5 Keys to Protecting Your Nest Egg During Retirement

Thursday, December 11, 2014, AM | 9 Comments

Anyone who has reached retirement age must find ways to protect their nest egg to have enough finances to last a lifetime.

With more individuals living longer, it is vital to review the details of personal and government pension plans to understand retirement finances. 

5 Keys to Protecting Your Nest Egg During Retirement

  • One: Understand Personal Situations

    Each retiree has a different situation that requires analyzing nest eggs carefully.

    One person may have a chronic medical condition that requires constant care while another retiree is responsible for caring for a disabled spouse.

    The retirement package that works for one senior citizen may not work for someone else.

    A senior citizen is responsible for determining how their retirement funds are used.

  • Two: Take Care of Essentials First

    A nest egg is necessary to pay for essentials first, including housing, medical care and utilities.

    There are businesses that will try to convince a retiree to spend their nest egg on investments such as second homes or stock plans.

    The majority of a senior citizen’s money is needed to pay for basic living expenses, rather than non essentials.

  • Three: Keep Money in Easy to Access Accounts

    After retirement, most senior citizens need to keep the majority of their money in cash accounts such as checking, savings and short-term certificates of deposit.

    Long-term investments are not typically the best plan as people age because most senior citizens do not have enough cash for this purpose.

  • Four: Consider Moving to a New Location

    Living in a place designed for senior citizens is a good way to manage finances with specialized amenities.

    Sunshine Retirement Communities is just one example of a place meant to make life easier for a retiree with help from trained health care workers and gerontology counselors.

    When medical emergencies occur, living in an assisted living facility ensures a senior citizen gets the care needed to recuperate.

  • Five: Remain Aware of Financial Changes

    As time passes, a retiree’s financial situation will change as social security or medical insurance payments increase.

    At least twice a year, check retirement funds carefully to determine if adjustments are needed to remain afloat financially.

    Take time to learn about new developments in the financial world, instead of allowing someone else to control retirement funds.

Careful Planning

In the past, someone might only need to have a nest egg that lasted a maximum of 20 years, but now many retirees need an income for 30 years or longer, leading to protecting a nest egg carefully.

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  1. 9 Responses to “5 Keys to Protecting Your Nest Egg During Retirement”

  2. By Audrey Blakeney on Aug 26, 2015, 10:07 am | Reply

    Ever since my dad passed away a few years ago, my mom’s health has been declining. She insists that she is still independent, but she requires help with many daily tasks. That being said, I’ve been trying to find her the help she needs at a price she can afford. It says above that living facilities for seniors are a good place to manage finances, and this seems like a living facility may be the best option for her. Do you have any advice on how to make sure she finds the one she needs?

  3. By Veronika Dalton on Oct 14, 2015, 4:14 pm | Reply

    It is really important to protect your nest egg. I’m a really irresponsible spender, so I have to start planning now for retirement, or it’s just never going to happen. Thanks for these ideas, I think my retirement plan is a little clearer now!

  4. By Rachel Finn on Feb 23, 2016, 1:58 pm | Reply

    I’m surprised that this article suggests only checking finances twice a year. I would say that they should be checked and looked over at least monthly to ensure nothing is going awry. I am the kind of person who checks my finances daily right now, though, so perhaps that has something to do with my opinion on the matter.

  5. By Silas Knight on Apr 28, 2016, 4:14 pm | Reply

    My grandparents are really old, that is a fact. They still think they are really independent, but we can see how they are slowly going downhill. To help them, we want to help them move into an assisted living facility, and your article helped our resolve in this decision.

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  7. By luxury retirement living on Oct 18, 2016, 1:13 am | Reply

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  9. By Donny E. Barker on Dec 14, 2016, 2:06 am | Reply

    Hey Buddy,

    Great Post

    Nowdays retirement homes are the best options for the seniors who want to enjoy their golden years without the intervention of someone else.
    The best retirement communities are not hard to find if you know where to look. There are a variety of active adult communities out there, but seniors mostly try to focus on the ones that offered both independent living and assisted living.

    Thanks for the useful tips that you have in the post and Keep posting.

  10. By Tom Alex on Jan 18, 2017, 12:26 am | Reply

    Hi!!
    I found your post very interesting. No doubt those seniors often find difficulty during their old age. They need help for their daily life activities such as bathing, cooking etc. So by choosing best retirement community, they can live their life happily. Retirement communities provide a sociable, comfortable environment in which retired people can enjoy a lifestyle that is designed for the active older person.
    Thank you for great sharing.

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