1
00:00:00,480 --> 00:00:03,600
Speaker 1: All these years you've saved up planning for a secure retirement,

2
00:00:03,640 --> 00:00:05,800
Speaker 1: but if you're not careful, it will be the irs

3
00:00:05,800 --> 00:00:08,200
Speaker 1: that is living it up when you retire by taxing

4
00:00:08,240 --> 00:00:11,360
Speaker 1: your hard earned money. Welcome to the Maggie Tax and

5
00:00:11,440 --> 00:00:14,640
Speaker 1: Financial Show with Robert and Chris Maggie of Maggie Tax

6
00:00:14,640 --> 00:00:18,239
Speaker 1: and Wealth Advisors. With over four decades of combined experience

7
00:00:18,520 --> 00:00:22,640
Speaker 1: and tax savings, income planning, and investment opportunities, Robert and

8
00:00:22,720 --> 00:00:26,360
Speaker 1: Chris share advice and tax planning strategies designed to protect

9
00:00:26,520 --> 00:00:29,800
Speaker 1: your retirement next day from Uncle Sam. Call them at

10
00:00:29,840 --> 00:00:33,880
Speaker 1: eight three three Maggie Tax or online at Maggie Tax

11
00:00:33,920 --> 00:00:36,800
Speaker 1: dot com. And now your host for the Maggie Tax

12
00:00:36,840 --> 00:00:40,159
Speaker 1: and Financial Show, Robert and Chris Maggie.

13
00:00:41,159 --> 00:00:44,040
Speaker 2: Thank you for tuning into the Maggie Tax and Financial Show.

14
00:00:44,080 --> 00:00:46,360
Speaker 2: We welcome you to our show and thank you so

15
00:00:46,440 --> 00:00:48,879
Speaker 2: much for listening. I'm Chris Maggie and I'm here with

16
00:00:48,920 --> 00:00:51,559
Speaker 2: my dad and cost of the show, Robert Maggie. And

17
00:00:51,640 --> 00:00:54,400
Speaker 2: before we get going, visit our website at Maggie Tax

18
00:00:54,560 --> 00:00:57,840
Speaker 2: dot com. That's m A G. G I Tax dot com.

19
00:00:58,400 --> 00:00:59,960
Speaker 2: And we love what we do because as a past

20
00:01:00,320 --> 00:01:01,840
Speaker 2: here we want to help you. There's a lot of

21
00:01:01,880 --> 00:01:06,760
Speaker 2: things we can do. Tax planning, insurance planning, income planning,

22
00:01:06,920 --> 00:01:10,080
Speaker 2: investment planning, state planning, a lot of things that we

23
00:01:10,160 --> 00:01:12,000
Speaker 2: do to help you. We do complete planning here at

24
00:01:12,000 --> 00:01:14,640
Speaker 2: Maggie Tax Advisor and Financial Group. And today I want

25
00:01:14,680 --> 00:01:16,160
Speaker 2: to talk about a lot of things to help you.

26
00:01:16,240 --> 00:01:17,920
Speaker 2: So if you have any questions, pick up the phone,

27
00:01:18,000 --> 00:01:20,560
Speaker 2: schedule a time to meet with us eight three to

28
00:01:20,640 --> 00:01:24,199
Speaker 2: three MAGI Tax. That's eight three to three Magi Tax.

29
00:01:24,480 --> 00:01:26,399
Speaker 2: And welcome Dad to the show. And what do we

30
00:01:26,440 --> 00:01:28,520
Speaker 2: got to talk about today.

31
00:01:28,360 --> 00:01:29,920
Speaker 3: Well, we have a lot to talk about, and thank

32
00:01:29,959 --> 00:01:32,560
Speaker 3: you and welcome everyone, and be sure to visit our

33
00:01:32,600 --> 00:01:34,800
Speaker 3: website Maggietax dot com.

34
00:01:35,319 --> 00:01:37,039
Speaker 4: We have a lot of information on there, a lot

35
00:01:37,040 --> 00:01:37,679
Speaker 4: of videos.

36
00:01:38,080 --> 00:01:41,000
Speaker 3: I think what we've been helping people understand is different

37
00:01:41,040 --> 00:01:44,760
Speaker 3: things like tax planning and social security in a state planning,

38
00:01:45,120 --> 00:01:48,800
Speaker 3: legacy planning. But today we talk about this all the time,

39
00:01:48,880 --> 00:01:50,280
Speaker 3: Chris and I and from many of you that have

40
00:01:50,400 --> 00:01:53,880
Speaker 3: met with us, we talk about bucket planning and what

41
00:01:53,920 --> 00:01:56,360
Speaker 3: the heck is bucket planning? And this is one of

42
00:01:56,400 --> 00:01:59,120
Speaker 3: the biggest questions that we get all the time. What

43
00:01:59,280 --> 00:02:02,280
Speaker 3: is bucket plan guys tell me about it. So let

44
00:02:02,280 --> 00:02:04,440
Speaker 3: me give you a two minute overview. And we start

45
00:02:04,440 --> 00:02:07,360
Speaker 3: with a big question on many retires' minds, which is

46
00:02:07,760 --> 00:02:10,520
Speaker 3: what kind of income can I expect in retirement. I

47
00:02:10,560 --> 00:02:13,520
Speaker 3: met with a gentleman this week and his biggest concern was,

48
00:02:13,560 --> 00:02:15,600
Speaker 3: you know, we have a large amount of money in

49
00:02:15,680 --> 00:02:18,560
Speaker 3: our TSP. It was a federal employee and also we

50
00:02:18,600 --> 00:02:20,200
Speaker 3: had another client come in and they say what do

51
00:02:20,240 --> 00:02:23,120
Speaker 3: we do with it? And the point is that I

52
00:02:23,160 --> 00:02:25,880
Speaker 3: made him understand that it's about a plan about income

53
00:02:25,919 --> 00:02:28,560
Speaker 3: planning about how much income do you need today, how

54
00:02:28,680 --> 00:02:30,160
Speaker 3: much you're going to need later, and how do you

55
00:02:30,200 --> 00:02:33,120
Speaker 3: position that. So this is a longer discussion than we

56
00:02:33,200 --> 00:02:35,960
Speaker 3: have time for. But you also need to stop thinking

57
00:02:36,040 --> 00:02:39,440
Speaker 3: about gross paycheck and that you got from your job

58
00:02:39,480 --> 00:02:42,480
Speaker 3: and start thinking about net check you received in your

59
00:02:42,520 --> 00:02:45,480
Speaker 3: bank account. And Chris, you ask the question every time,

60
00:02:45,720 --> 00:02:48,440
Speaker 3: what is the amount of money that you need when

61
00:02:48,520 --> 00:02:50,560
Speaker 3: you retire to put your feet on the ground to

62
00:02:50,600 --> 00:02:52,880
Speaker 3: pay your bills? And you say it that has to

63
00:02:52,880 --> 00:02:54,720
Speaker 3: come into the mailbox every month.

64
00:02:54,520 --> 00:02:56,200
Speaker 2: And that's it. You know what is that number? And

65
00:02:56,240 --> 00:02:58,320
Speaker 2: if you don't know, that's fine. You know, meet with

66
00:02:58,400 --> 00:03:00,960
Speaker 2: us let's go through budget planning. We can help you

67
00:03:01,320 --> 00:03:03,600
Speaker 2: very simple process that we do to help you really

68
00:03:03,919 --> 00:03:06,800
Speaker 2: dial in on that amount. Why because that's the amount

69
00:03:06,800 --> 00:03:08,000
Speaker 2: of money you're going to get on the first of

70
00:03:08,040 --> 00:03:10,000
Speaker 2: the month, and you can spend in the next thirty

71
00:03:10,080 --> 00:03:11,760
Speaker 2: days and do it all over again for the rest

72
00:03:11,800 --> 00:03:13,880
Speaker 2: of your life if you do it right. So that's

73
00:03:13,880 --> 00:03:16,720
Speaker 2: why bucket planning is so important to make sure that

74
00:03:16,720 --> 00:03:18,720
Speaker 2: that amount of money's coming in every month.

75
00:03:18,880 --> 00:03:21,639
Speaker 3: Another question we get if I have this qualified money

76
00:03:21,680 --> 00:03:23,800
Speaker 3: and it's all taxable, how do I get it down

77
00:03:23,840 --> 00:03:26,560
Speaker 3: to where I have tax free money? And there are

78
00:03:26,600 --> 00:03:29,760
Speaker 3: tax strategies to help reduce the taxes you pay in retirement.

79
00:03:30,120 --> 00:03:34,359
Speaker 3: So gross numbers might be big, you know, so gross

80
00:03:34,400 --> 00:03:35,880
Speaker 3: that it's too much. But here's what I'm trying to

81
00:03:35,920 --> 00:03:39,640
Speaker 3: make a point of. You don't understand how taxes work.

82
00:03:40,040 --> 00:03:42,760
Speaker 3: And what's happening now is whatever tax brackets you're in,

83
00:03:43,040 --> 00:03:46,120
Speaker 3: can tell Chris and I how much you have before

84
00:03:46,160 --> 00:03:49,160
Speaker 3: you hit the threshold to be tax in the next level.

85
00:03:49,440 --> 00:03:52,920
Speaker 3: And Chris, we talk about that where people don't think about, well, gee,

86
00:03:52,960 --> 00:03:55,440
Speaker 3: I have room because you get the standard deduction, so

87
00:03:55,520 --> 00:03:57,440
Speaker 3: that first amount is tax free.

88
00:03:57,680 --> 00:03:59,760
Speaker 4: So when you get your retirement, things are changing.

89
00:04:00,120 --> 00:04:01,640
Speaker 2: Yeah, And let me jump in here real quick, because

90
00:04:01,640 --> 00:04:03,760
Speaker 2: when we did bucket planning, I met with a client

91
00:04:04,040 --> 00:04:06,080
Speaker 2: you know last week, and they had forty four thousand

92
00:04:06,120 --> 00:04:09,160
Speaker 2: dollars of Social Security between the two of income and

93
00:04:09,280 --> 00:04:11,200
Speaker 2: just alone right there. If you do the right planning,

94
00:04:11,200 --> 00:04:14,320
Speaker 2: there's no tax to pay, so there's no tax liability

95
00:04:14,760 --> 00:04:16,560
Speaker 2: that and they had no idea. They said, what do

96
00:04:16,640 --> 00:04:18,719
Speaker 2: I have to withhold? Well, you don't have to withhold

97
00:04:18,760 --> 00:04:21,680
Speaker 2: anything because you're under the threshold income as my dad

98
00:04:21,760 --> 00:04:24,120
Speaker 2: was mentioned. So think about that. The first forty four

99
00:04:24,160 --> 00:04:26,720
Speaker 2: thousand dollars right here had no tax. Then they had

100
00:04:26,720 --> 00:04:29,960
Speaker 2: a pension which was one thousand dollars a month, and

101
00:04:30,040 --> 00:04:33,480
Speaker 2: then we took another thousand dollars from their IRA. So

102
00:04:33,520 --> 00:04:34,960
Speaker 2: they said, oh my gosh, we're going to pay a

103
00:04:34,960 --> 00:04:37,200
Speaker 2: lot in tax. I said, no, no, you're not going to.

104
00:04:37,640 --> 00:04:40,000
Speaker 2: So we did the mock tax return, and I'll do

105
00:04:40,000 --> 00:04:41,600
Speaker 2: the same thing for you too. When you come in

106
00:04:41,640 --> 00:04:43,680
Speaker 2: and meet with us, we'll show you exactly what your

107
00:04:43,720 --> 00:04:45,800
Speaker 2: future tax is going to be. But at the end

108
00:04:45,800 --> 00:04:48,839
Speaker 2: of the day, they had a great amount of income

109
00:04:48,880 --> 00:04:52,360
Speaker 2: and only paid one thousand dollars in taxes, one thousand

110
00:04:52,440 --> 00:04:54,560
Speaker 2: dollars in tax I said, you know, if you withhold

111
00:04:54,600 --> 00:04:57,400
Speaker 2: about eighty dollars a month, that's it and you will

112
00:04:57,440 --> 00:04:59,640
Speaker 2: break even. You know, the payning more to the taxman.

