If you inherit someone else’s IRA you have to be really careful about mandatory distributions. Depending on your relationship to the person who passed away and their age, you may be required to take money out of the IRA every year no matter how young you are now. And if you fail to comply with […]
This category is the heart and soul of Wealth Pilgrim. Here you’ll find a host of information created to help you reach your retirement goals and enjoy the journey. These are nuts-and-bolts articles to help you understand where you are now, identify where you want to be and when you want to get there, and design a roadmap to help you do so.
No matter what your age is today, at some point you’re going to want to stop working. And when you do that you will rely on passive retirement income to support yourself for the rest of your life. That being the case, the question is, how safe is that income? Even if you are already […]
Jim, a very sophisticated client recently called me because he was worried about the IRS. He will turn 70 next January and just wants to make sure he complies the rules on mandatory distributions from retirement accounts. He’s confused and he’s not alone. It can be easy to get mixed up on this topic. Not […]
If you are interested in taking money out of an IRA penalty-free, there are a number of ways to do this. But first let’s see why it’s so important to stick to the IRA rules. Let’s say you have $3,500 in credit card bills that you want to pay them off with IRA funds. If […]
The following is a guest post from Spencer from Military Money Manual. Spencer has a fantastic site structured to help our men and women in uniform make the most of the their finances so they don’t have to worry when they have more important things on their mind – like protecting our country. Thanks Spencer….and […]
There is a very high likelihood that your retirement accounts are in big jeopardy – and I don’t mean the TV show. That’s true even if you’ve selected the right beneficiaries. The problem I’m talking about is your ability to tap that money should you become incapacitated. If you become disabled and are unable to […]