If you want to safeguard your retirement, one of the most important things you can do is to avoid withdrawing money from 401k accounts. That’s the case even if you can take money out without a penalty. Here’s why. Let’s say you are 35 years old with a $100,000 in your 401k. You earn […]
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.
Can You Write Off IRA Losses?
In most cases you can write off realized investment losses if those occur in non-qualified accounts (non-retirement accounts). That’s one way to minimize the pain when your investing fortunes don’t pan out. But when it comes to IRA losses, you are out of luck Charlie. This sour reality was brought home to Denise, a nice […]
Roth 401k vs Roth IRA. What Works Best?
If you are socking money into your 401k at work you get an “A” in Retirement Planning 101. Congratulations. You are ready for Retirement Planning 201. That’s where the Roth 401k and Roth IRA come in. Refresh Yourself When you contribute to your traditional 401k you become “The Man”. That’s because everything starts working for […]
A 401k Beneficiary Form Mistake You Must Avoid
The New Year is only a few days away. If you haven’t already done so, it’s time to make sure to make the most use of your 401k by making the proper elections. When you do so, make sure to check your beneficiaries too. You may not believe it, but the courts can and […]
Working And Or Collecting Social Security Abroad
If you are thinking about retiring outside the United States, you might be concerned about your retirement income. But you don’t have to stress. Dealing with Social Security abroad is a snap. You can easily apply for and collect Social Security benefits if you are out of the country no matter how long you are […]
How To Complete An IRA Distribution Form Right
One of the quickest ways to attract the ire of the IRS is to make a mistake on your IRA distribution form. And when it comes to completing this document it’s super easy to make mistakes. Of all the questions I get on IRAs, this is the topic that causes the most confusion. Don’t get […]