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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's living it up when you retire by taxing your

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Speaker 1: hard earned money. Welcome to the Maggie Tax and Financial

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Speaker 1: Hour with Robert and Chris Maggie of Maggie Tax Advisory

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Speaker 1: and Financial Group. With over thirty years of combined experience

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Speaker 1: in tax savings, income planning, and investment opportunities, Robert and

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Speaker 1: Chris share advice and tax planning strategies designed to protect

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Speaker 1: your retirement nest egg from Uncle Sam. Your questions and

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Speaker 1: comments are welcome during today's program by calling eight one

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Speaker 1: three three two two twenty five twenty. That's eight one

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Speaker 1: three three two two twenty five twenty, or visit Maggie

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Speaker 1: Tax dot Com. That's Maggi tax dot com and now

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Speaker 1: your host for the Maggie Tax Financial Hour on nine

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Speaker 1: seventy WFLA. 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 you're listening to the Maggie Tax

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Speaker 2: and Financial Show. And I am here as i am

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Speaker 2: every week with my son, Chris Maggie. Be sure to

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Speaker 2: visit our website, Maggie Tax dot com. Folks, we have

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Speaker 2: a lot of information there and watch our show every

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Speaker 2: Sunday on ABC at ten thirty am. It's about education.

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Speaker 2: We're going to talk about something that happened last week.

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Speaker 2: The governor talked about financial literacy. So Chris, let's get

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Speaker 2: going with this show because one of our main topics.

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Speaker 2: You and I know, we've been doing this for a

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Speaker 2: long time radio and TV, and it's education that we

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Speaker 2: find because people don't know about a lot of things,

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Speaker 2: and you know, they keep saying to us, and you

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Speaker 2: can elaborate on this, you guys do it all, but

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Speaker 2: you do it in a way way they can get it.

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Speaker 2: And that's the bottom line. They have to get it.

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Speaker 2: And that's just it.

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Speaker 3: You know. Welcome everyone, Thank you so much for tuning

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Speaker 3: into our show. And you're right, they have to get it. Why,

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Speaker 3: because this is about you. We're in a yoo economy.

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Speaker 3: You're on your own and you have to get educated

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Speaker 3: and that's why we do what we do. So we

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Speaker 3: thank you so much for spending time today with us.

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Speaker 3: Every Sunday on ABC TV, tune in ten thirty for

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Speaker 3: the Magie Tax and financials. So I want to welcome

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Speaker 3: everyone to our show, and I want to thank everyone

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Speaker 3: for listening, and we're gonna give you a lot of

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Speaker 3: information today and at the end of the segment, I'm

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Speaker 3: gonna offer you a special offer. And I just have

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Speaker 3: to listen throughout today's show, So visit our website at

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Speaker 3: Maggie tax dot com. And Governor Santas, you know, signed

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Speaker 3: the bill that requires Florida high school students to take

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Speaker 3: a financial literacy class before graduating. Well, thank you so much.

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Speaker 3: This should have been done years ago. I'll tell you what.

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Speaker 3: This should have happened many many years ago. And that's why,

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Speaker 3: you know, the economy we have today and the people

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Speaker 3: around us, we see they just really don't know and

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Speaker 3: they need to know. And that's why it's so important

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Speaker 3: to get educated. So what about all the older people

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Speaker 3: out there who need education and tax planning, medicare, social security,

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Speaker 3: investment planning, and estate planning.

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Speaker 2: What do we need to do for everybody? Well, we

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Speaker 2: need to keep educating them, keep doing what we're doing,

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Speaker 2: and we're gonna go through the show. I'm gonna offer

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Speaker 2: all of you some special gifts because if you understand

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Speaker 2: how it works. I'd rather have you understand than someone

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Speaker 2: tell you. And he signed a bill that would provide

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Speaker 2: a foundation for students. But what about grandparents and parents?

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Speaker 2: And we see these people every day and many of

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Speaker 2: you listening to this show. His bill said that you

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Speaker 2: would learn more about money management, understanding debt, understanding how

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Speaker 2: to balance a checkbook. What about understanding your financial statement

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Speaker 2: and understanding the basic fundamentals of investing. How many of

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Speaker 2: you understand what a budget is and that's where it

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Speaker 2: all starts. How many understand Medicare and social Security and

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Speaker 2: when to take it? And this should be taught in

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Speaker 2: high school and college. And the new bill revises the

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Speaker 2: required credits for standard high school diploma. And what they

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Speaker 2: did is they want to include half a credit half

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Speaker 2: a credit of instruction in personal financial literacy and money management.

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Speaker 2: In today's world, you know, with all the confusion and

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Speaker 2: economic challenges, sound financial management skills Chris are vitally important

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Speaker 2: to everyone, no matter how old they are. But what

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Speaker 2: confused me about it is that the students have to

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Speaker 2: take half a credit with financial literacy to graduate. It's

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Speaker 2: amazing how they know they have to.

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Speaker 3: This should be a foundation that every student you know

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Speaker 3: needs and requires their education to be the foundation of

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Speaker 3: their future. And you know, we didn't get this class

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Speaker 3: in high school. You know, I majored in finance, we

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Speaker 3: and it was what I wanted to do and I

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Speaker 3: seek to get the information. But you know a lot

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Speaker 3: of my peers out there, they don't have this education.

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Speaker 3: And I'm so glad now that it's mandatory that you

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Speaker 3: have to have this before you're able to graduate. Because

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Speaker 3: financial literacy is important life skill for everybody. We need

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Speaker 3: to learn all the skills to manage our finances and

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Speaker 3: perhaps you know, one day, you know, we might own

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Speaker 3: a business or that's when the dividends will pay for

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Speaker 3: our future. And how many of us understand taxes? People

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Speaker 3: don't even understand what a tax return looks like and

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Speaker 3: how to go about filing one. Well, this is so important.

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Speaker 3: You know, how many of you know how to do

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Speaker 3: income planning?

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Speaker 2: You don't?

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Speaker 3: You know, we do, That's what we do each every day,

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Speaker 3: and we can teach you. How many of you out

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Speaker 3: there know the risks and the fees that you're taking

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Speaker 3: in your investment accounts. We're to even start how to

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Speaker 3: do income planning and retirement planning and investment planning. Well

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Speaker 3: we do, and that's why you're listening to the show.

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Speaker 3: But how many of you know out there how to

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Speaker 3: invest in safe instruments and for future growth. Well we do,

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Speaker 3: but that's what hopefully they'll teach, and that's why we

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Speaker 3: do what we do. So for those of you who

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Speaker 3: are out there today, you don't have to go back

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Speaker 3: to high school to get this information. But that's why

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Speaker 3: it's so important to just pick up the phone, schedule

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Speaker 3: a time to meet with us. We believe in education.

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

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

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Speaker 3: Financial literacy, Oh my gosh, that's what it's about. We've

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Speaker 3: been talking about this for years and I'm so glad

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Speaker 3: Governor DeSantis put this into fruition to make sure that

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Speaker 3: this is mandatory.

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Speaker 2: Yeah. I mean, you look around. We see people every

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Speaker 2: day and we ask them about their advisors, what they

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Speaker 2: you know, talk to them about and they say, well,

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Speaker 2: just no stock, bond and mutual fund And when we

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Speaker 2: look at their statements, they only have mutual funds and

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Speaker 2: they have no idea what they're doing. They have no idea,

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Speaker 2: what it is and how it's going to pay in

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Speaker 2: the future. So it's a big problem. So financial literacy.

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Speaker 2: And you know, as a fiduciary, Chris, we're obligated. We're

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Speaker 2: supposed to train people full transparency and let them make

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Speaker 2: the decision, not you or me. That's just it.

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Speaker 3: I mean, when you know what options are available, it

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Speaker 3: makes it so much easier for you. That's when you

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Speaker 3: have confidence, you have clarity, you have peace of mind.

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Speaker 3: I mean, think about a will and trust. How many

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Speaker 3: times do we see people who are fifty five, sixty five,

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Speaker 3: seventy years old, seventy five and we asked them, do

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Speaker 3: you have a state planning and put into place? And

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Speaker 3: they sit there and they put their heads know what

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Speaker 3: it is? When they like, oh my gosh, I know

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Speaker 3: I don't have that, well it's okay, but here's what

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Speaker 3: they say, I know I need it, but yeah, I

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Speaker 3: know I need it. And that's what we got. We

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Speaker 3: got to clean them up to make sure that they

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Speaker 3: have these things in place. So pick up the phone,

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Speaker 3: schedule time to meet with us. Eight three to three

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Speaker 3: maggie tax. That's eight three to three maggie tax.

