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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 thanks for joining us today. My name

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Speaker 2: is Robert Maggie and I'm here with Chris Maggie. Don't

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

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Speaker 2: look for seminars and enroll in one of our state

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Speaker 2: planning seminars. Also, we have all the dates there. Visit

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Speaker 2: our website Maggie Tax. Also for the retirement tax bill.

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Speaker 3: This is so important.

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Speaker 2: We're getting a lot of calls on this see what

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Speaker 2: your retirement tax bill is going to be. If you

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Speaker 2: have an IRA four oh one K four oh three

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Speaker 2: b TSP, I don't care if it what qualified plan.

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Speaker 2: Please go to the website many of you have and

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Speaker 2: you have the report, and we're getting appointments because now

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Speaker 2: you're starting to understand that when the Trump tax cuts expire,

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Speaker 2: you need to see someone and reduce your taxes. Also,

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Speaker 2: every Sunday at ten thirty, watch the Maggie Tax and

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Speaker 2: Financial Show and then right after that we're on the

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Speaker 2: radio again. So we have a lot to offer, but

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Speaker 2: be sure to visit our website Maggie tax dot com.

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Speaker 3: And Chris, we have a lot to talk about.

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Speaker 2: We're going to talk about a state planning, but we

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Speaker 2: also have some other topics that you want to discuss.

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Speaker 4: And that's it. So welcome everyone, Thank you so much

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Speaker 4: for tuning into the show. And each and every week

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Speaker 4: we talk about getting a plan. We call it the

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Speaker 4: Maggi Plan. It's tax planning, it's income planning, it's social

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Speaker 4: Security maximization planning, it's investment planning, and it's also a

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Speaker 4: state planning. And if you are looking for an advisor

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Speaker 4: who looks at everything, not just your investments, but also

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Speaker 4: the tax implications and the income plan and how everything's

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Speaker 4: going to pass. Then you need to set appointent and

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

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Speaker 4: to meet with us. Visit our website at Maggie tax

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Speaker 4: dot com. That's m a Ggi tax dot com. So

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Speaker 4: let's jump into today's show because as always, we have

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Speaker 4: a lot to talk about because many people out there,

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Speaker 4: just like you listening today, have questions and you just

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Speaker 4: don't know where to go. But it's very simple. Just

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

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Speaker 4: Eight three three Maggie Tax.

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Speaker 2: So let's discuss one of the topics that we have

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Speaker 2: at our three and one seminar. We talk about social security,

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Speaker 2: we talk about tax planning, and today let's discuss what

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Speaker 2: a state planning documents that you need in the state

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Speaker 2: of Florida. And the state planning or enhanced planning is

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Speaker 2: some people call it applius to all of you that's

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Speaker 2: listening today, So register today at Maggie tax dot com,

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Speaker 2: click on seminars and all the locations and times are listed.

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Speaker 2: And we do these seminars at libraries because it's about

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Speaker 2: education and a library is a great place to learn.

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Speaker 2: So we have a lot of people that have been common.

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Speaker 2: We have fifty sixty people attend. And the funny thing

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Speaker 2: about this, Chris, is that when we start talking about

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Speaker 2: estate planning, wills and trust, many people just don't know

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Speaker 2: the difference between what a will does, what a trust does,

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Speaker 2: what something's called they quit claim deed or a ladybird

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Speaker 2: deed is and they just totally confused. So another reason

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Speaker 2: to attend is we will give all of you a

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Speaker 2: free copy of our first book that we wrote. We

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Speaker 2: want to educate you. Stop funding Uncle Sam's retirement. Get

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Speaker 2: a plan that's simple and easy to understand. We call

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Speaker 2: it the Maggie Plan. It's a tax plan, it's an

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Speaker 2: income plan. It's also an investment plan. And a little

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Speaker 2: bit later in the show, we're going to talk about

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Speaker 2: a client that came in and all of this applied

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Speaker 2: to him because he came to the seminar. So, Chris,

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Speaker 2: you know, this is the biggest problem that I see

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Speaker 2: with people. They don't understand there's a lot of you know,

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Speaker 2: commotion out there, and you know, just don't understand what

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Speaker 2: the heck.

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Speaker 3: Is going on. Well that's just it. You know, there's

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Speaker 3: a lot to it.

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Speaker 4: We had met with a client last week and they

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Speaker 4: came in and said, you know, they're losing money, or

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Speaker 4: they came in and said, well what can I do

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Speaker 4: with this market? Well, what's the rest of the story. Well,

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Speaker 4: they had income planning needs that they had to attend to.

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Speaker 4: They had to make sure that they have the income

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Speaker 4: coming in every month when they retire. How they going

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Speaker 4: to get it? Yeah, the investments play a big role

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Speaker 4: in it because what if you have market risk and

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Speaker 4: the market goes down twenty thirty percent and guess what

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Speaker 4: you lose income? What about the state planned? They had

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Speaker 4: no will, they had no power of attorney, they had

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Speaker 4: no living trust. They wanted to stay in the family,

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Speaker 4: just didn't know how to go about doing it. So

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Speaker 4: they had questions about how do we file for Social Security?

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Speaker 4: When's the best time to do it. These are things

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Speaker 4: that we do each and every day that you need

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Speaker 4: to look into when you talk about your financial plan.

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Speaker 4: And there are many advisors out there, and a lot

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Speaker 4: of them are on the retail side they just sell

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Speaker 4: you something. But on the institutional side, when you work

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Speaker 4: with the fiduciary who understands complete planning like we do.

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Speaker 4: That's where you want to meet. So we're talking about

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Speaker 4: today a lot of different things, but we're going to

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Speaker 4: discuss what documents are required in the state of Florida

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Speaker 4: for you, because if you want to keep your money

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Speaker 4: in your pocket and to your family, some of the

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Speaker 4: things have to happen for you to accomplish that goal.

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Speaker 2: Well, we also are going to give everybody a free

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Speaker 2: copy of the Social Security brochure because what we found

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Speaker 2: out at these seminars, a lot of you don't understand

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Speaker 2: to leave it earning the earnings test. They don't understand

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Speaker 2: when you can get take some security, why you should

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Speaker 2: take it at a different date, the tax are This

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Speaker 2: is all at our seminar, and again we give this

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Speaker 2: brochure out, so let's discuss what documents are required in Florida.

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Speaker 2: There's a handful of things that need to be sorted

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Speaker 2: out before you can set things in stone to ensure

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Speaker 2: that everything goes smoothly. But it can be a lot

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Speaker 2: for a single person to keep track of, and not

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Speaker 2: everyone may understand the terminology involved and what's happening, Chris,

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Speaker 2: that we see with widows and widowers they don't understand

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Speaker 2: how to set their a state up with beneficiaries with

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Speaker 2: wills or a trust because they just hear it from

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Speaker 2: their neighbor or their friend, or you know, you don't

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Speaker 2: need this, or you don't have a lot of money,

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Speaker 2: and that's not true. And that's why Maggie tax is

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Speaker 2: here to let you know what documents are needed for

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Speaker 2: a state planning and an explanation of what they are.

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Speaker 2: And we work with a national group of attorneys to

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Speaker 2: get all the documents you need. So this is important

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Speaker 2: because if you work with an attorney, sometimes it takes

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Speaker 2: a lot of time. Sometimes it's a lot more expensive.

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Speaker 2: That's why we encourage you to come. So the question is, Chris,

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Speaker 2: what is a state planning?

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Speaker 3: Well, let's it. Well, here's a brief summary.

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Speaker 4: Things can happen that may put us in a situation

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Speaker 4: where we're unable to communicate our intentions when it comes

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Speaker 4: to our assets or to our own well being, and

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Speaker 4: whether it be from a sudden disability and an ability

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Speaker 4: to speak freely or the act of passing, there are

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Speaker 4: a number of reasons that could cause you to relinquish control.

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Speaker 4: You're saying things and estate planning prepares you for those

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Speaker 4: outcomes by setting your wishes in place should any of

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Speaker 4: these things occur. So estate planning or enhance planning involves

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Speaker 4: a few types of documentation to ensure the results that

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Speaker 4: you desire you and your family in each of the

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Speaker 4: following papers covers your rights to their corresponding fields and

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Speaker 4: you can enjoy peace of mind by getting it all

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Speaker 4: down in writing. And that's why we encourage you to

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Speaker 4: meet with us. We have attorneys that work with us.

