Category: Financial Planning

Introducing Service 360

At Whelan Financial you’ve probably heard us say that we work with our clients’ other professionals. We do, as the need arises, collaborate with our client’s CPAs, estate planning attorneys, and the like, to execute immediate financial planning strategies on a year-over-year basis. Your Financial Needs As CFP professionals, it is our job to balance your short-term financial needs with your long-term financial goals. For instance, making sure your current spending habits are sustainable in retirement or foregoing tax deductions this year in favor of reduced taxes in the future. In order to advise you in this way, we construct complex financial plans that bring all of the component parts of your finances together in an analysis that extends not just from the current year, but through your life expectancy. Not only will it reveal how much you can expect to have remaining for loved ones or charities, it also informs us of issues that may occur down the road. For instance, years in which your income tax may spike, or when your heirs may be at risk for paying estate tax. The Service 360 Difference We realized that this data is not just important to the advice we give, but

Read More »

2024: Market Update

As we welcome 2024, it’s time to reflect on the economic and financial landscape of 2023 and look ahead to what this year might have in store. At Whelan Financial, we believe in providing you with valuable insights to make informed decisions. Let’s delve into the key components of the financial world in 2023 and provide you with a glimpse of what the future might hold. The U.S. Economy in 2023 2023 seemed destined to be defined as a year of uncertainty but was instead defined by resiliency. Heading into 2023, there were major questions about the effects of inflation and interest rates on the economy. Despite these challenges, consumers continued to spend, companies continued to hire and our economy continued to expand. These positive factors allowed the Federal Reserve to bring inflation down over the course of the year without creating undue economic stress. In fact, as inflation came down and our economy continued to expand, it provided investors with confidence to purchase back into risky assets, such as stocks. The Stock Market in 2023 The stock market in 2023, as measured by the S&P 500, was up over 26% by year-end. Volatility was a constant companion as investors

Read More »
woman and man looking at computer in kitchen

2023 End-of-Year Financial Checklist

It’s that time of year again, so before the holiday season takes over, let’s pause to ensure that your financial well-being is on solid ground. This end-of-year financial checklist is designed to help you safeguard your financial present and fortify your financial future. 1. Maximize 401(k) Contributions Your employer-sponsored retirement plan is perhaps one of the most powerful financial tools at your disposal. Maximize your contributions as much as possible and take full advantage of any employer match, if available. For 2023, you can contribute $22,500, or $30,000 if you’re over 50 years old. Check with your 401(k) service provider to see that you are on track to maximize your contributions by year-end or if you need to make additional contributions. 2. Take your RMD When you turn 73 the IRS insists that you take a minimum distribution each year from your IRAs and 401(k). This is because money in these accounts has not yet been taxed, so in turn the IRS imposes this Required Minimum Distribution, or “RMD”, to commence collecting taxes on these monies. A specific calculation involving the year-end balance in the account relative to your life expectancy is used to determine the amount you must take.

Read More »

Update from CEO Portia L. White, CFP®

As the CEO of Whelan Financial, I am pleased to share some of the incredible improvements we’ve been working on over the past number of years. Our team has embarked on an exciting journey of transformation, particularly in the realm of technology. Our goal has always been to empower our clients and our team with the best tools so that we can provide the best service. I’m excited to tell you how we’re achieving that and more. 

Read More »

Financial Planning: It’s More than Math

In the financial world there is so much to know. As CFP® Professionals we have dedicated ourselves to obtaining knowledge of investments, taxes, estate planning, insurance, and the like. At Whelan Financial, we strive to gain a deep understanding of each client to create a custom financial plan that will guide them in making sound financial decisions. It’s important to note the time and attention each client is given; we are not just a transactional business but a relational one.  The service we offer goes beyond the technical knowledge that is required of us and reaches into the feelings, thoughts, and fears that our clients have. We remember that we help people reach their financial goals.  This human element makes our job so much more exciting, so much more meaningful. We know that when the market is up, investors are often very happy – why wouldn’t they be? Conversely, when the market is down, investors are often concerned about their outlook.   We understand that fluctuations in the stock market can cause uncertainty and stress, and we make considerable efforts to proactively reduce this stress in a caring, yet practical way. Here are a few of our methods. Teaching You How

Read More »

You’re Making Six Figures, Now What?

