Blog & Podcast

Should you be using your sick and annual leave?

About the Episode:

•Plan for what you will do to fill your time in retirement
•Use your benefits to recharge
•Retirement planning is not just about finances

John Mason, CFP®, discusses the importance of creating a purposeful portfolio within the Thrift Savings Plan.

About the Episode:

• We recommend Lifecycle Funds to many of our clients.
• If not working with an advisor, be aware, these funds are dynamic.
• A stock heavy portfolio today will likely be bond heavy into the future.
• A qualified advisor should help you continuously monitor these funds.

Discover how to navigate divorce with federal benefits.

About the Episode:

•Prioritize fair negotiation and due diligence
•Find the right legal counsel and financial planner
•Keep the process simple and fair to avoid surprises and setbacks

Ben Raikes, CFP®, EA, of Mason & Associates discusses the methods in which funds can be distributed from TSP and the tax consequences of each distribution type.

About the Episode:

• There are three primary distribution methods from TSP:
• Traditional distributions are fully taxable at ordinary income rates.
• Qualified Roth distributions are tax-free.
• Qualified rollover distributions are tax-free.
• Work with an advisor to reduce your tax burden!

John Mason, CFP®, discusses the FERS Retirement Gap and how the sometimes lengthy adjudication process can impact your financial plan.

About the Episode:

• Adjudication can take as little as 45 days to more than 12 months.
• During this time:
   • Your pension will be reduced by 20% - 30%.
   • You will not receive your FERS Supplement.
   • State taxes will not be withheld.
• Work with a financial planner who can help to bridge the gap!

John Mason, CFP®, reviews the FERS Supplement and how this additional income can benefit Federal Employees.

About the Episode:

• Many names - often called special annuity, Social Security bridge, etc.
• Eligible at 30 years and age 57 or 20 years and age 60.
• The FERS Supplement is NOT cost of living adjusted.
• Formula: (service years / 40) x age 62 Social Security benefit.
• Income tested.
• Does not impact Social Security decision.

Have you ever wondered about the fiduciary responsibility in financial planning, especially as a federal employee seeking financial guidance?

About the Episode:

•Why doing your due diligence is crucial
•What it means to be a fiduciary
•What to look in a financial planner

John Mason, CFP®, reviews the pitfalls of declining survivor benefits and the true cost of this choice to your financial plan.

About the Episode:

• Your Federal pension sets you apart.
• Your $40,000 pension is worth approximately $1M in TSP.
• If you can't retire with full survivor benefits, you can't retire at all.
• If you can't live on 90%, how can your spouse live on 0%?
• Your SBP premiums are pre-tax.
• Difficult to replace with insurance.

Ben Raikes, CFP®, EA, of Mason & Associates discusses the investments within the TSP. Specifically, the Lifecycle funds and their pros and cons.

About the Episode:

• TSP has five core investment options.
• New Federal Employees are auto-enrolled into the Lifecycle funds.
• Lifecycle funds automatically decrease in risk over time.
• Lifecycle funds help to "set it and forget it."
• Lifecycle funds may not be ideal for those who desire more control.

Why do we ask you for so many documents to put together your financial plan?

About the Episode:

•What we are searching for in these documents
•Why we actually review these documents
•The importance of demanding excellence

Tommy Blackburn, CFP®, CPA, PFS, of Mason & Associates reviews the basics of revocable trusts and how they can be used within an estate plan.

About the Episode:

• We are not attorneys. This is not legal advice.
• A revocable trust is essentially a contract that dictates how assets are distributed and/or managed at your death.
• A revocable trust can be changed/amended at any time.
• Trusts help to avoid probate.
• Trusts may add complexity to your plan.

Tommy Blackburn, CFP®, CPA, PFS, of Mason & Associates reviews Federal pension cost of living adjustments (COLAs) and situations in which they are delayed.

About the Episode:

• Federal (FERS) pension benefits have increased by nearly 13% since 2022.
• Federal employees who retired before age 62 missed this increase.
• Pensions will not be cost of living adjusted if retiring at MRA.
• Exceptions apply for LEO retirees, disability annuitants and others.

Plan for your retirement effectively through understanding your Medicare options.

About the Episode:

•What TRICARE For Life is
•How to ensure you’re on the right plan
•What you need to be aware of for Medicare in the coming years

John Mason, CFP®, discusses the need for Federal employees to understand beneficiary forms that may have been completed decades ago. Further, having estate documents created may not be enough.