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Speaker 4: Not only do we do this state planning and the

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Speaker 4: income planning and the investment planning, but the estate planning

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Speaker 4: is so important. So just keep in mind that it's

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Speaker 4: important to avoid common estate planning mistakes since you won't

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Speaker 4: be able to fix them after it's too late. So

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Speaker 4: let's talk about some of the documents.

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Speaker 2: Well, the first thing I want to talk about is

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Speaker 2: a last will and testament, and this is often seen

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Speaker 2: as one of the most important documents that you can sign.

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Speaker 3: Your last will and testament will make.

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Speaker 2: Sure that your assets they go to the people that

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Speaker 2: you want them to go to as stated, and this

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Speaker 2: can also be used to designate specific people to be

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Speaker 2: the guardian of your mind or children. Without this document, Chris,

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Speaker 2: there's no guarantee that your wishes will be fulfilled after

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Speaker 2: you pass the bottom line, with a will, it's just

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Speaker 2: that you know it tells the court where you want

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Speaker 2: to go, but it still has to be proven and

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Speaker 2: that goes through probate.

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Speaker 4: That's it. So that's one of the documents that you

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Speaker 4: just should be aware of. What about a living trust

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Speaker 4: And a lot of people hear about a trust and

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Speaker 4: they really don't know what it is. And many people

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Speaker 4: ask the question, do I need a trust or do

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Speaker 4: I just need a will? Well, a living trust is

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Speaker 4: this is where how you can make sure that your

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Speaker 4: possessions will be distributed how you wish. It speaks from

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Speaker 4: the great So you can personally choose someone you know

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Speaker 4: to be the trustee to handle all of your assets

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Speaker 4: for you after you pass, to give you a greater

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Speaker 4: peace of mind. And you're also able to change who

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Speaker 4: you designate who you want these accounts to go to.

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Speaker 4: And you also can designate who you want your trustee

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Speaker 4: to be as many times you like, for as long

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Speaker 4: as you live.

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Speaker 2: And that's the difference between a will and a trust.

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Speaker 2: So when you come to the seminar or you come

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Speaker 2: and meet with us. We're going to explain to both

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Speaker 2: of these. But now you starts a little bit more serious.

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Speaker 2: What about power of attorney And if you are ever

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Speaker 2: in a situation where you are unable to make important

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Speaker 2: decisions yourself concerning your property or your financial matters and

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Speaker 2: other assets, a power of attorney they call it a

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Speaker 2: POA can make those decisions on your behalf. Of course,

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Speaker 2: you would want someone that you can absolutely trust to

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Speaker 2: handle such important matters, So this document will establish who

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Speaker 2: will be your PA, should you ever need one. And Chris,

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Speaker 2: the important thing about that some banks don't recognize a

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Speaker 2: power of attorney that you get drawn up. They require

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Speaker 2: you to draw up your own, and a lot of

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Speaker 2: people don't know that. So that's important when you have

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Speaker 2: you know, and many of you listening today maybe someone

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Speaker 2: passed away that you know and you went through probate,

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Speaker 2: and what we're telling you, if you don't have these documents,

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Speaker 2: it just doesn't help you get through the process. The

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Speaker 2: last thing is healthcare directives. Setting up your healthcare directive

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Speaker 2: is almost like having a power of attorney, but this

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Speaker 2: one's for medical concerns, and you can state what types

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Speaker 2: of treatment you do and do not want, and this

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Speaker 2: is important. So what surgeries you approve of, whether or

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Speaker 2: not you would like to donate your organs and so on.

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Speaker 2: Since this concern is something as personal as your own body,

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Speaker 2: it's so important to have such matters clearly written. So

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Speaker 2: this is why we encourage you to talk about a

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Speaker 2: will and a trust. If your advisor is not talking

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Speaker 2: about it, and Chris and we see this all the time,

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Speaker 2: they don't talk about passing it on after they pass.

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Speaker 2: It's all about you know, the stock, the bond, the

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Speaker 2: interest rate, and there's so much termoil right now, you

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Speaker 2: know this, it's not the answer, correct.

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Speaker 4: That's exactly right. I mean is your assets? It doesn't

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Speaker 4: matter what your account has in your checking account or

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Speaker 4: savings account, are they titled the right way? What about

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Speaker 4: your retirement accounts? Your four one K or four one k's,

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Speaker 4: you know you might have multiple retirement plans at different

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Speaker 4: locations that you're not working there anymore. Are they titled

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Speaker 4: the right way? What do you want your accounts to

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Speaker 4: do for you? This is a loaded question, but also

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Speaker 4: it's important because this is your money. So pick up

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Speaker 4: the phone, schedule time to meet with us. If you

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Speaker 4: need an estate plan weekn help. If you're looking for

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Speaker 4: income planning and investment planning, and sold security planning and

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Speaker 4: medicare planning and want to encompass everything together, WEE can help.

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Speaker 4: So pick up the phone A three to three Maggie Tax,

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Speaker 4: visit our website at Maggie tax dot com, and don't forget.

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Speaker 4: Every Sunday on ABC TV, tune in for the half

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Speaker 4: an hour show of The Maggie Tax and Financial Show.

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Speaker 4: There's so much information right there at your fingertips Maggie

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Speaker 4: Tax dot com. 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: Meaggie Tax and Wealth Advisors. For information on how you

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

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

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

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Speaker 3: Welcome back to the.

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Speaker 4: Magi Tax and Financial Show. I'm Chris Maggie and I'm

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Speaker 4: here my dad and cost of the show, Robert Maggie.

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Speaker 4: Every Sunday on ABC TV at ten thirty am, we

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Speaker 4: have our show. It's thirty minutes. It's a live show.

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Speaker 4: What we do is we help people understand their retirement

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Speaker 4: issues from the tax side of it, from the income side,

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Speaker 4: from the investment side, from the estate planning. So we

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Speaker 4: do complete planning. And today we're focusing on roth conversions.

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Speaker 4: And what is a roth conversion. Well, many people out

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Speaker 4: there have iras and formal keys and TSPs. If you're

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Speaker 4: a federal or a SEP planned self employed plan, these

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Speaker 4: accounts are infected with taxes. They grow tax deferred, which

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Speaker 4: means when you start taking money out, they have to

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Speaker 4: hit you with taxes. You get a ten nine nine

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Speaker 4: taxable event. So in the future, what can you do?

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Speaker 4: What are you doing to protect yourself on the income side,

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Speaker 4: and these things we're talking about here today to help you.

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Speaker 4: But you can start converting from the IRA and get

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Speaker 4: the money out of a taxable environment into tax free accounts.

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Speaker 4: How do you do that? And that's what we're discussing today.

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Speaker 4: So Dad, let's talk about the second question here. How

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Speaker 4: much of your future income will you need from your

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Speaker 4: investments or save these accounts.

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

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

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

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Speaker 2: or a million dollars, your first thought is we've got

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Speaker 2: to take it from there.

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Speaker 3: But do you have a plan to convert that?

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Speaker 2: So the common portfolio practice tells us that there's a

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Speaker 2: certain amount of distribution that an investment portfolio can withstand

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Speaker 2: without depleting itself over time. What you want to do

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Speaker 2: is have guaranteed income over your lifetime. So if you're

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Speaker 2: currently distributing a significant percentage of your IRA on which

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Speaker 2: to pay for living expenses, and then you have to

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Speaker 2: ask your portfolio to also pay the taxes for the conversions,

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Speaker 2: you can quickly get to the no go situation on converting. Now,

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Speaker 2: when I say that, it's because that's what people think.

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Speaker 2: But there are ways to convert this where it makes

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

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Speaker 2: So we like to use a rule of thumb of

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Speaker 2: four percent as the maximum distribution from your total IRA,

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Speaker 2: and this does not apply to every situation. So again,

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Speaker 2: when you meet with us, we're going to go over

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Speaker 2: this and we're going to show you how it works.

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Speaker 2: But it's a great starting point to see if you

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Speaker 2: should proceed with the notion of a conversion. And the

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Speaker 2: reason why the conversion is so important is because we

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Speaker 2: can show you strategically over a five or seven year

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

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

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

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

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

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Speaker 2: important right now because along with that we look at

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Speaker 2: the pensions, so security and how much do you really

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Speaker 2: need to make up the difference in that it probably

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

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Speaker 2: from a wroth tax free account.

