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Retirement

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Understanding Social Security

Understanding Social Security

Approximately 68 million people today receive some form of Social Security benefits, including retirement, disability, survivor, and family benefits. (Source: Fast Facts & Figures About Social Security, 2019) Although most people receiving Social Security are retired, you and your family members may be eligible for benefits at any age, depending on your circumstances. How does Social Security work? The Social Security system is based on a simple premise: Throughout your career, you pay a portion of your earnings into a

The SECURE Act is Official!

Significant Changes for Employer-Sponsored Plans and IRAs On December 20, 2019, the President signed into law the Further Consolidated Appropriations Act, 2020, which includes the Setting Every Community Up for Retirement Enhancement (SECURE) Act provisions previously passed by the House in April 2019. This is one of the most comprehensive retirement plan reforms in more than a decade, and this is a brief overview of some highlights. Many of the provisions are effective January 1, 2020. Congress has attempted to pass major

Share Your Plans!

In my opinion, there is nothing more difficult to accomplish during a time of intense stress than trying to put finances in order.  The stress that I’m referring to in this instance is the death or disability of a loved one.  Perhaps you’re a spouse who has lost a partner, a child who has lost a parent, or a dear friend trying to pick up the pieces of a life. Over the years, we all tend to accumulate things –  financial assets, property such as our home, vehicles, jewelry

Thank You Harvey!

Harvey Koenig and Jon Selzer partnered at Koenig & Selzer Asset Management Group for over 25 years.  In 2015, Koenig & Selzer Asset Management Group merged with Marathon Financial Advisors. For many, many years, Harvey Koenig has been a reliable source of financial planning for hundreds of clients in the Syracuse area. As it often goes with long-standing leadership, we have reached a bittersweet new chapter as our own Harvey is retiring.  Harvey Koenig has been working alongside partners Mary Ann Pierce and Jon Selzer to help clients build plans

Medicare Open Enrollment: October 15 – December 7

What is the Medicare  Open Enrollment Period? The Medicare Open Enrollment Period is the time during which Medicare beneficiaries can make new choices and pick plans that work best for them. Each year, Medicare plan costs and coverage typically change. In addition, your health-care needs may have changed over the past year. The open enrollment period is your opportunity to switch Medicare health and prescription drug plans to better suit your needs. When does the Medicare Open Enrollment Period start? The annual Medicare

Medicare: Do you understand it?

Many of the things we educate clients about at Marathon Financial Services move a little beyond strict “financial” subjects. Medicare is a common concern among clients, and we offer many resources for those seeking understanding. The following are some basic details about Medicare, and you’re invited to call us with any questions.   The history… Medicare began in 1965 as an attempt to provide people over the age of 65 with basic health care coverage in retirement. Most people lost coverage from their

4 Steps to Protect Your Family’s Financial Future

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

Estate Planning – FREE Seminar

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

Medicare: Complicated or Complex?

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

What are the new rules for 401(k) hardship withdrawals?

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