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 »
Whelan Financial - Portia White, CFP®

Portia L. White, CFP® Named CEO of WF

It is with great enthusiasm that I am writing to you for the first time as the CEO of Whelan Financial. Vin announced my promotion earlier this year and it is a privilege to lead my fabulous team into the next era. Over the course of my  seventeen years with the firm, I have witnessed its success, I have learned from our mistakes, and I have developed a vision for the future. We have a very bright, and exciting time ahead, indeed!  What we do here at WF is important! At the heart of it, what we do goes far beyond building financial projections and developing investment portfolios, rather, we bring our clients the kind of happiness you can only experience when you have peace of mind about your money and your future. When your financial footing is firmly planted you can focus on the more qualitative aspects of your life like relationships, personal development, life experiences, or a career perhaps. At the beginning of this firm’s history, Vin Whelan embedded in our company’s core values, the underlying objective, that “every client would receive our very best care and attention”. This concept, at the heart of our company culture, has

Read More »

Your End-Of-The-Year Financial Checklist

End of Year Financial Checklist! Seriously? It’s almost Christmas again? Yikes! Before you go and “break the bank” this season, let’s review a few things you can do before year-end to protect both your financial present and future. 1.) Maximize Your 401(K) Contributions! This strategy is among the top priorities in almost every financial plan. The maximum for 2021 is $19,500 or $26,000 if you are over 50. Check with your 401(k) service provider to see that you are on track to maximize your contributions by year-end. 2.) Prepare for Tax Impact For those of you who do not like 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. And, it 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, I suggest using the IRS Withholding Calculator to give you an idea of whether you are likely to owe more or be entitled to a refund. I have personally found this tool to be very accurate. All you need when

Read More »

Why Do Happy Couples Have Healthier Finances?

We have all heard the expression, “there is more to life than money.” No one would dare disagree, but we also can’t deny that money is at the heart of much stress. It is also no secret that money stress can be devastating to a marriage. The happiest couples I meet are those who are on the same page about their finances. But more interesting is that, not only are these couples the most content, I find they have the HEALTHIEST levels of financial security! You must be thinking, “of course” if they have a healthy level of financial security then it is easy to be happy. But the behavior of these couples is in stark contrast to the unhappy couples whose financial health is borderline. These couples all do the following: They come to their meetings with light hearts and seem strongly connected, the meetings are full of laughter rather than being wrought with bickering and sarcasm. It is quite clear, that their teamwork, their respect for one another and their great communication are largely the reason that they have achieved financial security. This combined with their fairly frugal spending, is why they can sincerely say “there is more

Read More »

Four Common Concerns About Roth IRAs

There is a list of objections commonly used against the use of a Roth. The following are answers to the most common tax concerns. Concern #1: Is it better to pay taxes now or later?  Because there are many unknowns related to tax code and changes in individual earnings, there is only one good way to approach this question meaningfully. One must presume that tax brackets will not change, individual earnings do not change, and that only the tax-deductible equivalent is invested using the Roth. To illustrate, a $5,000 contribution made to a traditional IRA by an individual in the 15% tax bracket, would result in an out-of-pocket expense of about $4,250 once you take into consideration the tax deduction. As such, $4,250 would be the ‘tax-deductible equivalent’ for use in comparing to a Roth. Presuming both contributions earn 6% per year, but withdrawals are tax-free to the Roth holder and taxable to the Traditional IRA account holder, the result is that there is no tax advantage either way. One did not position themselves better from a tax perspective. (There are still other advantages to using this strategy, such as not having a required minimum distribution and the cross generational

Read More »

Delay Social Security, Not Your Retirement

Most people think that they can’t retire until they take Social Security. So, when I advise them to delay their Social Security benefit until age 67 (and most often until age 70), all they hear me saying is, “YOU HAVE TO WORK LONGER!” Not True! The age when you take Social Security and the age at which you retire DO NOT have to coincide. Where my clients are concerned, they have saved substantial amounts of money in their 401(k)s, IRAs, trust accounts and the like. They can retire, delay their social security benefit, withdraw from their retirement savings and then simply draw less once they start taking Social Security. If they live past 80, they are likely better off. No two financial plans are the same. Have your CFP® professional run your Social Security analysis to see what’s best for you.

