Carnegie Investment Counsel Blog

You Can’t Take It With You Part 3: Living Well With Wealth

Posted by Carnegie Investment Counsel on Jan 13, 2022 1:30:00 PM

Congratulations! You’ve made it to the finish line of your career, and now you’re ready to enjoy the rewards of your hard work and savvy financial planning. Nowadays, retirement looks a little different from previous generations: many retirees are now active and busy, completing their bucket lists and staying excited about tomorrow’s possibilities. You, too, can experience the enrichment of this new chapter.

Retirement looks different for everybody. It’s a great time to think of what goals you made for yourself when you were younger. What have you always wanted to do but never had the chance? Did you want to travel somewhere specific? Master a certain craft, give back to the community, or start a new hobby? Now may be the right time to say yes to all of those opportunities.

In our previous posts in this series, we discussed gifting money to family and charitable giving. In this post, we take a deep dive into enjoying your nest egg. Here are some categories.

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Topics: Financial Planning, Retirement Planning

Kids and Money: How to Teach Money Habits and Investing Concepts

Posted by Carnegie Investment Counsel on Dec 21, 2021 1:30:00 PM

You’ve spent a lifetime developing an investing style and compiling ideas about how to wisely manage your personal finances. Wouldn’t it be a great idea to pass along some of that wisdom to your family? Here are a few ideas on how to teach money habits to young people. 

Part of any practical education for your children and possibly your grandchildren should be how to effectively manage their finances.  

Don't assume your kids are too young to start this process. If you wait until they are college age, you will likely miss a golden opportunity to create an enduring set of guidelines for financial management.

Another assumption that you can readily discount is that these lessons will be taught in school. According to the Council for Economic Education, only 21 states require a course in personal finance for high school graduation.

You may be doing a great disservice to your children by failing to give them an explanation of how the primary aspects of personal finance work. Here are some suggestions:

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Topics: Financial Planning

Financial Planning for People With Disabilities: Understanding ABLE Accounts

Posted by Carnegie Investment Counsel on Dec 14, 2021 1:30:00 PM

ABLE Act accounts started with a parent. It was Stephen E. Beck, Jr., vice chairman of the National Down Syndrome Society and the Down Syndrome Association of Northern Virginia Board of Directors who proposed a plan to help his daughter, who has Down syndrome, save money. His plan is what became the basis for the Achieving a Better Life Experience (ABLE) Act.

In 2014, the ABLE Act was signed into law by President Obama and in June 2016, ABLE programs were launched in Ohio, Tennessee and Nebraska. In Ohio, for example, these accounts are called STABLE accounts.  

If you’re a parent raising a child with special needs, you know there are unique circumstances when it comes to managing your family’s finances. In a previous blog post, we outlined eight simple steps for parents to take to establish financial stability for their child. This blog takes a closer and more in-depth look at ABLE Act accounts and answers some frequently asked questions.

By definition, ABLE accounts are investment accounts for eligible individuals with disabilities that allow them to save and invest money while retaining eligibility for public benefits programs (like Medicaid, SSI for example). These accounts share similarities with regular bank accounts, but they function more like 529 college savings accounts.

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Topics: Financial Planning

A Day in the Life of a Retirement Services Principal: Meet Kim Gannis and Learn Just How Personalized Corporate Retirement Plans Can Be

Posted by Carnegie Investment Counsel on Dec 7, 2021 1:30:00 PM

Kim Gannis, AIF®, is a Principal at Carnegie and Director of Retirement Plan Services and works in Carnegie’s Pittsburgh office. She has been with the firm for six years. Kim earned her Bachelor of Science in mathematics from the University of Pittsburgh; she is also a designated Accredited Investment Fiduciary®. 

“With my degree, I thought I was going to be a teacher coming out of school,” Kim recalls. “I soon realized that I would rather poke my eyes out than be a teacher.” She landed at Mercer as an analyst, then continued with positions at PNC Bank and American Century Investments. Her desire to understand the real side of money led to her move to Carnegie. She has been doing financial work all her life and plans to continue for the rest of her career. 

