Cary is Quoted in the Orlando Sentinel: Ask an Expert Column
Quote:
Q: How much life insurance should I have, and what type of insurance is appropriate? I am a 45-year-old male, married with two children. —Michael, Kissimmee
A: Generally speaking, somewhere between $1 million to $2 million would probably be appropriate for an individual with your circumstances. If your only goal is to protect your family with replacement income, or you are on a limited budget, term life insurance would be the best fit. If you want permanent protection, universal or whole life insurance would be a better product for you. —Cary Carbonaro
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Cary is Quoted in the Orlando Sentinel: Ask an Expert Column
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Q: How much can I put away for retirement in my 401(k)? I am 52. --D.B., Longwood
A: You can put away up to $16,500 in your 401(k) and an additional $5,500 a year as catch-up since you are over 50. --Cary Carbonaro
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Kim is Quoted in Women's Health Magazine, Smart Investing Column
Title: Your plan to retiring in style by Lauren A. Greene
Quote: "The contribution limit for 2010 is $5,000, says Kim Viscuso, a financial planner at Stonegate Wealth Management. She strongly recommends meeting that annual limit if you can swing it. There are several options to choose from. Consult a financial planner to determine the route you are eligible for based on your economic situation."
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Cary is Quoted in New Jersey News Room.com
Title: Terrible financial mistakes widows and widowers should avoid by Warren Boroson
Description: This article summarizes content Ms. Carbonaro presented in a seminar on widows and widowers and how they should handle financial decisions when becoming a widow or widower and how to plan ahead on estate matters to simplify the process.
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Cary is Quoted in the Orlando Sentinel: Ask an Expert Column
Quote:
Q: Can I benefit from volatility in the markets? --Anonymous
A: Yes. You can buy an exchange-traded fund called VQT, which is the volatility index. But I would only recommend it as a small portion of a well-balanced portfolio. --Cary Carbonaro
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Steve is Quoted in the Wall Street Journal
Title: When Funds Turn Cold, Do You Sell? by Michael A. Pollack
Description: Steve explains how to decide whether to stay or whether to go when top performing mutual funds turn into laggards.
Quote:
"Keeley Small Cap Value, which focuses on smaller companies, sizzled in the mid-2000s. A 33% total return in 2004 beat its category average by 14 percentage points, putting it in the top 1% of its group.
Do You Sell Lagging Funds?
But in 2008, its performance slid dramatically. Its average return of minus 2.5% a year for the three years through July places the fund in the bottom 4% of its Morningstar category for that period.
The fund appears to be a victim of its earlier success, says Stephen Craffen, an adviser in Fair Lawn, N.J. From around 2005 to 2007, it remained open to new shareholders, even as assets ballooned to more than $3 billion from around $300 million.
As funds swell, their managers have to take larger and larger positions to make a difference in overall portfolio performance.
Mr. Craffen, founder of Stonegate Wealth Management LLC, says he is gradually pulling clients' money out of Keeley, selling shares whenever he needs cash to rebalance portfolios. 'Its performance hasn't lagged as much in the past nine months, but I am fearful just because of its size,' he says."
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Cary is Quoted in the Orlando Sentinel: Ask an Expert Column
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Q: What is an ETF? — G.L., Longwood
A: An ETF is an exchange-traded fund that combines the diversity of a mutual fund with
the ability to trade shares during market hours like a stock. — Cary Carbonaro
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Cary is Quoted in The Saturday Evening Post (www.saturdayeveningpost.com)
Title: Is Inflation Around the Corner? by Russell Wild
Description: Cary offers her insight on how to prepare your portfolio for inflation and how to help insulate against its effects. The article is a full 2 pages with various quotes from Cary. Click the link below to read the article via PDF.
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Cary is Quoted in the Orlando Sentinel: Ask an Expert Column
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Q: If I have $10,000 in losses from stocks. How do I put that on my taxes? — A.J., Winter Park
A: If you sold the stocks you can take $3,000 in capital losses against your income. The remaining $7,000 in losses can be carried forward to offset future capital gains.
