Golden Goose in the Golden Years: How to Manicure and Manage Your Nest Egg

Retirement is a time for you to cherish. People often use their retirement years to make the most out of life. They often travel, participate in new recreational activities, and simply take it easy. If you want to do all of these things with ease, however, then you need to make a point to protect your finances properly. Keeping your nest egg intact is essential.

Devise an In-Depth Monthly Budget

The absence of a comprehensive budget can make handling a nest egg pretty unrealistic for most people. If you want to keep your finances in check for years to come, then you need to devise an exhaustive budget. Figure out how much money you’re able and enthusiastic to set aside each month for utilities, entertainment, transportation, dining out, and more.

Consult Several Retirement Planning Advisors

Retired individuals often seek financial assistance from capable and knowledgeable planning advisors. There are planning advisors out there who specialize in retirement exclusively. 





That’s one of the reasons they’re qualified to give retirees comprehensive advice. Set up consultations with various retirement planning advisors in order to select one who is the best match for your individual aims and wishes.

Downsize Everything You Can

If you want to take charge of your nest egg and of your financial future in general, it may be wise to downsize. Chances are your children are adults who no longer live with you. If they are, you may not need as much space as you did in the past. 

Consider selling your home and relocating to a much smaller one. Smaller residences cost a lot less to maintain. Living in them can decrease your lifestyle expenses in a major way.

Find a Part-Time Job

It can be smart to keep your mind sharp and alert all throughout retirement. Using your brain on a frequent basis can be wonderful for keeping your cognitive abilities. If you want to handle your finances and keep your mind effective at the same time, it may be good to look for a part-time job. Part-time work can be helpful to retirees who are searching for pastimes as well.

The last thing you want to do is spend wastefully during retirement. If you want to protect your finances, you have to be 100 percent proactive. You have to be on the lookout for new opportunities as well. It can never hurt to get guidance from adept retirement planning advisors.

5 Ways to Make Your Savings Last Through Retirement

The typical life span in the U.S.A. increased considerably to about 80 in 2018.

If you retire at 65, a 30-year retirement is quite possible. Here are 5 ways to make your savings last.

1. Make 1.85% on your cost savings with a high-interest account.

If you have $250,000 in a high-interest account and keep it there over 20 years, you 'd earn $110,712 in interest.

The CIT Bank Money Market Account uses 1.85% interest and doesn't charge any service fees. You can open an account with a $100 minimum deposit.

2. Work with a financial consultant.

These professionals can supply expertise on how best place you assets in the best places, make wise financial investments and maximize your pension contributions. 



Financial advisors can also direct you to find out the very best order to withdraw from your accounts, so you do not lose out on important compound interest or prospective tax rewards.

3. Downsize your large home and think about a low-tax state.

Real estate is among the biggest expenses for retirees, even if the home mortgage is settled. Many individuals purchase big houses when raising children.

4. Avoid typical financial mistakes.

A financial advisor can direct you to optimize social security benefits and advise on when to begin accepting them in the most tax-efficient method. They're likewise extremely skilled in assisting individuals lessen capital gains taxes and preventing paying penalties on pension circulations.

5. The Best Way to Make Your Retirement Savings Last.

There are a number of highly qualified financial consultants in your town. Nevertheless, it can be daunting to select one.

This brand-new tool makes it simple to discover the ideal financial consultant for you. Now you can get matched with as much as 3 regional fiduciary advisors that have passed an extensive screening process.

Building Retirement Savings After 50

Financial advisors recommend saving money for retirement during every phase of life, but it's not uncommon for couples and individuals to reach their 50s without enough money saved for their eventual retirement. 

The average citizen spends the majority of his or her income on food, shelter, and transportation, as well as small amounts on healthcare, education, recreation, and general household purchases. 

Regularly saving money for retirement isn't always part of the monthly budget. Families, couples, and individuals can begin saving money for retirement in any decade of life but doing so after the age of fifty does require a different strategy than doing so as a twenty-something or thirty-something worker.

Maximize Contributions to a Registered Retirement Savings Plan

Contributions to a Registered Retirement Savings Plan (RRSP) reduces taxable income each year, and investment income made from the bonds, shares, Guaranteed Investment Certificates, and other investment types within the RRSP isn't taxed either. 

Speaking with an investment professional can help individuals and couples who haven't yet begun saving for retirement choose the best investment path. However, it's not necessary to create an official investment account to begin saving. Putting some money aside in a run-of-the-mill savings account is an excellent first step for anyone who hasn't started saving. 




Other investment options include Voluntary Retirement Savings Plans (VRSP) and Tax-Free Savings Accounts (TFSA), but it's important to note that contributions should only reach a point where borrowing from the accounts doesn't become necessary unless an emergency occurs. 

