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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: Thank you for tuning into the Maggie Tax and Financial Show.

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Speaker 2: We welcome you to our show and thank you so

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Speaker 2: much for listening. I'm Chris Maggie and I'm here with

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Speaker 2: my dad and cost of the show, Robert Maggie. And

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Speaker 2: before we get going, visit our website at Maggie Tax

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Speaker 2: dot com. That's m A G. G I Tax dot com.

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Speaker 2: And we love what we do because as a past

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Speaker 2: here we want to help you. There's a lot of

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Speaker 2: things we can do. Tax planning, insurance planning, income planning,

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Speaker 2: investment planning, state planning, a lot of things that we

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Speaker 2: do to help you. We do complete planning here at

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Speaker 2: Maggie Tax Advisor and Financial Group. And today we want

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Speaker 2: to talk about a lot of things to help you.

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Speaker 2: So if you have any questions, pick up the phone,

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Speaker 2: schedule a time to meet with us eight three to

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Speaker 2: three MAGI Tax. That's eight three to three Magi Tax.

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Speaker 2: And welcome dad to the show. And what do we

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Speaker 2: got to talk about today.

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Speaker 3: Well, we have a lot to talk about, and thank

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Speaker 3: you and welcome everyone, and be sure to visit our

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Speaker 3: website Maggietax dot com. We have a lot of information

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Speaker 3: on there, a lot of videos. I think what we've

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Speaker 3: been helping people understand is different things like tax planning

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Speaker 3: and social security in a state planning, legacy planning. But

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Speaker 3: today we talk about this all the time, Chris and

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Speaker 3: I and from many of you that have met with us,

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Speaker 3: we talk about bucket planning and what the heck is

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Speaker 3: bucket planning? And this is one of the biggest questions

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Speaker 3: that we get all the time. What is bucket plan

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Speaker 3: guys tell me about it. So let me give you

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Speaker 3: a two minute overview. And we start with a big

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Speaker 3: question on many retires' minds, which is what kind of

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Speaker 3: income can I expect in retirement. I met with a

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Speaker 3: gentleman this week and his biggest concern was, you know,

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Speaker 3: we have a large amount of money in our TSP.

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Speaker 3: It was a federal employee and also we had another

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Speaker 3: client come in and they say what do we do

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Speaker 3: with it? And the point is that I made him

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Speaker 3: understand that it's about a plan about income planning about

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Speaker 3: how much income do you need today, how much you're

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Speaker 3: going to need later, and how do you position that.

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Speaker 3: So this is a longer discussion than we have time for.

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Speaker 3: But you also need to stop thinking about gross paycheck

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Speaker 3: and that you got from your job and start thinking

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Speaker 3: about net check you received in your bank account. And Chris,

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Speaker 3: you ask the question every time, what is the amount

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Speaker 3: of money that you need when you retire to put

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Speaker 3: your feet on the ground to pay your bills? And

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Speaker 3: you say it that has to come into the mailbox

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Speaker 3: every month.

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Speaker 2: And that's it. You know what is that number? And

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Speaker 2: if you don't know, that's fine. You know, meet with

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Speaker 2: us let's go through budget planning. We can help you

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Speaker 2: very simple process that we do to help you really

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Speaker 2: dial in on that amount. Why because that's the amount

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Speaker 2: of money you're going to get on the first of

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Speaker 2: the month, and you can spend in the next thirty

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Speaker 2: days and do it all over again for the rest

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Speaker 2: of your life if you do it right. So that's

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Speaker 2: why bucket planning is so important to make sure that

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Speaker 2: that amount of money's coming in every month.

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Speaker 3: Another question we get if I have this qualified money

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Speaker 3: and it's all taxable, how do I get it down

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Speaker 3: to where I have tax free money? And there are

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Speaker 3: tax strategies to help reduce the taxes you pay in retirement.

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Speaker 3: So gross numbers might be big, you know, so gross

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Speaker 3: that it's too much. But here's what I'm trying to

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Speaker 3: make a point of. You don't understand how taxes work.

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Speaker 3: And what's happening now is whatever tax bracket you're in,

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Speaker 3: can tell Chris and I how much you have before

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Speaker 3: you hit the threshold to be tax in the next level.

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Speaker 3: And Chris, we talk about that where people don't think about, well, gee,

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Speaker 3: I have room because you get the standard deduction, so

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Speaker 3: that first amount is tax free. So when you get

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Speaker 3: your retirement, things are changing. Correct.

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Speaker 2: Let me jump in here real quick, because when we

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Speaker 2: did bucket planning, I met with a client you know

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Speaker 2: last week, and they had forty four thousand dollars of

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Speaker 2: Social Security between the two of income and just alone

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Speaker 2: right there. If you do the right planning, there's no

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Speaker 2: tax to pay, so there's no tax liability that and

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Speaker 2: they had no idea. They said, what do I have

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Speaker 2: to withhold? Well, you don't have to withhold anything because

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Speaker 2: you're under the threshold income as my dad was mentioned.

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Speaker 2: So think about that. The first forty four thousand dollars

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Speaker 2: right here had no tax. Then they had a pension

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Speaker 2: which was one thousand dollars a month, and then we

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Speaker 2: took another thousand dollars from their IRA. So they said,

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Speaker 2: oh my gosh, we're going to pay a lot in tax.

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Speaker 2: I said, no, no, you're not going to. So we

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Speaker 2: did the mock tax return, and I'll do the same

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Speaker 2: thing for you too. When you come in and meet

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Speaker 2: with us, we'll show you exactly what your future tax

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Speaker 2: is going to be. But at the end of the day,

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Speaker 2: they had a great amount of income and only paid

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Speaker 2: one thousand dollars in taxes one thousand dollars in tax

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Speaker 2: I said, you know, if you withhold about eighty dollars

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Speaker 2: a month, that's it and you will break even. You

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Speaker 2: know there payning more to the taxman. Why because the

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Speaker 2: way sell security is taxed then and when you add

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Speaker 2: in your other income, you could be under the threshold income.

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Speaker 2: So a lot of people have no idea about gross

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Speaker 2: or net. It's not just like they work they have

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Speaker 2: to automatically with hold fifteen percent. They don't have to

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Speaker 2: do that. If you do the right tax planning.

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Speaker 3: You make a good point there. They don't look at

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Speaker 3: it that way. So the second thing when thinking about

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Speaker 3: the income plan, and again that's the first bucket, how

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Speaker 3: much income do you need? We typically plan for a

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Speaker 3: retirement that is lasting twenty or thirty years or even more.

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Speaker 3: So we have to plan accordingly as no one wants

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Speaker 3: to run out of money. That's the biggest thing. I'm

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Speaker 3: afraid because when I ask people what keeps you up

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Speaker 3: at night, they say, well, Bobby, Chris, maybe running out

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Speaker 3: of money. Well it's not maybe if you do, what

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Speaker 3: are you going to do? So will you run your

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Speaker 3: accounts to zero? Probably not, But running out of money

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Speaker 3: to us means that you have to change your lifestyle

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Speaker 3: and understand how bucket planning works income growth and.

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Speaker 2: Later money right, absolutely, and that's the key, because you

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Speaker 2: want to make sure that you have that paycheck coming

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Speaker 2: in the front door because you can't go back to

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Speaker 2: work and I don't care how much money you have.

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Speaker 2: We've met with people who have ten million dollars, people

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Speaker 2: who have one hundred thousand dollars, and the same theme

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Speaker 2: between them both is I'm afraid of outliving my money.

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Speaker 2: So a lot of people thinking today, well a lot

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Speaker 2: of people have a lot of money, they don't have

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Speaker 2: to worry about that. Well, they just don't know how

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Speaker 2: to use their assets, their piles of money to create

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Speaker 2: buckets of guaranteed income growth legacy planning. They just don't

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Speaker 2: know how to do it. And that's what we do.

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Speaker 3: And the thing is that we control it by how

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Speaker 3: much risk do you want to take with your money,

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Speaker 3: meaning that when you have income, how much risk do

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Speaker 3: you want to take? It could be a fixed income bucket,

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Speaker 3: the first one for maybe ten years that you're going

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Speaker 3: to be guaranteed that money. The second bucket could be

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Speaker 3: lower risk, lower volatility and ability to gain more cash

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Speaker 3: and then just keep repeating that process over and over. Chris,

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Speaker 3: and I think that is where when we show the

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Speaker 3: bucket planning in its entirety, they look at it and

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Speaker 3: they go, this is what I want. This is exactly what.

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Speaker 2: I want, absolutely, And that's why when we invest money

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Speaker 2: into different allocations and buckets, there's a reason, there's a purpose.

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Speaker 2: You know, most advisors you meet with, you know, how

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Speaker 2: much money do you have, and they just put you

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Speaker 2: in an allocation and that's it and they go onto

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Speaker 2: the next client. But that's that's just regular transactional advisors.

