it, And I'll make

526
00:23:52,119 --> 00:23:52,440
Speaker 4: the point.

527
00:23:52,480 --> 00:23:55,680
Speaker 2: When you save on a tax deferred basis, you're deferring

528
00:23:55,720 --> 00:23:58,400
Speaker 2: the taxes for what an unknown rate later on.

529
00:23:58,560 --> 00:23:59,000
Speaker 4: Well, that's it.

530
00:23:59,000 --> 00:24:00,840
Speaker 3: If you have a four one k an ira or

531
00:24:00,960 --> 00:24:05,360
Speaker 3: a TSP or whatever qualified plan you have, it's it's

532
00:24:05,359 --> 00:24:08,920
Speaker 3: infected with tax right, it's a unknown question. It's a

533
00:24:09,000 --> 00:24:11,320
Speaker 3: question mark tax rate. Think about it. You have no

534
00:24:11,359 --> 00:24:13,800
Speaker 3: idea what that it's going to cost you in the future.

535
00:24:13,800 --> 00:24:16,240
Speaker 3: But if you can determine now that I'll pay twelve

536
00:24:16,280 --> 00:24:18,320
Speaker 3: percent getting that money out, or I'll pay twenty two

537
00:24:18,320 --> 00:24:20,159
Speaker 3: percent getting the money out, knowing that in the future

538
00:24:20,160 --> 00:24:21,960
Speaker 3: it might be a heck of a lot more, why

539
00:24:21,960 --> 00:24:24,320
Speaker 3: would you not want to think about those options exactly?

540
00:24:24,480 --> 00:24:25,400
Speaker 4: And think about it this way.

541
00:24:25,440 --> 00:24:29,639
Speaker 2: Also, it means that every dollar move today has the

542
00:24:29,680 --> 00:24:33,600
Speaker 2: potential to grow tax free for the rest of your life.

543
00:24:33,720 --> 00:24:35,960
Speaker 3: Well, that's when many people forget that side of it.

544
00:24:36,000 --> 00:24:37,800
Speaker 3: Well it's gonna cost me twenty two percent to get

545
00:24:37,800 --> 00:24:41,080
Speaker 3: that much money out. Well, yes, but maybe in the

546
00:24:41,080 --> 00:24:44,080
Speaker 3: future it might cost you thirty two percent. But also too,

547
00:24:44,080 --> 00:24:46,040
Speaker 3: you forgot that when you convert the money. Guess what,

548
00:24:46,119 --> 00:24:49,680
Speaker 3: Now you're in a never ever, forever never tax land.

549
00:24:49,680 --> 00:24:51,800
Speaker 3: It's beautiful, tax free, tax free money.

550
00:24:51,920 --> 00:24:52,160
Speaker 4: Yeah.

551
00:24:52,359 --> 00:24:54,480
Speaker 2: I mean again, this is not what we were taught,

552
00:24:54,520 --> 00:24:56,800
Speaker 2: all of us, everyone out there. We were just taught

553
00:24:56,800 --> 00:24:58,760
Speaker 2: to save on a tax deferred basis and don't worry

554
00:24:58,800 --> 00:25:01,040
Speaker 2: about the taxes. Hell, well yeah, you better worry about

555
00:25:01,040 --> 00:25:03,040
Speaker 2: the taxes because you have to pay them. What's the

556
00:25:03,119 --> 00:25:05,600
Speaker 2: question that you ask everybody coming in? When are you

557
00:25:05,640 --> 00:25:07,080
Speaker 2: going to pay the tax? And who's going to pay

558
00:25:07,119 --> 00:25:09,719
Speaker 2: the tax? You you're going to pay the tax. That's

559
00:25:09,760 --> 00:25:12,240
Speaker 2: your money. And I laugh when people come and say, well,

560
00:25:12,240 --> 00:25:14,919
Speaker 2: I'm not paying any taxes. I'm sorry to differ with you,

561
00:25:15,000 --> 00:25:17,119
Speaker 2: my friend, but guess what, you will pay the tax.

562
00:25:17,160 --> 00:25:20,760
Speaker 2: So for many retirees, this becomes the moment they realize,

563
00:25:20,960 --> 00:25:24,200
Speaker 2: and we talked about it before, timing your taxes can

564
00:25:24,280 --> 00:25:26,880
Speaker 2: be more powerful than the investment return itself.

565
00:25:27,040 --> 00:25:27,640
Speaker 4: Well that's it.