--Cary Carbonaro
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Cary is Quoted in the Orlando Sentinel
Title: Jittery investors tempted to chase risky returns by Richard Burnett
Description: Cary and other investors share their insight on why investors should avoid chasing the "flavor of the month" when it comes to investments.
Quote:
"Foreign currencies hold a particular fascination for some clients, said Cary Carbonaro, a certified financial planner with Stonegate Wealth Management in Clermont. They want to know about foreign-exchange accounts as well as currency-based exchange-traded funds and mutual funds, she said.
'That is the flavor of the month I've seen,' Carbonaro said. 'Here's my advice: Currency trading is very speculative, and almost no financial planners recommend that individuals do it.' "
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Cary is Quoted in the Orlando Sentinel: Ask an Expert Column
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Q: My husband died and I never rolled the IRA into my name. He was taking his required minimum distribution from this account. I don't think I took it out correctly. What should I do? -N.M., 57, Winter Haven
A: I would go to irahelp.com and find an adviser trained by Ed Slott, an IRA expert. I would speak to someone who has specialized training to answer your question and review your situation.
--Cary Carbonaro
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Cary is Quoted in the Orlando Sentinel: Ask an Expert Column
Quote:
Q: I want to take advantage of an extended IRA. Can a relative under 18 years be a participant as primary beneficiary? — J.W.L., Groveland
A: Yes. A first generation or second generation beneficiary of the original account holder may be a minor; however a guardian or trustee who is of majority age must be appointed as custodian to supervise the account on their behalf until they reach age 18. This can be done outright, or naming a trust as the beneficiary and designating a trustee; leaving the trustee instructions on how to distribute the funds. I'd recommend consulting with your tax, legal, or financial professional for additional information.
— Cary Carbonaro
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Cary is Quoted in Kiplinger's "Jumpstart Your Retirement" Live Hotline
Description: Individuals who have questions seek answers from the experts. Cary fields some of their questions as a volunteer
Quote:
Julie: I'm 57, and hoping to continue working full time at my federal job for several more years
to defray the huge hit to my retirement caused by a recent divorce (my pension will now be 50%
what I had counted on after 35 years of work). I'm diligently putting the full $22k contribution in
my federal Thrift Savings Plan; I earn too much to contribute to a tax-deductible IRA. I just
bought a small home in the expensive San Francisco area, so unfortunately I have a huge
amount of debt ($415k first mortgage; $98k HELOC); fortunately, at a low interest rate (4.25%).
Question: I will be receiving an inheritance next month of about $200k. Would it be wiser for me
to pay off some of my daunting debt, or hold that money aside in investments/savings to use
should I have to retire early for health reasons or job loss? I currently have about $50k in
"emergency funds" in savings. If you think I should invest the windfall, where?
Cary Carbonaro: Hi Julie, I am sorry about your divorce. I think you should invest/save the windfall and have it grow and keep your additional emergency fund. All my clients who are wealthy have enough in
investments to pay off their mortgages but don't. Your 4.25% rate is excellent! You get a tax
deduction and if invested wisely should yield greater than 4.25% and then you have more options!
Best of luck to you!
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Cary is Quoted in the Wall Street Journal
Title: Just Say No. Please. by Veronica Dagher
Description: Financial advisers sometimes have to talk their clients out of really bad ideas. Cary shares her experience with saving a client from making a big investment mistake.
Quote:
"When a client wanted to invest in a company called Agape because a friend had doubled his money with such an investment, Cary Carbonaro, a Fair Lawn, N.J., certified financial planner, was skeptical. As soon as she read the investment proposal, she says, she knew Agape was a fraud. 'The proposal had a chart
showing growth of cash at 3%, growth of bonds at 6%, growth of stock at 9% and growth of Agape at 100%—with no risk,' she says. She told her client she thought Agape was a pyramid scheme and advised him not to invest.
The client took her advice. A few months later, in April 2009, the owner and president of Agape World Inc. and Agape Merchant Advance LLC, Nicholas Cosmo, was indicted on charges of mail and wire fraud. Ms. Carbonaro called the client the same day. 'They were crying and thanking me,' she says.