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Speaker 4: Well that's just said, so think about this when in

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Speaker 4: the future you need income. So let's just say you

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Speaker 4: retire and you get sold security of two thousand a

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Speaker 4: month and your spouse gets a thousand a month. That's

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Speaker 4: three thousand dollars a month of income. Well what if

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Speaker 4: you need five what do you do? Many people think, well,

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Speaker 4: just take it from my IRA. Well that's a two

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Speaker 4: thousand dollars a month distribution. Well, now you're going to

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Speaker 4: get a ten ninety nine and that's taxable one hundred

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Speaker 4: percent taxed. So what if you were able to create

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Speaker 4: tax free buckets? So maybe you take a thousand from

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Speaker 4: your IRA and a thousand from your wroth IRA. Now

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Speaker 4: you have five thousand dollars a month of income. But

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Speaker 4: guess what you will be under the threshold income, which

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Speaker 4: means that you won't have to file a tax term

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Speaker 4: because you won't have to pay any tax. So many

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Speaker 4: people are thinking, well, how's that happen. Well, many people

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Speaker 4: don't understand how solid security is taxed. So in this

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Speaker 4: in this situation I just mentioned, you can go ahead

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Speaker 4: and protect yourself from paying more tax in the future

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Speaker 4: by doing the planning now, so pick up the phone,

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Speaker 4: schedule time to meet with us. Let's talk about how

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Speaker 4: you can create tax free buckets and if you should

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Speaker 4: convert your money to the rough IRA. Eight three three,

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Speaker 4: Maggie Tax. Pick up the phone today. It's so crucial

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Speaker 4: because tax rates are going to go up. What are

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Speaker 4: you doing if you have the opportunity to convert. Let's

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Speaker 4: convert on the most tax efficient way and we can

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Speaker 4: show you eight three three, Maggie Tax.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Speaker 3: So think about it.

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Speaker 2: You know, I'd rather have tax free money, and it's

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Speaker 2: it's gonna hurt a little bit. But when you look

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Speaker 2: at it and you say, I have to pay that

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Speaker 2: tax because then I own it, that's what you want

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Speaker 2: to do. It's like the mortgage on your house. You

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Speaker 2: have to pay a mortgage, but when you pay it off,

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Speaker 2: you own that house. It's the same thing with your

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Speaker 2: roth account or your RMD or your IRA. If you

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Speaker 2: pay the tax, then you have no more rm D,

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Speaker 2: you have no more tax on Social Security, you have

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Speaker 2: no more ARM. And if your advisor's not talking to

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Speaker 2: you about this or your tax prepairer, please give us

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Speaker 2: a call eight three to three Maggie Tax, eight three

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Speaker 2: to three Magi Tax. Let Chris and I run a

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Speaker 2: conversion for you and prove it to you, and I

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Speaker 2: can go with examples later that I can show you

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Speaker 2: how we helped a million dollar IRA basically pay little

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Speaker 2: or no tax, but they got it all back and

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Speaker 2: now it's a tax free account.

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Speaker 3: Which would you rather have?

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Speaker 4: That's the thing, you know, think about it? Moving forward?

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Speaker 4: The tax rates are going to go up. The DEBTONUS

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Speaker 4: country is high. Where are they going to get the money?

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Speaker 4: They know how much money you have in qualified accounts,

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Speaker 4: They know you know. That's what the thing about it

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Speaker 4: is is that they can increase tax rates three percent,

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Speaker 4: five percent, eight percent, ten percent in the future. And

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Speaker 4: guess what that means more money to them, less to you.

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Speaker 4: But not if you have tax free buckets, because then

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Speaker 4: you just eliminated Uncle Sam forever and ever and ever.

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Speaker 4: Would you want to eliminate Uncle Sam? Absolutely? If you can,

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Speaker 4: how do you do it? That's the planning. We talk about,

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Speaker 4: so let's do tax planning for you. Let's do income planning,

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Speaker 4: Let's do investment planning. Let's put it all together and

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Speaker 4: do a state planning. My gosh, how many people out

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Speaker 4: there don't have wills or trusts or power of attorneys

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Speaker 4: or state planning documents. Well, these are just crucial. And

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Speaker 4: I met with a client last week, sixty five years old.

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Speaker 4: My gosh, has three quarters of a million dollars and

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Speaker 4: guess what. They have no estate plan, they have no

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Speaker 4: income plan, they have no investment plan, they have no

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Speaker 4: tax plan. But now they do so because they talked

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Speaker 4: about how do we convert, how do we put our

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Speaker 4: money in the right position so we can have tax

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Speaker 4: free money in the future. They were concerned about the

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Speaker 4: increase in tax rates. They're concerned about the administration. They're

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Speaker 4: concerned about the legislative risk. What we mean by that

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Speaker 4: is when they start changing the tax code, just by

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Speaker 4: the it's written in pencil, they're gonna change it. So

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Speaker 4: what do you do tax planning? 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. We have offices on both sides of the bay.

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Speaker 4: Visit our website Maggie Tax dot com. That's m a

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Speaker 4: g Gi tax dot com. Once again, schedule time to

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Speaker 4: meet with us. We look forward to meeting with you

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Speaker 4: and every Sunday on ABC TV at ten thirty am.

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Speaker 4: Tune into our show ten thirty am Abc TV on

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Speaker 4: Sunday for the Magi Tax and Financial Show eight three

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

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

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

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

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

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

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

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

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Speaker 1: Chris Maggie.

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Speaker 4: Hello, every want to thank you so much for tuning

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Speaker 4: into our show. We thank you for taking the time

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Speaker 4: because there's so much to learn, there's so much to

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Speaker 4: get educated about. This is your retirement. You only retire once.

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Speaker 4: We retire each and every day, so welcome to the

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Speaker 4: Magi Tax and Financial Show. Thank you so much for

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Speaker 4: tuning in and today we're talking about income sources. We're

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Speaker 4: talking about retirement planning. You know, we discuss strategies that

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Speaker 4: allow you to take money out of your retirement plan

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Speaker 4: on the most tax efficient way, with the financial flexibility

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Speaker 4: that you want during your retirement. And above all, you know,

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Speaker 4: we compare retirement plan distribution choices to help you make

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Speaker 4: an informed decision. You know, we teach you about strategies

436
00:19:50,359 --> 00:19:53,760
Speaker 4: to minimize taxes on your retirement income and avoid those

437
00:19:53,840 --> 00:19:57,480
Speaker 4: unnecessary tax penalties up to fifty percent that you don't

438
00:19:57,520 --> 00:20:01,080
Speaker 4: have to pay. So we explain the rules for you retirement. Why,

439
00:20:01,359 --> 00:20:03,719
Speaker 4: because you need the advisor to help you. It's not

440
00:20:03,800 --> 00:20:08,320
Speaker 4: just about put your accounts away into retirement investment hopefully

441
00:20:08,320 --> 00:20:11,600
Speaker 4: it's there. You need to understand the distribution rules and

442
00:20:11,600 --> 00:20:14,000
Speaker 4: you need to understand how each and every one of

443
00:20:14,040 --> 00:20:16,640
Speaker 4: these accounts are going to be taxed. So if you're

444
00:20:16,640 --> 00:20:19,879
Speaker 4: not working with an advisor who does complete planning, you

445
00:20:20,040 --> 00:20:22,399
Speaker 4: deserve to do that. So pick up the phone, schedule

446
00:20:22,440 --> 00:20:24,119
Speaker 4: time to meet with us. We can do it for you.

447
00:20:24,520 --> 00:20:26,399
Speaker 4: AID three three Maggie Tax.

448
00:20:26,560 --> 00:20:27,880
Speaker 3: You know, it's so interesting out there.

449
00:20:27,920 --> 00:20:30,359
Speaker 2: There's a lot of topics like we explained rules for

450
00:20:30,400 --> 00:20:33,480
Speaker 2: early access to your retirement funds. Chris mentioned, but you

451
00:20:33,560 --> 00:20:36,720
Speaker 2: know about cash accounts, stocks, bonds, mutual funds, you know,

452
00:20:36,840 --> 00:20:42,280
Speaker 2: exchange traded funds, managed accounts, tax deferd ainuities and important

453
00:20:42,280 --> 00:20:45,200
Speaker 2: considerations before you invest. And that's part of all your

454
00:20:45,200 --> 00:20:47,399
Speaker 2: retirement planning. But how do you put those pieces of

455
00:20:47,400 --> 00:20:49,960
Speaker 2: the puzzle together. One big one right now that we

456
00:20:50,119 --> 00:20:52,399
Speaker 2: are talking to every one of our clients about and

457
00:20:52,440 --> 00:20:56,000
Speaker 2: you should be doing something about it is legacy planning

458
00:20:56,080 --> 00:21:00,680
Speaker 2: or estate planning, and it's just about money. Includes much

459
00:21:00,680 --> 00:21:02,680
Speaker 2: more than planning for your death. So think about it.