566
00:25:27,720 --> 00:25:29,560
Speaker 3: I love it when people come in and say, well,

567
00:25:29,600 --> 00:25:32,399
Speaker 3: I've been getting double digit returns. Everybody investments. Yeah, but

568
00:25:33,000 --> 00:25:36,439
Speaker 3: now they're still growing. The pot is getting thicker and

569
00:25:36,480 --> 00:25:39,120
Speaker 3: bigger and fatter. And guess what, when you start taking

570
00:25:39,119 --> 00:25:40,680
Speaker 3: more out, it's more tax you have to pay, and

571
00:25:40,680 --> 00:25:42,960
Speaker 3: people don't realize that. You know, it's like being in

572
00:25:42,960 --> 00:25:45,040
Speaker 3: the forest, right. You see all these trees, but you're

573
00:25:45,040 --> 00:25:47,320
Speaker 3: only seeing one tree. But if you move to the

574
00:25:47,400 --> 00:25:49,280
Speaker 3: right of the left of that tree, you can see

575
00:25:49,280 --> 00:25:51,840
Speaker 3: the rest of the forest. Right, and it's clear out there.

576
00:25:51,880 --> 00:25:54,119
Speaker 3: You see some ways that you can get through and

577
00:25:54,200 --> 00:25:56,560
Speaker 3: navigate through. That's exactly what we're talking about. So pick

578
00:25:56,640 --> 00:25:58,359
Speaker 3: up the phone today, schedule time to meet with us.

579
00:25:58,440 --> 00:26:02,440
Speaker 3: Eight three three. You have questions, let's.

580
00:26:02,200 --> 00:26:02,720
Speaker 4: Talk about it.

581
00:26:02,760 --> 00:26:06,080
Speaker 3: Because taxes are our biggest expense. What are you doing

582
00:26:06,200 --> 00:26:10,600
Speaker 3: to reduce them? There are ways, there's strategies, there's a plan,

583
00:26:10,720 --> 00:26:12,960
Speaker 3: there's direction. Do you want to get on that road?

584
00:26:13,080 --> 00:26:13,679
Speaker 4: Absolutely?

585
00:26:13,720 --> 00:26:15,720
Speaker 3: Eight three three, Maggie Tax and go to.

586
00:26:15,680 --> 00:26:16,760
Speaker 4: My website, Maggie.

587
00:26:16,760 --> 00:26:19,399
Speaker 2: I shouldn't say my website our website, okay, because it

588
00:26:19,480 --> 00:26:21,960
Speaker 2: is I don't want to take fullard. Sounds good, no problem,

589
00:26:21,960 --> 00:26:24,240
Speaker 2: but anyway, go to our website, Maggie tax dot com.

590
00:26:24,280 --> 00:26:25,760
Speaker 2: And this is what you need to take a look at.

591
00:26:26,000 --> 00:26:28,800
Speaker 2: Go to the retirement calculator on the top right and

592
00:26:28,840 --> 00:26:30,840
Speaker 2: it's simple. You click in your name, click in the

593
00:26:30,840 --> 00:26:32,720
Speaker 2: amount that you have, and if you want to be

594
00:26:32,880 --> 00:26:35,240
Speaker 2: you know, untruthful. Then put the wrong number in. But

595
00:26:35,280 --> 00:26:37,359
Speaker 2: see what happens when you put the number in and

596
00:26:37,400 --> 00:26:39,440
Speaker 2: your age. It's going to tell you what your tax

597
00:26:39,560 --> 00:26:41,160
Speaker 2: is going to be or what you have to pay

598
00:26:41,200 --> 00:26:44,560
Speaker 2: when you retire and start taking the great or required

599
00:26:44,760 --> 00:26:45,800
Speaker 2: minimum distribution.

600
00:26:45,840 --> 00:26:47,720
Speaker 3: But here's the thing, though, be honest with yourself, because

601
00:26:47,800 --> 00:26:49,600
Speaker 3: this is your tax bill. You know, yeah, you have

602
00:26:49,640 --> 00:26:51,280
Speaker 3: a million dollars in there. You don't really have a

603
00:26:51,320 --> 00:26:53,679
Speaker 3: million dollars in there. Let's find out exactly what is

604
00:26:53,680 --> 00:26:56,000
Speaker 3: and put the right number in and get in contact

605
00:26:56,040 --> 00:26:58,240
Speaker 3: with us is let's talk about this because you need

606
00:26:58,280 --> 00:27:00,920
Speaker 3: to know today and think about that.

