Posts by Mark Henry

The IRA Had a Birthday Last Month

The IRA can provide many gifts as part of a comprehensive retirement plan. The Individual Retirement Account (IRA) turned 45 on Labor Day. On September 2, 1974, the Employee Retirement Income Security Act, or ERISA, was enacted into law, introducing broad safeguards to protect employee savings in both defined benefit plans like pensions, and defined contribution plans. The intent of Congress in initially establishing IRAs was to provide a tax-advantaged retirement savings plan for those workers at businesses that weren’t able to offer pensions. The IRA also made it possible to preserve the tax-deferred status of qualified plan assets when
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Categories: Financial Ideas and Financial Literacy.

Annual Medicare Open Enrollment Begins October 15 and Runs Through December 7

If you’re already enrolled in Medicare it may be time to evaluate your current coverage, make changes or switch plans during the open enrollment period from October 15 through December 7. If you have a Medicare Prescription Drug Plan, and are considering making changes from Original Medicare (Parts A and B) to a Medicare Advantage Plan, or vice versa, now is your chance to make changes or enroll. Medicare health and drug plans are allowed to make changes to their offerings each year, including changes to costs, coverage, and what pharmacies and providers are in their network. If they no
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Categories: Healthcare Costs and Medicare.

Erica Elliott Named Alloy Wealth CCO

(Charlotte, North Carolina – August 25, 2019) Erica Elliott, Director of Operations at Alloy Wealth Management, has been named the Chief Compliance Officer (CCO) at Alloy Wealth. As CCO, Erica will also continue to hold her Director of Operations title and supervise the day to day workflow of all Alloy Wealth clients. As the company has continued to grow, she has taken on new challenges to ensure the company’s success. She has been the driving force in the development of the Living Large TV show Sundays on FOX.  Erica has been with Alloy Wealth for over 5 years and is
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Categories: News.

Make Room for Rising Healthcare Costs as Part of Your Retirement Planning

Does your retirement plan include strategies to plan for, manage, and even reduce healthcare costs in retirement? It is projected that an average healthy 65-year-old couple retiring this year will incur total lifetime healthcare costs of $387,644 in today’s dollars, according to research by HealthView Services, a provider of retirement healthcare, long-term care and Social Security optimization tools for the financial services industry. The figures were released in early July. To no surprise, as the couple ages, costs will be significantly higher later in retirement than at the beginning. In the first year of retirement, the couple’s total annual premium
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Categories: Healthcare Costs and Retirement.

Congress Looks to Provide More Options for Retirement Savers

While changes to traditional IRAs, RMDs offer some benefits, there are tradeoffs.   Broad proposals are in the works in the retirement savings arena to ease rules on tax-deferred savings vehicles, make it easier for employers to offer 401(k)-type savings plans and also convert balances into annuities for lifetime income. In late May, the House of Representatives overwhelmingly passed the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE). Key provisions within the SECURE Act offer more flexibility for when distributions would have to be taken out of tax-deferred accounts. On the flip side, the Act takes direct
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Categories: Retirement and Tax Planning.

Women and Social Security: Do you really know your benefits?

Social Security guidelines for retirement benefits were established all the way back in the 1930’s and were founded on a traditional family situation1. With marriage patterns and caregiving needs constantly evolving, the modern woman could be at a disadvantage if strategic retirement planning is not properly implemented. While Social Security is gender-neutral and individuals with identical earnings histories are treated equally in terms of benefits, the reality of the matter is that women face greater economic challenges than men when it comes to retirement for a number of reasons2. For example, women tend to live longer than men, but have
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Categories: Social Security.

Alloy Wealth Management: Our New Video

Our new video goes right to the heart of who we are and why we do what we do. If you want to understand the true story about why Mark Henry founded Alloy Wealth Management, you need to understand that when he was 13 years old, his dad lost his job. Fast forward to Black Monday, when his dad lost his retirement. That is the true reason why, at Alloy Wealth Management, protecting your retirement finances is our firm’s mission. An alloy is a compound which combines several elements into one metal that is stronger than any of them were
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Categories: Alloy Wealth Management.

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.