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.

Updated June 23, 2020

[Text in BOLD below are updates reflecting IRS Notices 2020-50 and -51]

On March 27, 2020, the Coronavirus, Aid, Relief, and Economic Security (CARES) Act (the “Act”) was signed into law. A portion of the Act is intended to loosen access to retirement plan funds and provide relief for individuals impacted by the COVID-19 pandemic. The following is a summary of the retirement-related provisions of the Act:

The retirement landscape for many Americans was altered significantly in December 2019 when the SECURE Act became law. Several facets of the legislation were intended to increase access to tax-advantaged accounts for many Americans. Another provision, though, aims to prevent older retirees from outliving their retirement assets.

In the 85 years since the Social Security Act established a new means for Americans to prepare for life after their working days, the retirement landscape has changed significantly. There has been a dramatic reduction in defined-benefit pension plans and a migration toward defined-contribution plans like the 401(k). Life expectancies are longer and the full retirement age has crept higher.

Questions about paying for college? Despite the ups and downs of the world today, a college education provides a significant advantage in today’s job market for your child or grandchild. In fact, it is known to provide higher earnings potential throughout your child’s entire working life.  But how to pay for college with rising costs today?  

The $2.2 trillion coronavirus relief bill or CARES Act was passed by Congress on a bi-partisan vote and signed into law in late March by President Trump. According to the U.S. Treasury Department, the CARES Act “provides fast and direct economic assistance for American workers, families, and small businesses, and preserves jobs for our American industries.”    

Financial planning encompasses a wide range of topics. Here is a preview of the easy 20 questions to find out your retirement readiness score. Take the full quiz, to get a handy printable list of tips you can use today.

What services are offered by wealth management companies, and how can they help you reach your financial goals? How do these firms address current and future needs for you and your family?

Individual retirement accounts (IRAs) are tax-advantaged savings plans designed to assist people in funding their retirement. Created by an act of Congress in 1974, these accounts became significantly more popular following another government act in 1981 that allowed all working taxpayers to establish IRAs.

For the past few weeks it has not been business as usual for anyone. Schools are closed, retailers are locked up, restaurants shuttered, industries barred from producing. Only essential services can operate. People feel stuck and, at times, afraid.

One thing for sure is that our positive actions can brighten someone’s day or make a difference. At Carnegie Investment Counsel, we initiated a Carnegie Cares program to make donations for those most in need during this difficult time.