While it's possible to borrow money from retirement accounts, those loans are taxed as income at the end of the year.

Modify the Monthly Budget to Accommodate Retirement Savings

Living life to the fullest at every age can help couples maintain their health throughout the decades before retirement, but it's important to consider building some savings over time. 

Those living on tight budgets may need to rearrange certain facets of their monthly budget to establish a savings account. Future retirees do have some radical options for building retirement savings if they own their own home or other valuable items. 

Moving from a large house to a small residence where there is no mortgage payment can allow the family to send the money that would otherwise pay the mortgage into a retirement account. 

Less drastic options also exist where couples can rearrange facets of the monthly budget to ensure some money exists each month for savings accounts, retirement accounts, and other investments. 

Researching better prices on necessary goods and services can also help. For example, it's beneficial to shop around to compare life insurance quotes, car insurance, as well as examine monthly bills for cell phones, gym memberships, and cable television services. 

Modifying habits like eating out at restaurants and buying unnecessary clothing or furnishings can also help increase the amount of money available for placement in retirement accounts.

Retirement Planning is Possible at Any Age

The cost of living will only increase as time passes, and actively saving money for retirement is a beneficial and necessary step in every person's life. Future retirees have many options for building retirement savings and may wish to explore all available options to determine the best path toward a comfortable retirement.

Why You Will Run Out of Money in Retirement

Retirement used to be about enjoying your golden years. For many, it was a time to travel or to relax without the need to earn a paycheck. However, times have changed and today, the very thought of retirement brings dread to those 50 and over.

There is a simple reason for this – most of us don’t have the money we need to enjoy a partial retirement, let allow life without work. Don’t believe me, then look at this article about how many Americans lack any sort of savings for an emergency.

To make matters worse, the Federal Government is now running annual deficits of more than $1 trillion and some observers believe the total combined government debt in the U.S. is reaching $70 trillion – that is roughly three-years’ GDP.

Don’t forget Social Security. In fact, this has become the fallback option for most Americans but the reality is that some forecasts predict the trust fund behind those monthly payments will run out of money in the 2030’s.

Think about it, if you are in your mid-50’s the odds are that there won’t be any money left in Social Security by the time you reach retirement age. At least there are pensions. 



Well, unless you are a government employee, the odds are that your employer long ago switched to a 401k plan. In fact, it’s even worse if you are working as a consultant or a contractor as you are basically on your own.

Ok, enough with the scare tactics. I think you get the point – you will probably run out of money in retirement. That is clear and odds are you already know this. The real reason you are reading this article is to find out what you can do to find some semblance of financial freedom in your golden years.

Step 1: Start Saving Something, Anything

While most financial advisors recommend that you should be saving 15 percent of your monthly income. The reality is that this is often a bridge too far for many Americans. Think about it, times are tough and you are probably just making ends meet. 

To make matters worse, the rear differential on your car is probably starting to give you problems.

As such, the idea of setting a goal of saving 15 percent of your income can be daunting. However, saving 1 percent or 5 percent might be something more realistic. The added plus is that it gets you into the habit of stowing away a little bit of cash each month. 

So, start saving something, anything today and build on that as you go. Not only will you gain some satisfaction from your growing bank balance but once you get enough money – maybe $500 or so, you can start to put that money into an interest-bearing account. In this way, your money can help you make more money.

Step 2: Cut Back on Your Expenses

Take your monthly cable TV bill. Some people are paying more than $200 every month to have 1,000 channels of nothing that they never watch. 

You don’t need to be a rocket scientist to know that this does not compute. Even better, you don’t need to be a techie to figure out ways to watch TV without cable.

Another way to cut back on your expenses is to stop eating out so much. Sure, it is good to support your local businesses but the reality is that eating out generally costs more than cooking at home – a lot more.

Also, don’t fall for those ‘meal box’ subscription services. Yes, some of the recipes are inventive and it saves time when shopping. 

However, you are paying a premium for these services and you can probably get most of the recipes online and the ingredients either through Amazon or at your local supermarket.

An added plus to cutting back on your expenses is that once you get started, you get passionate about finding ways to save money. 

This brings us to an important fact – a penny saved truly is a penny earned. So, if you can find a way to save $200 a month or more that works out roughly $2,400 a year that you have for retirement.

Step 3: Sell Your Home While the Price is High

It used to be that owning your home was a key part of the American Dream. However, if you are over 50, still paying a mortgage, and have no money saved for retirement, then you need to get radical.

One of the best ways to do this is to look at the equity you have in your home – if you are lucky enough to not be underwater on your mortgage. As such, you might want to steal a page from those annoying Millennials at work by rethinking your housing arrangements.

In some cases, this might mean selling your home so that you can cash before the market turns and in other cases, it might mean finding ways to sublet your home as this will turn a massive expense into a revenue-generating operation.