607
00:27:00,960 --> 00:27:02,480
Speaker 2: Once you put this number in and you see what

608
00:27:02,520 --> 00:27:04,320
Speaker 2: you have to take out and then you add it

609
00:27:04,400 --> 00:27:06,720
Speaker 2: to a euros let's say your income, now it's going

610
00:27:06,760 --> 00:27:08,960
Speaker 2: to bump you into a higher tax bracket. So if

611
00:27:09,000 --> 00:27:11,200
Speaker 2: you're in a higher tax bracket right now because you're

612
00:27:11,240 --> 00:27:15,240
Speaker 2: still working, that's fine. Receiving a bonus might increase your taxes,

613
00:27:15,359 --> 00:27:19,160
Speaker 2: or selling a property or business paying taxes now could

614
00:27:19,200 --> 00:27:22,200
Speaker 2: mean overpaying. So in those cases, letting the money grow

615
00:27:22,240 --> 00:27:25,560
Speaker 2: and waiting for lower income years can create major long

616
00:27:25,680 --> 00:27:27,760
Speaker 2: term savings. And that's what you have to think about.

617
00:27:27,800 --> 00:27:30,840
Speaker 2: So the goal isn't to russill delay, it's to choose

618
00:27:30,880 --> 00:27:35,520
Speaker 2: the years when taxes are the cheapest for you personally.

619
00:27:35,800 --> 00:27:37,960
Speaker 3: What kind of plan are you putting together if you're

620
00:27:37,960 --> 00:27:39,760
Speaker 3: not thinking about it now? That's why if you with

621
00:27:39,920 --> 00:27:43,600
Speaker 3: the right advisory firm who can talk through this, go

622
00:27:43,640 --> 00:27:47,880
Speaker 3: through different scenarios with you, why not take that opportunity.

623
00:27:47,880 --> 00:27:49,720
Speaker 3: And that's why we do. What we do here is

624
00:27:49,720 --> 00:27:52,360
Speaker 3: pick up the phone eight three three, Maggie Tax, let's

625
00:27:52,359 --> 00:27:55,280
Speaker 3: get together, Let's have a conversation. Visit our website at

626
00:27:55,280 --> 00:27:58,040
Speaker 3: Maggie tax dot com. Because again, as my dad mentioned,

627
00:27:58,040 --> 00:28:00,000
Speaker 3: the goal isn't to rush or delay, it's to choose

628
00:28:00,160 --> 00:28:04,800
Speaker 3: the years when taxes are the cheapest for you personally.

629
00:28:04,880 --> 00:28:07,520
Speaker 3: That's exactly what we're talking about. You know, your optimal

630
00:28:07,600 --> 00:28:10,440
Speaker 3: timing is unique, and the right strategy you can turn

631
00:28:10,520 --> 00:28:15,720
Speaker 3: taxes from a burden into lifelong advantage and tax free income.

632
00:28:16,200 --> 00:28:18,920
Speaker 3: There is no universal answer to this question, and that's

633
00:28:18,920 --> 00:28:22,160
Speaker 3: why your neighbor or your friend, or your your cousin

634
00:28:22,280 --> 00:28:25,480
Speaker 3: or your relative might do things differently than you because

635
00:28:25,560 --> 00:28:28,359
Speaker 3: your situation's different. We tell us, we tell with people

636
00:28:28,359 --> 00:28:29,800
Speaker 3: all the time, it's your money when you come in.

637
00:28:30,040 --> 00:28:32,800
Speaker 3: Let's put together a plan design for you, not just

638
00:28:32,880 --> 00:28:35,560
Speaker 3: what every advisor does let's called cookie cutter. You don't

639
00:28:35,560 --> 00:28:38,200
Speaker 3: want a cookie cutter plan. You want a detailed plan.

640
00:28:38,280 --> 00:28:40,040
Speaker 3: Let's put it together. And the way you do is

641
00:28:40,080 --> 00:28:41,960
Speaker 3: you pick up the phone, schedule a time to meet

642
00:28:42,000 --> 00:28:45,440
Speaker 3: with us. Eight three three Maggie Tax. Because everyone's income

643
00:28:45,440 --> 00:28:48,400
Speaker 3: path through retirement is different. Your social security timing, your

644
00:28:48,440 --> 00:28:51,719
Speaker 3: withdrawal strategy, your investment mix, your future tax brackets, they

645
00:28:51,760 --> 00:28:55,120
Speaker 3: all create a retirement tax timeline that's entirely your own.

