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February 11, 2025
By
The Admiral Staff
Adjusting to a fixed income in retirement requires mindful budgeting and cost-cutting. Strategies include downsizing housing, renting out unused rooms, and cutting grocery expenses through coupons and generic brands. Saving on healthcare is crucial, utilizing Medicare, prescription drug cards, and free wellness activities. Entertainment can be found through free community events, volunteering, and taking advantage of senior discounts. Other tips include selling unused items, pursuing free education, and paying off lingering debt to free up cash flow.
January 2, 2025
By
The Admiral Staff
This article provides guidance for managing finances in retirement. It emphasizes the importance of budgeting, potentially exploring savings challenges, and supplementing income through side hustles like surveys and app testing. Key advice includes withdrawing a prudent 3% annually from retirement accounts, considering Social Security benefits, and planning for healthcare and unexpected expenses. The article also outlines a 9-step process for creating a retirement budget, factoring in taxes, home repairs, and leisure activities.
November 27, 2024
By
The Admiral Staff
This article outlines strategies to accumulate “Forget You!” Money – the amount needed to retire comfortably, calculated as 25 times your annual expenses. It suggests five methods: investing in companies like Amazon and Apple through Stash (earning dividends), utilizing Chime’s automatic savings features, earning money by playing Solitaire Cash, refinancing your mortgage with loanDepot, and comparing car insurance rates on EverQuote to potentially save money. The goal is to empower readers to achieve financial independence and early retirement
November 5, 2024
By
The Admiral Staff
A reader asks if they can collect half of their ex-wife’s Social Security benefits, and if their ex could claim half of theirs. The expert clarifies that Social Security benefits are not taken from one person’s check and given to another. Spouses or former spouses may qualify for benefits based on their ex’s earnings record, but only if certain requirements are met (marriage lasting 10 years, divorced for over two years, and not currently remarried). The maximum spousal benefit
August 27, 2024
By
The Admiral Staff
Social Security doesn’t have individual accounts, but payroll taxes fund a trust from which benefits are paid. If you die, your payments stop, but survivor benefits may be available to qualifying family members. These benefits are based on your work record and aren’t “taking” your Social Security. Eligible survivors include: spouses (married at least nine months), ex-spouses (married at least 10 years and divorced for two), minor children, adult children with disabilities, and dependent parents (
