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Speaker 1: All these years you've saved up planning for a secure retirement,

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Speaker 1: but if you're not careful, it will be the irs

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Speaker 1: that is living it up when you retire by taxing

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

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Speaker 1: Financial Show with Robert and Chris Maggie of Maggie Tax

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Speaker 1: and Wealth Advisors. With over four decades of combined experience

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

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

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Speaker 1: your retirement nestay from Uncle Sam. Call them at eight

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Speaker 1: three three Maggie Tax or online at Maggie Tax dot

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Speaker 1: com and now your host for the Maggie Tax and

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Speaker 1: Financial Show, Robert and Chris Maggie.

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Speaker 2: Welcome everyone, and thanks for joining us today. My name

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

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Speaker 2: co host, Chris Maggie. Visit our website, Maggie Tax dot com.

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Speaker 2: There's a lot of information there. Click on the retirement

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Speaker 2: calculator if you have an IRA or a four oh

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Speaker 2: one K, take a look and see what your retirement

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Speaker 2: tax bill is going to be, and then come in

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Speaker 2: and let's do some tax planning. Let's do some income

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Speaker 2: planning and investment planning, insurance planning, and let's talk about

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Speaker 2: the Maggie plan. Visit Maggie tax dot com. Well, give

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Speaker 2: us a call eight three to three Maggie Tax. So, Chris,

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Speaker 2: we're getting a lot of questions about Roth conversions. Some

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Speaker 2: people are doing it wrong, some people are getting the

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Speaker 2: wrong information. And as you know, and as everybody else

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Speaker 2: out there knows, we specialize in tax planning.

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Speaker 3: So let's talk about Roth conversions today. Absolutely, so welcome everyone.

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Speaker 3: I'm Chris Maggie and thank you so much for tuning

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Speaker 3: into the show. And that's correct. Wroth conversions many people

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Speaker 3: talk about. Many advisors talk about it, but they don't

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Speaker 3: complete the story because they don't tell you what the

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Speaker 3: tax modification is going to be. You go to your

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Speaker 3: tax prepare and they go ahead and just do your

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Speaker 3: tax return. But again, how much should you convert? So

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Speaker 3: a lot of things you need to be aware of

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Speaker 3: when you do convert. It's not just what everyone should do.

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Speaker 3: Some people should do it, some people should not. So

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Speaker 3: that's why it's so important to work with the right

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Speaker 3: advisor who understands investments and income planning. And tax planning

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Speaker 3: because if you do it the wrong way, you're going

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Speaker 3: to get this tax bill that you owe thousands of

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Speaker 3: thousands of dollars for taxes. And it doesn't have to

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Speaker 3: be that way, so you don't want to be surprised.

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Speaker 3: And that's what we want to talk about today. Is

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Speaker 3: a Roth conversion right for you? Should you do it?

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Speaker 3: And those are things that many people have questions on.

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Speaker 3: So visit our website at Maggie Tax dot com, pick

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

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Speaker 3: three three Maggie Tax Maggie tax dot com for more

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Speaker 3: information and we can help you.

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Speaker 2: And one of the things that we do that other

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Speaker 2: advisors do not do is we do it from a

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Speaker 2: tax return. So if you're thinking of a rough conversion,

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Speaker 2: don't just go to your tax guy and convert the

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Speaker 2: money and then pay the big tax. Do it strategically

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Speaker 2: and have a plan. Here's the question, is it tax

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Speaker 2: season right now? Chris?

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Speaker 3: It's always tax season in our eyes because taxes are

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Speaker 3: our biggest expense and you need to always make sure

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Speaker 3: that you are aware of the tax liability.

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Speaker 2: And the reason why I asked that question because at

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Speaker 2: Maggie Tax It's tax season all year round, so it's

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Speaker 2: not just up to April fifteenth, or October or September,

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Speaker 2: whatever the extensions are. It's all year round. And right

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Speaker 2: now I think most of you there are concerned about

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Speaker 2: if taxes go up. The question is taxes are going

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Speaker 2: to go up, how is it going to affect you,

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Speaker 2: whether whether you have an IRA or four oh one K.

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Speaker 2: That's why we offer the retirement calculator. We do advanced

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Speaker 2: tax planning, So now is the time to call eight

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Speaker 2: three to three Maggie tax. Right now, I have operators

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Speaker 2: standing by eight three to three Magi tax. Let the

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Speaker 2: operator know that this is urgent and just tell them

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Speaker 2: tax planning at eight three to three Maggie tax. I

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Speaker 2: don't care how big your IRA or four oh one

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Speaker 2: K is. Folks, you have a deferred account that you

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Speaker 2: have not paid taxes on. So strategically, no matter what

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Speaker 2: age you are, whether it be fifty to fifty five

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Speaker 2: or sixty or even seventy, you're going to pay an

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Speaker 2: unknown tax. And that's the problem I think that most

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Speaker 2: investors have. Most investors hate taxes, but honestly, we enjoy

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Speaker 2: the challenge of minimizing taxes. Over the long term. So

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Speaker 2: why is tax planning is an essential element in smart investing? Chris?

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Speaker 2: Is that play a big part in many of the

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Speaker 2: clients that we see where they just commit to buy

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Speaker 2: a stock, bond on mutual fund. Well, that's it.

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Speaker 3: You know, you want to make sure you do complete planning.

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Speaker 3: And let's talk about some examples here, right, So about

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Speaker 3: three years ago at a client came in had three

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Speaker 3: hundred thousand dollars of their IRA money.

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Speaker 2: So what do we do.

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Speaker 3: We looked at their tax return and he was receiving

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Speaker 3: solid security. He had a pension and then marriage so

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Speaker 3: she was getting solid security as well. So they had

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Speaker 3: three income streams. They were getting about five thousand dollars

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Speaker 3: a month of income, very satisfied covered their need. But

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Speaker 3: they had three hundred thousand dollars of IRA money. So

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Speaker 3: this account is fully infected with taxes. And he said

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Speaker 3: to me, he said, what do we need to do

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Speaker 3: to get this money out in the most tax efficient way?

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Speaker 3: So he's thought about it, and he said, well, let's

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Speaker 3: just rip off the band aid and let's go ahead

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Speaker 3: and pay the tax. So I ran a couple of

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Speaker 3: different mock returns and I showed him, let's go ahead

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Speaker 3: and just take the three hundred thousand added to a

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Speaker 3: solid security his pension, and this is what your tax

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Speaker 3: liability is going to be. So he sat back and

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Speaker 3: it was kind of sticker shocked and he said, I

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Speaker 3: don't want to do that, and I said, you don't

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Speaker 3: have to. Let's run some more. So what I did

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Speaker 3: was do some strategic planning. And what we did was

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Speaker 3: we took out thirty thousand dollars a year for the

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Speaker 3: next seven years, as with a plan was what it

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Speaker 3: was supposed to be, and we did and Morom still

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Speaker 3: pays to do it. But over the past three years,

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Speaker 3: he has paid tax on thirty thousand dollars of conversion,

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Speaker 3: and again he's only in the eight percent effective tax

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Speaker 3: bracket on that amount of money. So he's taken money

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Speaker 3: out of a taxable environment and converting it to a

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Speaker 3: tax free environment.

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Speaker 2: So over the.

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Speaker 3: Past three years, now he's got eighty five thousand dollars

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Speaker 3: of money after taxes that he has an a tax

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Speaker 3: free zone, plus the interest, which is more than when

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Speaker 3: he converted. So now he's up to over one hundred

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Speaker 3: and five thousand dollars of tax free money. Because his

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Speaker 3: account has now paid the tax, it's earned money, and

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Speaker 3: now it's on its way to earning more tax free

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Speaker 3: money in the future. So we got many more years

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Speaker 3: to do this until he reaches his required minimum distribution age,

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Speaker 3: which is aged seventy three for him. So he is

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Speaker 3: on a great path moving forward. And every year we

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Speaker 3: look at this and we want a tax return, and

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Speaker 3: we talk about should we convert more? But he is

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Speaker 3: in his sweet spot right now. He doesn't have to

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Speaker 3: worry about the IRMA tax. He doesn't have to worry

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Speaker 3: about the Medicare tax, like that's what IRMA is, increase

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Speaker 3: of Part B premium. And he's sitting pretty. He's got

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Speaker 3: his income coming in every month. He's converting money to

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Speaker 3: a tax for zone. His accounts are in a safe spot.

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Speaker 3: And guess what, he is in control of his return.

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Speaker 2: Chris, you just gave everyone a reason out there to

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Speaker 2: pick up the phone and call eight three to three

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Speaker 2: Maggie Tax. Because there are situations that Chris is talking

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Speaker 2: about where a long term tax strategy may save you money.

