Who should be your Roth IRA beneficiary? Some time ago, I received this question from Darren, a loyal Wealth Pilgrim reader: Isn’t there a provision to name your spouse as the Roth IRA beneficiary, have them roll it over to their own Roth IRA, and then avoid RMDs during their life? Can’t they then name […]
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 Borrow from Your IRA and Why You Shouldn’t
Have you heard those crazy commercials telling you how to borrow from your IRA to fund your small business? At first it sounds kind of crazy. But the more you look into it, it’s clear that it’s not just crazy. It’s 100% insane. First, here’s how it’s done: You open your business and […]
Why You Should Not Care about the Average Retirement Income People Receive
Every day, people ask me what the average retirement income is. When they ask this question, I get scared. Very scared. Why? Because it’s the wrong question to ask and the wrong focus to have. I believe that people ask this question so they can compare themselves to that average (currently about $30,000 a year). […]
Boost Social Security Spousal Benefits – 3 Smart, Overlooked Tactics
There are a handful of ways you can boost Social Security spousal benefits. The most obvious is to delay taking benefits until age 70, a move you should really consider if you or your spouse’s health is good. Each year you delay adds about 7% to the eventual benefit. That can really add up. […]
Rollover to Roth 401k – A Good Idea?
Is a rollover to Roth 401k a good idea? As you’ll see in a minute, you may have this option at your current employer. If you leave your job, you won’t be able to do this but you can roll your old 401k to an IRA. Ok. Let’s get back to the issue at hand […]
How to Find the Best Small Business 401k
A small business 401k might be one of the best tools available to you if you are in business for yourself. In fact it could be one of the key solutions if you want to know how to make a business successful. For my money, the best plan out there is the Individual 401k (if […]