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Speaker 2: And you think about it. Do you want to work

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Speaker 2: with a transactional advisor or do you want to work

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Speaker 2: with a complete advisor. And that's what we do here

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Speaker 2: because when we do bucket planning, every account you have

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Speaker 2: is going to have a purpose, whether it's for income,

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Speaker 2: whether it's for future inflation, whether it's for growth opportunities

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Speaker 2: or legacy tax free planning. These things that our clients

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Speaker 2: are looking for and we can help you. Just pick

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Speaker 2: up the phone, schedule time to meet with us eight

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Speaker 2: three three Magi Tax and visit our website at Magi

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Speaker 2: tax dot com for more information where our locations are

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Speaker 2: and how we can help you.

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Speaker 3: And I think what you just mentioned to make it simple,

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Speaker 3: it's called managing risk. And the third thing, think of

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Speaker 3: money this way. Typically, the great risk you take in

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Speaker 3: investing can mean greater rewards. We all know that, but

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Speaker 3: also brings the potential for greater losses and vice versa.

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Speaker 3: So when it comes to safer retirement strategies, one thing

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Speaker 3: to also consider is too safe might bring a very

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Speaker 3: low return. And I get that, but think about the

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Speaker 3: rates today. That's what we have and in causing you

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Speaker 3: to lose purchasing power to inflation, we understand that too,

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Speaker 3: and we have to address that. So let's get to

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Speaker 3: the bucket planning, folks. This is something that all of

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Speaker 3: you could do. I challenge all of you to come

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Speaker 3: in and sit down with us. We'll do the free

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Speaker 3: risk analysis for you. We'll do bucket planning, and we'll

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Speaker 3: do it with your money. And one thing last week,

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Speaker 3: the gentlemen said, well, this is not your money that

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Speaker 3: you figured into this, and I said, no, it's your money.

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Speaker 3: He said, that's wonderful, because most advisors just think that

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Speaker 3: they should put it into risky investments and let it ride. Well,

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Speaker 3: that's not it, Chris anymore.

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Speaker 2: Absolutely. I mean there's paychecks and also playchecks. There's a

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Speaker 2: lot of things you can do to have the guaranteed

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Speaker 2: income bucket. Planning. The first bucket, we structure for income

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Speaker 2: needed early in retirement, and we want to look for

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Speaker 2: the percentage of ADSs that can deliver enough income to

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Speaker 2: last five to seven years. That's your first bucket. And

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Speaker 2: we want this first bucket to be in retirement vehicles

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Speaker 2: that can deliver a decent return outpace inflation, yet still

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Speaker 2: have some downside protection, so we minimize the investment losses.

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Speaker 2: This is your protection bucket. And then second we look

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Speaker 2: at a second bucket. And with this bucket, you know,

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Speaker 2: you can enjoy the income from the first bucket living

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Speaker 2: your life. And we've got the second bucket accumulating and

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Speaker 2: ready to begin income when the first bucket is exhausted.

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Speaker 2: So think of it this way. One runs dry in

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Speaker 2: five to seven years, the second bucket is right there

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Speaker 2: to pick up where it left off because that's the

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Speaker 2: guaranteed income that we need to have moving forward. So

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Speaker 2: with the second bucket, we're really not immediately reliant on

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Speaker 2: the income in this bucket. You know, We've got that

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Speaker 2: five to seven year timeframe to take a little more

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Speaker 2: risk as market fluctuation is less of a concern because

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Speaker 2: we have time on our side, and ideally the percentage

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Speaker 2: of as as we place in the second bucket accumulates

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Speaker 2: during that five to seven year time frame and then

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Speaker 2: we turn it on for income for another five to

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Speaker 2: seven years of guaranteed income for life.

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Speaker 3: Okay, So we just talked about the first two buckets,

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Speaker 3: so we're gonna continue this in the next segment and

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Speaker 3: we'll talk about the third bucket. Pick up the phone,

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Speaker 3: give us a call eight three to three, Maggie Tax.

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Speaker 3: Be sure to watch our TV show tomorrow on Sunday

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Speaker 3: at ten thirty am to the Maggie Tax and Financial Show.

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Speaker 3: And don't forget we have offices in Tampa and Palm

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Speaker 3: Harbor and also Saint Pete. So pick up the phone

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Speaker 3: eight three three, Maggie Tax. We have operated standing by

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Speaker 3: right now eight three to three Maggie Tax. And you're

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Speaker 3: listening to the Maggie Tax and Financial Shows.

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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 Act and Wealth Advisors. For information on how

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

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

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

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Speaker 1: Chris Maggie.

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Speaker 2: Welcome back to the Maggie Tax and Financial Show, and

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Speaker 2: thank you so much for tuning in. You know, we

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Speaker 2: love doing what we do. Why because you know, we

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Speaker 2: help people. We help people reduce their tax We help

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Speaker 2: people design an income plan for guaranteed income for the

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Speaker 2: rest of their life. We design investment plans. You know,

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Speaker 2: many people out there have form on K's investment plans.

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Speaker 2: They have no idea what kind of risk they're currently

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Speaker 2: taking with their accounts. Well, we can help. Many people

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Speaker 2: have form on K's old ones. They don't know what

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Speaker 2: to do with it or even lum sum pension plans.

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Speaker 2: What do you do with it?

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Speaker 3: Do you take it?

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Speaker 2: Do you roll it over? What do you do? What

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Speaker 2: about converting money from an infected area of taxes to

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Speaker 2: tax free and eliminate Uncle Sam. Those are the things

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Speaker 2: we do. Why because you need a plan and we

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Speaker 2: know that that's why we do complete planning. If you

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Speaker 2: have an estate planning issue, you need will or a

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Speaker 2: trust of have attorney. We can help as well. We

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Speaker 2: have people, we have staff, we have professionals there to

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Speaker 2: help you. We put together complete plans. That's what we

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Speaker 2: call the Maggie Plan. So schedule time to meet with

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Speaker 2: let's pick up the phone. Schedule time eight three three

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Speaker 2: Magi Tax. Visit our website at Maggi tax dot com.

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Speaker 3: And there's a reason why we have our name Maggie

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Speaker 3: Tax and Financial Group because we specialize in taxes and

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Speaker 3: advanced taxes and financial planning. And you know, ask your CPA.

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Speaker 3: And this is an interesting story. We met with a

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Speaker 3: gentleman this week and you know, we had a CPA

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Speaker 3: for years and you know, trusted him. And he came

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Speaker 3: in and he said, look, I want to get a

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Speaker 3: second opinion, which is fine and all of you can

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Speaker 3: get a second opinion. But when we showed him what

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Speaker 3: his CPA Chris should have showed him, he went back

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Speaker 3: to a CPA and a CPA said, well, that's not good.

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Speaker 3: Well do you mean it's not good? It's not good

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Speaker 3: because he didn't tell him, well.

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Speaker 2: That's just said it's a great, great segue to a

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Speaker 2: great situation that a lot of people should be hearing.

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Speaker 2: He was with his CPA for twenty five years, had

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Speaker 2: a great relationship business during the accumulation phase. You know,

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Speaker 2: when we analyzed his current situation, we noticed that there

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Speaker 2: was a lot of a shares mutual funds with a

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Speaker 2: shares front end loaded. So he paid a lot of

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Speaker 2: commissions years ago on these products that he had and hey,

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Speaker 2: the market did well, so his accounts up. But at

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Speaker 2: the end of the day, he's seen a lot of volatility,

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Speaker 2: especially with what's happening now, and he's at the point

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Speaker 2: where him and his wife want the distribution phase. They

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Speaker 2: want to protect what they have gotten. So now he

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Speaker 2: goes back to his he gets the second opinion with us,

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Speaker 2: and we showed him we analyzed accounts and the fees

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Speaker 2: that he's paying and type of risk that he's currently

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Speaker 2: taking with his accounts, and he's basically saying, I want safety.

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Speaker 2: I want safety. But guess what he has got about

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Speaker 2: ninety percent of his money and risk. So he's his

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Speaker 2: CPA currency pee is not listening to him. They're not

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Speaker 2: listening to what he in his wife wants, so he

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Speaker 2: came to us and he wanted an income plan, he

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Speaker 2: want a tax plan, he wanted a way in an

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Speaker 2: investment plan to make sure that everything is in the

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Speaker 2: right order. So guess what, we put together a whole

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Speaker 2: plan for him. So he came back into a CPA

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Speaker 2: and he told him, Hey, I'm going to transfer my

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Speaker 2: money over. He'd done a great job. And his CPA

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Speaker 2: went nuts. And his CPA went nuts because he's a

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Speaker 2: transactional advisor. He's a transactional advisor and he didn't want

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Speaker 2: to lose the business. But he wasn't listening to the client.

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Speaker 2: And that's where they said, you know what, I don't care.