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Speaker 2: The only thing is you don't know and you don't

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Speaker 2: see it, even though it requires paying more taxes in

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Speaker 2: the short term. That's where tax planning comes in and

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Speaker 2: what Chris and I do, that's what we do advanced

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Speaker 2: tax planning all year round at Maggie Tax and Folks,

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Speaker 2: I'll challenge you if you want to come in and

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Speaker 2: bring in your information and we'll show you and believe me,

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Speaker 2: if we can help you. We're going to tell you

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Speaker 2: that we're going to help you. Understand. But guess what,

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Speaker 2: like Chris said, if we can make your situation better,

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Speaker 2: you got to make the final decision, not me or Chris.

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Speaker 2: But life has many changes and you have to be

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Speaker 2: ready and understand the language why so you can avoid

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Speaker 2: unnecessary taxes because what's happening now when the tax cuts expire,

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Speaker 2: it's going to go up at least thirty percent. Maybe

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Speaker 2: some of you don't see that, but when you get

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Speaker 2: your taxes in two years, you're going to see it

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Speaker 2: and you go to one to what I could have done.

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Speaker 2: So consider the long term tax benefits of Wroth for

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Speaker 2: on one case and Roth Iras and Chris. There is

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Speaker 2: a difference, right, absolutely there is.

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Speaker 3: And that's one thing that we talk about is all

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Speaker 3: the time is tax free zones, and there is You're right,

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Speaker 3: the traditional form one K and also the Wroth form

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Speaker 3: O K if your employer offers these things. But let

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Speaker 3: me go back to the example that well not example,

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Speaker 3: but exactly the client that we were working with here

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Speaker 3: that did this three years ago. When I talk about

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Speaker 3: the bucket planning, he said to me, well, what do

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Speaker 3: I do with the money? How can I position it

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Speaker 3: now where I can have a plan, where I can

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Speaker 3: have safety and some risk and take some chances with

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Speaker 3: some money. And we put together a bucket strategy using

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Speaker 3: red money money and yellow money, and he was blown away.

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Speaker 3: He said, my gosh, this is exactly what I was

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Speaker 3: looking for. And he said to me, he said, in

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Speaker 3: two years, so now I might want about maybe another

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Speaker 3: five hundred dollars a month of income. So I ran

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Speaker 3: another mock tax return and I showed him if we

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Speaker 3: take five hundred dollars from his IRA money, this is

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Speaker 3: a tax for infocations. But if now we use his

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Speaker 3: tax free account, he can have more money next six

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Speaker 3: thousand dollars a year of income and pay no tax.

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Speaker 3: And he was blown away. They both wore and they said,

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Speaker 3: this is exactly what we're looking for. This is a plan,

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Speaker 3: this is a tax plan, it's an income plan, it's

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Speaker 3: an investment plan. And to make things even better, we

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Speaker 3: talked about their accounts again and we said, hey, do

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Speaker 3: you want this to go through probate or do you

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Speaker 3: want to make sure it goes to your two kids?

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Speaker 3: And they said, you know the answer to that one.

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Speaker 3: We want to make sure the money stays in the family.

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Speaker 3: So we put that together where he has an estate plan,

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Speaker 3: he's got proper beneficiary designation, he's got an estate plan,

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Speaker 3: his house, his assets, everything's going to avoid probate and

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Speaker 3: go to where they wanted to go. So that can

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Speaker 3: happened to you too. Just pick up the phone and

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

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Speaker 3: Maggie tax and.

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Speaker 2: One other point traditional four and one k's They became

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Speaker 2: available in nineteen seventy eight as a way to save

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Speaker 2: for retirement. But the four and one K was the

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Speaker 2: biggest disappointment created. And think about this. You get a

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Speaker 2: tax deduction on the front end, and you get that

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Speaker 2: for many years, and that's great, But when you start

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Speaker 2: to withdraw the money, you're going to be paying it

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Speaker 2: all back for many years and you're going to be

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Speaker 2: paying three to five times more than the tax deduction

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Speaker 2: that you received. This is why tax planning is so important.

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Speaker 2: This is why the retirement calculate that I have on

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Speaker 2: the website is going to help you understand this. These

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Speaker 2: plans are offered by employers. The amount in employee contributes

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Speaker 2: to their account is considered pre tax and it is

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Speaker 2: deducted from their taxable income. That's fine, that's what a

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Speaker 2: lot of people did. The retirement account is tax deferred

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Speaker 2: until the money is withdrawn during your retirement. Employers often

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Speaker 2: contribute a portion of the employer's contributions called a match,

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Speaker 2: which is in an added benefit. But it's all taxable, Chris,

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Speaker 2: every bit of it. And then when you start talking

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Speaker 2: about with drolls, which we'll talk about in the next segment,

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Speaker 2: they're taxed as well. But now at what age are

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Speaker 2: you taking it out seventy three, seventy four, seventy five,

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Speaker 2: How much and how much is it's going to affect

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Speaker 2: your income? This is why tax planning is so important.

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Speaker 2: Right now, pick up the phone eight three three, Maggie,

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Speaker 2: tax sit down with us and go over this. This

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Speaker 2: is going to be something that's going to be ongoing.

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Speaker 2: And if your tax prepairer is not addressing these issues

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Speaker 2: like Chris and I are shame on them. Eight three

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Speaker 2: to three Maggie Tax. Visit our website Maggie Tax dot com,

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Speaker 2: and every Sunday watch our TV show with ten thirty,

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Speaker 2: The Maggie Tax and Financial Show. Visit Maggie Tax dot

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Speaker 2: com today and give us a call at eight three

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Speaker 2: three Maggie Tax. That's eight three three Maggie Tax.

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

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Speaker 1: own successful retirement. As we return to The Maggie Tax

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

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Speaker 1: Meaggie Tax and Wealth Advisors for information on how you

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

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

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

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Speaker 3: Maggie, welcome back to the Maggie Tax and Financial Show,

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Speaker 3: and we welcome everyone today and thank you so much

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Speaker 3: for listening. Do you have an action plan to remove

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Speaker 3: the irs from your retirement picture. That's a great question.

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Speaker 3: We have that plan and you should too if you

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Speaker 3: just work with the right advisor. And I tell you why,

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Speaker 3: because taxes will increase your retirement is about taxes. Taxes

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Speaker 3: are our biggest expense. We have proven strategies to dampen

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Speaker 3: Uncle Sam's impact on your retirement. If you want to

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Speaker 3: take the irs wildcard out of the deck, then we

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Speaker 3: can help pick up the phone and schedule time to

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Speaker 3: meet with us. Eight three to three Maggie Tax.

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Speaker 2: And we have many proven strategies that have proven indispensable

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Speaker 2: in getting our clients to a zero tax bracket. But

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Speaker 2: it becomes understanding the language and it's well worth the

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Speaker 2: time to meet with us. We want to make it

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Speaker 2: simple and easy for you to understand, and the principles

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Speaker 2: and tax strategies that we use have empowered meet to

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Speaker 2: sound the alarm and rescue many of our clients' financial

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Speaker 2: future and security from the looming threat of higher taxes.

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Speaker 2: We talk about this all the time, the retirement tax calculator.

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Speaker 2: Why because you're going to pay a lot in taxes,

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Speaker 2: So we can help you. Give us a call eight

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Speaker 2: three to three Maggie Tax and we could put the

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Speaker 2: Maggie plant together for you, Chris. And you know that's

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Speaker 2: what people are looking for.

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Speaker 3: Help absolutely, and that's it, you know, help why because

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Speaker 3: you don't know what you don't know, and that's okay.

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Speaker 3: You know, we do this every day. We retire every

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Speaker 3: day you retire once. Think about that for a minute.

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Speaker 3: You know, we do this every day. You need some

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Speaker 3: help and we can help you. 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: MAGI Tax and our passion is for designing solutions for

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Speaker 3: our clients. It's unparalleled in the industry and that's why

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Speaker 3: we're you know, we have a niche where we help

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Speaker 3: people have tax free retirement accounts and tax free income.

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Speaker 3: We provide specific strategies and IRIS approved solutions and why

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Speaker 3: it is so important to reduce your income taxes and

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Speaker 3: look forward to a future of a zero tax bracket.

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Speaker 3: You know, we have clients that are receiving one hundred

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Speaker 3: thousand dollars a year in income and are a pan

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Speaker 3: of diamond tax Why because they develop these plans. We

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Speaker 3: put together these plans for them, and guess what, they're

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Speaker 3: reaping the awards right now because now they don't have

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Speaker 3: to worry. They eliminated Uncle Sam forever.

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Speaker 1: You know.

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Speaker 2: And the thing here that we're trying to make you

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Speaker 2: understand is that we understand taxes. We understand the tax codes.

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Speaker 2: They are there and they have been there for years,

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Speaker 2: but maybe your tax preparer is not using it. You know,

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Speaker 2: US taxes are poised to rise dramatically, think about it

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Speaker 2: in twenty twenty six. It's going to the Trump tax

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Speaker 2: cuts are going to expire, and the math is very

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Speaker 2: clear and very simple. We have the most up to

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Speaker 2: date strategies for anyone to our show wanting to retire,

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Speaker 2: because that's the biggest question we get, Chris, can I retire?