646
00:28:55,520 --> 00:28:57,800
Speaker 3: That's what we're talking about. Your balance sheet, your income.

647
00:28:57,840 --> 00:29:00,800
Speaker 3: When you map out it year by year, you suddenly

648
00:29:00,840 --> 00:29:03,760
Speaker 3: gain clarity. You know exactly when paying taxes help you

649
00:29:04,200 --> 00:29:07,120
Speaker 3: and when it hurts you. And again that's when taxes

650
00:29:07,120 --> 00:29:11,080
Speaker 3: shift from something you fear into something you can actually

651
00:29:11,160 --> 00:29:15,400
Speaker 3: use to protect your income forever. That's what we're talking about, clarity,

652
00:29:15,680 --> 00:29:17,760
Speaker 3: getting a plan. Eight three to three Maggie Tax.

653
00:29:17,840 --> 00:29:19,880
Speaker 2: Well, like I said, you can get one answer right now.

654
00:29:19,880 --> 00:29:23,560
Speaker 2: Go to our website, Maggie tax dot com, click on

655
00:29:23,640 --> 00:29:26,040
Speaker 2: retirement calculator and put your numbers in that you have

656
00:29:26,120 --> 00:29:28,719
Speaker 2: in your IRA four to one k and if you're

657
00:29:28,800 --> 00:29:32,400
Speaker 2: under seventy three, it'll actually I'll go out to seventy

658
00:29:32,400 --> 00:29:34,040
Speaker 2: three to tell you what you have to start taking

659
00:29:34,080 --> 00:29:35,520
Speaker 2: out at seventy three.

660
00:29:35,520 --> 00:29:37,560
Speaker 4: It's called the required minimum distribution.

661
00:29:37,720 --> 00:29:40,720
Speaker 2: Means it's required you have to take it out, and

662
00:29:40,760 --> 00:29:42,600
Speaker 2: then just take that number and added to what your

663
00:29:42,600 --> 00:29:44,480
Speaker 2: income is, and you're going to see the big difference here.

664
00:29:45,040 --> 00:29:48,280
Speaker 2: And here's the best part. Once you understand these factors,

665
00:29:48,280 --> 00:29:52,720
Speaker 2: the whole now or later question stops being stressful. You

666
00:29:52,720 --> 00:29:55,280
Speaker 2: don't have to guess, you don't have to hope you're

667
00:29:55,280 --> 00:29:58,160
Speaker 2: doing the right thing. You can actually see the strategy

668
00:29:58,160 --> 00:30:01,320
Speaker 2: that protects your income and douces your taxes for years

669
00:30:01,320 --> 00:30:05,360
Speaker 2: to come. Because when timing is done right, taxes stop

670
00:30:05,440 --> 00:30:08,520
Speaker 2: feeling like a threat and start becoming a tool that

671
00:30:08,640 --> 00:30:12,360
Speaker 2: works for you instead of against you. And that kind

672
00:30:12,400 --> 00:30:15,160
Speaker 2: of clarity doesn't just give you a better plan, it

673
00:30:15,200 --> 00:30:17,560
Speaker 2: gives you peace of mind. That's why we do the

674
00:30:17,600 --> 00:30:20,600
Speaker 2: show to help educate all of you. Maggie Tax dot

675
00:30:20,640 --> 00:30:23,960
Speaker 2: Com eight three to three Maggie Tax. Go to the website.

676
00:30:24,000 --> 00:30:27,000
Speaker 2: You'll see and learn what we're talking about here. Eight

677
00:30:27,040 --> 00:30:29,360
Speaker 2: three to three Maggie Tax. When you're listening to the

678
00:30:29,360 --> 00:30:31,440
Speaker 2: Maggie Tax and Financial Show.

679
00:30:35,200 --> 00:30:38,760
Speaker 1: Stop funding Uncle Sam's retirement and start planning for your

680
00:30:38,800 --> 00:30:42,280
Speaker 1: own successful retirement. As we return to the Maggie Tax

681
00:30:42,320 --> 00:30:45,680
Speaker 1: Financial Show with your host Robert and Chris Maggie with

682
00:30:45,840 --> 00:30:48,959
Speaker 1: Maggie Tax and Wealth Advisors. For information on how you

683
00:30:49,000 --> 00:30:52,600
Speaker 1: can create a tax free retirement, call eight three three

684
00:30:53,000 --> 00:30:57,320
Speaker 1: Maggie Tax or visit Maggie Tax dot com. Now your

685
00:30:57,320 --> 00:31:01,160
Speaker 1: host with Maggie Tax and Wealth Advisors, Robert and Chris Maggie.

