Fed Chairman Powell has spoken unreservedly for a year now that he was serious about fighting inflation and will do ‘whatever it takes.’ Hardly anyone can question that resolve given the unprecedented 4.25% rate increases in the last nine months (see first Image below). The pace of hikes, however, makes the case that the lack of rate action till March of this year was the wrong decision, with the benefit of hindsight.

Fifty years ago, a woman couldn’t open a credit card without her husband co-signing. While we’ve come a long way since then, women still face certain financial challenges. Financial planning for women must account for these challenges in order to avoid the issues they might create. Here are three of the biggest pitfalls women must consider when creating their financial plan and tips for how to avoid them.

When you own shares of a company, whether it’s a single share or thousands of shares, two things you must deal with are proxy voting and corporate class action lawsuits. Both are often quite tedious, but the good news is that when you work with a Carnegie advisor, we can handle them for you. Here’s everything you need to know about proxy voting, corporate class action lawsuits and how Carnegie handles them.

Interest rates have the ability to impact consumer spending, saving, the economy, inflation and so much more. But how exactly do they work and how do they impact you? Here’s everything you need to know about the advantages and disadvantages of high interest rates – and low.

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.