Mr. Cosmo pleaded guilty to mail and wire fraud in October in U.S. District Court in Central Islip, N.Y. Federal prosecutors said he bilked investors out of about $195 million. He is scheduled for sentencing in February. Mr. Cosmo's lawyer declined to comment."
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Cary is Quoted in the Orlando Sentinel
Title: Few in Central Florida are prepared for retirement, study finds. by Richard Burnett
Description: Despite being a haven for retirees, the Orlando, FL area lags most other metropolitan areas in retirement readiness.
Quote:
' "Many experienced investors have had to recalibrate their retirement strategies since the worldwide financial meltdown a couple of years ago," said Cary Carbonaro, a financial planner with Stonegate Wealth Management LLC in Clermont." '
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Cary is Quoted in the Orlando Sentinel: Ask an Expert Column
Quote:
Q: How do you find the market price (for IRS purposes) of stocks before they became worthless in the 1960s and had no transfer agent, since the companies issued their
own stock? — G. H., Edgewater
A: Nothing from the 1960s is really online. There are some historic prices on Yahoo.com. Try bigcharts.com too, but they don't go back as far as Yahoo. Somelibraries have old newspapers on microfiche, and with a little effort you may be able to come up with historic stock quotes that way.
— Cary Carbonaro
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Cary is Quoted in the Orlando Sentinel: Ask an Expert Column
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Q: I am 68 and very concerned about required minimum distribution, I am afraid I will have to take it out all at once when I am 70½. --L.N., 68, Eustis
A: You don't have to take it out all at once when you turn 70½. The RMD is a percentage based on the rest of your life expectancy. You could take some out now but whatever you take out will be added to your taxable income.
--Cary Carbonaro
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Cary is Quoted in the Orlando Sentinel: Ask an Expert Column
Quote:
Q: How do I figure out what my rates are on my I-bonds? — V.W., 81, Kissimmee
A: You can go to http://www.treasurydirect.gov to check. There are two parts to the interest: a fixed amount and an inflation amount. You add them together to determine your rate. It changes two times a year. — Cary Carbonaro
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Cary is Quoted in the Orlando Sentinel: Ask an Expert Column
Title: Forgiven mortgage debt can be excluded from income
Quote:
Q: I have a company 401(k) and would like to withdraw some money. Since I am less than retirement age what is the penalty for early withdrawal? — E.M., Sanford
A: It is a 10 percent tax penalty that is added to your income for tax purposes. Some 401(k)s have loan
provisions to avoid the 10-percent penalty. You have the pay the loan back in full before you leave or retire
from the company, but interest rates are usually very low. — Cary Carbonaro
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Cary is Quoted in the New York Times
Title: Falling Rates Aide Debtors, Hamper Savers by Graham Bowley
Description: Households and corporations alike are taking advantage of refinancing into historically cheap rates. However downward pressure on interest rates are penalizing those who save with very little return relative to their holding period.
Quote:
"Now, savers are searching desperately for a better return on their money. 'All of our clients are struggling with this,' said Cary Carbonaro, a financial planner who works in New York City and Long Island. 'It has never been as bad.' "
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Cary is Quoted in the Wall Street Journal
Title: Breaking Up Without Breaking the Bank by Mary Pilon
Description: Dividing assets is hard enough without trying to sell a home, business or stock portfolio in a down market. Here's how to ease the financial pain.
Quote:
"But be wary of accepting shares of a company or family business, says Cary Carbonaro, a financial planner in Fair Lawn, N.J., especially if it puts your financial future in the hands of your ex. One client came to her with a great chunk of her divorce settlement wrapped up in stock from the company her husband worked at. 'She couldn't sleep at night," Ms. Carbonaro says. "Her entire net worth was tied up in the fluctuating price of the stock.' "
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Wealth Manager announces Stonegate Wealth Management as one of its 2010 Top Wealth Managers
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Steve is Quoted on NorthJersey.com
Title: Suspension of BP Dividend Hits Investors by Rebecca Olles
Description: Article weighs in on how BP cutting it's dividend will affect individual investors both domestically and internationally. Steve is asked his opinion on the subject.
Quote:
" Stephen Craffen, a financial adviser for Stonegate Wealth Management in Fair Lawn, said the suspension sets a bad precedent.