686
00:31:01,960 --> 00:31:04,000
Speaker 2: We are back and welcome to the Maggie Tax and

687
00:31:04,120 --> 00:31:07,200
Speaker 2: Financial Show, where we try to make things simple and

688
00:31:07,360 --> 00:31:09,960
Speaker 2: easy to understand. And if you've listened to today's show

689
00:31:10,440 --> 00:31:12,280
Speaker 2: any other shows, you can go to our website and

690
00:31:12,320 --> 00:31:14,640
Speaker 2: you can tune in anytime. Because there are so many

691
00:31:14,680 --> 00:31:17,440
Speaker 2: topics Chris, that people are just confused, and we try

692
00:31:17,480 --> 00:31:20,640
Speaker 2: to cover everything. So the real question retirees are afraid

693
00:31:20,680 --> 00:31:23,200
Speaker 2: to ask, that's the big one right now. So let's

694
00:31:23,200 --> 00:31:25,360
Speaker 2: get into the part of the show that I believe

695
00:31:25,400 --> 00:31:29,000
Speaker 2: matters the most, the questions retirees are often too nervous

696
00:31:29,040 --> 00:31:32,600
Speaker 2: to ask, but absolutely need real answers to because here's

697
00:31:32,640 --> 00:31:36,480
Speaker 2: the truth, everyone has them. Everyone listening today, These questions

698
00:31:36,560 --> 00:31:40,080
Speaker 2: don't make you unprepared, they make you human and getting clear,

699
00:31:40,200 --> 00:31:43,080
Speaker 2: honest answers is one of the best ways to replace

700
00:31:43,560 --> 00:31:47,200
Speaker 2: fear with confidence. And I can tell you as well.

701
00:31:47,440 --> 00:31:50,040
Speaker 2: People come in they're nervous to sitting down, and the

702
00:31:50,320 --> 00:31:53,560
Speaker 2: question we ask everybody, why are you here today? And

703
00:31:53,640 --> 00:31:56,680
Speaker 2: what's on your mind? You got to soften the blow,

704
00:31:56,760 --> 00:31:58,920
Speaker 2: you know, don't come in punching, you know, like you're

705
00:31:58,920 --> 00:31:59,760
Speaker 2: in a boxing ring.

706
00:32:00,080 --> 00:32:01,000
Speaker 4: That ain't going to work well.

707
00:32:01,040 --> 00:32:04,040
Speaker 3: You know. It's interesting though many people think, well, if

708
00:32:04,080 --> 00:32:06,280
Speaker 3: you have a lot of money, they're never worried about what.

709
00:32:06,240 --> 00:32:07,280
Speaker 4: I'm about to talk about.

710
00:32:07,760 --> 00:32:10,200
Speaker 3: But it doesn't matter how much money you have and

711
00:32:10,200 --> 00:32:13,959
Speaker 3: how much you've saved, because the common question that people

712
00:32:14,280 --> 00:32:17,480
Speaker 3: ask us are the following and let's break down the

713
00:32:17,520 --> 00:32:20,120
Speaker 3: first one. Am I going to run out of money?

714
00:32:20,680 --> 00:32:21,040
Speaker 4: Yeah?

715
00:32:21,120 --> 00:32:24,160
Speaker 3: I mean people come in with two hundred thousand dollars

716
00:32:24,160 --> 00:32:26,560
Speaker 3: in saying what's my income plan? How do I get

717
00:32:26,600 --> 00:32:29,920
Speaker 3: the most income possible? And am I going to run out?

718
00:32:29,960 --> 00:32:31,320
Speaker 3: And then I got people who come in with twenty

719
00:32:31,320 --> 00:32:32,800
Speaker 3: million dollars and say, am I going to run out

720
00:32:32,840 --> 00:32:36,360
Speaker 3: of money? And we laugh inside in a good way

721
00:32:36,400 --> 00:32:39,640
Speaker 3: because we know that this is a major concern. People

722
00:32:39,720 --> 00:32:43,080
Speaker 3: have saved, they've accumulated, but then there's a distribution phase

723
00:32:43,120 --> 00:32:46,280
Speaker 3: of retirement. That's where we focus on because this is

724
00:32:46,320 --> 00:32:50,960
Speaker 3: the fear most retires carry quietly, and it's completely understandable.

725
00:32:51,400 --> 00:32:56,000
Speaker 3: When the paycheck stops, every decision that you make feels bigger.