460
00:21:02,920 --> 00:21:06,080
Speaker 2: People think about a state planning. It's called enhanced planning.

461
00:21:06,400 --> 00:21:08,240
Speaker 2: How do you know who's going to get wet and

462
00:21:08,280 --> 00:21:10,040
Speaker 2: where it's going to go? How does that work when

463
00:21:10,080 --> 00:21:12,720
Speaker 2: you pass away? You all know about celebrities that have

464
00:21:12,800 --> 00:21:15,159
Speaker 2: not done it right and went through probate. Why should

465
00:21:15,160 --> 00:21:17,520
Speaker 2: that happen? And it shouldn't happen, so we can help

466
00:21:17,560 --> 00:21:21,200
Speaker 2: you there. And it involves personal decisions that affect you,

467
00:21:21,200 --> 00:21:23,359
Speaker 2: you know, even your family and loved ones even while

468
00:21:23,359 --> 00:21:25,919
Speaker 2: you're still living. So these are things that you need

469
00:21:26,000 --> 00:21:28,280
Speaker 2: to be talking about. Okay, And as a result of

470
00:21:28,359 --> 00:21:31,879
Speaker 2: recent tax law changes a state. Planning is a moving

471
00:21:32,000 --> 00:21:34,760
Speaker 2: target and folks, things are going to change, and we

472
00:21:34,920 --> 00:21:38,080
Speaker 2: discuss how to plan for today and also for your future.

473
00:21:38,160 --> 00:21:41,239
Speaker 2: Is your advisor doing that? Is your tax advisor doing that?

474
00:21:41,480 --> 00:21:43,399
Speaker 2: And we call it the Maggie Plan because it's a

475
00:21:43,440 --> 00:21:46,000
Speaker 2: complete plan. These are things that all of you should

476
00:21:46,040 --> 00:21:49,560
Speaker 2: be thinking about. Learn the strategies and techniques to minimize

477
00:21:49,840 --> 00:21:53,719
Speaker 2: or eliminate income, gift and estate taxes and expenses and

478
00:21:53,760 --> 00:21:57,160
Speaker 2: delays and legal challenges and a shortage of liquid assets

479
00:21:57,200 --> 00:22:00,119
Speaker 2: following your death. Why would you let that go? And

480
00:22:00,119 --> 00:22:01,960
Speaker 2: you should be talking about it today. I know it's

481
00:22:02,000 --> 00:22:04,960
Speaker 2: not a great conversation, Chris, that people don't want to have,

482
00:22:05,280 --> 00:22:07,440
Speaker 2: but here's the point. If they don't do anything now,

483
00:22:07,920 --> 00:22:09,520
Speaker 2: they're going to have a big problem later on. And

484
00:22:09,520 --> 00:22:11,040
Speaker 2: I know they're going to be six feet under. They

485
00:22:11,080 --> 00:22:13,760
Speaker 2: could care less. But that's not the answer to that question.

486
00:22:14,119 --> 00:22:16,760
Speaker 2: If you have developed in a state, if you've developed

487
00:22:16,800 --> 00:22:19,520
Speaker 2: assets and you worked hard, don't you want them to

488
00:22:19,560 --> 00:22:22,080
Speaker 2: go to the right person and not the government?

489
00:22:22,119 --> 00:22:22,760
Speaker 3: Well that's just said.

490
00:22:22,760 --> 00:22:24,639
Speaker 4: If you don't have a plan, then guess what someone

491
00:22:24,640 --> 00:22:26,720
Speaker 4: that you don't even know is going to dictate how

492
00:22:27,000 --> 00:22:30,560
Speaker 4: your assets should be distributed is what you really want? No,

493
00:22:31,119 --> 00:22:33,639
Speaker 4: you don't want that, you know, we show you the

494
00:22:33,680 --> 00:22:36,800
Speaker 4: best way to hold joint ownership of property or other

495
00:22:36,880 --> 00:22:41,840
Speaker 4: assets based on your situation. Your situation. Retirement planning today

496
00:22:42,040 --> 00:22:45,000
Speaker 4: is both entertaining and informative. That's what we need to do.

497
00:22:45,040 --> 00:22:47,480
Speaker 4: We need to show you how that works because why

498
00:22:47,560 --> 00:22:50,840
Speaker 4: most people, most advisors don't even care. We come across

499
00:22:51,200 --> 00:22:54,040
Speaker 4: accounts each and every day and we ask about beneficiaries

500
00:22:54,080 --> 00:22:56,520
Speaker 4: on these accounts and guess what, the advisor didn't take

501
00:22:56,520 --> 00:22:59,200
Speaker 4: the time to actually put a beneficiary on it. Are

502
00:22:59,200 --> 00:23:02,119
Speaker 4: you kidding me? This is like, this is unbelievable. I

503
00:23:02,160 --> 00:23:04,800
Speaker 4: can't believe it because they don't care about your account.

504
00:23:04,960 --> 00:23:06,639
Speaker 4: All they want to do is just gather the money.

505
00:23:06,680 --> 00:23:09,440
Speaker 4: They don't care about how it's distributed. They don't care

506
00:23:09,480 --> 00:23:12,199
Speaker 4: on how it's going to pass. This is something that

507
00:23:12,280 --> 00:23:15,960
Speaker 4: is very very upsetting to me into our firm because

508
00:23:16,000 --> 00:23:18,080
Speaker 4: this is something that you need to make sure that

509
00:23:18,160 --> 00:23:21,760
Speaker 4: you are aware of. If you have beneficiaries. Guess what

510
00:23:21,960 --> 00:23:24,800
Speaker 4: you need to make sure that your accounts stay in

511
00:23:24,840 --> 00:23:25,400
Speaker 4: the family.

512
00:23:25,640 --> 00:23:25,840
Speaker 3: You know.

513
00:23:25,880 --> 00:23:29,479
Speaker 4: We focus on specific topics that have the concerns about

514
00:23:30,200 --> 00:23:33,639
Speaker 4: what we're talking about here, distribution planning and legacy planning,

515
00:23:33,680 --> 00:23:35,560
Speaker 4: and we can help. So pick up the phone, schedule

516
00:23:35,640 --> 00:23:38,280
Speaker 4: time to meet with us. Visit our website. There's so

517
00:23:38,359 --> 00:23:42,320
Speaker 4: much there at your fingertips. There's videos there, there's ways

518
00:23:42,359 --> 00:23:44,639
Speaker 4: to reach out to us, there's ways to well, we

519
00:23:44,640 --> 00:23:47,560
Speaker 4: can have a conversation and address the concerns that you

520
00:23:47,760 --> 00:23:50,440
Speaker 4: have and these questions that are keeping you up at night.

521
00:23:50,520 --> 00:23:52,760
Speaker 4: Eight three to three Maggie tax. That's eight three to

522
00:23:52,760 --> 00:23:54,200
Speaker 4: three Maggie tax.

523
00:23:54,359 --> 00:23:54,560
Speaker 3: Wow.

524
00:23:54,600 --> 00:23:56,639
Speaker 2: And again I talk about the Baggie Plan. That's what

525
00:23:56,680 --> 00:23:59,160
Speaker 2: we're talking about here. It's a tax plan, it's an

526
00:23:59,160 --> 00:24:04,120
Speaker 2: income plans, an insurance plan, it's enhanced planning, it's college planning,

527
00:24:04,160 --> 00:24:07,120
Speaker 2: and it's your plan. It's called whatever your name is plan.

528
00:24:07,640 --> 00:24:09,399
Speaker 2: We call it the Maggie Plan because we put it

529
00:24:09,400 --> 00:24:12,399
Speaker 2: together and think about it. Congressional spending and the impact

530
00:24:12,440 --> 00:24:15,439
Speaker 2: to savers that we have today with IRA accounts, four

531
00:24:15,480 --> 00:24:18,760
Speaker 2: O one K accounts, Wroth accounts, TSP, and set accounts.