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Speaker 2: So important, folks. So important. We wrote a couple books

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Speaker 2: we're going to get into in a few minutes. But

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Speaker 2: go to our website, Maggie tax dot com. It's free,

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Speaker 2: it's free. Go to Maggie tax dot com. There's some

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Speaker 2: links on the top. Four roth conversions four one case

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Speaker 2: a tax planning, it's thirty minutes. Look at it and

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Speaker 2: then pick up the phone and give it the call.

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Speaker 2: And how many of you know about estate planning? How

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Speaker 2: many of you don't have a will like Chris is

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Speaker 2: talking about, or maybe do you need a trust? We

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Speaker 2: get that question all the time. How many of you

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Speaker 2: want to stand titling? What is titling? Chris? On all

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Speaker 2: the accounts? And how does it avoid probate? What's titling? Wow?

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Speaker 3: Great, great question. I mean think about this. Maybe you're

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Speaker 3: married and you have an account in your name, and

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Speaker 3: then your spouse has an account in her name, or

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Speaker 3: what about the joint accounts?

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Speaker 2: Well titling? How do you have it?

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Speaker 3: Because it's really sad when people come in and they

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Speaker 3: got a lot of money in cash and checking and

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Speaker 3: savings and there's no titling done by the proper custodian.

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Speaker 3: I'm talking about your banks. I'm talking about Bank of America,

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Speaker 3: well's far ago fifth third. I mean, think about this.

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Speaker 3: Not to name them, but it's the truth. It's the truth,

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Speaker 3: we see it. They don't take the time to help

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Speaker 3: you and make sure that your accounts are going to

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Speaker 3: avoid probate. They don't take the time to call you

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Speaker 3: and let you know, oh my gosh, got one hundred

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Speaker 3: and fifty thousand dollars and any in cash, but there's

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Speaker 3: no beneficiaries on this account. They didn't talln't tell you

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Speaker 3: about that. That's what we're talking about here. So pick

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

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Speaker 3: when you meet with us, we're gonna go look at

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Speaker 3: every account that you have. And you might have a

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Speaker 3: fifty thousand dollars account sitting at the bank. There's nothing

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Speaker 3: wrong with that. That's liquid money, but make sure it

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Speaker 3: passes the right way where you wanted to go. Pick

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Speaker 3: up the phone. Schedule time eight three to three.

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Speaker 2: Maggie Tax And many of you listening today graduated from

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Speaker 2: high school without having basic financial literacy about money management.

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Speaker 2: I mean, our parents never talked about money management. When

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Speaker 2: they came in the room. It was like remember if Hutton,

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Speaker 2: everybody kept quiet. You weren't supposed to talk. So the

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Speaker 2: legislature finds that, in light of economic challenges nationwide, sound

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Speaker 2: financial management skills are vitally important to everyone listening to

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Speaker 2: this show. And I don't care how old you are,

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Speaker 2: but take a message. This is for you, and with

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Speaker 2: the right education, you can be better prepared to achieve

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Speaker 2: financial stability. And more importantly, this is critical you're independence. Chris,

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Speaker 2: how is I mean? I stutter at that. Now.

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Speaker 3: We've been talking about this for years and we always say,

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Speaker 3: when's the last class you had on social security maximization

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Speaker 3: or income planning or investment planning or you know, how

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Speaker 3: to buy a home?

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Speaker 2: You don't.

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Speaker 3: You don't get this information. And finally, if finally it's here,

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Speaker 3: it's what you need to have to graduate. So I

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Speaker 3: applaud Governor DeSantis for putting this finally into It's a start.

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Speaker 2: Yeah, it's a start.

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Speaker 3: It's what's needed for people to grow and to bebly

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Speaker 3: move forward and to have the right choices. And they

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Speaker 3: can they can get this if they just know what

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Speaker 3: to do.

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Speaker 2: Yeah, exactly. And here's the thing. There are twenty one

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Speaker 2: states right now in this nation that require financial literacy

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Speaker 2: as a prerequisit for high school graduation and high school diploma,

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Speaker 2: and Florida is now the seventh state in the nation

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Speaker 2: to require a standalone course in personal financial literacy. So look,

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Speaker 2: if you're listening out there and you have an opportunity

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Speaker 2: to take some financial classes in high school, we recommend

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Speaker 2: you take it or give us a call. We can

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Speaker 2: help you all the way through this because we like this,

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Speaker 2: We teach, we understand it, and we can help you.

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Speaker 2: Eight three to three Magi Tax and again, go to

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Speaker 2: our website, Maggie Tax dot com. Wa'ts your TV show

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Speaker 2: every Sunday at ten thirty am. We have a lot

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Speaker 2: of information there and we take this pretty serious. Chris,

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Speaker 2: We're very proud of what we do. Eight three to

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Speaker 2: three Magi Tax. You're listening to the Magi Tax and

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Speaker 2: Financial Show, and don't forget tune in every Sunday at

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Speaker 2: ten thirty am on ABC TV for the Magi Tax

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Speaker 2: and Financial Show.

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

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Speaker 1: your retirement. As we return to the Maggie Tax and

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Speaker 1: Financial Hour with your host father and son Robert and

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Speaker 1: Chris Maggie for additional information on how you can create

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Speaker 1: a tax free retirement. Visit Maggie tax dot com. That's

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Speaker 1: ma Ggi tax dot com or call eight one three

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Speaker 1: three two two twenty five twenty. That's eight one three

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Speaker 1: three two two twenty five twenty. Now your host for

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Speaker 1: the Maggie Tax and Financial Hour, father and son from

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Speaker 1: Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.

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Speaker 2: Welcome back, and you're listening to the Maggie Tax and

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Speaker 2: Financial Show. Be sure to visit our website, Maggie tax

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Speaker 2: dot com, and during today's show, you can go to

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Speaker 2: Maggie tax dot com. There's a chatbox on the bottom right.

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Speaker 2: Type in a question. If you're concerned about things. Will

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Speaker 2: you have a question, It'll go right to us and

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Speaker 2: we'll be glad to answer it. At the same time,

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Speaker 2: go to the top of the website for the retirement

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Speaker 2: tax Calculator if you're concerned about taxes and retirement. In

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Speaker 2: thirty seconds, we can show you what your tax bill

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Speaker 2: will be and then we can have a conversation. So, Chris,

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Speaker 2: we talked about long term care, we talk about taxes,

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Speaker 2: we talk about income planning, and also now we're going

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Speaker 2: to talk about social security because indirect taxes can be

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Speaker 2: double trouble for seniors. And what does that mean? Now?

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Speaker 2: Many people base their retirement planning on the principle that

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Speaker 2: income and income taxes are going to drop once the

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Speaker 2: paychecks stop, and that is why the popularity of pre

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Speaker 2: tax retirement accounts are important. We talk about that all

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Speaker 2: the time. Why because contributions save tax currently and future

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Speaker 2: distributions may fall into low tax brackets. And that may

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Speaker 2: be the case in some situations, but seniors face two

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Speaker 2: complex financial demands income tax on Social Security benefits as

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Speaker 2: well as higher than standard premiums for Medicare. And this

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Speaker 2: is a big concern and at Maggie Tax we make

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Speaker 2: a concerted effort to reduce these potential outlays for clients.

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Speaker 2: So Chris talk about some of the tools that we use.

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Speaker 2: Because every time we sit down with a person with

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Speaker 2: a tax return and they're on Social Security, we see

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Speaker 2: this and now Medica your premiums go up. It is

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Speaker 2: so confusing to a lot of people. And again the

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Speaker 2: interpretation and the rules they don't understand.

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Speaker 3: Sure is and that's it. You've meant it, you hit

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Speaker 3: on the head. It it's confusion, it's questions and that's

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Speaker 3: why we made it so simple. You know, come in

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Speaker 3: schedule time to meet with us, let's sit down and

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Speaker 3: have a conversation. We have office on both sides of

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Speaker 3: the bay, so just pick up the phone schedule time

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Speaker 3: to meet with us eight three to three MAGI tas

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Speaker 3: or visit our website at magutax dot com and this

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Speaker 3: chatbox is right there where you can propose your question,

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Speaker 3: put it down, Let's see what's on your mind and

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Speaker 3: then let's get together. Let's have a conversation. You know,

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Speaker 3: we do tax planning and income planning and estate planning

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Speaker 3: and a lot of different things. Investment planning and among

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Speaker 3: one of the tools, the prime tools that we suggest

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Speaker 3: are WROTH I ray conversions and is it right for you?

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Speaker 3: Possibly ken We can show you if it is or not,

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Speaker 3: especially before you require minimum distributions are required to be

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Speaker 3: taken and as you call the rmds and they begin

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Speaker 3: at eight seventy two. And also this qualified Charitable Deductions

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Speaker 3: QCD from iras available after age seventy and a half.