726
00:32:56,640 --> 00:32:59,040
Speaker 3: But with a clear income plan that shows how your

727
00:32:59,080 --> 00:33:03,800
Speaker 3: money flows in year after year through good markets and bad,

728
00:33:04,320 --> 00:33:08,200
Speaker 3: you can replace the fear with confidence. And most people

729
00:33:08,240 --> 00:33:10,920
Speaker 3: are so surprised to learn that they're in a much

730
00:33:11,440 --> 00:33:14,720
Speaker 3: stronger position than they thought. I'll give you an example.

731
00:33:14,960 --> 00:33:17,800
Speaker 3: Last week, we met with two clients that they're in

732
00:33:17,840 --> 00:33:21,000
Speaker 3: the distribution phase of their life. Market's been up and down.

733
00:33:21,360 --> 00:33:23,520
Speaker 3: They sat back after I showed them and did a

734
00:33:23,560 --> 00:33:26,440
Speaker 3: review with them, and they said, we're not really affected

735
00:33:26,560 --> 00:33:29,920
Speaker 3: by this, are we? And they sat back and they

736
00:33:30,000 --> 00:33:32,760
Speaker 3: were confused. I said, what do you mean, Tom, And

737
00:33:32,800 --> 00:33:35,080
Speaker 3: he said, well, I thought we would be down and

738
00:33:35,120 --> 00:33:37,840
Speaker 3: I'm looking at my accounts here and everything looks good.

739
00:33:38,240 --> 00:33:40,560
Speaker 3: And he said, can you run that quick like evaluation?

740
00:33:40,720 --> 00:33:42,600
Speaker 3: And I show me if I ever going to run

741
00:33:42,640 --> 00:33:44,520
Speaker 3: out of money? And I did and he said, I said,

742
00:33:44,560 --> 00:33:47,560
Speaker 3: you can take this amount of money every month until

743
00:33:47,600 --> 00:33:50,320
Speaker 3: you're one hundred and sixteen years old. And he sat back,

744
00:33:50,360 --> 00:33:52,040
Speaker 3: he said, I'm going to live until hundred and sixteen,

745
00:33:52,280 --> 00:33:54,640
Speaker 3: And I said, that's my point. By basically doing what

746
00:33:54,680 --> 00:33:57,400
Speaker 3: we have done for you already, you're in a position

747
00:33:57,600 --> 00:34:00,719
Speaker 3: that you're not going to outlive your money. And there

748
00:34:00,760 --> 00:34:04,560
Speaker 3: was such a calm, relief, clarity, confidence boost that he

749
00:34:04,600 --> 00:34:06,600
Speaker 3: couldn't wait to leave the office and keep spending.

750
00:34:07,040 --> 00:34:09,200
Speaker 4: One thing on that that we always do.

751
00:34:09,239 --> 00:34:11,319
Speaker 2: We do a balance sheet, so when you come in

752
00:34:11,360 --> 00:34:14,680
Speaker 2: the first time, we kind of categorize everything to qualified accounts,

753
00:34:14,719 --> 00:34:19,360
Speaker 2: non qualified accounts, you know, savings, liquid money, non liquid money.

754
00:34:19,640 --> 00:34:21,880
Speaker 2: Because what Chris is saying there, the gentleman did not

755
00:34:22,080 --> 00:34:26,319
Speaker 2: know how his assets were structured because he only thought,

756
00:34:26,360 --> 00:34:28,600
Speaker 2: like most people take, I got to take four percent

757
00:34:28,680 --> 00:34:30,480
Speaker 2: five percent out and then I run out of money.

758
00:34:30,520 --> 00:34:31,920
Speaker 4: No, that's not true.

759
00:34:32,239 --> 00:34:34,400
Speaker 2: If you go with the Maggie plan that we talk about,

760
00:34:34,400 --> 00:34:37,399
Speaker 2: simple and easy to understand. What Chris just mentioned, this

761
00:34:37,440 --> 00:34:38,520
Speaker 2: is how we do it. And for those of you

762
00:34:38,560 --> 00:34:40,759
Speaker 2: who have worked with us are probably shaking your head

763
00:34:40,800 --> 00:34:42,880
Speaker 2: right now saying, you know he's right, because when you

764
00:34:43,000 --> 00:34:45,799
Speaker 2: come in and we do that, that's clarity that's going

765
00:34:45,840 --> 00:34:48,000
Speaker 2: to give you control and more confidence because what he

766
00:34:48,120 --> 00:34:50,640
Speaker 2: just said, Now, Chris the guy sat back and said, well,

767
00:34:50,680 --> 00:34:52,160
Speaker 2: no one's ever told me that. I just thought I

768
00:34:52,200 --> 00:34:53,919
Speaker 2: have to take out X amount every month.