113
00:04:59,760 --> 00:05:03,440
Speaker 2: Why because the way sell security is taxed and when

114
00:05:03,440 --> 00:05:05,599
Speaker 2: you add in your other income, you could be under

115
00:05:05,600 --> 00:05:07,960
Speaker 2: the threshold income. So a lot of people have no

116
00:05:08,080 --> 00:05:12,440
Speaker 2: idea about gross or net. It's not just like they

117
00:05:12,520 --> 00:05:15,160
Speaker 2: work they have to automatically with whole fifteen percent. They

118
00:05:15,160 --> 00:05:17,119
Speaker 2: don't have to do that. If you do the right

119
00:05:17,480 --> 00:05:18,600
Speaker 2: tax planning.

120
00:05:18,520 --> 00:05:20,040
Speaker 4: You make a good point there. They don't look at

121
00:05:20,080 --> 00:05:20,600
Speaker 4: it that way.

122
00:05:20,960 --> 00:05:23,640
Speaker 3: So the second thing when thinking about the income plan,

123
00:05:23,960 --> 00:05:26,440
Speaker 3: and again that's the first bucket, how much income do

124
00:05:26,480 --> 00:05:29,160
Speaker 3: you need? We typically plan for a retirement that is

125
00:05:29,240 --> 00:05:32,279
Speaker 3: lasting twenty or thirty years or even more. So we

126
00:05:32,400 --> 00:05:35,200
Speaker 3: have to plan accordingly as no one wants to run

127
00:05:35,240 --> 00:05:38,039
Speaker 3: out of money. That's the biggest thing. I'm afraid because

128
00:05:38,080 --> 00:05:40,120
Speaker 3: when I ask people what keeps you up at night,

129
00:05:40,560 --> 00:05:43,240
Speaker 3: they say, well, Bobby, Chris, maybe running out of money.

130
00:05:43,640 --> 00:05:45,919
Speaker 3: Well it's not maybe if you do, what are you

131
00:05:45,960 --> 00:05:48,520
Speaker 3: going to do? So will you run your accounts to zero?

132
00:05:49,000 --> 00:05:51,440
Speaker 3: Probably not, But running out of money to us means

133
00:05:51,720 --> 00:05:54,800
Speaker 3: that you have to change your lifestyle and understand how

134
00:05:54,839 --> 00:05:58,240
Speaker 3: bucket planning works income growth and later money.

135
00:05:58,000 --> 00:06:00,480
Speaker 2: Right, absolutely, and that's the key, because you want to

136
00:06:00,520 --> 00:06:03,240
Speaker 2: make sure that you have that paycheck coming in the

137
00:06:03,240 --> 00:06:05,760
Speaker 2: front door because you can't go back to work and

138
00:06:05,880 --> 00:06:07,800
Speaker 2: I don't care how much money you have. We've met

139
00:06:07,800 --> 00:06:10,320
Speaker 2: with people who have ten million dollars, people who have

140
00:06:10,480 --> 00:06:14,400
Speaker 2: one hundred thousand dollars, and the same theme between them

141
00:06:14,440 --> 00:06:17,440
Speaker 2: both is I'm afraid of outliving my money. So a

142
00:06:17,480 --> 00:06:19,440
Speaker 2: lot of people thinking today, well a lot of people

143
00:06:19,520 --> 00:06:21,000
Speaker 2: have a lot of money, they don't have to worry

144
00:06:21,000 --> 00:06:23,360
Speaker 2: about that. Well, they just don't know how to use

145
00:06:23,760 --> 00:06:26,839
Speaker 2: their assets, their piles of money to create buckets of

146
00:06:26,960 --> 00:06:31,240
Speaker 2: guaranteed income growth legacy planning. They just don't know how

147
00:06:31,279 --> 00:06:32,600
Speaker 2: to do it. And that's what we do.

148
00:06:32,920 --> 00:06:35,400
Speaker 3: And the thing is that we control it by how

149
00:06:35,480 --> 00:06:37,520
Speaker 3: much risk do you want to take with your money,

150
00:06:37,920 --> 00:06:40,320
Speaker 3: meaning that when you have income, how much risk do

151
00:06:40,320 --> 00:06:42,880
Speaker 3: you want to take? It could be a fixed income bucket,

152
00:06:42,920 --> 00:06:45,039
Speaker 3: the first one for maybe ten years that you're going

153
00:06:45,120 --> 00:06:48,120
Speaker 3: to be guaranteed that money. The second bucket could be

154
00:06:48,200 --> 00:06:52,640
Speaker 3: lower risk, lower volatility and ability to gain more cash

155
00:06:52,680 --> 00:06:55,599
Speaker 3: and then just keep repeating that process over and over. Chris,

156
00:06:55,640 --> 00:06:57,680
Speaker 3: and I think that is where when we show the

157
00:06:57,800 --> 00:07:01,640
Speaker 3: bucket planning in its entire they look at it and

158
00:07:01,680 --> 00:07:03,000
Speaker 3: they go, this is what I want.

159
00:07:03,080 --> 00:07:04,200
Speaker 4: This is exactly what I.

160
00:07:04,160 --> 00:07:07,080
Speaker 2: Want, absolutely, And that's why when we invest money into

161
00:07:07,080 --> 00:07:10,680
Speaker 2: different allocations and buckets, this is a reason. There's a purpose.

162
00:07:11,040 --> 00:07:13,200
Speaker 2: You know, most advisors you meet with, you know, how

163
00:07:13,240 --> 00:07:14,760
Speaker 2: much money do you have, and they just put you

164
00:07:14,760 --> 00:07:17,080
Speaker 2: in an allocation and that's it and they go onto

165
00:07:17,080 --> 00:07:21,400
Speaker 2: the next client. But that's that's just regular transactional advisors.

166
00:07:21,480 --> 00:07:23,120
Speaker 2: And you think about it. Do you want to work

167
00:07:23,120 --> 00:07:25,200
Speaker 2: with a transactional advisor or do you want to work

168
00:07:25,200 --> 00:07:27,720
Speaker 2: with a complete advisor. And that's what we do here

169
00:07:27,800 --> 00:07:30,840
Speaker 2: because when we do bucket planning, every account you have

170
00:07:30,960 --> 00:07:32,600
Speaker 2: is going to have a purpose, whether it's for income,

171
00:07:32,960 --> 00:07:38,000
Speaker 2: whether it's for future inflation, whether it's for growth opportunities

172
00:07:38,120 --> 00:07:41,400
Speaker 2: or legacy tax free planning. These things that our clients

173
00:07:41,440 --> 00:07:43,160
Speaker 2: are looking for and we can help you. Just pick

174
00:07:43,240 --> 00:07:45,400
Speaker 2: up the phone, schedule time to meet with us eight

175
00:07:45,440 --> 00:07:48,679
Speaker 2: three three Magi Tax and visit our website at Magi

176
00:07:48,760 --> 00:07:52,080
Speaker 2: tax dot com for more information where our locations are

177
00:07:52,120 --> 00:07:53,000
Speaker 2: and how we can help you.

178
00:07:53,280 --> 00:07:55,239
Speaker 3: And I think what you just mentioned to make it simple,

179
00:07:55,240 --> 00:07:58,080
Speaker 3: it's called managing risk. And the third thing, think of

180
00:07:58,120 --> 00:08:01,200
Speaker 3: money this way. Typically, the greater risk you take in

181
00:08:01,200 --> 00:08:04,160
Speaker 3: investing can mean greater rewards. We all know that, but

182
00:08:04,280 --> 00:08:07,360
Speaker 3: also brings the potential for greater losses and vice versa.

183
00:08:07,440 --> 00:08:11,400
Speaker 3: So when it comes to safer retirement strategies, one thing

184
00:08:11,440 --> 00:08:14,680
Speaker 3: to also consider is too safe might bring a very

185
00:08:14,680 --> 00:08:17,280
Speaker 3: low return. And I get that, but think about the

186
00:08:17,360 --> 00:08:19,840
Speaker 3: rates today. That's what we have and in causing you

187
00:08:19,880 --> 00:08:23,240
Speaker 3: to lose purchasing power to inflation, we understand that too,

188
00:08:23,240 --> 00:08:25,600
Speaker 3: and we have to address that. So let's get to

189
00:08:25,640 --> 00:08:28,600
Speaker 3: the bucket planning, folks. This is something that all of

190
00:08:28,640 --> 00:08:31,120
Speaker 3: you could do. I challenge all of you to come

191
00:08:31,120 --> 00:08:33,480
Speaker 3: in and sit down with us. We'll do the free

192
00:08:33,520 --> 00:08:36,439
Speaker 3: risk analysis for you. We'll do bucket planning, and we'll

193
00:08:36,440 --> 00:08:39,400
Speaker 3: do it with your money. And one thing last week,

194
00:08:39,520 --> 00:08:42,840
Speaker 3: the gentlemen said, well, this is not your money that

195
00:08:42,880 --> 00:08:45,440
Speaker 3: you figured into this, and I said, no, it's your money.

196
00:08:45,800 --> 00:08:48,920
Speaker 3: He said, that's wonderful, because most advisors just think that

197
00:08:48,960 --> 00:08:51,960
Speaker 3: they should put it into risky investments.

198
00:08:51,400 --> 00:08:54,080
Speaker 4: And let it ride. Well, that's not it, Chris anymore.

199
00:08:54,120 --> 00:08:56,920
Speaker 2: Absolutely. I mean there's paychecks and also playchecks. There's a

200
00:08:56,920 --> 00:08:59,600
Speaker 2: lot of things you can do to have the guaranteed income.

201
00:09:00,040 --> 00:09:02,240
Speaker 2: We talk about bucket planning. The first bucket we structure

202
00:09:02,280 --> 00:09:05,440
Speaker 2: for income needed early in retirement, and we want to

203
00:09:05,440 --> 00:09:07,880
Speaker 2: look for the percentage of ADSs that can deliver enough

204
00:09:07,920 --> 00:09:11,240
Speaker 2: income to last five to seven years. That's your first bucket.

205
00:09:11,280 --> 00:09:13,160
Speaker 2: And we want this first bucket to be in retirement

206
00:09:13,240 --> 00:09:17,320
Speaker 2: vehicles that can deliver a decent return outpace inflation, yet

207
00:09:17,440 --> 00:09:22,079
Speaker 2: still have some downside protection so we minimize the investment losses.

208
00:09:22,120 --> 00:09:24,800
Speaker 2: This is your protection bucket. And then second we look

209
00:09:24,840 --> 00:09:27,240
Speaker 2: at a second bucket. And with this bucket, you know

210
00:09:27,400 --> 00:09:30,120
Speaker 2: you can enjoy the income from the first bucket living

211
00:09:30,160 --> 00:09:33,200
Speaker 2: your life. And we've got the second bucket accumulating and

212
00:09:33,280 --> 00:09:37,280
Speaker 2: ready to begin income when the first bucket is exhausted.

213
00:09:37,600 --> 00:09:39,920
Speaker 2: So think of it this way. One runs dry in

214
00:09:39,960 --> 00:09:42,760
Speaker 2: five to seven years, the second bucket is right there

215
00:09:42,840 --> 00:09:45,560
Speaker 2: to pick up where it left off because that's the

216
00:09:45,600 --> 00:09:48,840
Speaker 2: guaranteed income that we need to have moving forward. So

217
00:09:48,960 --> 00:09:52,080
Speaker 2: with the second bucket, we're really not immediately reliant on

218
00:09:52,240 --> 00:09:54,160
Speaker 2: the income in this bucket. You know, we've got that

219
00:09:54,280 --> 00:09:57,040
Speaker 2: five to seven year timeframe to take a little more

220
00:09:57,160 --> 00:10:00,440
Speaker 2: risk as market fluctuation is less of a concern because

221
00:10:00,440 --> 00:10:03,079
Speaker 2: we have time on our side, and ideally the percentage

222
00:10:03,080 --> 00:10:05,720
Speaker 2: of as as we place in the second bucket accumulates

223
00:10:05,800 --> 00:10:08,960
Speaker 2: during that five to seven year time frame and then

224
00:10:09,080 --> 00:10:12,600
Speaker 2: we turn it on for income for another five to

225
00:10:12,679 --> 00:10:15,760
Speaker 2: seven years of guaranteed income for life.

