Abstract: The present invention relates to a retention assembly and method of use thereof for releasably retaining objects relative to articles of clothing and/or straps of material, especially for use with releasably retaining objects relative to pockets. In one form, the retention assembly includes: a retention tag operatively associated with the object; and a retention device. The retention device includes a body having a first surface and a second surface; a clip operatively associated with the first surface of the body for mounting the body to an article of clothing or a strip of material; and at least one magnetic mount operatively associated with the second surface of the body and configured to magnetically mount the retention tag relative to the body for releasably retaining the object relative to the retention device.