769
00:34:54,160 --> 00:34:57,160
Speaker 3: That's the misconception. So what do they do? Misunderstanding?

770
00:34:57,200 --> 00:34:57,359
Speaker 2: Right?

771
00:34:57,400 --> 00:34:58,840
Speaker 3: So pick of the phone, schedule time to meet with

772
00:34:58,920 --> 00:35:01,120
Speaker 3: us eight three three magg tax And you know the

773
00:35:01,120 --> 00:35:02,879
Speaker 3: first question, am I going to run out of money?

774
00:35:02,920 --> 00:35:05,480
Speaker 3: Well that's okay if you have it, it's understandable. But

775
00:35:05,520 --> 00:35:07,319
Speaker 3: let's sit there and clarify that for you. The second

776
00:35:07,360 --> 00:35:09,080
Speaker 3: question we get a lot is should I take sole

777
00:35:09,120 --> 00:35:11,960
Speaker 3: security now or later? And everyone wants to get this

778
00:35:12,120 --> 00:35:14,719
Speaker 3: right right. You pay into the system, you look at it,

779
00:35:15,040 --> 00:35:17,839
Speaker 3: and people just want to get them out most out

780
00:35:18,040 --> 00:35:20,000
Speaker 3: as they can. So when do you take it? Because

781
00:35:20,000 --> 00:35:23,160
Speaker 3: the timing can mean tens of thousands of dollars over

782
00:35:23,239 --> 00:35:26,680
Speaker 3: your lifetime. The challenge is that the best stage isn't

783
00:35:26,680 --> 00:35:28,840
Speaker 3: the same for everyone. That's why when you come in

784
00:35:28,880 --> 00:35:31,279
Speaker 3: to meet with us, we'll run this analysis for you.

785
00:35:31,760 --> 00:35:33,759
Speaker 3: If you are thinking when should I take it? And

786
00:35:33,800 --> 00:35:36,359
Speaker 3: you have no plan, it starts with that your retirement plan.

787
00:35:36,719 --> 00:35:39,040
Speaker 3: It depends on your income, your health, your spouse, and

788
00:35:39,080 --> 00:35:41,839
Speaker 3: your tax prackets. Who's looking at this stuff? Most people

789
00:35:41,920 --> 00:35:43,920
Speaker 3: come to us and say, my advisor has no idea

790
00:35:44,040 --> 00:35:46,720
Speaker 3: of what to do. You know, I contact Sole Security.

791
00:35:46,760 --> 00:35:47,640
Speaker 3: They don't tell me what to do.

792
00:35:47,680 --> 00:35:48,319
Speaker 4: So where do you go?

793
00:35:48,840 --> 00:35:50,720
Speaker 3: That's where you come. You pick up the phone, schedule

794
00:35:50,719 --> 00:35:52,400
Speaker 3: time to meet with us. We can help you because

795
00:35:52,640 --> 00:35:55,120
Speaker 3: it depends on your income, your health, right your spouse.

796
00:35:55,400 --> 00:35:57,680
Speaker 3: And once you see the numbers laid out in front

797
00:35:57,719 --> 00:36:02,240
Speaker 3: of you in your situation, the right choice becomes clear,

798
00:36:02,719 --> 00:36:05,480
Speaker 3: and often it saves you far more than really what

799
00:36:05,520 --> 00:36:09,480
Speaker 3: you expect. So that number eight three three Maggie Tax.

800
00:36:10,239 --> 00:36:12,879
Speaker 3: Visit our website at Maggie tax dot com. Schedule time

801
00:36:12,920 --> 00:36:14,920
Speaker 3: to meet with us. We'll go over this with you.

802
00:36:15,440 --> 00:36:17,880
Speaker 3: And the other question, the last one, what happens to

803
00:36:17,960 --> 00:36:21,040
Speaker 3: my spouse if something happens to me? So this question

804
00:36:21,160 --> 00:36:23,879
Speaker 3: is emotional and practical at the same time, and it's

805
00:36:23,880 --> 00:36:26,320
Speaker 3: one nearly every couple thinks about everybody.

806
00:36:26,840 --> 00:36:28,520
Speaker 2: They joke about it. You know, if something happens to

807
00:36:28,560 --> 00:36:29,960
Speaker 2: you or somethimes to me, what are you going to do?

