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 nest day from Uncle Sam. Call them at 10 00:00:29,840 --> 00:00:33,920 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 --> 00:00:40,640 Speaker 1: and Financial Show. Robert and Chris Maggie. 13 00:00:41,520 --> 00:00:43,680 Speaker 2: Welcome everyone, and thanks for joining us today. This is 14 00:00:43,720 --> 00:00:46,559 Speaker 2: the Maggie Tax and Financial Show. I am Robert Maggie 15 00:00:46,800 --> 00:00:48,760 Speaker 2: and I'm here with my son, Chris Maggie. Be sure 16 00:00:48,760 --> 00:00:51,600 Speaker 2: to visit our website, Maggie Tax dot com, and don't 17 00:00:51,600 --> 00:00:54,320 Speaker 2: forget make an appointment called eight three to three Maggie 18 00:00:54,320 --> 00:00:56,800 Speaker 2: Tax and just tell them it's urgent that we meet 19 00:00:56,840 --> 00:00:58,960 Speaker 2: because we have a lot of stuff to talk about today. 20 00:00:59,200 --> 00:01:02,200 Speaker 2: So again E three Maggie Tax. Visit our website Maggie 21 00:01:02,240 --> 00:01:05,399 Speaker 2: Tax dot com and let's get going on today's show. Chris, 22 00:01:05,440 --> 00:01:06,319 Speaker 2: we have a lot to talk about. 23 00:01:06,360 --> 00:01:08,600 Speaker 3: Absolutely, welcome everyone, and thank you so much for tuning 24 00:01:08,600 --> 00:01:09,480 Speaker 3: in in each and every week. 25 00:01:09,520 --> 00:01:10,520 Speaker 4: We enjoy doing what we do. 26 00:01:10,600 --> 00:01:13,479 Speaker 3: Why because we can help people, and it's great when 27 00:01:13,520 --> 00:01:17,039 Speaker 3: we talk about reducing taxes for people and tax strategies 28 00:01:17,080 --> 00:01:19,320 Speaker 3: to have more income in a most tax efficient way. 29 00:01:19,840 --> 00:01:22,319 Speaker 3: We also really get excited when we help people with 30 00:01:22,400 --> 00:01:26,080 Speaker 3: investments and having safety in their retirement plan and guaranteed 31 00:01:26,080 --> 00:01:28,640 Speaker 3: income and also investment opportunities out there that many people 32 00:01:28,680 --> 00:01:31,240 Speaker 3: are just not talking about. And also about a state planning. 33 00:01:31,240 --> 00:01:34,560 Speaker 3: Many people have no wills or state planning documents that 34 00:01:34,760 --> 00:01:37,200 Speaker 3: need they need to make sure that everything stays in 35 00:01:37,240 --> 00:01:39,880 Speaker 3: the family to make sure it avoids probate. So that's 36 00:01:39,920 --> 00:01:41,679 Speaker 3: all we do. We do a lot of different things 37 00:01:41,800 --> 00:01:43,560 Speaker 3: to help you. So pick up the phone, schedule time 38 00:01:43,560 --> 00:01:46,280 Speaker 3: to meet with us. Eight three three Maggie Tax. That's 39 00:01:46,319 --> 00:01:47,960 Speaker 3: eight three three Maggie Tax. 40 00:01:48,200 --> 00:01:50,400 Speaker 2: So today we're going to discuss how important it is 41 00:01:50,440 --> 00:01:52,360 Speaker 2: to get out of debt. Many of you are in 42 00:01:52,440 --> 00:01:54,280 Speaker 2: debt and you have you know ways you're trying to 43 00:01:54,280 --> 00:01:56,560 Speaker 2: get out of debt, save and you know, spend it down. 44 00:01:56,560 --> 00:01:58,840 Speaker 2: But Chris, let me ask you a question. In your opinion, 45 00:01:59,480 --> 00:02:02,520 Speaker 2: is this an important topic getting out of debt? Absolutely? 46 00:02:02,600 --> 00:02:04,240 Speaker 3: I mean it's a big struggle for a lot of people. 47 00:02:04,320 --> 00:02:06,320 Speaker 3: And we're going to talk about today debt where yeah, 48 00:02:06,360 --> 00:02:09,200 Speaker 3: you have credit card expenses and debt that way, but 49 00:02:09,200 --> 00:02:11,440 Speaker 3: we're going to also talk about your iras and your 50 00:02:11,440 --> 00:02:14,720 Speaker 3: investment accounts and your qualified account and how you are 51 00:02:14,760 --> 00:02:16,680 Speaker 3: in debt because you owe Uncle Sam. 52 00:02:16,680 --> 00:02:17,840 Speaker 2: So we're going to get into a lot of that 53 00:02:17,880 --> 00:02:20,320 Speaker 2: today and the bottom line there is you have a 54 00:02:20,360 --> 00:02:22,639 Speaker 2: debt to the irs. So but the big question is 55 00:02:22,680 --> 00:02:25,000 Speaker 2: where do we start. And we can start by reducing 56 00:02:25,040 --> 00:02:28,120 Speaker 2: your retirement tax bill. Go to our website, Maggie tax 57 00:02:28,120 --> 00:02:31,200 Speaker 2: dot com. We have the retirement calculator there for everyone. 58 00:02:31,240 --> 00:02:33,799 Speaker 2: It's simple, put your information in. You're going to get 59 00:02:33,840 --> 00:02:36,000 Speaker 2: a report back on what your tax bill is going 60 00:02:36,080 --> 00:02:38,080 Speaker 2: to look like. And that's the reason why we're talking 61 00:02:38,120 --> 00:02:40,640 Speaker 2: about debt, because we all have a debt to the irs. 62 00:02:40,840 --> 00:02:43,679 Speaker 2: And every day we see clients and many times it's 63 00:02:43,720 --> 00:02:47,080 Speaker 2: impossible to avoid people asking about David Ramsey and we 64 00:02:47,200 --> 00:02:49,360 Speaker 2: like Dave Ramsey. So for anyone out there that's using 65 00:02:49,440 --> 00:02:51,840 Speaker 2: Dave Ramsey, he's got a great program. I like what 66 00:02:51,880 --> 00:02:54,799 Speaker 2: he does. But Dave Ramsey is perhaps the best known 67 00:02:54,880 --> 00:02:58,160 Speaker 2: financial commentator in the country and his advice is used 68 00:02:58,160 --> 00:03:01,840 Speaker 2: by millions of Americans. Area of passion for mister Ramsey 69 00:03:01,919 --> 00:03:05,560 Speaker 2: is his layerser focus on reducing debt now on TV, 70 00:03:05,760 --> 00:03:08,919 Speaker 2: on radio, and in print. Dave Ramsey loves telling people 71 00:03:08,960 --> 00:03:11,560 Speaker 2: how to get out of debt, and generally speaking, I 72 00:03:11,600 --> 00:03:14,000 Speaker 2: agree with this all the way. But I also take 73 00:03:14,080 --> 00:03:16,800 Speaker 2: issue with the way mister Ramsey talks about debt on 74 00:03:16,840 --> 00:03:19,000 Speaker 2: his radio, showing, in his books, and on his blog. 75 00:03:19,160 --> 00:03:22,919 Speaker 2: Here's why Dave Ramsey advises savers to reduce their debt. 76 00:03:23,360 --> 00:03:26,840 Speaker 2: That's a great thing. He talks about paying off student loans, 77 00:03:26,919 --> 00:03:30,400 Speaker 2: buying new cars with cash, paying down your mortgage, and 78 00:03:30,440 --> 00:03:33,320 Speaker 2: paying off your credit card in full every month. And 79 00:03:33,320 --> 00:03:35,400 Speaker 2: those are all good things. When Chris and I meet 80 00:03:35,400 --> 00:03:37,600 Speaker 2: with clients and we ask him these questions and we 81 00:03:37,640 --> 00:03:40,000 Speaker 2: see whether you know they owe money on credit cards, 82 00:03:40,360 --> 00:03:42,680 Speaker 2: question is how do you pay that back? So why 83 00:03:42,680 --> 00:03:45,960 Speaker 2: do I take issue with his remarks? Dave Ramsey's advice 84 00:03:46,000 --> 00:03:49,880 Speaker 2: on debt is wrong, Okay, it's just incomplete. And when 85 00:03:49,920 --> 00:03:53,040 Speaker 2: Chris and I talk about incomplete and complete plans, he 86 00:03:53,120 --> 00:03:56,440 Speaker 2: has an incomplete plan. And many times we talk about 87 00:03:56,440 --> 00:03:59,280 Speaker 2: a complete plan and an incomplete plan, because once you 88 00:03:59,360 --> 00:04:01,320 Speaker 2: understand what that means, you're going to say, Wow, I 89 00:04:01,320 --> 00:04:04,560 Speaker 2: guess I do have an incomplete plan. It's incomplete because 90 00:04:04,640 --> 00:04:07,640 Speaker 2: mister Ramsey never discusses one of the largest debts the 91 00:04:07,720 --> 00:04:10,600 Speaker 2: average American holds, Chris, and that's the debt to the 92 00:04:10,640 --> 00:04:13,880 Speaker 2: IRS that has built up inside your IRA and your 93 00:04:13,960 --> 00:04:14,560 Speaker 2: four oh one K. 94 00:04:14,920 --> 00:04:17,680 Speaker 3: Absolutely, and this is so huge, And what about your 95 00:04:17,680 --> 00:04:19,880 Speaker 3: debt to the irs? Did you talk about that? And 96 00:04:19,920 --> 00:04:23,600 Speaker 3: the answers no. And right now, Americans currently hold trillions 97 00:04:23,640 --> 00:04:27,200 Speaker 3: of dollars in tax deferred retirement accounts, which are immensely 98 00:04:27,240 --> 00:04:29,920 Speaker 3: popular vehicles, such as iras four one ks and four 99 00:04:29,920 --> 00:04:32,200 Speaker 3: to three b's. And if you're a federal employee, it's 100 00:04:32,240 --> 00:04:33,640 Speaker 3: a TSP thrift savings plan. 101 00:04:33,720 --> 00:04:34,400 Speaker 4: So think about this. 102 00:04:34,960 --> 00:04:38,240 Speaker 3: You have accounts that are infected with taxes and in 103 00:04:38,320 --> 00:04:41,440 Speaker 3: tax deferred account savers have put off paying their taxes 104 00:04:41,960 --> 00:04:44,839 Speaker 3: for the future. And this called and this is called 105 00:04:44,880 --> 00:04:47,599 Speaker 3: debt to the irs. And you have it if you 106 00:04:47,640 --> 00:04:49,880 Speaker 3: have an IRA A four one k, a TSP of 107 00:04:49,920 --> 00:04:53,400 Speaker 3: four H three B, you have debt to the irs. 108 00:04:53,640 --> 00:04:55,600 Speaker 3: And if you go to our website, Maggtax dot com, 109 00:04:55,600 --> 00:04:57,719 Speaker 3: click on the retirement calculated, it's right there on the 110 00:04:57,720 --> 00:04:59,920 Speaker 3: top right hand corner, and we can tell you ind 111 00:05:00,000 --> 00:05:02,680 Speaker 3: thirty seconds what your retirement tax bill will look like 112 00:05:03,080 --> 00:05:05,800 Speaker 3: and what your debt will be to the irs. You 113 00:05:05,880 --> 00:05:08,680 Speaker 3: need to know now because you need to get this 114 00:05:08,839 --> 00:05:11,680 Speaker 3: time bomb, this huge tax time bomb. You need to 115 00:05:11,680 --> 00:05:13,839 Speaker 3: diffuse it, and we can show you how. Pick up 116 00:05:13,880 --> 00:05:15,760 Speaker 3: the phone, schedule