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Speaker 2: And when we sit down and show you you can,

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Speaker 2: you're probably in a better situation that you can retire,

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Speaker 2: only because you don't know. Like Chris said, what you

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Speaker 2: don't know and that happens a lot.

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Speaker 3: Chris, right, absolutely, And that's why it's so important to

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Speaker 3: sit down and have a conversation. Why because you don't

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Speaker 3: know what you don't know? And if we can educate

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Speaker 3: you and we can show you that this is what

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Speaker 3: you're doing now and this is what you can do,

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Speaker 3: would you want to know? And the answer is absolutely, so.

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Speaker 3: All you gotta do is pick up the phone, schedule

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Speaker 3: time to meet with us. We have obvious on both

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Speaker 3: sides of the bay. And when you come in to

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Speaker 3: meet with us. We're gonna have a conversation. You know,

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Speaker 3: we're gonna learn more about you. We're gonna look at

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Speaker 3: your situation, your taxes, your accounts, figure out what your

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Speaker 3: strategy is. Do you have an income plan? Do you

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Speaker 3: have a tax plan? Do you have an investment plan?

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Speaker 3: Do you have an estate plan? Do you have a

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Speaker 3: Social Security maximization plan? What about a Medicare plan? These

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Speaker 3: are questions that many retirees are answering in each and

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Speaker 3: every day, and they just don't get the answer because

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Speaker 3: they don't know where to go. Oh well, it's very

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Speaker 3: simple eight three to three, Maggie tax.

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Speaker 2: So think about it. Without these techniques that we're offering,

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Speaker 2: you are at the mercy of circumstances beyond your control.

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Speaker 2: What do I mean by that called legislative risk. Legislative

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Speaker 2: risk means the Congress can change the rules anytime it's

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Speaker 2: written in pencil, and every year we see this. So

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Speaker 2: things are changing right now. So like it or not,

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Speaker 2: taxes are likely to rise, and now is the time

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Speaker 2: to reposition your assets now to avoid higher taxes in

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Speaker 2: the future. Now is the time, Chris, How hard do

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Speaker 2: we have to say that to people? Because it's getting

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Speaker 2: closer and closer to the Trump tax cuts expiring, and

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Speaker 2: people that are listening to the show may not even

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Speaker 2: be aware of it, but things are going to change.

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Speaker 3: Well, as I said, and you know, visit our website

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Speaker 3: at Maggi tax dot com. There's so much information right

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Speaker 3: there at your fingertips to help you. And that's why

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Speaker 3: we're here. If you're serious about maximizing your income and retirement,

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Speaker 3: we use strategies to help our clients become as tax

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Speaker 3: efficient as possible. It's not just about what accounts do

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Speaker 3: you have and you know we can do this and that,

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Speaker 3: and we can increase it and we can have this strategy.

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Speaker 3: It's not about that. It's about taxes. It's about the

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Speaker 3: whole picture. It's about complete planning. Yeah, you have a

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Speaker 3: CD at three or four or five percent whatever, but

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Speaker 3: what are you doing with that? How are you maximizing

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Speaker 3: on the tax side of it. That's what we're talking

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Speaker 3: about here. We can guide you through the coming tax

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Speaker 3: crisis by helping you take advantage of the power of

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Speaker 3: a zero percent tax bracket. Who wants to get there?

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Speaker 3: We can show you how to do it by using

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Speaker 3: the strategies that we develop. A three three, Maggie Tax.

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Speaker 2: And again we do advanced tax planning. We understand taxes.

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Speaker 2: When you come in, we'll sit down with you, we'll

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Speaker 2: go over your tax return line by line. Because if

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Speaker 2: you're looking for a roadmap to shield your heart earned

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Speaker 2: assets from the impact of taxes, we can help I

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Speaker 2: say that every week by talking to you about the

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Speaker 2: strategies that we use have transformed retirement and protected them

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Speaker 2: from tax train wreck that is just around the corner.

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Speaker 2: Think about it, a tax train wreck. That's what's coming, Chris.

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Speaker 3: And it doesn't have to be for you, and you

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Speaker 3: can get out of the way of that. And that's

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Speaker 3: why there are clients that are going to pay a

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Speaker 3: lot in taxes and those clients who eliminated Uncle Sam

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Speaker 3: forever and ever now so don't have to worry about

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Speaker 3: that in the future. Many of our clients are well

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Speaker 3: prepared for retirement. You know, with just a little bit

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Speaker 3: of proactive planning, you can insulate yourself from the threat

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Speaker 3: of higher taxes by creating a total tax free retirement plan.

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Speaker 3: And how do you go about doing that, Well, the

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Speaker 3: first step is schedule time to meet with us. We

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Speaker 3: have office on both sides of the Bay and every

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Speaker 3: Sunday we have our TV show, Maggie Tax Financial Group,

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Speaker 3: and guess what we know to talk about taxes and

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Speaker 3: tax planning and social security planning and income planning and

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Speaker 3: tax planning and investment planning. That's called the Maggie Plan.

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Speaker 3: That's the holistic approach that we take, but we take

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Speaker 3: it from a tax angle. Why because that's your biggest

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Speaker 3: expense and it will always be unless you eliminate on SAM.

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Speaker 3: So how do you go about doing that? We can

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Speaker 3: help pick up the phone and schedule time to need

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Speaker 3: with us eight three to three Maggie Tax.

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Speaker 2: It's called the Maggie Plan, simple and easy to understand.

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Speaker 2: It's a tax plan, it's an income plan, it's an

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Speaker 2: investment plan. It's legacy planning and many of you don't

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Speaker 2: have that, So give us a call eight three to

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Speaker 2: three Maggie Tax. Be sure to visit our website Maggie

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Speaker 2: Tax dot com. We have a lot of information on

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Speaker 2: that site, and be sure to click on the retirement

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Speaker 2: calculator and in thirty seconds we could show you what

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Speaker 2: your retirement bill will be. We have offices in Loots,

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Speaker 2: we have an office in Palm Harbor and we have

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Speaker 2: an office in Saint Pete. Very easy for all of

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Speaker 2: you to get to visit our website, Maggie Tax dot

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Speaker 2: com and give us a call eight three to three

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Speaker 2: Maggie Tax. That's eight three to three Maggie Tax.

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

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

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

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

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

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

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

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Speaker 3: Welcome back to the Maggie Tax and Financial Show, and

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Speaker 3: feel free to visit our website, Maggie Tax dot com.

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Speaker 3: There's so much information right there at your fingertips. Do

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Speaker 3: you have a tax plan? Do you have an income plan?

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Speaker 3: Do you have an investment plan? And you know what,

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Speaker 3: do you have an estate plan? If you said no

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Speaker 3: to any one of those, you need to listen up

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Speaker 3: because now is the time to put together a plan

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Speaker 3: for you and your family. A three to three Maggi

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Speaker 3: Tax that's a three to three Maggie tax. There's so

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Speaker 3: much there that we could talk about. You know, at

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Speaker 3: our firm, we talk about the Maggi plan. You know,

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Speaker 3: we're talking about taxes today, but how do they incorporate

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Speaker 3: with your investments? If you are paying more in tax,

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Speaker 3: guess what, less income to you and your family. So

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Speaker 3: are you prepared for the possibility of higher taxes in retirement?

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Speaker 3: And that's what we're talking about today. You need to

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Speaker 3: have a plan. You need to have an investment plan,

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Speaker 3: a tax plan, and also an income plan. E three

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Speaker 3: to three mag attacks. Schedule time to meet with us.

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Speaker 3: We have obvious on both sides of the day aid

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Speaker 3: three to three Magi tax.

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Speaker 2: And by the way, we do tax preparation. So if

435
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Speaker 2: you want to make an appointment, come on in. But

436
00:20:09,640 --> 00:20:12,159
Speaker 2: let me mention one thing that happened this week. And

437
00:20:12,240 --> 00:20:15,720
Speaker 2: it's really simple. Everyone that works you make income, right,

438
00:20:15,920 --> 00:20:19,080
Speaker 2: who's the first one that you have to pay? Uncle Sam? Oh?

439
00:20:19,240 --> 00:20:21,879
Speaker 2: So let's just say you make twenty thousand last year

440
00:20:21,920 --> 00:20:24,640
Speaker 2: and you make fifty thousand this year, You've increased by

441
00:20:24,680 --> 00:20:27,800
Speaker 2: thirty thousand. Is that thirty thousand free, Chris? Nope, you

442
00:20:27,840 --> 00:20:30,000
Speaker 2: have to pay Uncle Sam. Oh, you have to pay

443
00:20:30,080 --> 00:20:32,600
Speaker 2: Uncle Sam. See I'm making light of this because this

444
00:20:32,680 --> 00:20:35,199
Speaker 2: is where people getting confused. When I talked about the

445
00:20:35,240 --> 00:20:37,480
Speaker 2: five ways that taxes are going to go up, so

446
00:20:37,800 --> 00:20:40,600
Speaker 2: many of you assume that your taxes will be lower

447
00:20:40,640 --> 00:20:43,720
Speaker 2: in the future. Not true, it's not true. But as

448
00:20:43,720 --> 00:20:46,960
Speaker 2: today's retireies are discovering, that's often not the case. And

449
00:20:47,000 --> 00:20:48,960
Speaker 2: we see this every day. In a perfect example is

450
00:20:48,960 --> 00:20:51,800
Speaker 2: when you make more money, your tax bracket's gonna go up,

451
00:20:51,840 --> 00:20:54,200
Speaker 2: you have to pay more. So if taxes keep going

452
00:20:54,280 --> 00:20:56,440
Speaker 2: up and the tax brackets keep rising, you get less.

