Did you know everyone has an Estate? Even you! Did you know YOU will have the power to say what happens to your estate even after you’re no longer living? You DO, and everyone, regardless of wealth amount, should have a plan in place for the final settlement of their estate. Most people hear the word “estate” and think of mansions with horse barns and tennis courts. While this isn’t incorrect, it doesn’t describe estates in their most basic form. We
The occasion of a family member’s death is never easy. Not only does a family begin the grieving process, but they must plan funerals and events to honor the life of the deceased, but oftentimes, they must also face the overwhelming task of settling the estate. Estate planning is not often a point of consideration for most until it’s too late. Perhaps the largest contributing factor to this procrastination is a lack of clarity regarding estate plans, their purpose, and
As Autumn arrives, we start to see a lot of attention being given to two things: political campaigns and Medicare Insurance. I won’t even try to address the former in this blog. (As an aside: My hope is that those who are able, will go to the polls on Election day and vote for the candidates of their choice. Participation does matter.) As for the latter, I often hear from clients: “Why does Medicare need to be so complicated?” While
The Bipartisan Budget Act passed in early 2018 relaxed some of the rules governing hardship withdrawals from 401(k)s and similar plans. Not all plans offer hardship withdrawals, but the ones that do will be required to comply for plan years beginning in 2019. In order to take a hardship withdrawal from a 401(k) or similar plan, a plan participant must demonstrate an “immediate and heavy financial need,” as defined by the IRS. (For details, visit the IRS website and search for
Medicare can often be a daunting and confusing subject for most. When eligibility is reached, many find themselves with questions and unsure of how to take advantage of this program. Join Marathon Financial for a free Medicare seminar led by Jon Neal Selzer, LUTCF at the Dewitt Community Center on October 24th at 7pm. In addition to education on the basics of Medicare, the presentation will cover enrollment periods, how to sign up, benefits of Medicare plans, Medicare supplements, prescriptions,
Marathon Financial Advisors cordially invites our clients to a special presentation demonstrating how to write your personal history and leave a local legacy. This free, 2 hour seminar, presented in collaboration with the Central New York Community Foundation, will take place on Tuesday, September 24 at 10 am at the Community Foundation office, 204 Walton Street, Syracuse. Led by Tom Griffith and Jennifer Owens of the Community Foundation, “Leaving A Legacy That Matters” focuses on the benefits of personal history writing.
The increasing cost of healthcare is a concern for workers of all ages. Each year healthcare becomes more expensive, meaning a larger portion of retirement savings will be spent on health related costs. A health savings account, commonly referred to as an HSA, is a tax-advantaged account that can be used to pay for medical expenses now or in retirement. The account is FDIC-insured, and can be invested for greater returns. Who qualifies? To be eligible to establish a health savings account,
Best practices for stock market declines With recent stock market declines, it’s easy to feel a sense of fear surrounding long-term investment strategies. American Funds has provided this helpful Keys for Market Declines PDF Document with 5 tips to help avoid common missteps and stay on track: Declines have been common and temporary: Declines are going to happen, but they will likely be temporary. Proper perspective can help you remain calm: Look at the larger picture, not the small details.
How does working affect Social Security retirement benefits? If you’re thinking about working as long as possible to increase your retirement savings, you may be wondering whether you can receive Social Security retirement benefits while you’re still employed. The answer is yes. But depending on your age, earnings from work may affect the amount of your Social Security benefit. If you’re younger than full retirement age and make more than the annual earnings limit ($17,040 in 2018), part of your benefits will
Key Retirement and Tax Numbers for 2018 Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans, thresholds for deductions and credits, and standard deduction and personal exemption amounts. Here are a few of the key adjustments for 2018.* Employer retirement plans Employees who participate in 401(k), 403(b), and most 457 plans can defer up to $18,500 in compensation in 2018 (up from $18,000 in 2017); employees age 50 and older can defer up to an additional