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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 next 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 everyone, and thank you for joining us. My name

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

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Speaker 2: and you're listening to the Maggie Tax and Wealth Advisor Show.

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Speaker 2: Be sure to visit our website, Maggie Tax dot com

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Speaker 2: and give us a call at eight three to three

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Speaker 2: Maggie Tax. Also on Sunday at ten thirty, be sure

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Speaker 2: to watch our TV show, The Maggie Tax and Financial Show.

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Speaker 2: Why because we have a lot to talk about. We've

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Speaker 2: been helping a lot of people with a lot of

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Speaker 2: different topics and questions, and today we have a real

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Speaker 2: big question about thirteen mistakes that could cost you thousands.

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Speaker 2: And I'm gonna let Chris go a little bit deeper

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Speaker 2: into that, but thank you for joining us today.

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Speaker 3: Welcome everyone.

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Speaker 4: I am Chris Maggie and I'm so glad to be

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Speaker 4: here because each and every day we give advice, we

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Speaker 4: help people, we educate people. Why because you need it,

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Speaker 4: you know, so welcome to our show. I'm going to

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Speaker 4: dive into something that affects nearly every listener right now,

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Speaker 4: and it's thirteen of the most common and most costly

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Speaker 4: four oh one k mistakes that people are making without

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Speaker 4: even realizing it.

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Speaker 2: And these mistakes can quietly drain tens or even hundreds

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Speaker 2: of thousands of dollars over time. But here's the good news.

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Speaker 2: Every single one of them is fixable and you don't

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Speaker 2: have to fix them alone. And that's what we come in.

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Speaker 2: Give us a call of eight three to three, Maggie Tax.

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Speaker 2: This is really important. So that's exactly what the Maggie

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Speaker 2: Plan is designed to do give you clarity, confident and

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Speaker 2: a complete coordinated roadmap for retirement. Because if you don't

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Speaker 2: understand the terminology, well the language, this is a time

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Speaker 2: that you need to sit down and give us a call.

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Speaker 2: So let's dive into segment one.

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Speaker 4: Chris, that's absolutely you know, let's start here because this

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Speaker 4: is many people don't really understand what they have.

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Speaker 3: Right.

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Speaker 4: There's iras, there's four one k's. A four to oh

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Speaker 4: one K is an employer sponsored plan that if you

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Speaker 4: work for a company, the company can offer a retirement

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Speaker 4: plan for you. Now, there's different types of retirement plans.

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Speaker 4: There's four oh three b's. There's TSP. If you're a

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Speaker 4: federal employee, it's the same thing pertains to a four

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Speaker 4: one K. It's a qualified plan, but it's just it's

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Speaker 4: named a thrift savings plan as opposed to a four

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Speaker 4: oh one K. There's four fifty seven plans. These are

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Speaker 4: all qualified retirement plans. But let's talk about four one

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Speaker 4: ks and also TSPs.

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Speaker 2: Let's so they make one thing very clear on all

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Speaker 2: the plans. Chris mentioned, these are attacks deferred retirement plants.

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Speaker 2: And what does that mean. It means you're putting money

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Speaker 2: away on a deferred basis, so that when you turn

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Speaker 2: fifty nine and a half you could start taking it out,

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Speaker 2: but then at age seventy two or seventy three, depending

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Speaker 2: on your birthdate, you have to start taking out the

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Speaker 2: required minimum distribution. But the problem is that it grows

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Speaker 2: tax deferred. And the problem really is Chris that they

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Speaker 2: don't know what the tax is going to be when

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Speaker 2: they get to that point, because yeah, you get the

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Speaker 2: tax deduction on the front end, but on the back end,

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Speaker 2: my goodness, you can get hit with a big tax.

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Speaker 3: Absolutely.

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Speaker 4: So there's the pre which is the traditional four oh

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Speaker 4: one K, and then there's the WROTH four one K. Now,

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Speaker 4: the WROTH is where you don't get a tax deduction

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Speaker 4: on the front end and all that money that you

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Speaker 4: put in is tax free in the future. Now, it's

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Speaker 4: up to your employer to see or offer the WROTH

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Speaker 4: four to one K option, But a lot of employers

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Speaker 4: just do the traditional where sometimes they matched your contribution

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Speaker 4: up to a certain point, sometimes they don't, but also

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Speaker 4: they might have the four to one K WROTH, And

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Speaker 4: that's where you want to make sure that you're looking

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Speaker 4: into that. Go ask to your HR person and if so,

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Speaker 4: then you also want to ask them if they match

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Speaker 4: the Wroth contribution. So these are a lot of things

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Speaker 4: that we we're going to go over. But when we

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Speaker 4: talk about the mistakes people are making, people just don't

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Speaker 4: know what they don't know. So let me start with

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Speaker 4: something that shocks most everyone. Most people are losing money

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Speaker 4: in their form. Okay, every single month. They don't even

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Speaker 4: know it. There's big losses. They don't come they don't

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Speaker 4: just come from the market. It comes from decisions that

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Speaker 4: people are making quietly without realizing that long term consequences.

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Speaker 4: So if you're listening now, there's a real chance that

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Speaker 4: you're making one of these mistakes.

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Speaker 3: So let's try to fix them today.

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Speaker 2: And the best thing to do is give us a

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Speaker 2: call eight three to three Magi attacks because there are

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Speaker 2: ways that you can fix this problem, but you have

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Speaker 2: to be open and meet with someone to go over that.

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Speaker 2: So skipping the employee match number one walk away from

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Speaker 2: free money. That's something that people don't understand. Chris, that

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Speaker 2: there's a match and if the matches say five or

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Speaker 2: ten percent or whatever it is, take the match because

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Speaker 2: that's free money.

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Speaker 3: Right.

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Speaker 4: Yeah, let's give an example. We do a lot of

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Speaker 4: federal employees. We help a lot of federal employe If

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Speaker 4: you're listening out there, we understand your benefits. So pick

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Speaker 4: up the phone and schedule time to meet with us.

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Speaker 4: Eight three three magi attacks. But I'll never forget this.

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Speaker 4: This is client because she was forty two years old,

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Speaker 4: but she started working as a federal employee at age twenty,

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Speaker 4: and they had the TSP and they match up to

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Speaker 4: five percent, and she was not. She was only putting

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Speaker 4: one percent away in so they were only matching one percent,

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Speaker 4: but she could have at least put the other four

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Speaker 4: percent to get five and then she would have a

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Speaker 4: heckle lot more there on free money.

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Speaker 2: And she didn't know it. And when we told her,

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Speaker 2: because we do a lot with the federal employees, she

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Speaker 2: was devastated because that's a lot of money that she

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Speaker 2: lost on exactly.

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Speaker 4: So skipping the employer match is quietly, quietly really affecting you.

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Speaker 4: Losing money over that mistake. Number two taking out four

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Speaker 4: one K loans. You know most people don't understand what

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Speaker 4: a loan is. Well, you can borrow from your four

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Speaker 4: on one K, but you have to pay it back

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Speaker 4: through payroll. But that's where it can get a little

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Speaker 4: dicey sometimes you know, you lose growth while the money

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Speaker 4: is gone. If you leave your job, it can become

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Speaker 4: instantly taxable. And most people have no clue.

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Speaker 2: And they don't know that until they get that ten

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Speaker 2: nine nine and they go, what's this? But what it

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Speaker 2: is is you borrow the money, you're not working there anymore,

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Speaker 2: and guess what you got to pay it back?

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Speaker 4: Well, here's the thing though, if they take it prior

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Speaker 4: to fifty nine and a half, then they're subject to

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Speaker 4: an early distribution penalty which is ten percent, which leads

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Speaker 4: us into mistake number three.

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Speaker 3: We're taking withdraws early.

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Speaker 2: Right, which exactly what you said, the ten percent penalty

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Speaker 2: plus taxes, and it shrinks long term retirement saving significantly.

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Speaker 2: Because look, every day we run into problem. So I

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Speaker 2: get it, and we get calls every day I need

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Speaker 2: money for this and I need money for that. And

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Speaker 2: that's fine, we get it, but you have to know

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Speaker 2: the rules going in that you have to pay it back,

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Speaker 2: and if you take it out and don't pay it back,

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Speaker 2: you got a tax and a penalty. Christen, that's what

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Speaker 2: people get shocked, you know, like what happens now?

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Speaker 3: So be careful well, that's the thing.