453
00:20:56,960 --> 00:20:59,120
Speaker 2: So we can help you understand the five ways your

454
00:20:59,160 --> 00:21:01,520
Speaker 2: taxes could go up in retirement. And again I have

455
00:21:01,600 --> 00:21:03,720
Speaker 2: a brochure. If you want to call my office, just

456
00:21:03,720 --> 00:21:05,760
Speaker 2: give me your email. I'll be glad to send it

457
00:21:05,760 --> 00:21:08,080
Speaker 2: to you in an email and you can see for yourself. Well,

458
00:21:08,080 --> 00:21:09,919
Speaker 2: come to one of our seminars and I'll give you

459
00:21:10,080 --> 00:21:12,280
Speaker 2: that at the seminar, and how we can help you

460
00:21:12,520 --> 00:21:16,440
Speaker 2: mitigate that tax risk. Think about that. Does your advisor

461
00:21:16,480 --> 00:21:20,159
Speaker 2: talk about mitigating tax risk? No, they talk about, you know,

462
00:21:20,160 --> 00:21:23,760
Speaker 2: putting more money in another account. So from the congressional

463
00:21:23,800 --> 00:21:26,600
Speaker 2: spending to tax bracket changes, you're going to learn how

464
00:21:26,600 --> 00:21:29,960
Speaker 2: to position taxes in your retirement. And every news item

465
00:21:30,000 --> 00:21:32,760
Speaker 2: out of Washington seems to include details of a new

466
00:21:32,840 --> 00:21:35,879
Speaker 2: or expanded tax. Let me ask you a question. So,

467
00:21:36,000 --> 00:21:39,800
Speaker 2: the total government revenue in twenty twenty two was four

468
00:21:39,880 --> 00:21:43,040
Speaker 2: point nine trillion. That's what the government takes in in

469
00:21:43,119 --> 00:21:47,480
Speaker 2: revenue that was in twenty twenty two. Total government spending

470
00:21:47,480 --> 00:21:50,919
Speaker 2: in fiscal year twenty two was six point three trillion.

471
00:21:51,040 --> 00:21:53,159
Speaker 2: Do the math. It's like, you know, you have a

472
00:21:53,160 --> 00:21:55,119
Speaker 2: credit card, you got to pay it back, Okay, but

473
00:21:55,200 --> 00:21:57,960
Speaker 2: we're not even paying back half of it. Chris, Well,

474
00:21:57,960 --> 00:21:59,480
Speaker 2: that's just said. I mean things you can't control.

475
00:21:59,560 --> 00:21:59,679
Speaker 1: Right.

476
00:21:59,720 --> 00:22:01,879
Speaker 3: We know that the government is spending more. That's not

477
00:22:01,920 --> 00:22:03,360
Speaker 3: a topic we want to go into right now.

478
00:22:03,560 --> 00:22:05,959
Speaker 2: Is what it is. They're spending more than they take in.

479
00:22:06,040 --> 00:22:08,000
Speaker 2: But what does that mean to you? What does that

480
00:22:08,080 --> 00:22:10,960
Speaker 2: mean to me? Right? What does it mean to our generation?

481
00:22:11,600 --> 00:22:13,639
Speaker 3: It means that we are going to pay more in

482
00:22:13,720 --> 00:22:16,920
Speaker 3: tax because they know how much money you have in iras,

483
00:22:17,040 --> 00:22:19,000
Speaker 3: They know how much money you have in formal case,

484
00:22:19,280 --> 00:22:20,800
Speaker 3: they know how much money you have in a TSP

485
00:22:20,920 --> 00:22:24,080
Speaker 3: if you're a federal employee. They know these are all

486
00:22:24,119 --> 00:22:27,000
Speaker 3: qualified accounts that are infected with tax so very simple.

487
00:22:28,240 --> 00:22:31,760
Speaker 3: You're exposed to tax risk. You're exposed to legislative risk,

488
00:22:31,800 --> 00:22:34,080
Speaker 3: where they can change the rules. What I mean by

489
00:22:34,080 --> 00:22:35,800
Speaker 3: that is they can change the rules on how much

490
00:22:35,800 --> 00:22:39,080
Speaker 3: they tax you they tax me. Right, these are things

491
00:22:39,119 --> 00:22:41,840
Speaker 3: that we need to start controlling today. And you can

492
00:22:42,119 --> 00:22:44,800
Speaker 3: if you put together a tax plan. That's why I

493
00:22:44,840 --> 00:22:47,719
Speaker 3: ask you, what's your plan? What's your tax plan? If

494
00:22:47,760 --> 00:22:50,200
Speaker 3: you don't have one, now is the time to start

495
00:22:50,240 --> 00:22:52,520
Speaker 3: really putting one together. And we can help. So pick

496
00:22:52,600 --> 00:22:54,639
Speaker 3: up the phone, schedule time to meet with us. Because

497
00:22:54,760 --> 00:22:56,879
Speaker 3: when we put together a tax plan, we can put

498
00:22:56,920 --> 00:23:00,720
Speaker 3: together an income plan. And what's better having taxable income

499
00:23:00,800 --> 00:23:03,600
Speaker 3: or tax free income, and when you can show a

500
00:23:03,680 --> 00:23:06,560
Speaker 3: tax return like we do to our clients in retirement

501
00:23:06,920 --> 00:23:10,600
Speaker 3: that I don't care if they increase taxes because our clients'

502
00:23:10,600 --> 00:23:14,239
Speaker 3: plans have tax free money. So when they retire and

503
00:23:14,280 --> 00:23:17,199
Speaker 3: they take income and government says, well we need to

504
00:23:17,200 --> 00:23:19,800
Speaker 3: pay our deficet and we need to increase taxes, our

505
00:23:19,840 --> 00:23:22,560
Speaker 3: clients aren't affected by that because they have a tax plan.

506
00:23:23,160 --> 00:23:24,080
Speaker 2: That's what we can do for you.

507
00:23:24,160 --> 00:23:26,000
Speaker 3: So pick up the phone, schedule a time to meet

508
00:23:26,000 --> 00:23:28,600
Speaker 3: with us eight three to three Maggi tax. That's eight

509
00:23:28,680 --> 00:23:29,840
Speaker 3: three to three Maggie tax.

510
00:23:29,920 --> 00:23:31,920
Speaker 2: And this is a race that we all must learn

511
00:23:31,960 --> 00:23:34,160
Speaker 2: to win where we're ahead of it, not behind it,

512
00:23:34,359 --> 00:23:36,240
Speaker 2: because that's when people get in trouble. In at every

513
00:23:36,280 --> 00:23:38,280
Speaker 2: seminar that we do, this is the question that we

514
00:23:38,320 --> 00:23:40,760
Speaker 2: ask the audience, and I'm asking all of you how

515
00:23:40,800 --> 00:23:43,440
Speaker 2: many people think taxes are going up in the future,

516
00:23:43,840 --> 00:23:46,639
Speaker 2: And I know everybody raises their hand. Nearly everyone raised

517
00:23:46,640 --> 00:23:48,399
Speaker 2: their hands because it's going to go up. So the

518
00:23:48,440 --> 00:23:51,440
Speaker 2: point Chris and I are making today is tax planning

519
00:23:52,000 --> 00:23:54,720
Speaker 2: is essential. You've got to start thinking about it. Whether

520
00:23:54,760 --> 00:23:56,840
Speaker 2: you have low income or high income, it doesn't make

521
00:23:56,880 --> 00:23:59,840
Speaker 2: a difference. Yet, while you understand we've entered it into

522
00:23:59,880 --> 00:24:03,680
Speaker 2: a rousing tax environment, surprisingly few of you have used

523
00:24:03,680 --> 00:24:07,159
Speaker 2: that knowledge to change how you save for retirement. And

524
00:24:07,200 --> 00:24:09,480
Speaker 2: if your advisors not talking to you about this, which

525
00:24:09,480 --> 00:24:12,000
Speaker 2: is why we say, go to my retirement calculator on

526
00:24:12,119 --> 00:24:14,800
Speaker 2: Maggie tax dot com and see for yourself what your

527
00:24:14,840 --> 00:24:17,720
Speaker 2: tax is going to be. Chris, that's very important. Well,

528
00:24:17,800 --> 00:24:18,560
Speaker 2: let's just talk about that.

