While some investing wisdom is timeless and can be as simple as “save early and often,” behavioral finance shows us that the best advice is one that can be followed and adhered to long enough for it to deliver. 

Priorities in one's 20s are and should be different than those in one's 40s and beyond. 2020 has put a wrinkle in even the best laid plans and added other layers of uncertainties to be taken into account for both short- and long-term financial decisions. Here are some steps to consider in the different phases of financial life.

Many of us are not particularly fond of surprises, especially later in life and certainly not when we are looking to understand what our Social Security benefit will be upon retirement. But if you are eligible for a pension based on work you did for a government entity or nonprofit organization and did not pay the Social Security tax on your wages, you may be in for a surprise.

Known as the Windfall Elimination Provision (WEP), this potential reduction in Social Security benefits is a federal law that impacts those who have worked in a job where pay was subject to Social Security tax withholding, and also have worked in another job where Social Security tax is not withheld. Employees in the public sector like teachers or in the civil service are the prime examples, but if your employer was outside the U.S. you may also be affected.

Originally published in 2020. Updated in October 2025 to reflect recent annuity sales trends and product developments.

As life expectancy increases and stock market volatility seems to grow, annuities are gaining in popularity as people seek safety for their money.  According to InvestmentNews, total U.S. annuity sales rose from about $219 billion in 2020 to $434 billion in 2024, and reached $223 billion in the first half of 2025.

We’re seeing structural drivers behind the surge: more capital is flowing into the annuity business via private equity; distributors are building new platforms; and consumers increasingly worry about guaranteed income sources beyond the market or Social Security.

It is essential to share some truths about annuities and explain the risks of these seemingly safe products, which are sold as “can’t miss” solutions. 

There is no specific timeline to help guide your journey to financial well-being. As such, there are no hard and fast rules that will determine the best time to engage a financial professional to help manage your assets. 

Many people feel that they can manage their investment portfolios on their own in spite of a lack of overall financial literacy or training. As your nest egg grows and your situation becomes more complicated though, you may find yourself in need of an all-encompassing financial game plan. Finding an advisor with whom you can develop a long-term relationship can go a long way toward meeting your financial goals.

As part of a new series, we share more about our financial advisors. In this article, we interview Heidi Rose, a CERTIFIED FINANCIAL PLANNER™. At Carnegie Investment Counsel, every office location has access to a CERTIFIED FINANCIAL PLANNER™team member through virtual teams. Here is our interview with Heidi Rose: 

If you are getting close to your retirement, you might be worrying about whether the money you have set aside is going to last. It’s a legitimate concern, especially considering that the average life expectancy continues to increase. There is a good chance that you’ll live longer, but will your money last longer? 

The answer is yes, it is possible to stretch savings. With a smart investment strategy, a realistic view of healthcare costs, and a commitment to living within your budget, you can make your money outlast your retirement. Let’s take a look at some ways you can improve your financial outlook with a little foresight and planning. 

Do you own your employer's publicly traded stock in your qualified retirement plan? And are you planning to retire soon? If yes, then the use of Net Unrealized Appreciation (NUA) may represent a significant tax planning opportunity for you. 

For many Americans today, Social Security is one of their most substantial retirement assets. In fact, nearly all U.S. workers and their families will qualify for some benefits under the system, originally enacted in 1935. Social Security benefits can be viewed as a portion of the “replacement income” that people need once they decide to retire.

While it is certainly a topic that is difficult for many of us to contemplate, what happens when we succumb to the inevitable and depart this life? What benefits under the Social Security program are available for surviving partners and children? Do parents of the deceased qualify for benefits?

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.

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.