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Speaker 4: That's why it's so important to meet with us because

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Speaker 4: at MAGA Tax Advisor and Financial Group, we do a

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Speaker 4: lot of things you tax preparation, tax planning. We help

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Speaker 4: people in the future we can get the most tax

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Speaker 4: income on the most tax efficient way. Where we deal

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Speaker 4: with insurance, we do with life insurance fix products that

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Speaker 4: help people protect their money. As a registered investment advisory

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Speaker 4: firm at Maggie Investment Services, we can actively manage money

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Speaker 4: so we can put the other an investment plan, an

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Speaker 4: income plan, a tax plan. And also we have clients

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Speaker 4: that you know, work with our attorneys to put together

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Speaker 4: state plans. Right so when you put together alone, if

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Speaker 4: people want to take a distribution, do nothing, you know,

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Speaker 4: pick up the phone, schedule time to meet with us

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Speaker 4: before you do it, because let's put together the best

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Speaker 4: plan to access money so you don't get hit with

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Speaker 4: taxes or surprises or the early distribution penalty with the

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Speaker 4: four to one K that you don't have to if

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Speaker 4: you just know what you know.

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Speaker 2: But I think the biggest problem that I see is

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Speaker 2: that most people think, and it is good to think

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Speaker 2: this way, put money away so you have money for retirement,

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Speaker 2: which is great, but it's on a tax deferred basis.

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Speaker 2: But what people don't explain to you is the tax situation.

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Speaker 2: If you take it out early and if you let

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Speaker 2: it grow, which is great, you want it to compound

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Speaker 2: and you take the match and you get more in it.

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Speaker 2: You can have more for retirement. But then then when

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Speaker 2: you retire, Chris, they want to take money out because

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Speaker 2: they have to take the R and ds out and

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Speaker 2: now they have a bigger tax problem even though they

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Speaker 2: did get a tax deduction years ago.

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Speaker 4: Well, well, we'll get into that later on the show,

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Speaker 4: So stay tuned because there's a lot there. We want

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Speaker 4: to talk about how these accounts are infected with taxes.

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Speaker 4: So if your account is growing, it might be infected

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Speaker 4: with taxes and even more tax tax time bomb is

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Speaker 4: what we talk about, and that could be really hurting

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Speaker 4: you in the future. So these are things we're talking

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Speaker 4: about mistakes on your four to oh one K. Many

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Speaker 4: people have a savings vehicle. It's a great vehicle to save,

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Speaker 4: but you want to make sure that you're investing in

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Speaker 4: the right strategy, the right bucket. Maybe the rough form

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Speaker 4: okay is a better option for you, Maybe the traditional

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Speaker 4: maybe a combination of both. So that's why we urge

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Speaker 4: you to pick up the phone schedule time to meet

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Speaker 4: with us, because before you make these financial decisions, you

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Speaker 4: have to meet with someone.

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Speaker 2: Am I right exactly? And one thing that's very important too.

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Speaker 2: Be careful. Find out what the match is very important,

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Speaker 2: even if it's two percent or three percent, and put

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Speaker 2: up to the match so you have twice as much

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Speaker 2: as free money. I know it's taxable and it will be,

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Speaker 2: but at least take take that because otherwise put it

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Speaker 2: into a roth account roth IArray, which is a tax

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Speaker 2: free account. So if your employer has a rough a

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Speaker 2: four oh one k, take advantage of that because it's

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Speaker 2: tax free. You won't get the deduction. But boy, if

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Speaker 2: you let that money grow and I don't know if

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Speaker 2: they're going to give you a match, you'll find out.

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Speaker 2: But if they give you a match, that's free money.

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Speaker 3: That's it.

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Speaker 4: So pick up the phone, schedule time to meet with us.

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Speaker 4: Eight three three magi attacks. Let's go over your formal K.

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Speaker 4: Let's show you what you currently have. We can we'll

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Speaker 4: talk about I guess investing as well inside of that

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Speaker 4: later on. But mistakes people are making, but those are

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Speaker 4: the three that we're talking about. And during this first segment,

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Speaker 4: you know, skipping the employer match, most people don't take it,

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Speaker 4: taking the formal K loans? What about taking distributions early.

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Speaker 4: If any of these topics hit home, then that's a

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Speaker 4: good thing because that means you're paying attention to something

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Speaker 4: that most people ignore until it's too late.

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Speaker 3: The truth is simple.

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Speaker 4: You are too hard to lose money because of preventable mistakes.

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Speaker 4: Don't let this moment slip by, So pick up the phone,

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Speaker 4: schedule time to meet with us eight three to three

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Speaker 4: Maggie Tax and schedule your complimentary four to one K review.

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Speaker 4: One conversation could save you years of regret. And if

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Speaker 4: you don't think that was eye opening, the next segment

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Speaker 4: exposes a mistake that almost everyone makes, and the cost

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Speaker 4: gets even bigger and bigger and bigger. Do not move

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Speaker 4: eight three to three Maggie Tax. That's eight three to

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Speaker 4: 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: Maggie Tax or visit Maggie tax dot com. Now your

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

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Speaker 4: Thanks for tuning in to the Maggie Tax and Financial Show.

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Speaker 4: And I'm Chris Maggie. I'm here with my dad and

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Speaker 4: coach of the show, Robert Maggie, and thanks for tuning in.

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Speaker 4: Because we're talking about a lot of people have this

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Speaker 4: account and they just don't know that there's plenty of

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Speaker 4: mistakes made within each and every day.

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Speaker 2: And you know, that's one thing that most people don't

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Speaker 2: realize they are are mistakes and they do have issues.

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Speaker 2: So pick up the phone eight three to three Maggie Tax.

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Speaker 2: Let's get together talk about your four oh one K

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Speaker 2: and what you can do with it. So most people

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Speaker 2: listening right now have an old four A one K

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Speaker 2: that is losing money or invested completely wrong and they

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Speaker 2: have no idea. And what I mean by that is

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Speaker 2: many of you have changed jobs over the years and

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Speaker 2: you know, just put the statement in the in the

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Speaker 2: draw and forgot about it. But every week someone comes

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Speaker 2: into our office shocked at what we find when we

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Speaker 2: pull up their old plans. So let's talk about why

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Speaker 2: forgotten accounts are so dangerous.

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Speaker 4: Chris, absolutely, Well, we're talking about the Form one K,

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Speaker 4: and how important is that many people have these accounts.

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Speaker 4: They might have the pretax, they'm going to have the

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Speaker 4: after tax, they don't know. Right, we talked about last segment,

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Speaker 4: the taking loans from it, taking the early distribution, the

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Speaker 4: ten percent early distribution penalty. My gosh, there's so much there.

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Speaker 4: But now we're going to jump into the mistake. Number

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Speaker 4: four is forgetting those old form ks. And you mentioned

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Speaker 4: it that. I mean many people come in we see

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Speaker 4: each and every day, gosh, week after week. These accounts

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Speaker 4: are unmonitored for years. No one's watching them. They're just

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Speaker 4: sitting there. They change jobs and they say, well, I've

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Speaker 4: changed jobs three, four or five times, and they get

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Speaker 4: all these accounts everywhere. Often they're higher fees than these accounts.

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Speaker 4: They don't even know what it is. And the investments

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Speaker 4: they rarely match their current goals. You know, what is

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Speaker 4: your risk tolerance? And many people are taking an aggressive

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Speaker 4: stance with their Form one K. Meanwhile, they might want

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Speaker 4: to be in a balanced portfolio. So these things we

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Speaker 4: see what do you see from them.

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Speaker 2: Well, that's the problem. They don't look at it. And

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Speaker 2: you just mentioned the biggest thing is what the risk

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Speaker 2: tolerance is and you have to have that looked at.

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Speaker 2: So get the time. Make the time to look at

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Speaker 2: these old form one k's because you may be surprised

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Speaker 2: that you can do something better. Now. Mistake number five

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Speaker 2: is rollover mistakes. Wow, this is the one that really

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Speaker 2: worries me because a single wrong move can trigger taxes

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Speaker 2: and direct rollovers prevent accidental cash outs. And listen, you

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Speaker 2: could do a rollover, but do what they call a

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Speaker 2: trustee to trust thee transfer, which means you don't touch

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Speaker 2: the money. They don't touch the money. And even if

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Speaker 2: you do have a check sent to you, Chris, you

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Speaker 2: have sixty days to do what with it?

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Speaker 4: Roll it over without a taxable event. But here's the thing, though,

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Speaker 4: you want to do it right. So when clients coming

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Speaker 4: to meet with us, if do you have three four

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Speaker 4: one k's that are old It might be with Fidelity

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Speaker 4: or a Vanguard or an Empower or whatever it is.

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Speaker 4: He is some of the custodians that you might have

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Speaker 4: a four one K in account with. Maybe you don't remember,

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Speaker 4: maybe these are these accounts have been changed. It's so

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Speaker 4: important to make sure that as you move forward, they

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Speaker 4: come with you, don't leave them behind. So if you

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Speaker 4: have these accounts, pick up the phone. Let's consolidate them.