529
00:24:18,600 --> 00:24:21,040
Speaker 3: You know, when we meet with clients, what are we seeing,

530
00:24:21,080 --> 00:24:23,800
Speaker 3: We're seeing tons of Irrah accounts, tons of form and

531
00:24:23,840 --> 00:24:26,600
Speaker 3: K accounts, tons of these accounts that are deferred. We

532
00:24:26,680 --> 00:24:28,920
Speaker 3: see this, and they've been with their advisors for years.

533
00:24:28,960 --> 00:24:31,440
Speaker 3: They're not doing the right job. I'll tell you what, Yeah,

534
00:24:31,520 --> 00:24:34,000
Speaker 3: anyone can manage your money. You can manage yourself. With

535
00:24:34,080 --> 00:24:35,840
Speaker 3: this market where it's at and the amount of money

536
00:24:35,840 --> 00:24:38,639
Speaker 3: they're pumping in and the environment they're playing with the

537
00:24:38,680 --> 00:24:41,879
Speaker 3: interest rates, everyone's making money. That's easy, that's the easy

538
00:24:41,880 --> 00:24:43,920
Speaker 3: part of it. But what about the end of the game.

539
00:24:44,080 --> 00:24:45,639
Speaker 3: You know, when you think about a football game and

540
00:24:45,640 --> 00:24:48,520
Speaker 3: you're up at halftime, you're all happy because you're up

541
00:24:48,520 --> 00:24:50,720
Speaker 3: by forty points, but guess what, You've got to finish

542
00:24:50,720 --> 00:24:53,040
Speaker 3: the game. And that's where Uncle Sam comes in, and

543
00:24:53,080 --> 00:24:54,960
Speaker 3: that's where he blows it right by you and you

544
00:24:55,040 --> 00:24:57,320
Speaker 3: lose forty three to forty because you did not have

545
00:24:57,359 --> 00:25:00,000
Speaker 3: a tax plan. So pick up the phone, schedule time

546
00:25:00,080 --> 00:25:02,440
Speaker 3: to meet with us. Let's put together an investment plan,

547
00:25:02,520 --> 00:25:05,200
Speaker 3: Let's put together an income plan. Let's put together that

548
00:25:05,280 --> 00:25:09,040
Speaker 3: tax plan that you need to generate guaranteed safety and

549
00:25:09,119 --> 00:25:11,679
Speaker 3: also income in the future. What's wrong with going to

550
00:25:11,720 --> 00:25:14,879
Speaker 3: the mailbox every month when you're retired pick it up

551
00:25:14,880 --> 00:25:17,359
Speaker 3: a check and that's tax free money and spending the

552
00:25:17,359 --> 00:25:18,680
Speaker 3: heck out of it and doing it all over again

553
00:25:18,720 --> 00:25:19,520
Speaker 3: for the rest of your life.

554
00:25:19,560 --> 00:25:20,960
Speaker 2: How cool would that be?

555
00:25:20,960 --> 00:25:22,960
Speaker 3: Because when you hear the news and hear all the

556
00:25:23,040 --> 00:25:25,679
Speaker 3: drama and they talk about, oh my gosh, taxes are

557
00:25:25,680 --> 00:25:27,600
Speaker 3: going to go up, tax are the highest it's ever been,

558
00:25:27,840 --> 00:25:29,960
Speaker 3: you can say and put a smile on your face

559
00:25:30,000 --> 00:25:31,960
Speaker 3: and say that doesn't affect.

560
00:25:31,840 --> 00:25:35,440
Speaker 2: They're not higher, they're lower. This is the lowest point now, Chris.

561
00:25:35,480 --> 00:25:37,240
Speaker 3: But how cool could it be in the future when

562
00:25:37,240 --> 00:25:39,760
Speaker 3: that happens that you don't have to be affected by it.

563
00:25:40,080 --> 00:25:42,160
Speaker 3: That's why we can put together a tax plan eight

564
00:25:42,200 --> 00:25:45,159
Speaker 3: three three magi tax. Get the tax plan. We have

565
00:25:45,200 --> 00:25:46,919
Speaker 3: office on both sides of the Bay eight three to

566
00:25:46,920 --> 00:25:47,760
Speaker 3: three magi tax.

567
00:25:47,880 --> 00:25:50,800
Speaker 2: So if you all continue to defer taxes, which many

568
00:25:50,840 --> 00:25:52,480
Speaker 2: of you do in an IRA four to one K

569
00:25:52,960 --> 00:25:55,640
Speaker 2: four or three B on all or most of your

570
00:25:55,680 --> 00:25:58,600
Speaker 2: retirement assets, you're going to have a large tax bill

571
00:25:58,680 --> 00:26:01,119
Speaker 2: to pay. So why would you do that? If you

572
00:26:01,200 --> 00:26:03,720
Speaker 2: can do strategic planning or like Chris and I talk

573
00:26:03,760 --> 00:26:07,000
Speaker 2: about bucket planning, where you have income that may be

574
00:26:07,080 --> 00:26:09,639
Speaker 2: tax free, you have growth and you have later money,

575
00:26:09,640 --> 00:26:12,240
Speaker 2: but you take that money and you have tax free money.

576
00:26:12,560 --> 00:26:14,280
Speaker 2: We can do that. That's what we do. That's called

577
00:26:14,320 --> 00:26:17,040
Speaker 2: the Maggie Plan. It's a tax plan, it's an income plan,

578
00:26:17,080 --> 00:26:19,520
Speaker 2: it's an investment plan, and it's a legacy plan. And

579
00:26:19,600 --> 00:26:22,200
Speaker 2: please one other thing. Many of you don't have a

580
00:26:22,240 --> 00:26:24,480
Speaker 2: will or a trust and you sit back and say

581
00:26:24,520 --> 00:26:27,359
Speaker 2: I don't need it, because well you do, so visit

582
00:26:27,400 --> 00:26:29,760
Speaker 2: one of our seminars. Go to my website Maggie tax

583
00:26:29,800 --> 00:26:32,159
Speaker 2: dot com. We have two seminars a month. Take a

584
00:26:32,160 --> 00:26:34,640
Speaker 2: look at the dates and times and locations and come.

585
00:26:34,680 --> 00:26:38,399
Speaker 2: There's no obligation, no lunch, no dinner, no nothing, just

586
00:26:38,640 --> 00:26:40,760
Speaker 2: explaining to you what this is about. I think that's

587
00:26:40,760 --> 00:26:44,040
Speaker 2: more important getting you education and understanding the language than

588
00:26:44,040 --> 00:26:46,119
Speaker 2: feeding people. And you know what, I've done that for

589
00:26:46,240 --> 00:26:48,400
Speaker 2: years and it's okay, but it's not what I want.

590
00:26:48,400 --> 00:26:50,640
Speaker 2: If you want information, then you come to my seminar.

591
00:26:50,880 --> 00:26:53,399
Speaker 2: I will give you the information because that's what you need.

592
00:26:53,640 --> 00:26:57,800
Speaker 2: So how can we help overcome this disconnect of taxes

593
00:26:57,840 --> 00:27:00,719
Speaker 2: and legislative risk? And at Maggie tex we help our

594
00:27:00,760 --> 00:27:04,520
Speaker 2: clients face new risks. People work with Maggie Tax because

595
00:27:04,560 --> 00:27:08,280
Speaker 2: we help. And here's the word mitigate risk. Chris, Does

596
00:27:08,320 --> 00:27:10,800
Speaker 2: any advis are talking about mitigate risk?

597
00:27:10,960 --> 00:27:12,680
Speaker 3: No, they don't talk about that. That that's why it's

598
00:27:12,680 --> 00:27:15,159
Speaker 3: so disappointing. Think about it. You don't have clients like

599
00:27:15,200 --> 00:27:16,959
Speaker 3: we see this. We meet with clients and they come

600
00:27:16,960 --> 00:27:19,040
Speaker 3: in with statements. Yeah it's five hundred thousand, Yeah it's

601
00:27:19,040 --> 00:27:20,920
Speaker 3: one point two million, Yeah it's three hundred thousand, Yeah

602
00:27:20,960 --> 00:27:23,280
Speaker 3: it's four million. It doesn't matter. At the end of

603
00:27:23,280 --> 00:27:25,959
Speaker 3: the day, there's no planning. There's no planning. It's just

604
00:27:26,000 --> 00:27:29,400
Speaker 3: investment accounts. You've got piles of money. We see in this.

605
00:27:29,400 --> 00:27:32,640
Speaker 3: This is what advisors are doing. They're just dealing with investments. Yeah,

606
00:27:32,680 --> 00:27:34,959
Speaker 3: you have money. I don't care. The fact of men

607
00:27:35,080 --> 00:27:37,040
Speaker 3: is what's the end of the game look like for you?

608
00:27:37,119 --> 00:27:39,280
Speaker 3: The tax side of this, because yeah, you can have

609
00:27:39,280 --> 00:27:41,520
Speaker 3: four million bucks, but guess what when we run the

610
00:27:41,600 --> 00:27:44,520
Speaker 3: tax time calculator and that four million dollars is not

611
00:27:44,600 --> 00:27:47,920
Speaker 3: worth four million, It's worth two million, or it's worth

612
00:27:47,960 --> 00:27:52,400
Speaker 3: two point five million. Guess what, Uncle Sam is your partner.