Congratulations! Your hard work has paid off. You’ve finally hit that six-figure salary. You must be asking yourself, “What do I do now?” Whether you’re looking to start a family, work hard/play hard, or just want to retire as early as possible, making sure you’re saving and investing to reach your goals is going to be your first priority.  Employers offering pensions are a relic of the past, and social security may not be sufficient to satisfy your expense needs. It’s up to you to save enough.  Other professionals have advised 10% as a healthy savings goal, but if you wish to maintain your quality of life in retirement, this probably will not be enough. We advise saving 20%-30% of your gross income depending on your age and your earnings. The earlier you start, the greater the chance that 20% will be enough. However, the more you make, the higher the percentage you’ll need to save. These amounts could be adjusted further depending on your targeted retirement age. Where You Are Saving Is Just as Important as How Much You Are Saving! Navigating the complexities of a comprehensive financial strategy can be daunting. A CERTIFIED FINANCIAL PLANNER™ practitioner will be able to

Read More »

Investment Strategies in Times of Inflation

Investors are worried about the current state of the economy—namely, therising costs of goods on their savings. Each dollar buys less with every passing month of higher inflation, and savings are dwindling along with the “purchasing power” of what remains. This leads people to ask where to place their money at a time like this. Although interest rate increases are terrible for borrowing money, they are great for your savings accounts. For the first time in over a decade, your normal savings could start earning reasonable risk-free interest if managed properly. Before we discuss how to navigate the road ahead, let’s examine how we got to this point and the lessons learned from prior periods of higher inflation. How We Got Here In mid-2022, the United States experienced a surge in inflation, reaching a 40-year high. This upward price trend can be attributed to a supply-demand mismatch in which an excess of money is chasing fewer goods. Despite initial claims by the Federal Reserve that inflationary pressures were “transitory” and would diminish once factories and workers resumed normal operations post-COVID-19, supply chain shortages and subsequent spikes in energy and consumer goods have persisted. The Consumer Price Index (CPI) measures the

Read More »

End-of-Year Financial Checklist

It’s that time again, the end of the year is here. While you’re making your list and checking it twice, keep these financial tips in mind to take advantage of tax benefits, find cost-effective solutions, and begin the new year in control of your finances. 1. Maximize 401(K) Contributions This strategy is among the top priorities in most financial plans. The maximum contribution for 2022 is $20,500 or $27,000 if you are over 50. Check with your 401(k) service provider to discuss whether you are on track to maximize your contributions by the end of the year. 2. Prepare for Tax Impact For those who dislike surprises, end-of-year tax planning is a must. Meeting with your CPA and having them run a preliminary projection can help prepare you for an unexpected tax burden. It also gives you time to take advantage of tax deductions, like charitable contributions, before it is too late. If you don’t have a CPA but rather do your own taxes, we suggest using the IRS Withholding Calculator to determine whether you are likely to owe more or be entitled to a refund. All you need is a copy of your most recent paycheck stub. This is

Read More »

Introducing Service 360

At Whelan Financial you’ve probably heard us say that we work with our clients’ other professionals. We do, as the need arises, collaborate with our client’s CPAs, estate planning attorneys, and the like, to execute immediate financial planning strategies on a year-over-year basis. Your Financial Needs As CFP professionals, it is our job to balance your short-term financial needs with your long-term financial goals. For instance, making sure your current spending habits are sustainable in retirement or foregoing tax deductions this year in favor of reduced taxes in the future. In order to advise you in this way, we construct complex financial plans that bring all of the component parts of your finances together in an analysis that extends not just from the current year, but through your life expectancy. Not only will it reveal how much you can expect to have remaining for loved ones or charities, it also informs us of issues that may occur down the road. For instance, years in which your income tax may spike, or when your heirs may be at risk for paying estate tax. The Service 360 Difference We realized that this data is not just important to the advice we give, but

Read More »

2024: Market Update

As we welcome 2024, it’s time to reflect on the economic and financial landscape of 2023 and look ahead to what this year might have in store. At Whelan Financial, we believe in providing you with valuable insights to make informed decisions. Let’s delve into the key components of the financial world in 2023 and provide you with a glimpse of what the future might hold. The U.S. Economy in 2023 2023 seemed destined to be defined as a year of uncertainty but was instead defined by resiliency. Heading into 2023, there were major questions about the effects of inflation and interest rates on the economy. Despite these challenges, consumers continued to spend, companies continued to hire and our economy continued to expand. These positive factors allowed the Federal Reserve to bring inflation down over the course of the year without creating undue economic stress. In fact, as inflation came down and our economy continued to expand, it provided investors with confidence to purchase back into risky assets, such as stocks. The Stock Market in 2023 The stock market in 2023, as measured by the S&P 500, was up over 26% by year-end. Volatility was a constant companion as investors

Read More »
woman and man looking at computer in kitchen

2023 End-of-Year Financial Checklist

It’s that time of year again, so before the holiday season takes over, let’s pause to ensure that your financial well-being is on solid ground. This end-of-year financial checklist is designed to help you safeguard your financial present and fortify your financial future. 1. Maximize 401(k) Contributions Your employer-sponsored retirement plan is perhaps one of the most powerful financial tools at your disposal. Maximize your contributions as much as possible and take full advantage of any employer match, if available. For 2023, you can contribute $22,500, or $30,000 if you’re over 50 years old. Check with your 401(k) service provider to see that you are on track to maximize your contributions by year-end or if you need to make additional contributions. 2. Take your RMD When you turn 73 the IRS insists that you take a minimum distribution each year from your IRAs and 401(k). This is because money in these accounts has not yet been taxed, so in turn the IRS imposes this Required Minimum Distribution, or “RMD”, to commence collecting taxes on these monies. A specific calculation involving the year-end balance in the account relative to your life expectancy is used to determine the amount you must take.