226
00:10:16,040 --> 00:10:18,120
Speaker 3: Okay, So we just talked about the first two buckets,

227
00:10:18,120 --> 00:10:20,480
Speaker 3: so we're gonna continue this in the next segment and

228
00:10:20,480 --> 00:10:22,840
Speaker 3: we'll talk about the third bucket. Pick up the phone,

229
00:10:22,880 --> 00:10:25,400
Speaker 3: give us a call eight three to three, Maggie Tax.

230
00:10:25,640 --> 00:10:28,040
Speaker 3: Be sure to watch our TV show tomorrow on Sunday

231
00:10:28,320 --> 00:10:31,000
Speaker 3: at ten thirty am to the Maggie Tax and Financial Show.

232
00:10:31,120 --> 00:10:33,280
Speaker 3: And to forget, we have offices in Tampa and Palm

233
00:10:33,320 --> 00:10:35,800
Speaker 3: Harbor and also Saint Pete. So pick up the phone

234
00:10:35,840 --> 00:10:38,360
Speaker 3: eight three three, Maggie Tax. We have operated standing by

235
00:10:38,480 --> 00:10:41,160
Speaker 3: right now eight three to three Maggie Tax. And you're

236
00:10:41,200 --> 00:10:45,400
Speaker 3: listening to the Maggie Tax and Financial Show.

237
00:10:49,240 --> 00:10:52,839
Speaker 1: Stop funding Uncle Sam's retirement and start planning for your

238
00:10:52,840 --> 00:10:56,320
Speaker 1: own successful retirement. As we return to the Maggie Tax

239
00:10:56,360 --> 00:10:59,720
Speaker 1: Financial Show with your host Robert and Chris Maggie with

240
00:10:59,800 --> 00:11:03,040
Speaker 1: Meaggie Tax and Wealth Advisors. For information on how you

241
00:11:03,080 --> 00:11:06,679
Speaker 1: can create a tax free retirement, call eight three three

242
00:11:07,080 --> 00:11:11,319
Speaker 1: Maggie Tax or visit Maggie Tax dot com. Now you're

243
00:11:11,400 --> 00:11:15,319
Speaker 1: host with Maggie Tax and Wealth Advisors Robert and Chris Maggie.

244
00:11:15,640 --> 00:11:17,439
Speaker 3: Welcome back and you listen to the Maggie Tax and

245
00:11:17,520 --> 00:11:20,160
Speaker 3: Financial Show. I'm here with my son Chris Maggie. And

246
00:11:20,200 --> 00:11:22,480
Speaker 3: if you just joined this, we've been talking about bucket

247
00:11:22,520 --> 00:11:25,920
Speaker 3: planning and how to manage risk. You always get questions

248
00:11:25,960 --> 00:11:28,439
Speaker 3: about how much income do you need when you retire,

249
00:11:28,480 --> 00:11:30,480
Speaker 3: and the biggest concern is if I'm going to run

250
00:11:30,480 --> 00:11:32,679
Speaker 3: out of money. So we just talked about the first

251
00:11:32,679 --> 00:11:35,440
Speaker 3: two buckets. So now let's get to the last bucket,

252
00:11:35,480 --> 00:11:39,280
Speaker 3: because the third bucket we ideally aren't touching for income

253
00:11:39,320 --> 00:11:40,560
Speaker 3: for ten to fifteen years.

254
00:11:40,559 --> 00:11:42,400
Speaker 4: And Chris, you talked about it earlier.

255
00:11:42,440 --> 00:11:44,760
Speaker 3: The first bucket was like for the first five to

256
00:11:44,840 --> 00:11:47,120
Speaker 3: seven years and then it disappears.

257
00:11:47,120 --> 00:11:47,600
Speaker 4: It's gone.

258
00:11:47,640 --> 00:11:49,720
Speaker 3: But then you pick up the second bucket for the

259
00:11:49,760 --> 00:11:52,760
Speaker 3: next seven to ten years and then it disappears. But

260
00:11:53,000 --> 00:11:55,560
Speaker 3: let's talk about what happens in the third bucket because

261
00:11:55,600 --> 00:11:58,120
Speaker 3: the money doesn't disappear, correct, absolutely, and that's real.

262
00:11:58,160 --> 00:12:00,200
Speaker 2: We got some real time on our side to let

263
00:12:00,240 --> 00:12:02,959
Speaker 2: the market do what the market does. And our plan

264
00:12:03,040 --> 00:12:05,200
Speaker 2: would be to place the percentage of assets in this

265
00:12:05,280 --> 00:12:08,160
Speaker 2: bucket and we can grow this over time, you know,

266
00:12:08,240 --> 00:12:11,560
Speaker 2: many years, and it'll be greater than the original amount

267
00:12:11,600 --> 00:12:14,600
Speaker 2: that we started with and at that point, reassess income

268
00:12:14,679 --> 00:12:17,400
Speaker 2: needs and we can start a new plan all over again,

269
00:12:17,440 --> 00:12:20,720
Speaker 2: because the third bucket grows back to the original amount

270
00:12:20,720 --> 00:12:23,840
Speaker 2: that we put in. So it's a great way to

271
00:12:24,240 --> 00:12:28,800
Speaker 2: really optimize your assets and develop an income plan.

272
00:12:29,040 --> 00:12:31,200
Speaker 3: Let me ask you a question. When we show this

273
00:12:31,320 --> 00:12:33,800
Speaker 3: the first bucket, they know the income is there and

274
00:12:33,840 --> 00:12:36,400
Speaker 3: then they see the second bucket. But when you put

275
00:12:36,400 --> 00:12:38,160
Speaker 3: the money in the third bucket and it grows for

276
00:12:38,240 --> 00:12:40,880
Speaker 3: ten years, the biggest question we get is, you know, well,

277
00:12:41,080 --> 00:12:43,480
Speaker 3: if the market goes down, if the market goes up,

278
00:12:43,480 --> 00:12:46,640
Speaker 3: but don't they have a better option that during that

279
00:12:46,720 --> 00:12:48,880
Speaker 3: tenure period for you to manage that risk. When the

280
00:12:48,880 --> 00:12:52,360
Speaker 3: market goes down, you can keep it low, but when

281
00:12:52,400 --> 00:12:54,160
Speaker 3: it goes up, they're going to take advantage of the games.

282
00:12:54,200 --> 00:12:55,640
Speaker 2: Well that's just it. You want to take advantage of

283
00:12:55,679 --> 00:12:58,080
Speaker 2: the opportunities that are out there, and with time on

284
00:12:58,120 --> 00:13:00,880
Speaker 2: your side, you're able to do that. So we can

285
00:13:00,960 --> 00:13:03,400
Speaker 2: have a guaranteed plan, we call it the green plan,

286
00:13:03,480 --> 00:13:06,440
Speaker 2: which there's no risk at all, just guaranteed income creating

287
00:13:06,440 --> 00:13:09,520
Speaker 2: your own family pension. Or we can have a plan

288
00:13:09,600 --> 00:13:11,440
Speaker 2: with what you like, some risk and that we use

289
00:13:11,559 --> 00:13:15,400
Speaker 2: yellow money in that bucket. We can have income for life.

290
00:13:15,440 --> 00:13:18,160
Speaker 2: We can have the accounts grow, we could take the

291
00:13:18,200 --> 00:13:22,040
Speaker 2: dividends their dividend portfolios that we can access that you

292
00:13:22,080 --> 00:13:25,360
Speaker 2: can take each and every month for income for life.

293
00:13:25,400 --> 00:13:28,040
Speaker 2: So when you start thinking about this, there are ways

294
00:13:28,040 --> 00:13:32,600
Speaker 2: to structure an income plan. So when many people out there,

295
00:13:33,000 --> 00:13:35,600
Speaker 2: they don't know what to do, right, So the thought

296
00:13:35,640 --> 00:13:39,000
Speaker 2: process comes to your mind. I've accumulated all this money,

297
00:13:39,000 --> 00:13:40,680
Speaker 2: what do I do with it. We met with a

298
00:13:40,720 --> 00:13:42,679
Speaker 2: girl last week and she has a million dollars in

299
00:13:42,720 --> 00:13:45,240
Speaker 2: a retirement account. She has a pension that's about to

300
00:13:45,240 --> 00:13:47,560
Speaker 2: come in and also social Security, and she says, I

301
00:13:47,600 --> 00:13:49,440
Speaker 2: want to retire. I just don't know what to do

302
00:13:49,480 --> 00:13:52,000
Speaker 2: with the million dollars to generate the income. How do

303
00:13:52,080 --> 00:13:54,360
Speaker 2: I go about doing it? So I showed to the

304
00:13:54,360 --> 00:13:57,199
Speaker 2: bucket planning and she was amazed, and she said, oh,

305
00:13:57,200 --> 00:13:59,560
Speaker 2: my gosh, I had no idea. You're telling me I

306
00:13:59,559 --> 00:14:02,800
Speaker 2: can create three different buckets, have income for life, and

307
00:14:02,840 --> 00:14:06,000
Speaker 2: then in ten years my million dollars is going to

308
00:14:06,080 --> 00:14:08,760
Speaker 2: still be there. I'll just be taking income or interest

309
00:14:08,800 --> 00:14:10,520
Speaker 2: for the remaining years.

310
00:14:10,640 --> 00:14:12,320
Speaker 4: Yeah. But one thing other that's amazing.

311
00:14:12,400 --> 00:14:15,320
Speaker 2: She's thought this was a great plan because she never

312
00:14:15,440 --> 00:14:16,200
Speaker 2: saw this before.

313
00:14:16,280 --> 00:14:17,000
Speaker 4: Sorry to interrupt you.

314
00:14:17,120 --> 00:14:18,880
Speaker 3: One other thing that was very important with you said,

315
00:14:19,240 --> 00:14:21,120
Speaker 3: and we've had many clients talk about this. When you

316
00:14:21,160 --> 00:14:23,760
Speaker 3: do the income or the bucket planning, at the end,

317
00:14:23,880 --> 00:14:26,360
Speaker 3: they want to leave that money to their beneficiaries, and

318
00:14:26,400 --> 00:14:29,840
Speaker 3: a substantial amount too, so they're not worried too much

319
00:14:29,880 --> 00:14:32,160
Speaker 3: at that point when we show how bucket planning works,

320
00:14:32,160 --> 00:14:35,360
Speaker 3: because number one, you're taking care of you your income

321
00:14:35,720 --> 00:14:39,480
Speaker 3: for life, and then when you visit the angels in

322
00:14:39,520 --> 00:14:42,640
Speaker 3: the sky, then the rest goes to your beneficiaries the

323
00:14:42,640 --> 00:14:43,200
Speaker 3: way you want it.

324
00:14:43,240 --> 00:14:45,480
Speaker 4: I mean, how simple is that, Chris.

325
00:14:45,320 --> 00:14:47,080
Speaker 2: No, that's just the way it works. And when you

326
00:14:47,160 --> 00:14:51,320
Speaker 2: develop an income plan, that's what we're talking about. You

327
00:14:51,320 --> 00:14:55,000
Speaker 2: can have an investment plan, an income plan, a tax

328
00:14:55,080 --> 00:14:57,920
Speaker 2: plan all one. So when you do this, you have

329
00:14:57,960 --> 00:15:00,240
Speaker 2: to meet with the right advisor, because most advice is

330
00:15:00,280 --> 00:15:04,280
Speaker 2: just their transactional advisors. They just deal with investments, and well,

331
00:15:04,320 --> 00:15:06,880
Speaker 2: anybody can deal with investments. You can manage your own money.