time to meet with us. Eight three 117 00:05:15,920 --> 00:05:16,960 Speaker 3: three Maggie Tax. 118 00:05:17,040 --> 00:05:19,240 Speaker 2: This is so important for many of you listening because 119 00:05:19,520 --> 00:05:21,239 Speaker 2: a lot of people Chris, don't look at the IRA 120 00:05:21,360 --> 00:05:24,000 Speaker 2: and the four one ks debt. They let you save 121 00:05:24,080 --> 00:05:26,760 Speaker 2: in these accounts for years, you defer the taxes for years, 122 00:05:27,080 --> 00:05:29,640 Speaker 2: and then as you know, you get into retirement and 123 00:05:29,680 --> 00:05:32,440 Speaker 2: you have requirement and distribution and then you're paying tax 124 00:05:32,440 --> 00:05:34,080 Speaker 2: at a higher rate. And the problem is that all 125 00:05:34,120 --> 00:05:36,640 Speaker 2: the tax savings that you had you're going to pay 126 00:05:36,680 --> 00:05:39,120 Speaker 2: back five ten years down the road and at a 127 00:05:39,160 --> 00:05:39,640 Speaker 2: higher rate. 128 00:05:39,720 --> 00:05:40,359 Speaker 4: Well think about this. 129 00:05:40,440 --> 00:05:43,320 Speaker 3: You know, you take your retirement accounts, you put away 130 00:05:43,320 --> 00:05:46,160 Speaker 3: and tax deferred acounts, and they grow in the future too, 131 00:05:46,200 --> 00:05:48,400 Speaker 3: bigger amounts. But what we don't know, and this is 132 00:05:48,440 --> 00:05:50,880 Speaker 3: what we're talking about here, is the question mark tax rate. 133 00:05:51,160 --> 00:05:53,599 Speaker 3: What's your tax rate in two years, in five years, 134 00:05:53,600 --> 00:05:56,160 Speaker 3: in ten years, in twenty years when you need that money. 135 00:05:56,480 --> 00:05:59,600 Speaker 3: So these big, these big accounts grow and grow and grow. 136 00:05:59,600 --> 00:06:01,360 Speaker 3: But when you take the money out, it could be 137 00:06:01,400 --> 00:06:03,320 Speaker 3: taxed at thirty percent, It could be taxed at forty percent, 138 00:06:03,360 --> 00:06:05,160 Speaker 3: It can be taxed fifty percent. So think about that. 139 00:06:05,400 --> 00:06:07,479 Speaker 3: If you need forty thousand dollars out of your retirement 140 00:06:07,480 --> 00:06:10,800 Speaker 3: account such as your IRA Form one K, guess what 141 00:06:11,160 --> 00:06:12,920 Speaker 3: in the future, it could be taxed at forty to 142 00:06:12,920 --> 00:06:15,599 Speaker 3: fifty percent. So if you need forty thousand, you have 143 00:06:15,600 --> 00:06:18,279 Speaker 3: to take out eighty thousand to net the forty How 144 00:06:18,560 --> 00:06:22,080 Speaker 3: much or how long is your retirement account going to 145 00:06:22,240 --> 00:06:24,840 Speaker 3: last if you have unknown tax rates and. 146 00:06:24,800 --> 00:06:26,800 Speaker 2: You have a partner with irs And think about this. 147 00:06:26,880 --> 00:06:29,160 Speaker 2: We talk about it all the time. So let's say 148 00:06:29,160 --> 00:06:31,640 Speaker 2: you're in a twenty four percent tax bracket right now, 149 00:06:32,040 --> 00:06:34,240 Speaker 2: and in two years when the Trump tax cuts expire 150 00:06:34,279 --> 00:06:36,360 Speaker 2: and it goes up to twenty seven, it goes up 151 00:06:36,360 --> 00:06:39,279 Speaker 2: three percent in every tax bracket. Have you planned on 152 00:06:39,360 --> 00:06:42,039 Speaker 2: that and have you done any tax planning on it? 153 00:06:42,120 --> 00:06:44,040 Speaker 2: Because if you don't, that's the reason why we're telling 154 00:06:44,040 --> 00:06:46,880 Speaker 2: you to go to our tax retirement calculator. Take a 155 00:06:46,880 --> 00:06:49,280 Speaker 2: look for yourself. You'll see exactly what the rates are 156 00:06:49,320 --> 00:06:51,040 Speaker 2: going to be, and you plug it in and then 157 00:06:51,080 --> 00:06:53,799 Speaker 2: let's get together and talk about it. So Dave Ramsey 158 00:06:54,200 --> 00:06:56,600 Speaker 2: has an incomplete plan. I think we just made that point. 159 00:06:56,600 --> 00:06:58,880 Speaker 2: And whether or not you realize that that creates a 160 00:06:59,000 --> 00:07:00,880 Speaker 2: kind of debt, So let me kind of give you 161 00:07:00,920 --> 00:07:05,240 Speaker 2: a definition. The Oxford Dictionary defines debt as something especially 162 00:07:05,360 --> 00:07:08,640 Speaker 2: money that is owed to someone else. So you have 163 00:07:08,720 --> 00:07:11,680 Speaker 2: money and who you owe it to? Uncle Sam Arris 164 00:07:12,120 --> 00:07:14,320 Speaker 2: and that term applies to the build up of taxes 165 00:07:14,360 --> 00:07:16,840 Speaker 2: in iras in four oh one case. And you know, Chris, 166 00:07:16,880 --> 00:07:19,040 Speaker 2: I think the disappointing thing for me and you when 167 00:07:19,080 --> 00:07:21,440 Speaker 2: we see people come in they're not told that why 168 00:07:21,440 --> 00:07:24,600 Speaker 2: they are advised that just build, build build build, tax deferred. 169 00:07:24,600 --> 00:07:27,000 Speaker 2: You got a lot of money coming out. But a gentleman, 170 00:07:27,040 --> 00:07:29,440 Speaker 2: I have this, I can prove this. We have a 171 00:07:29,480 --> 00:07:31,600 Speaker 2: call that comes in a million dollar Ira, two million 172 00:07:31,640 --> 00:07:33,720 Speaker 2: dollar IRA, and I have to tell them it's not 173 00:07:33,800 --> 00:07:36,560 Speaker 2: all theirs, it's not all there's That million dollars is 174 00:07:36,800 --> 00:07:39,920 Speaker 2: maybe five hundred thousand, that two million is maybe a million. 175 00:07:40,160 --> 00:07:41,800 Speaker 2: So what kind of planning do they do? Now? 176 00:07:41,920 --> 00:07:42,480 Speaker 4: Well, that's it. 177 00:07:42,640 --> 00:07:45,240 Speaker 3: People don't plan and that's why we do tax planning here. 178 00:07:45,320 --> 00:07:47,840 Speaker 3: We do income planning, we do investment planning, we do 179 00:07:47,880 --> 00:07:49,320 Speaker 3: a state planning. There's a lot that we do at 180 00:07:49,360 --> 00:07:52,080 Speaker 3: MAGA Tax Advisory and Financial Group. So pick up the phone, 181 00:07:52,400 --> 00:07:54,120 Speaker 3: schedule time to meet with us. We have office on 182 00:07:54,160 --> 00:07:56,080 Speaker 3: both sides of the bay, and when you come in, 183 00:07:56,160 --> 00:07:58,680 Speaker 3: we can help you diffuse the big tax time bomb 184 00:07:59,000 --> 00:08:01,880 Speaker 3: eight three three mag Tax. Visit our website at Maggie 185 00:08:01,920 --> 00:08:05,200 Speaker 3: tax dot com that's m a Ggi tax dot com 186 00:08:05,440 --> 00:08:08,720 Speaker 3: and we can help you diffuse the tax time bomb. 187 00:08:08,760 --> 00:08:10,080 Speaker 2: And let me kind of give you an example. It's 188 00:08:10,120 --> 00:08:12,920 Speaker 2: pretty simple. Consider this issue is a sixty five year 189 00:08:12,920 --> 00:08:15,440 Speaker 2: old client that comes into our office. He has an 190 00:08:15,480 --> 00:08:18,720 Speaker 2: IRA statement showing he has five hundred thousand saved in 191 00:08:18,800 --> 00:08:21,000 Speaker 2: his account. He's happy, he's thrilled. I got a lot 192 00:08:21,040 --> 00:08:23,360 Speaker 2: of money, right, But can that client cash out the 193 00:08:23,400 --> 00:08:26,880 Speaker 2: IRA and go buy a five hundred thousand dollars vacation home. 194 00:08:27,320 --> 00:08:29,680 Speaker 2: And the answer is no, of course not. But until 195 00:08:29,680 --> 00:08:32,240 Speaker 2: someone educates him and understand the language, he's thinking he's 196 00:08:32,280 --> 00:08:34,880 Speaker 2: got five hundred so after all, not all of that 197 00:08:34,920 --> 00:08:37,920 Speaker 2: five hundred thousand in the IRA is his to spend. 198 00:08:38,160 --> 00:08:41,120 Speaker 2: You have a partner with Uncle Sam. It's great, you know, Chris. 199 00:08:41,120 --> 00:08:43,640 Speaker 2: You work for a business and you save, and then 200 00:08:43,640 --> 00:08:45,920 Speaker 2: you start taking money out, and then you get a 201 00:08:45,960 --> 00:08:47,760 Speaker 2: partner and he says, well, I want twenty percent of 202 00:08:47,760 --> 00:08:49,800 Speaker 2: the profits, and then next year he says I want 203 00:08:49,800 --> 00:08:51,720 Speaker 2: thirty percent, and the following year he says he wants 204 00:08:51,760 --> 00:08:54,080 Speaker 2: forty percent. What's wrong with that? And that's what the 205 00:08:54,120 --> 00:08:54,960 Speaker 2: IRS is doing. 206 00:08:55,040 --> 00:08:57,120 Speaker 3: That's the question mark tax rate. So how can you 207 00:08:57,240 --> 00:09:00,959 Speaker 3: live in retirement knowing that it's a variable tax rates, 208 00:09:00,960 --> 00:09:03,560 Speaker 3: a question mark tax rate. And that's the thing because 209 00:09:03,600 --> 00:09:05,520 Speaker 3: if you have to pay more in taxes, guess what 210 00:09:06,040 --> 00:09:08,520 Speaker 3: less income to you. So don't let it happen that way. 211 00:09:08,559 --> 00:09:10,959 Speaker 3: And that's why we put together tax planning and income 212 00:09:11,000 --> 00:09:13,320 Speaker 3: planning and investment planning. That's what we call the Maggie 213 00:09:13,320 --> 00:09:17,720 Speaker 3: Plan because we can help you understand what that dollar 214 00:09:17,840 --> 00:09:20,760 Speaker 3: is and let's get that money out of taxable environments. 215 00:09:20,760 --> 00:09:24,040 Speaker 3: Into tax free environments. Let's have a tax free zone 216 00:09:24,080 --> 00:09:26,080 Speaker 3: for you so you don't have to worry about that question. 