A reader asked me recently if it’s easier to get Medicaid if you own an annuity. My dad is 84 and we had to put him in a skilled nursing facility. He resides in FL where he owns a home and has a tax deferred annuity. We are trying to get him on Medicaid because […]
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.
Creating Wealth – Avoid these 3 Mistakes
If you’re interested in creating wealth, it’s a good idea to study the people who achieved financial success. Of course it’s important to have great entrepreneurial ideas. But it’s also important to learn from the people who had wealth and lost it. Here is one story that provides three invaluable lessons: Peter and the Wolf […]
How to Retire Rich – 3 Steps
Most people can retire rich. I am convinced of this. And it’s not a complicated process either. In fact, it’s very simple…not easy…but simple. Having said that, if you want to retire rich, (assuming you’re not already rich), you’re going to have get out of your comfort zone and do things differently. You’re going to […]
Early IRA Withdrawal with No Penalty – 72t Rule Explained
There is an obscure IRS code referred to as “the 72t rule” that can help you make early IRA withdrawals penalty free. Let’s say you want to retire now but you need more income. Further, assume you’d like to tap into your IRA before reaching age 59 ½ and not pay any tax penalties. The […]
Should You Replace Your Employee Disability Insurance?
When you leave your job, one thing you’ll have to consider is disability insurance. I received an e-mail from a loyal Wealth Pilgrim a few days ago with exactly that concern. Here’s his story: Jim is about to leave work for good. He’s made enough money to retire from his current job and is going […]
How to Make Sure You’ll Have Enough Retirement Income
“Have Enough Retirement Income” is a guest post by Jeff Rose. Jeff Rose is an Illinois CERTIFIED FINANCIAL PLANNER™ Professional and co-founder of Alliance Investment Planning Group. He is also the author of Good Financial Cents, a financial planning and investment blog. One of his most interesting posts lately is Illinois Term Life Insurance Quote. […]