332
00:15:07,120 --> 00:15:09,680
Speaker 2: But when you talk about what's your income plan if

333
00:15:09,720 --> 00:15:11,880
Speaker 2: you don't have one, how's the time to pick up

334
00:15:11,920 --> 00:15:14,280
Speaker 2: the phone and schedule time to meet with us. Let's

335
00:15:14,280 --> 00:15:16,200
Speaker 2: get together. We have office on both sides of the bay.

336
00:15:16,680 --> 00:15:18,920
Speaker 2: Eight three to three Maggie Tax. That's eight three to

337
00:15:19,000 --> 00:15:22,240
Speaker 2: three Maggie Tax. Visit our website at Maggi tax dot com.

338
00:15:22,240 --> 00:15:24,920
Speaker 2: There's so much information right there at your fingertips. Watch

339
00:15:24,920 --> 00:15:28,400
Speaker 2: our show every Sunday on ABC at ten thirty am

340
00:15:28,440 --> 00:15:30,000
Speaker 2: for the Magi Tax and Financial Show.

341
00:15:30,240 --> 00:15:32,840
Speaker 3: Here's a critical point many of you I'm probably thinking,

342
00:15:33,080 --> 00:15:36,040
Speaker 3: when do we reassess the plan? Well, we do that

343
00:15:36,560 --> 00:15:38,880
Speaker 3: automatically because we want to see if it's if it's

344
00:15:38,920 --> 00:15:41,760
Speaker 3: going the right way. So we reassess income needs and

345
00:15:41,800 --> 00:15:43,640
Speaker 3: we can start a new plan all over again if

346
00:15:43,680 --> 00:15:46,760
Speaker 3: we had to. Because remember, something life changes. Maybe you'll

347
00:15:46,800 --> 00:15:49,280
Speaker 3: inherit some money and you get some extra money. You

348
00:15:49,400 --> 00:15:51,800
Speaker 3: might just win some money in the lotto if that's

349
00:15:51,840 --> 00:15:54,880
Speaker 3: the way it is. But it's about reassessing your plan

350
00:15:55,000 --> 00:15:58,400
Speaker 3: and doing it maybe annually or semiannually. And I may

351
00:15:58,400 --> 00:16:00,360
Speaker 3: have made that sound simple, and I can tell you

352
00:16:00,360 --> 00:16:03,720
Speaker 3: we put a lot more detail together when we finalize

353
00:16:03,760 --> 00:16:07,600
Speaker 3: a plan. And remember, finalize your plan, not our plan.

354
00:16:07,840 --> 00:16:10,120
Speaker 3: We call it the Maggie plan. But it's a tax plan,

355
00:16:10,200 --> 00:16:13,120
Speaker 3: it's an income plan, it's an investment plan. But I

356
00:16:13,160 --> 00:16:15,880
Speaker 3: hope that simple strategy and thought process that we talked

357
00:16:15,920 --> 00:16:18,760
Speaker 3: about today gives you a different way to look at investing.

358
00:16:19,160 --> 00:16:21,360
Speaker 3: Take the time and pick up the phone and let's

359
00:16:21,360 --> 00:16:23,800
Speaker 3: have a conversation. And Chris and I talk about this

360
00:16:23,840 --> 00:16:27,000
Speaker 3: all the time people have met with us. It's a conversation.

361
00:16:27,520 --> 00:16:29,920
Speaker 3: What are you worried about? What keeps you up at night?

362
00:16:30,280 --> 00:16:32,600
Speaker 3: And one more thing to add, life doesn't always work

363
00:16:32,600 --> 00:16:34,960
Speaker 3: as simple as I just stated with this today with

364
00:16:35,000 --> 00:16:39,200
Speaker 3: bucket planning, So draw your plan in pencil. Be like Congress.

365
00:16:39,240 --> 00:16:41,480
Speaker 3: They draw their plan in pencil. Chris, you know they

366
00:16:41,480 --> 00:16:43,720
Speaker 3: can make changes all the time, not pen But.

367
00:16:43,680 --> 00:16:46,040
Speaker 2: Here's the thing though, with the difference is that when

368
00:16:46,040 --> 00:16:49,120
Speaker 2: you have a retirement plan and you drop a plan,

369
00:16:49,400 --> 00:16:51,200
Speaker 2: you can change it. You can modify it, you can

370
00:16:51,240 --> 00:16:54,240
Speaker 2: make things happen where it benefits you and that's what

371
00:16:54,280 --> 00:16:57,000
Speaker 2: it's about. You know, you work so hard. This is

372
00:16:57,040 --> 00:16:58,960
Speaker 2: your blood, sweat and tears. This is your money. You

373
00:16:58,960 --> 00:17:00,880
Speaker 2: need to do something with it. So when you come

374
00:17:00,920 --> 00:17:02,800
Speaker 2: to us and we sit down and have a conversation,

375
00:17:03,080 --> 00:17:06,359
Speaker 2: we're going to talk about your taxes, your income, your investments,

376
00:17:06,359 --> 00:17:08,920
Speaker 2: your state planning. You know, I keep talking about last

377
00:17:08,920 --> 00:17:10,520
Speaker 2: week and the clients we meet with, but each and

378
00:17:10,560 --> 00:17:13,240
Speaker 2: every week we see the same thing. The girl had

379
00:17:13,240 --> 00:17:15,879
Speaker 2: a million dollars in a retirement account, no beneficiaries were

380
00:17:15,920 --> 00:17:19,520
Speaker 2: set up, she had non qualified money, no beneficiaries were

381
00:17:19,520 --> 00:17:22,639
Speaker 2: set up, and she has three kids and her main

382
00:17:22,680 --> 00:17:25,840
Speaker 2: goal was to make sure that they are taking care of. Well,

383
00:17:26,080 --> 00:17:27,720
Speaker 2: it's not going to happen the way she has it

384
00:17:27,840 --> 00:17:30,760
Speaker 2: right now. Why because you didn't do the planning. So

385
00:17:30,760 --> 00:17:33,399
Speaker 2: if you're out there thinking about today, you know, you're

386
00:17:33,480 --> 00:17:36,400
Speaker 2: driving around, or you're in your house or wherever it is,

387
00:17:36,680 --> 00:17:39,640
Speaker 2: do you have a plan? Ask yourself, what's my investment plan,

388
00:17:39,760 --> 00:17:43,040
Speaker 2: what's my income plan, what's my tax plan? And if

389
00:17:43,040 --> 00:17:45,960
Speaker 2: you can't answer those three questions, then just pick up

390
00:17:46,000 --> 00:17:48,320
Speaker 2: the phone schedule time to meet with us. Because we

391
00:17:48,359 --> 00:17:51,919
Speaker 2: talked about bucket planning is one of the ideas that

392
00:17:51,960 --> 00:17:53,879
Speaker 2: we have. There's a lot of them, especially when it

393
00:17:53,920 --> 00:17:56,800
Speaker 2: comes to tax planning strategies. Oh my gosh, there's a

394
00:17:56,840 --> 00:17:59,399
Speaker 2: lot of advanced tax planning strategies that we know that

395
00:17:59,440 --> 00:18:01,280
Speaker 2: we can help. So pick up the phone, schedule time

396
00:18:01,280 --> 00:18:03,680
Speaker 2: to me with us. Bucket planning is a great way

397
00:18:03,840 --> 00:18:06,480
Speaker 2: to develop your income plan. Eight three to three magi tax.

398
00:18:06,520 --> 00:18:08,120
Speaker 2: That's eight three to three maggie tax.

399
00:18:08,200 --> 00:18:11,280
Speaker 3: And remember we take an holistic approach to every client

400
00:18:11,320 --> 00:18:13,600
Speaker 3: that comes in, which means we talk about tax planning,

401
00:18:13,880 --> 00:18:19,720
Speaker 3: social security, a state planning, legacy planning, income planning, investment planning,

402
00:18:20,040 --> 00:18:22,000
Speaker 3: any kind of plan that you're looking for because it

403
00:18:22,040 --> 00:18:25,200
Speaker 3: all ties together to your money and your plan A

404
00:18:25,359 --> 00:18:27,960
Speaker 3: three to three magi tax or give us a call

405
00:18:28,240 --> 00:18:30,480
Speaker 3: eight three to three magi tax. We have operators standing

406
00:18:30,480 --> 00:18:33,120
Speaker 3: by right now. There's a lot we talked about. Please

407
00:18:33,160 --> 00:18:36,120
Speaker 3: pick up the phone, let's have a conversation. Let Chris

408
00:18:36,119 --> 00:18:38,240
Speaker 3: and I sit down with you and educate you a

409
00:18:38,440 --> 00:18:40,359
Speaker 3: three to three magi tax. And you're listening to the

410
00:18:40,400 --> 00:18:42,200
Speaker 3: Magi Tax and Financial show.

411
00:18:43,160 --> 00:18:46,719
Speaker 1: Stop funding Uncle Sam's retirement and start planning for your

412
00:18:46,760 --> 00:18:50,240
Speaker 1: own successful retirement. As we return to the Maggie Tax

413
00:18:50,280 --> 00:18:53,679
Speaker 1: Financial Show with your host Robert and Chris Maggie with

414
00:18:53,800 --> 00:18:56,919
Speaker 1: Maggie Tax and Wealth Advisors. For information on how you

415
00:18:56,960 --> 00:19:00,320
Speaker 1: can create a tax free retirement, call eight three three

416
00:19:01,000 --> 00:19:05,240
Speaker 1: Maggie Tax or visit Maggie Tax dot com. Now you're

417
00:19:05,320 --> 00:19:09,080
Speaker 1: host with Maggie Tax and Wealth Advisors, Robert and Chris Maggie.

418
00:19:09,960 --> 00:19:12,320
Speaker 2: Welcome back to the Maggie Tax and Financial Show, and

419
00:19:12,640 --> 00:19:14,840
Speaker 2: feel free to visit our website, Maggie Tax dot com.

420
00:19:14,840 --> 00:19:17,520
Speaker 2: There's so much information right there at your fingertips. Do

421
00:19:17,600 --> 00:19:20,120
Speaker 2: you have a tax plan, do you have an income plan?

422
00:19:20,320 --> 00:19:23,320
Speaker 2: Do you have an investment plan? And you know what,

423
00:19:23,359 --> 00:19:25,800
Speaker 2: do you have an estate plan? If you said no

424
00:19:26,320 --> 00:19:28,199
Speaker 2: to any one of those, you need to listen up

425
00:19:28,240 --> 00:19:31,159
Speaker 2: because now's the time to put together a plan for

426
00:19:31,240 --> 00:19:33,720
Speaker 2: you and your family. A three to three Maggi tax.

427
00:19:33,720 --> 00:19:35,920
Speaker 2: That's a three to three Maggie tax. There's so much

428
00:19:35,920 --> 00:19:38,040
Speaker 2: there that we could talk about. You know, at our firm,

429
00:19:38,040 --> 00:19:40,280
Speaker 2: we talk about the Maggie Plan. You know, we're talking

430
00:19:40,320 --> 00:19:43,280
Speaker 2: about taxes today, but how do they incorporate with your investments?

431
00:19:43,640 --> 00:19:46,040
Speaker 2: If you are paying more in tax, guess what less

432
00:19:46,040 --> 00:19:49,600
Speaker 2: income to you and your family? So are you prepared

433
00:19:50,040 --> 00:19:53,360
Speaker 2: for the possibility of higher taxes in retirement, and that's

434
00:19:53,400 --> 00:19:56,200
Speaker 2: what we're talking about today. You need to have a plan.

435
00:19:56,480 --> 00:19:58,400
Speaker 2: You need to have an investment plan, a tax plan,

436
00:19:58,480 --> 00:20:01,480
Speaker 2: and also an income plan. Eight three to three mag attacks.