217 00:09:26,200 --> 00:09:29,439 Speaker 3: Mark tax rate eight three to three magi tax, schedule 218 00:09:29,480 --> 00:09:31,800 Speaker 3: time to meet with us eight three to three magi tax. 219 00:09:31,840 --> 00:09:34,120 Speaker 2: And one more thing. What people don't understand is what 220 00:09:34,200 --> 00:09:36,800 Speaker 2: tax bracket they're in. So in this case, his tax 221 00:09:36,840 --> 00:09:39,920 Speaker 2: liability is twenty percent, only four hundred thousand of those 222 00:09:39,920 --> 00:09:42,320 Speaker 2: funds really belong to him. He doesn't think about that 223 00:09:42,360 --> 00:09:43,920 Speaker 2: when he goes to bed at night. He's thinking about 224 00:09:43,920 --> 00:09:45,480 Speaker 2: what he's going to spend and where he's going to go. 225 00:09:45,800 --> 00:09:47,360 Speaker 2: So the other one hundred thousand he owes to the 226 00:09:47,440 --> 00:09:49,960 Speaker 2: IRS is is in the form of taxes. And again 227 00:09:50,160 --> 00:09:52,200 Speaker 2: just write this down. It's a debt to the IRS. 228 00:09:52,240 --> 00:09:54,240 Speaker 2: So pick up the phone call eight three to three 229 00:09:54,360 --> 00:09:57,040 Speaker 2: magi tax. When you talk to the operator, tell them 230 00:09:57,080 --> 00:09:59,800 Speaker 2: that's urgent that we speak to you about your debt 231 00:09:59,800 --> 00:10:02,280 Speaker 2: to the IRS. Folks, this is the only way we 232 00:10:02,320 --> 00:10:04,560 Speaker 2: can help you. Let us do the illustration with you, 233 00:10:04,679 --> 00:10:06,800 Speaker 2: show you what tax bracket you're in, and show you 234 00:10:06,840 --> 00:10:09,280 Speaker 2: what real money you have, and then let's plan because 235 00:10:09,320 --> 00:10:11,680 Speaker 2: if you're looking for guaranteed income, we can help you 236 00:10:11,720 --> 00:10:14,319 Speaker 2: put a plan together. It's called the Maggie Plan. It's 237 00:10:14,360 --> 00:10:17,640 Speaker 2: a tax plan, it's an income plan, it's an investment plan, 238 00:10:17,920 --> 00:10:20,360 Speaker 2: and like Chris said before, the most important thing, it's 239 00:10:20,360 --> 00:10:23,320 Speaker 2: an estate plan. Eight three to three Maggie Tax. And 240 00:10:23,360 --> 00:10:26,080 Speaker 2: don't forget Every Sunday at ten thirty, what's your TV 241 00:10:26,160 --> 00:10:28,719 Speaker 2: show on ABC TV, folks will give you a lot 242 00:10:28,720 --> 00:10:32,000 Speaker 2: of resources here eight three to three Maggie Tax. Be 243 00:10:32,120 --> 00:10:35,400 Speaker 2: sure to visit our website, Maggie Tax dot Com. There's 244 00:10:35,440 --> 00:10:38,319 Speaker 2: so much information on there. You're listening to the Maggie 245 00:10:38,320 --> 00:10:41,000 Speaker 2: Tax and Financial Show. And remember eight three to three 246 00:10:41,160 --> 00:10:44,040 Speaker 2: Maggie Tax. Eight three three Maggie Tax. 247 00:10:49,240 --> 00:10:52,839 Speaker 1: Stop funding Uncle Sam's retirement and start planning for your 248 00:10:52,840 --> 00:10:56,320 Speaker 1: own successful retirement. As we return to the Maggie Tax 249 00:10:56,360 --> 00:10:59,720 Speaker 1: Financial Show with your host Robert and Chris Maggie with 250 00:10:59,760 --> 00:11:03,040 Speaker 1: Meaggie Tax and Wealth Advisors. For information on how you 251 00:11:03,080 --> 00:11:06,679 Speaker 1: can create a tax free retirement, call eight three three 252 00:11:07,080 --> 00:11:11,319 Speaker 1: Maggie Tax, or visit Maggie Tax dot com. Now you're 253 00:11:11,400 --> 00:11:15,959 Speaker 1: host with Maggie Tax and Wealth Advisors, Robert and Chris Maggie. 254 00:11:17,360 --> 00:11:19,520 Speaker 3: Welcome back to the Magi Tax and Financial Show. I'm 255 00:11:19,600 --> 00:11:21,520 Speaker 3: Chris Maggie. I'm here my dad and coast of the 256 00:11:21,520 --> 00:11:25,360 Speaker 3: show Robert Maggie. Every Sunday on ABC TV at ten 257 00:11:25,520 --> 00:11:27,000 Speaker 3: thirty am, we have our show. 258 00:11:27,240 --> 00:11:29,000 Speaker 4: It's thirty minutes. It's a live show. 259 00:11:29,440 --> 00:11:33,599 Speaker 3: What we do is we help people understand their retirement 260 00:11:33,640 --> 00:11:36,040 Speaker 3: issues from the tax side of it, from the income side, 261 00:11:36,280 --> 00:11:38,640 Speaker 3: from the investment side, from the estate planning. So we 262 00:11:38,679 --> 00:11:43,000 Speaker 3: do complete planning. And today we're focusing on roth conversions. 263 00:11:43,240 --> 00:11:45,360 Speaker 3: And what is a roth conversion. Well, many people out 264 00:11:45,360 --> 00:11:49,160 Speaker 3: there have iras and formal keys and TSPs. If you're 265 00:11:49,200 --> 00:11:52,360 Speaker 3: a federal or a sept planned self employed plan, these 266 00:11:52,400 --> 00:11:56,280 Speaker 3: accounts are infected with taxes. They grow tax deferred, which 267 00:11:56,320 --> 00:11:59,760 Speaker 3: means when you start taking money out they have to 268 00:11:59,800 --> 00:12:02,120 Speaker 3: hit you with taxes. You get a ten ninety nine 269 00:12:02,120 --> 00:12:06,079 Speaker 3: taxable event. So in the future, what can you do? 270 00:12:06,200 --> 00:12:08,880 Speaker 3: What are you doing to protect yourself on the income side, 271 00:12:09,160 --> 00:12:11,640 Speaker 3: and these things we're talking about here today to help you. 272 00:12:12,000 --> 00:12:14,720 Speaker 3: But you can start converting from the IRA and get 273 00:12:14,760 --> 00:12:18,360 Speaker 3: the money out of a taxable environment into tax free accounts. 274 00:12:18,360 --> 00:12:21,280 Speaker 3: How do you do that? And that's what we're discussing today. 275 00:12:21,280 --> 00:12:23,679 Speaker 3: So Dad, let's talk about the second question here. How 276 00:12:23,760 --> 00:12:26,760 Speaker 3: much of your future income will you need from your 277 00:12:26,800 --> 00:12:28,520 Speaker 3: investments or sav these accounts. 278 00:12:28,679 --> 00:12:31,160 Speaker 2: That's a great question that we ask everyone because you 279 00:12:31,240 --> 00:12:33,400 Speaker 2: have to tell us what you're looking for. And when 280 00:12:33,400 --> 00:12:36,600 Speaker 2: you have a text deferred account with five hundred thousand 281 00:12:36,640 --> 00:12:38,880 Speaker 2: or a million dollars, your first thought us, we've got 282 00:12:38,920 --> 00:12:40,800 Speaker 2: to take it from there. But do you have a 283 00:12:40,840 --> 00:12:44,760 Speaker 2: plan to convert that? So the common portfolio practice tells 284 00:12:44,840 --> 00:12:47,600 Speaker 2: us that there's a certain amount of distribution that an 285 00:12:47,679 --> 00:12:52,320 Speaker 2: investment portfolio can withstand without depleting itself over time. What 286 00:12:52,400 --> 00:12:55,199 Speaker 2: you want to do is have guaranteed income over your lifetime. 287 00:12:55,520 --> 00:12:58,360 Speaker 2: So if you're currently distributing a significant percentage of your 288 00:12:58,400 --> 00:13:02,000 Speaker 2: IRA on which to pay for living expenses, and then 289 00:13:02,040 --> 00:13:04,520 Speaker 2: you have to ask your portfolio to also pay the 290 00:13:04,640 --> 00:13:08,080 Speaker 2: taxes for the conversions, you can quickly get to the 291 00:13:08,120 --> 00:13:10,960 Speaker 2: no go situation on converting. Now, when I say that, 292 00:13:11,000 --> 00:13:13,640 Speaker 2: it's because that's what people think. But there are ways 293 00:13:13,679 --> 00:13:15,520 Speaker 2: to convert this where it makes sense to do it, 294 00:13:15,559 --> 00:13:17,440 Speaker 2: and we can show you that. So we like to 295 00:13:17,520 --> 00:13:19,400 Speaker 2: use a rule of thumb of four percent as the 296 00:13:19,440 --> 00:13:23,280 Speaker 2: maximum distribution from your total IRA, and this does not 297 00:13:23,360 --> 00:13:26,400 Speaker 2: apply to every situation. So again, when you meet with us, 298 00:13:26,400 --> 00:13:27,800 Speaker 2: we're going to go over this and we're going to 299 00:13:27,800 --> 00:13:30,160 Speaker 2: show you how it works. But it's a great starting 300 00:13:30,200 --> 00:13:32,920 Speaker 2: point to see if you should proceed with the notion 301 00:13:33,000 --> 00:13:35,720 Speaker 2: of a conversion. And the reason why the conversion is 302 00:13:35,760 --> 00:13:39,040 Speaker 2: so important is because we can show you strategically over 303 00:13:39,080 --> 00:13:42,120 Speaker 2: a five or seven year window to pay that tax 304 00:13:42,400 --> 00:13:44,319 Speaker 2: and have no tax to pay. And remember something I 305 00:13:44,400 --> 00:13:49,040 Speaker 2: said before, when you're saving all your life for tax retirement. 306 00:13:49,640 --> 00:13:52,480 Speaker 2: For retirement, you have a tax deferred account. So when 307 00:13:52,520 --> 00:13:54,960 Speaker 2: you start taking it out the R and DS and Chris, 308 00:13:55,000 --> 00:13:57,959 Speaker 2: the distribution is so important right now because along with 309 00:13:58,000 --> 00:14:00,880 Speaker 2: that we look at the pensions security and how much 310 00:14:00,880 --> 00:14:03,160 Speaker 2: do you really need to make up the difference? And 311 00:14:03,240 --> 00:14:05,600 Speaker 2: that it probably comes from your IRA, but why not 312 00:14:05,640 --> 00:14:07,880 Speaker 2: have it come from a Wroth tax free account. 