Posts by Mark Henry

Are your Social Security benefits taxable?

The answer is: Yes, sometimes. If you don’t have significant income in retirement besides Social Security benefits, then you probably won’t owe taxes on your benefits. But if you have large amounts saved up in tax-deferred vehicles like 401(k)s, you could be in for a surprise later. AGI (Adjusted Gross Income) versus Combined Income. You are probably familiar with what AGI, or adjusted gross income, means. To find it, you take your gross income from wages, self-employed earnings, interest, dividends, required minimum distributions from qualified retirement accounts and other taxable income, like unearned income, that must be reported on tax returns. (Unearned, taxable income can
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Categories: Tax Planning.

It’s Tax Season for Your 2018 Returns – Will You Owe More?

This year, the deadline to file your income tax returns is April 15, 2019. As of early February of 2019, Time Magazine1 reported that many Americans who had already filed their 2018 taxes were shocked by their lower refunds this year likely stemming from the “Tax Cuts and Jobs Act” law that passed in December 2017, which significantly overhauled the tax code in the U.S. “The initial batch of tax refunds in the first two weeks of the season declined an average of 8.7% from last year as of Feb. 8, according to a report from the Internal Revenue Service.
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Categories: Tax Planning.

Robots & Retirement: The Future of Financial Advice Could Be Digital

The online personal advising and personal wealth management company, Personal Capital, has added a new feature to its robotic platform: Retirement Paycheck. Retirement Paycheck is built into Personal Capital’s retirement planning tool and is designed to help clients create a tax-efficient retirement income strategy. Mark Henry, CEO of Alloy Wealth Management, weighed in on the discussion. He stated that the technology itself looks great, but would like it to address in simple terms how steady a retiree’s income really is against market volatility. “Think of it this way. If you need 5% out of your investment accounts to live on
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Categories: Financial Planning and Wealth Management.

Mark Henry Talks With the Media About Parenting

Mark Henry, CEO of Alloy Wealth and host of “Living Large Radio”, was recently quoted in a news story, “9 Money Mistakes Parents Make,” which was featured on three major news websites: U.S. News & World Report, Yahoo Finance and WTOP-FM in Washington D.C. As Mark tells all his clients, he believes that parents teach their children best by example—and they might not realize that their own mistakes and current actions could dictate their children’s future financial success. He says, “Children end up doing exactly what their parents did. Kids who see mom and dad living paycheck to paycheck and
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Categories: Financial Literacy and Lifestyle.

Financial Vows for Money-Savvy Couples

February is a good time to celebrate your relationship with your significant other—and renew your commitment to your mutual financial success. Here are some ideas to say “I do” to this month. Vow to protect yourselves from emergencies During the government shutdown early this year we learned that 40% of Americans don’t have enough money set aside to handle even a $400 emergency. Whether you determine you want an amount equal to six months’ or 12 months’ worth of living expenses, vow to set aside an emergency fund in liquid, readily-accessible accounts so that you have adequate cash on hand
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Categories: Financial Planning and Lifestyle.

Managing Your Finances

We work with dozens of people to help them create retirement plans. But in order to get to a successful retirement, there are thousands of small decisions along the way. Like, should you drive through your local coffee place and grab a latte this morning? Go with the office gang for lunch at that little bistro across the street, which usually costs you around $15? Should you order pizza delivered for dinner tonight because you didn’t go to the grocery store yesterday? Grab that new shirt because it’s 50% off? Sticking to a budget is the beginning of mastering your
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Categories: Financial Ideas and Lifestyle.

5 Tips for Setting Better New Year’s Resolutions

If you typically give up on your goals by March, you’re not alone. Try these tips for 2019. Go ahead and set them again. Even if you’re one of the majority of people who have set New Year’s Resolutions in the past but gave up on them within a few weeks, try again. Because there is good news about setting goals, even if you haven’t quite mastered the follow-through. According to one study published in the Journal of Clinical Psychology, people who set New Year’s resolutions are 10 times more likely to actually change their behavior than people who don’t
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Categories: Financial Planning and Lifestyle.

5 Things to Know About Long-Term Care

November is long-term care (LTC) awareness month. Here are five things you should know.   There are different types of facilities providing increasing levels of care.1 If you hear the words “long-term care” and automatically think “nursing home,” you should know that long-term care encompasses a wide range of options and a progression of choices. The most self-sufficient seniors might live in independent retirement living facilities, while assisted living often adds medication management, daily personal care, meals and housekeeping. Continuing care retirement communities (CCRCs) offer a tiered approach so that seniors can transition on site as they require more services.
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Categories: Long term care.

When should you begin collecting Social Security? It’s complicated.

The question of when to file for Social Security benefits might seem simple—until you get into your 60s and start learning about the dozens of ways to file, especially if you are married. The age consideration alone is your first big decision. You can file as early as age 62—for a reduced benefit of around 70% of what you will get if you wait until your full retirement age. (So how old is that, you might ask?) Full retirement age used to be 65, but now it’s 66 or 67, depending on your month and year of birth. If you
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Categories: Retirement and Social Security.

The 401(k) Rollover Process is Antiquated

Ever had to do a 401(k) rollover? Most of the time, you have to request a physical check by mail from your 401(k) provider, receive it in the mail, print out a form, fill it out, then mail that form with the check to the new provider. With, like, stamps and envelopes! Not only that, but the 401(k) provider usually requires verification from your old employer’s human resources department before you can do anything with your retirement nest egg. (And, let’s face it, that old HR department may or may not consider your request a high priority.) The sad state
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Categories: 401k Rollovers.