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Speaker 4: Let's show you how to consolidate into an IRA called

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Speaker 4: an individual retirement account or a ROTH IRA where it's after

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Speaker 4: tax account. So let's evaluate what you have because as

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Speaker 4: you mentioned at number one, mistake is forgetting about a

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Speaker 4: Number two mistake is taking it the wrong way. And

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Speaker 4: what we do at our clients when they come in

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Speaker 4: to meet with us, how do we show them to

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Speaker 4: roll it over without a taxable event.

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Speaker 2: Well, number one, we need your statement and that's sometimes

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Speaker 2: people I don't have my statement. Well, if you think

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Speaker 2: about where you used to work, you can always call

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Speaker 2: them and from hr they can give you a statement

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Speaker 2: and that's what we need. But we'll get on the

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Speaker 2: phone with you and actually call HRR with you to

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Speaker 2: find out what the account looks like and they'll tell you, well,

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Speaker 2: your account is still here. And then the answer that

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Speaker 2: we're looking for, can you do a rollover? And if

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Speaker 2: you can, it's a trustee to trustee roll over, Chris,

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Speaker 2: whether there is no tax, and I think most people

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Speaker 2: are afraid, well you know it's going to be taxable. Yeah,

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Speaker 2: it will be if you do it wrong. And what

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Speaker 2: I mean by that if you say, look, send me

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Speaker 2: a check and then you put it in your account,

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Speaker 2: you're going to get a ten ninety nine and you're

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Speaker 2: going to get early penalty withdrawal the whole thing. Why

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Speaker 2: would you do that? And now what you're talking about,

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Speaker 2: we combine these accounts into a better situation. Let it grow.

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Speaker 2: And if you have one, two or three different four

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Speaker 2: to one case, guess what, You've got a nice account

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Speaker 2: that you can put into one and put into one

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Speaker 2: where it might be better than what you have.

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Speaker 4: Now that's exactly right. So consolidation, I mean nowhere your

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Speaker 4: money is at. That's one of the things we talk

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Speaker 4: about each and every day when new clients putting together

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Speaker 4: a balance sheet, understanding where your money is at. You

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Speaker 4: need to know. And as I mentioned before, I mean

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Speaker 4: as you move forward, life is happening, right, things are

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Speaker 4: getting thrown at you. You forget about different accounts, Well,

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Speaker 4: don't let it happen. That's why when you work with

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Speaker 4: a firm like ours. Maggie, Tax Advisor and Wealth advisors.

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Speaker 4: We help people. We help people put together buckets of planning,

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Speaker 4: income planning, investment planning, roth IRA conversions to generate tax

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Speaker 4: free money on the most the beneficial way. Do you

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Speaker 4: have a plan like that? If not, we can help.

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Speaker 4: So pick up the phone, schedule time to meet with us.

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Speaker 4: If you have an old four to oh one k

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Speaker 4: it's okay, take a deep breath, just if you can

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Speaker 4: remember where it's at. It's all you got to do

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Speaker 4: is meet with us. We'll do a three way conversation.

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Speaker 4: We'll pick up the phone in our office. We'll do it.

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Speaker 4: We'll call, we'll lead with you there. We'll ask the

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Speaker 4: right questions to help you. Maybe you can roll it over.

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Speaker 4: Maybe you can consolidate. Let's figure out what you have

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Speaker 4: now before it's too late. Eight three three Magi Tax.

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Speaker 4: Pick up the phone eight three three Maggie Tax and

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Speaker 4: don't forget. Every Sunday on ABC TV at ten thirty,

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Speaker 4: we have the Maggie Tax and Financial Show. It's thirty

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Speaker 4: minutes of educational events and that's what we're talking about here.

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Speaker 4: This is just one segment here talking about your old

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Speaker 4: four oh one k's and making sure that you roll

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Speaker 4: them over. The right way, a three to three Maggie

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Speaker 4: Tax A couple things.

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Speaker 2: If you go to our website, Maggie tax dot com,

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Speaker 2: we do four seminars a month on all of these topics.

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Speaker 2: So if you go to our website, maggietax dot com,

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Speaker 2: look on the seminars and you can register see the

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Speaker 2: location because we do about a thirty forty five minute

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Speaker 2: presentation on these topics. And believe me, when you come,

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Speaker 2: it's a lot easier, so you can ask questions. It

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Speaker 2: may be good for your situation, but look, you can

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Speaker 2: learn an awful lot. The other thing is, if you

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Speaker 2: have an IRA for a one K, go to our

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Speaker 2: website on the top right the retirement Tax bill. Put

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Speaker 2: your numbers in there, meaning what do you have in

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Speaker 2: that account, and it'll tell you what your tax is

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Speaker 2: going to be when you start to take it out.

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Speaker 2: That is why Chris, they've got to do planning because

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Speaker 2: all this ties together when they retire.

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Speaker 4: You know, we just talked about five mistakes between the

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Speaker 4: first two segments.

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Speaker 3: You know, these are just five. There's a lot more.

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Speaker 4: So if you've changed jobs even once, there's a very

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Speaker 4: very real chance that you have money sitting somewhere that's

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Speaker 4: working against you, not for you. No one wants that.

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Speaker 4: So that's why it's so important to pick up the phone,

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Speaker 4: schedule time to meet with us. Every day that account

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Speaker 4: goes unchecked, no day that your retirement is at risk.

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Speaker 4: But the fix is incredibly simple. All you gotta do

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Speaker 4: is pick up the phone eight three three Maggie Tax,

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Speaker 4: and we'll track down every account you have. We'll clarify

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Speaker 4: what you have now, and we'll show you exactly what

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Speaker 4: needs to be done to put you in a situation

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Speaker 4: to accomplish your goals. That's what we're going to ask you,

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Speaker 4: what do you want to do well? If we need

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Speaker 4: to consolidate, we'll do it in the most tax efficient way.

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Speaker 4: And because there's so much data to talk about for you,

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Speaker 4: and you're going to want to stay right where you

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Speaker 4: are because coming up next are all the silent portfolio

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Speaker 4: killers draining your retirement without you even noticing. You'll want

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Speaker 4: to hear this eight three to 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: Baggie 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 2: Welcome back to the Maggie Tax at Financial Show. My

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

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Speaker 2: Chris Maggie. And today we've been talking about common mistakes

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Speaker 2: about four oh one K. So let me kind of recap.

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Speaker 2: If you have a pen and a piece of paper,

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Speaker 2: write this down because these are very important. Number one,

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Speaker 2: skipping the employer match. We worry about that, taking out

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Speaker 2: four oh one K loans, mistake, Number three taking early

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Speaker 2: with drawals and forgetting old four oh one K. So

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Speaker 2: if you have an old four oh one K, let's

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Speaker 2: take a look at that. And the biggest one is

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Speaker 2: rollover mistakes because those are common mistakes and this happens

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Speaker 2: every day. So the biggest thing is we don't want

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Speaker 2: to see you in those situations because then it can

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Speaker 2: create more problems. So look, everyone worries about the market,

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Speaker 2: but the truth is far more dangerous because most retirees

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Speaker 2: are hurt more by neglect than by market crashes, and

435
00:19:54,520 --> 00:19:57,800
Speaker 2: also by the five topics we talked about now. But

436
00:19:57,880 --> 00:20:00,639
Speaker 2: the biggest threat to your four one K they're hidden

437
00:20:01,119 --> 00:20:04,080
Speaker 2: and they grow quietly over time. So Chris, let's expose

438
00:20:04,119 --> 00:20:06,000
Speaker 2: them because these are really important as well.

439
00:20:06,040 --> 00:20:09,560
Speaker 4: You're right, and we're talking about the silent portfolio killers. Gosh,

440
00:20:09,640 --> 00:20:12,280
Speaker 4: right there, the silent portfolio killers. There are things that

441
00:20:12,440 --> 00:20:13,240
Speaker 4: keep us up at night.

442
00:20:13,480 --> 00:20:13,639
Speaker 3: You know.

443
00:20:13,680 --> 00:20:16,399
Speaker 4: Mistake number six, my dad mentioned the first five. Mistake

444
00:20:16,520 --> 00:20:20,520
Speaker 4: Number six is not increasing contributions. You think about this.

445
00:20:20,600 --> 00:20:24,800
Speaker 4: Your income rises, your savings should as well. And we

446
00:20:24,880 --> 00:20:28,400
Speaker 4: see this many times as people forget, they get an autopilot.