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Speaker 2: I've been there for twenty five years. They thanked him

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Speaker 2: very much for all his work, but now it's time

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Speaker 2: to move on and move on to someone who specialized

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Speaker 2: in the distribution phase of their retirement. And that's what

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Speaker 2: we did. So here's what we did. We put together

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Speaker 2: buckets of safety. We put together buckets of long term growth.

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Speaker 2: We put buckets together where he has tax free money.

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Speaker 2: We showed him to get money out of an infected

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Speaker 2: area of taxes to tax free. We eliminate Uncle Sam

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Speaker 2: forever and ever and ever, for some of his accounts.

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Speaker 2: So guess what he has the opportunity have tax free income,

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Speaker 2: and guess what his money has it is safe, and

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Speaker 2: guess what he has a plan that he didn't have before.

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Speaker 2: And to wrap it all up, all his accounts that

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Speaker 2: he had, there was no beneficiaries, there was no estate plan.

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Speaker 2: So his CPA for twenty five years, he thought was

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Speaker 2: doing the right work didn't. So if that's you, pick

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Speaker 2: up the phone, schedule time to meet with us. Let's

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Speaker 2: get together, you know.

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Speaker 3: And another point, we had met a client this week.

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Speaker 3: He came in and he hears us on the radio

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Speaker 3: for years, and he wanted to talk about his FRS

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Speaker 3: because he's he works at USF and he said, I

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Speaker 3: hear you guys talk about FRS, that the retirement plan

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Speaker 3: and also with the federal people the fers. But in addition,

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Speaker 3: he said, the reason why I want to work with

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Speaker 3: you guys is because you're a fiduciary. He understands what

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Speaker 3: a fiduciary is and what Chris just mentioned, we just

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Speaker 3: did the whole plan for him that the CPA didn't do.

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Speaker 3: So you everyone listening has the right to go back

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Speaker 3: and ask Kim or or why they didn't show you

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Speaker 3: what we did. And I have no problem with it.

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Speaker 3: Neither does Chris, because the egg on their face is

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Speaker 3: on them. And you know what, if you just sit

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Speaker 3: there and do nothing, that's not a plan. And I

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Speaker 3: will tell you as we are been talking today about taxes.

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Speaker 3: We understand taxes. We understand advanced tax planning. So look,

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Speaker 3: pick up the phone eight three three Maggie Tax. Visit

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Speaker 3: my website Maggie tax dot com. Go to the top

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Speaker 3: the retirement calculator, just for laughs and giggles. Put anything

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Speaker 3: in you want. And when I get you're going to

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Speaker 3: get an email to show you and then we can

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Speaker 3: give you a call and go from there. Folks, Look,

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Speaker 3: we have a free consultation. And one more thing, Chris,

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Speaker 3: let's mention. You are going to meet with both Chris

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Speaker 3: and I. And this is a big problem for a

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Speaker 3: lot of people out there where they have advisors they've

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Speaker 3: had in the past, Chris, and they don't even get

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Speaker 3: a chance to see them. And that's not the way

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Speaker 3: it works.

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Speaker 2: You know, And that's just it. You know, when you

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Speaker 2: come in to meet with us, we're going to meet

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Speaker 2: with you and we enjoy it. Why because there's so

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Speaker 2: much there to help you. And you know, when we

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Speaker 2: look at that situation that I just mentioned about, that

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Speaker 2: the clients with twenty five five years, with the current

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Speaker 2: CPA twenty five years, they should have had it. They

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Speaker 2: should have had an estate plan, they should have had

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Speaker 2: an income plan, they should have had a tax free plan,

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Speaker 2: they should have had an investment plan. They should have

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Speaker 2: had all this done already for twenty five years in

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Speaker 2: a relationship. If you haven't gotten that done, then shame

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Speaker 2: on them. And you know what, that's why we get upset.

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Speaker 2: We get anomated about this because if your current advisor

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Speaker 2: is just selling you something and they're more transactional advisor,

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Speaker 2: you don't need to be with a transactional advisor. You

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Speaker 2: need to be with a complete advisor. And that's what

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Speaker 2: we do here at Maggie Tax Advisory in Financial Group.

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Speaker 2: So pick up the phone, schedule a time to meet

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Speaker 2: with us, Visit our website at Maggie tax dot com.

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Speaker 2: You want income planning, we can help. You want investment planning,

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Speaker 2: we can help. You want to roll out your money

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Speaker 2: from an IRA to a roth ira roth conversions we

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Speaker 2: can help. Do you want a tax plan? We can help.

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Speaker 2: Do you want to state planning? We can help. Do

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Speaker 2: you want help with Medicare? If you are a federal

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Speaker 2: employee with your furs or your serves benefits, we can help.

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Speaker 2: So again, sold security maximization, we can help. That's what

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Speaker 2: we do here maggix dot com. Pick up the phone,

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Speaker 2: schedule a time to meet with us.

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Speaker 3: So tax analysis, tax planning, that's what we do. Eight

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Speaker 3: three to three Magi Tax. It's a new concept. It's

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Speaker 3: available to everyone listening to the Maggie Tax Show today.

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Speaker 3: Go to Maggie tax dot com. Check it out. Your

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Speaker 3: CPA taxpayers should be discussing lowering taxes, not just preparing them.

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Speaker 3: And Chris. The other thing is, like every year we

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Speaker 3: show our clients from the tax return why they're paying

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Speaker 3: taxes and how they can reduce it. Many of you

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Speaker 3: want that, so give us a call eight three to

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Speaker 3: three Magi Tax. Be sure to watch our show every

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Speaker 3: Sunday ten thirty on ABCTV eight three three Maggie Tax.

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Speaker 3: That's 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: 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 3: Welcome every morning, Thanks for joining us. My name is

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Speaker 3: Robert Maggie. I'm here with my son Chris Maggie, and

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Speaker 3: today we're talking about what we do for a lot

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Speaker 3: of people on the ROTH conversions and why it's so

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Speaker 3: important to get it done correctly. So if you have

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Speaker 3: an account, a Brokente account, or you have just a

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Speaker 3: savings account and you need some information on how to

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Speaker 3: put a plan together, that's what Chris and I are

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Speaker 3: going to talk about because it's not just investments, it's

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Speaker 3: more because it's an income plan, it's a tax plan,

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Speaker 3: it's a legacy plan, and what about your beneficiaries. So

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Speaker 3: we're going to talk about how we put this together.

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Speaker 3: Because now we're gonna put this car, this vehicle together

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Speaker 3: so you can drive away in a tax free environment.

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Speaker 3: So Chris, let's start with you know, a typical client

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Speaker 3: comes in and they bring in their statements and we

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Speaker 3: see they have brokeer statements and there's non qualified and qualified,

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Speaker 3: which brings up another point. Sometimes I don't even know

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Speaker 3: what they have. So how do we start to make

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Speaker 3: it easy for them to understand how to separate that

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Speaker 3: money and start putting it into bucket planning?

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Speaker 2: Well, that's it, you know a great question. My gosh.

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Speaker 2: Many people come in with all these statements and they

433
00:20:11,320 --> 00:20:13,959
Speaker 2: have piles of money. They don't know where and what

434
00:20:14,040 --> 00:20:17,120
Speaker 2: those accounts are. Are they taxable, they non taxable? Can

435
00:20:17,119 --> 00:20:20,199
Speaker 2: you generate income from them or can you not? So

436
00:20:20,560 --> 00:20:23,440
Speaker 2: they're just confused, right, And they've been with their advisor,

437
00:20:23,480 --> 00:20:25,120
Speaker 2: maybe for a couple of years or for a long time,

438
00:20:25,240 --> 00:20:27,800
Speaker 2: it doesn't matter. But maybe they're not doing the complete

439
00:20:27,800 --> 00:20:31,680
Speaker 2: plan for them. Maybe they're just doing transactional an account

440
00:20:31,800 --> 00:20:35,200
Speaker 2: or I've had this advisor or brokerage account for ten

441
00:20:35,280 --> 00:20:37,480
Speaker 2: years and it's just sitting there. Well is it? Are

442
00:20:37,480 --> 00:20:39,879
Speaker 2: you taking the right risk with that account? So what

443
00:20:39,920 --> 00:20:41,640
Speaker 2: we do is we can do a couple of things.

444
00:20:42,080 --> 00:20:44,160
Speaker 2: Number One, we set up a balance sheet. We show

445
00:20:44,160 --> 00:20:47,040
Speaker 2: you where your accounts are, what's taxable, it's non taxable,

446
00:20:47,080 --> 00:20:49,160
Speaker 2: all on one sheet. We show you type of income

447
00:20:49,160 --> 00:20:52,440
Speaker 2: you're currently taking. And this makes a lot of sense

448
00:20:52,520 --> 00:20:55,800
Speaker 2: to people because it's about education. So we educate you

449
00:20:55,880 --> 00:20:58,400
Speaker 2: on what you have, and then we can go into

450
00:20:58,400 --> 00:21:00,199
Speaker 2: step number two, go back to.