313 00:14:07,960 --> 00:14:10,000 Speaker 3: Well that's just say so think about this when in 314 00:14:10,040 --> 00:14:12,000 Speaker 3: the future you need income. So let's just say you 315 00:14:12,040 --> 00:14:14,280 Speaker 3: retire and you get sold security of two thousand a 316 00:14:14,280 --> 00:14:16,800 Speaker 3: month and your spouse gets a thousand a month. That's 317 00:14:16,840 --> 00:14:20,320 Speaker 3: three thousand dollars a month of income. Well, what if 318 00:14:20,360 --> 00:14:23,120 Speaker 3: you need five what do you do? Many people think, well, 319 00:14:23,280 --> 00:14:25,080 Speaker 3: just take it from my IRA. Well that's a two 320 00:14:25,160 --> 00:14:28,520 Speaker 3: thousand dollars a month distribution. Well, now you're going to 321 00:14:28,560 --> 00:14:31,360 Speaker 3: get a ten ninety nine and that's taxable one hundred 322 00:14:31,360 --> 00:14:34,920 Speaker 3: percent taxed. So what if you were able to create 323 00:14:35,120 --> 00:14:38,480 Speaker 3: tax free buckets? So maybe you take a thousand from 324 00:14:38,480 --> 00:14:41,960 Speaker 3: your IRA and a thousand from your roth IRA. Now 325 00:14:42,000 --> 00:14:44,920 Speaker 3: you have five thousand dollars a month of income. But 326 00:14:45,000 --> 00:14:48,120 Speaker 3: guess what you will be under the threshold income, which 327 00:14:48,160 --> 00:14:49,880 Speaker 3: means that you won't have to file a tax term 328 00:14:49,920 --> 00:14:53,000 Speaker 3: because you won't have to pay any tax. So many 329 00:14:53,040 --> 00:14:55,560 Speaker 3: people are thinking, well, how's that happen. Well, many people 330 00:14:55,560 --> 00:14:58,560 Speaker 3: don't understand how solid security is taxed. So in this 331 00:14:58,840 --> 00:15:01,720 Speaker 3: in this situation I just mentioned, you can go ahead 332 00:15:01,760 --> 00:15:05,080 Speaker 3: and protect yourself from paying more tax in the future 333 00:15:05,080 --> 00:15:07,200 Speaker 3: by doing the planning now, so pick up the phone, 334 00:15:07,240 --> 00:15:09,920 Speaker 3: schedule time to meet with us. Let's talk about how 335 00:15:09,960 --> 00:15:12,920 Speaker 3: you can create tax free buckets and if you should 336 00:15:12,920 --> 00:15:16,520 Speaker 3: convert your money to the roth ira eight three three, 337 00:15:16,600 --> 00:15:19,400 Speaker 3: Maggie tax pick up the phone today. It's so crucial 338 00:15:19,440 --> 00:15:22,080 Speaker 3: because tax rates are going to go up. What are 339 00:15:22,080 --> 00:15:25,040 Speaker 3: you doing if you have the opportunity to convert. Let's 340 00:15:25,080 --> 00:15:27,840 Speaker 3: convert on the most tax efficient way and we can 341 00:15:27,880 --> 00:15:30,240 Speaker 3: show you eight three to three MAGI tax. 342 00:15:30,120 --> 00:15:31,880 Speaker 2: And all of us have a debt to the irs. 343 00:15:31,920 --> 00:15:35,000 Speaker 2: So don't take that away because you saved on a 344 00:15:35,000 --> 00:15:36,920 Speaker 2: tax deferred basis. Now you've got to pay the tax 345 00:15:36,960 --> 00:15:39,200 Speaker 2: the de'al that you save on. And the problem now 346 00:15:39,280 --> 00:15:41,600 Speaker 2: is that when taxes go up, and they will, then 347 00:15:41,720 --> 00:15:44,040 Speaker 2: most people will not see that Chris, because they weren't 348 00:15:44,320 --> 00:15:46,480 Speaker 2: aware of the fact that tax cuts and jobs act 349 00:15:46,480 --> 00:15:49,640 Speaker 2: to reduce their taxes years ago. But look right now, 350 00:15:49,640 --> 00:15:51,560 Speaker 2: if you have a million dollar IRA, or a five 351 00:15:51,640 --> 00:15:54,200 Speaker 2: hundred thousand dollar IRA or a two hundred thousand, I 352 00:15:54,240 --> 00:15:56,120 Speaker 2: don't care what's in the IRA of four to one k, 353 00:15:56,640 --> 00:15:58,880 Speaker 2: you need to start thinking about converting because you're going 354 00:15:58,920 --> 00:16:02,440 Speaker 2: to pay tax maybe ten to twenty times more than 355 00:16:02,520 --> 00:16:05,840 Speaker 2: the tax deduction that you got years ago. So think 356 00:16:05,840 --> 00:16:08,040 Speaker 2: about it. You know, I'd rather have tax free money, 357 00:16:08,200 --> 00:16:09,960 Speaker 2: and it's it's going to hurt a little bit. But 358 00:16:10,440 --> 00:16:11,760 Speaker 2: when you look at it and you say, I have 359 00:16:11,800 --> 00:16:14,480 Speaker 2: to pay that tax because then I own it, that's 360 00:16:14,520 --> 00:16:16,480 Speaker 2: what you want to do. It's like the mortgage on 361 00:16:16,560 --> 00:16:18,720 Speaker 2: your house. You have to pay a mortgage, but when 362 00:16:18,760 --> 00:16:21,000 Speaker 2: you pay it off, you own that house. It's the 363 00:16:21,080 --> 00:16:23,840 Speaker 2: same thing with your ROTH account or your RMD or 364 00:16:23,840 --> 00:16:27,240 Speaker 2: your IRA. If you pay the tax, then you have 365 00:16:27,320 --> 00:16:29,120 Speaker 2: no more rm D, you have no more tax on 366 00:16:29,120 --> 00:16:31,400 Speaker 2: Social Security, you have no more ARM. And if your 367 00:16:31,440 --> 00:16:34,520 Speaker 2: advisor's not talking to you about this, or your tax prepairer, 368 00:16:34,640 --> 00:16:37,280 Speaker 2: please give us a call eight three to three Maggie 369 00:16:37,320 --> 00:16:40,080 Speaker 2: Tax eight three three Magi tax. Let Chris and I 370 00:16:40,160 --> 00:16:41,960 Speaker 2: run a conversion for you and prove it to you, 371 00:16:42,000 --> 00:16:44,080 Speaker 2: and I can go with examples later that I can 372 00:16:44,080 --> 00:16:47,160 Speaker 2: show you how we helped a million dollar IRA basically 373 00:16:47,160 --> 00:16:49,560 Speaker 2: pay little or no tax, but they got it all 374 00:16:49,600 --> 00:16:51,720 Speaker 2: back and now it's a tax free account. Which would 375 00:16:51,760 --> 00:16:52,320 Speaker 2: you rather have? 376 00:16:52,520 --> 00:16:54,480 Speaker 3: That's the thing, you know, think about it? Moving forward, 377 00:16:54,640 --> 00:16:57,000 Speaker 3: tax rates are going to go up. The DEBTONUS country 378 00:16:57,080 --> 00:16:59,480 Speaker 3: is high. Where are they going to get the money? 379 00:16:59,520 --> 00:17:03,000 Speaker 3: They know how much money you have in qualified accounts, 380 00:17:03,000 --> 00:17:05,280 Speaker 3: They know you know. That's what the thing about it 381 00:17:05,320 --> 00:17:07,320 Speaker 3: is is that they can increase tax rates three percent, 382 00:17:07,359 --> 00:17:09,760 Speaker 3: five percent, eight percent, ten percent in the future. And 383 00:17:09,800 --> 00:17:12,960 Speaker 3: guess what that means more money to them, less to you. 384 00:17:13,920 --> 00:17:16,280 Speaker 3: But not if you have tax free buckets, because then 385 00:17:16,320 --> 00:17:19,320 Speaker 3: you just eliminated Uncle Sam forever and ever and ever. 386 00:17:20,280 --> 00:17:23,840 Speaker 3: Would you want to eliminate Uncle Sam. Absolutely, if you can, 387 00:17:23,960 --> 00:17:26,240 Speaker 3: how do you do it? That's the planning we talk about. 388 00:17:26,280 --> 00:17:29,760 Speaker 3: So let's do tax planning for you. Let's do income planning, 389 00:17:29,800 --> 00:17:32,399 Speaker 3: Let's do investment planning. Let's put it all together and 390 00:17:32,400 --> 00:17:34,800 Speaker 3: do a state planning. My gosh, how many people out 391 00:17:34,840 --> 00:17:37,040 Speaker 3: there don't have wills or trusts or power of attorneys? 392 00:17:37,040 --> 00:17:40,480 Speaker 3: Where state planning documents? Well, these are just crucial. And 393 00:17:40,480 --> 00:17:43,200 Speaker 3: I met with a client last week, sixty five years old. 394 00:17:43,560 --> 00:17:45,800 Speaker 3: My gosh, has three quarters of a million dollars, and 395 00:17:45,840 --> 00:17:48,600 Speaker 3: guess what. They have no estate plan, they have no 396 00:17:48,680 --> 00:17:51,000 Speaker 3: income plan, they have no investment plan, they have no 397 00:17:51,160 --> 00:17:54,399 Speaker 3: tax plan. But now they do so because they talked 398 00:17:54,400 --> 00:17:56,560 Speaker 3: about how do we convert, how do we put our 399 00:17:56,600 --> 00:17:59,000 Speaker 3: money in the right position so we can have tax 400 00:17:59,040 --> 00:18:02,120 Speaker 3: free money in the future. They were concerned about the 401 00:18:02,160 --> 00:18:05,240 Speaker 3: increase in tax rates. They're concerned about the administration. They're 402 00:18:05,280 --> 00:18:08,520 Speaker 3: concerned about the legislative risk. What we mean by that 403 00:18:08,640 --> 00:18:11,080 Speaker 3: is when they start changing the tax code, just by 404 00:18:11,119 --> 00:18:13,359 Speaker 3: the it's written in pencil, they're going to change it. 405 00:18:13,400 --> 00:18:16,120 Speaker 3: So what do you do tax planning? Pick up the phone, 406 00:18:16,160 --> 00:18:18,080 Speaker 3: schedule time to meet with us eight three to three 407 00:18:18,119 --> 00:18:21,000 Speaker 3: Maggie Tax. We have offices on both sides of the Bay. 408 00:18:21,160 --> 00:18:23,720 Speaker 3: Visit our website Maggie Tax dot com. That's m a 409 00:18:23,920 --> 00:18:27,800 Speaker 3: g Gi tax dot com. Once again, schedule time to 410 00:18:27,800 --> 00:18:29,399 Speaker 3: meet with us. We look forward to meeting with you 411 00:18:29,440 --> 00:18:32,240 Speaker 3: and every Sunday on ABC TV at ten thirty am. 412 00:18:32,480 --> 00:18:36,040 Speaker 3: Tune into our show ten thirty am ABC TV on 413 00:18:36,160 --> 00:18:38,880 Speaker 3: Sunday for the Magi Tax and Financial Show eight three 414 00:18:38,920 --> 00:18:42,439 Speaker 3: to three Magi Tax. That's eight three to three Maggie Tax. 415 00:18:43,160 --> 00:18:46,719 Speaker 1: Stop funding Uncle Sam's retirement and start planning for your 416 00:18:46,760 --> 00:18:50,240 Speaker 1: own successful retirement as we return to the Maggie Tax 417 00:18:50,280 --> 00:18:53,679 Speaker 1: Financial Show with your host Robert and Chris Maggie with 418 00:18:53,800 --> 00:18:56,919 Speaker 1: Maggie Tax and Wealth Advisors. For information on how you 419 00:18:56,960 --> 00:19:00,280 Speaker 1: can create a tax free retirement. Call eight three three 420 00:19:00,320 --> 00:19:05,040 Speaker 1: three Maggie Tax, or visit Maggie Tax dot com. Now 421 00:19:05,080 --> 00:19:08,119 Speaker 1: your host with Maggie Tax and Wealth Advisors Robert and 422 00:19:08,240 --> 00:19:10,360 Speaker 1: Chris Maggie, welcome back. 423 00:19:10,400 --> 00:19:12,720 Speaker 3: Thanks for tuning into the Magi Tax and Financial Show 424 00:19:12,760 --> 00:19:15,240 Speaker 3: and visit our website at Maggie Tax dot com. So 425 00:19:15,320 --> 00:19:17,880 Speaker 3: much information rate there at your fingertips and also tune 426 00:19:17,920 --> 00:19:21,760 Speaker 3: in every Sunday for our TV show on ABC TV 427 00:19:21,840 --> 00:19:23,520 Speaker 3: at ten thirty am. 428 00:19:23,560 --> 00:19:25,119 Speaker 4: Maggie Tax dot Com. 429 00:19:25,119 --> 00:19:27,719 Speaker 3: So when we talk to a lot today about complete 430 00:19:27,760 --> 00:19:30,520 Speaker 3: planning and working with the right advisor, and also the 431 00:19:30,600 --> 00:19:34,760 Speaker 3: discussion of the need for urgency, and as financial professionals, 432 00:19:34,800 --> 00:19:39,320 Speaker 3: one of our responsibilities is to inflate the balloon of urgency. 