Yes- you can stretch your nest egg in retirement and build it to a level which will support you and your needs in your retirement. If you are in your early 30s, or you are in the late 40s to 60s, there are ways in which you can boost that nest egg, so you can live the retirement of your life. There are a number of factors you need to consider in order to make that nest egg grow to benefit yourself in your retirement years. I will offer you some important skills/tips to help you fund your retirement successfully and live the life your deserve in your retirement years. The first step is to review the 401(k) plans, IRAs(Individual Retirement plans) roll overs from former 401(k) plans, and any other retirement plans that you started since your very first job until now.
Count up all retirement plans.
Too often people who want to increase their retirement nest egg, avoid reviewing all the 40l(k) plans which may have been converted into roll over IRA accounts, there could be more then one or two over your career. Make a list of each employer you have had in your working career, and determine if there is any money in your accounts, add that list up and you might find much more money than just looking at the retirement program in your current job. If your former company has changed hands, which happened so frequently during the last 3-5 years, call them and talk to their personnel department or the accounting department of the new company to check your retirement assets. Ask how you can attain these funds to roll them over to IRA roll over accounts. What do you have for a nest egg figure?
How much is the retirement nest egg?
Count up the total dollar value of all your retirement plans, and determine who much more money you will need to make your retirement a successful one. An important consideration you must consider is whether or not your will have your house paid off by the time you retire. Having the house paid off will decrease your living expenses and give you more money to support your retirement versus having to pay a high mortgage payment, along with other living expenses. Make a total for your living expenses.
List your living expenses.
Retirement experts claim that you will need to spend 80 percent of your retirement income for your living expenses, you will still need to pay for food, insurance for home, apartment and automobile, car expenses, electricity, heating expenses, credit card payments, water, taxes on your home, and others. One area many people planning on retiring fail to consider is the daily expenses that can add to hundreds of dollars a month, you spend daily money on gas for your car, snacks, newspapers and other items, and be $30 a day and $900 a month($30X30days=$900). There is a need for extra money to fund your retirement, here are some ideas to build your nest egg.
Work longer to support your retirement.
Rather than starting your retirement in your late fifties, why not wait until you reach your early sixties, and than check your income versus your nest egg for retirement to see how the numbers work. Many people decide that building the retirement nest egg for a few more years, there will be more money going into your 401(k) plan especially because you are making more more at this age, and it can build your 401(k) plan even higher with the matching from your employer. If you retire you can ask to keep your job as a consultant or work part time.
Consider working part time during retirement.
Nothing helps make the numbers work in retirement than getting your employer to permit you to work in your old job on a 2-3 days a week, so you will have 2 days a week to test drive your new retirement life. You will enjoy the combination work and vacation days during the week, and you will find out what activities you enjoy on your retirement days. This arrangements will also help you financially until your are ready to retire full time. Something some retirees forget is their Social Security benefits.
You can add your Social Security Benefits to your Income.
Call your Social Security office in your area, and set up an appointment to go over the best possible time to retire for you. For example, is you collect Social Security benefits at age 62 the lowest possible age to collect benefits, you will collect 25 percent less money, then if you retire at age 67, and if you wanted to work until age 70 you would make the most money possible from your Social Security benefits. After the meeting you will get an estimate of the total benefits you could get from your Social Security benefits. You can still work after you retire.
No one is stopping you from working after retirement.
You can work full time if you prefer, or you could work a day or two a week, or you could write that book you always wanted to write, that novel you have in your head for so many years. Or start your own business in your specialty. Or you might want to spend more time with your spouse, partner, children, grandchildren, and do some of things you talked about doing, but never had the chance to do, because you were too busy working. Now is your chance to make a new life for you. Let’s sum up.
Summary. The time has come for you to put the numbers together, the expenses from you budget to offer you the living costs of supporting your retirement, and now from the income side, the nest egg balances from all your 401(k) plans, IRAs, personal savings for your retirement, and the Social Security benefits. You have work hard, now go out and enjoy your life. You can do it. Go for it!