532
00:24:19,040 --> 00:24:22,359
Speaker 2: In recent months, Congress has been busy debating new tax

533
00:24:22,400 --> 00:24:25,600
Speaker 2: and spending packages as part of President Biden's Build Back

534
00:24:25,680 --> 00:24:28,520
Speaker 2: Better agenda. And think about this, the Secure Act that

535
00:24:28,560 --> 00:24:31,320
Speaker 2: many people don't even know about has been passed.

536
00:24:31,320 --> 00:24:33,360
Speaker 3: And that's a big hit because.

537
00:24:33,280 --> 00:24:35,640
Speaker 2: If you had an IRA you could take, you would

538
00:24:35,680 --> 00:24:37,560
Speaker 2: have to take your money out at seventy and a half.

539
00:24:37,880 --> 00:24:40,359
Speaker 2: Well they change out to seventy two and now this

540
00:24:40,480 --> 00:24:43,240
Speaker 2: year it's seventy three. I mean, do you know that?

541
00:24:43,320 --> 00:24:45,280
Speaker 2: And if you don't know that, you need to understand

542
00:24:45,359 --> 00:24:47,600
Speaker 2: what that means when you start taking money out of

543
00:24:47,640 --> 00:24:50,280
Speaker 2: your retirement account. And when you go to my retirement

544
00:24:50,320 --> 00:24:53,480
Speaker 2: calculator on Maggie tax dot com, it's going to show

545
00:24:53,480 --> 00:24:55,320
Speaker 2: you what if you put in your amount that you

546
00:24:55,440 --> 00:24:58,040
Speaker 2: have of your IRA or four to one K, and

547
00:24:58,080 --> 00:25:00,159
Speaker 2: there's a tax bracket you could put yourself in, and

548
00:25:00,440 --> 00:25:03,400
Speaker 2: you're going to see between now and that age seventy three,

549
00:25:03,880 --> 00:25:05,720
Speaker 2: what you're going to wind up paying when you start

550
00:25:05,720 --> 00:25:07,880
Speaker 2: taking it out. And folks, if you want to pay

551
00:25:07,880 --> 00:25:10,240
Speaker 2: a high tax, that's on you. We don't want you

552
00:25:10,320 --> 00:25:13,360
Speaker 2: to pay that high tax. And we call it strategic planning.

553
00:25:13,600 --> 00:25:16,159
Speaker 2: We call it the sweet spot. Many people that have

554
00:25:16,200 --> 00:25:19,200
Speaker 2: come in and listened to our show understand now, wow,

555
00:25:19,320 --> 00:25:21,560
Speaker 2: I got to do something about it now because Chris

556
00:25:21,600 --> 00:25:25,040
Speaker 2: taxes are low and in two years in twenty twenty six,

557
00:25:25,119 --> 00:25:27,639
Speaker 2: the Trump tax it's going to aspire, and guess what,

558
00:25:27,680 --> 00:25:29,240
Speaker 2: They're going to be paying a lot more in taxes,

559
00:25:29,240 --> 00:25:31,560
Speaker 2: and who knows what Congress is going to do because

560
00:25:31,600 --> 00:25:32,960
Speaker 2: it's called legislative risk.

561
00:25:33,040 --> 00:25:35,400
Speaker 4: Well that's just it. You know, legislative risk. That means

562
00:25:35,440 --> 00:25:37,680
Speaker 4: they can change the rules. So think about it. Put

563
00:25:37,680 --> 00:25:39,680
Speaker 4: yourself in this situation. We talk about it all the time.

564
00:25:40,000 --> 00:25:43,040
Speaker 4: You know, you reach retirement, you're all fine and everything

565
00:25:43,040 --> 00:25:45,639
Speaker 4: looks great, and then two years into retirement, guess what,

566
00:25:46,359 --> 00:25:49,080
Speaker 4: they increase taxes, They change the rules. So now what

567
00:25:49,720 --> 00:25:54,680
Speaker 4: Now more taxable situation comes to you, which means less income.

568
00:25:54,880 --> 00:25:57,400
Speaker 4: So now you're you're sitting on that five thousand dollars

569
00:25:57,480 --> 00:25:59,800
Speaker 4: a month. This is great, I'm getting five thousand of

570
00:26:00,160 --> 00:26:03,720
Speaker 4: come every month, no problem spending it, saving a little bit.

571
00:26:03,720 --> 00:26:07,120
Speaker 4: But guess what Now the taxes rise and those taxable

572
00:26:07,119 --> 00:26:10,120
Speaker 4: accounts that you're taking money out of now they have

573
00:26:10,160 --> 00:26:12,960
Speaker 4: to start withholding more. So that means instead of five

574
00:26:13,000 --> 00:26:16,280
Speaker 4: thousand dollars, you're really only getting about forty two hundred

575
00:26:16,320 --> 00:26:19,040
Speaker 4: dollars a month. So it's a less income because more

576
00:26:19,040 --> 00:26:21,040
Speaker 4: in taxes. How are you going to deal with that?

577
00:26:21,600 --> 00:26:25,119
Speaker 4: What position or what positions. Are you putting it together

578
00:26:25,320 --> 00:26:29,560
Speaker 4: now to take advantage of these opportunities when they happen.

579
00:26:29,960 --> 00:26:32,320
Speaker 4: It's going to happen at some point. Yeah, you can't

580
00:26:32,359 --> 00:26:34,439
Speaker 4: go back to work, and even if you can, do

581
00:26:34,520 --> 00:26:37,640
Speaker 4: you really want to know? So that's why these playchecks

582
00:26:37,680 --> 00:26:40,360
Speaker 4: have to be put into place. That's when you turn

583
00:26:40,400 --> 00:26:43,200
Speaker 4: on a playcheck, so it goes ahead and takes care

584
00:26:43,240 --> 00:26:46,240
Speaker 4: of the inflation or the or the increase in taxes,

585
00:26:46,280 --> 00:26:48,920
Speaker 4: so you still get your money each and every month

586
00:26:48,920 --> 00:26:51,399
Speaker 4: for the rest of your life. That's called bucket planning.

587
00:26:51,800 --> 00:26:55,120
Speaker 4: That's called asset protection. That's called putting together a plan

588
00:26:55,280 --> 00:26:57,679
Speaker 4: for you. Eight three three maggie tax. We can do

589
00:26:57,760 --> 00:27:01,040
Speaker 4: the same for you, develop a play and a paycheck

590
00:27:01,119 --> 00:27:03,040
Speaker 4: eight three to three maggie tax.

591
00:27:03,160 --> 00:27:03,359
Speaker 1: You know.

592
00:27:03,440 --> 00:27:05,040
Speaker 2: And the thing is if they keep spending, and they

593
00:27:05,080 --> 00:27:08,720
Speaker 2: authorized spending naturally to fund this new spending. The bills

594
00:27:08,720 --> 00:27:12,399
Speaker 2: have also included a multitude of new and expanded tax

595
00:27:12,440 --> 00:27:16,320
Speaker 2: proposals let me say it again, tax proposals for individuals

596
00:27:16,320 --> 00:27:20,720
Speaker 2: and corporations. Significantly, many of these tax provisions have targeted

597
00:27:20,800 --> 00:27:23,160
Speaker 2: iras four oh one k's and if you have one,

598
00:27:23,720 --> 00:27:26,520
Speaker 2: stand up and listen, because it's gonna affect you wroth

599
00:27:26,600 --> 00:27:30,159
Speaker 2: accounts and other retirement savings vehicles. At a high level,

600
00:27:30,520 --> 00:27:34,360
Speaker 2: these proposals represent a significant change in the way Washington

601
00:27:34,480 --> 00:27:39,400
Speaker 2: views saving for retirement. They're not letting you save for retirement. Okay,

602
00:27:38,920 --> 00:27:41,480
Speaker 2: they want your money. They want the IRA and the

603
00:27:41,520 --> 00:27:44,640
Speaker 2: four to one K because it hasn't been taxed yet. Yes,

604
00:27:44,720 --> 00:27:47,080
Speaker 2: they gave you a deduction on the front, and that's great,

605
00:27:47,480 --> 00:27:49,639
Speaker 2: but here's the point. You're gonna have to pay it back.

606
00:27:50,119 --> 00:27:50,479
Speaker 3: Okay.