About the Episode:

• Estate planning doesn't stop at document completion.
• Changes are often recommended in the documents.
• These changes are NOT made by your estate attorney. You must act!
• Always check your FEGLI, FERS and unpaid compensation beneficiaries.

Understanding the Medicare changes can help you plan efficiently.

About the Episode:

•What the “donut hole” is
•Changes to be aware of in 2024
•Why things are about to be more complicated

John Mason, CFP®, discusses the differences between traditional (pre-tax) retirement savings and Roth retirement savings.

About the Episode:

• There are key differences between Roth and Traditional TSP.
• Traditional TSP contributions are made "pre-tax".
• Roth TSP contributions are made after taxes have been paid.
• The Traditional and Roth TSP grow tax-deferred.
• At distribution, the Traditional TSP is fully taxable while the Roth TSP is tax-free.

Medicare is an important topic to understand, even if you are a Federal Employee.

About the Episode:

•Understand the freedom Medicare allows you
•How Medicare Advantage works
•The difference between Medicare Part A and Part B

Ben Raikes, CFP®, EA, of Mason & Associates discusses the Advance Medical Directive (AMD) and how it can be implemented within a proper estate plan.

About the Episode:

• We are not attorneys. This is not legal advice.
• An AMD will appoint an agent and clearly express your desires.
• Don't leave loved ones guessing at your end of life decisions.
• Have these conversations with your loved ones now.
• Make sure these documents are easily accessible.

Knowing the score of your financial plan is essential for success.

About the Episode:

•Do your due diligence
•Make informed decisions
•Hire the right financial planner

John Mason, CFP®, discusses the importance of coordinating your beneficiaries and your overall estate plan with your Thrift Savings Plan.

About the Episode:

• If you have not listed any beneficiaries TSP will select them for you.
•TSP's "statutory list" may or may not match your desires.
• Coordinate your beneficiaries with your estate plan.
• NEW RULE: All primary beneficiaries must be paid before any contingent beneficiaries receive distributions.

What you need to know in order to successfully retire early.

About the Episode:

•Plan what you’re going to do in retirement
•Ensure you have a plan for your healthcare
•Understand the financial implications of retiring early

Tommy Blackburn, CFP®, CPA, PFS, of Mason & Associates discusses the Donor Advised Fund and how it is used to maximize charitable giving.

About the Episode:

• A Donor Advised Fund is a charitable giving vehicle.
• Gifts are typically "bunched" to maximize tax benefits.
• The year of the contribution is the year of the deduction.
• Gifts are then made from the Fund to charities of your choice.
• Gifts are invested and may grow in value.

Ben Raikes, CFP®, EA, of Mason & Associates introduces our estate planning mini-series and the Financial Power of Attorney (FPOA).

About the Episode:

• Please note we are not attorneys and this is not legal advice.
• A durable Financial Power of Attorney is a very powerful document.
• This document allows an appointed agent to act on your behalf.
• The agent's authorizations may be limited.
• Contact your estate planner to review.

Don’t let the idea of building an absolutely perfect financial plan get in the way of enjoying your life.

About the Episode:

•Take little steps every day towards your financial goals
•Work with someone who knows your situation
•Don’t let perfection get in the way of your happiness

Tommy Blackburn, CFP®, CPA, PFS, of Mason & Associates discusses possibly the best charitable giving strategy. The Qualified Charitable Distribution.

About the Episode:

• One of the most tax-efficient charitable giving strategies.
• Must be 70.5 or older.
• Gift is applied toward your Required Minimum Distribution.
• Ability to save tax-dollars even if you take the standard deduction.
• Make sure the gift is properly recorded on your return.

The importance of taking action today because time goes by very quickly.

About the Episode:

•What a strategic planning meeting surge is
•Why we are excited about strategic planning meeting season
•What to expect next

John Mason, CFP®, discusses the value of a financial planner with the analogy of planting seed vs laying sod. Is it better to do-it-yourself or hire a professional?

About the Episode:

• Do it yourself is cheaper, however the responsibility, time, and risk is completely yours.
• Even after a lawn has become immaculate, it requires on-going maintenance, just like a financial plan.
• Hiring a qualified Financial Planner gives you the sod experience.

Social Security has been in the news lately, but the proposals don't match up with the potential issues it is facing.

About the Episode:

•Don't solve a problem by making it worse
•Don't believe everything you hear about Social Security
•Be aware of where you get your information

Michael Mason, CFP®, of Mason & Associates discusses the history of Mason & Associates and what drives us to offer the best financial advice available.