613
00:27:52,880 --> 00:27:56,119
Speaker 3: How do you remove Uncle Sam from your partner forever

614
00:27:56,240 --> 00:27:58,840
Speaker 3: and ever and ever? So we can show you how

615
00:27:58,840 --> 00:28:00,520
Speaker 3: to do this. So here's the mission this day that

616
00:28:00,560 --> 00:28:02,160
Speaker 3: you just said that people have. I have a lot

617
00:28:02,200 --> 00:28:04,160
Speaker 3: of money. I have two million, I have one million,

618
00:28:04,200 --> 00:28:05,080
Speaker 3: I have five hundred thousand.

619
00:28:05,160 --> 00:28:05,640
Speaker 2: No you don't.

620
00:28:06,160 --> 00:28:08,720
Speaker 3: Here's the question that we ask every single person that

621
00:28:08,760 --> 00:28:12,480
Speaker 3: comes into meets with us. How much income do you

622
00:28:12,680 --> 00:28:16,000
Speaker 3: need per month? Forget about how much you have? How

623
00:28:16,080 --> 00:28:18,120
Speaker 3: much do you need per month? Am I right or wrong?

624
00:28:18,600 --> 00:28:20,439
Speaker 3: And then where we going to get it from? And

625
00:28:20,440 --> 00:28:22,239
Speaker 3: then when you start looking at the numbers and you

626
00:28:22,240 --> 00:28:24,880
Speaker 3: start budgeting and you start figuring out, well I only

627
00:28:24,920 --> 00:28:27,200
Speaker 3: need this amount and I'm okay, let the risk grow

628
00:28:27,240 --> 00:28:29,399
Speaker 3: and put on a tax free basis. Why would you

629
00:28:29,440 --> 00:28:31,480
Speaker 3: not want to do that? So how do we do that?

630
00:28:31,560 --> 00:28:34,240
Speaker 3: It's real simple. We use a process. We have a

631
00:28:34,280 --> 00:28:37,359
Speaker 3: process at Maggie Tax. We identify the risk. And this

632
00:28:37,480 --> 00:28:40,400
Speaker 3: is so important because older people are taking more risk

633
00:28:40,440 --> 00:28:43,080
Speaker 3: than they need to and the advisor's not talking about

634
00:28:43,200 --> 00:28:46,480
Speaker 3: risk management we do. We want to quantify that risk

635
00:28:46,520 --> 00:28:48,880
Speaker 3: because maybe you're taking too much risk and we can

636
00:28:48,920 --> 00:28:51,040
Speaker 3: reduce the risks so you have more tax free money.

637
00:28:51,280 --> 00:28:53,640
Speaker 2: And here's the thing, write this down. We're going to

638
00:28:53,720 --> 00:28:57,720
Speaker 2: build a plan to mitigate to mitigate that risk. You

639
00:28:57,760 --> 00:28:59,680
Speaker 2: know what a challenge all of you. Go to your advisor,

640
00:28:59,760 --> 00:29:02,360
Speaker 2: go to CPA and ask them this question, how do

641
00:29:02,400 --> 00:29:05,280
Speaker 2: you mitigate my tax risk? And then be quiet. I

642
00:29:05,320 --> 00:29:07,080
Speaker 2: guarantee you they're going to look at you, Andre gonna

643
00:29:07,080 --> 00:29:09,320
Speaker 2: stare at you like, what are you talking about? Mitigate

644
00:29:09,720 --> 00:29:12,560
Speaker 2: lower the tax risk. So it started with the market.

645
00:29:12,800 --> 00:29:15,080
Speaker 2: Savers wanted to and this is what Chris was talking

646
00:29:15,240 --> 00:29:17,720
Speaker 2: about before, and they needed the power of the stock

647
00:29:17,760 --> 00:29:20,880
Speaker 2: market to grow their funds. It was a simple formula,

648
00:29:20,920 --> 00:29:23,200
Speaker 2: there was nothing wrong with it. They put money aside,

649
00:29:23,240 --> 00:29:26,000
Speaker 2: invest in the stock market and watch it grow. Oh man,

650
00:29:26,040 --> 00:29:29,400
Speaker 2: this is growing great, right Chris, Until it didn't. Until

651
00:29:29,400 --> 00:29:31,920
Speaker 2: it didn't, and it's gonna happen again. So during the

652
00:29:32,040 --> 00:29:36,240
Speaker 2: market downturn, savers learned about what risks, what kind of

653
00:29:36,320 --> 00:29:38,800
Speaker 2: risk Chris, there's different types. Are at market risk? Right?

654
00:29:38,840 --> 00:29:42,400
Speaker 3: Inflation risk? We see that, What about tax risk? These

655
00:29:42,400 --> 00:29:44,920
Speaker 3: are things we're talking about. So do you have a plan?

656
00:29:45,640 --> 00:29:48,000
Speaker 3: Many people out there don't. They just have piles of money.

657
00:29:48,000 --> 00:29:49,880
Speaker 3: You get those statements. You have a pile of money,

658
00:29:49,880 --> 00:29:52,680
Speaker 3: big deal, But how is it going to come out?

659
00:29:52,800 --> 00:29:55,640
Speaker 3: What's the end of the game look like for that account?

660
00:29:55,920 --> 00:29:58,160
Speaker 3: Pick up the phone, schedule time to meet with us.

661
00:29:58,360 --> 00:30:00,840
Speaker 3: Let's get together. I arde to do this because we

662
00:30:00,880 --> 00:30:03,480
Speaker 3: see this each and every day. Many people. They come in,

663
00:30:03,560 --> 00:30:06,120
Speaker 3: they think they have a plan, and guess what they

664
00:30:06,160 --> 00:30:08,600
Speaker 3: don't because when we do tax planning and tax preparation

665
00:30:08,880 --> 00:30:12,000
Speaker 3: each and every year, guess what they're paying taxes? And

666
00:30:12,040 --> 00:30:13,160
Speaker 3: then they're saying, what can I do?

667
00:30:13,360 --> 00:30:13,640
Speaker 2: Well?

668
00:30:14,640 --> 00:30:17,080
Speaker 3: You follow the crowd. You didn't listen and you didn't

669
00:30:17,080 --> 00:30:19,200
Speaker 3: put together a plan. Now's the time to do it.

670
00:30:19,640 --> 00:30:22,560
Speaker 3: Don't follow the crowd. Eight three three Maggie Tax. That's

671
00:30:22,600 --> 00:30:25,400
Speaker 3: a three three Magi Tax. Visit our website at Maggi

672
00:30:25,480 --> 00:30:28,120
Speaker 3: tax dot com. There's so much there to help you.

673
00:30:28,280 --> 00:30:31,240
Speaker 3: Eight three three Magi Tax. Send an aployment today. Eight

674
00:30:31,280 --> 00:30:32,760
Speaker 3: three three Magi Tax.

675
00:30:38,400 --> 00:30:41,959
Speaker 1: Stop funding Uncle Sam's retirement and start planning for your

676
00:30:42,000 --> 00:30:45,480
Speaker 1: own successful retirement. As we return to the Maggie Tax

677
00:30:45,520 --> 00:30:48,920
Speaker 1: Financial Show with your host Robert and Chris, Maggie with

678
00:30:49,040 --> 00:30:52,160
Speaker 1: Maggie Tax and Wealth Advisors for information on how you

679
00:30:52,200 --> 00:30:55,800
Speaker 1: can create a tax free retirement. Call eight three three

680
00:30:56,240 --> 00:31:00,480
Speaker 1: Magie Tax or visit Maggie tax dot com. Now you're

681
00:31:00,560 --> 00:31:04,760
Speaker 1: host with Maggie Tax and Wealth Advisors Robert and Chris, Maggie.

682
00:31:05,320 --> 00:31:06,200
Speaker 2: Welcome back everyone.

683
00:31:06,200 --> 00:31:08,440
Speaker 3: Thanks for tuning into the Maget Tax and Financial Show,

684
00:31:08,480 --> 00:31:11,560
Speaker 3: and don't forget every Sunday on ABC TV, tune into

685
00:31:11,560 --> 00:31:14,280
Speaker 3: the Magi Tax and Financial Show. It's thirty minutes education

686
00:31:14,840 --> 00:31:17,240
Speaker 3: and we're right on TV on ABC TV at ten

687
00:31:17,400 --> 00:31:20,400
Speaker 3: thirty am on Sundays. And there's so much information right

688
00:31:20,400 --> 00:31:22,440
Speaker 3: there to help you. If you have questions, pick up

689
00:31:22,440 --> 00:31:24,120
Speaker 3: the phone, schedule time to meet with us. There's so

690
00:31:24,240 --> 00:31:27,640
Speaker 3: much to talk about. Worried about tax planning, income plainning,

691
00:31:27,680 --> 00:31:31,320
Speaker 3: investment planning, and state planning, legacy planning. That's what we do,

692
00:31:31,400 --> 00:31:35,120
Speaker 3: complete planning. If you're looking for a holistic advisor, someoneh's

693
00:31:35,160 --> 00:31:36,760
Speaker 3: going to help in a lot of different ways and

694
00:31:36,800 --> 00:31:38,880
Speaker 3: look at everything we can help. If you have a

695
00:31:38,920 --> 00:31:42,240
Speaker 3: transactional advisor right now and you're just stuck and you

696
00:31:42,280 --> 00:31:44,240
Speaker 3: don't know if they're doing the best thing for you,

697
00:31:44,280 --> 00:31:46,600
Speaker 3: let's get a second opinion. Pick up the phone, schedule

698
00:31:46,640 --> 00:31:48,960
Speaker 3: time to meet with us. Eight three to three Magi Tax.

