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It is Hard to Imagine

It is hard to image that in just 29 trading days between February 12 and March 23 the Dow Jones Industrial Average dropped from a high of 29,551 to a startling 18,591. And yet it has rebounded to over 23,883 as of this writing. In that short time a little known virus, COVID-19 had become a household word, closings of businesses & schools became a new normal, and the wearing of masks as well as social distancing and staying at

Planning a vacation without going into debt

We thought it might be nice while we’re in the midst of a Central New York winter to write about taking a vacation! Maybe you’re planning on traveling somewhere warm with hot sand and calming waves; maybe your idea of a vacation is traveling to another country with exotic food and historic sights to see! Wherever you visit this summer, the financial stress of vacations can be an uninvited downer. However, planning ahead eases that stress and can ensure you stay out of debt so you

Saving for college? Break these three bad habits.

It’s National College Savings Month — and there’s no better time to make sure your savings strategy is on track   Parents — your kids may have headed back to school, but before you know it, they’ll be heading off to college. Fittingly, September is National College Savings Month, so let’s talk strategy. I was recently reading the Student Loan Hero 2018 survey about saving for college and found three worrisome statistics:1 44% of parents feel guilty that they haven’t saved more for

The pitfalls of handling your own financial matters: The Importance of Working With your Financial Advisor

We are now in the heart of tax season, and many of us have our taxes prepared by a Tax Accountant or CPA. In the same way we hire a plumber if we need a pipe unclogged, an attorney to write our wills and prepare other legal documents, an electrician for electrical work, and a mechanic to work on our cars. However, many balk at the idea of hiring a Financial Advisor to assist with investment planning or future money

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

Have You Made Any of These Financial Mistakes?

As people move through different stages of life, there are new financial opportunities — and potential pitfalls — around every corner. Have you made any of these mistakes? Your 50s and 60s 1. Raiding your home equity or retirement funds. It goes without saying that doing so will prolong your debt and/or reduce your nest egg. 2. Not quantifying your expected retirement income. As you near retirement, you should know how much money you (and your spouse, if applicable) can expect from three

Celebrating Personal History. Leaving Your Local Legacy.

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.

Best practices for stock market declines

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?

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

Marathon Financial Advisors 2018 Events

Marathon Financial Advisors 2018 Events Tackling Topics to Gain Financial Understanding Like many of you, Marathon Financial Advisors is taking a look back to reflect on some of the ways we served our clients in 2017. One of the more successful endeavors last year was offering the educational seminar “2Young2Retire” with Leslie Rose McDonald, an event designed to shed light on a subject of interest to our clients and others as they make financial plans for their future.