451
00:21:00,200 --> 00:21:03,200
Speaker 3: The balance sheet because it's always some enlightening. A lot

452
00:21:03,200 --> 00:21:05,840
Speaker 3: of advisors don't do a balance sheet, and we do

453
00:21:05,920 --> 00:21:08,280
Speaker 3: it from the ground up. You know what's soo security?

454
00:21:08,359 --> 00:21:10,840
Speaker 3: What the what there's saving these accounts are if it's

455
00:21:10,880 --> 00:21:14,919
Speaker 3: non qualified, if it's qualified, and goes into the beneficiary

456
00:21:15,040 --> 00:21:17,399
Speaker 3: and who you want to leave it to. So the

457
00:21:17,680 --> 00:21:19,719
Speaker 3: biggest concern that I think people have is that when

458
00:21:19,760 --> 00:21:22,399
Speaker 3: they meet with an advisor that they're gonna come in

459
00:21:22,640 --> 00:21:24,960
Speaker 3: and they're gonna take all their money and they're gonna

460
00:21:24,960 --> 00:21:27,400
Speaker 3: put all their money into one bucket. And they don't

461
00:21:27,440 --> 00:21:31,199
Speaker 3: want to do that. So how do you separate to

462
00:21:31,400 --> 00:21:34,400
Speaker 3: educate the client that you can put money in safe buckets.

463
00:21:35,119 --> 00:21:38,240
Speaker 3: You can still put money in some risky buckets, but

464
00:21:38,400 --> 00:21:40,720
Speaker 3: not all of it. And we've seen this every single

465
00:21:40,800 --> 00:21:42,760
Speaker 3: time when a client comes in with a statement.

466
00:21:42,800 --> 00:21:45,760
Speaker 2: Absolutely, So leading into step two is that we can

467
00:21:45,800 --> 00:21:48,520
Speaker 2: analyze your accounts and you're right, this is your money.

468
00:21:48,600 --> 00:21:50,720
Speaker 2: Let's just talk about this it's not your advisor's money,

469
00:21:50,720 --> 00:21:53,679
Speaker 2: it's not your CPAs, it's your money. So if you

470
00:21:53,760 --> 00:21:55,280
Speaker 2: come in and you have a million dollars and you

471
00:21:55,280 --> 00:21:57,000
Speaker 2: have two hundred and fifty thousand in the stock that

472
00:21:57,040 --> 00:21:59,320
Speaker 2: you love because you've been with it for a long time,

473
00:22:00,160 --> 00:22:02,560
Speaker 2: can't you keep it? Sure you can, there's nothing wrong

474
00:22:02,600 --> 00:22:05,000
Speaker 2: with saying you can't. But let's see how it plays

475
00:22:05,000 --> 00:22:07,679
Speaker 2: in your plan. Let's get educated and let's show you

476
00:22:07,720 --> 00:22:09,480
Speaker 2: what type of risk that will take and maybe we

477
00:22:09,480 --> 00:22:11,639
Speaker 2: have to peel off a little bit of that money

478
00:22:11,680 --> 00:22:13,960
Speaker 2: to get the income that you need or for the

479
00:22:14,080 --> 00:22:16,440
Speaker 2: right risk level that you're looking for. So Dad, you're right.

480
00:22:16,680 --> 00:22:18,640
Speaker 2: We can create the buckets of money, and a lot

481
00:22:18,640 --> 00:22:21,280
Speaker 2: of people are looking for safety for their core. They

482
00:22:21,280 --> 00:22:23,640
Speaker 2: want to protect their money. We call it green money buckets.

483
00:22:23,640 --> 00:22:25,800
Speaker 2: Those are safe money where you don't lose anything, there's

484
00:22:25,840 --> 00:22:28,040
Speaker 2: no fees where you protect your money. So if the

485
00:22:28,080 --> 00:22:31,240
Speaker 2: market goes down, guess what those are your protection buckets.

486
00:22:31,440 --> 00:22:33,840
Speaker 2: Then you can have yellow money. Yellow money's we're actively

487
00:22:33,880 --> 00:22:36,480
Speaker 2: manage the money. That's where you can have different purposes

488
00:22:36,480 --> 00:22:39,760
Speaker 2: with accounts. You can have an inflation protection bucket. You

489
00:22:39,800 --> 00:22:42,840
Speaker 2: can have an account that generates dividends. You can have

490
00:22:42,880 --> 00:22:46,480
Speaker 2: an account that has growth stocks, ETFs, a lot of

491
00:22:46,760 --> 00:22:51,679
Speaker 2: different positions that are managed effectively, and you can have

492
00:22:51,720 --> 00:22:53,880
Speaker 2: a red bucket where if you want to have your

493
00:22:53,880 --> 00:22:56,880
Speaker 2: own account that you actively manage or play with, then

494
00:22:56,920 --> 00:22:59,920
Speaker 2: you could do that too. But having a whole list

495
00:23:00,320 --> 00:23:03,879
Speaker 2: approach with your accounts and knowing where your money's at

496
00:23:04,440 --> 00:23:07,520
Speaker 2: is so crucial, and many people, we find out don't

497
00:23:07,560 --> 00:23:08,480
Speaker 2: have that in place.

498
00:23:08,720 --> 00:23:11,320
Speaker 3: You mentioned a keyword, holistic. We had a client call

499
00:23:11,400 --> 00:23:13,679
Speaker 3: last week and I've had it many times and they say,

500
00:23:14,000 --> 00:23:16,840
Speaker 3: can you explain what holistic means? Because I've never heard

501
00:23:16,880 --> 00:23:19,520
Speaker 3: that word before. And folks, it's a simple word because

502
00:23:19,520 --> 00:23:21,840
Speaker 3: it's about your money. It's about all your money and

503
00:23:21,840 --> 00:23:23,800
Speaker 3: where you're going to put it. And the cool thing

504
00:23:23,800 --> 00:23:25,879
Speaker 3: about it is that think about this for a second.

505
00:23:26,640 --> 00:23:28,920
Speaker 3: You save money, you put it in a savings account

506
00:23:29,119 --> 00:23:30,800
Speaker 3: or you put it in a checking account. Why do

507
00:23:30,840 --> 00:23:33,600
Speaker 3: you do that because it's liquid money and you don't

508
00:23:33,600 --> 00:23:35,960
Speaker 3: want to take the risk of losing the money. Right.

509
00:23:36,359 --> 00:23:38,320
Speaker 3: I know it's a low interest rate, we get that,

510
00:23:38,800 --> 00:23:41,280
Speaker 3: but we can show you some ways to make that better.

511
00:23:41,480 --> 00:23:43,160
Speaker 3: But then you've got to start thinking about the rest

512
00:23:43,160 --> 00:23:45,840
Speaker 3: of your money, like Chris is talking about, has anyone

513
00:23:45,880 --> 00:23:47,439
Speaker 3: sat down with you and said, hey, you know what,

514
00:23:47,520 --> 00:23:50,159
Speaker 3: You're taken ninety percent risk in your investments and if

515
00:23:50,200 --> 00:23:52,320
Speaker 3: the market goes down, you're going to lose. And the

516
00:23:52,400 --> 00:23:55,320
Speaker 3: question is then what do you do now? Okay, you're

517
00:23:55,320 --> 00:23:56,879
Speaker 3: going to go back to your advisor and say, well,

518
00:23:56,920 --> 00:23:59,280
Speaker 3: you know, you put it in the wrong bucket. You've

519
00:23:59,280 --> 00:24:01,399
Speaker 3: got to sit down, you have to have a conversation.

520
00:24:01,560 --> 00:24:04,119
Speaker 3: You have to understand what we're talking about, because you

521
00:24:04,240 --> 00:24:06,639
Speaker 3: are going to make the final decision where when when

522
00:24:06,680 --> 00:24:09,080
Speaker 3: you put to bucket planning, how much you want in income,

523
00:24:09,320 --> 00:24:11,320
Speaker 3: how much you want in green money, how much you

524
00:24:11,359 --> 00:24:13,920
Speaker 3: want in yellow money. And I bet people listening right now, Chris,

525
00:24:14,160 --> 00:24:16,399
Speaker 3: their advisors aren't talking about red, green, and yellow.

