1. Teacher Life

Managing Your Retirement with a Smaller Nest Egg

With the luxury of hindsight, retirees will tell younger generations to start planning for retirement from the day they start working. While they might think their retirement is a long time away, the years have a way of slipping by. Suddenly, it’s time to face retirement without sufficient savings.

While it might be more difficult, there are ways to manage and still enjoy your retirement with a nest egg smaller than you’d hoped for. Here are some ideas:

Use your assets

You might have more retirement savings at your disposal than you might think. Use any fixed assets as your point of departure. If you own a property in a prime location, you can choose to sell or rent it out while you move to a smaller home in a less expensive area. When considering selling, wait until it’s a seller’s market if you can afford to, so that you’ll get more money from the sale.

Another potential asset is your vehicle. You and your partner might decide that you no longer need two cars, in which case you can sell one. If you’ve got a vintage car or motorcycle you’ve restored, selling it could help you boost your retirement savings.

Medical planning

One of the most crippling expenses retirees face is medical expenses. While they are entitled to Medicare, the copayments and coinsurance costs can pile up and become unaffordable, especially in the event of an unexpected injury or life-threatening illness.

To avoid having to spend your retirement savings on medical expenses, you need Medigap coverage. Russell Noga, of medisupps.com, an expert on Medicare supplement plans, advises that retirees investigate the Medicare supplement Plan G Mutual of Omaha offers its clients.

Keep working

If you’re able to, you should try to find employment to provide an income while you leave your retirement savings to grow untouched. Many companies offer contract work to people over retirement age. This is a potential solution for many people who reach retirement age but do not feel ready to stop working.

A second option is to start a business to generate an additional income. However, the risk with this idea is that you will probably have to invest some of your savings to start the business, something you can ill-afford to do if you don’t have a sizable nest egg.

Spend wisely

Once you know what your monthly retirement income will be each month, you need to adjust your lifestyle to live within the confines of that amount. Look for any additional ways to cut unnecessary expenses from your budget. Discretionary spending should be the first item to be struck off the list.

Look for creative ways to save money when it comes to shopping. Make use of discounts, coupons, and bulk sales deals to capitalize on savings. Many stores offer reduced rates and prices for retirees on specific days, and taking advantage of them can save you a lot of money.


The only way to grow your retirement savings is to invest them. Investing is a double-edged sword because it can grow your money, but it can also lead you to lose it. To avoid the risk of being left with nothing, choose stable investments that offer guaranteed growth. You can take a portion of your savings to invest more aggressively for more significant growth. 

Investing money is a complex matter, and there are many fraudsters and scams out there that take advantage of seniors. Your best approach is to use the services of a reputable broker from an established company so that you can be sure your money is being looked after.