Living an older adult life—wrinkles and all, you’ll quickly realize that three of the most important things in your life are relationships you keep, health and nest egg, although not exactly in that order. These things, I found after a year of blogging. Then there are those you can delay a day or two but MUST pay attention sooner or later, like estate planning and living accommodations when you can no longer live on your own. The latter ones, as much as possible, we postpone, since they represent our mortality. Even though the words “nest egg” implies old age, I must admit, this is one aspect of your senior life you need to prepare for early on.
There are tried and tested ways to boost your retirement nest egg even amidst the very unpredictable economic climate. Seniors should know that even if we are experiencing the hardest of times, it is still possible to help your nest egg grow—and we should be, considering the fact that it’s our comfortable future that is at stake.
•    Practice the art of automatic saving. Whether you are still employed or running a business of your own, you must have an idea how much money per month you are making. By having an idea where to start, you will be able to determine how much you should be saving. I, personally, set aside 50% of my income as soon as it hits my hand. About 20% of my monthly income goes straight to my nest egg, never to be touched. The other 20% is for our bills and another 10% for my emergency fund. I try to faithfully do this every month even if it means sacrificing little luxuries in life.
•    Downsizing your home. Practically speaking, you don’t need your 6-bedroom home now that the kids are gone. Seniors should be sensible enough to move to a smaller house which is more manageable and of course, will cost less to maintain. By doing this, you’ll be able to save more, making your nest egg, more comfy.
•    Don’t give up on your dividends yet. Especially if the company is still stable. Granted, there are companies who weren’t able to withstand the economic onslaught but there are still those who may not be making big payouts but do have steady ones. Stay with them as payments with these companies are guaranteed than having nothing at all.
•    Keep your medical insurances in check. Inquire about them with your employer and ask around for practical medical insurances available for your age. You can also start setting aside a small portion of your monthly income for medical emergencies.