About the Episode:

•Michael and Kenneth Mason have over three decades of experience serving Federal Employees
•Insurance sales is not financial planning.
•We do financial planning the way folks have always wanted it to be done

Ben Raikes, CFP®, EA, of Mason & Associates discusses The Bailey Settlement in North Carolina and how it can be used to take state tax-free distributions from a Federal Employee's Thrift Savings Plan.

About the Episode:

• Federal Employee since 1984? N.C. resident? Know these tax benefits!
• Federal pension, Military pension and TSP distributions should be tax-free.
• Your accountant and/or tax software may not catch these deductions.

Decode investment jargon, understand the market's impact, and gain financial clarity.

About the Episode:

•Don't compare your portfolio to arbitrary indexes
•Work with a qualified financial professional
•Have a plan for once you have retired

If you're working with the right financial advisor they will avoid using financial jargon.

About the Episode:

• Understand what your money is being invested in
• You should diversify your portfolio
• Common investment jargon explained

John Mason, CFP®, defines "Armageddon Moments" and how developing a strong financial plan can give Federal Employees the power and freedom to know they can retire comfortably when their Armageddon Moment arrives.

About the Episode:

• Your Armageddon Moment is when you have simply had enough
• Developing a strong financial plan can give you the freedom to walk away
• If you feel an Armageddon Moment is imminent work with your advisor

The Tax Torpedo is appropriately named because it has the potential to sink your tax situation if you're not vigilant and attentive to its effects.

About the Episode:

•Tax is something that should be thought about year-round
•You should diversify your tax allocation
•Flexibility is important when planning for your future

John Mason, CFP®, reviews the important items to consider as Federal Employees are nearing their retirement date.

About the Episode:

•Confirm your Retirement Service Computation Date
•Attend a class
•Prepare for a gap in pay
•Have a plan to generate income
•Consider saving more cash prior to retiring

A financial advisor who truly understands your individual situation will be able to help you apply for Social Security benefits while also knowing the best time to turn them on for you.

About the Episode:

•Your spouse can receive benefits even if they have never contributed to Social Security
•Make informed decisions when it comes to your Social Security
•Don't turn on your benefits before understanding the full scope of what this means

John Mason, CFP®, reviews the best days of the month to retire as a Federal Employee under FERS as well as CSRS.

About the Episode
• Your retirement date is important
• Eliminate a gap in your federal retirement income
• Federal Employee Retirement System retire at the end of the month
• Civil Service Retirement System retire last 3 or first 3
• Target the end of a pay period, if possible.

Tommy Blackburn, CFP®, CPA, PFS, of Mason & Associates discusses the Voluntary Contribution Plan and the opportunity to contribute a lifetime of earnings into a Roth IRA.

About the Episode:

• One of the best kept tax secrets
• Must be CSRS or CSRS Offset and actively employed
• Ability to contribute 10% of your lifetime earnings
• Contribution must be made on an after-tax basis
• Contributions can then be rolled over into a Roth

John Mason, CFP®, discusses that for some Federal employees contributing the maximum amount allowable to the TSP may not be necessary or even desired.

About the Episode:

• Don't sacrifice enjoying life at the expense of over funding TSP
• Contributing less may open doors for vacations, trips, renovations
• Large pension income may make max TSP contributions less important
• Contribute at least 5%
• Work with an advisor who knows your benefits

As a federal employee, you've got a lot to look forward to: guaranteed FERS benefits and Social Security, plus a steady income that keeps the bills paid. But what if we told you there's a way to add some extra icing to the cake?

About the Episode:

•Understand your benefits
•Seek advice from professionals
•Stack the deck in your favor

John Mason, CFP®, discusses the benefits of keeping the Thrift Savings Plan (TSP) open in retirement.

About the Episode:

• Leave some funds in TSP at retirement to allow for greater flexibility
• Keeps the "door open" if you ever need or want to go back
• There may be some distribution limitations like no state tax withholding
• TSP will not give you tax advice
• Some states may tax distributions from IRAs but not your TSP

Michael Mason, CFP®, of Mason & Associates discusses the current Open Season which gives Military Retirees the opportunity to buy back their survivor benefits.

About the Episode:

• Survivor benefits allow your pension income to continue after death
• Open season is available until 1/1/2024
• This may be the only remaining open season in our lifetimes
• Must pay back previous premiums plus interest charges
• No underwriting requirements

Michael, John, Tommy, and Ben will be shedding light on the complexities of Social Security so that you can plan for a financially secure future.

