Carnegie Investment Counsel Blog

Practical Options for Sources of Retirement Income

Posted by Carnegie Investment Counsel on Oct 7, 2021 2:04:26 PM

We’ve always been told that the only certainty in our lives will be death and taxes. Fair enough. But many of us would like to see a greater degree of certainty when it comes to our retirement, specifically as it relates to retirement income.

However, although there are tools to help determine our income after our work life, it really is a “best guess” and is not guaranteed. Add to that, the amount of time one will need that income is also speculation.

But there are steps we can take to augment traditional income sources. First, let’s define those typical ways of paying for our retirement.

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Topics: Financial Planning, Economy, health insurance

COVID and Healthcare: Lasting Implications from a Financial Advisor’s Perspective

Posted by Shams Afzal, AIF® on Sep 21, 2021 2:00:00 PM

Many among us found ourselves playing armchair epidemiologist at the outset of the pandemic. Casual discussions about rates of community transmission and projectile statistics of a cough in indoor settings, along with a browser tab open consistently to track worldwide COVID tallies, all served as useful distractions.

While the country grappled with this black swan event, healthcare infrastructure strained to accommodate three distinct influxes of COVID-infected patients in just nine short months. As the fourth wave continues to impact parts of the country today, it’s a little premature for a full postmortem on how the healthcare sector fared as a whole, but there are reasons to be hopeful.

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Topics: Financial Planning, Economy, health insurance

You Can’t Take It with You Part 2: Philanthropy

Posted by Carnegie Investment Counsel on Sep 17, 2021 4:00:00 PM

Did you know that 90 percent of high net-worth households give to charity according to the National Philanthropic Trust? It’s an impactful way to ensure your wealth goes to good use. Nonprofit and charitable organizations are fueled by individuals who support their services. Currently, there are about 1.54 million charitable organizations in the U.S., and in 2019, 69 percent of charitable giving came from individuals.

In our first post in this series on living with wealth, we discussed giving to family. [Link to blog when posted] In this post, we concentrate on charitable giving. Outside of playing a pivotal role in helping a nonprofit organization thrive, charitable giving boasts a number of benefits for donors. Making a donation to a qualified 501(c)(3) makes you eligible for tax deductions, and giving a considerable amount can benefit your overall estate planning.

Take a closer look at how you can position yourself for sustainable charitable giving and, in addition, leave an enduring legacy after your death.

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Topics: Giving, Financial Planning, Wealth Management, Nonprofits

Video: Behind the Numbers, Demystifying Noise in the Market Place

Posted by Carnegie Investment Counsel on Aug 25, 2021 9:21:19 AM

Recently, Carnegie Investment Counsel Portfolio Manager/Regional Director Scott Inglis was a guest of Behind the Numbers, which is a podcast about the “real stories” behind business performance and valuation. Inglis talked with the host, valuation expert and bestselling author Dave Bookbinder. Scott provided detailed insights around demystifying noise in the market place”. Here’s an overview of the conversation.

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Topics: Financial Planning, Stocks, Market, Economy, Investment Management

Five Reasons to Find a New Financial Advisor

Posted by Carnegie Investment Counsel on Aug 10, 2021 2:48:32 PM

Your relationship with your financial advisor is important. The knowledge and guidance your advisor provides has an immense and measurable impact on your life, family, and legacy. Like all relationships, contact with your advisor may ebb and flow over time. But when your wealth is on the line, a partnership that’s anything but solid should be non-negotiable.

There are several reasons why people part ways with their financial advisors. Sometimes the most optimal solution for both parties is to close the chapter and begin a new one. If you find yourself in any of the following scenarios, it might be time to find a new financial advisor.

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Topics: Financial Planning

The 3 Financial Phases of Life: Tips to Help You Prepare

Posted by Carnegie Investment Counsel on Aug 5, 2021 1:30:00 PM

As we progress through life, we arrive at various well-defined markers along the way, termed as life events or major milestones. These events might include earning a college education, entering the workforce, marrying, raising a family, advancing in your career and retiring. There are obviously many others you might experience during your life’s journey.

In this article, we address the financial stages of life. We look to define those phases and help you properly prepare for each stage. Goal setting is a key component of this process. Better preparation today will lead to a more beneficial outcome once you reach your retirement years.

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Topics: Financial Planning, Retirement Planning

You Can’t Take It With You: When and How to Help the Next Generations Financially

Posted by Carnegie Investment Counsel on Jul 29, 2021 2:00:00 PM

Living Well With Wealth Series 1 of 3

In this first blog post in our Living Well With Wealth series, we discuss giving money to family. Next in the series, we offer insights into charitable giving.  

It’s highly common for our clients with children, grandchildren and other family members to direct their assets to things or activities that will help those family members financially. Allocating portions of your legacy and offering financial assistance can make a lifelong impact on your loved ones. So, how and when should you get started, and what do you need to consider?

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Topics: Financial Planning, Investment Management, Wealth Management, Retirement Planning

Gray Divorce Trends 2021: How Will Late-in-Life Divorce Impact Your Finances and Retirement?

Posted by Carnegie Investment Counsel on Jul 6, 2021 1:30:00 PM

After many years where the divorce rate for American adults was constantly on the rise, recent decades have shown a modest decline. However, those statistics disguise a change in the divorce rate for older adults. According to multiple studies, including a Bowling Green State University Family Profile Information 2021, there has been an increase in the divorce rate for those who are 50 years and older.  

This so-called gray (think graying hair) divorce phenomenon can have a significant impact on retirement plans. If you are older and considering a divorce, keep in mind that assumptions you and your spouse made decades ago about finances may no longer apply, including the financial benefits of marriage.

Several high-profile gray divorces have been in the news recently, including Bill and Melinda Gates. Let's assume that dividing up their assets will be a bit more complicated than what you might be facing if divorce is likely. However, there are practical considerations for all non-billionaires when dealing with the financial consequences of a divorce.

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Topics: Financial Planning, Investment Management, Wealth Management, Retirement Planning

A Day in the Life of a Portfolio Advisor: Meet Chad Warmbein and Learn How He Juggles It All

Posted by Carnegie Investment Counsel on Jun 17, 2021 1:30:00 PM

Chad Warmbein has been a Portfolio Advisor at Carnegie’s Pittsburgh office for six years. He is passionate about helping clients create a customized financial strategy aligned to their financial goals. Plus, Chad helps work with prospective clients both for individual wealth management portfolios and retirement services plans. In this blog post, we meet Chad and learn about his Portfolio Advisor role.

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Topics: Financial Planning, Investment Management, Retirement Planning

Risk of Avoiding Financial Risk

Posted by Carnegie Investment Counsel on Jun 3, 2021 1:30:00 PM

One of the most important aspects of responsible financial planning is risk management. A proper understanding of risk can help you anticipate losses and gains and create an investment strategy with your financial planner as you build wealth. Assessing your risk tolerance can guide you in your investment decisions. Armed with this knowledge, you can start to see the risk of avoiding risk.

It is important to identify your financial goals, what it will take to reach those goals and understand the level of risk you are willing to take to get there. Your goals and behavior must be aligned.

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Topics: Financial Planning, Investment Management, Risk Management

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