Should I Rollover My Retirement Account(s) to an IRA?

This is the third in a four part series designed to help you determine the best way to proceed with your previous employer’s company retirement plans, including 401(k)s, 403(b)s and more. Part 1 | 2 | 3 | 4

Now that you understand at the pros and cons of leaving your 401(k), 403(b), or other employer sponsored retirement plan with a previous employer let’s take a look at another option, rolling over your retirement account(s) from your previous employer into an IRA.

The advantages of converting your retirement account(s) to an Individual Retirement Account (IRA) include:

1. Opening your IRA with a discount brokerage to receive much lower transaction costs.
2. More visibility of your current investments and more detailed record keeping.
3. The ability to invest in thousands of different securities instead of just selecting from a pre-selected list of 5-15 options. This allows you to create a specific portfolio designed to fit your unique needs, not just be lumped together with 100′s to millions of other investors.
4. In most cases much lower administration costs. In a self-directed IRA you may be able to greatly reduce your expenses by removing the extra administration fees present in your previous retirement account. Read the rest of this entry »

What Should I Do with My 401(k)?

This is the first in a four part series designed to help you determine the best way to proceed with your previous employer’s company retirement plans, including 401(k)s, 403(b)s and more. Part 1 | 2 | 3 | 4

What do you think about when you get a new job?

If you’re like most, you’re focused on what the new employer expects from you, learning your position, new processes and dozens of other details that come along with a new position.

This can be a very stressful time for any individual and although it’s the last thing anyone wants to think about, it’s important to remember your company retirement plan(s).  These include 401(k)s, 403(b)s, SIMPLE IRAs, Thrift Savings Plans and more.  If you’re not consciously thinking about your 401(k) or other employer sponsored plan it can be easy to think “I’ll get around to it later” and eventually forget about it all together. Read the rest of this entry »

Do I Need a Financial Plan?

Have you been thinking about creating a financial plan for yourself, but just don’t know if you actually need to take the time to do it?  If you’re teetering on the idea, ask yourself the following questions.  The only rule – Be honest with yourself.

• Do you feel you make good money yet have little to show for it?
• Are you confused about the vast array of investment options?
• Are you unclear about how your current investments are performing?
• Do you and your spouse differ over how to handle your money?
• Are you uncertain if you have the right kinds and amounts of insurance?
• Have you delayed creating an estate plan?
• Do you feel you pay too much in taxes?
• Are you worried about not having enough money to retire?

If you answered ‘yes’ to any of the following questions, there’s a good chance you should consider financial planning. Read the rest of this entry »

What Do You Mean Free Classes?

This is the last in a four part series designed to explain the ideas behind starting such a unique company and choosing Omaha to call home.

When it comes to finances, most Americans biggest struggle isn’t a lack of ability, but the lack of education to fully understand their situation and the options available to them. I’m sure many of you watch CNBC, read the Wall Street Journal, or frequent another financial news source such as Yahoo & Google finance on a regular basis. These media outlets provide vast amounts of information and it can be very difficult to understand all of the advantages and disadvantages of every idea, theory, or investment vehicle mentions through these channels.

The reality is that education is the foundation of personal financial empowerment. Without the necessary comprehension most feel ill-equipped to make the significant financial decisions we all face today. In order to determine if an investment decision is right for you there are some questions that must first be answered:

• Is this the best course to take in order to reach my financial goals?
• What, if any, are my criteria for making investment decisions?
• What is my current risk tolerance and how will this decision affect it?
• Is this the lowest cost option available or could I save money elsewhere?
• How does this affect my overall financial plan?

These are just a few of the many questions you should answer in order to make the right decision when it comes to your personal finances.

At Callahan Financial Planning, our planners thought what better way to serve our clients and our community than to offer FREE financial classes on the situations most commonly faced by Americans today. These include 1) Giving Yourself a Financial Audit 2) Social Security and Your Retirement 3) Starting Your Financial Plan 4) How to Save for College 5) What to do with your 401(k) and many more…

These are all held in our beautiful state of the art classroom in Midtown Crossing at Turner Park. Our Classes are free to the public, which means anyone is allowed to come get educated from a Professional Financial Planner on relevant topics to their current situation without the worry of a sales pitch. Each course is also followed by a Q & A session that allows you to get answers to any questions you may have or clarify any of the material discussed in the course.

If you aren’t 100% sure you are making the right decisions in your own personal finances and investments, come to one of our free courses or contact one of our Financial Planning Advocates to find out how a Professional Financial Planner can help you today.

Who Are Our Clients?

This is the third in a 4 part series designed to explain the ideas behind starting such a unique company and choosing Omaha to call home.

Since we opened our offices earlier this year, one of the most common questions we’ve gotten before “Why are you different” is “What do you do”? It’s a question we love to answer, and comes as no surprise with all the perplexity of the financial service industry today.

Contrary to most banks, insurance companies and brokerage who regularly sell specific products, our product is our expertise, wisdom and planning process. We use this capability to address areas such as: Read the rest of this entry »

Saving Money by Not Paying Commissions

This is the second in a 4 part series designed to explain the ideas behind starting such a unique company and choosing Omaha to call home.

Last week I wrote about the importance of receiving advice in a fiduciary capacity- putting the client’s best interest first. Today I’d like to focus on the scenarios in this capacity that can save you money.

Without a Sales Commission…When working with a fiduciary that doesn’t earn a sales commission, their only form of compensation is what you pay them directly. There are several ways to pay, but the two most common are paying an hourly rate for service rendered or at an annual rate based on your net worth or investment balances. Because any of these fees are seen directly by clients, there is often the false impression their normally “free” service is no longer.

With a Sales Commission… Read the rest of this entry »

What Were You Thinking?

This is the first of a 4 part series designed to explain the ideas behind starting such a unique company and choosing Omaha to call home.

Who are we?

Callahan Financial Planning is a new, independent company based in Omaha, NE that has introduced a revolutionary way to pay for and receive finance guidance. Aware of the conflict traditional sales staff and commissions produced, we set out to build a unique financial planning model to truly create, implement and manage financial plans to your goals… free from product sales. Read the rest of this entry »