447
00:20:28,480 --> 00:20:30,920
Speaker 4: They think what's happening now is going to be the

448
00:20:30,960 --> 00:20:32,800
Speaker 4: same thing for the rest of their life, which is

449
00:20:32,920 --> 00:20:35,480
Speaker 4: not true. That's why people have to adapt. People have

450
00:20:35,560 --> 00:20:37,600
Speaker 4: to make sure they understand what they have. You have

451
00:20:37,640 --> 00:20:40,000
Speaker 4: to work with the right people, the right advisors, to

452
00:20:40,040 --> 00:20:42,479
Speaker 4: make sure that they're keeping you in line, and you're

453
00:20:42,560 --> 00:20:44,320
Speaker 4: keeping yourself in line in a lot of good ways

454
00:20:44,359 --> 00:20:46,200
Speaker 4: if you can. And that's why it's so important to

455
00:20:46,200 --> 00:20:47,800
Speaker 4: pick up the phone, schedule time to meet with us.

456
00:20:47,840 --> 00:20:50,119
Speaker 4: Eight three three Maggie techs because we can help you

457
00:20:50,160 --> 00:20:53,160
Speaker 4: put together an income plan, a distribution plan, a roth

458
00:20:53,200 --> 00:20:55,920
Speaker 4: conversion plan, an investment plan, and a state plan with

459
00:20:55,960 --> 00:20:59,680
Speaker 4: the attorneys to make sure that you have everything controlled

460
00:20:59,680 --> 00:21:00,879
Speaker 4: and where the way you want it.

461
00:21:00,920 --> 00:21:02,560
Speaker 3: Eight three three Magi attacks.

462
00:21:02,160 --> 00:21:03,960
Speaker 2: And you make a good point there because think about

463
00:21:03,960 --> 00:21:06,399
Speaker 2: this for new people that are starting out. Now, you

464
00:21:06,400 --> 00:21:10,000
Speaker 2: know your savings should you know, rise with your income.

465
00:21:10,440 --> 00:21:12,560
Speaker 2: So when you start out and you get x amount

466
00:21:12,560 --> 00:21:14,280
Speaker 2: of dollars in a year from now, you get more,

467
00:21:14,720 --> 00:21:16,919
Speaker 2: take that portion and put it into the four oh

468
00:21:16,960 --> 00:21:20,000
Speaker 2: one k so because it compounds and you get more

469
00:21:20,040 --> 00:21:22,480
Speaker 2: when you retire. So that's how you build the savings,

470
00:21:22,520 --> 00:21:24,239
Speaker 2: and you know that's how you should do it. So

471
00:21:24,400 --> 00:21:27,000
Speaker 2: when your income rises, just make a note your saving

472
00:21:27,040 --> 00:21:29,359
Speaker 2: should too. That's a mistake them. A seven that we

473
00:21:29,359 --> 00:21:33,359
Speaker 2: talk about leaving before vesting. You could walk away from

474
00:21:33,440 --> 00:21:37,360
Speaker 2: pre employer money if you leave before it's vested. Chris

475
00:21:37,440 --> 00:21:40,040
Speaker 2: and I don't think people understand how that works.

476
00:21:40,119 --> 00:21:41,920
Speaker 4: Well, that's just thing. The vesting schedule is kind of

477
00:21:41,920 --> 00:21:43,560
Speaker 4: talk about it. If you have a three year vesting.

478
00:21:44,080 --> 00:21:47,199
Speaker 4: Some companies say, well you can get all there of

479
00:21:47,320 --> 00:21:50,800
Speaker 4: their matching if you stay the number of years. It

480
00:21:50,800 --> 00:21:53,359
Speaker 4: could be a three or five or seven year. Maybe

481
00:21:53,400 --> 00:21:55,199
Speaker 4: some companies have a ten year vesting. I don't know

482
00:21:55,240 --> 00:21:58,119
Speaker 4: it's beending. It's depending on their plan documents. That's why

483
00:21:58,359 --> 00:22:00,919
Speaker 4: it's very important to look at the plan documents. You

484
00:22:01,200 --> 00:22:06,399
Speaker 4: can have access to that if you ask your HR area,

485
00:22:06,480 --> 00:22:09,959
Speaker 4: because they'll disclose that to you. It's what has to happen.

486
00:22:10,359 --> 00:22:13,399
Speaker 4: But anyway, if you know you're going to leave an

487
00:22:13,440 --> 00:22:16,800
Speaker 4: employer and you can't wait another two weeks to get

488
00:22:16,800 --> 00:22:21,879
Speaker 4: fully vested, then you're missing money. So it's so important

489
00:22:21,880 --> 00:22:24,040
Speaker 4: to understand the rules of what your forming K your

490
00:22:24,040 --> 00:22:26,440
Speaker 4: current employer is offering you exactly.

491
00:22:26,480 --> 00:22:28,440
Speaker 2: And that's important because you don't want to lose that money.

492
00:22:28,480 --> 00:22:31,280
Speaker 2: So don't walk away from free employe money. And you

493
00:22:31,320 --> 00:22:33,240
Speaker 2: know how you do this when we make the call,

494
00:22:33,320 --> 00:22:35,679
Speaker 2: we actually ask them, you know, is he vested or

495
00:22:35,720 --> 00:22:37,920
Speaker 2: she vested? And when are they going to be vested

496
00:22:37,960 --> 00:22:40,520
Speaker 2: because you want to know that. So the other mistake

497
00:22:40,680 --> 00:22:42,600
Speaker 2: is too much company stock. And I'm going to let

498
00:22:42,880 --> 00:22:45,879
Speaker 2: you talk about this because job and retirement tied to

499
00:22:45,960 --> 00:22:48,639
Speaker 2: the same risk. So if you have too much stock

500
00:22:48,680 --> 00:22:51,320
Speaker 2: in a company, talk about what we've seen, Chris and

501
00:22:51,359 --> 00:22:52,320
Speaker 2: how This works.

502
00:22:52,119 --> 00:22:54,879
Speaker 4: Many many people we've seen who have maybe worked for

503
00:22:54,920 --> 00:22:58,280
Speaker 4: a fortune five hundred company, they have company stock. And

504
00:22:58,359 --> 00:23:01,640
Speaker 4: what we see is they have stock outside their form, Okay,

505
00:23:01,760 --> 00:23:04,280
Speaker 4: then they have stock within the form, Okay, then they

506
00:23:04,280 --> 00:23:07,520
Speaker 4: have the employee stock option plan. So when we look

507
00:23:07,560 --> 00:23:10,320
Speaker 4: at this as a complete plan, a lot of people

508
00:23:10,359 --> 00:23:13,880
Speaker 4: have too much company stock. And I know you work there,

509
00:23:13,920 --> 00:23:15,880
Speaker 4: I know you believe in the company, but a lot

510
00:23:15,920 --> 00:23:19,440
Speaker 4: of people don't have the proper diversification. And that's why

511
00:23:19,440 --> 00:23:23,359
Speaker 4: we talk about buckets. Even when we get into advanced

512
00:23:23,920 --> 00:23:28,560
Speaker 4: tax planning strategies with NUA net unrealized appreciation with company stock,

513
00:23:28,600 --> 00:23:31,000
Speaker 4: there's ways to get that stock out of a company

514
00:23:31,040 --> 00:23:33,160
Speaker 4: plan in the most tax efficient way. So if you're

515
00:23:33,200 --> 00:23:35,960
Speaker 4: listening and you understand NUA, pick up the phone, schedule time,

516
00:23:36,000 --> 00:23:37,800
Speaker 4: the needle lists. We can help you with that. But

517
00:23:37,840 --> 00:23:41,120
Speaker 4: not only that is diversification. People have no idea where

518
00:23:41,119 --> 00:23:44,480
Speaker 4: to invest the money and they're taking too much risk.

519
00:23:44,800 --> 00:23:48,280
Speaker 4: So if you have too much stock in your current

520
00:23:48,320 --> 00:23:51,399
Speaker 4: employer plan, pick up the phone, schedule time the meal

521
00:23:51,440 --> 00:23:54,320
Speaker 4: with us. Let's diversify that portfolio. Let me show you

522
00:23:54,359 --> 00:23:56,400
Speaker 4: how to do an income plan and also an investment

523
00:23:56,440 --> 00:23:59,479
Speaker 4: plan where you can keep your stock, but make sure

524
00:23:59,520 --> 00:24:00,919
Speaker 4: you're properly diversified.

525
00:24:00,960 --> 00:24:02,359
Speaker 3: Eight three to three Maggie Tacks.

