It’s entirely possible that you have enough money to retire now, but you may not know it because you may not be asking the right questions. It’s also possible that you are planning to retire now and don’t have enough money. By the time you finish reading this post, you’ll know the answer either way. […]
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.
How to Avoid 401k Fraud
You owe it to yourself to keep safe from 401k fraud. If you’ve been saving money for retirement with your employer’s 401k plan, you might ask yourself if it will be there when you want to make withdrawals. No…I’m not talking about investment returns. I’m talking about investment safety from 401k and employer fraud. I […]
Roth Recharacterization – FAQs
A Roth recharacterization is a “do-over.” It’s undoing a Roth conversion. If you do a Roth recharacterization, you have until October 15 of the year after you convert to a Roth to undo it. (Read “IRA Restrictions.”) So if you converted to a Roth in 2010, you have until October 15, 2011, to undo it. […]
Traditional IRA Contributions – The Rules You Must Know
If you make traditional IRA contributions, there are a few rules and limits you need to know about. (Read IRA FAQ for more information.) This is important. Your IRA is your best way to save for retirement, so let’s get to work. Who can make contributions? If you have earned income (not just passive retirement […]
How to Pick IRA Custodians
Believe it or not, your IRA custodians have a huge impact on your ultimate investment results. I received an email recently from “K” with a frequently asked question about IRAs. My answer will illustrate exactly what I mean. Here’s K: ”We have a few IRAs that I would like to roll over into one IRA […]
How to Delay Minimum IRA Distributions and Reduce Your Income Tax
You can delay minimum IRA distributions. This will reduce your income tax now and make you generally a much happier person. You may not want to take your minimum IRA distributions once you reach 70 ½ if you don’t need the money. If that’s the case, why pay the tax? Most people think there is […]