The beauty of being an empty nester is knowing your children are now fully independent and leading their own successful lives. And let’s not forget to mention all the financial opportunities that have opened up now that you’re not fiscally responsible for multiple family members. Now, you can officially transition into life as an empty nester and do all the things you’ve wanted to do for a long time. But before you venture off on an exotic excursion or drop a large sum on an expensive item, the first step is planning. Now is the time to start with planning for your future and your retirement (if you haven’t already).
Be sure your retirement is on track before making any large financial commitments. First, start saving. Saving isn’t reserved for millennials or Gen Zers. While it’s better to start earlier in life, it’s not too late to start saving for yourself and future grandchildren.
You should be updating your financial plan at least once a year to account for any life changes, such as:
Remember, when updating your financial plan, use a CERTIFIED FINANCIAL PLANNER PROFESSIONAL to help you understand where you are today financially and how to get to where you want to be.
The word “downsizing” sometimes comes with negative connotations. But when we talk about downsizing, we mean you should think about removing unnecessary spending from your budget. It would be best to start with a complete audit of your monthly finances to eliminate gratuitous expenses. This will free you up to enjoy even more of the “empty-nester” status you’ve earned.
Many empty nesters assume once their children are out of the house, life insurance is a nonissue. This couldn’t be further from the truth. Retaining a life insurance policy is just as important after your children leave the house as it is while they’re still living there. Something unforeseen may happen to you, leaving your spouse in a financial bind. Life insurance is the safety net you need at all stages of life.
You should never have to face your finances alone. The financial planners at Munn & Morris can help you:
Contact us today to find out how we can provide thorough financial planning to ensure you are toward the future as an empty nester.