When you think about your company retirement plan account, do you know what will happen to the money in the event of your passing? It’s not a pleasant topic, but it’s nevertheless important that you have a plan in place to ensure your legacy is looked after the way you want.

Enrolling in your retirement plan prompts you to name a beneficiary in the event of your death. Simply put, you designate someone to receive your account assets after your passing. Does your beneficiary plan currently reflect your wishes? Many people tend to overlook this detail, but it’s imperative that you keep this information up to date. Here’s how your account passes depending on your relationship status.

The retirement arena of the financial world can be tricky to navigate, for both employers and individuals. Retirement looks different for everybody, and plans provided by business owners come with plenty of fine-print details and considerations. It can seem daunting, to be sure, but retirement planning poses some of the most important decisions anyone can make. Doug Warzinski, CFP®, CIMA® is here to make it all connect seamlessly and responsibly as a Senior Retirement Advisor. 

Here’s more about Doug Warzinski, his background and what it’s like to work with Doug on retirement plan services.

With 20 years of expertise in retirement plan design and wealth management services, Doug Warzinski helps corporate clients and retirement plan participants address their various financial needs. He’s worked at Carnegie Investment Counsel since 2021. Doug earned his bachelor’s degree in business administration with a marketing major from Ohio University, and he later attained the Certified Investment Management Analyst® designation and CERTIFIED FINANCIAL PLANNER™ designation. 

When he’s not at work, Doug enjoys spending time with his wife and their two daughters, coaching the girls’ soccer teams and caring for the family Bernedoodle, Penny.

Recently, the Teachers Insurance and Annuity Association (TIAA) performed a comprehensive survey about employees’ participation in financial wellnessplans through their employers. Perceptions about such plans may be helpful to sponsors who have a financial wellness plan in place for their employees, or to those who are considering implementing them. The survey was conducted online from October 22 to November 3, 2021 and collected responses from 3,000+ Americans ages 18 and older on a broad range of financial management issues and topics.

Results from the survey indicate varying definitions of “financial wellness” from employees. Responses included:

• Having the means to take care of your family and others (53 percent).
• Not worrying about money or debts (51 percent).
• Feeling protected financially from life’s unexpected events (51 percent).
• Retirement financial security (36 percent).

When asked about their current priorities for securing financial wellness, their responses included:

• Having a reliable source of income (38 percent).
• The ability to pay monthly bills without difficulty (38 percent).
• Being on track with retirement savings (16 percent).

A financial plan is a personalized roadmap to help you meet your financial goals. While there’s a long list of reasons why a financial plan is so important these are the top five.

A study from the National Institute on Retirement Security found that 66 percent of millennials haven’t saved any money for retirement – and 66 percent haven’t started saving. With living expenses, student debt, rent or house payments and other daily expenses, saving for retirement is typically not a priority for younger people. But that will make it considerably more difficult for them to have a secure retirement later in life.

The biggest obstacle for millennials’ retirement savings is time itself. Compounding interest allows funds to grow and allows those with even modest savings to establish a large nest egg for later use. If you saved $50 each month in a retirement account that earns 6.5% annually and compounded monthly, you would generate a savings of $226,781 over 50 years. Alternatively, a millennial who starts saving the same amount 30 years later (which would have only 20 years’ worth of compound growth) would net only $24,525. Compounding plays a critical role in retirement savings. Even a little savings every month, like $50, can make a considerable impact.

Wherever you are on your financial journey, there are certain times you may want to meet with a financial advisor for their professional insight and recommendations. Working with a trusted fiduciary advisor can help you plan your future, manage investments and provide guidance on tax preparation, retirement planning, estate planning, insurance, and other important matters. See when and why you should meet with a financial advisor — and how to get started today.

Planning your finances doesn’t have to be overwhelming or stressful. Sure, there are a lot of key factors to consider, like saving for retirement and planning estimated budgets, but there are plenty of free financial planning tools that you can use as resources to feel more prepared. Here are just eight helpful tools and three financial apps you can access for free:

A wide breadth of experience and a grounding in practicality are what make Bill Anderson good at what he does as a Wealth Advisor and Portfolio Manager for Carnegie Investment Counsel. Bill handles all aspects of investment portfolio management and client relationships. He has experience in just about all aspects of the wealth management industry, but also in the wider world, including issues around elder care, employment transition and family dynamics. Bill has a long track record in the wealth management field in Cleveland, Ohio. He also spent 15 years with Progressive Insurance, specializing in financial institution crime and liability insurance.

He earned his bachelor’s degree in business administration in finance and real estate, as well as an MBA in finance from Kent State University. He held the distinction of being the youngest graduate of both programs for several years. Additionally, Bill held the Wall Street Journal Award for the highest GPA in finance.

The great thing about a financial plan is that it’s unique to you and your needs, but this is also what can make creating one so difficult. You’ll want to consider the key components to a strong financial plan, which will include such things as defining your goals and assessing your risk tolerance. While this part of your financial plan will be entirely unique, there are still some essential elements of a financial plan that should be addressed.

A wealth manager is a type of financial advisor who typically works with high net-worth individuals and provides a wide range of financial services, including asset management, financial planning, estate planning and much more. Since wealth manager is not a technical term, it’s especially important to take the time to find out exactly what the relationship will look like before choosing a wealth manager to work with.