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Speaker 3: So the rewards of the ROTH iras are valuable. It's

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Speaker 3: tax free money, it's tax free growth, and who cares

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Speaker 3: you eliminated yourself from the future tax increases that Uncle

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Speaker 3: Sam wants to put later on down the road. So

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Speaker 3: we place some major emphasis on tax free income in

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Speaker 3: retirement because taxable income affects many different aspects of taxation,

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Speaker 3: including the tax on Social Security benefits, and many people

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Speaker 3: don't know how it's calculated. And if you're really bored

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Speaker 3: one day, just google how is social Security taxed? And

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Speaker 3: when you go through all the computations and you see

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Speaker 3: how it is, add this, take away, this, add this,

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Speaker 3: and if this happens, you'll get confused. And it doesn't

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Speaker 3: have to be that way. So just pick up the

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Speaker 3: phone schedule a time to meet with us. Because the

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Speaker 3: tax on Social Security benefits and also Medicare premium searcharges

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Speaker 3: this is huge and many people in retirement have no

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Speaker 3: idea until they're affected by them. So let's get together

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Speaker 3: and have these conversations to talk about them today.

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Speaker 2: Eight three to three Maggie tax and one other thing,

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Speaker 2: we talk about roth ira conversions. They are very appealing

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Speaker 2: after age fifty nine and a half and five year

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Speaker 2: holding period, so any distributions from a roth ira are

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Speaker 2: free of income tax, and that includes distributions on investment earnings.

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Speaker 2: Many people don't know that. And not only will such

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Speaker 2: distributions avoid income tax, they won't be counted as income

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Speaker 2: for the purposes of taxing which we're talking about now,

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Speaker 2: social security benefits or raising Medicare premiums. The WROTH IRA

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Speaker 2: distributions won't be counted as income for the purposes of

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Speaker 2: taxing social security benefits or raising Medicare premiums. And there

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Speaker 2: are some fine points to consider here. On the plus side,

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Speaker 2: the five year requirement really is only four plus years.

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Speaker 2: Many people are confused about that. The countdown includes the

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Speaker 2: year of a conversion plus the next four calendar years.

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Speaker 2: So an example, December twenty two a conversion, you can

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Speaker 2: allow tax free gain which rolls as early as January

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Speaker 2: twenty twenty seven. That's four years and some days later.

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Speaker 2: It's confusing to a lot of people. Again, Chris and

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Speaker 2: I talk about the language, so we need to sit

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Speaker 2: down with you. Also, ROTH distributions are first in, first out,

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Speaker 2: so the day after a conversion, funds up to the

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Speaker 2: taxable conversion amount may be distributed without any additional income tax.

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Speaker 2: And Chris, this is very confusing to a lot of

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Speaker 2: people because when the ROTH came out years ago. No

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Speaker 2: one really sat down and explained the advantage of it,

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Speaker 2: what it's going to do. And one of the two

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Speaker 2: things we talked about, it's going to reduce the tax

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Speaker 2: on Social Security and it's going to reduce the Medicare premiums.

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Speaker 2: That's called a stealth tax. Nobody saw that coming.

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Speaker 3: Well, that's just say, you know, there's a lot of

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Speaker 3: stuff that you just mentioned and people are thinking out there.

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Speaker 2: What do you just say?

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Speaker 3: Well, that's why it's important to get together with us,

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Speaker 3: because the bottom line here is if you have an

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Speaker 3: IRA formk TSP thrift savings account four to fifty seven

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Speaker 3: plan drop money, it's all infected with taxes. These are

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Speaker 3: basically very simple. They're taxable. They're infected with taxes. When

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Speaker 3: you touch this money and it comes out to a

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Speaker 3: taxable event, you create it tennion nine taxable event. Now,

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Speaker 3: if you do some roth conversions and you already have

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Speaker 3: your money in a tax free environment, which is the

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Speaker 3: WROTH iray or cash value life insurance, then guess what,

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Speaker 3: you don't have to pay the tax anymore. It's done.

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Speaker 3: So now you're an environment where its eliminates Uncle Sam

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Speaker 3: forever and ever and ever, So how do you get there?

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Speaker 3: You will you have to pay the tax to get

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Speaker 3: there if you want to convert the money, but let's

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Speaker 3: do it in the most tax efficient way. So that's

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Speaker 3: one of the things that we do that we can

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Speaker 3: help you with when you come to meet with us. Well,

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Speaker 3: schedule time will not only talk about your investments and

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Speaker 3: your income planning, but also how to get the money

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Speaker 3: out in the most tax efficient way. Now, you're in

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Speaker 3: a tax free environment where who cares if Uncle Sam's

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Speaker 3: raised the tax rates in the future or legislative risk changes,

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Speaker 3: you won't be affected. So do you want to be

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Speaker 3: in that environment? It's totally up to you. Pick up

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

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Speaker 3: that mock tax return for you today, a three to

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Speaker 3: three Maggie tax.

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Speaker 2: So visit Maggie tax dot com. Again. We emphasize as

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Speaker 2: a chat box on the bottom right. Type in your question.

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Speaker 2: We will get back to you and you know we'll

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Speaker 2: answer it and then let's see if we should make

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Speaker 2: an appointment get together and go over all your questions

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Speaker 2: regarding tax as, income planning, retirement planning, a state planning,

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Speaker 2: long term care? Is your advisor talking to you about this,

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Speaker 2: and if they're not, we just gave you reason why

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Speaker 2: to give us a call. Eight three to three Maggie Tax.

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Speaker 2: Visit our website Maggie Tax dot com. We have the

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Speaker 2: chat box and on the top we have the retirement calculator.

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Speaker 2: Fill in the information and in thirty seconds we can

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Speaker 2: show you what your tax bill is going to be. Folks,

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Speaker 2: this is something that I don't think anyone in this

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Speaker 2: area has. We have it. We want to sit down

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Speaker 2: with you and let's have the conversation and don't forget.

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Speaker 2: Every Sunday Tomorrow at ten thirty am, tune into the

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Speaker 2: Maggie Tax and Financial Show on ABC TV, and then

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Speaker 2: at eleven o'clock go back to the radio and you

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Speaker 2: can listen to our show again on Sunday. So we

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Speaker 2: give you a lot of information. Maggie Tax dot com

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Speaker 2: eight three three Maggie Tax, and be sure to visit

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Speaker 2: our website, Maggie Tax dot com. You're listening to the

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Speaker 2: Maggie Tax and Financial Show.

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

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Speaker 1: your retirement. As we return to the Maggie Tax and

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Speaker 1: Financial Hour with your host, father and son, Robert and

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Speaker 1: Chris Maggie. For additional information on how you can create

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Speaker 1: a tax free retirement, visit Maggie Tax dot com. That's

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Speaker 1: ma gg I tax dot com. Or call eight one

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Speaker 1: three three two two twenty five twenty. That's eight one

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Speaker 1: three three two two twenty five twenty. Now your host

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Speaker 1: for the Maggie Tax and Financial Hour. Father and son

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Speaker 1: from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.

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Speaker 2: Welcome back. You're listening to the Maggie Tax and Financial Show.

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

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Speaker 2: Chris Maggie. Today we've been talking about financial literacy, and

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Speaker 2: you know what we offer at Maggie Tax because we

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Speaker 2: wrote five books. We're willing to get all these books

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Speaker 2: to you because we feel you need to get educated

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Speaker 2: on a lot of topics. So let's talk about two

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Speaker 2: other books that we wrote that we are very proud of,

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Speaker 2: and it's called The Maggie Plan, and this is the

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Speaker 2: most important one that I feel. The Maggi Plan is

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Speaker 2: a book about a simple and easy retirement solution. And

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Speaker 2: think about the word I'm saying, solution. So what is

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Speaker 2: your solution? To retirement, to income planning, to taxes, because

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Speaker 2: that's what we do. We talk about advanced tax planning

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Speaker 2: because if and when taxes increase, we're going to have

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Speaker 2: to pay a bill to Uncle Sam. And how much

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Speaker 2: income will you need and how much will it be

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Speaker 2: in taxes? How much will it be taxed? That's also

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Speaker 2: called income planning. Another very powerful word that we will

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Speaker 2: be hearing about is legislator risk. What the heck is

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Speaker 2: legislature risk? And that's when Congress can change the rules

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Speaker 2: whenever they want. And the Maggi Plan also talks about

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Speaker 2: social Security, and many of you want to know when

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Speaker 2: the best time to take social Security? How much will

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Speaker 2: be taxed? And this is another reason that should all

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Speaker 2: have the Maggie Plan. And Chris talk about more of

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Speaker 2: what the Maggie Plan is, because every time we sit

433
00:20:58,960 --> 00:21:01,639
Speaker 2: down with someone, these are the questions that we ask, Well,

434
00:21:01,680 --> 00:21:03,879
Speaker 2: you mentioned a keyword there, what's your solution? Do you

435
00:21:03,960 --> 00:21:04,400
Speaker 2: have one?

