Last Minute Strategies to Boost Your Retirement Nest Egg

Boost Your Retirement Nest Egg

As I sit down to write this article I am reminded of many people who over the years have lost large sums of money as a result of poor investing and bad money management. One only has to think back to Rene Rivkin’s $39 million bankrupt estate. Many wealthy people are not good investors and why should they be.

Boost Your Retirement Nest Egg

Boost Your Retirement Nest Egg

Here we offer some tips on how to boost your retirement nest egg.

  • Know your shortfall

Where are you today and where do you want to be in the future? Take stock of all your savings and investments, set out the lifestyle you want and with the help of your qualified advisor determine what you need to do to achieve this.

  • Review your investments

Is your mix of investments in line with your risk profile? What are the annual costs of your investments and is there room forimprovement here? Investments can be quite complicated and a qualified advisor can guide you through this process.

  • Are you Debt Free?

Interest payments on loans and your mortgage is dead money. By restructuring it may be possible to get rid of them and maximise your net outlays.

  • Eliminate unnecessary expenses

The less you spend on unnecessary the more you can add to your Nest Egg. Take a close look at how much you are spending, where you are spending and I know you will find areas where you can easily cut back or eliminate altogether.

  • Maximise your tax breaks

Investing in your pension allows you to save net funds by reducing your tax bill. Your savings also grow free of tax as they may attract no  tax. What could be better than maximising your full benefit! Not many people do.

  • Rent a room

A simple way of boosting your tax free income is by renting out a room in your home and letting this income boost your Nest Egg.

  • Downsize your Home

Admittedly it is not a great time to sell but it is a great time to buy. Making the right property moves can give a great boost to your Nest Egg if you are lucky enough to sell. It can also save you a lot of money on maintenance and a lot of elbow grease!

  • Delay Retirement

By delaying your retirement you are giving more time for your Nest Egg to grow while you are also continuing to put more money aside. You are also going to increase you pension payment because you are that much older when you start to draw down you retirement income.

  • Keep Healthy

My final and really obvious tip is to make sure you take care of your health so that you are in position to really fully enjoy your Nest Egg.

What other tips can you share that you need to prepare for?