433 00:19:39,440 --> 00:19:42,800 Speaker 3: Why because people need to start planning today. I don't 434 00:19:42,800 --> 00:19:45,159 Speaker 3: care if you're about to retire, I don't care if 435 00:19:45,160 --> 00:19:50,359 Speaker 3: you're in retirement. Planning is always needed, especially in retirement, 436 00:19:50,440 --> 00:19:53,119 Speaker 3: because things are changing and they will be changing and 437 00:19:53,200 --> 00:19:55,639 Speaker 3: need to be ahead of the curve as opposed to 438 00:19:55,760 --> 00:19:59,960 Speaker 3: falling behind it, especially taxes, because more tax you pay, 439 00:20:00,119 --> 00:20:03,000 Speaker 3: the less income you receive, So make sure you're on 440 00:20:03,040 --> 00:20:06,000 Speaker 3: the other side, less tax, more income. Eight three to 441 00:20:06,040 --> 00:20:09,200 Speaker 3: three MAGI tax. Schedule time today it's urgent eight three 442 00:20:09,280 --> 00:20:10,520 Speaker 3: three MAGI tax. 443 00:20:10,440 --> 00:20:12,920 Speaker 2: And one more thing. Go to my website, Maggie Tax 444 00:20:12,960 --> 00:20:15,440 Speaker 2: dot Com. On the top right, we have the retirement 445 00:20:15,480 --> 00:20:18,280 Speaker 2: tax calculator. So if you have an IRA or four 446 00:20:18,320 --> 00:20:20,560 Speaker 2: oh one K, or a TSP or SEP or any 447 00:20:20,600 --> 00:20:24,280 Speaker 2: retirement plan that's tax deferred, go to that website, Maggie Tax, 448 00:20:24,320 --> 00:20:27,600 Speaker 2: click on the retirement calculator and in thirty seconds, I'll 449 00:20:27,600 --> 00:20:29,520 Speaker 2: show you what your tax bill is going to look like. 450 00:20:29,840 --> 00:20:31,880 Speaker 2: And then that's what we're trying to talk about. Here. 451 00:20:31,920 --> 00:20:35,320 Speaker 2: Do some strategic planning. Think about what that looks like. 452 00:20:35,359 --> 00:20:37,920 Speaker 2: You may have five years, ten years before you start 453 00:20:37,960 --> 00:20:39,360 Speaker 2: taking R and D and we're going to talk about 454 00:20:39,400 --> 00:20:42,560 Speaker 2: that at another show. But folks, it is urgent, and 455 00:20:42,600 --> 00:20:44,120 Speaker 2: you know, I don't want it to make it sound 456 00:20:44,160 --> 00:20:46,639 Speaker 2: like we said, inflate the balloon. It's not even inflate 457 00:20:46,640 --> 00:20:49,960 Speaker 2: the balloon. It's already there. It's gonna pop, it's gonna explode, 458 00:20:50,000 --> 00:20:52,040 Speaker 2: and it's gonna hurt a lot of people. So what 459 00:20:52,119 --> 00:20:54,840 Speaker 2: we talk about urgency, we're talking about in regard to 460 00:20:54,920 --> 00:20:59,800 Speaker 2: tax planning, income planning, insurance planning, investment planning, and also 461 00:21:00,080 --> 00:21:02,359 Speaker 2: state planning. And I mentioned it before. Go to my 462 00:21:02,359 --> 00:21:05,760 Speaker 2: website maggietax dot com. We do two seminars a month 463 00:21:05,840 --> 00:21:08,760 Speaker 2: on a state planning and taxes. They're held at libraries. 464 00:21:08,880 --> 00:21:12,240 Speaker 2: Check out my website. Register for one. It's free and 465 00:21:12,280 --> 00:21:14,560 Speaker 2: it's about an hour and fifteen minutes that you will 466 00:21:14,680 --> 00:21:17,159 Speaker 2: enjoy and you will understand that you need help. So 467 00:21:17,480 --> 00:21:20,000 Speaker 2: that's what we're talking about. And I'm sure as we speak, 468 00:21:20,080 --> 00:21:22,520 Speaker 2: you're not thinking of any of what I just mentioned. 469 00:21:22,560 --> 00:21:25,520 Speaker 2: Why you maybe drive and you're sitting home whatever. Why 470 00:21:25,560 --> 00:21:28,960 Speaker 2: because it's not urgent today, am I right? Yeah? 471 00:21:29,000 --> 00:21:31,000 Speaker 3: It needs to be though, because what people don't know 472 00:21:31,240 --> 00:21:33,360 Speaker 3: is that what we see each and every day when 473 00:21:33,400 --> 00:21:36,320 Speaker 3: people come in and they retire and they need income, 474 00:21:36,520 --> 00:21:39,399 Speaker 3: and then when tax season comes around and they need income, 475 00:21:39,440 --> 00:21:41,399 Speaker 3: and guess what they have to pay more in tax 476 00:21:41,560 --> 00:21:43,960 Speaker 3: or they need fifty thousand dollars out of their account 477 00:21:44,000 --> 00:21:45,640 Speaker 3: to go do something and they got to take out 478 00:21:45,680 --> 00:21:48,400 Speaker 3: seventy five thousand to net the fifty thousand. So people 479 00:21:48,400 --> 00:21:51,280 Speaker 3: don't understand the tax rare invocations of some things. That's 480 00:21:51,280 --> 00:21:54,159 Speaker 3: why it's urged today because in the future, when you 481 00:21:54,320 --> 00:21:56,679 Speaker 3: do need the money, or when you do have to 482 00:21:56,680 --> 00:21:59,600 Speaker 3: pay tax taxes, or when you do have to make 483 00:21:59,640 --> 00:22:02,639 Speaker 3: your invents and changes, it should already be made. And 484 00:22:02,760 --> 00:22:05,720 Speaker 3: especially if you pass away, because there's no going back 485 00:22:05,760 --> 00:22:09,639 Speaker 3: after that. You know, things happen, they're unexpected. We understand that. 486 00:22:10,000 --> 00:22:12,359 Speaker 3: But if you don't have your what they call ducks 487 00:22:12,359 --> 00:22:15,280 Speaker 3: in order, then guess what something is going to happen, 488 00:22:15,280 --> 00:22:16,280 Speaker 3: And things are not going to. 489 00:22:16,240 --> 00:22:18,400 Speaker 4: Pass the way you want them to. Pass. 490 00:22:18,440 --> 00:22:20,440 Speaker 3: So pick up the phone, schedule a time to meet 491 00:22:20,480 --> 00:22:22,840 Speaker 3: with us. We want to motivate you. We want to 492 00:22:22,960 --> 00:22:25,119 Speaker 3: encourage you. You know, when you're comeing to meet with us, 493 00:22:25,160 --> 00:22:27,840 Speaker 3: we provide clarity and confidence and that's what we do. 494 00:22:28,080 --> 00:22:29,879 Speaker 3: So pick up the phone, schedule time to meet with us. 495 00:22:29,920 --> 00:22:31,680 Speaker 3: Eight three to three, Maggie tax You. 496 00:22:31,600 --> 00:22:32,919 Speaker 2: Know, I have to laugh a minute. I have to 497 00:22:32,920 --> 00:22:35,879 Speaker 2: think back to my dad. God rest is soil. I 498 00:22:35,880 --> 00:22:39,000 Speaker 2: love you Dad always. What he used to do was 499 00:22:39,040 --> 00:22:41,320 Speaker 2: say the hell with it? And I would ask him, 500 00:22:41,320 --> 00:22:43,080 Speaker 2: why do you say that? And many of you out 501 00:22:43,080 --> 00:22:45,679 Speaker 2: there probably shake your hand like you wave your hand like, 502 00:22:45,760 --> 00:22:49,120 Speaker 2: uh not. Now, folks, it's real. You have to do 503 00:22:49,160 --> 00:22:51,600 Speaker 2: something about it. So I want to motivate all of 504 00:22:51,600 --> 00:22:54,000 Speaker 2: you to make a critical decision that leads to your 505 00:22:54,200 --> 00:22:57,960 Speaker 2: prosperity and do it asap. It's urgent. Eight three three 506 00:22:58,119 --> 00:23:00,840 Speaker 2: Maggie TACs. This can go wrong, and two ways either 507 00:23:00,960 --> 00:23:04,679 Speaker 2: urgencies not inflated enough where that's not so important, or 508 00:23:04,680 --> 00:23:06,960 Speaker 2: it's inflated so much that it pops the balloon in 509 00:23:07,000 --> 00:23:08,919 Speaker 2: its shreds. We don't want you to get to that 510 00:23:09,000 --> 00:23:11,720 Speaker 2: point in your best interest. The result is the same, 511 00:23:11,960 --> 00:23:14,280 Speaker 2: and we didn't motivate you enough to take action. That's 512 00:23:14,320 --> 00:23:17,159 Speaker 2: on us when maybe we push so hard that you 513 00:23:17,240 --> 00:23:19,480 Speaker 2: turn the radio off and just walk away. And Chris, 514 00:23:19,520 --> 00:23:22,000 Speaker 2: that's another fear that many people have. They think they're 515 00:23:22,000 --> 00:23:24,600 Speaker 2: going to be sold. And we're different. And I say 516 00:23:24,640 --> 00:23:26,679 Speaker 2: this every week and I'll say it again. We are different. 517 00:23:26,720 --> 00:23:28,920 Speaker 2: Sit down and talk to us, and Chris, you sit 518 00:23:29,000 --> 00:23:32,400 Speaker 2: down with clients many days as I do. It's a conversation. 519 00:23:32,920 --> 00:23:35,200 Speaker 2: And you know when you sit down and start to say, look, 520 00:23:35,240 --> 00:23:38,520 Speaker 2: I have a problem, let's talk about it, it makes 521 00:23:38,560 --> 00:23:40,119 Speaker 2: it a lot easier to get the answers and the 522 00:23:40,200 --> 00:23:42,600 Speaker 2: questions answered. Absolutely, And that's why when you come meet 523 00:23:42,600 --> 00:23:44,640 Speaker 2: with us, you know we're different. And we're different because 524 00:23:44,640 --> 00:23:46,440 Speaker 2: we're gonna help you, now gonna hurt you. And when 525 00:23:46,440 --> 00:23:48,600 Speaker 2: you come in, we're gonna put together an income plan 526 00:23:48,640 --> 00:23:50,280 Speaker 2: for you. We're gonna put together a tax plan and 527 00:23:50,280 --> 00:23:52,600 Speaker 2: also an investment plan. And we care about your accounts. 