437
00:20:01,560 --> 00:20:03,720
Speaker 2: Schedule time to meet with us. We have obvious on

438
00:20:03,760 --> 00:20:06,760
Speaker 2: both sides of the day aid three to three MAGI tax.

439
00:20:06,640 --> 00:20:08,560
Speaker 3: And by the way, we do tax preparations. So if

440
00:20:08,560 --> 00:20:09,960
Speaker 3: you want to make an appointment, come on in. But

441
00:20:10,080 --> 00:20:12,560
Speaker 3: let me mention one thing that happened this week. And

442
00:20:12,680 --> 00:20:16,160
Speaker 3: it's really simple. Everyone that works you make income, right,

443
00:20:16,320 --> 00:20:18,840
Speaker 3: who's the first one that you have to pay Uncle

444
00:20:18,880 --> 00:20:21,840
Speaker 3: sam Oh? So let's just say you make twenty thousand

445
00:20:21,920 --> 00:20:24,480
Speaker 3: last year and you make fifty thousand this year, you've

446
00:20:24,480 --> 00:20:28,080
Speaker 3: increased by thirty thousand. Is that thirty thousand free, Chris.

447
00:20:27,880 --> 00:20:29,920
Speaker 2: Nope, you have to pay uncle sam Oh.

448
00:20:29,960 --> 00:20:31,080
Speaker 4: You have to pay Uncle Sam.

449
00:20:31,359 --> 00:20:33,400
Speaker 3: See I'm making light of this because this is where

450
00:20:33,440 --> 00:20:36,280
Speaker 3: people getting confused. When I talked about the five ways

451
00:20:36,280 --> 00:20:38,600
Speaker 3: that taxes are going to go up, so many of

452
00:20:38,640 --> 00:20:41,720
Speaker 3: you assume that your taxes will be lower in the future.

453
00:20:41,880 --> 00:20:43,560
Speaker 2: Not true, it's not true.

454
00:20:43,800 --> 00:20:47,000
Speaker 3: But as today's retirees are discovering that's often not the case,

455
00:20:47,280 --> 00:20:49,280
Speaker 3: and we see this every day. In a perfect example

456
00:20:49,320 --> 00:20:51,960
Speaker 3: is when you make more money, your tax bracket's gonna

457
00:20:51,960 --> 00:20:54,159
Speaker 3: go up, you have to pay more. So if taxes

458
00:20:54,240 --> 00:20:56,320
Speaker 3: keep going up and the tax brackets keep rising, you

459
00:20:56,359 --> 00:20:59,080
Speaker 3: get less. So we can help you understand the five

460
00:20:59,119 --> 00:21:01,720
Speaker 3: ways your taxes could go up in retirement. And again,

461
00:21:01,760 --> 00:21:04,000
Speaker 3: I have a brochure. If you want to call my office,

462
00:21:04,040 --> 00:21:06,080
Speaker 3: just give me your email. I'll be glad to send

463
00:21:06,080 --> 00:21:07,400
Speaker 3: it to you in an email and you can see

464
00:21:07,480 --> 00:21:09,840
Speaker 3: for yourself. Well, come to one of our seminars and

465
00:21:09,880 --> 00:21:12,119
Speaker 3: I'll give you that at the seminar, and how we

466
00:21:12,160 --> 00:21:15,400
Speaker 3: can help you mitigate that tax risk. Think about that.

467
00:21:16,040 --> 00:21:19,880
Speaker 3: Does your advisor talk about mitigating tax risk? No, they

468
00:21:19,920 --> 00:21:22,200
Speaker 3: talk about, you know, putting more money in another account.

469
00:21:22,400 --> 00:21:26,400
Speaker 3: So from the congressional spending to tax bracket changes, you're

470
00:21:26,400 --> 00:21:28,920
Speaker 3: going to learn how to position taxes in your retirement.

471
00:21:29,280 --> 00:21:31,760
Speaker 3: And every news item out of watching con seems to

472
00:21:31,840 --> 00:21:33,400
Speaker 3: include details of a new.

473
00:21:33,280 --> 00:21:35,600
Speaker 2: Or expanded tax. Let me ask you a question.

474
00:21:36,200 --> 00:21:39,800
Speaker 3: So the total government revenue in twenty twenty two was

475
00:21:39,920 --> 00:21:43,400
Speaker 3: four point nine trillion. That's what the government takes in

476
00:21:43,400 --> 00:21:47,400
Speaker 3: in revenue. That was in twenty twenty two. Total government

477
00:21:47,480 --> 00:21:51,400
Speaker 3: spending in fiscal year twenty two was six point three trillion.

478
00:21:51,480 --> 00:21:52,040
Speaker 4: Do the math.

479
00:21:52,600 --> 00:21:54,119
Speaker 3: It's like, you know you have a credit card, you

480
00:21:54,160 --> 00:21:56,200
Speaker 3: got to pay it back, Okay, but we're not even

481
00:21:56,280 --> 00:21:57,680
Speaker 3: paying back half of it.

482
00:21:57,800 --> 00:21:59,879
Speaker 2: Chris, Well, that's just said. I mean things you can't control.

483
00:22:00,240 --> 00:22:02,320
Speaker 2: We know that the government is spending more. That's not

484
00:22:02,320 --> 00:22:03,840
Speaker 2: a topic we want to go into right now. It

485
00:22:03,960 --> 00:22:06,400
Speaker 2: is what it is. They're spending more than they take in.

486
00:22:06,440 --> 00:22:08,439
Speaker 2: But what does that mean to you? What does that

487
00:22:08,480 --> 00:22:09,639
Speaker 2: mean to me?

488
00:22:09,920 --> 00:22:10,080
Speaker 4: Right?

489
00:22:10,160 --> 00:22:12,680
Speaker 2: What does it mean to our generation? It means that

490
00:22:12,840 --> 00:22:15,440
Speaker 2: we are going to pay more in tax because they

491
00:22:15,480 --> 00:22:17,800
Speaker 2: know how much money you have in iras. They know

492
00:22:17,840 --> 00:22:19,960
Speaker 2: how much money you have in formal case, they know

493
00:22:20,000 --> 00:22:21,600
Speaker 2: how much money you have in a TSP if you're

494
00:22:21,600 --> 00:22:25,400
Speaker 2: a federal employee. They know these are all qualified accounts

495
00:22:25,400 --> 00:22:29,360
Speaker 2: that are infected with tax. So very simple. You're exposed

496
00:22:29,400 --> 00:22:32,520
Speaker 2: to tax risk. You're exposed to legislative risk, where they

497
00:22:32,520 --> 00:22:34,800
Speaker 2: can change the rules. What I mean by that is

498
00:22:34,800 --> 00:22:36,760
Speaker 2: they can change the rules on how much they tax

499
00:22:36,840 --> 00:22:39,760
Speaker 2: you they tax me. Right, these are things that we

500
00:22:39,880 --> 00:22:42,800
Speaker 2: need to start controlling today. And you can if you

501
00:22:42,840 --> 00:22:45,600
Speaker 2: put together a tax plan. That's why I ask you,

502
00:22:45,640 --> 00:22:48,520
Speaker 2: what's your plan? What's your tax plan? If you don't

503
00:22:48,560 --> 00:22:51,280
Speaker 2: have one, now is the time to start really putting

504
00:22:51,280 --> 00:22:53,360
Speaker 2: one together and we can help. So pick up the phone,

505
00:22:53,440 --> 00:22:55,640
Speaker 2: schedule time to meet with us. Because when we put

506
00:22:55,640 --> 00:22:58,240
Speaker 2: together a tax plan, we can put together an income plan.

507
00:22:58,680 --> 00:23:02,280
Speaker 2: And what's better having taxable income or tax free income?

508
00:23:02,720 --> 00:23:05,040
Speaker 2: And when you can show a tax return like we

509
00:23:05,119 --> 00:23:08,040
Speaker 2: do to our clients in retirement that I don't care

510
00:23:08,200 --> 00:23:12,000
Speaker 2: if they increase taxes because our clients' plans have tax

511
00:23:12,040 --> 00:23:15,600
Speaker 2: free money. So when they retire and they take income

512
00:23:15,720 --> 00:23:18,400
Speaker 2: and government says, well, we need to pay our deficet

513
00:23:18,400 --> 00:23:21,240
Speaker 2: and we need to increase taxes, our clients aren't affected

514
00:23:21,240 --> 00:23:23,879
Speaker 2: by that because they have a tax plan. That's what

515
00:23:23,920 --> 00:23:25,359
Speaker 2: we can do for you. So pick up the phone,

516
00:23:25,400 --> 00:23:27,560
Speaker 2: schedule a time to meet with us. Eight three to

517
00:23:27,600 --> 00:23:30,280
Speaker 2: three Maggie tax. That's eight three three Maggie tax.

518
00:23:30,359 --> 00:23:32,320
Speaker 3: And this is a race that we all must learn

519
00:23:32,400 --> 00:23:34,720
Speaker 3: to win where we're ahead of it, not behind it,

520
00:23:34,800 --> 00:23:36,639
Speaker 3: because that's when people get in trouble. In at every

521
00:23:36,680 --> 00:23:38,679
Speaker 3: seminar that we do, this is the question that we

522
00:23:38,760 --> 00:23:41,200
Speaker 3: ask the audience, and I'm asking all of you. How

523
00:23:41,240 --> 00:23:43,880
Speaker 3: many people think taxes are going up in the future,

524
00:23:44,280 --> 00:23:47,040
Speaker 3: and I know everybody raises their hand. Nearly everyone raised

525
00:23:47,080 --> 00:23:48,840
Speaker 3: their hands because it's going to go up. So the

526
00:23:48,840 --> 00:23:51,880
Speaker 3: point Chris and I are making today is tax planning

527
00:23:52,440 --> 00:23:55,160
Speaker 3: is essential. You've got to start thinking about it. Whether

528
00:23:55,200 --> 00:23:57,239
Speaker 3: you have low income or high income, it doesn't make

529
00:23:57,280 --> 00:24:00,320
Speaker 3: a difference. Yet, while you understand we've entered it into

530
00:24:00,359 --> 00:24:04,080
Speaker 3: a rousing tax environment, surprisingly few of you have used

531
00:24:04,119 --> 00:24:07,600
Speaker 3: that knowledge to change how you save for retirement. And

532
00:24:07,640 --> 00:24:09,880
Speaker 3: if your advisor's not talking to you about this, which

533
00:24:09,920 --> 00:24:12,439
Speaker 3: is why we say, go to my retirement calculator on

534
00:24:12,520 --> 00:24:15,240
Speaker 3: Maggie tax dot com and see for yourself what your

535
00:24:15,280 --> 00:24:16,439
Speaker 3: tax is going to be.

536
00:24:16,840 --> 00:24:18,960
Speaker 2: Chris, that's very important. Well let's just talk about that.

537
00:24:19,040 --> 00:24:21,440
Speaker 2: You know, when we meet with clients, what are we seeing.

538
00:24:21,520 --> 00:24:24,240
Speaker 2: We're seeing tons of RRAH accounts, tons of Form with

539
00:24:24,280 --> 00:24:27,080
Speaker 2: K accounts, tons of these accounts that are deferred. We

540
00:24:27,119 --> 00:24:29,400
Speaker 2: see this, and they've been with their advisors for years.

541
00:24:29,400 --> 00:24:31,840
Speaker 2: They're not doing the right job. I'll tell you what, Yeah,

542
00:24:31,960 --> 00:24:34,439
Speaker 2: anyone can manage your money. You can manage yourself with

543
00:24:34,520 --> 00:24:36,240
Speaker 2: this market where it's at and the amount of money

544
00:24:36,280 --> 00:24:39,080
Speaker 2: they're pumping in and the environment they're playing with, the

545
00:24:39,119 --> 00:24:42,280
Speaker 2: interest rates, everyone's making money. That's easy, that's the easy

546
00:24:42,320 --> 00:24:44,359
Speaker 2: part of it. But what about the end of the game.