526
00:24:16,520 --> 00:24:18,000
Speaker 2: No they're not. And that's the thing. They just have

527
00:24:18,080 --> 00:24:19,840
Speaker 2: you this broker's account and she's just sitting there and

528
00:24:19,840 --> 00:24:21,359
Speaker 2: this is what it's done over the past year. And

529
00:24:21,640 --> 00:24:23,320
Speaker 2: don't worry, it's going to come back when if it

530
00:24:23,359 --> 00:24:25,760
Speaker 2: goes down, but over time it's going to be Okay. Yeah,

531
00:24:25,840 --> 00:24:29,960
Speaker 2: those are the general answers to the questions that people

532
00:24:30,040 --> 00:24:33,679
Speaker 2: are having. But at the end of the day, you've

533
00:24:33,760 --> 00:24:37,160
Speaker 2: done working, you're retired, you're about to retire. So many

534
00:24:37,200 --> 00:24:40,080
Speaker 2: people are in the accumulation phase of their life and

535
00:24:40,200 --> 00:24:43,280
Speaker 2: when they retire, they're still in the accumulation phase of

536
00:24:43,320 --> 00:24:46,359
Speaker 2: their life. But there's the distribution phase that you have

537
00:24:46,440 --> 00:24:48,800
Speaker 2: to shift to. And it doesn't mean just hunker down

538
00:24:48,920 --> 00:24:50,800
Speaker 2: and protect your money with all of it. That's not

539
00:24:50,840 --> 00:24:53,159
Speaker 2: what we're saying. We're saying here is that you have

540
00:24:53,200 --> 00:24:55,679
Speaker 2: to have a clue. You have to have a plan.

541
00:24:55,800 --> 00:24:59,160
Speaker 2: You have to have a purpose with every dollar you have,

542
00:24:59,560 --> 00:25:01,359
Speaker 2: and that's why you create buckets. When you come in

543
00:25:01,400 --> 00:25:02,840
Speaker 2: to meet with us, we're going to put together an

544
00:25:02,880 --> 00:25:06,320
Speaker 2: investment plan. I'm going to show you where one your risk,

545
00:25:06,600 --> 00:25:09,760
Speaker 2: what your risk level is, and if you are reaching

546
00:25:09,760 --> 00:25:11,600
Speaker 2: that or not, maybe you're taking more risk than you

547
00:25:11,600 --> 00:25:13,679
Speaker 2: need to. Maybe you're not taking as much risk than

548
00:25:13,720 --> 00:25:16,000
Speaker 2: you need to as well, so we can evaluate that

549
00:25:16,040 --> 00:25:17,920
Speaker 2: for you. That's step number two. Step number three is

550
00:25:17,920 --> 00:25:21,320
Speaker 2: put together a plan. We can allocate the different buckets

551
00:25:21,320 --> 00:25:23,320
Speaker 2: and your money into different buckets where you're going to

552
00:25:23,400 --> 00:25:25,560
Speaker 2: have a purpose. You're going to have a plan so

553
00:25:25,880 --> 00:25:28,240
Speaker 2: if this market does go down, you have now money

554
00:25:28,400 --> 00:25:31,120
Speaker 2: that just protect it. Your later money. You can let

555
00:25:31,160 --> 00:25:33,520
Speaker 2: it grow. You can invest that money. If you are

556
00:25:33,520 --> 00:25:35,520
Speaker 2: a forty year old, that's fine, or fifty year old,

557
00:25:35,800 --> 00:25:38,080
Speaker 2: that's fine. But making sure that you have segments of

558
00:25:38,119 --> 00:25:41,560
Speaker 2: money and buckets put together with the right purpose.

559
00:25:41,800 --> 00:25:43,679
Speaker 3: And here's the question that all of you should be

560
00:25:43,680 --> 00:25:47,640
Speaker 3: asking yourself. What if what if something happens to me today?

561
00:25:47,800 --> 00:25:50,320
Speaker 3: You know, I'm working, I've got money coming in. How

562
00:25:50,400 --> 00:25:52,160
Speaker 3: much do you have put aside that's going to give

563
00:25:52,160 --> 00:25:54,240
Speaker 3: you the income that you need every month? Where is

564
00:25:54,280 --> 00:25:56,040
Speaker 3: it going to come from? Is it going to come

565
00:25:56,080 --> 00:25:57,600
Speaker 3: from solid security? Is it going to come from a

566
00:25:57,600 --> 00:26:01,400
Speaker 3: pension without disrupting the most of your accounts? And Chris,

567
00:26:01,480 --> 00:26:03,080
Speaker 3: I think that's the biggest fear of people have is

568
00:26:03,119 --> 00:26:04,879
Speaker 3: running out of money and they don't know where to

569
00:26:04,880 --> 00:26:06,239
Speaker 3: get it. When they do, well, that's it.

570
00:26:06,320 --> 00:26:07,840
Speaker 2: You hit it on the head. I don't care if

571
00:26:07,840 --> 00:26:10,880
Speaker 2: you have fifty thousand or ten million dollars. I'll tell

572
00:26:10,880 --> 00:26:12,840
Speaker 2: you what. Most people who have a lot of money,

573
00:26:12,880 --> 00:26:16,160
Speaker 2: their main concern is running out of money. And many

574
00:26:16,200 --> 00:26:18,600
Speaker 2: people say, well, they have plenty of money. Know what

575
00:26:18,640 --> 00:26:22,760
Speaker 2: they're worried about is losing it. They're worried about if

576
00:26:22,760 --> 00:26:25,719
Speaker 2: the market goes down and running out of money, So

577
00:26:25,800 --> 00:26:28,280
Speaker 2: how do you combat that? Well, that's where the income

578
00:26:28,320 --> 00:26:30,879
Speaker 2: plan comes into play, and that's why it's so important

579
00:26:30,880 --> 00:26:32,760
Speaker 2: to make sure you have an income plan. If we

580
00:26:32,800 --> 00:26:36,600
Speaker 2: asked you, what's your income plan? Can can you define it?

581
00:26:36,880 --> 00:26:37,000
Speaker 3: Well?

582
00:26:37,040 --> 00:26:39,000
Speaker 2: Yeah, you're right. You have social security from a husband

583
00:26:39,000 --> 00:26:42,080
Speaker 2: and spouse. Some people have a pension. Maybe some people

584
00:26:42,119 --> 00:26:44,320
Speaker 2: don't even have a survivor benefit. So if anything happens

585
00:26:44,320 --> 00:26:47,480
Speaker 2: to that person, it stops. So what are you doing?

586
00:26:47,520 --> 00:26:49,360
Speaker 2: Those are three income streams? But what if you need

587
00:26:49,400 --> 00:26:51,840
Speaker 2: more money? Where do you take the money in a

588
00:26:51,840 --> 00:26:55,760
Speaker 2: most tax efficient way so you can have the income,

589
00:26:56,080 --> 00:26:59,000
Speaker 2: preserve your money and not have to worry instead of

590
00:26:59,040 --> 00:27:01,800
Speaker 2: going back to work. That's generating an income plaant. So

591
00:27:01,800 --> 00:27:04,080
Speaker 2: we can help you by picking up the phone. Schedule

592
00:27:04,200 --> 00:27:07,040
Speaker 2: time to meet with us. That's eight three three Maggie Tax.

593
00:27:07,080 --> 00:27:08,800
Speaker 2: That's eight three three Maggie Tax.

594
00:27:08,880 --> 00:27:11,560
Speaker 3: And don't forget register for our seminars. This is what

595
00:27:11,600 --> 00:27:14,200
Speaker 3: we talk about. Go to Maggie tax dot com look

596
00:27:14,240 --> 00:27:16,520
Speaker 3: for seminars. The dates are there. Give us a call

597
00:27:16,560 --> 00:27:19,840
Speaker 3: today eight three three. Magi Tax operators are standing by.

598
00:27:20,240 --> 00:27:22,679
Speaker 3: You need to do something to help your situation and

599
00:27:22,720 --> 00:27:25,480
Speaker 3: the biggest thing is understand what you have. Eight three

600
00:27:25,600 --> 00:27:28,480
Speaker 3: three Magi Tax. So if it's at our website Maggie

601
00:27:28,520 --> 00:27:30,800
Speaker 3: Tax dot com, be sure to watch our TV show

602
00:27:30,840 --> 00:27:33,600
Speaker 3: every Sunday at ten thirty on ABC. Folks, it's up

603
00:27:33,600 --> 00:27:35,919
Speaker 3: to you. We are offering a lot of helpier you

604
00:27:36,000 --> 00:27:37,800
Speaker 3: have to take the time to do it. Eight three

605
00:27:37,840 --> 00:27:39,000
Speaker 3: to three Maggie Tax.

606
00:27:39,760 --> 00:27:41,560
Speaker 2: Yeah, no, you're right, So to keep going. I just

607
00:27:41,600 --> 00:27:44,480
Speaker 2: want to talk about this as too is to summarize

608
00:27:44,520 --> 00:27:46,679
Speaker 2: some things. We do the balance sheet, we analyze the

609
00:27:46,720 --> 00:27:48,800
Speaker 2: risks that you're currently taking, We implement the plan, and

610
00:27:48,840 --> 00:27:51,200
Speaker 2: we create the buckets of money. But when it gets

611
00:27:51,240 --> 00:27:54,159
Speaker 2: to the point of conversions and tax free buckets are

612
00:27:54,160 --> 00:27:56,720
Speaker 2: taxable buckets, we can take it to a new level

613
00:27:56,760 --> 00:27:59,520
Speaker 2: and create tax free incomes. What does that look like, Well,

614
00:27:59,520 --> 00:28:00,000
Speaker 2: tax res.

