After changing multiple settings in the Netgear admin panel, I finally found that by DISABLING (unchecking) "Enable WMM (Wi-Fi multimedia) settings" (Advanced > Setup > QoS Setup) I was able to increase my connection speed by 46%.
- Login to the control panel at routerlogin.net while connected to router's wifi network (default login: admin password: password)
- Click the "Advanced" tab and navigate to Setup > QoS Setup
- Uncheck "Enable WMM (Wi-Fi multimedia) settings"
- Click "Apply"