By the time you finish reading this and going through the exercises, you’ll have a very good idea of whether or not you are on track to reach your retirement goals and what you can do to improve your situation. Who Should Plan Out Their Retirement and When? You and everybody you know. I don’t […]
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.
I stumbled on a fascinating graphic a few days ago over at Investors Business Daily (a great newspaper for investors). It depicts what most people expect their “retirement” to look like. Have a gander: When I saw this I nearly fell off my chair. It clearly shows that only 21% of us expect to retire […]
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 […]
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 […]