Read More »

Update from CEO Portia L. White, CFP®

As the CEO of Whelan Financial, I am pleased to share some of the incredible improvements we’ve been working on over the past number of years. Our team has embarked on an exciting journey of transformation, particularly in the realm of technology. Our goal has always been to empower our clients and our team with the best tools so that we can provide the best service. I’m excited to tell you how we’re achieving that and more. 

Read More »

Financial Planning: It’s More than Math

In the financial world there is so much to know. As CFP® Professionals we have dedicated ourselves to obtaining knowledge of investments, taxes, estate planning, insurance, and the like. At Whelan Financial, we strive to gain a deep understanding of each client to create a custom financial plan that will guide them in making sound financial decisions. It’s important to note the time and attention each client is given; we are not just a transactional business but a relational one.  The service we offer goes beyond the technical knowledge that is required of us and reaches into the feelings, thoughts, and fears that our clients have. We remember that we help people reach their financial goals.  This human element makes our job so much more exciting, so much more meaningful. We know that when the market is up, investors are often very happy – why wouldn’t they be? Conversely, when the market is down, investors are often concerned about their outlook.   We understand that fluctuations in the stock market can cause uncertainty and stress, and we make considerable efforts to proactively reduce this stress in a caring, yet practical way. Here are a few of our methods. Teaching You How

Read More »

You’re Making Six Figures, Now What?

Congratulations! Your hard work has paid off. You’ve finally hit that six-figure salary. You must be asking yourself, “What do I do now?” Whether you’re looking to start a family, work hard/play hard, or just want to retire as early as possible, making sure you’re saving and investing to reach your goals is going to be your first priority.  Employers offering pensions are a relic of the past, and social security may not be sufficient to satisfy your expense needs. It’s up to you to save enough.  Other professionals have advised 10% as a healthy savings goal, but if you wish to maintain your quality of life in retirement, this probably will not be enough. We advise saving 20%-30% of your gross income depending on your age and your earnings. The earlier you start, the greater the chance that 20% will be enough. However, the more you make, the higher the percentage you’ll need to save. These amounts could be adjusted further depending on your targeted retirement age. Where You Are Saving Is Just as Important as How Much You Are Saving! Navigating the complexities of a comprehensive financial strategy can be daunting. A CERTIFIED FINANCIAL PLANNER™ practitioner will be able to

Read More »

Investment Strategies in Times of Inflation

Investors are worried about the current state of the economy—namely, therising costs of goods on their savings. Each dollar buys less with every passing month of higher inflation, and savings are dwindling along with the “purchasing power” of what remains. This leads people to ask where to place their money at a time like this. Although interest rate increases are terrible for borrowing money, they are great for your savings accounts. For the first time in over a decade, your normal savings could start earning reasonable risk-free interest if managed properly. Before we discuss how to navigate the road ahead, let’s examine how we got to this point and the lessons learned from prior periods of higher inflation. How We Got Here In mid-2022, the United States experienced a surge in inflation, reaching a 40-year high. This upward price trend can be attributed to a supply-demand mismatch in which an excess of money is chasing fewer goods. Despite initial claims by the Federal Reserve that inflationary pressures were “transitory” and would diminish once factories and workers resumed normal operations post-COVID-19, supply chain shortages and subsequent spikes in energy and consumer goods have persisted. The Consumer Price Index (CPI) measures the

Read More »

End-of-Year Financial Checklist

It’s that time again, the end of the year is here. While you’re making your list and checking it twice, keep these financial tips in mind to take advantage of tax benefits, find cost-effective solutions, and begin the new year in control of your finances. 1. Maximize 401(K) Contributions This strategy is among the top priorities in most financial plans. The maximum contribution for 2022 is $20,500 or $27,000 if you are over 50. Check with your 401(k) service provider to discuss whether you are on track to maximize your contributions by the end of the year. 2. Prepare for Tax Impact For those who dislike surprises, end-of-year tax planning is a must. Meeting with your CPA and having them run a preliminary projection can help prepare you for an unexpected tax burden. It also gives you time to take advantage of tax deductions, like charitable contributions, before it is too late. If you don’t have a CPA but rather do your own taxes, we suggest using the IRS Withholding Calculator to determine whether you are likely to owe more or be entitled to a refund. All you need is a copy of your most recent paycheck stub. This is

Read More »