615
00:28:00,160 --> 00:28:02,159
Speaker 3: If you look at it from a tax standpoint like

616
00:28:02,200 --> 00:28:04,400
Speaker 3: we have and you're paying less taxes, I think you're

617
00:28:04,400 --> 00:28:06,919
Speaker 3: gonna be pretty happy. Okay, we've reduced a lot of

618
00:28:06,960 --> 00:28:09,160
Speaker 3: our client's taxes because they did it the right way,

619
00:28:09,560 --> 00:28:11,439
Speaker 3: and we even show them if you continue on the

620
00:28:11,440 --> 00:28:13,719
Speaker 3: same path that you have, you're gonna pay a lot

621
00:28:13,760 --> 00:28:15,480
Speaker 3: in taxes. And you know what, everybody says, well, I

622
00:28:15,480 --> 00:28:17,359
Speaker 3: don't want to do that. I know, I know, but

623
00:28:17,400 --> 00:28:19,880
Speaker 3: you've got to do something to fix it. Change the lane,

624
00:28:19,880 --> 00:28:22,440
Speaker 3: look at it through a different lens. That's the problem, Chris,

625
00:28:22,440 --> 00:28:25,359
Speaker 3: that I think people have. They are so stubborn in

626
00:28:25,400 --> 00:28:28,199
Speaker 3: their ways. Because that's the way we would talk. No

627
00:28:28,240 --> 00:28:31,439
Speaker 3: one broke the mold and said, hey, you can do

628
00:28:31,520 --> 00:28:33,960
Speaker 3: something different and it's not going to hurt you. You're

629
00:28:33,960 --> 00:28:35,600
Speaker 3: allowed to do that. You're a big boy, you're a

630
00:28:35,600 --> 00:28:39,320
Speaker 3: big girl. Your money, your career, your life. So take

631
00:28:39,360 --> 00:28:41,640
Speaker 3: a step to the side and look at it through

632
00:28:41,640 --> 00:28:44,080
Speaker 3: a different lens, because you can do it. And a

633
00:28:44,080 --> 00:28:46,040
Speaker 3: lot of times, Chris, I know, we see it all

634
00:28:46,040 --> 00:28:48,320
Speaker 3: the time, the amazement and some of the people that

635
00:28:48,360 --> 00:28:50,440
Speaker 3: come in like, wow, I really didn't know that.

636
00:28:50,560 --> 00:28:52,240
Speaker 2: And that's great. You know, it's really rewarding when we

637
00:28:52,240 --> 00:28:55,280
Speaker 2: see clients who have or generating over one hundred thousand

638
00:28:55,280 --> 00:28:57,560
Speaker 2: dollars of income per year and are paining a diamond

639
00:28:57,560 --> 00:29:00,200
Speaker 2: tax and you look at that, and we say that

640
00:29:00,280 --> 00:29:02,320
Speaker 2: on the radio, and we say it when we move people.

641
00:29:02,400 --> 00:29:04,280
Speaker 2: I can tray the tax returns. You know, people are

642
00:29:04,280 --> 00:29:07,840
Speaker 2: getting income from five different sources, including social Security and

643
00:29:07,840 --> 00:29:10,280
Speaker 2: a small pension and guess what they got income coming

644
00:29:10,320 --> 00:29:12,000
Speaker 2: in the front door and aren't paining a diamond tax,

645
00:29:12,480 --> 00:29:15,200
Speaker 2: and their accounts are in a situation where they have

646
00:29:15,200 --> 00:29:17,320
Speaker 2: a purpose and they have safety, and they have growth,

647
00:29:17,320 --> 00:29:20,600
Speaker 2: they have what they're looking for inflation protection and then

648
00:29:20,880 --> 00:29:23,400
Speaker 2: guess what they have a plan. So we talked about

649
00:29:23,440 --> 00:29:25,800
Speaker 2: all that and then leads into the final what about

650
00:29:25,800 --> 00:29:27,680
Speaker 2: a state planning? What is that and how do we

651
00:29:27,680 --> 00:29:28,560
Speaker 2: put this all together?

652
00:29:28,680 --> 00:29:30,240
Speaker 3: Well, you know, if you don't have a will or

653
00:29:30,240 --> 00:29:32,400
Speaker 3: a power of attorney or a durable power of attorney

654
00:29:32,720 --> 00:29:35,760
Speaker 3: or a healthcare surrogate. People that own homes don't have

655
00:29:35,800 --> 00:29:38,480
Speaker 3: a quit claim deed or a lady bird deed, and

656
00:29:38,520 --> 00:29:40,480
Speaker 3: if they don't have that, it's going to go through probate.

657
00:29:40,800 --> 00:29:42,440
Speaker 3: And so many of you out there think, well, just

658
00:29:42,440 --> 00:29:44,520
Speaker 3: because my name's on the mortgage, it's not going to

659
00:29:44,560 --> 00:29:46,680
Speaker 3: go through probate. I'm going to tell you right now

660
00:29:47,160 --> 00:29:50,200
Speaker 3: you're wrong. And you need to understand how simple this is,

661
00:29:50,600 --> 00:29:53,480
Speaker 3: how inexpensive this is, and how important it is to

662
00:29:53,520 --> 00:29:55,960
Speaker 3: all of you to sit down and put either a

663
00:29:55,960 --> 00:29:58,880
Speaker 3: trust package together or a will package, because it's going

664
00:29:58,920 --> 00:30:00,840
Speaker 3: to protect you and it's going to protect your kids,

665
00:30:01,080 --> 00:30:03,000
Speaker 3: and I'm telling you we've seen too many people come

666
00:30:03,040 --> 00:30:05,840
Speaker 3: in after the fact, Chris, and it's like you sit

667
00:30:05,880 --> 00:30:07,680
Speaker 3: there and you cry, like why didn't someone tell them?

668
00:30:07,880 --> 00:30:09,560
Speaker 2: Well, that's it. I mean, you see the passion that

669
00:30:09,600 --> 00:30:12,040
Speaker 2: we have. We can do. That's what holistic planning is

670
00:30:12,400 --> 00:30:17,000
Speaker 2: incomplaining tax planning, investment planning, a state planning, and that's

671
00:30:17,040 --> 00:30:19,120
Speaker 2: what we do here at Maggie Tax and Financial Groups.

672
00:30:19,120 --> 00:30:21,479
Speaker 2: So pick up the phone, schedule time to meet with us.

673
00:30:21,640 --> 00:30:24,800
Speaker 2: Eight three three Maggie Tax eight three three Magi Attacks.

674
00:30:25,080 --> 00:30:26,800
Speaker 2: We have offices on both sides of the base, so

675
00:30:26,840 --> 00:30:30,000
Speaker 2: it's very convenient for you. Eight three three Magi Tax.

676
00:30:30,080 --> 00:30:32,800
Speaker 2: We look forward to meeting with you and putting together

677
00:30:32,840 --> 00:30:35,200
Speaker 2: a plan for you and your family. Eight three to

678
00:30:35,200 --> 00:30:36,120
Speaker 2: three Maggie Tax.

679
00:30:38,080 --> 00:30:41,640
Speaker 1: Stop funding Uncle Sam's retirement and start planning for your

680
00:30:41,680 --> 00:30:45,160
Speaker 1: own successful retirement. As we return to the Maggie Tax

681
00:30:45,200 --> 00:30:48,600
Speaker 1: Financial Show with your host Robert and Chris, Maggie with

682
00:30:48,720 --> 00:30:51,840
Speaker 1: Maggie Tax and Wealth Advisors. For information on how you

683
00:30:51,880 --> 00:30:55,480
Speaker 1: can create a tax free retirement, call eight three three

684
00:30:55,920 --> 00:31:00,280
Speaker 1: Maggie Tax or visit Maggie Tax dot com. Now your

685
00:31:00,280 --> 00:31:05,840
Speaker 1: host with Maggie Tax and Wealth Advisors Robert and Chris Maggie, Welcome.

686
00:31:05,520 --> 00:31:07,520
Speaker 2: Back to the Mega Tax and Financial Show, and thank

687
00:31:07,560 --> 00:31:09,080
Speaker 2: you so much for tuning in today. And we've been

688
00:31:09,080 --> 00:31:12,080
Speaker 2: talking about investment debt and getting out of debt in

689
00:31:12,120 --> 00:31:14,240
Speaker 2: a good way. Many people think about credit cards, but

690
00:31:14,280 --> 00:31:16,840
Speaker 2: I'm not talking about that. I'm talking about the investment

691
00:31:16,880 --> 00:31:20,160
Speaker 2: debt that you have on all your retirement accounts. And

692
00:31:20,240 --> 00:31:23,400
Speaker 2: think about this. You have IRA's form on K's thrift

693
00:31:23,400 --> 00:31:26,800
Speaker 2: savings plans four O three b's four fifty seven plans.

