We learned a lot about ourselves in 2020. Below are some "Do's and Don'ts" we should keep in mind for the coming year:

After nearly a year of dealing with the fallout from the Covid-19 pandemic, most of us have come to the realization that our lives will be forever altered in some way. Aside from the challenges to public health and the social disruptions involved, Americans' economic impact has ranged from modest to devastating. Here are tips to help you and your loved ones stay on track with long term financial goals:

Take Advantage of This Time to Take Stock
Many people are experiencing extraordinary stress levels during this time, and economic uncertainty is a prime cause. Despite these challenges, this is a great time to take a moment to assess your financial goals and how well they are being met. You might have more time on your hands and fewer distractions, so it is a perfect time to revisit your financial targets.

While the pandemic may have altered your approach in the near term, it is essential you maintain steps that will give you and your family long-term financial security.

The Thanksgiving holidays provide a time for gathering with family and friends, whatever that looks like for you in 2020.

We asked our team members about games they played with family around the holidays that helped them learn money management. Below our financial advisors share their holiday favorites. 

Do you have a personal bucket list or a roster of things to do before you die (or “kick the bucket”)? What’s the value of such a list? Why do many people create an inventory of things to accomplish during their lifetimes? How do you conceive a bucket list for yourself or with your loved ones?

Today, some people begin creating their bucket list earlier in life, possibly merging their list or revising it with a spouse in later years. Others do not even begin considering their lifetime goals until middle age or as retirement beckons. In recent months, the pandemic has made exotic travel even more of an aspirational future dream but still bucket-list worthy. 

Your bucket list can take many different forms, but the underlying design will always revolve around your aspirations and subsequent achievements. Here we also provide advice on how to plan for your bucket list items financially.

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.