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Planning for retirement: Preserving your nest egg

As you get older, the idea of having a nest egg of money is more and more appealing. You don't want to run out in early retirement, and you always want to have a little stash of cash for expected expenses and rainy days.

There are many things you can do to keep your nest egg safe. From knowing when to sell or save your stocks to revising your retirement plans, it's possible to keep your nest egg in good condition.

Keep an eye on the stock market

Many people have stocks, so if your nest egg relies on the stock market, get good at monitoring changes and keeping track of political discussions. Knowing when the stocks may take a dive could help you sell early enough to preserve your funds, so you can reinvest in safer options.

As you get older, you may benefit from shifting some of your money into government bonds. This helps preserve your money, so even if the stocks tumble, you'll lose less overall.

Revise your retirement plans

If you planned to retire at 65 but are a few thousand short of your goals for savings, why not wait? Putting in a little extra time could help you boost the savings that you want for your retirement. If you're not keen to wait any longer, consider shifting some of your money into a high-return savings account. If you had an account paying out 1 percent annually on your investments, an investment of $300,000 could help you live comfortably without having to dip much into your savings at all. Living off investments is a great idea if you have the funds to get started.

These are just a few things to consider as you approach retirement. A conservative look into your finances can help you better prepare for the future.

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Enea, Scanlan & Sirignano, LLP
245 Main Street
White Plains, NY 10601

Phone: 914-269-2367
Toll Free: 800-724-1327
Fax: 914-948-9316
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Additional office location
in Somers, New York

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