694
00:31:26,880 --> 00:31:30,720
Speaker 2: Guess what those accounts are infected with taxes. And if

695
00:31:30,720 --> 00:31:33,920
Speaker 2: you're infected with something, it's not a good thing, right, So,

696
00:31:34,200 --> 00:31:37,160
Speaker 2: if your retirement accounts are infected with taxes, that means

697
00:31:37,240 --> 00:31:40,440
Speaker 2: you have an unknown question mark tax rate that has

698
00:31:40,520 --> 00:31:42,880
Speaker 2: to come out. You have a debt to the irs

699
00:31:43,280 --> 00:31:46,680
Speaker 2: when you start taking distributions, and many people don't know that.

700
00:31:47,040 --> 00:31:50,240
Speaker 2: They look at their statements each and every month and

701
00:31:50,280 --> 00:31:52,160
Speaker 2: they say, oh my gosh, it's up ten grand, it's

702
00:31:52,200 --> 00:31:54,720
Speaker 2: down ten it's up thirty thousand, it's up forty thousand,

703
00:31:54,760 --> 00:31:57,480
Speaker 2: it's doing great. But guess what. When you start taking

704
00:31:57,480 --> 00:32:01,320
Speaker 2: a distribution, it's taxable. So what are you doing about it.

705
00:32:01,360 --> 00:32:03,720
Speaker 2: That's the planning that comes into play, that has to

706
00:32:03,800 --> 00:32:06,720
Speaker 2: be there in your retirement to make sure you have

707
00:32:06,760 --> 00:32:09,080
Speaker 2: a solid plan. And if you don't have a plan,

708
00:32:09,280 --> 00:32:12,200
Speaker 2: when you're talking about taxes and investments and income, you

709
00:32:12,240 --> 00:32:13,920
Speaker 2: need to pick up the phone and schedule time to

710
00:32:13,920 --> 00:32:16,480
Speaker 2: meet with us. Eight three to three magi tax. That's

711
00:32:16,520 --> 00:32:17,960
Speaker 2: eight three to three magi tax.

712
00:32:18,160 --> 00:32:20,360
Speaker 3: And when you put a plan together, you're talking about

713
00:32:20,360 --> 00:32:23,440
Speaker 3: putting a tax plan, an income plan, an investment plan,

714
00:32:23,520 --> 00:32:25,800
Speaker 3: an insurance plan. So how can you do it in

715
00:32:25,840 --> 00:32:28,440
Speaker 3: an efficient way so that you're not shooting yourself in

716
00:32:28,480 --> 00:32:30,880
Speaker 3: the foot while you're going to try to go tax

717
00:32:30,920 --> 00:32:33,719
Speaker 3: for you have to pay the taxes first period. So

718
00:32:33,840 --> 00:32:35,800
Speaker 3: what we're going to show you is the least amount

719
00:32:35,840 --> 00:32:37,520
Speaker 3: of taxes and then it's not going to be a

720
00:32:37,520 --> 00:32:39,680
Speaker 3: hard decision for you to make because if you have

721
00:32:39,760 --> 00:32:41,480
Speaker 3: the cash and we can do it from there, you

722
00:32:41,600 --> 00:32:43,120
Speaker 3: do it now so that later on you don't have

723
00:32:43,120 --> 00:32:43,760
Speaker 3: this big tax.

724
00:32:43,800 --> 00:32:45,680
Speaker 2: Now that's it. Let's talk about that. So when someone

725
00:32:45,720 --> 00:32:47,800
Speaker 2: comes in, what are we going to do. Well, we

726
00:32:47,920 --> 00:32:50,720
Speaker 2: understand taxes obviously, so what we can do is show

727
00:32:50,760 --> 00:32:52,640
Speaker 2: you right there, will show you what your current tax

728
00:32:52,680 --> 00:32:55,440
Speaker 2: return looks like. Then we'll break it down and we'll

729
00:32:55,480 --> 00:32:57,520
Speaker 2: show you what if we convert a twenty thousand or

730
00:32:57,560 --> 00:33:00,560
Speaker 2: fifty thousand from an IRA to a raw Well, you

731
00:33:00,600 --> 00:33:02,680
Speaker 2: have to pay the tax to get there, right, So

732
00:33:02,880 --> 00:33:05,640
Speaker 2: we understand that we're talking about buying out the irs.

733
00:33:05,760 --> 00:33:08,120
Speaker 2: Let's do that at a cheaper rate as opposed to

734
00:33:08,240 --> 00:33:11,520
Speaker 2: later on where it's very expensive. So we can show

735
00:33:11,560 --> 00:33:13,239
Speaker 2: you to you and we can break this down, and

736
00:33:13,240 --> 00:33:15,360
Speaker 2: we can sit down and show you what the tax

737
00:33:15,440 --> 00:33:17,880
Speaker 2: term will look like. And you say, I like that strategy.

738
00:33:17,880 --> 00:33:19,960
Speaker 2: I like that strategy, but I don't like the other strategy.

739
00:33:20,000 --> 00:33:22,360
Speaker 2: That's fine, this is your money. We can put together

740
00:33:22,400 --> 00:33:26,160
Speaker 2: a plan and show you options that you can you

741
00:33:26,200 --> 00:33:28,560
Speaker 2: can own and feel good about it because when you

742
00:33:28,600 --> 00:33:31,760
Speaker 2: start building a tax free bucket, what you have done

743
00:33:31,840 --> 00:33:34,440
Speaker 2: is you eliminated. Uncle Sam and my dad talked about

744
00:33:34,440 --> 00:33:38,200
Speaker 2: putting your retirement plan in pencil. Well, let's put it

745
00:33:38,280 --> 00:33:41,440
Speaker 2: in pen where it's permanent, where you know that you

746
00:33:41,480 --> 00:33:44,240
Speaker 2: don't have to pay taxes forever and ever and ever

747
00:33:44,280 --> 00:33:48,040
Speaker 2: and ever again. Now, many people don't have that ability,

748
00:33:48,080 --> 00:33:50,080
Speaker 2: but you can if you come meet with us, because

749
00:33:50,120 --> 00:33:52,680
Speaker 2: we'll show you ways to create a tax deduction. We'll

750
00:33:52,720 --> 00:33:54,000
Speaker 2: show you ways to get the money out in the

751
00:33:54,040 --> 00:33:57,000
Speaker 2: most tax efficient way. Eight three to three Maggie tax

752
00:33:57,080 --> 00:33:59,760
Speaker 2: will go through that for you. Schedule time to meet

753
00:33:59,760 --> 00:34:02,240
Speaker 2: with a you'll meet with us eight three three maggie tax.

754
00:34:02,360 --> 00:34:04,800
Speaker 3: So here's how one of the ideas works. The goal

755
00:34:04,880 --> 00:34:07,920
Speaker 3: is we're going to start with your retirement account because

756
00:34:07,920 --> 00:34:10,120
Speaker 3: that's the one that's taxed the most. So we use

757
00:34:10,400 --> 00:34:12,279
Speaker 3: and just use this for concept because when you come

758
00:34:12,280 --> 00:34:13,960
Speaker 3: in we'll explain it. But we use a five year

759
00:34:14,239 --> 00:34:17,080
Speaker 3: conversion period and at the end of this time period

760
00:34:17,200 --> 00:34:20,279
Speaker 3: in which we do the series of structured conversions. We

761
00:34:20,360 --> 00:34:22,919
Speaker 3: call them structured because what Chris just said, will take

762
00:34:22,920 --> 00:34:25,279
Speaker 3: out a certain amount one year, certain amount to second

763
00:34:25,360 --> 00:34:27,960
Speaker 3: year from a tax return, where we convert the money

764
00:34:28,000 --> 00:34:30,880
Speaker 3: over to a roth ira And basically the goal is

765
00:34:30,920 --> 00:34:33,520
Speaker 3: that you want to have at least the same amount

766
00:34:33,600 --> 00:34:36,359
Speaker 3: as you started with. Let me repeat that. So if

767
00:34:36,400 --> 00:34:39,000
Speaker 3: you have five hundred thousand now over the next five years,

768
00:34:39,040 --> 00:34:41,320
Speaker 3: when you start converting, we have to use an investment

769
00:34:41,400 --> 00:34:43,360
Speaker 3: vehicle that's going to get you back to where you

770
00:34:43,440 --> 00:34:46,120
Speaker 3: were five years ago. And that's how we do bucket planning.

771
00:34:46,360 --> 00:34:48,719
Speaker 3: So take a second explain how that works, because it's

772
00:34:48,719 --> 00:34:50,840
Speaker 3: three buckets that we use to get there.