436
00:21:04,520 --> 00:21:07,160
Speaker 3: Many people out there maybe you just don't have one,

437
00:21:07,520 --> 00:21:10,120
Speaker 3: but you need to. You know, this is your hard

438
00:21:10,160 --> 00:21:12,520
Speaker 3: earned money, This is your blood, sweat and tears. You

439
00:21:12,560 --> 00:21:15,560
Speaker 3: know those financial statements that you receive in the mail,

440
00:21:15,760 --> 00:21:18,080
Speaker 3: that's you you know, I don't care if it's two

441
00:21:18,119 --> 00:21:19,800
Speaker 3: hundred thousand, I don't care. If it's two million, I

442
00:21:19,800 --> 00:21:22,400
Speaker 3: don't care. If it's twenty million, it doesn't matter. This

443
00:21:22,480 --> 00:21:25,080
Speaker 3: is about you. What are you doing with it? What's

444
00:21:25,200 --> 00:21:29,160
Speaker 3: your solution? Do you even have one? We all want solutions,

445
00:21:29,160 --> 00:21:31,600
Speaker 3: we all want to make things better, and that's what

446
00:21:31,840 --> 00:21:34,920
Speaker 3: life's all about. So we're in a yoo economy where

447
00:21:34,960 --> 00:21:36,920
Speaker 3: you're on your own. You have to do something now.

448
00:21:37,080 --> 00:21:39,960
Speaker 3: That's why financial literacy is so important. We've been doing

449
00:21:40,000 --> 00:21:41,840
Speaker 3: it for years to educate you, and that's why you

450
00:21:41,880 --> 00:21:45,640
Speaker 3: listen to today's show. But very one, very simple thing

451
00:21:45,680 --> 00:21:47,680
Speaker 3: that you can do is just write this number down

452
00:21:47,720 --> 00:21:50,680
Speaker 3: eight three to three Maggie Tax. Pick up the phone,

453
00:21:50,720 --> 00:21:53,240
Speaker 3: schedule time to meet with us, because we can put

454
00:21:53,240 --> 00:21:56,680
Speaker 3: together the Maggie Plan for you. It's advanced tax planning,

455
00:21:57,119 --> 00:22:01,000
Speaker 3: tax planning strategies. If your advisor's not taking a tax approach,

456
00:22:01,080 --> 00:22:03,280
Speaker 3: there's really no reason why you should be with them.

457
00:22:03,359 --> 00:22:07,160
Speaker 3: Why Because taxes are our biggest expense, and if they're

458
00:22:07,200 --> 00:22:09,919
Speaker 3: not showing you ways to reduce them or ways to

459
00:22:09,920 --> 00:22:13,199
Speaker 3: put yourself in a situation to avoid them, That's what

460
00:22:13,200 --> 00:22:14,000
Speaker 3: I'm talking about.

461
00:22:14,040 --> 00:22:15,480
Speaker 2: Then you're not in the right spot.

462
00:22:15,520 --> 00:22:17,200
Speaker 3: You need to pick up the phone and schedule time

463
00:22:17,240 --> 00:22:19,040
Speaker 3: to meet with us, because there's going to be a day.

464
00:22:19,119 --> 00:22:21,120
Speaker 3: There's going to be a time, whether it's next year,

465
00:22:21,160 --> 00:22:23,080
Speaker 3: whether it's five years from now, whether it's ten years

466
00:22:23,119 --> 00:22:25,320
Speaker 3: from now, when you're going to think about, oh my god,

467
00:22:25,359 --> 00:22:27,960
Speaker 3: I cannot believe how much I'm paying in taxes. Put

468
00:22:27,960 --> 00:22:30,280
Speaker 3: yourself in an environment where you don't have to worry

469
00:22:30,280 --> 00:22:34,600
Speaker 3: about this anymore. You can eliminate Uncle Sam forever. If

470
00:22:34,680 --> 00:22:36,560
Speaker 3: you do the right thing, we can show you eight

471
00:22:36,600 --> 00:22:39,160
Speaker 3: three three Maggie tax. Well in line with that, think

472
00:22:39,200 --> 00:22:42,480
Speaker 3: about when the Trump tax cuts expire and we talk

473
00:22:42,520 --> 00:22:44,440
Speaker 3: about this to a client, he's got a three year

474
00:22:44,520 --> 00:22:47,800
Speaker 3: window to make the strategic roll out that Chris is

475
00:22:47,840 --> 00:22:51,119
Speaker 3: talking about and reduce your taxes happen. And that's what

476
00:22:51,160 --> 00:22:52,760
Speaker 3: we can do. We could show it to you because

477
00:22:52,760 --> 00:22:55,040
Speaker 3: when you see it on paper, it's real numbers. And

478
00:22:55,320 --> 00:22:57,680
Speaker 3: that's what the Maggie Plan is all about. And read

479
00:22:57,720 --> 00:23:01,160
Speaker 3: about social security, read about taxes. It also addresses something

480
00:23:01,200 --> 00:23:04,399
Speaker 3: Chris that's real important right now, four oh one case solutions.

481
00:23:04,840 --> 00:23:07,400
Speaker 3: How many people come in to see us and they

482
00:23:07,400 --> 00:23:10,000
Speaker 3: show us their statement and they have old four oh

483
00:23:10,040 --> 00:23:12,920
Speaker 3: one k's. Well, not even that they don't remember they had.

484
00:23:12,800 --> 00:23:13,399
Speaker 2: A four h one k.

485
00:23:13,640 --> 00:23:16,199
Speaker 3: That's just it. They have many accounts that are everywhere.

486
00:23:16,560 --> 00:23:18,760
Speaker 3: You know, it doesn't matter what you have. You need

487
00:23:18,800 --> 00:23:20,720
Speaker 3: to make sure that they're consolidated it. Make sure that

488
00:23:20,760 --> 00:23:23,760
Speaker 3: you have an idea where they are at. Why because

489
00:23:23,800 --> 00:23:25,520
Speaker 3: if something happens to you, then you want to make

490
00:23:25,520 --> 00:23:27,800
Speaker 3: sure it passes. And I'm not just talking about your

491
00:23:27,840 --> 00:23:30,760
Speaker 3: checking and savings accounts. I'm talking about life insurance policies.

492
00:23:30,760 --> 00:23:32,840
Speaker 3: I'm talking about old four one k's. I'm talking about

493
00:23:32,960 --> 00:23:35,680
Speaker 3: the investments that you have. Every one of them should

494
00:23:35,720 --> 00:23:38,359
Speaker 3: be on a balance sheet. We coordinate that for you.

495
00:23:38,440 --> 00:23:41,040
Speaker 3: We show you on one page what you have to

496
00:23:41,080 --> 00:23:45,200
Speaker 3: make it very simple. What's taxable? What's not taxable. Many

497
00:23:45,200 --> 00:23:47,200
Speaker 3: people out there want to take a distribution. Where do

498
00:23:47,240 --> 00:23:49,480
Speaker 3: they go? They just take it from an IRA. It's

499
00:23:49,520 --> 00:23:52,359
Speaker 3: all taxable, it's all effected with taxes. What if you

500
00:23:52,840 --> 00:23:56,159
Speaker 3: understand or your advisor understands of tax codes, and so

501
00:23:56,200 --> 00:23:58,520
Speaker 3: when you need twenty thousand dollars, maybe you take some

502
00:23:58,680 --> 00:24:01,600
Speaker 3: from here, this bucket, that bucket in this bucket and

503
00:24:01,640 --> 00:24:04,040
Speaker 3: pay no tax. Why because you could be under the

504
00:24:04,040 --> 00:24:06,880
Speaker 3: threshold income. What am I talking about? These are things

505
00:24:06,920 --> 00:24:09,480
Speaker 3: that your advisors should be talking about. If not, that's

506
00:24:09,480 --> 00:24:11,159
Speaker 3: why you should pick up the phone in schedule a

507
00:24:11,240 --> 00:24:13,960
Speaker 3: time to meet with us. We're talking about solutions here.

508
00:24:14,040 --> 00:24:17,600
Speaker 3: What is your solution? If you don't have a solution,

509
00:24:17,720 --> 00:24:20,159
Speaker 3: it's okay, just pick up the phone, schedule time to

510
00:24:20,200 --> 00:24:20,639
Speaker 3: meet with us.

511
00:24:20,680 --> 00:24:22,919
Speaker 2: A three to three, Maggie tax you beat me too. It.

512
00:24:22,920 --> 00:24:24,600
Speaker 2: I didn't want to keep repeating the word, but it

513
00:24:24,680 --> 00:24:27,280
Speaker 2: is solutions and that's the problem. And here's the thing.