699
00:31:49,000 --> 00:31:50,840
Speaker 3: That's eight three to three Maggie Tax.

700
00:31:51,120 --> 00:31:52,920
Speaker 2: And many of you know that the Trump tax cuts

701
00:31:52,920 --> 00:31:55,080
Speaker 2: are going to expire soon, and we talk about this

702
00:31:55,160 --> 00:31:57,200
Speaker 2: all the time. So we have an IRA four our

703
00:31:57,200 --> 00:32:00,240
Speaker 2: one k TSP, you will have a huge tax bill

704
00:32:00,320 --> 00:32:02,240
Speaker 2: to pay the irs. And what Chris and I are

705
00:32:02,280 --> 00:32:05,200
Speaker 2: talking about every time we meet with someone is how

706
00:32:05,200 --> 00:32:08,840
Speaker 2: to avoid this. Check out my retirement calculator at Maggie

707
00:32:08,840 --> 00:32:11,440
Speaker 2: Tax dot com and in thirty seconds you're going to

708
00:32:11,440 --> 00:32:14,280
Speaker 2: see what your retirement tax bill will be. But wait,

709
00:32:14,600 --> 00:32:17,880
Speaker 2: how would you like to reduce or eliminate your estate taxes,

710
00:32:18,320 --> 00:32:22,040
Speaker 2: pay no capital gains tax, and receive more guaranteed income

711
00:32:22,080 --> 00:32:24,720
Speaker 2: over your lifetime. These are the questions that Chris and

712
00:32:24,760 --> 00:32:26,959
Speaker 2: I get every day. So pick up the phone, give

713
00:32:27,040 --> 00:32:29,480
Speaker 2: us a call eight three to three Maggie Tax, Visit

714
00:32:29,520 --> 00:32:32,360
Speaker 2: our website Maggie tax dot com, register for one of

715
00:32:32,400 --> 00:32:35,560
Speaker 2: our seminars coming up every month throughout the year, and

716
00:32:35,640 --> 00:32:38,280
Speaker 2: also check out the retirement calculator. But here's the thing.

717
00:32:38,760 --> 00:32:42,000
Speaker 2: At Maggie Tax, we always discuss proven strategies and concepts

718
00:32:42,080 --> 00:32:44,040
Speaker 2: that work. And that's why Chris, when we sit down

719
00:32:44,080 --> 00:32:46,240
Speaker 2: with the client and we show them what we always

720
00:32:46,320 --> 00:32:48,720
Speaker 2: do every day, it's something that we've done many, many,

721
00:32:48,760 --> 00:32:51,600
Speaker 2: many times, and they sit up and they go, boy,

722
00:32:51,640 --> 00:32:54,160
Speaker 2: you know what my advisor never told me that, Well,

723
00:32:54,200 --> 00:32:56,480
Speaker 2: we know that, that's why you're here. So what is

724
00:32:56,520 --> 00:32:59,360
Speaker 2: your biggest fear? Are you worried about income tax? Youre

725
00:32:59,360 --> 00:33:01,760
Speaker 2: worried about are you worried about out leaving your money?

726
00:33:01,760 --> 00:33:04,040
Speaker 2: What are you worried about? So today we want to

727
00:33:04,080 --> 00:33:06,920
Speaker 2: discuss a few that would we would recommend and it

728
00:33:06,960 --> 00:33:10,920
Speaker 2: all depends on each individual situation, Chris, because each individual

729
00:33:11,040 --> 00:33:14,160
Speaker 2: situation is different. But one thing people say, well, I

730
00:33:14,160 --> 00:33:17,480
Speaker 2: don't have enough money. Anything you have is enough money,

731
00:33:17,560 --> 00:33:22,080
Speaker 2: right because they saved for What's that's confusing? Well, that's

732
00:33:22,080 --> 00:33:22,320
Speaker 2: just it.

733
00:33:22,400 --> 00:33:24,479
Speaker 3: I mean, I mean you have money, you saved and

734
00:33:24,520 --> 00:33:27,080
Speaker 3: maybe you don't have enough, maybe you do, it doesn't matter.

735
00:33:27,120 --> 00:33:30,200
Speaker 3: I mean, we don't put together one plan for everybody.

736
00:33:30,960 --> 00:33:33,720
Speaker 3: One size does not fit everyone. And there are advisors

737
00:33:33,720 --> 00:33:36,480
Speaker 3: out there that that's what they do. They do transactional

738
00:33:37,400 --> 00:33:40,239
Speaker 3: and what happened with transactional advisors is that they just

739
00:33:40,280 --> 00:33:42,440
Speaker 3: put the same thing in front of everybody and it

740
00:33:42,440 --> 00:33:44,560
Speaker 3: doesn't fit everybody. And that's why when you come to

741
00:33:44,600 --> 00:33:47,000
Speaker 3: mag Tax Advisor and Financial Group, we're going to put

742
00:33:47,040 --> 00:33:49,320
Speaker 3: together a plan for you. And what we mean by

743
00:33:49,360 --> 00:33:51,640
Speaker 3: that is we're going to customize this for you. And

744
00:33:51,760 --> 00:33:53,520
Speaker 3: want to listen to you. We're going to talk about income.

745
00:33:53,560 --> 00:33:55,360
Speaker 3: We're going to figure out how much income you need.

746
00:33:55,600 --> 00:33:57,280
Speaker 3: We're going to talk about budgets. We're going to talk

747
00:33:57,320 --> 00:34:00,360
Speaker 3: about buckets of money for safety, buckets of money for

748
00:34:00,520 --> 00:34:03,800
Speaker 3: risk buddy, buckets of money for taxable or tax free accounts.

749
00:34:04,120 --> 00:34:05,480
Speaker 3: This is what we're talking about here, and we're going

750
00:34:05,560 --> 00:34:07,600
Speaker 3: to wrap it up where everything you have is going

751
00:34:07,640 --> 00:34:09,600
Speaker 3: to stay in your family. It's going to go to

752
00:34:09,960 --> 00:34:12,879
Speaker 3: your family members on the most tax efficient way. That's

753
00:34:12,880 --> 00:34:14,680
Speaker 3: what it's about. So when you come in to meet

754
00:34:14,680 --> 00:34:16,400
Speaker 3: with us, that's why we need to see you. We

755
00:34:16,400 --> 00:34:18,080
Speaker 3: need to talk to you. We need to figure out

756
00:34:18,120 --> 00:34:20,160
Speaker 3: what's best for you. What's on your mind. My dad

757
00:34:20,200 --> 00:34:22,719
Speaker 3: mentioned this before. If you have questions and stuff is

758
00:34:23,760 --> 00:34:25,600
Speaker 3: keeping you up at night, what are you doing about it?

759
00:34:25,840 --> 00:34:28,120
Speaker 3: Write those questions down, come in and meet with us.

760
00:34:28,120 --> 00:34:29,680
Speaker 3: We have office on both sides of the day to

761
00:34:29,760 --> 00:34:32,279
Speaker 3: help you. Eight three three Maggie Tax. Pick up the

762
00:34:32,280 --> 00:34:34,360
Speaker 3: phone eight three to three Maggie Tax.

763
00:34:34,480 --> 00:34:36,720
Speaker 2: And one thing that I will say, maybe we can help,

764
00:34:36,760 --> 00:34:39,239
Speaker 2: and maybe we can't, but I will promise you this.

765
00:34:39,719 --> 00:34:41,760
Speaker 2: If we can help, then we're going to explain why,

766
00:34:41,920 --> 00:34:43,920
Speaker 2: and then you make the decision on why you should

767
00:34:43,920 --> 00:34:47,000
Speaker 2: do it. However, if we cannot help you and we

768
00:34:47,080 --> 00:34:49,719
Speaker 2: see that what you have is fine, that's what you

769
00:34:49,760 --> 00:34:52,520
Speaker 2: want to know. Second opinion, that's what we talk about,

770
00:34:52,760 --> 00:34:54,200
Speaker 2: and we're going to let you know so you have

771
00:34:54,239 --> 00:34:56,480
Speaker 2: a clear future. Give us a call eight three to

772
00:34:56,520 --> 00:35:00,000
Speaker 2: three Maggie Tax. Visit our website Maggie tax dot com.

