Category: Personal Finance
Financial Rewards of Charitable Giving
There is something special about the holidays that, for some, elicits deep feelings of philanthropy. So, it is not uncommon that at this time of year we get questions about charitable donations. But, before simply writing a check to a charity, you should consider other ways to gift that may benefit you as well as the charity. Two great strategies to consider are gifting highly appreciated securities and utilizing Qualified Charitable Distributions (QCD’s). We’ll touch on some lesser-implemented strategies as well. Gifting Highly Appreciated Securities There are certain types of accounts in which we invest that are subject to capital gains tax. This tax is different from your 401k or your IRA because you only have to pay tax on amounts that you made on the investment. You see, accounts such as individual brokerage accounts, joint tenant accounts, trust accounts, and the like are funded with money that you have already paid tax on. So, the IRS can’t tax you on those dollars again. They do, however, tax you on the amounts that your investments made. This tax is called capital gains tax and occurs once the investment has been sold. At times, the value of these investments grows so
New Opportunities for Cash Management in Today’s Market
Current realities including rising inflation and interest rates may seem grim, but there are also new opportunities for cash management.
Strategies for College Savings at All Stages
Saving for your child’s college isn’t an easy endeavor. It is increasingly expensive, which can make it challenging to cover even a portion of the total, much less the entire cost. This is why the best strategy is to start saving early. However, for those who are starting later, there are still financial planning opportunities to help support your savings goals.
Peace of Mind Starts with a Plan
There are no two financial plans alike. Working with a Certified Financial Planner™ will ensure that your financial plan is designed around your desired future.
CalSavers Retirement Savings Program
What you need to know about the CalSavers Retirement Savings Program: how it works, how it helps employers, how to be in compliance, how it differs from a 401K.
Navigating Current Volatile Market Conditions
Investing during uncertain times can be stressful, but our qualified Whelan Financial advisers will help guide you on how to invest in volatile markets.
Why You Should Consider I Bonds
In the United States, inflation is rising at a rate that hasn’t been experienced since the early 80s. At Whelan Financial, we understand times like these can be challenging and can offer services to support long-term savings. Our experienced team of advisors recommends Series I Savings Bonds to combat inflation in the current environment.
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
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
Financial Rewards of Charitable Giving
There is something special about the holidays that, for some, elicits deep feelings of philanthropy. So, it is not uncommon that at this time of year we get questions about charitable donations. But, before simply writing a check to a charity, you should consider other ways to gift that may benefit you as well as the charity. Two great strategies to consider are gifting highly appreciated securities and utilizing Qualified Charitable Distributions (QCD’s). We’ll touch on some lesser-implemented strategies as well. Gifting Highly Appreciated Securities There are certain types of accounts in which we invest that are subject to capital gains tax. This tax is different from your 401k or your IRA because you only have to pay tax on amounts that you made on the investment. You see, accounts such as individual brokerage accounts, joint tenant accounts, trust accounts, and the like are funded with money that you have already paid tax on. So, the IRS can’t tax you on those dollars again. They do, however, tax you on the amounts that your investments made. This tax is called capital gains tax and occurs once the investment has been sold. At times, the value of these investments grows so
New Opportunities for Cash Management in Today’s Market
Current realities including rising inflation and interest rates may seem grim, but there are also new opportunities for cash management.
Strategies for College Savings at All Stages
Saving for your child’s college isn’t an easy endeavor. It is increasingly expensive, which can make it challenging to cover even a portion of the total, much less the entire cost. This is why the best strategy is to start saving early. However, for those who are starting later, there are still financial planning opportunities to help support your savings goals.
Peace of Mind Starts with a Plan
There are no two financial plans alike. Working with a Certified Financial Planner™ will ensure that your financial plan is designed around your desired future.
CalSavers Retirement Savings Program
What you need to know about the CalSavers Retirement Savings Program: how it works, how it helps employers, how to be in compliance, how it differs from a 401K.
Navigating Current Volatile Market Conditions
Investing during uncertain times can be stressful, but our qualified Whelan Financial advisers will help guide you on how to invest in volatile markets.
Why You Should Consider I Bonds
In the United States, inflation is rising at a rate that hasn’t been experienced since the early 80s. At Whelan Financial, we understand times like these can be challenging and can offer services to support long-term savings. Our experienced team of advisors recommends Series I Savings Bonds to combat inflation in the current environment.
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
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
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