547
00:24:44,480 --> 00:24:46,040
Speaker 2: You know, when you think about a football game and

548
00:24:46,080 --> 00:24:48,919
Speaker 2: you're up at halftime, you're all happy because you're up

549
00:24:48,960 --> 00:24:51,080
Speaker 2: by forty points, but guess what, You've got to finish

550
00:24:51,160 --> 00:24:53,480
Speaker 2: the game. And that's where Uncle Sam comes in, and

551
00:24:53,480 --> 00:24:55,399
Speaker 2: that's where he blows it right by you and you

552
00:24:55,440 --> 00:24:57,720
Speaker 2: lose forty three to forty because you did not have

553
00:24:57,800 --> 00:25:00,520
Speaker 2: a tax plan. So pick up the phone, scaled time

554
00:25:00,520 --> 00:25:02,880
Speaker 2: to meet with us. Let's put together an investment plan.

555
00:25:02,960 --> 00:25:05,640
Speaker 2: Let's put together an income plan. Let's put together that

556
00:25:05,720 --> 00:25:09,480
Speaker 2: tax plan that you need to generate guaranteed safety and

557
00:25:09,520 --> 00:25:12,119
Speaker 2: also income in the future. What's wrong with going to

558
00:25:12,160 --> 00:25:15,280
Speaker 2: the mailbox every month when you're retired, pick it up

559
00:25:15,320 --> 00:25:17,760
Speaker 2: a check and that's tax free money and spending the

560
00:25:17,800 --> 00:25:19,120
Speaker 2: heck out of it and doing it all over again

561
00:25:19,160 --> 00:25:21,359
Speaker 2: for the rest of your life. How cool would that be?

562
00:25:21,359 --> 00:25:23,359
Speaker 2: Because when you hear the news and hear all the

563
00:25:23,480 --> 00:25:26,080
Speaker 2: drama and they talk about, oh my gosh, taxes are

564
00:25:26,119 --> 00:25:27,720
Speaker 2: going to go up. Tax are the highest it's ever

565
00:25:27,760 --> 00:25:30,120
Speaker 2: been you can say and put a smile on your

566
00:25:30,119 --> 00:25:33,280
Speaker 2: face and say that doesn't affect They're not higher, they're

567
00:25:33,359 --> 00:25:36,720
Speaker 2: lower is the lowest point. But how cool could it

568
00:25:36,760 --> 00:25:38,760
Speaker 2: be in the future when that happens that you don't

569
00:25:38,800 --> 00:25:41,119
Speaker 2: have to be affected by it. That's why we can

570
00:25:41,160 --> 00:25:43,800
Speaker 2: put together a tax plan eight three three magi tax.

571
00:25:43,920 --> 00:25:46,520
Speaker 2: Get the tax plan. We have office on both sides

572
00:25:46,520 --> 00:25:48,200
Speaker 2: of the bay. Eight three to three magi tax.

573
00:25:48,320 --> 00:25:51,240
Speaker 3: So if you all continue to defer taxes, which many

574
00:25:51,240 --> 00:25:52,919
Speaker 3: of you do in an IRA four to one K

575
00:25:53,400 --> 00:25:56,080
Speaker 3: four or three B on all or most of your

576
00:25:56,080 --> 00:25:59,040
Speaker 3: retirement assets, you're going to have a large tax bill

577
00:25:59,119 --> 00:25:59,760
Speaker 3: to pay.

578
00:26:00,200 --> 00:26:01,280
Speaker 4: So why would you do that?

579
00:26:01,320 --> 00:26:03,800
Speaker 3: If you can do strategic planning or like Chris and

580
00:26:03,800 --> 00:26:07,119
Speaker 3: I talk about bucket planning, where you have income that

581
00:26:07,200 --> 00:26:09,359
Speaker 3: may be tax free, you have growth and you have

582
00:26:09,440 --> 00:26:11,520
Speaker 3: later money, but you take that money and you have

583
00:26:11,640 --> 00:26:12,679
Speaker 3: tax free money.

584
00:26:12,960 --> 00:26:14,760
Speaker 2: We can do that. That's what we do. That's called

585
00:26:14,760 --> 00:26:15,440
Speaker 2: the Maggie Plan.

586
00:26:15,760 --> 00:26:17,720
Speaker 3: It's a tax plan, it's an income plan, it's an

587
00:26:17,760 --> 00:26:19,840
Speaker 3: investment plan, and it's a legacy plan.

588
00:26:19,880 --> 00:26:21,000
Speaker 2: And please one other thing.

589
00:26:21,359 --> 00:26:23,640
Speaker 3: Many of you don't have a will or a trust

590
00:26:23,880 --> 00:26:25,560
Speaker 3: and you sit back and say I don't need it,

591
00:26:25,600 --> 00:26:28,760
Speaker 3: because well you do, so visit one of our seminars.

592
00:26:28,760 --> 00:26:31,239
Speaker 3: Go to my website Maggie Tax dot com. We have

593
00:26:31,280 --> 00:26:33,280
Speaker 3: two seminars a month. Take a look at the dates

594
00:26:33,320 --> 00:26:36,920
Speaker 3: and times and locations and come. There's no obligation, no lunch,

595
00:26:37,040 --> 00:26:40,199
Speaker 3: no dinner, no nothing, just explaining to you what this

596
00:26:40,320 --> 00:26:42,919
Speaker 3: is about. I think that's more important getting you education

597
00:26:43,040 --> 00:26:45,879
Speaker 3: and understanding the language than feeding people. And you know what,

598
00:26:45,920 --> 00:26:48,160
Speaker 3: I've done that for years and it's okay, but it's

599
00:26:48,200 --> 00:26:50,040
Speaker 3: not what I want. If you want information, then you

600
00:26:50,119 --> 00:26:52,560
Speaker 3: come to my seminar. I will give you the information

601
00:26:52,640 --> 00:26:55,600
Speaker 3: because that's what you need. So how can we help

602
00:26:55,760 --> 00:27:00,640
Speaker 3: overcome this disconnect of taxes and legislative risk? Maggie Tax.

603
00:27:00,680 --> 00:27:03,800
Speaker 3: We help our clients face new risks. People work with

604
00:27:03,920 --> 00:27:08,399
Speaker 3: Maggie Tax because we help. And here's the word, mitigate risk. Chris,

605
00:27:08,520 --> 00:27:11,639
Speaker 3: does any advisor are talking about mitigate risk? No, they

606
00:27:11,640 --> 00:27:13,800
Speaker 3: don't talk about that. That that's why it's so disappointing.

607
00:27:13,880 --> 00:27:16,040
Speaker 3: Think about it. You don't have clients like we see this.

608
00:27:16,200 --> 00:27:18,040
Speaker 3: We meet with clients and they come in with statements.

609
00:27:18,080 --> 00:27:20,320
Speaker 3: Yeah it's five hundred thousand, Yeah it's one point two million. Yeah,

610
00:27:20,359 --> 00:27:23,159
Speaker 3: it's three hundred thousand. Yeah it's four million. It doesn't matter.

611
00:27:23,320 --> 00:27:25,440
Speaker 3: At the end of the day, there's no planning. There's

612
00:27:25,440 --> 00:27:28,320
Speaker 3: no planning. It's just investment accounts. You've got piles of money.

613
00:27:28,800 --> 00:27:31,040
Speaker 3: We see in this. This is what advisors are doing.

614
00:27:31,080 --> 00:27:33,840
Speaker 3: They're just dealing with investments. Yeah, you have money.

615
00:27:33,880 --> 00:27:35,760
Speaker 2: I don't care. The fact of the matter is what's

616
00:27:35,800 --> 00:27:37,680
Speaker 2: the end of the game look like for you? The

617
00:27:37,720 --> 00:27:39,880
Speaker 2: tax side of this, Because yeah, you can have four

618
00:27:39,920 --> 00:27:42,280
Speaker 2: million bucks, but guess what when we run the tax

619
00:27:42,359 --> 00:27:45,240
Speaker 2: time calculator and that four million dollars is not worth

620
00:27:45,280 --> 00:27:48,560
Speaker 2: four million, It's worth two million, or it's worth two

621
00:27:48,600 --> 00:27:52,800
Speaker 2: point five million. Guess what, Uncle Sam is your partner.

622
00:27:53,320 --> 00:27:56,560
Speaker 2: How do you remove Uncle Sam from your partner forever

623
00:27:56,640 --> 00:27:59,280
Speaker 2: and ever and ever so we can show you how

624
00:27:59,280 --> 00:27:59,640
Speaker 2: to do.

625
00:27:59,560 --> 00:28:01,960
Speaker 3: This is understanding that you just said that people have

626
00:28:02,080 --> 00:28:03,080
Speaker 3: I have a lot of money.

627
00:28:03,280 --> 00:28:04,720
Speaker 4: I have two million, I have one million, I have

628
00:28:04,760 --> 00:28:05,560
Speaker 4: five hundred thousand.

629
00:28:05,600 --> 00:28:06,119
Speaker 2: No you don't.

630
00:28:06,600 --> 00:28:09,119
Speaker 3: Here's the question that we ask every single person that

631
00:28:09,160 --> 00:28:12,919
Speaker 3: comes into meets with us. How much income do you

632
00:28:13,080 --> 00:28:16,440
Speaker 3: need per month? Forget about how much you have, how

633
00:28:16,520 --> 00:28:17,840
Speaker 3: much do you need per month?

634
00:28:17,880 --> 00:28:19,960
Speaker 4: Am I right? Or wrong, and then where we going

635
00:28:20,040 --> 00:28:20,720
Speaker 4: to get it from?

636
00:28:20,760 --> 00:28:22,520
Speaker 3: And then when you start looking at the numbers and

637
00:28:22,560 --> 00:28:25,080
Speaker 3: you start budgeting and you start figuring out, well I

638
00:28:25,119 --> 00:28:27,360
Speaker 3: only need this amount and I'm okay, let the risk

639
00:28:27,440 --> 00:28:29,720
Speaker 3: grow and put on a tax free basis. Why would

640
00:28:29,760 --> 00:28:31,600
Speaker 3: you not want to do that? So how do we

641
00:28:31,640 --> 00:28:34,399
Speaker 3: do that? It's real simple. We use a process. We

642
00:28:34,440 --> 00:28:37,480
Speaker 3: have a process at Maggie Tax. We identify the risk.

643
00:28:37,560 --> 00:28:40,320
Speaker 3: And this is so important because older people are taking

644
00:28:40,360 --> 00:28:42,560
Speaker 3: more risk than they need to and the advisor's not

645
00:28:42,880 --> 00:28:46,440
Speaker 3: talking about risk management we do. We want to quantify

646
00:28:46,480 --> 00:28:49,040
Speaker 3: that risk because maybe you're taking too much risk and

647
00:28:49,080 --> 00:28:51,440
Speaker 3: we can reduce the risks you have more tax free money.

648
00:28:51,720 --> 00:28:54,120
Speaker 3: And here's the thing, write this down. We're going to

649
00:28:54,120 --> 00:28:58,160
Speaker 3: build a plan to mitigate to mitigate that risk. You

650
00:28:58,160 --> 00:28:59,960
Speaker 3: know what, I challenge all of you. Go to your advice,

651
00:29:00,320 --> 00:29:02,640
Speaker 3: go to your CPA and ask them this question, how

652
00:29:02,720 --> 00:29:04,280
Speaker 3: do you mitigate my tax risk?

653
00:29:04,400 --> 00:29:05,320
Speaker 4: And then be quiet.

654
00:29:05,640 --> 00:29:07,000
Speaker 3: I guarantee you they're going to look at you and

655
00:29:07,280 --> 00:29:08,920
Speaker 3: gonna stare at you like, what are you talking about?