526
00:24:02,520 --> 00:24:06,639
Speaker 2: And you mentioned something about risk because risk levels drift

527
00:24:06,760 --> 00:24:10,800
Speaker 2: without you noticing, meaning maybe you're in too much risk

528
00:24:10,920 --> 00:24:13,240
Speaker 2: like Chris mentioned, and maybe you need to sit down

529
00:24:13,240 --> 00:24:17,080
Speaker 2: and rebalance your portfolio because there are certain portfolios again

530
00:24:17,080 --> 00:24:19,199
Speaker 2: and you can talk about this that could help you,

531
00:24:19,359 --> 00:24:21,399
Speaker 2: meaning you know, if you're in low risk, meeting and

532
00:24:21,520 --> 00:24:24,240
Speaker 2: risk or higher risk, where are you because like Chris

533
00:24:24,280 --> 00:24:28,359
Speaker 2: said before, life changes and things change, situations change, so

534
00:24:28,520 --> 00:24:30,760
Speaker 2: your risk also may change. How important is that?

535
00:24:30,840 --> 00:24:31,199
Speaker 3: Totally?

536
00:24:31,200 --> 00:24:33,960
Speaker 4: And that's you mentioned a good point, not rebalancing. Most

537
00:24:33,960 --> 00:24:37,080
Speaker 4: people just don't look at it once they set it up.

538
00:24:37,160 --> 00:24:40,400
Speaker 4: And if you are that person today, that's fine. Raise

539
00:24:40,400 --> 00:24:42,000
Speaker 4: your hand in the car, raise your hand as you walk,

540
00:24:42,000 --> 00:24:44,119
Speaker 4: and it's okay, no one's watching you. But here's what

541
00:24:44,160 --> 00:24:45,479
Speaker 4: you do. You pick up the phone and schedule time

542
00:24:45,480 --> 00:24:47,280
Speaker 4: to meet with us. Let's put together your own risk

543
00:24:47,320 --> 00:24:50,160
Speaker 4: tolerance today. Let's see what it is, and then let's

544
00:24:50,200 --> 00:24:52,240
Speaker 4: match it with your the way you want to invest,

545
00:24:52,240 --> 00:24:54,800
Speaker 4: the way you need to invest. So most people just

546
00:24:54,880 --> 00:24:57,080
Speaker 4: don't know what they don't know. But we can help them.

547
00:24:57,119 --> 00:24:59,040
Speaker 4: Eight three three Magie tacks. So if you're out there,

548
00:24:59,040 --> 00:25:01,600
Speaker 4: I have a form on K and you're making these mistakes,

549
00:25:02,359 --> 00:25:04,119
Speaker 4: no problem. Now is the time to correct it. You

550
00:25:04,119 --> 00:25:05,920
Speaker 4: can't start over, but you can start right now. Eight

551
00:25:06,000 --> 00:25:07,359
Speaker 4: three three Maggie Tax.

552
00:25:07,480 --> 00:25:09,000
Speaker 2: So we have a few more to talk about. But

553
00:25:09,080 --> 00:25:12,200
Speaker 2: just remember what we talked about not increasing contributions. How

554
00:25:12,240 --> 00:25:14,320
Speaker 2: important that is, and let's sit down and talk about it.

555
00:25:14,680 --> 00:25:17,120
Speaker 2: Leaving before vesting. If you're going to leave, make sure

556
00:25:17,119 --> 00:25:19,280
Speaker 2: you have your vested so you have all the money

557
00:25:19,320 --> 00:25:22,159
Speaker 2: that's entitled to you. What about too much company stock?

558
00:25:22,520 --> 00:25:24,880
Speaker 2: Sit down and let's take a look at your portfolio.

559
00:25:25,240 --> 00:25:26,919
Speaker 2: And this is important to a lot of people. And

560
00:25:26,960 --> 00:25:30,640
Speaker 2: then not rebalancing. Some people don't even know right now

561
00:25:30,680 --> 00:25:32,720
Speaker 2: that are listening or what we're talking about, because you

562
00:25:32,720 --> 00:25:34,879
Speaker 2: know why your four on one K company is not

563
00:25:34,920 --> 00:25:36,520
Speaker 2: going to do all of this for you. Am I Right?

564
00:25:36,560 --> 00:25:38,600
Speaker 4: Well, let's just yeah, let's stop right here. So let's

565
00:25:38,600 --> 00:25:40,080
Speaker 4: pump the brakes a little bit. If you have a

566
00:25:40,080 --> 00:25:44,400
Speaker 4: form one K, people contribute. Let's make it simple. People contribute.

567
00:25:44,600 --> 00:25:47,200
Speaker 4: Are you getting the match? Are you not getting the match?

568
00:25:47,720 --> 00:25:49,280
Speaker 4: These things that we have to look at But if

569
00:25:49,320 --> 00:25:52,040
Speaker 4: you are contributing, you have auto pay, you get paid

570
00:25:52,040 --> 00:25:55,199
Speaker 4: every month, money goes into your form one K. Do

571
00:25:55,240 --> 00:25:58,440
Speaker 4: you know where it's invested? Do you know what they're

572
00:25:58,480 --> 00:26:01,600
Speaker 4: doing with it? Is it rebalanced? Do you have too

573
00:26:01,640 --> 00:26:05,239
Speaker 4: much company stock? Are you increasing the contributions as your

574
00:26:05,320 --> 00:26:08,800
Speaker 4: increase in your pay increases? But what about the fees?

575
00:26:08,880 --> 00:26:12,400
Speaker 4: Are you mistake number ten? Are you ignoring the fees?

576
00:26:12,680 --> 00:26:16,520
Speaker 4: Because even one percent difference can cost six figures over time?

577
00:26:17,040 --> 00:26:19,000
Speaker 4: So what are you doing about it? These are things

578
00:26:19,000 --> 00:26:22,440
Speaker 4: we're talking about. So if someone is in the net position,

579
00:26:23,240 --> 00:26:25,359
Speaker 4: what do they do? What can they do? What's the

580
00:26:25,400 --> 00:26:27,760
Speaker 4: easiest thing to do If you have a four one K.

581
00:26:28,480 --> 00:26:31,240
Speaker 4: People might be flustered right now, might be confused, But

582
00:26:31,359 --> 00:26:33,640
Speaker 4: what's the easiest step to take.

583
00:26:34,119 --> 00:26:36,200
Speaker 2: To do exactly what we're doing on the show. Sit

584
00:26:36,280 --> 00:26:38,159
Speaker 2: down and get serious about it, because a four to

585
00:26:38,200 --> 00:26:40,399
Speaker 2: one K is just not a four to one K

586
00:26:40,560 --> 00:26:43,240
Speaker 2: or just not a four point fifty seven or a TSP.

587
00:26:43,880 --> 00:26:46,280
Speaker 2: It's a retirement account that you have to pay attention

588
00:26:46,400 --> 00:26:49,320
Speaker 2: to because all the things that we're talking about. Go

589
00:26:49,359 --> 00:26:53,679
Speaker 2: back and ask your advisor, go back and ask your

590
00:26:53,400 --> 00:26:55,800
Speaker 2: your your four to one K company. These questions, write

591
00:26:55,800 --> 00:26:57,840
Speaker 2: them down. If you need a list, give me a call.

592
00:26:57,840 --> 00:26:59,920
Speaker 2: I'll be glad to give them to you. But ask

593
00:27:00,119 --> 00:27:03,239
Speaker 2: them these questions because you need the answers, and if

594
00:27:03,240 --> 00:27:05,920
Speaker 2: there's anything that should be done, they should be done now,

595
00:27:06,119 --> 00:27:08,720
Speaker 2: not later, because Chris, a lot of people tell us, well,

596
00:27:08,840 --> 00:27:10,480
Speaker 2: you know, I never get the call. You're not going

597
00:27:10,520 --> 00:27:12,879
Speaker 2: to get the call. They don't have any loyalty to

598
00:27:12,920 --> 00:27:15,080
Speaker 2: you to tell you what we're telling you now. And

599
00:27:15,119 --> 00:27:17,080
Speaker 2: that's the reason why we're different than other people. We

600
00:27:17,200 --> 00:27:19,399
Speaker 2: get this all the time. I have a four to

601
00:27:19,440 --> 00:27:21,960
Speaker 2: one k I have I left a job ten years ago.

602
00:27:22,160 --> 00:27:24,160
Speaker 2: Was it still there? You know? Is it my money?

603
00:27:24,240 --> 00:27:26,679
Speaker 2: Of course hits your money. If you made a contribution,

604
00:27:26,840 --> 00:27:29,080
Speaker 2: then yes, and maybe there's a match that the title

605
00:27:29,119 --> 00:27:31,320
Speaker 2: to you. When would you want to know? So, Chris,

606
00:27:31,440 --> 00:27:33,679
Speaker 2: the simple answer to your question is come in and

607
00:27:33,720 --> 00:27:36,760
Speaker 2: meet with us eight three to three, Maggie TACs. Let's

608
00:27:36,800 --> 00:27:39,280
Speaker 2: sit down and do a complete review. Because this is

609
00:27:39,359 --> 00:27:39,879
Speaker 2: your money.