607
00:27:50,640 --> 00:27:52,840
Speaker 2: It's like the farmer and the seed. Would you rather

608
00:27:52,920 --> 00:27:55,840
Speaker 2: pay a tax on the seed or the harvest? And Chris,

609
00:27:55,880 --> 00:27:59,480
Speaker 2: this is where I laughed, because we get millionaire clients

610
00:27:59,520 --> 00:28:01,639
Speaker 2: coming in. Don't worry about it. I have a million

611
00:28:01,680 --> 00:28:04,760
Speaker 2: dollars in my IRA. I'm okay, No you're not. It's

612
00:28:04,760 --> 00:28:06,360
Speaker 2: going to be a big tax aid. Am I right

613
00:28:06,440 --> 00:28:07,040
Speaker 2: or wrong on that?

614
00:28:07,200 --> 00:28:07,360
Speaker 3: Well?

615
00:28:07,359 --> 00:28:09,800
Speaker 4: That's it. You know, taxes are going to increase at

616
00:28:09,800 --> 00:28:12,720
Speaker 4: some point, and when they do, you have to be

617
00:28:12,800 --> 00:28:16,080
Speaker 4: prepared because that means less to you more to Uncle Sam.

618
00:28:16,520 --> 00:28:18,240
Speaker 4: And that's where you're going to be in a situation

619
00:28:18,240 --> 00:28:20,800
Speaker 4: where it's gonna be tough to combat at that time.

620
00:28:20,960 --> 00:28:23,440
Speaker 4: Now is the time to take advantage of these opportunities.

621
00:28:23,840 --> 00:28:26,680
Speaker 4: Now is the time to start thinking about a traditional

622
00:28:26,920 --> 00:28:29,680
Speaker 4: rollout from the IRA to the roth IRA. We call

623
00:28:29,720 --> 00:28:32,199
Speaker 4: it a strategic rollout. How do you go about doing that?

624
00:28:32,240 --> 00:28:33,919
Speaker 4: Do you take a lump sum, do you rebuff the

625
00:28:33,920 --> 00:28:36,280
Speaker 4: band aid you just pay the tax now on all

626
00:28:36,320 --> 00:28:39,480
Speaker 4: of it? Or do you do it strategically? What's right

627
00:28:39,800 --> 00:28:42,080
Speaker 4: for you? You know, it's interesting because we have clients

628
00:28:42,120 --> 00:28:44,160
Speaker 4: that come in and they want to take advantage of

629
00:28:44,240 --> 00:28:45,959
Speaker 4: it right now. They want to be in a forever,

630
00:28:46,160 --> 00:28:49,360
Speaker 4: never taxed environment. So they say, Chris, I'm ready to go.

631
00:28:49,520 --> 00:28:52,000
Speaker 4: Let's go in and pay the tax. And here's a check.

632
00:28:52,000 --> 00:28:53,440
Speaker 4: How much do I have to stroke to check for

633
00:28:53,640 --> 00:28:56,120
Speaker 4: so I can eliminate Uncle Sam forever and ever and ever?

634
00:28:56,760 --> 00:28:59,120
Speaker 4: Is that you? Well, if you want to go down

635
00:28:59,120 --> 00:29:01,280
Speaker 4: that route, we need to figure out what the tax

636
00:29:01,320 --> 00:29:03,600
Speaker 4: ramification is going to be today, and we could do

637
00:29:03,640 --> 00:29:06,640
Speaker 4: that in our office throughout the whole year, not just

638
00:29:06,720 --> 00:29:09,200
Speaker 4: during tax time, throughout the whole year, and we can

639
00:29:09,240 --> 00:29:12,440
Speaker 4: put your investments in accounts where they grow and you

640
00:29:12,480 --> 00:29:14,800
Speaker 4: can figure out how you want to what type of

641
00:29:14,840 --> 00:29:16,560
Speaker 4: risk do you want to take? Do you want safety

642
00:29:16,560 --> 00:29:19,200
Speaker 4: of your money? Do you want risk. Do you want

643
00:29:19,240 --> 00:29:22,239
Speaker 4: a combination of both? What is it that you and

644
00:29:22,320 --> 00:29:25,520
Speaker 4: your family want? That's what we're talking about here. It's

645
00:29:25,560 --> 00:29:28,240
Speaker 4: your plan. Pick up the phone, schedule time to meet

646
00:29:28,280 --> 00:29:30,600
Speaker 4: with us. It's called the Maggie Plan, but it's your

647
00:29:30,640 --> 00:29:33,600
Speaker 4: plan for retirement. It's a plan that's simple and easy

648
00:29:33,680 --> 00:29:38,520
Speaker 4: for you to understand. Tax planning, investment planning, income planning,

649
00:29:38,720 --> 00:29:43,640
Speaker 4: estate planning, social security maximization planning. This is all for you.

650
00:29:43,800 --> 00:29:47,200
Speaker 4: It's called complete holistic planning. That's what we do eight

651
00:29:47,280 --> 00:29:48,680
Speaker 4: three to three Maggie Tax.

652
00:29:48,760 --> 00:29:50,520
Speaker 2: And I can wrap that up by what is your

653
00:29:50,600 --> 00:29:53,680
Speaker 2: risk tolerance? I mean, are you aggressive? Are you conservative?

654
00:29:53,960 --> 00:29:56,360
Speaker 2: And many times that we talk about red money green money,

655
00:29:56,360 --> 00:29:58,360
Speaker 2: we find out that more of your money is in

656
00:29:58,400 --> 00:30:01,720
Speaker 2: red money where we call I hope so money, rather

657
00:30:01,760 --> 00:30:04,200
Speaker 2: than green money where I know so money. And again

658
00:30:04,240 --> 00:30:06,120
Speaker 2: when we do this in front of you and you

659
00:30:06,160 --> 00:30:08,680
Speaker 2: see the asset map that shows you where your red

660
00:30:08,680 --> 00:30:11,600
Speaker 2: money green money is, it's a winner because now you

661
00:30:11,720 --> 00:30:14,160
Speaker 2: understand what you can do with your money, how to

662
00:30:14,160 --> 00:30:16,440
Speaker 2: do it, and you know the best way that when

663
00:30:16,480 --> 00:30:19,240
Speaker 2: you retire it's going to be easy. Maggie Tax dot

664
00:30:19,280 --> 00:30:21,720
Speaker 2: com click on retirement calculator.

665
00:30:21,960 --> 00:30:23,760
Speaker 3: I challenge all of you to go ahead and do that.

666
00:30:24,040 --> 00:30:25,680
Speaker 2: Let's click on it, take a look at it and

667
00:30:25,760 --> 00:30:27,680
Speaker 2: see what your retirement tax bill is going to be.

668
00:30:28,040 --> 00:30:30,320
Speaker 2: A three to three Maggie Tax and be sure to

669
00:30:30,320 --> 00:30:33,640
Speaker 2: watch your show on ABC TV every Sunday at ten thirty.

670
00:30:33,880 --> 00:30:36,200
Speaker 3: You're listening to the Maggie Tax and Financial Show.

671
00:30:38,400 --> 00:30:41,959
Speaker 1: Stop funding Uncle Sam's retirement and start planning for your

672
00:30:42,000 --> 00:30:45,480
Speaker 1: own successful retirement. As we return to the Maggie Tax

673
00:30:45,520 --> 00:30:48,920
Speaker 1: Financial Show with your host Robert and Chris Maggie with

674
00:30:49,040 --> 00:30:52,160
Speaker 1: Maggie Tax and Wealth Advisors. For information on how you

675
00:30:52,200 --> 00:30:55,800
Speaker 1: can create a tax free retirement, call eight three three

676
00:30:56,240 --> 00:31:00,560
Speaker 1: Magie Tax or visit Maggie Tax dot com. Now your

677
00:31:00,560 --> 00:31:05,080
Speaker 1: host with Maggie Tax and Wealth Advisors, Robert and Chris Maggie.

678
00:31:06,120 --> 00:31:07,720
Speaker 3: Welcome back and thanks for joining us today.