About the Episode:

•Don't claim your benefits early
•There are benefits to having Social Security as a married couple
•You should understand all facets of your individual situation before making a decision about Social Security

Understanding IRMAA can ensure you're planning for the right income brackets and therefore the correct premiums.

About the Episode:

• Always plan for a higher tax amount than what you believe may be owed
• Don't hinder your life just to avoid entering a new income bracket
• Understand the difference between Medicare coverage and Federal Employee Benefits

Ben Raikes, CFP®, EA, of Mason & Associates discusses how to calculate your Federal Employees Retirement System (FERS) pension benefit.

About the Episode:

•In general, 1% x years of service x highest 36 months of consecutive earnings
•Additional benefits for 20 years of service and retiring past age 62
•Consider living in a higher wage area for three years to increase pension benefits for life

Michael Mason, CFP®, John Mason, CFP®, and James Bales host a military survivor benefit open season Ask the Expert Radio Show on AM 790 WNIS

About the Show

•Mike and John answer questions live
•Why we believe you can't replace survivor benefits with life insurance
•Changing lives

Learn the key differences between retirement reacting and retirement planning, and how to ensure a financially stable retirement.

About the Episode:

•You should know how much you should be saving for retirement
•You need to say yes to survivor benefits
•You don't need to stress about your retirement funds if you know how much you should be saving

John Mason was invited on the Macrini Morning News Show on March 30, 2023 to discuss the Military Survivor Benefit Open Season.

About the Interview

•John answers questions live from the local audience
•What is the Open Season?
•Why do we have one?
•Opt in, opt out, but not opt UP!

Discover a game-changing opportunity for military retirees to reverse their decision on survivor benefits and potentially secure up to 55% of their pension for their spouse if they predecease.

About the Episode:

•Everyone should be considering this once in a lifetime opportunity
•Make sure you spread the news to your loved ones
•Don't let the fact that you're young and healthy deter you from purchasing these benefits

Tommy Blackburn, CFP®, CPA, PFS, of Mason and Associates discusses Federal Employees' Group Life Insurance (FEGLI) Option B in retirement. This is not to be confused with FEGLI BASIC.

About the Episode

•Do you have a life insurance need in retirement?
•Options available in retirement
•Review 100% reduction, dropping coverage, maintaining coverage
•Beneficial to elect 100% reduction if retiring over age 65

John Mason, CFP®, President of Mason & Associates discusses rare opportunity for Military retirees to change survivor benefits. This is potentially a once in a lifetime opportunity.

About the Episode

•Do you need Survivor Benefits?
•Just Say Yes!
•How much does it cost?
•Protect what you can.

John Mason, CFP® of Mason and Associates discusses Federal Employees' Group Life Insurance (FEGLI) Option B while you're working. This is not to be confused with FEGLI BASIC.

About the Episode:

•This is not the same as FEGLI Basic
•FEGLI Option B Premiums
•Age Brackets
•Better deal earlier in your career and the premiums sneak up on you

A financial advisor who truly understands your individual situation and is willing to provide tax planning advice can help create a financial plan that is all-encompassing and perfect for you.

About the Episode:

• Tax is something that should be thought about year-round
• Anyone giving financial advice should also be giving tax planning advice
• Your financial planner should understand all facets of your individual situation

Avoid the Common Financial Planning Mistakes Made by Federal Employees- Episode 2 available. Join John Mason, Certified Financial Planner^TM as we learn the first two mistakes:

•Devaluing the power of a defined benefit pension
•Listening to advice from the water cooler financial planner, a media financial planner, or anyone who doesn't specialize in serving federal employees

Avoid the Common Financial Planning Mistakes Made by Federal Employees. Mike and Ken Mason designed and created this presentation in the 1990's and it's still applicable today. Today, we're bringing you a piece of the original presentation with Episode 1!

John Mason, CFP® discusses Federal Employees' Group Life Insurance (FEGLI) Basic in Retirement. Retiring federal employees have a few options such as dropping FEGLI Basic, maintaining 100% of the coverage, or electing a reduced options (50% or 75% reduction).

John Mason, CFP® joins Matthew Jarvis as a guest on The Perfect RIA podcast to discuss how Mason & Associates implemented a client service calendar to provide the most value to clients and add efficiency to the meeting process.

Tommy Blackburn, CFP®, CPA, PFS discusses Federal Employees' Group Life Insurance (FEGLI) Basic. Learn about the cost, the extra benefit for those under age 45 and more.

Uncovering the truth about the recently passed SECURE Act 2.0 and what it could mean for your financial future.

The importance of taking control of your finances in the new year and the benefits of making financial planning a part of your daily/weekly/monthly routine.

