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July 20, 2024
By
The Admiral Staff
The article suggests five business ideas for retirees seeking supplemental income and fulfillment: starting a consulting business using existing expertise, freelance writing, selling products online (handmade goods or digital products), starting a blog (monetized through affiliate marketing, ads, or sponsorships), and offering home-based services like pet-sitting or house-sitting. These options offer flexibility and can be tailored to individual skills and interests, potentially generating significant income to enhance retirement savings.
June 22, 2024
By
The Admiral Staff
If you receive Social Security benefits before your full retirement age, your earnings may reduce your benefit amount. This reduction ($1 for every $2 earned over $22,320 in 2024) stops once you reach your full retirement age, which depends on your birth year (65, 66, or 67). After reaching full retirement age, your benefits will be recalculated to give credit for any previous reductions, ensuring your total lifetime benefits remain the same.
February 17, 2024
By
The Admiral Staff
A 58-year-old man with significant assets—$1.4 million in real estate, $800,000 in retirement accounts, and an impending inheritance of two additional houses—is contemplating liquidating his assets into an annuity to secure a substantial monthly income. While annuities can provide guaranteed income and protect against outliving one’s money, the author cautions against it in this case due to the product’s complexity, fees, illiquidity, and potential inflation
January 25, 2024
By
The Admiral Staff
This article outlines six strategies for individuals, particularly those in their 50s, to improve their financial situation. These include: reducing credit card interest through MoneyLion, lowering car insurance costs with EverQuote, investing in gold via Lear Capital, earning money by taking surveys on Branded Surveys, receiving cash back on purchases through Rakuten, and acquiring free stock by opening a SoFi Invest account. The article emphasizes that these steps are relatively easy to implement and can lead to significant savings and increased income
December 22, 2023
By
The Admiral Staff
As retirement nears, it’s crucial to shift from wealth accumulation to wealth preservation. Experts recommend six steps: understanding your financial stage (entering the “pre-retirement” phase), updating your financial plan to account for potential expenses and tax changes, considering a financial advisor, optimizing your 401(k) by reducing risk and diversifying investments, carefully evaluating whether to roll over your 401(k) to an IRA, and being prepared to adjust your plans if necessary. The article