656
00:29:09,240 --> 00:29:12,520
Speaker 3: Mitigate lower the tax risk. So it started with the

657
00:29:12,560 --> 00:29:15,160
Speaker 3: market savers wanted to and this is what Chris was

658
00:29:15,200 --> 00:29:17,840
Speaker 3: talking about before, and they needed the power of the

659
00:29:17,840 --> 00:29:21,320
Speaker 3: stock market to grow their funds. It was a simple formula,

660
00:29:21,360 --> 00:29:23,600
Speaker 3: there was nothing wrong with it. They put money aside,

661
00:29:23,680 --> 00:29:25,240
Speaker 3: invest in the stock market, and.

662
00:29:25,240 --> 00:29:27,600
Speaker 4: Watch it grow. Oh man, this is growing great, right.

663
00:29:27,560 --> 00:29:30,880
Speaker 3: Chris, Until it didn't. Until it didn't, and it's gonna

664
00:29:30,880 --> 00:29:34,719
Speaker 3: happen again. So during the market downturn, savers learned about

665
00:29:34,760 --> 00:29:38,040
Speaker 3: what risks. What kind of risk Chris, there's different types.

666
00:29:38,040 --> 00:29:38,960
Speaker 3: Are at market risk?

667
00:29:39,080 --> 00:29:42,280
Speaker 2: Right? Inflation risk? We see that, what about tax risk?

668
00:29:42,640 --> 00:29:44,840
Speaker 2: These are things we're talking about. So do you have

669
00:29:44,880 --> 00:29:47,560
Speaker 2: a plan? Many people out there don't. They just have

670
00:29:47,640 --> 00:29:49,520
Speaker 2: piles of money. You get those statements. You have a

671
00:29:49,560 --> 00:29:52,280
Speaker 2: pile of money, big deal, But how is it going

672
00:29:52,360 --> 00:29:54,920
Speaker 2: to come out? What's the end of the game look

673
00:29:55,080 --> 00:29:58,000
Speaker 2: like for that account? Pick up the phone, schedule time

674
00:29:58,040 --> 00:30:00,520
Speaker 2: to meet with us. Let's get together. I urge you

675
00:30:00,560 --> 00:30:02,320
Speaker 2: to do this because we see this each and every day.

676
00:30:02,360 --> 00:30:04,880
Speaker 2: Many people they come in they think they have a

677
00:30:04,920 --> 00:30:07,480
Speaker 2: plan and guess what they don't because when we do

678
00:30:07,560 --> 00:30:10,280
Speaker 2: tax planning and tax preparation each and every year, guess

679
00:30:10,320 --> 00:30:13,280
Speaker 2: what they're paying taxes? And then they're saying, what can

680
00:30:13,320 --> 00:30:13,600
Speaker 2: I do?

681
00:30:13,800 --> 00:30:14,040
Speaker 4: Well?

682
00:30:15,080 --> 00:30:17,480
Speaker 2: You follow the crowd. You didn't listen and you didn't

683
00:30:17,520 --> 00:30:19,640
Speaker 2: put together a plan. Now's the time to do it.

684
00:30:20,080 --> 00:30:23,000
Speaker 2: Don't follow the crowd. Eight three three Maggie Tax. That's

685
00:30:23,040 --> 00:30:25,880
Speaker 2: a three three Magi Tax. Visit our website at Maggie

686
00:30:25,920 --> 00:30:28,520
Speaker 2: tax dot com. There is so much there to help you.

687
00:30:28,720 --> 00:30:31,880
Speaker 2: Eight three three Magi Tax. Send deployment today. Eight three

688
00:30:32,000 --> 00:30:33,160
Speaker 2: three Magi Tax.

689
00:30:38,400 --> 00:30:41,959
Speaker 1: Stop funding Uncle Sam's retirement and start planning for your

690
00:30:42,000 --> 00:30:45,480
Speaker 1: own successful retirement. As we return to the Maggie Tax

691
00:30:45,520 --> 00:30:48,920
Speaker 1: Financial Show with your host Robert and Chris Maggie with

692
00:30:49,040 --> 00:30:52,160
Speaker 1: Maggie Tax and Wealth Advisors. For information on how you

693
00:30:52,200 --> 00:30:55,800
Speaker 1: can create a tax free retirement. Call eight three three

694
00:30:56,240 --> 00:31:00,560
Speaker 1: Magie Tax, or visit Maggie Tax dot com. Now your

695
00:31:00,560 --> 00:31:04,920
Speaker 1: host with Maggie Tax and Wealth Advisors, Robert and Chris Maggie.

696
00:31:04,640 --> 00:31:06,640
Speaker 2: Welcome back to the Maggie Tax and Financial Show, and

697
00:31:06,680 --> 00:31:08,680
Speaker 2: thank you so much for tuning in. And you know easion.

698
00:31:08,720 --> 00:31:11,520
Speaker 2: Every week we're helping people reduce their taxes. We're helping

699
00:31:11,520 --> 00:31:15,240
Speaker 2: people with their tax situation. Regarding tax planning, you know,

700
00:31:15,360 --> 00:31:18,120
Speaker 2: tax preparation versus tax planning is a big difference. We

701
00:31:18,160 --> 00:31:20,120
Speaker 2: do the tax planning side of this to help you

702
00:31:20,480 --> 00:31:23,120
Speaker 2: income planning, investment planning, and state planning. We can help

703
00:31:23,320 --> 00:31:26,360
Speaker 2: visit our website at Maggie tax dot com. Click on

704
00:31:26,600 --> 00:31:30,720
Speaker 2: the Retirement tax Bomb RTB. You have a retirement tax

705
00:31:30,720 --> 00:31:33,280
Speaker 2: bomb if you have an IRA Form one K. These

706
00:31:33,320 --> 00:31:36,000
Speaker 2: accounts are infected with taxes. So that's what we talked

707
00:31:36,000 --> 00:31:39,400
Speaker 2: about today throughout today's show, how to to defuse It's

708
00:31:39,400 --> 00:31:41,959
Speaker 2: the big tax time bomb that's about to happen if

709
00:31:41,960 --> 00:31:43,760
Speaker 2: you have these retirement accounts. So ed, what are the

710
00:31:43,760 --> 00:31:47,880
Speaker 2: common quotes that we hear people say and let's deal

711
00:31:47,920 --> 00:31:48,240
Speaker 2: with that.

712
00:31:48,600 --> 00:31:49,720
Speaker 4: Well, this is a.

713
00:31:49,640 --> 00:31:53,040
Speaker 3: Tax story, so it's affecting everybody in The most common

714
00:31:53,080 --> 00:31:55,680
Speaker 3: on we get is don't worry about it. Don't worry

715
00:31:55,720 --> 00:31:57,400
Speaker 3: about it. You got to be kidding me. You have

716
00:31:57,440 --> 00:31:59,560
Speaker 3: to worry about it, think about it. You say this,

717
00:31:59,680 --> 00:32:02,440
Speaker 3: you say the long time, and then you think it's yours.

718
00:32:02,480 --> 00:32:03,960
Speaker 3: Then you got to give it back to Uncle Sam

719
00:32:04,040 --> 00:32:07,040
Speaker 3: or the irs. It's just something you have to deal with. No,

720
00:32:07,120 --> 00:32:10,320
Speaker 3: that's not true either. You can do tax planning and

721
00:32:10,360 --> 00:32:12,640
Speaker 3: you could reduce your tax and have tax free money.

722
00:32:12,960 --> 00:32:15,560
Speaker 3: So it's something you should worry about and you'll be

723
00:32:15,560 --> 00:32:17,880
Speaker 3: in a lower tax bracket when you retire. No, you

724
00:32:17,960 --> 00:32:20,840
Speaker 3: won't not if the Trump tax cuts expire. And you

725
00:32:20,880 --> 00:32:23,320
Speaker 3: see the way they're spending money, you know, because it's

726
00:32:23,320 --> 00:32:25,760
Speaker 3: gonna cost us more, every single one of us, and

727
00:32:25,800 --> 00:32:27,840
Speaker 3: they're going to take it out of your IRA You

728
00:32:27,920 --> 00:32:30,239
Speaker 3: four oh one K, you four three B and that's

729
00:32:30,280 --> 00:32:31,560
Speaker 3: where the money is gonna come from.

730
00:32:31,640 --> 00:32:31,880
Speaker 4: Why.

731
00:32:32,120 --> 00:32:34,600
Speaker 2: So that's the big thing. I mean, Uncle Sam knows

732
00:32:34,600 --> 00:32:37,640
Speaker 2: how much money is invested in iras. In formal case,

733
00:32:37,920 --> 00:32:40,440
Speaker 2: there's a fair market value that they get each and

734
00:32:40,440 --> 00:32:43,440
Speaker 2: every year. They know how much there's trillions of dollars

735
00:32:43,840 --> 00:32:46,280
Speaker 2: that are before tax. That all they have to do

736
00:32:46,600 --> 00:32:49,400
Speaker 2: is increase the taxes by a couple of different percentage

737
00:32:49,440 --> 00:32:51,720
Speaker 2: points and guess what, that's more revenue. So they know,

738
00:32:51,880 --> 00:32:54,560
Speaker 2: and they know you're strapped because they know that you

739
00:32:54,600 --> 00:32:57,360
Speaker 2: can't do anything about it unless you do planning. So

740
00:32:57,400 --> 00:32:59,280
Speaker 2: that's what we're talking about today. If you do not

741
00:32:59,400 --> 00:33:01,160
Speaker 2: have a tax plan, if you do not have an

742
00:33:01,160 --> 00:33:04,720
Speaker 2: income plan, if you don't have an investment plan, then

743
00:33:04,720 --> 00:33:06,520
Speaker 2: pick up the phone, schedule time to meet with us.

744
00:33:06,560 --> 00:33:09,360
Speaker 2: Let's show you strategies where you can reduce your taxes.

745
00:33:09,440 --> 00:33:11,760
Speaker 2: Let's show you some strategies where you can offset the

746
00:33:11,800 --> 00:33:14,600
Speaker 2: money that comes out of an IRA to a roth ira.

747
00:33:14,800 --> 00:33:16,680
Speaker 2: How do you go about doing this? Well, we can

748
00:33:16,720 --> 00:33:19,120
Speaker 2: help pick up the phone, schedule time to meet with us.

749
00:33:19,160 --> 00:33:20,640
Speaker 2: Eight three three Maggie.

750
00:33:20,680 --> 00:33:21,000
Speaker 4: Tax.

751
00:33:21,320 --> 00:33:24,160
Speaker 2: We don't want you to hear the stories or your

752
00:33:24,160 --> 00:33:26,840
Speaker 2: friends say, hey, don't worry about it, or you're gonna

753
00:33:26,840 --> 00:33:28,920
Speaker 2: be in a lower tax bracket in retirement. How do

754
00:33:28,960 --> 00:33:33,560
Speaker 2: they know? It's your situation, your situation. So get together

755
00:33:33,600 --> 00:33:36,000
Speaker 2: with us, let's put together a plan, and let's show

756
00:33:36,000 --> 00:33:37,400
Speaker 2: you where you're at now and where you're going to

757
00:33:37,440 --> 00:33:38,000
Speaker 2: be in the future.

758
00:33:38,240 --> 00:33:42,520
Speaker 3: So the story is also tax procrastination. Nobody's worried about

759
00:33:42,520 --> 00:33:44,240
Speaker 3: it until you have to worry about it. And most

760
00:33:44,360 --> 00:33:46,080
Speaker 3: times when you worry about it is when you do

761
00:33:46,120 --> 00:33:47,280
Speaker 3: your taxes every year.

762
00:33:47,120 --> 00:33:49,520
Speaker 2: And it's too late at that point because again, all

763
00:33:49,520 --> 00:33:52,200
Speaker 2: you have to file for the previous year. So get

764
00:33:52,240 --> 00:33:54,600
Speaker 2: it ahead of it. And that's what we're talking about.

765
00:33:54,960 --> 00:33:57,000
Speaker 2: We call it strategic planning, and you can do that.