Tommy, Michael and John will be sharing how you can maximize the tax benefits of your charitable giving while helping a great cause.

The keys to successfully managing retirement accounts during volatile times.

The cost of living adjustment for 2023 and what this means for your finances and your long-term financial plans.

Michael, Tommy and John will be discussing annuities and explaining what you can do to help protect yourself and your finances as you begin to consider your options.

Mason & Associates and SEM Wealth Management co-host to discuss the economy and provide updates on our portfolios. The event was held on November 3, 2022 for clients of Mason & Associates. Mason & Associates is a financial planning firm that specializes with federal employees.

James Anderson, Regional Manager at CapCenter, will be joining the show to shed light on mortgages, home equity lines, and interest rates.

Heather Szajda, Partner at Virginia Estate & Trust Law, will be joining Tommy and John to discuss exactly what an estate plan might entail, when you should start to consider creating one and what happens if you decide to not create one.

Michael, Tommy and John will be sharing their advice for effective goal setting, including how to ensure you’re setting yourself up for the successful retirement you’ve worked your whole life for.

How FEHB coordinates with Medicare and why you must work with your financial planner to take advantage of this benefit as soon as possible.

Tommy and John will be discussing their new client process, what the client experience is like and why this update is important.

The upbringing, background and financial planning history of your hosts.

Why FERS is actually just as good as CSRS, if not better, and several key components of FERS that you may not be aware of.

How to ensure you’re getting the unique advice you deserve.

Steps you can take today to ensure you’re not going to miss out on what could potentially be the biggest tax loophole of your lifetime.

Michael, Tommy and John will be discussing everything that you should have in place as you enter your golden years, as well as what you can anticipate throughout this first year.

How to ensure you’re making the most of your available benefits, and recognizing that some open seasons are rare and deserve special attention.

Mason and Associates recently became aware of a potential Federal Long Term Care premium rate increase in 2023. Please read this blog post to read our understanding of what may be coming and our thoughts on it.

What you can expect for the year before retirement and what you should have in place as you approach this next season.

In this episode, Michael, Tommy, and John discuss long-term care in depth with a special guest, Jill MacNeil, LLIS’s long-term care insurance specialist. Listen in to learn what you need to know about long term care insurance.

t’s official, a portion of Military Retirement will now be tax-free in the Commonwealth of Virginia.  Virginia lawmakers and the Governor approved and signed the 2022 budget deal that makes up to $40,000 of military pensions tax-free in Virginia. The tax-free retirement benefits will be phased in over four years beginning in 2022 and concluding in 2024

Mason & Associates interviewed Jeff Hybiak of SEM Wealth Management during our live radio show on May 17, 2022. Listen as Michael Mason, CFP®, John Mason, CFP®, and Tommy Blackburn, CFP® and CPA interview Jeff and discuss how they work together to help clients.

Michael, Tommy and John will be sharing the value you can receive by having a financial planner and the common mistakes federal employees make when they don’t have financial guidance.

Michael, Tommy, and John will be sharing how recent legislation will impact the windfall elimination provision (WEP) and how this may affect you.

Michael, Tommy and John will be discussing what exactly this means for those that are paying into the Social Security system and how this might affect those who are not.

TSP can be a great way to save money for retirement, however, there are a number of rules that limit when and how you can access these funds. One well known rule for many retirement accounts is you will have to pay a 10% penalty if you access them before age 59.5. In this episode, Michael, Tommy and John will be explaining several exceptions surrounding this penalty and how to ensure you use them correctly.

Michael, Tommy, and John will be sharing what you need to know about TSP accumulation.

The Federal Employee Group Life Insurance (FEGLI) program is one of the largest group plans in the world, with over 4 million federal workers and retirees. It is made up of four components: basic coverage, and then options “A,” “B,” and “C.” In order to receive “A,” “B,” and “C,” you need basic coverage. However, each of these options covers you in different ways. So, in this episode, Michael, Tommy, and John will be explaining what each of these components entails.

Michael, Tommy, and John will be discussing the special previsions of law enforcement, specifically the differing factors between LEOs and normal FERS.

Mason and Associates Financial Planners for Federal Employees interview Jeff Hybiak, CFA of SEM Wealth Management on our Financial Planning Radio Show. John Mason, Certified Financial Planner™, Michael Mason, Certified Financial Planner™, and Tommy Blackburn, Certified Financial Planner™, CPA, PFS, co-host the firm's radio show on AM 790 WNIS.