'It bows to politicians by not paying the dividend,' he said. 'It will hurt local investors because they'll hold back their dividends three quarters and hurt their cash flow and affect the value of the stock in turn.' "
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Cary is Quoted in the Orlando Sentinel's "Ask an Expert" Column
Title: Consider Taxes Now, Before Inheritance Becomes an Issue
Description: Readers submit their questions to the Orlando Sentinel and have them answered by Central Florida's financial planning experts.
Quote:
"Q: Are bonds safer than stocks? --P.M., Clermont
A: It depends, they could be. They have a fixed coupon payment, so you will get income, and if you hold to maturity, you get your principal back. They are also tied to interest rates, so you could possibly lose principal if you sell prior to maturity.
--Cary Carbonaro "
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Stonegate Wealth Management is ranked #243 in Financial Advisor Magazine's 2010 Top RIA Survey
Description: Stonegate ranked 243 out of 456 Registered Investment Advisers that met FA Magazine's minimum criteria. FA Magazine's rankings are based upon 2009 Year-End Assets Under Management.
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Cary is Quoted on NewJerseyNewsRoom.com
Title: A Financial Planner Who is Especially Good for Widows by Warren Boroson
Description: Warren Boroson of New Jersey News Room exclusively interviews Cary Carbonaro on what she does as a financial planner and gets her take on her view of her clients, particularly widows and individuals in difficult situations.
Quote:
"The gentleman made only $150,000 a year, yet he was paying $55,000 a year for nine whole-life insurance policies — more than one-third of his income. Not only that, but he owned over 100 individual stocks.
No wonder he wasn't saving much — and no wonder that his financial adviser was getting rich quick. (Whole-life insurance is expensive and gives you a paltry savings account.)
Eventually that gentleman wised up and made his way to a fee-only Certified Financial Planner, namely, Cary Carbonaro of Stonegate Wealth Management in Fair Lawn, who is now extricating him from that mess."
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Cary is Quoted in Money Magazine, April Edition
Title: Weathering a Long Job Search by Donna Rosato; Photographs by Rob Howard
Description: A young couple from New Jersey, Terase Salerno and Michael Salerno, struggle financially with the loss of Terase's job as she was the family's main breadwinner. Terri has been seeking unemployment for the past year without any success and this article seeks the opinions of human resources and financial experts to give them much needed advice.
Quote:
"With Savings dwindling 'the Salernos are in survival mode until Terri gets back to work,' says Fair Lawn, N.J. financial planner Cary Carbonaro. Like many famiies suffering from a job loss, they've trimmed around the edges, nixing vacations and meals out. But now they must take an ax to bigger expenses to avoid debt.
Carbonaro suggests that people in this situation look honestly at their biggest costs. Can you refinance your mortgage and lower your payment enough to offset the cost? If not, can you qualify for a loan modification to reduce your monthly payments? Are you willing to sell your home and rent? Can you live without two cars? Can you trade one down?"
These are the tough decisions that a family in this situation needs to make.
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Cary is Quoted in the Orlando Sentinel
Title: Gold tempts investors, divides advisers by Richard Burnett
Description: This article talks about investing in gold and how many individual investors have been attracted to the idea of investing in it within the past year as a safe-haven from inflation and the stock market. It also talks about how the opinions of many advisors differ.
Quote:
"Cary Carbonaro said she began directing clients several years ago to invest about 2 percent to 5 percent of their portfolio in a gold-exchange-traded fund that has since doubled in value.
'It was great to get in about three or four years ago, but now you have to be much more cautious,' said Carbonaro, a financial planner in Stonegate Wealth Management's Clermont office. "It has had a huge runup, but it is a cyclical thing.
'And there are better options,' she added. 'Now we use a well-rounded, natural-resources fund that includes a lot of commodities — much better than investing in just gold.' "
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Cary is Quoted in the Orlando Sentinel - Ask an Expert
Title: Amend return to claim investment loss
Description: CFP® practitioners from the Central Florida Chapter of the Financial Planning Association answer personal finance questions for individuals.
Quote:
Q: My current 457 plan offers limited opportunities to invest in quality five star mutual funds. As a retired City of Orlando employee, who has not yet reached 59 1/2, can I convert my 457 plan to a traditional IRA without penalty?