773
00:35:00,120 --> 00:35:02,440
Speaker 2: There's a lot of videos on there, short videos. You

774
00:35:02,480 --> 00:35:04,680
Speaker 2: can take a look at it before you come in.

775
00:35:04,760 --> 00:35:06,960
Speaker 2: Get an idea what we're going to do. So let's

776
00:35:06,960 --> 00:35:10,200
Speaker 2: get started. Eight three to three Maggie Tax, Maggie tax

777
00:35:10,280 --> 00:35:12,640
Speaker 2: dot com. Yeah, let's talk about some tax strategies. You know,

778
00:35:12,640 --> 00:35:13,360
Speaker 2: that's what it's about.

779
00:35:13,440 --> 00:35:16,240
Speaker 3: Taxes are our biggest expense, so let's talk about ways

780
00:35:16,239 --> 00:35:19,480
Speaker 3: where you can reduce your taxes and help you maximize

781
00:35:19,600 --> 00:35:22,400
Speaker 3: the income. And we heard a lot about this because

782
00:35:22,719 --> 00:35:25,560
Speaker 3: many people out there want to maximize their income. But

783
00:35:26,040 --> 00:35:28,680
Speaker 3: how do you how do you create these tax deductions

784
00:35:28,760 --> 00:35:30,799
Speaker 3: or how do you go about finding a way to

785
00:35:30,840 --> 00:35:33,600
Speaker 3: reduce your taxes? And most people they really just don't

786
00:35:33,680 --> 00:35:36,080
Speaker 3: know what to do. But we do tax planning all

787
00:35:36,160 --> 00:35:38,720
Speaker 3: year round, and maybe your advisor or even your CPA,

788
00:35:39,200 --> 00:35:42,160
Speaker 3: they don't recommend tax planning strategies. I met with a

789
00:35:42,200 --> 00:35:44,240
Speaker 3: couple people last week and we talked to them about

790
00:35:44,719 --> 00:35:46,840
Speaker 3: what is your advisor talking to you about with taxes,

791
00:35:46,880 --> 00:35:48,799
Speaker 3: And they look at each other and they say, well,

792
00:35:49,000 --> 00:35:52,800
Speaker 3: not nothing. We get no tax advice from my advisor

793
00:35:52,840 --> 00:35:54,920
Speaker 3: for the past ten years that we've been with and

794
00:35:55,040 --> 00:35:57,720
Speaker 3: that's why they're here with us. They want to encompass

795
00:35:57,760 --> 00:35:59,520
Speaker 3: a whole plan. So when you meet with us, we're

796
00:35:59,520 --> 00:36:01,959
Speaker 3: going to put the tother an income plan, a tax plan,

797
00:36:02,000 --> 00:36:04,440
Speaker 3: an investment plan, and a state plan and make sure

798
00:36:04,480 --> 00:36:06,640
Speaker 3: that you have more income in the most tax efficient way.

799
00:36:06,840 --> 00:36:09,120
Speaker 2: So pick up the phone eight three to three Magi

800
00:36:09,200 --> 00:36:11,799
Speaker 2: Tax and you don't need to study for hours on

801
00:36:11,960 --> 00:36:14,560
Speaker 2: end to be an expert on taxes before you can

802
00:36:14,600 --> 00:36:17,239
Speaker 2: reap the benefits. And just remember when the Trump tax

803
00:36:17,280 --> 00:36:20,000
Speaker 2: cuts expire, it's going to cause a lot of confusion.

804
00:36:20,320 --> 00:36:21,960
Speaker 2: The language is going to be different, and that's what

805
00:36:22,000 --> 00:36:24,640
Speaker 2: we do. So here's an example. All of you go

806
00:36:24,680 --> 00:36:27,840
Speaker 2: to Maggi tax dot com, click on the retirement calculator

807
00:36:27,840 --> 00:36:30,160
Speaker 2: at the top, fill in your information. It's going to

808
00:36:30,200 --> 00:36:32,520
Speaker 2: take you like thirty seconds, and how much you have

809
00:36:32,600 --> 00:36:34,960
Speaker 2: in the IRA four to one K or a TSP

810
00:36:35,400 --> 00:36:37,680
Speaker 2: if you're a federal employee. But in thirty seconds you're

811
00:36:37,719 --> 00:36:40,560
Speaker 2: going to receive your own retirement tax bill. And why

812
00:36:40,600 --> 00:36:42,920
Speaker 2: is this important? Because you're going to see at what

813
00:36:43,040 --> 00:36:45,080
Speaker 2: age you have to start taking out D, R and

814
00:36:45,200 --> 00:36:47,960
Speaker 2: D and your advisor's not talking about this. Then we

815
00:36:48,000 --> 00:36:51,040
Speaker 2: can meet and share some strategies and concepts to minimize

816
00:36:51,080 --> 00:36:54,040
Speaker 2: your taxes. That's one strategy that you can use right

817
00:36:54,080 --> 00:36:56,640
Speaker 2: now at MAGI Tax. We want to show you two

818
00:36:56,680 --> 00:37:00,239
Speaker 2: simple strategies that can help you maximize your taxes. Come

819
00:37:00,280 --> 00:37:04,200
Speaker 2: a tax free person with a Wroth conversion or strategies

820
00:37:04,239 --> 00:37:07,120
Speaker 2: and concepts that we used to reduce your taxes.

821
00:37:07,360 --> 00:37:09,000
Speaker 3: And that's where when you come in to meet with us,

822
00:37:09,000 --> 00:37:10,880
Speaker 3: it's about planning. It's simple. I mean, when you come

823
00:37:10,880 --> 00:37:12,239
Speaker 3: in to meet with us, we're gonna talk to you.

824
00:37:12,280 --> 00:37:14,320
Speaker 3: We're gonna want to ask you a lot of questions.

825
00:37:14,400 --> 00:37:16,600
Speaker 3: You know, we want you to be open minded. We

826
00:37:16,640 --> 00:37:19,680
Speaker 3: want you to let us know what you're looking to

827
00:37:19,800 --> 00:37:22,000
Speaker 3: achieve and let's see if we accomplish that. You know,

828
00:37:22,040 --> 00:37:24,879
Speaker 3: there's many strategies here that we can help you with.

829
00:37:25,000 --> 00:37:27,200
Speaker 3: And if you look at reduce your taxes, maybe there's

830
00:37:27,200 --> 00:37:29,360
Speaker 3: ways we can create a tax deduction to offset some

831
00:37:29,400 --> 00:37:31,360
Speaker 3: money that comes out of your IRA to convert to

832
00:37:31,400 --> 00:37:34,399
Speaker 3: the wroth IRA. Those things happen. We do it all year.

833
00:37:34,440 --> 00:37:36,279
Speaker 3: That's what we do each and every day. So when

834
00:37:36,280 --> 00:37:38,239
Speaker 3: you come in to meet with us, we're gonna help you.

835
00:37:38,280 --> 00:37:39,880
Speaker 3: We're going to show you a plan. That's what we

836
00:37:39,920 --> 00:37:43,120
Speaker 3: call the Maggie Plan. Income planning, tax planning, investment planning,

837
00:37:43,400 --> 00:37:47,240
Speaker 3: social Security maximization planning, Medicare planning, estate planning. My gosh,

838
00:37:47,239 --> 00:37:50,080
Speaker 3: it's all right there. Eight three three Maggie Tax. We

839
00:37:50,120 --> 00:37:52,840
Speaker 3: look forward to meeting with you. Eight three three Magi

840
00:37:52,920 --> 00:37:56,160
Speaker 3: Tax Schedule appointment today. Visit our website at Maggie Tax

841
00:37:56,200 --> 00:37:58,319
Speaker 3: dot com. We thank you so much for listening to

842
00:37:58,360 --> 00:37:59,839
Speaker 3: an in next week for the Maggi Tax in Front

843
00:37:59,840 --> 00:38:00,399
Speaker 3: of to show.

844
00:38:01,960 --> 00:38:04,759
Speaker 1: Thank you for listening to Maggie Tax and Financial Show

845
00:38:04,840 --> 00:38:08,600
Speaker 1: with Robert and Chris Maggie of Maggie Tax Wealth Advisors.

846
00:38:08,680 --> 00:38:12,000
Speaker 1: Listen here five to six pm every Saturday and from

847
00:38:12,000 --> 00:38:15,200
Speaker 1: eleven am till noon every Sunday, or anytime on the

848
00:38:15,239 --> 00:38:18,760
Speaker 1: free iHeartRadio app And remember you can pay less tax

849
00:38:18,920 --> 00:38:22,759
Speaker 1: with Maggie Tax program. Content provided by Maggie Tax wealth

850
00:38:22,800 --> 00:38:26,160
Speaker 1: and advisors. Call them at eight three three Maggie Tax,

851
00:38:26,360 --> 00:38:31,480
Speaker 1: or visit them online at maggietax dot com.