Our chairman and senior financial planner, Michael Mason, CFP®, was interviewed by Mr. Macrini of Macrini In The Morning on March 14, 2022.  The interview was live from approximately 8:30-9:00am eastern time. Mr. Macrini and Michael had great dialogue on a variety of subjects. In addition to the various subjects that were discussed, we had several live questions that were answered on air.  As expected, the questions were specific to military and federal retirement benefits.

Michael, Tommy, and John will be discussing how to utilize both FERS and Social Security benefits in your retirement.

Everything you need to know about FERS, including several surprising benefits you may not be aware of.

The 2021 Tax season is quickly approaching, and our goal is to provide you with the tools needed to help ensure that your returns are filed promptly and accurately. Consider these recommendations to avoid delays.

Don't forget these frequently overlooked tax deduction and other useful tips.

There are often multiple investment vehicles to choose from when it comes to saving for your future. Thankfully, your team at Mason & Associates is here to help you keep track of these new contribution limits and any other changes to your retirement benefits.

Michael, Tommy, and John will be discussing the additional benefits to be aware of in regards to the Civil Service Retirement System.

Converting all or some of your IRA to a Roth IRA can be a great strategy for multiple reasons. Whatever your goals for converting may be, it is important that these conversions are properly reported so that the benefits can be fully realized.

Tax forms can be confusing and understanding the many tax documents you will be receiving between now and the next several weeks can be challenging. Fortunately, your team at Mason & Associates is here to help.

Michael, Tommy, and John discuss the benefit calculation, the survivor benefit decision, and the greatest tax loophole ever created.

Michael, Tommy, and John will be sharing the reasons to consider opting into the survivor benefit program.

Michael Mason will be joined by Tommy Blackburn and John Mason to discuss everything you should (and should not) do to ensure your golden years are exactly the way they should be: exciting, relaxing, and financially stable.

Welcome, Ben Raikes, CFP®, EA Mason & Associates has a new Advisor! We are excited to announce the latest addition to our financial planning team, Ben Raikes, CFP®, EA. Ben and Tommy Blackburn formerly worked together at another respected financial planning firm, and Ben is excited to be joining the Mason & Associates team.

As with most parts of our tax code there are several nuances and caveats to be aware of, and one area to be aware of is the multiple 5-year rules for Roth IRAs. However, while it is easy to get confused with these rules and there is a lot of misinformation out there, you can count on our advisors to give you accurate and useful information and to incorporate it appropriately into your financial plan.

Opportunity for those with Dependent Care Expenses, and potentially others. In response to the American Rescue Plan Act (ARPA), as well as the Consolidated Appropriations Act (CAA), FSAFEDS has announced a Special Enrollment Period from June 1, 2021 to June 30, 2021. One of the biggest opportunities is the ability for those with dependents care expenses. Contributions to a DCFSA lower your federal and state tax liability.

In what continues to be an unusual environment related to the pandemic, the IRS has extended the tax filing and payment deadline to May 17th!

On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 into law. Congress had passed the massive piece of legislation on March 10, when the House approved the measure by a 220-211 vote. This followed passage in the Senate by a 50-49 vote on March 6.......

Another round of stimulus is making its way through Congress. Although the bill hasn't officially passed, it appears that the stimulus payments will be up to $1,400 per person and that dependents are included. The $1,400 payments are subject to an income test and the phase-out range is likely to be similar to the earlier rounds of stimulus....

1099’s, W-2’s, and other tax documents continue to arrive. Our goal is to minimize the stress associated with tax season. The tax strategies implemented by Mason & Associates are well thought out and designed to help clients achieve specific financial planning goals. At times, these strategies involve a significant repositioning of assets and are designed to either increase or decrease taxable income. The strategies implemented in 2020 .....

Mason & Associates is excited to announce that Thomas F. Blackburn (Tommy), CFP, CPA, PFS has gained partnership status in our organization. Tommy started his career at Mason & Associates ...

The United States Government passed the Consolidated Appropriations Act, 2021 on December 27, 2020. This piece of legislation keeps the government funded and provides additional COVID-19 pandemic relief and stimulus. Our team will continue to study this massive (5,000+ page) legislation and how it impacts our client’s financial plans. Click here to read a special summary report from our tax research software.

Required Minimum Distributions (RMDs) have been through quite the whirl wind in the past seven months.First there was the SECURE Act, which among many things, shifted the beginning age for RMDs from 70 to 72 for those who were not already 70 by the end of 2019. Further, the SECURE Act generally eliminated the ability of beneficiaries of inherited retirement accounts to .....