528 00:23:52,920 --> 00:23:55,560 Speaker 3: We care about what you have saved for, we care 529 00:23:55,640 --> 00:23:58,720 Speaker 3: about what you accumulated for. We care about how you 530 00:23:58,800 --> 00:24:02,080 Speaker 3: want to pass the funds. We care about how much 531 00:24:02,080 --> 00:24:04,000 Speaker 3: income you have in the most tax efficient way. This 532 00:24:04,080 --> 00:24:06,359 Speaker 3: is what we do We're going to inspire all of 533 00:24:06,400 --> 00:24:08,600 Speaker 3: you because we want you to take the time now 534 00:24:08,680 --> 00:24:10,960 Speaker 3: to meet with us and have a conversation and see 535 00:24:10,960 --> 00:24:14,480 Speaker 3: if tax planning, income planning, insurance planning, investment planning, and 536 00:24:14,600 --> 00:24:17,239 Speaker 3: estate planning is important to you, and I know it is, 537 00:24:17,480 --> 00:24:19,800 Speaker 3: but you have to do something because now is the 538 00:24:19,840 --> 00:24:22,600 Speaker 3: time things are changing. We talked about this in the 539 00:24:22,640 --> 00:24:27,400 Speaker 3: previous segments legislative risk. Things are changing from the government 540 00:24:27,400 --> 00:24:29,600 Speaker 3: in Congress. We see it, we feel it. We know 541 00:24:29,680 --> 00:24:32,040 Speaker 3: about the inflation, we know about the higher interest rates. 542 00:24:32,280 --> 00:24:35,120 Speaker 3: We know about what people are doing to get by 543 00:24:35,200 --> 00:24:36,920 Speaker 3: and they don't have to do that in retirement. If 544 00:24:36,920 --> 00:24:39,040 Speaker 3: you have a plan, pick up the phone, get the 545 00:24:39,040 --> 00:24:41,000 Speaker 3: Maggie plan eight three to three Maggie tax. 546 00:24:41,040 --> 00:24:42,840 Speaker 4: That's eight three to three Maggie tax. 547 00:24:43,160 --> 00:24:46,080 Speaker 2: And I'd like to share some practical strategies to help 548 00:24:46,119 --> 00:24:49,760 Speaker 2: inspire all of you without being too pushy or salesy, 549 00:24:49,840 --> 00:24:51,280 Speaker 2: because that's what we hear all the time. You know 550 00:24:51,440 --> 00:24:54,160 Speaker 2: you're too pushy. Look, if you don't understand the language, 551 00:24:54,200 --> 00:24:56,720 Speaker 2: then we're not pushy or sales y. We're educators and 552 00:24:56,760 --> 00:24:59,400 Speaker 2: that's what we do. And again, register for our seminars 553 00:24:59,520 --> 00:25:01,520 Speaker 2: so to take the time and meet with us and 554 00:25:01,600 --> 00:25:04,840 Speaker 2: have a conversation and see see if tax planning or 555 00:25:04,880 --> 00:25:08,720 Speaker 2: like Chris talked about income planning, insurance planning, investment planning, 556 00:25:08,880 --> 00:25:11,360 Speaker 2: and even a state planning is important to you. Those 557 00:25:11,359 --> 00:25:13,760 Speaker 2: are the questions you have to answer. One of those, 558 00:25:13,880 --> 00:25:16,159 Speaker 2: all of those, maybe none of those. I don't know. 559 00:25:16,480 --> 00:25:19,439 Speaker 2: Call eight three three, Maggie texts right now. Operators were 560 00:25:19,480 --> 00:25:22,240 Speaker 2: standing by, so you can set an appointment today. If 561 00:25:22,240 --> 00:25:25,280 Speaker 2: it's not urgent, then call when it's urgent. That's all 562 00:25:25,280 --> 00:25:25,640 Speaker 2: I can tell. 563 00:25:25,720 --> 00:25:27,040 Speaker 3: But I tell you what it's going to be urgent 564 00:25:27,040 --> 00:25:29,960 Speaker 3: in the future, because when gosh, we had one last 565 00:25:30,000 --> 00:25:32,919 Speaker 3: week a client called in beneficiary and said we have 566 00:25:32,960 --> 00:25:34,840 Speaker 3: to get together, and I said, what happened? And they 567 00:25:34,880 --> 00:25:38,520 Speaker 3: told me that the client passed away, and I told 568 00:25:38,520 --> 00:25:40,800 Speaker 3: the son, I said, let me tell you something your 569 00:25:40,840 --> 00:25:41,760 Speaker 3: parents did planning. 570 00:25:42,119 --> 00:25:44,800 Speaker 4: So it's not urgent. Everything is fine. 571 00:25:45,160 --> 00:25:46,760 Speaker 3: And I had to calm him down because he's like, 572 00:25:46,760 --> 00:25:48,480 Speaker 3: oh my gosh, I couldn't sleep the past couple days. 573 00:25:48,520 --> 00:25:51,040 Speaker 3: I know when my parents accounts were I didn't know 574 00:25:51,080 --> 00:25:52,280 Speaker 3: how things are going to transfer, and. 575 00:25:52,240 --> 00:25:54,520 Speaker 4: We said, just take a deep breath. Everything is to 576 00:25:54,680 --> 00:25:55,120 Speaker 4: make it fine. 577 00:25:55,200 --> 00:25:58,400 Speaker 3: Good when You say that because everything was done and 578 00:25:58,480 --> 00:25:59,760 Speaker 3: that was a great feeling. 579 00:26:00,520 --> 00:26:01,800 Speaker 4: But what if it wasn't. 580 00:26:02,359 --> 00:26:06,520 Speaker 3: Then guess what that the beneficiary the sun has those 581 00:26:07,080 --> 00:26:10,720 Speaker 3: sleepless nights changes the lifestyle of their family because they're 582 00:26:10,800 --> 00:26:13,640 Speaker 3: worried about the parent who just passed away and how 583 00:26:13,680 --> 00:26:15,720 Speaker 3: things are going to go and pass to him. And 584 00:26:15,760 --> 00:26:18,040 Speaker 3: if he needs money, guess what, he can't get it 585 00:26:18,040 --> 00:26:19,639 Speaker 3: because he's got to go to the probate process and 586 00:26:19,760 --> 00:26:22,240 Speaker 3: can't get it because things haven't been distributed the right way. 587 00:26:22,280 --> 00:26:25,320 Speaker 3: So this is what we're talking about here. It's urgent 588 00:26:25,520 --> 00:26:28,480 Speaker 3: now because it will be so urgent later. Pick up 589 00:26:28,480 --> 00:26:30,280 Speaker 3: the phone, schedule time to meet with us. Eight three 590 00:26:30,400 --> 00:26:32,880 Speaker 3: three Magie Tax. That's m A G G I T 591 00:26:32,960 --> 00:26:33,520 Speaker 3: A X. 592 00:26:33,560 --> 00:26:35,760 Speaker 2: And one thing I always tell everybody we do tax 593 00:26:35,800 --> 00:26:38,639 Speaker 2: planning all year round, so taxes never go away for 594 00:26:38,720 --> 00:26:41,280 Speaker 2: Chris and I at Maggie Tax. So maybe call when 595 00:26:41,320 --> 00:26:43,520 Speaker 2: taxes go up. You know, hey, listen, I don't have 596 00:26:43,520 --> 00:26:45,959 Speaker 2: to worry about it now. Maybe call when your income 597 00:26:46,040 --> 00:26:48,439 Speaker 2: is reduced and you need an income plan. Maybe you 598 00:26:48,480 --> 00:26:51,280 Speaker 2: got laid off, Maybe that's not so important. Maybe call 599 00:26:51,320 --> 00:26:54,000 Speaker 2: when you need insurance, or maybe call when your investments 600 00:26:54,040 --> 00:26:57,200 Speaker 2: go south. Yeah, that's the h it's not so urgent, Chris. 601 00:26:57,240 --> 00:26:59,760 Speaker 2: But I'm not happy saying that. The point is that 602 00:26:59,800 --> 00:27:03,080 Speaker 2: everyone listening today has something that's urgent and it's got 603 00:27:03,119 --> 00:27:05,400 Speaker 2: to be talked about and it has to be addressed. 604 00:27:05,480 --> 00:27:08,640 Speaker 2: Chris just mentioned a simple situation where the kid didn't 605 00:27:08,720 --> 00:27:10,440 Speaker 2: know and he was scared, you know, and he came 606 00:27:10,480 --> 00:27:12,800 Speaker 2: in worried. And that's how many of you people are. 607 00:27:12,840 --> 00:27:14,960 Speaker 2: That's how many people I talk to when we do 608 00:27:15,000 --> 00:27:18,240 Speaker 2: the seminars of the state planning seminars. Until we explain 609 00:27:18,320 --> 00:27:21,600 Speaker 2: to them and educate them and make them understand the language. Man, 610 00:27:21,640 --> 00:27:24,119 Speaker 2: it's like a deep breadth of fresh air. Ah gee, 611 00:27:24,119 --> 00:27:27,320 Speaker 2: this is great. So maybe, Caul, when you go through probate, 612 00:27:27,760 --> 00:27:29,720 Speaker 2: I don't know. Maybe that's a maybe. That's a point 613 00:27:29,760 --> 00:27:32,760 Speaker 2: that you're going to need. So maybe maybe maybe. And 614 00:27:32,800 --> 00:27:35,040 Speaker 2: that's the way it is, Chris, that's what people do today. 615 00:27:35,400 --> 00:27:37,879 Speaker 2: Maybe maybe not me, like my dad, The hell with it, 616 00:27:37,920 --> 00:27:40,480 Speaker 2: that's not the right answer anymore. So give us a 617 00:27:40,520 --> 00:27:43,280 Speaker 2: call eight three three, Maggie tax And over the course 618 00:27:43,320 --> 00:27:46,120 Speaker 2: of a year, I've invested in hundreds of hours engaging 619 00:27:46,119 --> 00:27:48,880 Speaker 2: with many clients in conversations. So where do we get 620 00:27:48,880 --> 00:27:51,919 Speaker 2: this information from? From you, from all the clients that 621 00:27:52,000 --> 00:27:54,760 Speaker 2: tell us their stories. And the most successful appointments we 622 00:27:54,840 --> 00:27:58,440 Speaker 2: have are with clients who listen and clients who understand, 623 00:27:58,560 --> 00:28:01,080 Speaker 2: Chris the language. You know, well, you have two children. 624 00:28:01,240 --> 00:28:03,159 Speaker 2: If you talk to them in a different language, they 625 00:28:03,200 --> 00:28:05,719 Speaker 2: look at you like, who are you from out of space? 626 00:28:06,160 --> 00:28:08,040 Speaker 2: Just the same thing here, right, I mean, it's the 627 00:28:08,040 --> 00:28:10,159 Speaker 2: same thing here. If people don't understand the language of 628 00:28:10,200 --> 00:28:11,880 Speaker 2: your time in planning and all the stuff that we're 629 00:28:11,920 --> 00:28:14,080 Speaker 2: talking about, they're going to walk away and go like, 630 00:28:14,119 --> 00:28:14,879 Speaker 2: I don't eat it right now. 631 00:28:14,880 --> 00:28:16,440 Speaker 3: You know, that's a great point you just made because 632 00:28:16,600 --> 00:28:19,440 Speaker 3: you maybe think here about our appointments and our get 633 00:28:19,440 --> 00:28:22,680 Speaker 3: togethers with our clients, and you're right, the most successful 634 00:28:22,680 --> 00:28:25,400 Speaker 3: appointments we have are with clients who listen and who 635 00:28:25,480 --> 00:28:29,200 Speaker 3: take the time to understand. And even though we don't 636 00:28:29,200 --> 00:28:32,199 Speaker 3: go to school each and every day, you have to 637 00:28:32,240 --> 00:28:35,439 Speaker 3: go to school each and every day outside of the 638 00:28:35,480 --> 00:28:39,080 Speaker 3: public school system because you have to get educated. And 639 00:28:39,360 --> 00:28:42,200 Speaker 3: we know that no one's teaching you about tax planning, 640 00:28:42,240 --> 00:28:45,240 Speaker 3: no one's teaching you about income planning, no one's teaching 641 00:28:45,280 --> 00:28:47,720 Speaker 3: you about your investments, no one's teaching you how to 642 00:28:48,320 --> 00:28:51,400 Speaker 3: pass the money to the beneficiars the right way. No 643 00:28:51,440 --> 00:28:53,959 Speaker 3: one's teaching you this. So that's why when you come 644 00:28:54,000 --> 00:28:56,120 Speaker 3: in and meet with us, my dad mentioned this, this 645 00:28:56,160 --> 00:28:58,680 Speaker 3: is a process. This is a fun time for you 646 00:28:58,800 --> 00:29:01,080 Speaker 3: to get educated and also to make the right decisions. 