773
00:34:51,080 --> 00:34:53,040
Speaker 2: That's it. So let's just give an example. What if

774
00:34:53,040 --> 00:34:55,720
Speaker 2: we had three buckets and you have one hundred thousand dollars. Well,

775
00:34:55,840 --> 00:34:57,960
Speaker 2: what if you put twenty thousand dollars in bucket one

776
00:34:58,000 --> 00:35:00,680
Speaker 2: and we put thirty thousand in bucket two, fifty thousand

777
00:35:00,719 --> 00:35:03,640
Speaker 2: and bucket three. Well, what we're designing here is an

778
00:35:03,640 --> 00:35:06,120
Speaker 2: income plan. So that first bucket, a bucket one of

779
00:35:06,120 --> 00:35:08,719
Speaker 2: twenty grand, Let's give you income off of that for

780
00:35:08,760 --> 00:35:13,000
Speaker 2: the next five years, guaranteed. But that in five years

781
00:35:13,000 --> 00:35:14,920
Speaker 2: is going to go down to zero. And many people say,

782
00:35:14,920 --> 00:35:16,200
Speaker 2: oh my gosh, I don't want my account to going

783
00:35:16,200 --> 00:35:18,880
Speaker 2: down to zero. Well, just bucket one is, but what

784
00:35:18,920 --> 00:35:21,839
Speaker 2: about bucket two and bucket three. So when bucket one

785
00:35:21,960 --> 00:35:24,320
Speaker 2: is given you income, bucket two and three are growing

786
00:35:25,040 --> 00:35:27,520
Speaker 2: and guess what now you have just as much, if

787
00:35:27,560 --> 00:35:30,719
Speaker 2: not more income and value there. But now what after

788
00:35:30,800 --> 00:35:33,919
Speaker 2: five years? Now you turn on bucket two. So now

789
00:35:34,040 --> 00:35:37,000
Speaker 2: bucket two gives you guaranteed income for life, but now

790
00:35:37,040 --> 00:35:39,480
Speaker 2: that goes down the zero after five years. Then you

791
00:35:39,560 --> 00:35:42,040
Speaker 2: might start thinking, well, I have no money. No, you

792
00:35:42,320 --> 00:35:45,439
Speaker 2: forgot about bucket three. Bucket three grows back to where

793
00:35:45,480 --> 00:35:48,400
Speaker 2: you started originally, and you could do it all over again.

794
00:35:48,680 --> 00:35:50,960
Speaker 2: So that's when we start talking about bucket planning and

795
00:35:51,000 --> 00:35:53,560
Speaker 2: income planning, where you can have income and you don't

796
00:35:53,640 --> 00:35:56,400
Speaker 2: run out of money, you live off of the interest,

797
00:35:56,480 --> 00:35:57,960
Speaker 2: and you live it off of the way where you

798
00:35:58,040 --> 00:36:00,840
Speaker 2: can create it, where you have bucket gets doing different

799
00:36:00,880 --> 00:36:03,840
Speaker 2: things with different strategies that you're protected and diversified in

800
00:36:03,840 --> 00:36:07,000
Speaker 2: a lot of different ways. That's income planning right now.

801
00:36:07,000 --> 00:36:09,759
Speaker 2: What about tax planning, Well, we use the same concept

802
00:36:09,960 --> 00:36:13,960
Speaker 2: where we can get money that's infected with taxes, eliminate

803
00:36:14,040 --> 00:36:17,560
Speaker 2: Uncle Sam and create a tax free bucket, so now

804
00:36:17,760 --> 00:36:19,759
Speaker 2: you don't have to worry about paying Uncle Sam ever

805
00:36:19,800 --> 00:36:23,800
Speaker 2: and ever and ever again. So who cares what an amount,

806
00:36:23,920 --> 00:36:26,200
Speaker 2: what tax rates are going to be? Who cares if

807
00:36:26,239 --> 00:36:29,000
Speaker 2: tax rates go up? It doesn't matter to clients of

808
00:36:29,040 --> 00:36:31,840
Speaker 2: ours who have tax free buckets because they don't have

809
00:36:31,880 --> 00:36:34,440
Speaker 2: to worry about it. That's where your retirement plan is

810
00:36:34,480 --> 00:36:36,840
Speaker 2: written in pen instead of pencil.

811
00:36:37,000 --> 00:36:38,800
Speaker 3: So what you want to do is call my office

812
00:36:38,840 --> 00:36:40,759
Speaker 3: eight three three Maggie Tax and tell them you want

813
00:36:40,760 --> 00:36:42,239
Speaker 3: to do this. We're going to tell you what it is.

814
00:36:42,520 --> 00:36:46,600
Speaker 3: It's called a strategic rollout. It's called a strategic rollout

815
00:36:46,719 --> 00:36:50,160
Speaker 3: and bucket planning. And if your advisor's not talking about this,

816
00:36:50,200 --> 00:36:51,799
Speaker 3: then you know, shame on them. They're not giving you

817
00:36:51,800 --> 00:36:53,680
Speaker 3: the whole story. And you're going to have a tax

818
00:36:53,680 --> 00:36:55,840
Speaker 3: free rough account, which Chris said, you're going to have

819
00:36:55,840 --> 00:36:58,320
Speaker 3: paid all the taxes over five or ten year period

820
00:36:58,560 --> 00:37:00,879
Speaker 3: at the lowest amount, and you're going to have tax

821
00:37:00,920 --> 00:37:03,919
Speaker 3: free income. How good is that? So by the time

822
00:37:03,960 --> 00:37:05,799
Speaker 3: that we're done, you probably have more than what you

823
00:37:05,880 --> 00:37:06,359
Speaker 3: started with.

824
00:37:06,480 --> 00:37:08,640
Speaker 2: And one more thing, you're going to eliminate Uncle Sam.

825
00:37:08,719 --> 00:37:11,200
Speaker 2: Who wants to eliminate Uncle Sam. Well, if I can

826
00:37:11,280 --> 00:37:14,719
Speaker 2: eliminate the person who's causing taxes, guess what, that's a

827
00:37:14,760 --> 00:37:15,600
Speaker 2: great feeling to have.

828
00:37:16,640 --> 00:37:18,439
Speaker 3: And it's it's kind of funny because when we show

829
00:37:18,440 --> 00:37:21,120
Speaker 3: this to people, it's shocking and they always say, well,

830
00:37:21,160 --> 00:37:23,800
Speaker 3: I've never heard this before. What's because your advisor doesn't

831
00:37:23,800 --> 00:37:27,280
Speaker 3: talk about taxes, doesn't talk about income planning, talk about

832
00:37:27,440 --> 00:37:30,360
Speaker 3: you know, retirement planning, talk about IRA r M d

833
00:37:30,520 --> 00:37:32,359
Speaker 3: S and how it's gonna affect everything that you do.

834
00:37:32,760 --> 00:37:35,280
Speaker 3: Eight three three MAGI tax I Hope today was helpful

835
00:37:35,320 --> 00:37:37,799
Speaker 3: to you getting out of debt to the irs. It's

836
00:37:37,840 --> 00:37:40,080
Speaker 3: going to be here for a long time. You need

837
00:37:40,120 --> 00:37:42,640
Speaker 3: to do something about it. Eight three to three Maggie Tax.

838
00:37:42,960 --> 00:37:46,480
Speaker 3: Visit our website, Maggie Tax dot com. Click on seminars

839
00:37:46,520 --> 00:37:49,280
Speaker 3: and register for the seminar. These are at the library.

840
00:37:49,320 --> 00:37:53,080
Speaker 3: They're educational. We talk about everything. Eight three three Maggie Tax,

841
00:37:53,120 --> 00:37:56,160
Speaker 3: and visit our website Maggie Tax dot com. You're listening

842
00:37:56,200 --> 00:37:58,719
Speaker 3: to the Maggie Tax and Financial Show eight three to

843
00:37:58,760 --> 00:37:59,919
Speaker 3: three Magie Tax.

844
00:38:01,640 --> 00:38:04,439
Speaker 1: Thank you for listening to Maggie Tax and Financial Show

845
00:38:04,520 --> 00:38:08,279
Speaker 1: with Robert and Chris Maggie of Maggie Tax Wealth Advisors.

846
00:38:08,360 --> 00:38:11,680
Speaker 1: Listen here five to six pm every Saturday and from

847
00:38:11,680 --> 00:38:14,880
Speaker 1: eleven am till noon every Sunday, or anytime on the

848
00:38:14,920 --> 00:38:18,440
Speaker 1: free iHeartRadio app. And remember you can pay less tax

849
00:38:18,600 --> 00:38:22,439
Speaker 1: with Maggie Tax Program. Content provided by Maggie Tax Wealth

850
00:38:22,480 --> 00:38:25,840
Speaker 1: and Advisors. Call them at eight three three Maggie Tax,

851
00:38:26,040 --> 00:38:31,160
Speaker 1: or visit them online at Maggietax dot com.