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February 25, 2024
By
The Admiral Staff
A woman, “Missing Out,” is regretting remarrying before age 60, as it disqualifies her from receiving Social Security survivor benefits from her deceased ex-husband, with whom she shared a lucrative business venture for a decade. While technically legal and sometimes done for financial reasons (a “strategic divorce”), the author advises against divorcing her current husband solely for increased Social Security benefits. She suggests first contacting Social Security to estimate potential benefits and highlights the costs and complications of divorce, recommending
February 21, 2024
By
The Admiral Staff
The article debunks common and often misguided financial advice. It argues against getting only three car insurance quotes, suggesting a comparison of 40 instead, and highlights services like Savvy to simplify the process. It challenges the notion of needing a million dollars to retire, promoting term life insurance through Fabric as a more accessible option. The article also refutes the idea that real estate investing requires immense wealth, showcasing Fundrise as a platform allowing investment with as little as $10. Finally, it questions
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
October 6, 2023
By
The Admiral Staff
The article suggests automating your savings to overcome the difficulty of consciously setting money aside. It highlights four methods: using apps like Acorns to round up purchases and invest the spare change, maximizing employer-sponsored retirement plans (like 401(k)s) and taking advantage of employer matching programs, scheduling automatic transfers to a separate savings account to avoid temptation, and utilizing direct deposit to send a portion of each paycheck directly to a savings account, effectively treating it as “extra” money.
May 31, 2021
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