647 00:29:01,080 --> 00:29:03,520 Speaker 4: So you know what you have and go back to 648 00:29:03,560 --> 00:29:03,880 Speaker 4: the client. 649 00:29:03,920 --> 00:29:07,720 Speaker 3: I just mentioned the two people that just passed away 650 00:29:07,840 --> 00:29:11,120 Speaker 3: and their son inherited the money. They did the planning, 651 00:29:11,360 --> 00:29:14,400 Speaker 3: We did everything five years ago and put them in 652 00:29:14,440 --> 00:29:17,800 Speaker 3: a position where everything is taken care for this day 653 00:29:18,160 --> 00:29:21,120 Speaker 3: so he doesn't have to get upset. And that's when 654 00:29:21,120 --> 00:29:24,080 Speaker 3: I calmed him down because I said, hey, relax, John, 655 00:29:24,240 --> 00:29:26,960 Speaker 3: guess what your parents put it together the right way. 656 00:29:27,040 --> 00:29:28,960 Speaker 3: They did it, so you don't have to worry. And 657 00:29:29,000 --> 00:29:30,479 Speaker 3: then just give me the death certificate and I can 658 00:29:30,520 --> 00:29:32,560 Speaker 3: show you what to do from here and we could 659 00:29:32,560 --> 00:29:34,320 Speaker 3: take care of the process. And it was just a 660 00:29:34,360 --> 00:29:37,520 Speaker 3: sigh of relief. And that's what we're talking about here 661 00:29:37,520 --> 00:29:39,400 Speaker 3: for you. So pick up the phone, schedule time to 662 00:29:39,400 --> 00:29:41,560 Speaker 3: meet with you, to meet with us, if you want 663 00:29:41,600 --> 00:29:44,280 Speaker 3: to get educated, if you want an income plant, if 664 00:29:44,320 --> 00:29:47,680 Speaker 3: you want a investment plan, if you want a tax plan, 665 00:29:47,760 --> 00:29:50,560 Speaker 3: if you want an estate plan, then pick up the 666 00:29:50,560 --> 00:29:51,800 Speaker 3: phone and schedule time to meet with us. 667 00:29:51,880 --> 00:29:52,320 Speaker 4: Let's do it. 668 00:29:52,200 --> 00:29:54,080 Speaker 3: It is urgent because now the time they put it 669 00:29:54,080 --> 00:29:56,760 Speaker 3: together and guess what, you'll get educated. We'll put it 670 00:29:56,800 --> 00:29:58,800 Speaker 3: to bed and you don't have to worry about it 671 00:29:59,640 --> 00:30:02,040 Speaker 3: moving forward. So it's up to you. Eight three three 672 00:30:02,080 --> 00:30:05,200 Speaker 3: Maggie Tax. We want to meet with you. Why because 673 00:30:05,200 --> 00:30:08,240 Speaker 3: we're tired of seeing people on the other side of 674 00:30:08,280 --> 00:30:10,560 Speaker 3: all this. We're tired of seeing people run out of money. 675 00:30:10,560 --> 00:30:12,880 Speaker 3: We're tired of seeing people lose money because the marketing 676 00:30:12,920 --> 00:30:15,280 Speaker 3: went down thirty forty percent. We're tired of seeing people 677 00:30:15,760 --> 00:30:18,080 Speaker 3: who think they have an estate plan and have no plan. 678 00:30:18,600 --> 00:30:20,680 Speaker 3: That doesn't have to be you. So pick up the phone, 679 00:30:20,760 --> 00:30:23,480 Speaker 3: schedule time. Eight three three Maggie Tax eight three three 680 00:30:23,520 --> 00:30:26,880 Speaker 3: Magi Tax. It's urgent and every Sunday on ABC TV, 681 00:30:26,960 --> 00:30:30,120 Speaker 3: tune into our TV show at ten thirty on ABCTV 682 00:30:30,400 --> 00:30:33,200 Speaker 3: Maggie Tax dot Com eight three to three Maggie Tax. 683 00:30:33,200 --> 00:30:34,840 Speaker 3: That's eight three to three Maggie Tax. 684 00:30:38,400 --> 00:30:41,959 Speaker 1: Stop funding Uncle Sam's retirement and start planning for your 685 00:30:42,000 --> 00:30:45,480 Speaker 1: own successful retirement. As we return to the Maggie Tax 686 00:30:45,520 --> 00:30:48,920 Speaker 1: Financial Show with your host Robert and Chris Maggie with 687 00:30:49,040 --> 00:30:52,160 Speaker 1: Maggie Tax and Wealth Advisors. For information on how you 688 00:30:52,200 --> 00:30:55,800 Speaker 1: can create a tax free retirement, call eight three three 689 00:30:56,240 --> 00:31:00,560 Speaker 1: Magie Tax or visit Maggie Tax dot com. Now your 690 00:31:00,560 --> 00:31:04,440 Speaker 1: host with Maggie Tax and Wealth Advisors, Robert and Chris Maggie. 691 00:31:04,960 --> 00:31:06,880 Speaker 2: Welcome back, and you're listening to the Maggie Tax and 692 00:31:06,960 --> 00:31:09,880 Speaker 2: Financial Show. And today we've been talking about tax risk 693 00:31:09,920 --> 00:31:12,160 Speaker 2: and legislative risk and a whole bunch of other things. 694 00:31:12,400 --> 00:31:14,080 Speaker 2: But what thing I want to bring back this is 695 00:31:14,120 --> 00:31:17,320 Speaker 2: for the person out there that has been investing in 696 00:31:17,360 --> 00:31:19,560 Speaker 2: this for a long time and the advisor community, they 697 00:31:19,640 --> 00:31:23,520 Speaker 2: learn to identify that risk by they created using fancy 698 00:31:23,640 --> 00:31:26,440 Speaker 2: terms like alpha and beta. How many people know that? 699 00:31:26,760 --> 00:31:30,000 Speaker 2: And the industry helped create tools like Monte Carlo simulations 700 00:31:30,040 --> 00:31:32,880 Speaker 2: to quantify that risk for clients. How many know that? Okay, 701 00:31:32,960 --> 00:31:36,120 Speaker 2: I'm not worried about that. Finally, advisors would use those 702 00:31:36,160 --> 00:31:40,600 Speaker 2: tools to build asset allocation models to mitigate market risk, 703 00:31:41,200 --> 00:31:44,320 Speaker 2: not mitigate tax risk. So the question is every time 704 00:31:44,360 --> 00:31:46,160 Speaker 2: we see a client come in, did you open up 705 00:31:46,160 --> 00:31:47,479 Speaker 2: your statement? Do you know what you have? And they 706 00:31:47,480 --> 00:31:49,720 Speaker 2: say no, I don't They don't know about alpha, beta 707 00:31:49,720 --> 00:31:51,200 Speaker 2: and all this other stuff. They just look at the 708 00:31:51,200 --> 00:31:54,040 Speaker 2: bottom line and they look at how many fees they're paying. Well, 709 00:31:54,040 --> 00:31:57,000 Speaker 2: what is the advisor doing for you. He's not doing 710 00:31:57,160 --> 00:31:59,880 Speaker 2: tax risk, he's not doing income risk. So was he 711 00:32:00,000 --> 00:32:03,120 Speaker 2: doing He's just grown your assets. The focus on accumulating 712 00:32:03,160 --> 00:32:06,080 Speaker 2: wealth was the primary focus until a few things happened 713 00:32:06,520 --> 00:32:09,880 Speaker 2: the dot com bubble burst, followed shortly there after by 714 00:32:09,920 --> 00:32:13,960 Speaker 2: the financial crisis, and suddenly savers were reaching retirement age 715 00:32:14,000 --> 00:32:18,320 Speaker 2: with depleted assets and no plan to generate income. And 716 00:32:18,320 --> 00:32:21,040 Speaker 2: that problem was compounded by the reality that retirees were 717 00:32:21,080 --> 00:32:24,000 Speaker 2: living longer than ever. So none of these advisors talked 718 00:32:24,000 --> 00:32:27,360 Speaker 2: about future tax free money or income. And I asked 719 00:32:27,360 --> 00:32:29,680 Speaker 2: it before, how much income do you need for the 720 00:32:29,680 --> 00:32:31,920 Speaker 2: rest of your life to go to that mailbox every 721 00:32:32,000 --> 00:32:34,840 Speaker 2: month and get the check that you want. Advisors learned 722 00:32:34,880 --> 00:32:38,640 Speaker 2: to identify that income risk or a longevity risk. That's 723 00:32:38,680 --> 00:32:41,440 Speaker 2: what we do. And suddenly it wasn't enough to just 724 00:32:41,480 --> 00:32:45,280 Speaker 2: accumulate funds. Savers needed a plan to make those funds 725 00:32:45,440 --> 00:32:48,400 Speaker 2: last a lifetime. Chris, And that's what we see every 726 00:32:48,480 --> 00:32:52,400 Speaker 2: day now. Because people are confused, they're isolated and they're angry. 727 00:32:53,040 --> 00:32:55,280 Speaker 2: Would you think it's because they got the wrong information, 728 00:32:55,400 --> 00:32:57,000 Speaker 2: they were taught the wrong language. 729 00:32:57,120 --> 00:32:58,200 Speaker 4: Well, this is what's happening. 