Carnegie Investment Counsel Blog

Gary Wagner

Gary Wagner
Gary Wagner is Principal and Chief Operations Officer. He also works directly with clients to provide investment and strategic wealth advice. Gary sits on Carnegie’s Investment Committee and also manages the firm’s strategic initiatives and operations.

Recent Posts

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

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

Carnegie Adds EV Charging Station at Headquarters

Posted by Gary Wagner on Apr 20, 2021 1:30:00 PM

In anticipation of Earth Day on April 22, we are sharing a new Earth-friendly installation at our local  office in Pepper Pike, Ohio

If you live in Northeast Ohio and have been out and about on Lander Circle in Pepper Pike, you might have noticed a slim upright structure that vaguely resembles the old-time gasoline pumps of a day gone by. However, this unit is not pumping out gasoline and instead delivers up to 13.2kw per hour of electricity to any needy electric vehicles (EVs) in the vicinity.

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Topics: Artificial Intelligence, Technology

How to Maintain Your Long-Term Financial Goals Despite the Pandemic

Posted by Gary Wagner on Jan 19, 2021 1:30:00 PM

After nearly a year of dealing with the fallout from the Covid-19 pandemic, most of us have come to the realization that our lives will be forever altered in some way. Aside from the challenges to public health and the social disruptions involved, Americans' economic impact has ranged from modest to devastating. Here are tips to help you and your loved ones stay on track with long term financial goals:

Take Advantage of This Time to Take Stock
Many people are experiencing extraordinary stress levels during this time, and economic uncertainty is a prime cause. Despite these challenges, this is a great time to take a moment to assess your financial goals and how well they are being met. You might have more time on your hands and fewer distractions, so it is a perfect time to revisit your financial targets.

While the pandemic may have altered your approach in the near term, it is essential you maintain steps that will give you and your family long-term financial security.

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Topics: Financial Planning

7 Things to Consider When Deciding to Move in Retirement

Posted by Gary Wagner on Jan 12, 2021 1:30:00 PM

Smiling faces…sunny places. You’ve seen the pictures of those folks who appear to be in their 60s or 70s hanging out at the pool or walking on the beach. They live in a climate that the local chamber of commerce touts in all their advertisements. You wonder if this could be you in an ideal retirement scenario.

In general, family responsibilities and employment opportunities are the biggest determinants of where people live. As you approach retirement age, though, these factors may diminish in importance. In fact, retirement may represent a new level of freedom to choose your residence that you never had before.

But there are many questions you, or you and your spouse must answer before the moving truck arrives to haul all your worldly possessions to a new address.
What considerations should you ponder before you move? What factors will help guide your decision? Even when you conclude that a move to a new location is your best choice, what might hold you back?

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What’s on Your Bucket List and How Do You Achieve Those Dreams Financially?

Posted by Gary Wagner on Nov 12, 2020 4:00:00 PM

Do you have a personal bucket list or a roster of things to do before you die (or “kick the bucket”)? What’s the value of such a list? Why do many people create an inventory of things to accomplish during their lifetimes? How do you conceive a bucket list for yourself or with your loved ones?

Today, some people begin creating their bucket list earlier in life, possibly merging their list or revising it with a spouse in later years. Others do not even begin considering their lifetime goals until middle age or as retirement beckons. In recent months, the pandemic has made exotic travel even more of an aspirational future dream but still bucket-list worthy. 

Your bucket list can take many different forms, but the underlying design will always revolve around your aspirations and subsequent achievements. Here we also provide advice on how to plan for your bucket list items financially.

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Topics: Financial Planning

When Is it Time to Hire a Financial Advisor? How Do Their Fees Work?

Posted by Gary Wagner on Oct 9, 2020 10:30:00 AM

There is no specific timeline to help guide your journey to financial well-being. As such, there are no hard and fast rules that will determine the best time to engage a financial professional to help manage your assets. 

Many people feel that they can manage their investment portfolios on their own in spite of a lack of overall financial literacy or training. As your nest egg grows and your situation becomes more complicated though, you may find yourself in need of an all-encompassing financial game plan. Finding an advisor with whom you can develop a long-term relationship can go a long way toward meeting your financial goals.


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Topics: Financial Planning

Will You Outlive Your Retirement Funds? Plan for Success Now

Posted by Gary Wagner on Sep 10, 2020 10:45:00 AM

If you are getting close to your retirement, you might be worrying about whether the money you have set aside is going to last. It’s a legitimate concern, especially considering that the average life expectancy continues to increase. There is a good chance that you’ll live longer, but will your money last longer? 

The answer is yes, it is possible to stretch savings. With a smart investment strategy, a realistic view of healthcare costs, and a commitment to living within your budget, you can make your money outlast your retirement. Let’s take a look at some ways you can improve your financial outlook with a little foresight and planning. 

 

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Topics: Financial Planning

6 Retirement Mistakes Even Smart People Make And How to Avoid Them

Posted by Gary Wagner on Jul 14, 2020 1:46:00 PM

You’ve worked hard your entire life. Now it’s time to look forward to your retirement. After all your dedication, your golden years should be everything you hoped for. But along with the excitement of impending retirement, there also comes the responsibility of sound financial management.

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Topics: Financial Planning

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