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 »
Whelan Financial - Portia White, CFP®

Portia L. White, CFP® Named CEO of WF

It is with great enthusiasm that I am writing to you for the first time as the CEO of Whelan Financial. Vin announced my promotion earlier this year and it is a privilege to lead my fabulous team into the next era. Over the course of my  seventeen years with the firm, I have witnessed its success, I have learned from our mistakes, and I have developed a vision for the future. We have a very bright, and exciting time ahead, indeed!  What we do here at WF is important! At the heart of it, what we do goes far beyond building financial projections and developing investment portfolios, rather, we bring our clients the kind of happiness you can only experience when you have peace of mind about your money and your future. When your financial footing is firmly planted you can focus on the more qualitative aspects of your life like relationships, personal development, life experiences, or a career perhaps. At the beginning of this firm’s history, Vin Whelan embedded in our company’s core values, the underlying objective, that “every client would receive our very best care and attention”. This concept, at the heart of our company culture, has

Read More »

Your End-Of-The-Year Financial Checklist

End of Year Financial Checklist! Seriously? It’s almost Christmas again? Yikes! Before you go and “break the bank” this season, let’s review a few things you can do before year-end to protect both your financial present and future. 1.) Maximize Your 401(K) Contributions! This strategy is among the top priorities in almost every financial plan. The maximum for 2021 is $19,500 or $26,000 if you are over 50. Check with your 401(k) service provider to see that you are on track to maximize your contributions by year-end. 2.) Prepare for Tax Impact For those of you who do not like 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. And, it 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, I suggest using the IRS Withholding Calculator to give you an idea of whether you are likely to owe more or be entitled to a refund. I have personally found this tool to be very accurate. All you need when

Read More »

Why Do Happy Couples Have Healthier Finances?

We have all heard the expression, “there is more to life than money.” No one would dare disagree, but we also can’t deny that money is at the heart of much stress. It is also no secret that money stress can be devastating to a marriage. The happiest couples I meet are those who are on the same page about their finances. But more interesting is that, not only are these couples the most content, I find they have the HEALTHIEST levels of financial security! You must be thinking, “of course” if they have a healthy level of financial security then it is easy to be happy. But the behavior of these couples is in stark contrast to the unhappy couples whose financial health is borderline. These couples all do the following: They come to their meetings with light hearts and seem strongly connected, the meetings are full of laughter rather than being wrought with bickering and sarcasm. It is quite clear, that their teamwork, their respect for one another and their great communication are largely the reason that they have achieved financial security. This combined with their fairly frugal spending, is why they can sincerely say “there is more

Read More »

Four Common Concerns About Roth IRAs

There is a list of objections commonly used against the use of a Roth. The following are answers to the most common tax concerns. Concern #1: Is it better to pay taxes now or later?  Because there are many unknowns related to tax code and changes in individual earnings, there is only one good way to approach this question meaningfully. One must presume that tax brackets will not change, individual earnings do not change, and that only the tax-deductible equivalent is invested using the Roth. To illustrate, a $5,000 contribution made to a traditional IRA by an individual in the 15% tax bracket, would result in an out-of-pocket expense of about $4,250 once you take into consideration the tax deduction. As such, $4,250 would be the ‘tax-deductible equivalent’ for use in comparing to a Roth. Presuming both contributions earn 6% per year, but withdrawals are tax-free to the Roth holder and taxable to the Traditional IRA account holder, the result is that there is no tax advantage either way. One did not position themselves better from a tax perspective. (There are still other advantages to using this strategy, such as not having a required minimum distribution and the cross generational

Read More »

Delay Social Security, Not Your Retirement

Most people think that they can’t retire until they take Social Security. So, when I advise them to delay their Social Security benefit until age 67 (and most often until age 70), all they hear me saying is, “YOU HAVE TO WORK LONGER!” Not True! The age when you take Social Security and the age at which you retire DO NOT have to coincide. Where my clients are concerned, they have saved substantial amounts of money in their 401(k)s, IRAs, trust accounts and the like. They can retire, delay their social security benefit, withdraw from their retirement savings and then simply draw less once they start taking Social Security. If they live past 80, they are likely better off. No two financial plans are the same. Have your CFP® professional run your Social Security analysis to see what’s best for you.

Read More »
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