679
00:31:07,760 --> 00:31:10,040
Speaker 2: My name is Robert Maggie and I'm here with Chris Maggie,

680
00:31:10,320 --> 00:31:12,960
Speaker 2: and today we've been talking about Roth conversions, Roth fo

681
00:31:13,000 --> 00:31:15,520
Speaker 2: ow and k's Roth iras. But we're going to talk

682
00:31:15,560 --> 00:31:19,000
Speaker 2: about five reasons that you should not open up a Roth. Okay,

683
00:31:19,200 --> 00:31:20,920
Speaker 2: Number one, this is a big question we get all

684
00:31:20,920 --> 00:31:23,480
Speaker 2: the time. You have no earned income.

685
00:31:24,080 --> 00:31:24,640
Speaker 3: So to be.

686
00:31:24,640 --> 00:31:27,320
Speaker 2: Eligible to open up a roth ira or a traditional

687
00:31:27,360 --> 00:31:33,280
Speaker 2: ira with a contribution, a person must have compensation. Wages, salary, commissions,

688
00:31:33,640 --> 00:31:38,320
Speaker 2: or other dollars received for personal services all qualify as compensation,

689
00:31:39,000 --> 00:31:42,520
Speaker 2: and that's for IRA contribution eligibility. Things that do not

690
00:31:42,640 --> 00:31:47,520
Speaker 2: qualify as compensation include pension, an annuity, income, interest, income,

691
00:31:47,880 --> 00:31:52,120
Speaker 2: capital gains, or social security benefits. No compensation equals no

692
00:31:52,240 --> 00:31:55,719
Speaker 2: wroth ira contribution. This is confusing to a lot of people, Chris,

693
00:31:55,760 --> 00:31:58,200
Speaker 2: because people want to put money into tax free accounts.

694
00:31:58,520 --> 00:31:59,920
Speaker 3: This is one reason why they can't.

695
00:32:00,080 --> 00:32:02,320
Speaker 4: That's right, So that's why there's some reasons why you

696
00:32:02,320 --> 00:32:04,360
Speaker 4: should and some reasons why you shouldn't. So the second

697
00:32:04,360 --> 00:32:06,360
Speaker 4: reason why you should not open up a roth ira

698
00:32:06,840 --> 00:32:09,120
Speaker 4: is you have too much earned income. At the other

699
00:32:09,160 --> 00:32:11,400
Speaker 4: side of the spectrum our individuals who make too much

700
00:32:11,440 --> 00:32:15,080
Speaker 4: money to contribute to a roth ira. There's phase out

701
00:32:15,120 --> 00:32:19,400
Speaker 4: limitations in each year. These change. Back in twenty twenty three,

702
00:32:19,720 --> 00:32:21,800
Speaker 4: there were two hundred and eighteen thousand to two hundred

703
00:32:21,840 --> 00:32:24,560
Speaker 4: and twenty eight thousand for those file and married filing jointly.

704
00:32:24,920 --> 00:32:28,200
Speaker 4: If you exceeded that amount, then guess what you cannot contribute?

705
00:32:28,240 --> 00:32:31,920
Speaker 4: To a roth ira, So make sure you meet with

706
00:32:31,960 --> 00:32:35,000
Speaker 4: the right advisor, make sure that you do proper planning,

707
00:32:35,120 --> 00:32:37,200
Speaker 4: because if you make too much money, we can show

708
00:32:37,200 --> 00:32:40,240
Speaker 4: you some other avenues that you can contribute to tax

709
00:32:40,240 --> 00:32:43,080
Speaker 4: free buckets as opposed to a roth ira exactly.

710
00:32:43,120 --> 00:32:45,480
Speaker 2: Now, another reason here is maybe you need the money soon.

711
00:32:45,720 --> 00:32:48,560
Speaker 2: So a person always has access to his roth ira

712
00:32:48,680 --> 00:32:52,240
Speaker 2: contributions as we mentioned before, tax and penalty free. But

713
00:32:52,320 --> 00:32:54,400
Speaker 2: if you need the money for a big purchase soon,

714
00:32:54,800 --> 00:32:57,000
Speaker 2: or if you need the money for daily living expenses,

715
00:32:57,040 --> 00:32:59,480
Speaker 2: it might not be well, may not make sense to

716
00:32:59,560 --> 00:33:01,720
Speaker 2: go through the process of opening up a roth ira.

717
00:33:02,200 --> 00:33:03,960
Speaker 2: And we get these questions all the time, and this

718
00:33:04,040 --> 00:33:06,800
Speaker 2: is especially true if you're under age fifty nine and

719
00:33:06,840 --> 00:33:09,480
Speaker 2: a half and need access to any earnings that might

720
00:33:09,560 --> 00:33:12,880
Speaker 2: accrue within the roth ira. So for those who need

721
00:33:12,920 --> 00:33:15,440
Speaker 2: cash now or for a big purchase at some point

722
00:33:15,480 --> 00:33:18,240
Speaker 2: in the near future, a non qualified account may be

723
00:33:18,360 --> 00:33:20,240
Speaker 2: better option, and we can talk about that with you.

724
00:33:20,400 --> 00:33:23,760
Speaker 2: So if managed properly, you're going to have full access

725
00:33:23,760 --> 00:33:25,800
Speaker 2: to the principle as well as the earnings and Chris,

726
00:33:25,840 --> 00:33:29,120
Speaker 2: that is a big concern of liquidity no matter where

727
00:33:29,160 --> 00:33:31,680
Speaker 2: you put your money for any person at any age

728
00:33:32,120 --> 00:33:32,840
Speaker 2: of any amount.

729
00:33:33,000 --> 00:33:34,360
Speaker 4: That's true, and that's why when you meet with the

730
00:33:34,400 --> 00:33:37,000
Speaker 4: right advisor, we can look at the suitability rules and

731
00:33:37,080 --> 00:33:41,080
Speaker 4: also your income and what your discretionary amount is and

732
00:33:41,080 --> 00:33:43,760
Speaker 4: your budget and make sure that you have enough money

733
00:33:43,760 --> 00:33:46,040
Speaker 4: that you can access. And there's different buckets of money

734
00:33:46,280 --> 00:33:49,000
Speaker 4: for different purposes, and when we put together our plans,

735
00:33:49,040 --> 00:33:52,360
Speaker 4: we always have liquid buckets available. We know and understand

736
00:33:52,360 --> 00:33:55,560
Speaker 4: that emergencies happen and things happen, and you need to

737
00:33:55,600 --> 00:33:57,680
Speaker 4: access money. Absolutely, we want to put you in a

738
00:33:57,680 --> 00:34:02,080
Speaker 4: situation where to you can succeed, fall victim to the penalties,

739
00:34:02,280 --> 00:34:05,640
Speaker 4: or a situation where you're hurt in any which way.

740
00:34:05,720 --> 00:34:07,600
Speaker 4: So that's why it's so important to meet with the

741
00:34:07,680 --> 00:34:10,680
Speaker 4: right advisor who understands you and what you're doing and

742
00:34:10,719 --> 00:34:13,839
Speaker 4: how you can contribute to these plans effectively. Another reason

743
00:34:13,840 --> 00:34:16,520
Speaker 4: why you should not contribute to a wroth ira is

744
00:34:16,560 --> 00:34:19,640
Speaker 4: that your beneficiary is a charity. You know, charities do

745
00:34:19,680 --> 00:34:21,879
Speaker 4: not pay income tax. A lot of people don't know that.

746
00:34:22,160 --> 00:34:24,720
Speaker 4: If your goal is to leave your IRA to a charity,

747
00:34:24,920 --> 00:34:28,520
Speaker 4: then definitely do not fund a wroth ira. Why should

748
00:34:28,560 --> 00:34:29,600
Speaker 4: you pay the tax?

749
00:34:29,680 --> 00:34:29,879
Speaker 2: Now?

750
00:34:29,920 --> 00:34:32,480
Speaker 4: On that you should open up, then an ira get

751
00:34:32,520 --> 00:34:35,399
Speaker 4: a tax deduction, so it benefits you. So the money

752
00:34:35,440 --> 00:34:39,200
Speaker 4: that goes to the charities or guess what, tax free anyway,

753
00:34:39,239 --> 00:34:41,879
Speaker 4: because they do not pay taxes. You know, why pay

754
00:34:41,920 --> 00:34:44,120
Speaker 4: tax on the dollars yourself and go out of your

755
00:34:44,160 --> 00:34:46,560
Speaker 4: way to create a tax free income source for the

756
00:34:46,680 --> 00:34:49,840
Speaker 4: entity that won't pay taxes anyway. That's what we're talking

757
00:34:49,880 --> 00:34:52,719
Speaker 4: about here. Then many people make that mistake, and many

758
00:34:52,719 --> 00:34:55,040
Speaker 4: people just really don't understand why. But when we show

759
00:34:55,080 --> 00:34:57,400
Speaker 4: them now it makes sense, and you know it's the language.

