Nancy recently set up her living trust and instructed me to rename her IRA into the trust. It seemed like a pretty straight-forward request. But had I done what she asked it would have cost her a pile of moolah. I explained the situation and she quickly changed her mind. The mistake my client was […]
Retirement Planning
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.
What Is A Financial Plan?
For years I’ve been telling anyone who will listen how important it is to have a financial plan – and to have the right financial plan. Maybe it’s about time to define exactly what the right financial plan looks like and how to use it. What A Financial Plan Isn’t In order to really understand […]
Working And Collecting Social Security The Smart Way
You may not realize how working and collecting social security intersect and that’s a shame for two reasons. First, while it’s not all that complicated, minor details can trip you up. Second, by understanding a few straight-forward rules, you might be able to boost your retirement income significantly. Why not try to qualify for a higher […]
Please Do Not Open A New IRA This Year
Do yourself a big favor and don’t open a new IRA this year. Don’t get me wrong. If you can fund a deductible IRA this year, it’s probably a good idea to do so. But even if you should fund an IRA, you should not open up a new one. Have I confused you? Sorry. […]
How Millennials Can Cash In On A Rich Future
The following is a guest post from Erin, founder of BrokeMillennial.com. She uses sarcasm and humor to explain basic financial concepts to her fellow millennials. Erin lives and works in NYC where she’s always looking to score — a deal. What is the greatest financial concern for people in their 20s? What are their unique […]
No Retirement Plan. Now What?
If you are nearing the finish line of your career with no retirement plan it can be a frightening prospect. How much income will you need when you retire? Where is it going to come from? How long will you need it? It’s no wonder that many people are terrified about retiring. But retirement doesn’t […]