Carnegie Investment Counsel Blog

 

What is a Custodial IRA? A Financial Advisor Shares Insights for Teens and Summer Job Savings Accounts

Posted by Raz Pounardjian on Aug 6, 2020 11:30:00 AM

Intern Peggy M. interviews portfolio manager Razmig Pounardjian for thoughts on what teens should do with their summer savings accounts. Here is Peggy’s post.

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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

CARES Act Summary - Updated for June 23, 2020

Posted by Carnegie Investment Counsel on Jul 8, 2020 1:30:00 PM

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:

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Topics: Financial Planning

New Required Minimum Distribution Rules: Should You Waive or Should You Go?

Posted by Bryan Blackburn, CFP® on Jul 1, 2020 11:15:00 AM

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.

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Topics: Financial Planning

Optimizing the Timing of Your Retirement for Social Security Benefits

Posted by Gary Wagner on Jun 23, 2020 1:30:00 PM

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.

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Topics: Financial Planning

Paying for College: Your Financial Planning Questions Answered by a Recent New Father

Posted by Bryan Blackburn, CFP® on Jun 16, 2020 1:30:00 PM

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?  

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Topics: Financial Planning

How the CARES Act May Impact Your Family Finances and Tax Planning Right Now

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

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.”    

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Topics: Financial Planning

Retirement Readiness: Do You Have These 20 Key Components of a Strong Financial Plan?

Posted by Heidi Rose on May 28, 2020 11:00:00 AM

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.

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Topics: Financial Planning

How Do Wealth Management Firms Work?

Posted by Gary Wagner on May 12, 2020 2:30:00 PM

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?

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Topics: Financial Planning

Understanding IRAs to Maximize Your Options in Retirement

Posted by Byran Blackburn on May 7, 2020 11:30:00 AM

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.

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Topics: Financial Planning

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