760
00:34:57,440 --> 00:34:59,160
Speaker 3: And I'm going to give you the biggest one right here.

761
00:35:00,080 --> 00:35:02,760
Speaker 2: Just don't trust the government to keep its tax free promise.

762
00:35:03,280 --> 00:35:05,840
Speaker 2: And yes, tax laws are effectively written in pencil. We

763
00:35:05,880 --> 00:35:08,160
Speaker 2: talk about that all the time. And the tax free

764
00:35:08,200 --> 00:35:11,480
Speaker 2: benefits of a roth iray could theoretically be stripped away.

765
00:35:12,040 --> 00:35:13,839
Speaker 2: But if you think the rules will change in tax

766
00:35:13,880 --> 00:35:16,759
Speaker 2: re earnings on roth iras will be eliminated from the

767
00:35:16,800 --> 00:35:20,000
Speaker 2: tax code, then you probably should avoid a wroth ira.

768
00:35:20,680 --> 00:35:23,200
Speaker 2: And you know it is our opinion that Congress has

769
00:35:23,280 --> 00:35:27,319
Speaker 2: tipped its hand. They love roth iras. Why because you're

770
00:35:27,320 --> 00:35:31,080
Speaker 2: paying a tax going in today and you're done. This

771
00:35:31,200 --> 00:35:33,880
Speaker 2: was evident in secure two point zero with all the

772
00:35:33,920 --> 00:35:37,600
Speaker 2: new Wroth options, the Roth SEP, the Wroth Simple, Roth

773
00:35:37,600 --> 00:35:38,800
Speaker 2: Employer Match, et cetera.

774
00:35:38,880 --> 00:35:39,560
Speaker 3: Goes on and on.

775
00:35:40,120 --> 00:35:43,120
Speaker 2: Roth means tax revenue now for the government. And that

776
00:35:43,239 --> 00:35:46,000
Speaker 2: is music to the ears of a politician. And again

777
00:35:46,040 --> 00:35:47,880
Speaker 2: when you look at my website and go to the

778
00:35:47,920 --> 00:35:51,760
Speaker 2: retirement calculator and you start to see that you're deferring

779
00:35:51,800 --> 00:35:55,080
Speaker 2: it to age seventy two or seventy three. As that

780
00:35:55,120 --> 00:35:59,240
Speaker 2: account grows, and as the taxes go higher, you're paying

781
00:35:59,280 --> 00:36:03,160
Speaker 2: more out of your and you're penalizing savers. Okay, that's

782
00:36:03,160 --> 00:36:06,000
Speaker 2: the bottom line. And if you have a large IRA

783
00:36:06,160 --> 00:36:08,480
Speaker 2: or four to one K, folks, it's not all yours.

784
00:36:08,920 --> 00:36:11,120
Speaker 2: You're funding the government. That's what you're doing. You're paying

785
00:36:11,200 --> 00:36:14,480
Speaker 2: Uncle Sam. So start thinking about converting the right way,

786
00:36:14,800 --> 00:36:17,520
Speaker 2: keeping the tax low and having more tax free income

787
00:36:17,560 --> 00:36:20,640
Speaker 2: down the road. Go to my website, Maggie tax dot com,

788
00:36:20,960 --> 00:36:23,760
Speaker 2: look on the retirement calculator and put the numbers in yourself.

789
00:36:23,800 --> 00:36:27,319
Speaker 2: It's free and in thirty seconds thirty seconds, I don't

790
00:36:27,320 --> 00:36:29,400
Speaker 2: think anyone out there can do what we're doing in

791
00:36:29,440 --> 00:36:31,200
Speaker 2: thirty seconds, tell you what your tax bill.

792
00:36:31,080 --> 00:36:31,480
Speaker 3: Is going to be.

793
00:36:31,600 --> 00:36:34,239
Speaker 4: That's just it understanding what your tax bill will be,

794
00:36:34,280 --> 00:36:36,200
Speaker 4: and we can show you that in thirty seconds. Visit

795
00:36:36,200 --> 00:36:38,919
Speaker 4: our website at Maggie tax dot com upper right hand

796
00:36:38,960 --> 00:36:42,319
Speaker 4: corner retirement tax bill. You know many people out there

797
00:36:42,400 --> 00:36:45,080
Speaker 4: have those iras. They're infected with taxes. They have no

798
00:36:45,160 --> 00:36:48,120
Speaker 4: idea how to diffuse the tax time bomb. We can

799
00:36:48,200 --> 00:36:51,960
Speaker 4: show you. So today we talked about rothiras versus wroth

800
00:36:52,000 --> 00:36:54,560
Speaker 4: four O one k's. We talked about why you should

801
00:36:54,600 --> 00:36:58,400
Speaker 4: open up a rothira immediately, and we also talked about

802
00:36:58,640 --> 00:37:01,400
Speaker 4: why you should not open up a roth ira. So,

803
00:37:01,520 --> 00:37:03,759
Speaker 4: as you see, there are pros and cons to each

804
00:37:03,800 --> 00:37:07,200
Speaker 4: and every investment. So that's why when you talk to somebody,

805
00:37:07,239 --> 00:37:11,200
Speaker 4: if they're just talking about one thing, those are transactional advisors.

806
00:37:11,320 --> 00:37:14,319
Speaker 4: You want to work with a complete advisor. Someone who's

807
00:37:14,320 --> 00:37:15,880
Speaker 4: a fiduciary is gonna do the best thing for you,

808
00:37:15,960 --> 00:37:18,560
Speaker 4: but also take out a step further. Someone who has

809
00:37:18,600 --> 00:37:23,960
Speaker 4: tax planning background, understands taxes, income investments, social security maximization,

810
00:37:24,360 --> 00:37:27,879
Speaker 4: a state planning. Someone can do complete planning for you.

811
00:37:28,000 --> 00:37:32,120
Speaker 4: Why because everything is interchangeable, they all work together. Should

812
00:37:32,200 --> 00:37:35,160
Speaker 4: you contribute to a roth ira? Maybe maybe it's right

813
00:37:35,200 --> 00:37:37,640
Speaker 4: for you, but not your neighbor. Maybe you should put

814
00:37:37,640 --> 00:37:41,120
Speaker 4: together an IRA why because maybe you should get a

815
00:37:41,160 --> 00:37:44,319
Speaker 4: tax deduction on the on the front end, because your

816
00:37:44,520 --> 00:37:47,640
Speaker 4: charities are the beneficiaries on the back end. So who knows.

817
00:37:47,719 --> 00:37:50,319
Speaker 4: Every situation is different. Pick up the phone, schedule time

818
00:37:50,320 --> 00:37:51,879
Speaker 4: to meet with us. We thank you so much for

819
00:37:52,120 --> 00:37:55,480
Speaker 4: tuning into our show today. Every Sunday on ABC TV

820
00:37:55,560 --> 00:37:57,760
Speaker 4: at ten thirty, tune into the NIGI Tax and Financial

821
00:37:57,760 --> 00:37:59,880
Speaker 4: Show A three to three Maggie Tax. That's eight three

822
00:38:00,120 --> 00:38:01,160
Speaker 4: three Maggie Tax.

823
00:38:01,960 --> 00:38:04,759
Speaker 1: Thank you for listening to Maggie Tax and Financial Show

824
00:38:04,840 --> 00:38:08,600
Speaker 1: with Robert and Chris Maggie of Maggie Tax Wealth Advisors.

825
00:38:08,680 --> 00:38:12,000
Speaker 1: Listen here five to six pm every Saturday and from

826
00:38:12,000 --> 00:38:15,200
Speaker 1: eleven am till noon every Sunday, or anytime on the

827
00:38:15,239 --> 00:38:18,760
Speaker 1: free iHeartRadio app. And remember you can pay less tax

828
00:38:18,920 --> 00:38:22,759
Speaker 1: with Maggie Tax Program. Content provided by Maggie Tax Wealth

829
00:38:22,800 --> 00:38:26,160
Speaker 1: and Advisors. Call them at eight three three Maggie Tax,

830
00:38:26,360 --> 00:38:31,400
Speaker 1: or visit them online at Maggietax dot com.