514
00:24:27,520 --> 00:24:29,119
Speaker 2: When we do a balance sheet, we shouldn't call it

515
00:24:29,119 --> 00:24:30,919
Speaker 2: a balance sheet anymore, Chris, we should call it a

516
00:24:30,920 --> 00:24:34,080
Speaker 2: solution sheet because then what you just mentioned. I know

517
00:24:34,080 --> 00:24:35,800
Speaker 2: everybody's listening to goal like I have no idea what

518
00:24:35,800 --> 00:24:37,960
Speaker 2: they're talking about. But many of you that have seen

519
00:24:38,000 --> 00:24:39,919
Speaker 2: the balance sheet that Chris and I are talking about,

520
00:24:40,240 --> 00:24:43,239
Speaker 2: show you your piles of money, show you where your

521
00:24:43,240 --> 00:24:45,320
Speaker 2: four oh one k's are, and that you can move them,

522
00:24:45,680 --> 00:24:47,639
Speaker 2: not just leave them where they You know where they

523
00:24:47,640 --> 00:24:49,720
Speaker 2: are now, So what are you doing about it? Do

524
00:24:49,800 --> 00:24:51,520
Speaker 2: you know when and how to roll over your four

525
00:24:51,600 --> 00:24:53,600
Speaker 2: oh one k We see this all the time because

526
00:24:53,640 --> 00:24:56,280
Speaker 2: many people have been lost their jobs and they're changing

527
00:24:56,359 --> 00:24:58,960
Speaker 2: jobs all the time. There are safe and here's the

528
00:24:59,000 --> 00:25:02,040
Speaker 2: word solution. And that's why we need this book, The

529
00:25:02,520 --> 00:25:05,600
Speaker 2: Maggie Plan for you. What about legacy planning. We discussed

530
00:25:05,640 --> 00:25:08,040
Speaker 2: why you'll need a will or a power of attorney.

531
00:25:08,359 --> 00:25:10,320
Speaker 2: We explain the difference of a trust and why you

532
00:25:10,359 --> 00:25:12,480
Speaker 2: should have one, and what a will is and why

533
00:25:12,560 --> 00:25:15,200
Speaker 2: you should have one. Chris, many people that we see

534
00:25:15,280 --> 00:25:17,679
Speaker 2: every single day and we ask them do you have

535
00:25:17,720 --> 00:25:20,560
Speaker 2: a will? And they always go like, uh, yeah, I

536
00:25:20,600 --> 00:25:21,760
Speaker 2: think so, or.

537
00:25:21,800 --> 00:25:23,879
Speaker 3: They say well, we have one, and then we asked, well,

538
00:25:23,920 --> 00:25:25,119
Speaker 3: when when did you put it together?

539
00:25:25,200 --> 00:25:27,640
Speaker 2: Well, twenty years ago, ten states ago.

540
00:25:28,800 --> 00:25:32,639
Speaker 3: But anyway, we're not joking about it. But it's what's real.

541
00:25:32,840 --> 00:25:35,040
Speaker 3: That's the thing. You might be thinking, oh my gosh,

542
00:25:35,119 --> 00:25:37,879
Speaker 3: I got everything in my uh situation, you know, in

543
00:25:38,160 --> 00:25:42,800
Speaker 3: the right spot, but really your peers, maybe your parents,

544
00:25:42,960 --> 00:25:46,280
Speaker 3: they don't. And it's okay if you get the right help.

545
00:25:46,320 --> 00:25:49,080
Speaker 3: And that's why it's it's such a great feeling when

546
00:25:49,080 --> 00:25:51,840
Speaker 3: we get done put any other a plan for somebody

547
00:25:51,960 --> 00:25:54,919
Speaker 3: and they have the confidence, they have the clarity, they

548
00:25:55,160 --> 00:25:57,159
Speaker 3: can move forward and they know you could see it

549
00:25:57,160 --> 00:25:59,280
Speaker 3: in their eyes that my gosh, I should have been

550
00:25:59,320 --> 00:26:01,479
Speaker 3: doing this for years and I finally got it done.

551
00:26:01,600 --> 00:26:04,280
Speaker 3: Because it just propels them in a better situation. They

552
00:26:04,320 --> 00:26:06,439
Speaker 3: know that if anything happens to them, they don't have

553
00:26:06,480 --> 00:26:08,159
Speaker 3: to worry about that their loved ones, they don't have

554
00:26:08,200 --> 00:26:11,399
Speaker 3: to worry about the transition. It's very simple if you

555
00:26:11,480 --> 00:26:15,200
Speaker 3: have the right advisor who understands taxes, investments, legacy planning.

556
00:26:15,440 --> 00:26:17,159
Speaker 2: And here's how I position it with a lot of

557
00:26:17,160 --> 00:26:19,760
Speaker 2: my clients when they come in, what are you concerned about?

558
00:26:19,800 --> 00:26:22,359
Speaker 2: And how can we help you? Because it's not about

559
00:26:22,359 --> 00:26:24,640
Speaker 2: what we can tell you, it's how we can help

560
00:26:24,680 --> 00:26:27,399
Speaker 2: you with what we're talking about throughout this show, with

561
00:26:27,520 --> 00:26:30,200
Speaker 2: the books that we wrote, with the topics that we're

562
00:26:30,240 --> 00:26:34,400
Speaker 2: discussing from a holistic approach, and again, write this down.

563
00:26:34,560 --> 00:26:38,000
Speaker 2: What is your solution, what is your plan? Think about it?

564
00:26:38,240 --> 00:26:40,520
Speaker 2: What is your solution to income planning? What is your

565
00:26:40,720 --> 00:26:44,200
Speaker 2: solution to retirement because it's going to change. What is

566
00:26:44,240 --> 00:26:47,040
Speaker 2: your solution about paying more taxes? We've helped so many

567
00:26:47,080 --> 00:26:50,120
Speaker 2: people across pay less in taxes and more for them

568
00:26:50,119 --> 00:26:52,479
Speaker 2: in retirement, and they sit there and they go, wow,

569
00:26:52,680 --> 00:26:54,840
Speaker 2: how do you guys do this? We don't do this.

570
00:26:54,920 --> 00:26:57,639
Speaker 2: It's the tax code, folks. You have to understand. We

571
00:26:57,720 --> 00:27:00,600
Speaker 2: know them, you don't. And that's what financial literacy is

572
00:27:00,640 --> 00:27:03,840
Speaker 2: all about. Think about what Governor DeSantis just said. Half

573
00:27:03,840 --> 00:27:07,160
Speaker 2: a credit for kids to graduate. That's just the beginning

574
00:27:07,160 --> 00:27:08,879
Speaker 2: of their life. Do you remember when you went to

575
00:27:08,920 --> 00:27:11,159
Speaker 2: high school and then college how you felt? Absolutely? I

576
00:27:11,160 --> 00:27:12,400
Speaker 2: mean we all talked about.

577
00:27:12,480 --> 00:27:15,919
Speaker 3: You know, when I started to learn about checkbooks was

578
00:27:16,040 --> 00:27:20,040
Speaker 3: in fifth grade and that's when they I can't remember

579
00:27:20,080 --> 00:27:22,919
Speaker 3: the teacher or the where we went to, but it

580
00:27:23,000 --> 00:27:25,159
Speaker 3: was really neat where we had a whole event. We

581
00:27:25,200 --> 00:27:27,320
Speaker 3: had to learn about enterprise village is what it was,

582
00:27:27,760 --> 00:27:29,760
Speaker 3: and it was local here in Largo and I'm the

583
00:27:29,760 --> 00:27:32,440
Speaker 3: one there still around. But it was really great because

584
00:27:32,440 --> 00:27:34,960
Speaker 3: we had a career for that day. We had to

585
00:27:35,000 --> 00:27:36,920
Speaker 3: learn how to balance a checkbook. We can spend money

586
00:27:36,960 --> 00:27:39,119
Speaker 3: for that day and it was the best thing. I

587
00:27:39,200 --> 00:27:42,119
Speaker 3: think it's still in my heart today. But when you

588
00:27:42,119 --> 00:27:44,120
Speaker 3: get to middle school and you get to high school,

589
00:27:44,320 --> 00:27:46,840
Speaker 3: they don't teach you this stuff. When you graduate, you

590
00:27:46,880 --> 00:27:48,480
Speaker 3: go to work on a job, they don't teach you

591
00:27:48,560 --> 00:27:49,040
Speaker 3: this stuff.

592
00:27:49,119 --> 00:27:49,320
Speaker 2: We do.

