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 »

Last Chance for 2010 Roth IRA Conversions

You’ve been hearing about it all year. If you haven’t done so yet, I suspect either:

a) You don’t have an account eligible for conversion (i.e. your current 401k that you cannot withdraw from), or;
b) You haven’t had the time to analyze it further.

If you’re in the first camp, this post won’t apply to you. If you’re in the latter camp, it’s likely worth your time to analyze this further. Let’s start with a summary of the opportunity and what this year’s deadline means:

Conversions from a Traditional IRA (and it’s various forms – 401k, 403b, SIMPLE, SEP) to a Roth IRA had previously been limited to those whose Modified Adjusted Gross Income (MAGI) did not exceed $100,000 in a year. Now, converting from a Traditional IRA to a Roth IRA in 2010 and beyond does not have any income (MAGI) cap, so it is available to everyone. So why would we even want a Roth IRA instead? Let’s explore the benefits through a basic comparison: Read the rest of this entry »

Financial Plan Contest Winner

We have another happy winner! Today’s winner entered at the Buy the Big O! show and won a prepaid gift card to pay for a comprehensive financial plan from CFP.

Jim Bemis, Financial Plan Winner

Jim Bemis of Omaha, NE was another winner from our giveaway celebrating our introduction of conflict free planning to the metro. Someone receiving our financial planning service would include addressing:

• Retirement feasibility analysis for both spouses, including specific dates and values
• A proper investment portfolio allocation plan
• A thorough risk analysis
• Review of tax issues or concerns
• Estate planning and other wealth management requirements

Congratulations Jim! For the rest of you out there, there’s still one more chance to win. If you haven’t entered your name yet, you can do so by signing up to our weekly email newsletter or simply attending one of our free classes.

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 »

iPad Contest Winner

iPad Winner Kristen Tuel

We have a winner! If you asked to receive our email newsletter on our website, at Jazz on the Green, the Cox Classic or the Buy the Big O! Show you were automatically entered to win an Apple iPad courtesy of Callahan Financial Planning Company to celebrate our Grand Opening in Omaha at Midtown Crossing.

Kristen Tuel, a fellow resident of Midtown Omaha and employee at the University of Nebraska is the new proud iPad owner. For everyone else that entered, don’t worry. There will be two more Financial Plan giveaways in the coming weeks- stay tuned for details.

Congratulations Kristen!