Let’s take a look at a day in the life of a principal and director of retirement plan services.

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Topics: Relationship Management, Retirement Planning

529 Savings Plans: Can They Be a Wealth Transfer Tool?

Posted by Gary Wagner on Nov 30, 2021 1:30:00 PM

Education savings plans were originally created in the 1980s by various states as a way for students to attain the financial means required for a college education. These plans are still implemented at a state level and are either prepaid tuition or tax-advantaged savings accounts that can be applied to qualified education expenses. 

According to the National Association of State Treasurers, more than 12 million families have saved more than $258 billion in these plans over the last 40 years.

While the primary purpose of these accounts has always been to make a college education feasible from a financial standpoint, they should also be considered a valuable estate planning tool. In light of the current tax treatment of these accounts, they may provide a flexible means for parents, grandparents or other family members to transfer assets to a younger generation.

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Topics: Financial Planning, Investment Management, Wealth Management

Need A Special Holiday Gift This Year, “Clark?” How About A Government-Backed Bond Yielding 7.12%?

Posted by Gary Wagner on Nov 24, 2021 10:30:00 AM

As the saying goes, if it is too good to be true, it usually is. In this case it is true, thanks to a recent inflation indicator.

A little-known type of U.S Government bonds called I-bonds are currently yielding more than 7%. The I-bond is a type of U.S. savings bond that is indexed to the Consumer Price Index’s trailing 6 month change. When the Treasury reset the rate at the beginning of November it was 7.12% annualized. This rate will be effective until May 2022.

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Topics: Investing, Interest Rates

SPACs vs. IPOs: What You Need to Know

Posted by Greg Halter, CFA on Nov 9, 2021 1:30:00 PM

Special purpose acquisition companies, or SPACs, have exploded in popularity this year, but most investors are still not familiar with these entities, sometimes called blank-check companies. 

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Topics: Investing, Stocks

5 Steps to Make the Greatest Impact as a Donor on Giving Tuesday

Posted by Carnegie Investment Counsel on Nov 3, 2021 9:25:57 AM

Giving Tuesday is a global day of giving with a goal to unleash the power of radical generosity. According to Giving Tuesday Inc, $2.47 billion was donated on December 1, 2020, by 34.8 million people, just in the United States alone. Many of our clients have been giving generously to their beloved charities for years. However, if you know someone looking to make a difference or newly in a position to be philanthropic, consider sharing this step-by-step article with them. There are many ways to get involved this Giving Tuesday - here are some ideas!

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Topics: Giving, Nonprofits

The Question Isn’t “Will You Act as a Fiduciary?” It’s “Will You Act as a Fiduciary, 100% of the Time?”

Posted by Gary Wagner on Oct 26, 2021 1:30:00 PM

The word fiduciary has evolved from some obscure financial terminology rarely uttered at the neighborhood cocktail party to the in-vogue standard. If your financial person doesn’t meet the standard, you might be deemed a rube.

The term fiduciary seems so commonplace that you might be tempted to take it for granted. Surely, your advisor wouldn’t stoop to anything less than being a fiduciary: a professional who always strives to work in your best interest, even after you are invested. You can check that box. Right?

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Topics: Financial Planning, Investment Management, Relationship Management, Retirement Planning

Timeless Investment Tips to Help Prepare for Good Times or Pandemics

Posted by Carnegie Investment Counsel on Oct 14, 2021 1:30:00 PM

In their most recent study about stress in America, the American Psychological Association found that 72 percent of people felt stressed about money. Finances can be a constant stressor for some, no matter what significant events influence it. Still, it’s no secret that the pandemic transformed the workforce rapidly and wreaked long-term havoc on the economy in 2020. Many people experienced food insecurity due to the unexpected impact of financial loss, and according to a survey published in November, 2020, about 63 percent of Americans had been living paycheck to paycheck since the start of the pandemic.

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Topics: Investing, Financial Planning, Investment Management

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