Kyle D. Dennehy

03/31/2023

When it comes to making financial decisions, there is a lot of information to consider, and you are most likely not a financial expert. Tackling tough financial questions on your own can be exhausting, time-consuming, not to mention stressful.

It doesn’t need to be though.

Speaking with a financial expert is one of the easiest ways to learn about what options are available to you, and a financial advisor can filter out the additional information that isn’t relevant to your situation.

Don’t overcomplicate it. Speak to your financial advisor to learn about your finances, create a financial plan, and determine what investments are right for you.

03/24/2023

One of the top financial concerns within the LGBTQIA+ community is retirement*, and the first step to determining when you can retire is figuring out whether you have enough funds to last the duration of your retirement period.

Unfortunately, there is a significant confidence gap in whether LGBTQIA+ community members have enough to retire, and this uncertainty can lead to stress and anxiety.

Shrinking this confidence gap can be as simple as sitting down with a financial advisor when looking at your budget, laying out a plan to reach your goals, and determining what investments are right for you. Take the first step in shrinking your confidence gap, and speak with a financial advisor today!

*Prudential, “The LGBT Financial Experience”, 2017.

02/10/2023

Now more than ever, keeping your personal information away from prying eyes can be difficult. There are dozens of schemes and tactics meant to confuse the everyday user into willingly handing over their data. So, how can you help to ensure the confidentiality of your data, and what should you look for to help you identify scams and hack attempts?

Financial Advisors like me require personal identifying information to do our jobs properly. Websites like BrokerCheck allow you to look up financial professionals to confirm their credentials and licenses. Once you have confirmed an advisor’s legitimacy, they should also offer you a secure way to exchange personal identifying information like through a secure online portal service. Additionally, full account numbers, social security numbers, important documents, and other personal identifying information should never be sent through normal email.

What about day-to-day hack prevention? If you receive an email that looks wrong (font changes, grammar mistakes, embedded links that you don’t recognize, etc.), you can look at the sender’s email address. Any email addresses with seemingly random assortments of numbers and letters should put you on high alert for a scam attempt. Additionally, any email that asks you to verify your information by clicking an embedded link should give you pause as well.

Don’t fall victim to scams and hackers. Remember to stay vigilant, and always perform due diligence before trusting any online sources.

02/01/2023

For the past year, the headlines have been immensely focused on the decisions the Fed is making with the Federal Funds rate. However, there isn’t a lot of discussion about what the Fed’s decisions actually mean for the average investor aside from “interest rates are increasing” and “the Fed is hoping to reduce inflation”.

Can a rising interest rate affect your loans that originated before 2021? What does this mean for your next credit card bill? Are there any benefits of rising rates that you can take advantage of? How can rate hikes change the value of your portfolio?

Understanding how the Fed’s decisions affect all different areas of your finances can be the difference between reaching your financial goals on time, ahead of time, or not at all. Know what to expect with your financial plan, and talk to a financial advisor about what you can expect with the Fed’s latest monetary policy decisions.

01/20/2023

As a former intern myself, I cannot recommend this program enough. At a California Financial Advisors summer internship, you will get unparalleled, on-the-job experience working with Partners and Advisors, developing your leadership skills, and gaining foundational knowledge of the profession. If the world of finance, investments, or financial planning have ever been an interest, do not miss out on this amazing opportunity! Apply today!

Time to apply for our summer internships. Come join our team!
Apply here: https://www.calfinad.com/careers

01/13/2023

The Secure 2.0 Act affects many facets of retirement planning, including how much money you are allowed to contribute to your plans each year. Beginning in 2023, 401(k), 403(b), most 457 plans, and the government’s Thrift Savings plan all had contribution limits increased from $20,500 to $22,500 annually. If you are over age 50, you can contribute an additional $7,500 each year without penalties.

IRAs and Roth IRAs saw annual contribution limits increase as well from $6,000 to $6,500 starting in 2023. However, Roth IRAs have income limits that may affect certain individuals. Saving more earlier could mean retiring earlier and/or having a more fulfilling retirement. Meet with your financial advisor to find out how these changes affect your financial plan and how to take advantage of all the new provisions of the Secure 2.0 Act.

01/06/2023

It’s a new year, and with 2023 comes new rules when it comes to your retirement. Out of the 100+ provisions within the newly signed Secure 2.0 Act, some of the most consequential concern required minimum distributions (RMDs) on your retirement accounts.

Effective in 2023, the required beginning age for taking RMDs has been increased from 72 to 73. Additionally, that starting age increases to 75 starting in 2033. A couple more years may not seem impactful, but keeping that money in your accounts for an extra few years can make a world of difference for your retirement.

The Secure 2.0 Act changes more than just the RMD age. Talk to your financial advisor to learn about what the new law means for your retirement and for your financial plan.

12/21/2022

To my amazing clients, loving family & dear friends,

May your holiday season be merry, and may your new year be joyful and prosperous! Happiest of holidays to you, and cheers to 2023!

From,
Kyle D. Dennehy
Financial Planning Executive, California Financial Advisors

12/14/2022

The codification of the Respect for Marriage Act provides many protections to same-sex marriages. Under this newly signed legislation, the states and Federal government are required to recognize the legitimacy of previously established legal same-sex marriages, including in the administration of federal benefits such as social security and in federal tax filings.

However, like all legislation, there is fine print. If the Obergefell v. Hodges Supreme Court decision were ever overturned, the Act does not legalize same-sex marriage at the individual state level. Additionally, the legislation does allow for religious exemptions when it comes to planning your special day.

Breaking through the jargon is vital to understanding how new laws may affect your finances. Speak with a financial advisor to learn how new laws like the Respect for Marriage Act may affect your financial plan.

12/09/2022

Big banks continue to pay next to nothing in interest on your savings, and many people don’t know that there are other options. In today’s economy, with vehicles like high-yielding money market funds, CD’s, and T-Bills, you can maintain all the safety of saving with big banks and have yields that are much more advantageous.

Come obtain a complimentary financial plan with California Financial Advisors, and ask about whether any of these investment options are right for you and your savings.

Big banks still pay next to nothing on savings, but their customers aren’t yet moving much money to higher-yielding alternatives.