The United States Government passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27th in response to the COVID-19 Pandemic. The CARES Act provided for Recovery Rebates for eligible individuals and households, waiver of the 10% penalty on distributions from qualified retirement plans (Coronavirus-related), business tax relief provisions, and much more.....

Approximately three years ago, BlueCross BlueShield began offering partial Medicare Premium Reimbursements for retired federal employees who are: Enrolled in BCBS Basic (Self, Self +1, or Family) AND Enrolled in Medicare Part A and Part B. How much is Medicare? Medicare Part A is typically free and is often referred to as premium-free Part A. Most individuals are eligible for premium-free Part A at age 65 if...

We hope everyone had a fantastic Independence Day weekend. Thank you to the members of the Armed Forces and to everyone who is contributing or has contributed to maintaining our free nation. The Mason & Associates office re-opened a little over a month ago. Since our re-opening, we have not been exposed to COVID-19 and everyone on the team has a clean bill of health. Although we feel safe in our environment, we must remain vigilant and aware of the potential risks...

Mr. Macrini will conduct a live interview with Michael Mason, President of Mason & Associates, LLC, on Monday June 22nd at 7:30am. The interview will address: The Mason & Associates strategy during the Pandemic How Mason & Associates clients reacted and held steadfast to their financial pan during the quickest stock market drop in history...

The Federal Thrift Savings Plan (TSP) is unveiling new fund options on July 1, 2020. The addition of the new funds will coincide with the termination of the L 2020.

Check your mail before tossing it! It may be your U.S. Stimulus prepaid debit card! While you likely have a standard operating procedure for the disposal of junk mail, in the short term carefully check all incoming mail even if you don't recognize the sender. It could be your Economic Impact Payment Card that contains up to $2400 for those who file their tax return as Married Filing Jointly, and up to $1,200 for those who file Single as a result of....

Because of a provision of the CARES Act, there will be rebates sent to individuals and families who meet certain income requirements. The rebate is up to $1,200 for people who file single and $2,400 for people who file married filing jointly. Additionally, there may be a rebate of up to $500 per qualifying child....

COVID-19 sent college students home early for the Spring 2020 semester. Colleges and Universities have quickly pivoted to online education and other methods for this semester. Although some colleges and universities are issuing refunds for tuition, other institutions are not issuing refunds claiming that the costs of delivering these classes has actually gone up...

As COVID-19 continues to affect the nation, Congress has been working on additional measures to provide relief to Americans. Having passed the Families First Coronavirus Response Act on March 18 in an effort to limit the spread of the pandemic and support relief efforts, Congress has now turned to stabilizing the economy. The Senate passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, with a $2.2 trillion price tag, on March 25, 2020, which now heads to the House.

As the nation continues to grapple with the coronavirus (COVID-19), the United States government has begun taking measures to offer tax relief.  Such initial measures include paid sick leave and tax credits for employers to compensate for this sick leave, and extending the deadline for tax payments until July 15th.  Additional measures appear likely, and we will continue to provide updated information as it becomes available.  To read further, please click here to view a special report

In consideration of the health and well- being for all, we have decided to operate from a closed office environment.Normal business hours will be held, but effective 3/16/2020 all appointments will be held via telephone or by video conference.We are committed to uninterrupted service to you in addition to maintaining a physically safe and financially secure work environment for our team to operate in.

Concern over the Coronavirus (COVID-19) has not only rattled world stock and bond markets it has disrupted daily activities we have taken for granted for years.  Although we believe as most do, that this will subside in the near future, we want to be proactive in our response.  We have a recovery plan in place for most anticipated disruptions to normal business.

The SECURE Act and certain “Tax Extenders” were passed by both the House and Senate in conjunction with the recent budget, appropriations, and spending legislation. The SECURE Act and the Tax Extenders were added quietly and somewhat surprisingly as many believed that these two items were dead in the water. The SECURE Act has several large implications that will impact our clients, their children, and future generations of Americans.

Federal Employees’ Group Life Insurance is a benefit available to active and retired federal employees. Unlike many private sector group insurance policies, federal employees are able to continue group life insurance in retirement, assuming they’ve satisfied the requirements to maintain coverage.

The global landscape for mortgage rates has changed drastically over the last decade.

1099’s, W-2’s, and other tax documents are arriving on a daily basis.  Our goal is to minimize the stress associated with tax season. The tax strategies implemented by Mason & Associates are well thought out and designed to help clients achieve specific financial planning goals.  At times, these strategies involve a significant repositioning of assets and are designed to either increase or decrease taxable income.  The strategies implemented in 2019 should not resu

Taxes are a critical part of each client's financial plan. Our job as financial planners is to look at the ENTIRE picture and make recommendations accordingly. Unfortunately, most "financial planners" are only money managers or asset gathers and focus primarily on rate of return with little knowledge of the other areas of financial planning.