593
00:27:49,480 --> 00:27:51,919
Speaker 3: So what we do, you're right, but that's what we

594
00:27:51,920 --> 00:27:53,639
Speaker 3: can do for you. So pick up the phone, schedule

595
00:27:53,720 --> 00:27:56,080
Speaker 3: time to meet with us. Let's bring that back in

596
00:27:56,520 --> 00:27:59,879
Speaker 3: to fruition because it's so much needed. And I really

597
00:28:00,400 --> 00:28:04,080
Speaker 3: really admire that Governor DeSantis put this in play and

598
00:28:04,119 --> 00:28:06,720
Speaker 3: he made it mandatory. So the kids out there have

599
00:28:06,800 --> 00:28:09,480
Speaker 3: to get the foundation. And it starts with the parents,

600
00:28:09,520 --> 00:28:11,200
Speaker 3: and it starts with the people that we know. And

601
00:28:11,480 --> 00:28:13,159
Speaker 3: if you're out there today and you have no idea,

602
00:28:13,240 --> 00:28:15,760
Speaker 3: that's okay. Just raise your hand, pick up the phone,

603
00:28:15,920 --> 00:28:18,359
Speaker 3: schedule time to meet with us. Let's get together, and

604
00:28:18,440 --> 00:28:19,680
Speaker 3: let's make it right for you.

605
00:28:19,680 --> 00:28:22,560
Speaker 2: You know, it's funny you talk about grandparents and parents

606
00:28:23,040 --> 00:28:25,399
Speaker 2: back in the day, they learned how to save because

607
00:28:25,440 --> 00:28:28,600
Speaker 2: they did and they saved. They didn't spend crazy on

608
00:28:28,680 --> 00:28:31,400
Speaker 2: crazy things, and they didn't do wild and nutty things.

609
00:28:31,440 --> 00:28:34,840
Speaker 2: That's what's happening today. But here's the problem most children

610
00:28:35,240 --> 00:28:37,639
Speaker 2: that I had a client come in a year or

611
00:28:37,680 --> 00:28:40,480
Speaker 2: two ago and tell me that that my dad's retirement

612
00:28:40,520 --> 00:28:44,200
Speaker 2: is mind and he wanted some of the money right now.

613
00:28:45,120 --> 00:28:46,320
Speaker 2: And when I asked him, I said, what do you

614
00:28:46,320 --> 00:28:47,760
Speaker 2: mean you want some of the money right now? He said, well,

615
00:28:47,760 --> 00:28:50,239
Speaker 2: that's my dad's account. But when he dies, I'm going

616
00:28:50,320 --> 00:28:52,600
Speaker 2: to get it. And I was bewildered by it, and

617
00:28:52,680 --> 00:28:54,680
Speaker 2: I sat back and I said, I asked the client

618
00:28:54,720 --> 00:28:56,560
Speaker 2: to leave the room. I just wanted to speak to

619
00:28:56,600 --> 00:28:59,000
Speaker 2: the young man. And I said, look, until you learn

620
00:28:59,080 --> 00:29:01,600
Speaker 2: how to save like your dad did, and until you

621
00:29:01,680 --> 00:29:04,840
Speaker 2: understand what retirement is, don't you dare sit there and

622
00:29:04,880 --> 00:29:06,200
Speaker 2: tell me that I have to give you a check

623
00:29:06,200 --> 00:29:09,120
Speaker 2: from your dad's retirement because when he runs out of money,

624
00:29:10,000 --> 00:29:12,360
Speaker 2: how is he going to live his retirement? And then

625
00:29:12,400 --> 00:29:13,960
Speaker 2: I brought the dad back in and I said, look,

626
00:29:13,960 --> 00:29:15,120
Speaker 2: I hope you don't get mad at me. I was

627
00:29:15,160 --> 00:29:17,800
Speaker 2: really hard on your son. And he said no, because

628
00:29:17,880 --> 00:29:19,400
Speaker 2: here's what he told me, said Bobby, I can't be

629
00:29:19,480 --> 00:29:22,160
Speaker 2: hard on my son. I don't know how. But yet

630
00:29:22,160 --> 00:29:25,720
Speaker 2: the son came in, and it was embarrassing for the dad, Chris,

631
00:29:25,760 --> 00:29:28,200
Speaker 2: because I had to make came understand, like I'm trying

632
00:29:28,240 --> 00:29:30,640
Speaker 2: to make everyone on this radio show to they understand.

633
00:29:31,360 --> 00:29:34,120
Speaker 2: You have to take control. You have to understand what

634
00:29:34,280 --> 00:29:37,240
Speaker 2: the rules are. We say it every time. If you don't,

635
00:29:37,480 --> 00:29:39,000
Speaker 2: if you go into a game, you better know the

636
00:29:39,080 --> 00:29:40,640
Speaker 2: rules because you want to win the game. You don't

637
00:29:40,640 --> 00:29:42,080
Speaker 2: want to lose. The game. And that's just it.

638
00:29:42,240 --> 00:29:44,720
Speaker 3: So why go into the retirement game when you don't

639
00:29:44,720 --> 00:29:47,040
Speaker 3: know what the future tax rates are going to be?

640
00:29:47,560 --> 00:29:50,600
Speaker 3: You know that they can change the rules at any time.

641
00:29:50,760 --> 00:29:51,800
Speaker 3: Why play that game?

642
00:29:52,160 --> 00:29:53,160
Speaker 2: Why? Why?

643
00:29:53,240 --> 00:29:55,560
Speaker 3: Because your your neighbor told you it's a good game

644
00:29:55,600 --> 00:29:57,880
Speaker 3: to play, because your boss told you it's a good

645
00:29:57,920 --> 00:30:02,280
Speaker 3: game to play. Because why, those are the monopoly That's

646
00:30:02,280 --> 00:30:05,400
Speaker 3: what I'm talking about. So seriously, when you pick up

647
00:30:05,440 --> 00:30:07,160
Speaker 3: the phone a schedule time to meet with us, you

648
00:30:07,200 --> 00:30:10,200
Speaker 3: can get the education that you need, you can get

649
00:30:10,200 --> 00:30:13,280
Speaker 3: the questions answered, you can have someone that you can

650
00:30:13,400 --> 00:30:17,240
Speaker 3: bounce ideas off of. And in this environment that we

651
00:30:17,360 --> 00:30:19,760
Speaker 3: live in today, we need each other. We need teams,

652
00:30:20,160 --> 00:30:24,840
Speaker 3: We need a whole team behind you because things are changing.

653
00:30:25,080 --> 00:30:27,440
Speaker 3: So either A you can do it all by yourself,

654
00:30:27,960 --> 00:30:30,520
Speaker 3: or B you can get with a team that's going

655
00:30:30,600 --> 00:30:32,200
Speaker 3: to be with you throughout the way. So pick up

656
00:30:32,200 --> 00:30:34,280
Speaker 3: the phone, schedule time to meet with us, and thinking

657
00:30:34,320 --> 00:30:37,120
Speaker 3: about today, what is your solution? Use that word, think

658
00:30:37,160 --> 00:30:40,920
Speaker 3: about that. What's your solution? What's my solution to incomplaining?

659
00:30:41,120 --> 00:30:43,240
Speaker 3: What's my solution to the market risk when it goes

660
00:30:43,320 --> 00:30:46,600
Speaker 3: up and down? What's my solution to taxes. What's my

661
00:30:46,720 --> 00:30:50,920
Speaker 3: solution to legacy planning? What's my solution to making sure

662
00:30:50,920 --> 00:30:53,760
Speaker 3: that I maximize my SOLI security benefit? If you don't

663
00:30:53,800 --> 00:30:56,960
Speaker 3: have it, it's okay. That's why you're listening today. You're

664
00:30:57,000 --> 00:30:58,959
Speaker 3: never too old to get a retirement plan. Eight three

665
00:30:58,960 --> 00:31:02,760
Speaker 3: to three tax. That's eight three three Maggie Tax. We

666
00:31:02,880 --> 00:31:05,680
Speaker 3: look forward to working with you eight three three Maggie Tax.

667
00:31:07,000 --> 00:31:10,280
Speaker 1: Stop planning for Uncle Sam's retirement and start planning for

668
00:31:10,360 --> 00:31:13,160
Speaker 1: your retirement. As we return to the Maggie Tax and

669
00:31:13,200 --> 00:31:16,680
Speaker 1: Financial Hour with your host, father and son Robert and

670
00:31:16,800 --> 00:31:19,760
Speaker 1: Chris Maggie. For additional information on how you can create

671
00:31:19,800 --> 00:31:23,520
Speaker 1: a tax free retirement, visit Maggie Tax dot com. That's

672
00:31:23,760 --> 00:31:28,600
Speaker 1: ma gg I tax dot com or call eight one

673
00:31:28,760 --> 00:31:32,400
Speaker 1: three three two two twenty five twenty. That's eight one

674
00:31:32,560 --> 00:31:37,200
Speaker 1: three three two two twenty five twenty now your host

675
00:31:37,240 --> 00:31:40,040
Speaker 1: for the Maggie Tax and Financial Hour, father and son

676
00:31:40,120 --> 00:31:45,360
Speaker 1: from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.

677
00:31:45,080 --> 00:31:45,560
Speaker 2: Welcome back.