610
00:27:40,040 --> 00:27:42,560
Speaker 4: Just remember that now, your money you hit on the head.

611
00:27:42,600 --> 00:27:45,120
Speaker 4: I mean it's your money that they have no interest

612
00:27:45,320 --> 00:27:49,720
Speaker 4: in what you have. That's just a savings vehicle. It's

613
00:27:49,800 --> 00:27:52,000
Speaker 4: up to you to put it together. And complete it.

614
00:27:52,040 --> 00:27:53,679
Speaker 2: Do you know how many people tell me and you

615
00:27:53,720 --> 00:27:55,480
Speaker 2: every day I can't get in touch on my HR.

616
00:27:55,600 --> 00:27:57,280
Speaker 2: I try to call the four to one K and

617
00:27:57,320 --> 00:27:59,199
Speaker 2: I can't get the number. It's a recorded line or

618
00:27:59,480 --> 00:28:02,880
Speaker 2: hit one, hit two, hit three, no, no eight three three,

619
00:28:02,880 --> 00:28:05,040
Speaker 2: Maggie tax And you'll sit down with Bobby and Chris

620
00:28:05,080 --> 00:28:07,320
Speaker 2: and my staff and we'll talk to you straight up

621
00:28:07,480 --> 00:28:09,480
Speaker 2: when you want that. Isn't that better eye to eye

622
00:28:09,480 --> 00:28:10,240
Speaker 2: belly to belly.

623
00:28:10,320 --> 00:28:10,879
Speaker 3: I'll tell you what.

624
00:28:10,960 --> 00:28:12,879
Speaker 4: When you do that, you have clarity, you have confidence,

625
00:28:12,920 --> 00:28:15,520
Speaker 4: and you have a piece of mind knowing that there

626
00:28:15,560 --> 00:28:16,800
Speaker 4: are people there to help you.

627
00:28:17,000 --> 00:28:19,760
Speaker 2: I think to me, you're not just a number. You're

628
00:28:19,800 --> 00:28:23,280
Speaker 2: not just an account that has value. Okay, there's more too, Well,

629
00:28:23,359 --> 00:28:25,359
Speaker 2: this is your money. And when the market goes down,

630
00:28:25,600 --> 00:28:27,240
Speaker 2: who suffers? You suffer?

631
00:28:27,320 --> 00:28:27,560
Speaker 1: That's it.

632
00:28:27,680 --> 00:28:29,280
Speaker 4: And when you have paying more and fees and you

633
00:28:29,280 --> 00:28:31,240
Speaker 4: have no diversification and you do the role of the

634
00:28:31,320 --> 00:28:33,560
Speaker 4: mistakes wrong and you're not contributing him up. I mean,

635
00:28:33,560 --> 00:28:35,679
Speaker 4: these are all the mistakes that people are making. He oh,

636
00:28:35,720 --> 00:28:37,280
Speaker 4: you let it just just hang out.

637
00:28:37,359 --> 00:28:38,680
Speaker 2: But they sit there and they go, well, you don't

638
00:28:38,680 --> 00:28:40,840
Speaker 2: know if I should call anybody damn right, you should

639
00:28:40,840 --> 00:28:43,680
Speaker 2: call somebody. Are you kidding me? This is your money,

640
00:28:43,880 --> 00:28:45,840
Speaker 2: and don't let it just sit there and be You

641
00:28:45,880 --> 00:28:47,640
Speaker 2: know what if the company goes out of business, member

642
00:28:47,640 --> 00:28:50,280
Speaker 2: world calm and then we'reun what happened to those people

643
00:28:50,360 --> 00:28:51,160
Speaker 2: ready to retire?

644
00:28:51,240 --> 00:28:53,320
Speaker 4: Well, there's a stock that people had in their form

645
00:28:53,360 --> 00:28:55,360
Speaker 4: and case and then guess what they worked for the

646
00:28:55,400 --> 00:28:58,640
Speaker 4: company for so many years they were overloaded with stocks.

647
00:28:58,680 --> 00:29:00,200
Speaker 2: There you go, there you go. And this this is

648
00:29:00,240 --> 00:29:02,360
Speaker 2: why I do not be afraid. And I always bring

649
00:29:02,400 --> 00:29:04,320
Speaker 2: this up on the radio. My father used to say,

650
00:29:04,520 --> 00:29:07,080
Speaker 2: the hell with it. No, that is not the answer.

651
00:29:07,320 --> 00:29:09,560
Speaker 2: Sit down eight three to three, Magi tax, give us

652
00:29:09,600 --> 00:29:11,720
Speaker 2: a call. We'll spend time with you. Get us, get

653
00:29:11,800 --> 00:29:14,360
Speaker 2: us your statements. We'll make the call with you. Maybe

654
00:29:14,400 --> 00:29:16,440
Speaker 2: other advisors don't do what we do. We sit there

655
00:29:16,440 --> 00:29:18,800
Speaker 2: on the phone. We'll call for you and we'll get

656
00:29:18,800 --> 00:29:21,240
Speaker 2: you the answers right there, and then you can ask

657
00:29:21,280 --> 00:29:23,960
Speaker 2: the question as we're they're with you because we have

658
00:29:24,160 --> 00:29:26,600
Speaker 2: done this, done this for thirty six years. My son's

659
00:29:26,600 --> 00:29:28,920
Speaker 2: been here since he's been in high school. You're not new.

660
00:29:29,120 --> 00:29:31,400
Speaker 2: This is not a new rodeo, folks. And I know

661
00:29:31,480 --> 00:29:34,440
Speaker 2: I sound that way, but it's important because Chris and

662
00:29:34,440 --> 00:29:37,200
Speaker 2: I see this every single day, and I hope you

663
00:29:37,240 --> 00:29:38,120
Speaker 2: get the message.

664
00:29:38,400 --> 00:29:40,800
Speaker 4: A three to three Maggie taxs. You said it the

665
00:29:40,840 --> 00:29:44,600
Speaker 4: silent portfolio Killers. Instead of option one, option two, Prompt one,

666
00:29:44,640 --> 00:29:47,200
Speaker 4: Prompt two, it's simple eight three three Maggie Tax.

667
00:29:47,720 --> 00:29:48,360
Speaker 3: Here's the truth.

668
00:29:48,480 --> 00:29:51,880
Speaker 4: You don't lose retirement savings overnight. You lose it little

669
00:29:51,880 --> 00:29:55,760
Speaker 4: by little, silently over time. That's why this segment was

670
00:29:55,800 --> 00:29:59,320
Speaker 4: the Silent portfolio Killers, because we see each and every day, but.

671
00:29:59,320 --> 00:30:00,360
Speaker 3: You can stop it. Though.

672
00:30:00,680 --> 00:30:03,520
Speaker 4: You can see exactly what's happening inside your Form one K,

673
00:30:04,280 --> 00:30:06,600
Speaker 4: you can know the fees, you can know the risk

674
00:30:06,760 --> 00:30:08,080
Speaker 4: and your exposure.

675
00:30:08,200 --> 00:30:09,160
Speaker 3: When would you want to know?

676
00:30:09,360 --> 00:30:11,520
Speaker 4: You want to know now, and as simple, pick up

677
00:30:11,560 --> 00:30:13,560
Speaker 4: the phone, schedule time to meet with us eight three

678
00:30:13,680 --> 00:30:17,520
Speaker 4: three Maggie Tax for your four oh one k X ray.

679
00:30:17,680 --> 00:30:20,320
Speaker 4: It's eye opening and it's free. And don't even think

680
00:30:20,320 --> 00:30:22,920
Speaker 4: about touching that dial because in the next segment we're

681
00:30:22,920 --> 00:30:27,280
Speaker 4: going to review, revealing the one mistake that you cannot undo. Ever,

682
00:30:27,600 --> 00:30:29,640
Speaker 4: this is part of what keeps people awake at night.

683
00:30:29,720 --> 00:30:31,640
Speaker 4: A three to three Maggie tax. That's eight three to

684
00:30:31,680 --> 00:30:32,760
Speaker 4: three Maggie Tax.

685
00:30:39,440 --> 00:30:43,000
Speaker 1: Stop funding Uncle Sam's retirement and start planning for your

686
00:30:43,000 --> 00:30:46,520
Speaker 1: own successful retirement. As we return to the Maggie Tax

687
00:30:46,520 --> 00:30:49,920
Speaker 1: Financial Show with your host Robert and Chris Maggie with

688
00:30:50,040 --> 00:30:53,200
Speaker 1: Maggie Tax and Wealth Advisors. For information on how you

689
00:30:53,240 --> 00:30:56,840
Speaker 1: can create a tax free retirement, call eight three three

690
00:30:57,240 --> 00:31:01,880
Speaker 1: Maggie Tax or visit Maggie dot com. Now your host

691
00:31:01,920 --> 00:31:05,360
Speaker 1: with Maggie Tax and Wealth Advisors. Robert and Chris Maggie.