808
00:36:30,000 --> 00:36:33,320
Speaker 2: But losing a spouse can mean changes in social security,

809
00:36:33,360 --> 00:36:37,840
Speaker 2: income tax brackets, and required withdrawals, and a strong plan

810
00:36:37,920 --> 00:36:41,480
Speaker 2: prepares for those shift ahead of time, making sure the

811
00:36:41,520 --> 00:36:44,239
Speaker 2: surviving spouse has the income. I know we joke about it,

812
00:36:44,280 --> 00:36:46,200
Speaker 2: but you have to take care of your spouse. You know,

813
00:36:46,320 --> 00:36:49,680
Speaker 2: protection and stability they need for the rest of their life.

814
00:36:49,680 --> 00:36:53,560
Speaker 2: Because when you when someone passes away, big thing changes. Now, Chris,

815
00:36:53,560 --> 00:36:56,279
Speaker 2: you're going to file as single, not as married, and

816
00:36:56,320 --> 00:36:57,640
Speaker 2: you're going to lose the deductions.

817
00:36:57,719 --> 00:37:00,360
Speaker 3: People don't realize that, so that's why it's so important

818
00:37:00,360 --> 00:37:03,280
Speaker 3: incorporate the whole thing. Income planning, tax planning, investment planning.

819
00:37:03,480 --> 00:37:06,080
Speaker 3: And here's the truth. You don't have to navigate these

820
00:37:06,200 --> 00:37:08,640
Speaker 3: questions alone. You don't have to guess. You don't have

821
00:37:08,680 --> 00:37:11,360
Speaker 3: to hope or even stress about whether you're doing the

822
00:37:11,440 --> 00:37:16,040
Speaker 3: right thing. Retirement should feel confident, not uncertain, and that

823
00:37:16,200 --> 00:37:18,680
Speaker 3: confidence comes from having a real plan. It's called the

824
00:37:18,680 --> 00:37:21,840
Speaker 3: Maggie Plan, one built for your life, your income and

825
00:37:21,960 --> 00:37:27,120
Speaker 3: your future taxes, income investments. That's exactly what we help

826
00:37:27,200 --> 00:37:30,080
Speaker 3: people create every single day, a plan that shows where

827
00:37:30,320 --> 00:37:32,480
Speaker 3: your income will come from, how to protect your spouse,

828
00:37:32,480 --> 00:37:34,520
Speaker 3: how to reduce your taxes, and how to make sure

829
00:37:34,520 --> 00:37:37,080
Speaker 3: your money lasts as long as you do. When you

830
00:37:37,160 --> 00:37:39,960
Speaker 3: have that clarity and that confidence, the worry fades. It

831
00:37:40,000 --> 00:37:43,400
Speaker 3: does you can finally breathe easier. That's what it's about.

832
00:37:43,440 --> 00:37:46,759
Speaker 3: Having calm, collective thoughts. So even if one thing we

833
00:37:46,800 --> 00:37:50,319
Speaker 3: talked about today made you pause and think, yeah, well

834
00:37:50,400 --> 00:37:52,880
Speaker 3: I need answers to that, now is the time to

835
00:37:52,920 --> 00:37:54,640
Speaker 3: pick up the phone, schedule time to meet with us.

836
00:37:54,680 --> 00:37:56,840
Speaker 3: Eight three to three Maggie Tax. That's eight three to

837
00:37:56,920 --> 00:37:58,480
Speaker 3: three Maggie Tax.

838
00:37:58,960 --> 00:38:01,799
Speaker 1: Thank you for listening to Maggie Tax and Financial Show

839
00:38:01,840 --> 00:38:05,600
Speaker 1: with Robert and Chris Maggie of Maggie Tax Wealth Advisors.

840
00:38:05,680 --> 00:38:09,000
Speaker 1: Listen here five to six pm every Saturday and from

841
00:38:09,040 --> 00:38:12,200
Speaker 1: eleven am till noon every Sunday, or anytime on the

842
00:38:12,239 --> 00:38:15,760
Speaker 1: free iHeartRadio app. And remember you can pay less tax

843
00:38:15,920 --> 00:38:19,759
Speaker 1: with Maggie Tax Program. Content provided by Maggie Tax Wealth

844
00:38:19,800 --> 00:38:23,160
Speaker 1: and Advisors. Call them at eight three three Maggie Tax

845
00:38:23,360 --> 00:38:28,920
Speaker 1: or visit them online at Maggietax dot com