If you have a Beneficiary IRA the chances are very high that your CPA, advisor and/or custodian are setting you up for IRS trouble. That’s because based on my experience, many professionals do not know how to calculate your Required Minimum Distribution. I published this post on Beneficiary IRA Distributions about a month ago. […]
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.
5 Non-Financial Reasons to Work After Retirement
Even though you may not need to generate extra income during retirement, you may want to work after retirement anyway. And your reasons may have nothing to do with money. This will be especially true if you decide to take some form of early retirement. What are some of the non-financial reasons you might want to […]
How To Downsize Your Financial Life in 67 Days
There is a lot of interest in learning how to downsize these days. That’s because one of the best ways to have personal freedom is to have a smaller spending footprint. When you spend less you don’t have to earn as much. When you don’t have to earn as much you have more free time. […]
Why Your Retirement Number Doesn’t Matter
Yesterday we discussed how to calculate your personal net worth, what it means and how it relates to your retirement number . I also mentioned that when you calculate how much (or how little) income your net worth may generate, it could be depressing. As I said, many people run the numbers only to learn […]
What To Do If You Are Retiring Soon.
If you are retiring soon you might be feeling a little anxious. That’s understandable. More than likely you have a thousand questions running through your mind all at the same time. You face so many uncertainties about your income and expenses that it can be daunting. A woman I spoke with recently faced this problem […]
What is the Average Retirement Age….and a Surprise
You might ask “What is the average retirement age?” I’ll answer that of course. But I’m going to go one step further and answer the question you really want to ask. And that is something very different. First things first. What is the average retirement age? To get this information, I visited the Center […]