766
00:33:57,360 --> 00:33:59,080
Speaker 2: So this and this is another thing here.

767
00:33:59,480 --> 00:34:01,479
Speaker 3: Think about that the structure of the four oh one

768
00:34:01,560 --> 00:34:04,760
Speaker 3: K was always set up against lower paid or middle

769
00:34:04,760 --> 00:34:08,839
Speaker 3: class workers from the very beginning because you're taking money,

770
00:34:08,880 --> 00:34:11,680
Speaker 3: you're putting in at tax deferred. Okay, now you get

771
00:34:11,719 --> 00:34:13,480
Speaker 3: to retire at seventy three and you have to take

772
00:34:13,480 --> 00:34:17,040
Speaker 3: to RMD or before that and it's taxable. But many

773
00:34:17,239 --> 00:34:21,840
Speaker 3: retirees payback decades. Write this down decades worth of tax

774
00:34:21,880 --> 00:34:24,880
Speaker 3: savings in the first three to six years of retirement

775
00:34:25,280 --> 00:34:28,200
Speaker 3: and every three to six years thereafter. So why are

776
00:34:28,239 --> 00:34:31,319
Speaker 3: you procrastinating, Why are you believing those stories that are

777
00:34:31,320 --> 00:34:34,640
Speaker 3: not true. Take a stance here and get in front

778
00:34:34,640 --> 00:34:36,000
Speaker 3: of it. Get in front of it and do some

779
00:34:36,120 --> 00:34:38,399
Speaker 3: tax planning. That's what Chris and I do all the time.

780
00:34:38,440 --> 00:34:40,080
Speaker 3: And like I said before, I know this is going

781
00:34:40,120 --> 00:34:43,359
Speaker 3: to sound weird, but this over fifteen hundred tax strategies

782
00:34:43,560 --> 00:34:45,200
Speaker 3: that you can use. Not that every one of them

783
00:34:45,239 --> 00:34:47,239
Speaker 3: is going to fit you, but there are some that

784
00:34:47,280 --> 00:34:48,840
Speaker 3: you can use. And I'm telling you right now, you

785
00:34:48,840 --> 00:34:50,520
Speaker 3: probably don't even know about it. Christ And that's the

786
00:34:50,560 --> 00:34:52,319
Speaker 3: mistake people to make it you just don't know what

787
00:34:52,360 --> 00:34:54,920
Speaker 3: you don't know. So if you're listening today, you need

788
00:34:55,000 --> 00:34:57,920
Speaker 3: to know this is your retirement. Don't get caught up

789
00:34:58,000 --> 00:35:00,239
Speaker 3: where we've seen clients that they can't do any thing

790
00:35:00,280 --> 00:35:03,040
Speaker 3: about it because they're stuck. Don't get stuck in retirement.

791
00:35:03,120 --> 00:35:05,640
Speaker 3: Get ahead of it. That's who we're discussing here today.

792
00:35:05,680 --> 00:35:07,560
Speaker 3: So pick up the phone, schedule time to meet with us.

793
00:35:07,920 --> 00:35:10,600
Speaker 3: Let's put together a plan. Let's look at what you

794
00:35:10,680 --> 00:35:13,600
Speaker 3: have now'll we tell you. We'll tell you if you're

795
00:35:13,600 --> 00:35:16,400
Speaker 3: in a good tax situation or you're not. We can

796
00:35:16,480 --> 00:35:18,440
Speaker 3: run a mock tax return right in front of you,

797
00:35:18,480 --> 00:35:20,440
Speaker 3: and I can show you what your future tax is

798
00:35:20,520 --> 00:35:22,880
Speaker 3: going to be. When you're taking Social Security, you know,

799
00:35:22,920 --> 00:35:25,120
Speaker 3: when you're taking money from your investments, when you're taking

800
00:35:25,160 --> 00:35:27,600
Speaker 3: money from your dividus, whatever it is. I can show

801
00:35:27,640 --> 00:35:29,200
Speaker 3: you today what it's going to be. And then you

802
00:35:29,200 --> 00:35:31,640
Speaker 3: can say, well, hey, that's not what I want to pay.

803
00:35:31,680 --> 00:35:33,120
Speaker 3: I want to pay less. Well, how do you go

804
00:35:33,200 --> 00:35:35,400
Speaker 3: about doing it? Then let's put together a plan. Then

805
00:35:35,440 --> 00:35:36,120
Speaker 3: do it for you.

806
00:35:36,480 --> 00:35:38,880
Speaker 2: Eight three to three Maggie Tax, get ahead of the game,

807
00:35:39,120 --> 00:35:40,400
Speaker 2: Magi tax dot com.

808
00:35:40,440 --> 00:35:42,520
Speaker 3: So let me throw something else at you. The five

809
00:35:42,960 --> 00:35:46,120
Speaker 3: risks in retirement. Number one market risk and Chris, I

810
00:35:46,120 --> 00:35:48,319
Speaker 3: mean everybody has money, not everybody, but because a lot

811
00:35:48,320 --> 00:35:50,279
Speaker 3: of people have money in the market, but it goes up,

812
00:35:50,320 --> 00:35:51,000
Speaker 3: it goes down.

813
00:35:51,160 --> 00:35:52,720
Speaker 4: And when you lose money in the market.

814
00:35:52,840 --> 00:35:54,719
Speaker 3: You don't get it back, but you still have to

815
00:35:54,719 --> 00:35:57,120
Speaker 3: pay taxes on the game if you do. What about

816
00:35:57,160 --> 00:35:59,520
Speaker 3: income risk? How many of you were concerned about how

817
00:35:59,600 --> 00:36:01,799
Speaker 3: much income? One of the questions that Chris and I

818
00:36:01,840 --> 00:36:04,680
Speaker 3: ask everyone that comes in how much income do you

819
00:36:04,760 --> 00:36:07,680
Speaker 3: need at the mailbox every month to live your life?

820
00:36:08,000 --> 00:36:10,440
Speaker 3: And that is the most confusing question when we ask

821
00:36:10,520 --> 00:36:12,840
Speaker 3: that because people don't think about that because when you

822
00:36:12,920 --> 00:36:14,720
Speaker 3: retire you have to have guaranteed income.

823
00:36:14,880 --> 00:36:15,960
Speaker 2: What about health risk?

824
00:36:16,080 --> 00:36:16,520
Speaker 4: Right now?

825
00:36:16,719 --> 00:36:18,480
Speaker 3: I had a gentleman the other day. He called me.

826
00:36:18,520 --> 00:36:20,839
Speaker 3: He's got a problem with his kidneys. I feel very

827
00:36:20,880 --> 00:36:22,640
Speaker 3: bad for him, but he said, Bobby, I don't think

828
00:36:22,680 --> 00:36:23,920
Speaker 3: I have a long time to live, and I want

829
00:36:23,960 --> 00:36:25,839
Speaker 3: to make sure my wife is going to be taken

830
00:36:25,880 --> 00:36:28,160
Speaker 3: care of. So his health is not good, but he's

831
00:36:28,160 --> 00:36:31,440
Speaker 3: got his investments correct and his beneficiary is correct. He's

832
00:36:31,480 --> 00:36:34,520
Speaker 3: got a state planning. And I told him, you're okay,

833
00:36:35,000 --> 00:36:36,719
Speaker 3: just live your life and just you know, make sure

834
00:36:36,719 --> 00:36:39,359
Speaker 3: that if something happens, your wife will be taken care of.

835
00:36:39,600 --> 00:36:41,840
Speaker 3: But here's the big one, and we've been talking about it,

836
00:36:41,880 --> 00:36:45,000
Speaker 3: Chris and I. Tax risk. How many of you know

837
00:36:45,360 --> 00:36:47,080
Speaker 3: what your tax is going to be when you retire.

838
00:36:47,120 --> 00:36:49,000
Speaker 3: And I'll tell you many of you don't know until

839
00:36:49,040 --> 00:36:50,719
Speaker 3: you come in and see Chris and I and are

840
00:36:50,800 --> 00:36:53,240
Speaker 3: tax preparers, and we show you that you took out.

841
00:36:53,400 --> 00:36:55,279
Speaker 3: Like I said before, a gentleman has to take out

842
00:36:55,480 --> 00:36:59,480
Speaker 3: thirty eight thousand of r MD folks, that's all taxable,

843
00:37:00,080 --> 00:37:01,920
Speaker 3: all of it, and it could affect your arm. Could

844
00:37:01,960 --> 00:37:04,239
Speaker 3: a popular part be but the last one, and this

845
00:37:04,280 --> 00:37:06,000
Speaker 3: is the big one. We've been talking about it today,

846
00:37:06,280 --> 00:37:11,080
Speaker 3: legislative risk. Listen, Congress wrote the rules in pencil. They're

847
00:37:11,080 --> 00:37:13,560
Speaker 3: going to change it every single time, and then this

848
00:37:13,680 --> 00:37:14,719
Speaker 3: year in the election it's going.

849
00:37:14,719 --> 00:37:15,400
Speaker 4: To change again.

850
00:37:15,520 --> 00:37:17,120
Speaker 2: And that's just it. So what are you doing about it?

851
00:37:17,120 --> 00:37:18,960
Speaker 2: So pick up the phone, schedule time to meet with us.

852
00:37:19,200 --> 00:37:22,680
Speaker 2: My dad just mentioned market risk, income risk, health risk,

853
00:37:22,880 --> 00:37:26,839
Speaker 2: tax risk, legislative risk. Are you just putting money away

854
00:37:26,840 --> 00:37:28,320
Speaker 2: and forgetting about all these risks?

855
00:37:28,440 --> 00:37:28,640
Speaker 3: You know?

856
00:37:28,640 --> 00:37:30,879
Speaker 2: What are you doing about it? So let's help you

857
00:37:30,960 --> 00:37:34,040
Speaker 2: put together a plan to help you solve all these risks.

858
00:37:34,080 --> 00:37:36,880
Speaker 2: So now when you're in retirement or about to retire,

859
00:37:37,239 --> 00:37:39,720
Speaker 2: you're ahead of the game. So whatever happens, it happened,

860
00:37:39,840 --> 00:37:42,480
Speaker 2: but you'll be in a better tax situation. So pick

861
00:37:42,520 --> 00:37:44,640
Speaker 2: up the phone, schedule time to meet with us. More

862
00:37:44,680 --> 00:37:47,000
Speaker 2: income on a tax favorite basis. That's what you want.

863
00:37:47,320 --> 00:37:49,520
Speaker 2: Eight three to three Maggi Tax. Visit our website at

864
00:37:49,560 --> 00:37:52,200
Speaker 2: Maggie tax dot com and don't forget. Every Sunday, tune

865
00:37:52,200 --> 00:37:55,960
Speaker 2: into ABC TV for the Maggie Tax and Financial Show

866
00:37:56,360 --> 00:37:58,920
Speaker 2: eight three to three Maggie Tax. That's eight three to

867
00:37:58,920 --> 00:37:59,959
Speaker 2: three Maggie Tax.

868
00:38:01,960 --> 00:38:04,759
Speaker 1: Thank you for listening to Maggie Tax and Financial Show

869
00:38:04,840 --> 00:38:08,600
Speaker 1: with Robert and Chris Maggie of Maggie Tax Wealth Advisors.

870
00:38:08,680 --> 00:38:12,000
Speaker 1: Listen here five to six pm every Saturday and from

871
00:38:12,000 --> 00:38:15,200
Speaker 1: eleven am till noon every Sunday, or anytime on the

872
00:38:15,239 --> 00:38:18,760
Speaker 1: free iHeartRadio app. And remember you can pay less tax

873
00:38:18,920 --> 00:38:22,759
Speaker 1: with Maggie Tax Program. Content provided by Maggie Tax Wealth

874
00:38:22,800 --> 00:38:26,160
Speaker 1: and Advisors. Call them at eight three three Maggie Tax

875
00:38:26,360 --> 00:38:31,480
Speaker 1: or visit them online at Maggietax dot com