730 00:32:58,200 --> 00:33:01,760 Speaker 3: People come into tax preparation and gets what when they're 731 00:33:01,760 --> 00:33:04,360 Speaker 3: not clients of ours, they're clients of other advisors and 732 00:33:04,360 --> 00:33:06,280 Speaker 3: they come in and they say, I want to get 733 00:33:06,400 --> 00:33:08,800 Speaker 3: a plan, So we do the taxes for them, and 734 00:33:08,880 --> 00:33:10,440 Speaker 3: guess what. They're upset they have to pay a tax 735 00:33:10,480 --> 00:33:12,880 Speaker 3: liability and they said, well, my advisor never showed me 736 00:33:12,920 --> 00:33:16,040 Speaker 3: a tax plan. So what if you could have a 737 00:33:16,080 --> 00:33:18,680 Speaker 3: plan where you have buckets of money? Just think about 738 00:33:18,760 --> 00:33:20,640 Speaker 3: this for a sec What if you have a buckets 739 00:33:20,640 --> 00:33:23,640 Speaker 3: of money that have growth with investments that are allocated 740 00:33:23,760 --> 00:33:26,760 Speaker 3: the right way to your risk tolerance. What if you 741 00:33:26,760 --> 00:33:29,239 Speaker 3: have a couple other buckets that generate guaranteed income so 742 00:33:29,440 --> 00:33:30,880 Speaker 3: you can go to the mailbox each and every month 743 00:33:30,920 --> 00:33:33,120 Speaker 3: and grab that check and spend the heck out of 744 00:33:33,120 --> 00:33:34,480 Speaker 3: it and do it all over again for the rest 745 00:33:34,480 --> 00:33:36,360 Speaker 3: of your life. And what if you have like an 746 00:33:36,360 --> 00:33:39,440 Speaker 3: inflation bucket, right you can always tap into so when 747 00:33:39,520 --> 00:33:42,160 Speaker 3: things hit the fan, you can always tap into and 748 00:33:42,240 --> 00:33:44,920 Speaker 3: have income so you don't have to worry about the 749 00:33:45,000 --> 00:33:48,120 Speaker 3: inflation or running out of money. Then what if you 750 00:33:48,200 --> 00:33:51,160 Speaker 3: had those buckets, every one of them, make sure that 751 00:33:51,320 --> 00:33:54,320 Speaker 3: they pass to where you wanted to go and avoid 752 00:33:54,320 --> 00:33:57,000 Speaker 3: the probate process. Then what if you had some of 753 00:33:57,040 --> 00:33:58,959 Speaker 3: those buckets that are tax free, So when you use 754 00:33:59,080 --> 00:34:02,040 Speaker 3: taxes every year, you take some from a taxable environment, 755 00:34:02,080 --> 00:34:04,080 Speaker 3: some from a tax free and you can stay under 756 00:34:04,080 --> 00:34:06,000 Speaker 3: the threshold income, so maybe you don't have to file 757 00:34:06,000 --> 00:34:10,480 Speaker 3: a tax return or your effective tax rate is very low. 758 00:34:11,160 --> 00:34:14,239 Speaker 3: That's how you do planning. What if you can have that, well, 759 00:34:14,239 --> 00:34:17,040 Speaker 3: that's what the Maggie plans all about. That's the holistic 760 00:34:17,040 --> 00:34:18,960 Speaker 3: plan that we do. It's not about just give me 761 00:34:18,960 --> 00:34:21,600 Speaker 3: your money, let me manage it for you. Anybody can 762 00:34:21,640 --> 00:34:24,359 Speaker 3: do that. There's more to it. So when you think 763 00:34:24,400 --> 00:34:28,359 Speaker 3: about what's happening right now, you're following the crowd. You're 764 00:34:28,400 --> 00:34:30,680 Speaker 3: the same as every one of people out there. And 765 00:34:30,680 --> 00:34:34,000 Speaker 3: there's a small percentage of people out there that actually 766 00:34:34,000 --> 00:34:36,439 Speaker 3: have what I just talked about because there's so many 767 00:34:36,440 --> 00:34:39,279 Speaker 3: people out there that don't know what to do. If 768 00:34:39,320 --> 00:34:41,680 Speaker 3: you're listening today, I urge you to pick up the phone, 769 00:34:41,719 --> 00:34:44,480 Speaker 3: schedule time to meet with us, get a second opinion 770 00:34:44,480 --> 00:34:47,000 Speaker 3: on your plan. Eight three to three magi tax. That's 771 00:34:47,040 --> 00:34:48,680 Speaker 3: eight three to three maggie tax. 772 00:34:48,800 --> 00:34:50,399 Speaker 2: So the question is how do you make your money 773 00:34:50,480 --> 00:34:53,880 Speaker 2: last a lifetime? And what happened things change in this industry. 774 00:34:54,160 --> 00:34:57,799 Speaker 2: Annuities came out guaranteed income riders that people have. That 775 00:34:57,920 --> 00:35:01,000 Speaker 2: was the perfect solution to provide a guarantee check and 776 00:35:01,120 --> 00:35:05,040 Speaker 2: clients could retire and outlive their money. In the year 777 00:35:05,080 --> 00:35:09,279 Speaker 2: two thousand, advisors became experts in income planning, addressed this 778 00:35:09,400 --> 00:35:12,160 Speaker 2: major concern and that's what we do. And shortly thereafter, 779 00:35:12,280 --> 00:35:16,000 Speaker 2: most advisors across the industry were using annuities to offset 780 00:35:16,040 --> 00:35:18,640 Speaker 2: income risk. Now don't panic when I say the word annuities, 781 00:35:19,120 --> 00:35:21,440 Speaker 2: because if you look at your Social Security and your pension, 782 00:35:21,440 --> 00:35:24,560 Speaker 2: that is that's an annuity. So think about it. You 783 00:35:24,640 --> 00:35:26,759 Speaker 2: just don't understand the language and how they apply, and 784 00:35:26,800 --> 00:35:29,840 Speaker 2: some may be bad. I get it, Chris understands. But 785 00:35:29,960 --> 00:35:32,720 Speaker 2: until you sit down and see how the annuity process works. 786 00:35:32,920 --> 00:35:35,560 Speaker 2: You want guaranteed income for life, you want a certain amount, 787 00:35:35,600 --> 00:35:38,080 Speaker 2: we can help you. So today the headlines are all 788 00:35:38,120 --> 00:35:41,400 Speaker 2: about taxes. All right. They just bypassed everything. They shoved 789 00:35:41,400 --> 00:35:45,560 Speaker 2: it under the blanket. Advisors who understand tax risks today, 790 00:35:46,040 --> 00:35:48,080 Speaker 2: like we do with Maggie. Tax are the reason why 791 00:35:48,120 --> 00:35:51,000 Speaker 2: we are successful. Many of you know us. Many of 792 00:35:51,040 --> 00:35:53,120 Speaker 2: you come in and see us and you understand the 793 00:35:53,160 --> 00:35:56,120 Speaker 2: plan and we do complete planning. And I'll say it again, 794 00:35:56,480 --> 00:35:58,960 Speaker 2: you do not have a complete plan if you do 795 00:35:59,040 --> 00:36:01,360 Speaker 2: not have a tax plan or an income plan. And 796 00:36:01,400 --> 00:36:04,160 Speaker 2: we can apply the same financial process we used to 797 00:36:04,239 --> 00:36:07,160 Speaker 2: address market and income risks. We want to help clients 798 00:36:07,239 --> 00:36:11,120 Speaker 2: identify your tax risk, quantifying dollars and cents. That's the 799 00:36:11,120 --> 00:36:13,759 Speaker 2: bottom line. People say, Bobby, Chris, how much am I 800 00:36:13,800 --> 00:36:16,400 Speaker 2: going to get? Bottom line? And let us find the 801 00:36:16,440 --> 00:36:19,120 Speaker 2: tools to reduce that risk. That's up to you. You 802 00:36:19,200 --> 00:36:22,000 Speaker 2: have to tell us what's concerning you income, Is it 803 00:36:22,040 --> 00:36:24,880 Speaker 2: taxes or it's all the above, Because the biggest thing 804 00:36:24,920 --> 00:36:27,200 Speaker 2: we hear, Chris, is the market. The market. Oh, it's 805 00:36:27,280 --> 00:36:30,040 Speaker 2: up making money. No, you're not. You got it's not 806 00:36:30,080 --> 00:36:33,040 Speaker 2: all yours until it crashes, and then it crashes. Then 807 00:36:33,040 --> 00:36:35,600 Speaker 2: you lose what you lose all that you think you had. 808 00:36:35,640 --> 00:36:38,359 Speaker 2: That is not a plan for retirement. Chris. I mean, 809 00:36:38,440 --> 00:36:40,440 Speaker 2: I'm sorry, I get upset, but this is what people 810 00:36:40,440 --> 00:36:42,200 Speaker 2: come in. They think the market is the best thing 811 00:36:42,239 --> 00:36:45,279 Speaker 2: in the world. For what for growth, yes, but for 812 00:36:45,400 --> 00:36:48,239 Speaker 2: retirement you got to start thinking about change and looking 813 00:36:48,280 --> 00:36:49,560 Speaker 2: at it through a different lens. 814 00:36:49,600 --> 00:36:52,239 Speaker 3: Absolutely, and that's where there's the complete process. You know 815 00:36:52,280 --> 00:36:54,480 Speaker 3: we talked about early in the show. Yeah, you're up 816 00:36:54,480 --> 00:36:57,000 Speaker 3: at halftime and it's great, you're all excited, but guess what. 817 00:36:57,120 --> 00:36:59,120 Speaker 3: The second half comes around, and that's where Uncle Sam 818 00:36:59,160 --> 00:37:01,880 Speaker 3: is out. That's a silent partner that's there on the 819 00:37:01,920 --> 00:37:04,520 Speaker 3: other team that you do not see. And that's what 820 00:37:04,520 --> 00:37:07,040 Speaker 3: we're showing you today. So when we think about big picture, 821 00:37:07,280 --> 00:37:10,000 Speaker 3: we get it. We have people retire each and every day. 822 00:37:10,120 --> 00:37:13,680 Speaker 3: You retire once, so we retire each and every day 823 00:37:13,680 --> 00:37:16,200 Speaker 3: and we can show you how it's going to look. 824 00:37:16,239 --> 00:37:18,000 Speaker 3: So pick up the phone and schedule time to meet 825 00:37:18,000 --> 00:37:20,280 Speaker 3: with us. We have office on both sides of the Bay. 826 00:37:20,480 --> 00:37:23,000 Speaker 3: We do a radio show obviously, we do a TV 827 00:37:23,040 --> 00:37:26,240 Speaker 3: show every Sunday on ABC TV at ten thirty am. 828 00:37:26,360 --> 00:37:29,680 Speaker 3: Tune in watch. Go to our website, Maggie tax dot com. 829 00:37:29,719 --> 00:37:32,319 Speaker 3: See what we do. You're listening today. If you do 830 00:37:32,400 --> 00:37:34,960 Speaker 3: not have a plan, we can help. If you want 831 00:37:34,960 --> 00:37:37,480 Speaker 3: an income plan, a tax plan, an investment plan, and 832 00:37:37,480 --> 00:37:41,600 Speaker 3: a state plan, a social security maximization plan, we can help. 833 00:37:41,760 --> 00:37:44,360 Speaker 3: What are you doing if you do not have a 834 00:37:44,400 --> 00:37:46,680 Speaker 3: plan you need to get one A three to three 835 00:37:46,719 --> 00:37:49,040 Speaker 3: Magi tax. We look forward to working with you. Forward 836 00:37:49,040 --> 00:37:51,560 Speaker 3: a meeting with you, get the Maggie Plan, tax planning, 837 00:37:51,600 --> 00:37:55,400 Speaker 3: income planning, investment planning, social security planning, a state planning. 838 00:37:55,560 --> 00:37:58,640 Speaker 3: Get a plan you deserve it. Eight three three Magi tax. 839 00:37:58,680 --> 00:38:00,640 Speaker 3: That's eight three to three tax. 840 00:38:01,960 --> 00:38:04,759 Speaker 1: Thank you for listening to Maggie Tax and Financial Show 841 00:38:04,840 --> 00:38:08,600 Speaker 1: with Robert and Chris Maggie of Maggie Tax Wealth Advisors. 842 00:38:08,680 --> 00:38:12,000 Speaker 1: Listen here five to six pm every Saturday and from 843 00:38:12,000 --> 00:38:15,200 Speaker 1: eleven am till noon every Sunday, or anytime on the 844 00:38:15,239 --> 00:38:18,760 Speaker 1: free iHeartRadio app. And remember you can pay less tax 845 00:38:18,920 --> 00:38:22,759 Speaker 1: with Maggie Tax Program. Content provided by Maggie Tax Wealth 846 00:38:22,800 --> 00:38:26,160 Speaker 1: and Advisors. Call them at eight three three Maggie Tax 847 00:38:26,360 --> 00:38:31,440 Speaker 1: or visit them online at Maggietax dot com