692
00:31:06,400 --> 00:31:09,160
Speaker 4: Welcome back to the Maggie Tax and Financial Show and

693
00:31:09,240 --> 00:31:11,640
Speaker 4: visit our website at maggitax dot com. Maggie Tax and

694
00:31:11,720 --> 00:31:13,240
Speaker 4: Wealth Advisors. We are to help in a lot of

695
00:31:13,280 --> 00:31:15,600
Speaker 4: different ways. We call it the Maggie Plan. Today we're

696
00:31:15,600 --> 00:31:18,400
Speaker 4: talking about the four oh one k and the mistakes

697
00:31:18,400 --> 00:31:22,640
Speaker 4: that can haunt your family. And throughout today's show, there's

698
00:31:22,640 --> 00:31:25,320
Speaker 4: a lot of mistakes, but what I'm talking about to

699
00:31:25,360 --> 00:31:29,960
Speaker 4: tell you is non exaggeration. Your beneficiary form overrides your

700
00:31:30,040 --> 00:31:32,640
Speaker 4: will every single time. So let's dive into this that

701
00:31:32,800 --> 00:31:35,840
Speaker 4: because this is huge. How many times after all the

702
00:31:35,880 --> 00:31:39,400
Speaker 4: mistakes we uncovered in the first three segments, this is

703
00:31:39,400 --> 00:31:40,320
Speaker 4: one of the top ones.

704
00:31:40,400 --> 00:31:42,720
Speaker 2: Well it is, and the beneficiary form like Chris said,

705
00:31:42,760 --> 00:31:47,360
Speaker 2: overrides your will every single time. So if it's outdated,

706
00:31:47,920 --> 00:31:50,320
Speaker 2: then you got a problem. If it's wrong, you have

707
00:31:50,400 --> 00:31:54,080
Speaker 2: a problem. And if someone passed away, your money will

708
00:31:54,120 --> 00:31:57,600
Speaker 2: still go to whoever is on that form. And think

709
00:31:57,600 --> 00:31:59,560
Speaker 2: about it was years ago that you put someone on

710
00:31:59,600 --> 00:32:02,440
Speaker 2: that form. Maybe you got divorced or separated, or someone

711
00:32:02,480 --> 00:32:05,840
Speaker 2: passed away. This is the mistake that destroys families and

712
00:32:05,880 --> 00:32:09,160
Speaker 2: it's one hundred percent preventable. And you know why because

713
00:32:09,240 --> 00:32:11,920
Speaker 2: most advisors don't sit down and say, let's talk about

714
00:32:11,920 --> 00:32:15,719
Speaker 2: a beneficiary review. I don't have time. I don't have time. Oh,

715
00:32:15,800 --> 00:32:17,840
Speaker 2: yes you do, because you're going to have no time

716
00:32:18,160 --> 00:32:20,160
Speaker 2: if the beneficiary form curse is not correct.

717
00:32:20,240 --> 00:32:22,360
Speaker 4: That's exactly right, because we don't want to go through probate.

718
00:32:22,520 --> 00:32:25,239
Speaker 4: Many people don't understand what that process is. And you know,

719
00:32:25,280 --> 00:32:27,120
Speaker 4: we'll have a show on this at some point, but

720
00:32:27,120 --> 00:32:29,000
Speaker 4: at the end of the day, just just google what

721
00:32:29,080 --> 00:32:31,800
Speaker 4: probate means and how long it takes and what the

722
00:32:31,840 --> 00:32:34,360
Speaker 4: costs are. Again, do you want to go that down

723
00:32:34,440 --> 00:32:36,680
Speaker 4: that route? Well, if you don't have to, why would

724
00:32:36,720 --> 00:32:38,800
Speaker 4: you want to. So let's continue on with the mistakes

725
00:32:38,840 --> 00:32:40,880
Speaker 4: that can haunt your family and your Form O K

726
00:32:41,480 --> 00:32:44,800
Speaker 4: and mistake number eleven is not considering the raw form. Okay,

727
00:32:44,800 --> 00:32:47,400
Speaker 4: we touched on this early at the beginning, but tax

728
00:32:47,440 --> 00:32:51,240
Speaker 4: free income later can be a massive advantage for you.

729
00:32:51,360 --> 00:32:55,720
Speaker 4: So many people these old form k's the company's member.

730
00:32:55,760 --> 00:32:59,440
Speaker 4: It gets up to your plan administrator to put together

731
00:32:59,600 --> 00:33:02,000
Speaker 4: what they want want to offer you as an employee.

732
00:33:02,480 --> 00:33:06,440
Speaker 4: So maybe years ago you only had the traditional side

733
00:33:06,480 --> 00:33:08,960
Speaker 4: of the phone K, but many people have opened the

734
00:33:09,000 --> 00:33:11,560
Speaker 4: door to the WROTH for oh one K exactly.

735
00:33:11,600 --> 00:33:14,840
Speaker 2: And I am running commercials on TV on a radio

736
00:33:14,920 --> 00:33:18,160
Speaker 2: about ROTH because this is something as a tax person

737
00:33:18,360 --> 00:33:19,960
Speaker 2: we see all the time. And you have to start

738
00:33:20,000 --> 00:33:24,120
Speaker 2: thinking about taking that tax deferred plan and making a

739
00:33:24,200 --> 00:33:27,080
Speaker 2: tax free from a strategic rollout. And this is what

740
00:33:27,160 --> 00:33:29,880
Speaker 2: Chris and I do because you want tax free income

741
00:33:30,160 --> 00:33:31,960
Speaker 2: and you want to reduce the tax as much as

742
00:33:31,960 --> 00:33:34,320
Speaker 2: you can now. So this is something that we can

743
00:33:34,360 --> 00:33:36,680
Speaker 2: help you with a three to three Maggie tax. And

744
00:33:37,360 --> 00:33:39,840
Speaker 2: another thing outdated beneficiary is this is the one that

745
00:33:39,920 --> 00:33:42,480
Speaker 2: Chris mentioned before that we see all the time. One

746
00:33:42,680 --> 00:33:47,120
Speaker 2: wrong name can permanently misdirect your wealth. And how many

747
00:33:47,200 --> 00:33:49,880
Speaker 2: times have we seen that in different variations well this

748
00:33:50,040 --> 00:33:52,040
Speaker 2: uar that word, use it, you know, let's just bring

749
00:33:52,040 --> 00:33:54,240
Speaker 2: it up again. Misdirect your wealth. Oh my gosh, that's

750
00:33:54,240 --> 00:33:58,440
Speaker 2: so powerful because you think you have things lined up,

751
00:33:58,480 --> 00:34:01,000
Speaker 2: but again your wealth disappear years and goes down the

752
00:34:01,000 --> 00:34:03,640
Speaker 2: wrong path. It's misdirection. We don't want that.

753
00:34:04,000 --> 00:34:04,640
Speaker 3: So what do you do?

754
00:34:04,720 --> 00:34:06,160
Speaker 4: You pick up the phone, your schedule, time to meet

755
00:34:06,160 --> 00:34:07,560
Speaker 4: with us. Let's go over your current form one K

756
00:34:08,040 --> 00:34:10,279
Speaker 4: we talked about in the in the previous in the show,

757
00:34:10,440 --> 00:34:14,520
Speaker 4: many people have prior companies, prior for one ks, prior

758
00:34:14,520 --> 00:34:18,960
Speaker 4: retirement plans. You're moving forward, but those plans are staying behind.

759
00:34:19,120 --> 00:34:21,200
Speaker 4: Don't let that happen to you. Let them come with you.

