4 Different Ways to Easily Add Years to Your Nest Egg
Once you reach the age of 50 and have raised children who are now adults with a life of their own, it's the perfect time for you to re-assess your finances to see where you can reduce expenses, establish a realistic budget, and start preparing for retirement; known as the nest egg.
Downsize Your Home
When you get to your 50s, if you have children, they are probably grown and out on their own. Chances are you purchased your current home to accommodate a growing family. There are many things to think about when it comes to downsizing your home. If your current home is too large, moving to a smaller home makes more sense.
If it is too expensive, you can not only save money by moving to a less-expensive home, you can also make a profit on the sale of your home that you can add to your retirement fund. Keep in mind that moving can be overwhelming at any age, but it only gets more difficult the older you get.
If you decide to downsize, you should also think about what your needs will be as you continue to age. For instance, consider that stairs might become difficult to handle as you age. Don't forget about the location of your new home. When you retire, being close to shopping, public transportation, or other amenities where social interaction is easier facilitated will become more important. There are other ways your costs will be reduced by downsizing such as lower utility bills, lower taxes, and lower insurance.
Car Insurance
Did you know that most insurance companies offer discounts to those who have reached a certain age? You might qualify for more than just a typical senior discount. Some insurance companies offer additional money-saving programs such as:
- Mature Driver Training Course Discount
- Senior Organization Membership Discounts
- Retired Military Member Discount
- Low-Mileage Discount
You should talk to your current car insurance agent to see if they offer one or more of these available discount programs. If they don’t, look for other companies that do. Be sure to compare discounts and rates from many different companies. If you find a company that looks promising and does offer discount programs, make sure to check out their reviews to get an idea of how their service is viewed by other people. You want to be sure you are not only getting the best rates and discounts, but also good service and a good product. Reading reviews will give you the insights you need to make an educated decision.