New Savings Limits The IRS recently announced increased contribution limits for retirement plans such as TSP, 401(k)s, and 403(b)s for 2020.

2019 is quickly coming to an end.  As the holidays and end of year approaches, it is a good time to review the tax planning components of your financial plan.  

Little pumpkins have arrived!

Taxes and tax planning are a critical part of the financial planning process. When taxes are discussed, the conversation is often focused purely on federal taxes, whereas state taxes are glossed over. This results in missed financial planning / tax planning opportunities. At Mason & Associates, we place an equally important emphasis on state taxes. The Virginia Tax Code, in particular, provides a number of opportunities, one of which is a deduction for disability income.The Tax Code of

At Mason & Associates, security is always on our mind. We want to encourage our clients to educate and protect themselves to eliminate phishing-related risks. Check out SEM’s recent technology blog post and watch their phishing webinar if you have not yet seen, or as a refresher. The more you take precautions such as these, the less likely you’ll fall for a cyber-attack. “Education is arguably the single most important part of any cybersecurity prog

Virginia Group Long Term Care Insurance ProgramThe VRS Long Term Care Open Season for active employees has been extended that concludes on October 11, 2019.  “Open Season” does not adequately describe this rare opportunity. The public typically associates an open season with an annual open enrollment period for company benefits; however, these two events are not the same.Open enrollments occur annually, whereas open seasons are rare and may NEVER happen again. To put t

Virginia Retirement System (VRS) Long Term Care (LTC) Abbreviated Underwriting! Alert: Virginia Retirement System Employees LTC Open Season September 16 – October 11, 2019 Virginia Group Long Term Care Insurance Program Mason & Associates was recently notified of the VRS Long Term Care Open Season for active employees that concludes on October 11, 2019.  “Open Season” does not adequately describe this rare opportunity. The public typically associates an open season

As a result of the 2017 Federal Tax Reform Law that took effect in 2018, many taxpayers took the standard deduction ($24,000 married filing jointly) because it was higher than the total of itemized deductions.For Virginia taxpayers, the state requires if you take the standard deduction on your Federal tax return, you must do the same on your Virginia return. Many people were better off at the Federal level taking the larger standard deduction ($24,000 increased from $12,000). An unintended. . .

The TSP Modernization Act is here! The new rules appear to be: Increased flexibility 4 in service distributions per year – 1 per quarter No limit on the number of partial withdrawals after separating from services, except limited to no more than one every 30 days Ability to specify the type of distribution, such as Roth or Traditional, or some combination of the two Not required to make a full withdrawal after 70 1/2, though

Student loan debt has become the second highest consumer debt category, exceeding $1.5 trillion for over 44 million borrowers in the United States. A student in the 2017 graduating class started his or her career with an average debt of $28,650 (Friedman). Parents advising their children to take on this liability are unknowingly facilitating the first, and perhaps the most devastating, financial

Open Season for the 2020 plan year of federal benefit programs is just around the corner: Monday, November 11 - Monday, December 9, 2019. Make sure you're informed to evaluate your coverage, plan options, enrollment type, and make appropriate updates to the following benefits:

We are honored to be named one of the Top 3 Financial Services in Newport News, VA. Three Best Rated® selects local business and professionals based on a rigorous 50-Point Inspection which includes everything from checking

Please beware of a scam phone call from individuals impersonating Social Security employees. If you suspect you have received a scam phone call, report the details to

Just over halfway there! Both babies are growing healthy and we can't wait to meet them!THE OFFICE IS ALSO GROWING!We would like to introduce two new full-time employees, and our summer intern.Grecie and Jan come to us with industry experience and we are thrilled to have them on board. They serve as Investment Operations Assistants, and help prepare and process annual reviews, client service requests, and new business.  Jan has over 22 years of community banking experience, and has spen

Mason & Associates has a new Advisor!   We are excited to announce the latest addition to our financial planning team, Tommy Blackburn, CFP®, CPA, PFS. Tommy and his wife, Jess, have relocated from Richmond to Williamsburg in order to join the Mason financial planning team. Tommy and John Mason were classmates and 2010 graduates of the Pamplin School of Business at Virginia Tech. Since graduation, Tommy has earned the following credentials, CERTIFIED FINANCIA