678
00:31:45,560 --> 00:31:48,240
Speaker 3: Thanks for tuning into the Maggie Tax and Financial Show,

679
00:31:48,280 --> 00:31:50,560
Speaker 3: and today, oh my gosh, what a great show. We're

680
00:31:50,560 --> 00:31:54,000
Speaker 3: talking about tax diversification. What does that really mean legislative risk.

681
00:31:54,280 --> 00:31:56,880
Speaker 2: What does that do? H we're talking about the phases

682
00:31:56,920 --> 00:31:58,440
Speaker 2: of retirement. Oh my gosh.

683
00:31:58,680 --> 00:32:00,920
Speaker 3: You know we talked about the accumulationation phase and the

684
00:32:02,000 --> 00:32:05,040
Speaker 3: second phase where you start planning, preparation phase, and then

685
00:32:05,040 --> 00:32:09,360
Speaker 3: also the main phase is the distribution phase. So let's

686
00:32:09,360 --> 00:32:12,360
Speaker 3: talk about some of the things that prevent someone from

687
00:32:12,440 --> 00:32:17,240
Speaker 3: really creating a retirement plan. What causes someone to not

688
00:32:17,320 --> 00:32:18,080
Speaker 3: get this going?

689
00:32:18,440 --> 00:32:20,440
Speaker 2: Well, to wrap this up in a nice bow and

690
00:32:20,480 --> 00:32:22,600
Speaker 2: make it simple, because there's a lot inside it. Chris

691
00:32:22,880 --> 00:32:26,800
Speaker 2: number one procrastination and not understanding how to save. And

692
00:32:27,080 --> 00:32:30,080
Speaker 2: we wrote a couple books already stop funding Uncle Sam's retirement.

693
00:32:30,360 --> 00:32:32,440
Speaker 2: We wrote a book The Holistic Approach. Why do we

694
00:32:32,440 --> 00:32:35,080
Speaker 2: do that? Because education is so important. I think what

695
00:32:35,160 --> 00:32:38,280
Speaker 2: people fail is they don't go and get information that

696
00:32:38,360 --> 00:32:42,560
Speaker 2: pertains to them. You have to save something. Saving nothing

697
00:32:42,840 --> 00:32:46,640
Speaker 2: is not a retirement plan, and start investing monthly. You

698
00:32:46,680 --> 00:32:49,840
Speaker 2: can start early, stick to your plan. And when should

699
00:32:49,840 --> 00:32:53,719
Speaker 2: you start planning for retirement? Ideally you start saving in

700
00:32:53,760 --> 00:32:57,480
Speaker 2: your twenties, when you first leave school and begin earning paychecks.

701
00:32:57,480 --> 00:32:59,680
Speaker 2: I know that sounds weird, but that's the truth. That's

702
00:32:59,720 --> 00:33:02,560
Speaker 2: because the sooner you begin saving, the more time your

703
00:33:02,560 --> 00:33:04,320
Speaker 2: money has to grow. And Chris, you say it all

704
00:33:04,360 --> 00:33:06,600
Speaker 2: the time. You don't have this class in high school

705
00:33:06,680 --> 00:33:07,040
Speaker 2: or college.

706
00:33:07,120 --> 00:33:08,840
Speaker 3: Now, they don't teach you that, but you know now

707
00:33:08,960 --> 00:33:10,880
Speaker 3: is the time to do it. And many people listening

708
00:33:10,920 --> 00:33:14,200
Speaker 3: today are way past that, right. So maybe you should

709
00:33:14,280 --> 00:33:19,080
Speaker 3: give a gift of this to your kids or your grandkids.

710
00:33:19,080 --> 00:33:21,520
Speaker 3: And the thing that we would talk about is pay

711
00:33:21,560 --> 00:33:23,880
Speaker 3: yourself first. We all hear it, but really what does

712
00:33:23,880 --> 00:33:26,640
Speaker 3: it mean? So every time you get money, whether you

713
00:33:26,720 --> 00:33:29,520
Speaker 3: earn one thousand dollars, take five percent of it or

714
00:33:29,560 --> 00:33:32,000
Speaker 3: ten percent of it and put it away before you

715
00:33:32,120 --> 00:33:34,200
Speaker 3: deal with the resk. You want to pay taxes, create

716
00:33:34,240 --> 00:33:36,160
Speaker 3: a bucket for that. You want to create a bucket

717
00:33:36,200 --> 00:33:38,840
Speaker 3: for donations and charity, and then you want to make

718
00:33:38,880 --> 00:33:40,800
Speaker 3: sure that you pay your bills right and whatever's left

719
00:33:40,840 --> 00:33:43,480
Speaker 3: over is you can spend. But some of the key

720
00:33:43,480 --> 00:33:46,200
Speaker 3: things is just get going with something.

721
00:33:45,960 --> 00:33:49,240
Speaker 2: Exactly, and let's talk about that. Retirement planning should include

722
00:33:49,280 --> 00:33:52,480
Speaker 2: determining the time horizon when do you want to retire?

723
00:33:52,960 --> 00:33:55,280
Speaker 2: And many times like when can you retire? Is going

724
00:33:55,320 --> 00:33:58,080
Speaker 2: to be the answer, But estimating expenses. How many of

725
00:33:58,080 --> 00:34:00,239
Speaker 2: you don't do a budget sheet, Well, we mix sure

726
00:34:00,320 --> 00:34:04,560
Speaker 2: you do calculating retired after tax returns and we offer

727
00:34:04,600 --> 00:34:06,760
Speaker 2: an after tax statement because you need to know this.

728
00:34:07,200 --> 00:34:10,879
Speaker 2: Assessing risk tolerance, this is so huge right now, risk

729
00:34:10,960 --> 00:34:14,000
Speaker 2: tolerance and doing a state planning. How many of you

730
00:34:14,080 --> 00:34:16,640
Speaker 2: out there do not have an estate plan? Will a

731
00:34:16,680 --> 00:34:19,520
Speaker 2: power of attorney, you know, a healthcare surrogate, Chris, What

732
00:34:19,920 --> 00:34:20,520
Speaker 2: is wrong with that?

733
00:34:20,640 --> 00:34:22,480
Speaker 3: My gosh, if you don't just pick up the phone,

734
00:34:22,560 --> 00:34:24,279
Speaker 3: schedule time to meet with this because we can help

735
00:34:24,320 --> 00:34:26,880
Speaker 3: you as well, my gosh, just making sure that your

736
00:34:26,880 --> 00:34:29,400
Speaker 3: accounts are title the right way, making sure that you

737
00:34:29,520 --> 00:34:32,160
Speaker 3: have these documents put in place. It's not hard, you

738
00:34:32,200 --> 00:34:33,759
Speaker 3: just have to do it. We can help eight three

739
00:34:33,760 --> 00:34:36,240
Speaker 3: to three magi tax. That's eight three to three maggie tax.

740
00:34:36,280 --> 00:34:38,720
Speaker 2: You know, in continue with that, start planning for retirement.

741
00:34:38,760 --> 00:34:41,319
Speaker 2: As soon as you can pick up the phone, give

742
00:34:41,400 --> 00:34:43,239
Speaker 2: us a call eight three to three Maggie tax. For

743
00:34:43,280 --> 00:34:45,840
Speaker 2: a free consultation. You have to sit down and have

744
00:34:45,880 --> 00:34:49,800
Speaker 2: a conversation and talk about the advantage of power of compounding.

745
00:34:50,040 --> 00:34:51,640
Speaker 2: This is where a lot of people don't even talk

746
00:34:51,680 --> 00:34:54,680
Speaker 2: about that. Younger investors can take more risk with their

747
00:34:54,680 --> 00:34:57,640
Speaker 2: investment like my son, he takes risk for me. No way,

748
00:34:57,719 --> 00:34:59,040
Speaker 2: I'm not going to do that because I got to

749
00:34:59,040 --> 00:35:02,440
Speaker 2: protect my because I'm in the distribution phase. You know,

750
00:35:02,960 --> 00:35:06,880
Speaker 2: retirement plans evolve through the years. It doesn't happen overnight,

751
00:35:07,320 --> 00:35:11,200
Speaker 2: and it means that you meet occasionally, maybe every quarter

752
00:35:11,280 --> 00:35:15,160
Speaker 2: or maybe every six months or every year because life happens,

753
00:35:15,680 --> 00:35:18,840
Speaker 2: which means portfolio should be rebalanced and the state plans

754
00:35:19,120 --> 00:35:23,080
Speaker 2: updated is needed. And right now crystal volatility is ridiculous

755
00:35:23,160 --> 00:35:25,240
Speaker 2: because we don't know where it's going to go. People

756
00:35:25,280 --> 00:35:27,759
Speaker 2: are looking, you know, they lost money, you know, the

757
00:35:28,000 --> 00:35:30,239
Speaker 2: two thousand and two, two thousand and eight situation, the

758
00:35:30,239 --> 00:35:33,279
Speaker 2: COVID situation. Don't let that happen again. If you know

759
00:35:33,400 --> 00:35:36,239
Speaker 2: you can fix it. I don't get why people sit down,

760
00:35:36,320 --> 00:35:38,200
Speaker 2: Chris and do nothing. It really does. Well, that's it.

