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BRIO Financial Planning

Fee-Only Financial Planning Services in Quincy, MA

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March 24, 2023 by Michelle Morris

Do You Know How Much Your Employer-Provided Health Insurance Actually Costs?

So yes, it’s true that COBRA is expensive…. because your insurance is expensive. Recently, I was talking with a friend who is planning to leave the workforce and take some time off before looking for a new job.  I asked what she would do for health insurance and mentioned COBRA.  Her immediate response was “Oh, no, COBRA is expensive”. * It is true, COBRA is expensive, because her health insurance is expensive!* What is COBRA?  The acronym comes from the Consolidated Omnibus Budget Reconciliation Act.  COBRA gives employees the right to continue their job’s group health insurance in certain circumstances such as voluntary or involuntary job loss. …

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February 25, 2023 by Michelle Morris

How Much Income Tax Do You Actually Pay?

Last year, a new client and I were reviewing her expenses. I pointed out that her largest expense (by far) was her Federal/State income tax liability at nearly $20,000 a year.  In fact for many people, their largest lifetime expense is income taxes. She looked at me quizzically and exclaimed “But I always get big refunds!” I wanted to weep. Generally when you get a refund, it is because you paid in more than you actually owe.  Most taxpayers pay their tax liability throughout the year in the form of tax withholdings. Your employer withholds tax from your paycheck and sends it to the government during your working years.  In retirement tax can be withheld from …

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January 20, 2023 by Michelle Morris

Capture Those Dollars!

Recently, in a meeting with clients, we realized their car loan would be paid off in two months.  I rang the   and said “That’s terrific and now I recommend you…” and they finished my sentence shouting in unison, “capture those dollars!”  I guess they’ve heard me say that before….probably many times!  It’s my standard response to increased cash flow. Why am I so fixated on capturing dollars?  Because unless you win the lottery or inherit a big pile of money* you must spend less than you earn in order to build wealth.       *Note: I don’t recommend playing the lottery and inheritances don’t always materialize…. Capturing …

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December 16, 2022 by Michelle Morris

Good News for Savers in 2023

Year end is a great time to review your 401k contributions -- or 403b/457 plan contributions if you don’t work for a private company. I like these plans for a lot of reasons. Most plans these days have some decent investment options.  Some have both pre-tax and Roth contribution options. Your employer may match a portion of your contribution. Many plans allow you to set up an ‘auto-increase’ on an annual basis.  You set your contribution to increase by a certain amount (usually a percentage of salary) each year.  One of my clients set up auto-increase to coincide with her annual raise.  After several years she hit the maximum! But best of all, the money is …

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November 18, 2022 by Michelle Morris

How Will You Pay Your Taxes in Retirement?

A client once asked if there is an upper age limit for paying taxes.  Answer:  No, there is no upper age limit on paying taxes.  If you have enough taxable income you must file and pay even if you are a 100 years old.  In fact, it’s likely that someone will still be dealing with your tax concerns after you pass away.  Death and taxes – two of life’s certainties. After retirement, many people are not sure how taxes will work.  Nothing in the tax code is simple, but I hope to shed a little light on post-retirement taxes. Today, I am focusing on Federal taxes.  Your state might tax none/some/all of your retirement income. First, let’s take a look …

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From The Blog

  • Do You Know How Much Your Employer-Provided Health Insurance Actually Costs?
  • How Much Income Tax Do You Actually Pay?
  • Capture Those Dollars!
  • Good News for Savers in 2023

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From the Blog

  • Do You Know How Much Your Employer-Provided Health Insurance Actually Costs?
  • How Much Income Tax Do You Actually Pay?
  • Capture Those Dollars!

Important Legal Information

Investment advisory products and services are offered through advisory representatives of BRIO Financial Planning, an investment advisor registered with the Commonwealth of Massachusetts.

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Contact Us

Michelle Morris, CFP® EA
BRIO Financial Planning
1073 Hancock St. #101
Quincy, MA 02169

michelle@briofp.com
617-934-0419 (phone)
617-934-1933 (fax)

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