760
00:34:21,239 --> 00:34:25,840
Speaker 4: Maybe you can consolidate, but those outdated beneficiaries in the

761
00:34:25,920 --> 00:34:30,080
Speaker 4: forms and misdirecting your wealth is so important. So that's

762
00:34:30,120 --> 00:34:33,880
Speaker 4: mistake number twelve. Mistake number thirteen is not consolidating your

763
00:34:33,920 --> 00:34:36,520
Speaker 4: old accounts. And we mentioned this prior. You know, when

764
00:34:36,520 --> 00:34:40,120
Speaker 4: you consolidate means you put things together right, so simplify

765
00:34:40,160 --> 00:34:43,560
Speaker 4: as management. It reduces errors and make things simple, and

766
00:34:44,200 --> 00:34:48,520
Speaker 4: it also ensures that your strategy stays aligned with what

767
00:34:48,640 --> 00:34:51,240
Speaker 4: you want it to do. So pick up the phone

768
00:34:51,280 --> 00:34:53,279
Speaker 4: schedule time to meet with us. If you have a

769
00:34:53,280 --> 00:34:56,919
Speaker 4: Form one K, don't miss the opportunity to do what

770
00:34:56,960 --> 00:34:59,319
Speaker 4: you need to do with it. You know, do you

771
00:34:59,360 --> 00:35:02,200
Speaker 4: invest in the traditional side, do you invest in the

772
00:35:02,280 --> 00:35:04,759
Speaker 4: roth side? If there's an option, how much do you

773
00:35:04,800 --> 00:35:07,799
Speaker 4: put in? Where do you redirect the money to? How

774
00:35:07,840 --> 00:35:10,360
Speaker 4: do you set up the right way where it's low fees,

775
00:35:10,440 --> 00:35:12,719
Speaker 4: How do you protect it where it's going to pass

776
00:35:12,719 --> 00:35:14,680
Speaker 4: where you want it to go. How do you set

777
00:35:14,680 --> 00:35:17,600
Speaker 4: it up so it's in line with your risk tolerance?

778
00:35:18,120 --> 00:35:20,640
Speaker 4: These are the things my gosh thirteen mistakes that we

779
00:35:20,680 --> 00:35:25,240
Speaker 4: talked about today. They're so powerful. So if you're thinking today,

780
00:35:26,560 --> 00:35:28,680
Speaker 4: gosh that what should people do if they have a

781
00:35:28,680 --> 00:35:29,120
Speaker 4: Form one K?

782
00:35:29,360 --> 00:35:30,960
Speaker 3: Just make it simple for people.

783
00:35:31,040 --> 00:35:32,279
Speaker 2: Well, I don't care if you have a four to

784
00:35:32,320 --> 00:35:34,880
Speaker 2: one K or an IRA or a CD or whatever.

785
00:35:35,239 --> 00:35:37,240
Speaker 2: You need to come in and meet with us, because

786
00:35:37,280 --> 00:35:39,080
Speaker 2: we do it from a balance sheet. What is a

787
00:35:39,120 --> 00:35:42,319
Speaker 2: balance sheet? We want to know where all your accounts are,

788
00:35:42,360 --> 00:35:45,200
Speaker 2: so that you understand where all your accounts are. We

789
00:35:45,280 --> 00:35:48,200
Speaker 2: want to know what your BENEFICIARYA is on every account,

790
00:35:48,239 --> 00:35:52,080
Speaker 2: your CD, your money market, your money market, anything you

791
00:35:52,120 --> 00:35:54,239
Speaker 2: have savings account? And then what about your four oh

792
00:35:54,239 --> 00:35:57,600
Speaker 2: one K, you four or three B, your TSP is

793
00:35:57,640 --> 00:36:00,759
Speaker 2: your advisor even mentioning these words that we're talking about now,

794
00:36:00,760 --> 00:36:03,279
Speaker 2: it's like you know, alphabet soup. But you have to

795
00:36:03,360 --> 00:36:05,920
Speaker 2: understand what to do with everything, and you know, and

796
00:36:05,960 --> 00:36:08,920
Speaker 2: it's very simple. There's no cost to it. It's it's

797
00:36:08,960 --> 00:36:11,319
Speaker 2: gonna cost you a lot more, Chris, at the end

798
00:36:11,400 --> 00:36:13,319
Speaker 2: if they don't do it right. Big one here is

799
00:36:13,320 --> 00:36:16,840
Speaker 2: the beneficiaries. We see this all the time and people like,

800
00:36:16,880 --> 00:36:18,640
Speaker 2: oh my gosh, what did I do? You didn't do

801
00:36:18,680 --> 00:36:20,840
Speaker 2: anything is what you did, and that's why you have

802
00:36:20,920 --> 00:36:23,840
Speaker 2: to start thinking about this thing. Reduce the errors. I

803
00:36:23,880 --> 00:36:25,760
Speaker 2: know you don't sit there and look at your statements

804
00:36:25,760 --> 00:36:28,479
Speaker 2: every single day. That's what we do, Chris. We see

805
00:36:28,480 --> 00:36:30,759
Speaker 2: this every day. Take the time, give us a call

806
00:36:30,880 --> 00:36:33,560
Speaker 2: eight three to three MAGI Tax, sit down with us

807
00:36:33,600 --> 00:36:36,399
Speaker 2: and let's go over every single line that's in your

808
00:36:36,680 --> 00:36:39,600
Speaker 2: statements and understand what you have. Eight three to three

809
00:36:39,840 --> 00:36:40,560
Speaker 2: MAGI Tax.

810
00:36:40,680 --> 00:36:42,080
Speaker 4: So they have it, you know, pick of the phone,

811
00:36:42,120 --> 00:36:44,040
Speaker 4: eight three to three Megi Tax. Tune in every Sunday

812
00:36:44,040 --> 00:36:46,800
Speaker 4: to the MAGI Tax and Wealth Advisors Show on ABC

813
00:36:46,880 --> 00:36:49,799
Speaker 4: TV at ten thirty. So this is it, you know,

814
00:36:49,920 --> 00:36:52,440
Speaker 4: the last Minie mistake is one of the ones that

815
00:36:52,520 --> 00:36:56,760
Speaker 4: you just can't fix once it's gone. And that's why

816
00:36:56,920 --> 00:36:59,480
Speaker 4: now is the moment that matters. You still have the

817
00:36:59,560 --> 00:37:01,840
Speaker 4: chance to p check your family, your legacy and everything

818
00:37:01,880 --> 00:37:04,320
Speaker 4: you've worked decades to build.

819
00:37:04,520 --> 00:37:05,120
Speaker 3: You've done it.

820
00:37:05,280 --> 00:37:07,239
Speaker 4: You went to work, you put money away, you got

821
00:37:07,239 --> 00:37:08,719
Speaker 4: this full one K, you got a retirement plan.

822
00:37:08,760 --> 00:37:09,440
Speaker 3: What do you do with it?

823
00:37:09,520 --> 00:37:12,800
Speaker 4: Well, get the Maggi Plan. That's a three three Maggie tax,

824
00:37:13,280 --> 00:37:16,880
Speaker 4: and let's help you update your beneficiaries, let's help you

825
00:37:17,080 --> 00:37:21,600
Speaker 4: streamline your accounts, and let's build a comprehensive plan. Through

826
00:37:21,719 --> 00:37:24,879
Speaker 4: the Maggi Plan. It's income planning, it's tax planning, it's

827
00:37:24,920 --> 00:37:28,880
Speaker 4: investment planning, it's social Security maximization planning, it's insurance planning,

828
00:37:29,280 --> 00:37:32,880
Speaker 4: a state alignment, all working together. That's what we call

829
00:37:33,040 --> 00:37:35,680
Speaker 4: the Maggie Plan. It's your plan. It's your plan for retirement.

830
00:37:36,320 --> 00:37:38,160
Speaker 4: When someone asks you what kind of plan you got,

831
00:37:38,320 --> 00:37:40,200
Speaker 4: you know what you have when you have the Maggie Plan.

832
00:37:40,640 --> 00:37:43,440
Speaker 4: That's the power of real planning. That's what we're talking about.

833
00:37:43,480 --> 00:37:46,440
Speaker 4: That's the power of knowing, not guessing. Call now a

834
00:37:46,640 --> 00:37:49,920
Speaker 4: three three Magi tax or visit Maggie Tax dot com

835
00:37:50,040 --> 00:37:52,319
Speaker 4: get the Maggie Plan A three to three Maggie Tax.

836
00:37:52,400 --> 00:37:54,560
Speaker 4: That's eight three three Magi Tax.

837
00:38:03,200 --> 00:38:06,000
Speaker 1: Thank you for listening to Maggie Tax and Financial Show

838
00:38:06,080 --> 00:38:09,839
Speaker 1: with Robert and Chris Maggie of Maggie Tax Wealth Advisors.

839
00:38:09,920 --> 00:38:13,239
Speaker 1: Listen here five to six pm every Saturday and from

840
00:38:13,239 --> 00:38:16,440
Speaker 1: eleven am till noon every Sunday, or anytime on the

841
00:38:16,480 --> 00:38:20,000
Speaker 1: free iHeartRadio app. And remember you can pay less tax

842
00:38:20,160 --> 00:38:24,000
Speaker 1: with Maggie Tax program. Content provided by Maggie Tax Wealth

843
00:38:24,040 --> 00:38:27,400
Speaker 1: and Advisors. Call them at eight three three Maggie Tax

844
00:38:27,560 --> 00:38:33,120
Speaker 1: or visit them online at Maggietax dot com