The U.S. Tax Court recently changed the rules with respect to IRA rollovers big time. Once those changes take effect, it will be much harder to use your retirement assets to cover a short term need unless you are willing to pay taxes and penalties The Background Up until now, taxpayers were allowed to withdraw […]
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.
Is A CCRC The Answer To Your Retirement Living Needs?
The kind of housing you choose during retirement will have a huge impact on how much money you’ll need to retire. Most people prefer to stay in their own home. That’s understandable, but there are other options. This is important on a couple of different levels. Most important, you may be able to retire earlier […]
Five Ways To Stretch Your Nest Egg
If you are thinking about retirement, one of your biggest concerns is how to make sure you don’t run out of money. In other words, you want your nest egg to last as long as you do. Even if you aren’t going to retire for another 10 or 20 years, you probably think about this […]
Living Large By Thinking Small
I was recently in New York City – my favorite place in the world – and the capital of the “living large” mentality. When I was walking through the airport I saw a book in the bookstore titled “Think Big”. Apparently it is a bestseller. Although the book might be a great read, something has […]
Are Your Retirement Accounts Creditor Proof?
Even if you aren’t worried about getting sued right now, it’s nice to know what is within the reach of creditors and what is out of bounds. If you have money in a 401k you can relax – your assets are safe from nasty creditor law suits. The same goes for SEPs and SIMPLE IRAs. […]
Is An Income For Life Annuity Too Good To Be True?
When someone offers to send you an income check for as long as you live, it sounds like a pretty good deal – right? Who wouldn’t want perpetual income? Well…as you’ll see, an income annuity might be good for some people but not everyone. What is an Income Annuity? An income annuity (aka immediate annuity) […]