761
00:35:38,239 --> 00:35:39,920
Speaker 3: They're just following the crowd and you don't have to.

762
00:35:40,080 --> 00:35:41,759
Speaker 3: And this again, I'm going to say it. You're in

763
00:35:41,800 --> 00:35:45,880
Speaker 3: a yoo economy. You're on your own. Don't say or

764
00:35:45,920 --> 00:35:48,239
Speaker 3: don't follow the crowd like everyone else and say, well

765
00:35:48,280 --> 00:35:51,200
Speaker 3: everyone else lost money, everyone else is down forty percent. No,

766
00:35:51,320 --> 00:35:53,560
Speaker 3: it's not true, because you can have accounts. We don't

767
00:35:53,560 --> 00:35:56,839
Speaker 3: lose anything. You can actually have accounts make money when

768
00:35:56,840 --> 00:36:01,399
Speaker 3: the market's down, we have those accounts. So there's different strategies,

769
00:36:01,480 --> 00:36:05,680
Speaker 3: different ways, different objectives moving forward. And you have to

770
00:36:05,719 --> 00:36:07,479
Speaker 3: meet with the right advisors. So pick up the phone

771
00:36:07,520 --> 00:36:10,800
Speaker 3: schedule time to meet with us. Planning is so important.

772
00:36:10,920 --> 00:36:15,000
Speaker 3: The distribution phase is extremely important. We talked about going

773
00:36:15,000 --> 00:36:17,479
Speaker 3: to a specialist. Well, that's what we specialize in doing

774
00:36:17,840 --> 00:36:20,520
Speaker 3: the distribution phase. Pick up the phone schedule of time

775
00:36:20,880 --> 00:36:23,480
Speaker 3: eight three three magi tax. We have offers on both

776
00:36:23,560 --> 00:36:25,880
Speaker 3: sides of the bay to help you eight three to

777
00:36:25,920 --> 00:36:26,799
Speaker 3: three magi tax.

778
00:36:26,960 --> 00:36:28,960
Speaker 2: One thing I want to remind everyone we talk about

779
00:36:29,160 --> 00:36:33,120
Speaker 2: legislative risk, be aware of it because if Congress changes

780
00:36:33,160 --> 00:36:35,040
Speaker 2: the rules, then guess what we're all going to be

781
00:36:35,080 --> 00:36:37,600
Speaker 2: affected by it. So if someone wants to create a

782
00:36:37,640 --> 00:36:41,359
Speaker 2: retirement plan, what do they need to do. There's five

783
00:36:41,440 --> 00:36:44,520
Speaker 2: steps for creating the perfect retirement plan. Number one, make

784
00:36:45,000 --> 00:36:48,680
Speaker 2: make your portfolio well diversified and invests for long term

785
00:36:49,280 --> 00:36:51,960
Speaker 2: debt reduction is essential. I see so many people I

786
00:36:52,000 --> 00:36:53,879
Speaker 2: know Chris with credit card that we've got to get

787
00:36:53,880 --> 00:36:56,799
Speaker 2: that down. Prepare a budget. My goodness, this is so

788
00:36:56,920 --> 00:37:00,000
Speaker 2: huge for all retirement income and expenditures. I'll keep you

789
00:37:00,239 --> 00:37:02,480
Speaker 2: a budget sheet and Chris, we've seen this time and

790
00:37:02,520 --> 00:37:05,319
Speaker 2: time again. Fill it out. You will be shocked at

791
00:37:05,360 --> 00:37:07,239
Speaker 2: what you can do because you have the budget now

792
00:37:07,560 --> 00:37:10,560
Speaker 2: and take into account future medical expenses. That's a big

793
00:37:10,600 --> 00:37:13,840
Speaker 2: thing right now, Chris. Health insurance, and make plans for

794
00:37:13,920 --> 00:37:16,719
Speaker 2: where you will live because things change right now. You

795
00:37:16,760 --> 00:37:18,480
Speaker 2: may want a move, you may want to downsize. We

796
00:37:18,520 --> 00:37:21,719
Speaker 2: see this all the time. But take advantage of the planning.

797
00:37:21,800 --> 00:37:24,120
Speaker 2: That's the keyword, the planning.

798
00:37:23,880 --> 00:37:26,680
Speaker 3: Absolutely so for some key takeaways here. If you're self

799
00:37:26,680 --> 00:37:29,360
Speaker 3: employed workers, setting up a retirement plan is a do

800
00:37:29,440 --> 00:37:30,239
Speaker 3: it yourself job.

801
00:37:30,360 --> 00:37:30,960
Speaker 2: We can help.

802
00:37:31,239 --> 00:37:34,120
Speaker 3: There are four available plans tail it for the self employed,

803
00:37:34,200 --> 00:37:37,600
Speaker 3: maybe a four one K self directed, maybe a step IRA,

804
00:37:37,840 --> 00:37:40,319
Speaker 3: simple IRA, or even a KEYO plan. What about your

805
00:37:40,440 --> 00:37:43,719
Speaker 3: HSA Health savings plans and traditional and roth iras are

806
00:37:43,719 --> 00:37:47,359
Speaker 3: two important areas, and also cash value life insurance. If

807
00:37:47,400 --> 00:37:49,440
Speaker 3: you make great money and you have if you're phased

808
00:37:49,480 --> 00:37:51,920
Speaker 3: out and you can't put money into a roth IRA

809
00:37:52,280 --> 00:37:56,040
Speaker 3: or or a traditional IRA, then you there are other options.

810
00:37:56,120 --> 00:38:00,000
Speaker 3: There's cash balance plans, there's there's other plans for you

811
00:38:00,120 --> 00:38:03,440
Speaker 3: have tax free money in the future, and that's where

812
00:38:03,800 --> 00:38:06,520
Speaker 3: you need to go. Especially with the tax rates. I'm

813
00:38:06,520 --> 00:38:09,680
Speaker 3: gonna go up. Trump tax cuts expire in twenty twenty five.

814
00:38:09,760 --> 00:38:12,160
Speaker 3: They're definitely going up at least three percent at that point,

815
00:38:12,520 --> 00:38:15,160
Speaker 3: if not sooner if Congress makes changes. So pick up

816
00:38:15,200 --> 00:38:17,960
Speaker 3: the phone, schedule time to meet with us. You know

817
00:38:18,000 --> 00:38:20,000
Speaker 3: we enjoy doing we do and why because we want

818
00:38:20,000 --> 00:38:21,920
Speaker 3: to help you. My gosh, we have a passion to

819
00:38:21,960 --> 00:38:24,040
Speaker 3: help you. Reduce your tax have more income on a

820
00:38:24,040 --> 00:38:27,719
Speaker 3: tax favored basis, protect your money, have investments with us.

821
00:38:27,719 --> 00:38:30,600
Speaker 3: Strategy with a purpose, and make sure everything stays in

822
00:38:30,640 --> 00:38:31,560
Speaker 3: your family.

823
00:38:31,640 --> 00:38:33,640
Speaker 2: A three to three Maggie tax.

824
00:38:33,680 --> 00:38:35,800
Speaker 3: That's a three to three Maggie tax, and don't forget

825
00:38:36,040 --> 00:38:39,160
Speaker 3: Tune in every Sunday ABC TV for the Maggie Tax

826
00:38:39,200 --> 00:38:42,600
Speaker 3: and Financial Show ten thirty am eight three three Maggie Tax.

827
00:38:42,840 --> 00:38:45,279
Speaker 1: You've been listening to the Maggie Tax on Financial Hour

828
00:38:45,400 --> 00:38:48,880
Speaker 1: discussing tax planning investment strategy is presented by Robert and

829
00:38:48,960 --> 00:38:52,759
Speaker 1: Chris Maggie from Maggie Tax Advisory and Financial Services with

830
00:38:52,920 --> 00:38:57,000
Speaker 1: offices in Hillsboro and Panela's County. Visit Maggie Tax dot

831
00:38:57,040 --> 00:39:00,000
Speaker 1: com or call eight one three, three two to two

832
00:39:00,400 --> 00:39:04,280
Speaker 1: twenty five twenty. That's eight one three three two two

833
00:39:04,320 --> 00:39:07,920
Speaker 1: twenty five twenty and tune in next Saturday at five

834
00:39:08,200 --> 00:39:10,439
Speaker 1: for the Maggie Tax and Financial Hour