Cary: You used the word retired, so I'll assume you no longer work for the City of Orlando. If that is the case, yes, you may rollover your 457 plan assets into an IRA Rollover directly without any penalty. Otherwise, you must wait until separation of service or age 59 1/2, whichever comes first.
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Cary is Quoted on Kiplinger.com, Answering Retirement Questions for Individuals.
Title: Live Discussion: NAPFA Planners Answer Your Questions
Description: Cary participates in a live question and answer session with individuals seeking answers as a part of Kiplinger's: Jump-Start Your Retirement Plan Days.
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Cary is Quoted in the Wall Street Journal
Title: Can These Retirements Be Saved?, by Kelly Greene
Description: Do you need a financial makeover to save your retirement? These individuals did. Cary gives an individual her opinion regarding her financial situation.
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Cary is Quoted in More Magazine
Title: How to Roll Over your 401(k), by Karina Martinez-Carter
Description: The article goes into detail of how to roll over your 401(k) once you part ways with your employer.
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Cary is Quoted in the Orlando Sentinel
Title: Where's a Safe Place to Stash Your Cash?, by Richard Burnett
Description: The article reviews the financial meltdown of 2008 and asks the question: Where is a safe place to invest my money?
Cary voices her opinion.
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Cary is Quoted in the Wall Street Journal
Title: Riding Out 2009 - Position Your Portfolio for a Rebound, by Randy Myers
Description: The article takes a client point of view of on why working with a financial advisor can be valuable to the individual investor.
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Cary is Quoted in Journal of Financial Planning
Title: Sharpening Your Media Skills, by Ed McCarthy, CFP®
Description: The article goes from page 5 to 18. Cary is quoted on page 8.
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Cary is Quoted in the Wall Street Journal, "Special Interests" Section
Title: Who’s in Your Corner? Asking the Hard Questions – and Following up on the Answers
Description: The article takes a client point of view of on why working with a financial advisor can be valuable to the individual investor.
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Tom Quoted in Kiplingers Retirement Report
Tom Geraghty was quoted in the April 2008 edition of Kiplingers Retirement Report. Tom discussed how retirees can set up an automatic "paycheck" from their portfolio when they retire.
Cary is quoted on CNNMoney.com
Title: A Soldier's Story: Financial Rehab by George Mannes
Description: A Morter shell in Iraq shattered Ivan Castro's eyesight and maybe his military career. Now he's on a new mission: making sure he's got enough money to live on.
Quote: "They have to figure out from this moment on what they want their life to look like - what they want their career to be, what they want for their family," says Cary Carbonaro, a certified financial planner who has worked with injured soldiers. "That's tough for anyone, but really rough if you're also struggling with a disability."
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Cary is quoted in the Orlando Sentinel
Title: One Recipe can Yield alot of Dough by Heather Mcpherson
Description: Pillsbury Bake-Off winners get rich, but the money doesn't change who they are.
Quote: "One of the dangers in dealing with sudden wealth is 'lottery mentality' -- when instant millionaires spend beyond their means, wildly change their lifestyles, and end up worse than before the payout." says Cary Carbonaro.
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Cary is Quoted on MSNBC.com, Newsweek
Title: Just Not Married by Nicole Joseph
Description: Thinking of moving in? Find out how to avoid the financial pitfalls cohabitating couples whether you're together forever, or just until the lease runs out.
Quote: "Money is a very emotional issue," says Cary Carbonaro. "You have to find a way to blend your personal lives and your financial lives." While it's not an easy task, careful planning can help smoothe the tensions that can (and probably will) arise.
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Title: The Bag Lady Bugaboo by Janet Aschkenasy
Description: Financial planners can help women address their fears of poverty in old age.
Quote: "In light of such facts, it's no surprise that 'many women have the bag lady fear," says Cary Carbonaro. "I do too. One client, a 67-year old professional woman, has yet to leave the workforce even though she's making "tons [of money] on a portfolio she hasn't touched. She's worried she's going to live to be 100." explains Carbonaro. "We all want to be able to feather our nests with money."
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