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July 3, 2024
By
The Admiral Staff
The article discusses the decision of when to start receiving Social Security benefits, highlighting the trade-offs between claiming early (as early as age 62) and delaying until full retirement age (67 for those born in 1960 or later) or even age 70. Claiming early results in a permanent 30% reduction in benefits compared to waiting until full retirement age, but can be beneficial for those with health problems or pressing financial needs. Delaying benefits, on
April 20, 2024
By
The Admiral Staff
While signing up for a 401(k) as soon as possible is generally advised, experts caution against rushing into a plan without understanding its details. Key questions to ask when starting a new job include eligibility, employer matching, automatic enrollment, rollover options from previous plans, fees, the plan provider, investment options (favoring low-cost index funds), and who to contact with questions. If the plan is unsatisfactory, employees should communicate concerns to their employer and explore legal options if necessary.
April 3, 2024
By
The Admiral Staff
Many Americans (56%) feel behind on retirement savings, but it’s not too late to catch up, even in your 50s. Experts recommend maximizing employer 401(k) matching contributions, using retirement calculators, and being mindful of hidden fees. Key strategies include making “catch-up” contributions (an extra $7,500 annually for those 50+), creating a retirement income plan, reevaluating spending habits, considering a side gig for
March 26, 2024
By
The Admiral Staff
The article explores the financial benefits of downsizing your home. It argues that tying up a large portion of your net worth in a house can hinder investment opportunities. By selling a larger, more expensive home and purchasing a smaller, less costly one, you can free up capital to invest and significantly reduce monthly housing expenses like mortgage payments, taxes, insurance, and utilities. The author illustrates this with an example showing how investing the savings from downsizing could result in substantial long-term financial gains, allowing for greater flexibility
March 19, 2024
By
The Admiral Staff
A 60-year-old woman receiving SSDI and caring for her disabled father and 9-year-old child is seeking advice on maximizing her Social Security retirement benefits. The expert advises waiting until age 67, her full retirement age, to claim benefits based on her husband’s record. This will ensure she receives the maximum amount possible and will allow her to potentially receive both a survivor benefit from her husband’s account and her own retirement benefit, totaling up to the higher
