Practical Tips for Empty Nesters| North Loop Official Blog
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01 Dec 2020

Practical Tips for Empty Nesters

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Introduction -

It is normal to feel anxious or even lonely when your child leaves home to go out into the real world and live independently. However, despite the emotional turmoil, there are several positive aspects to it that you often fail to notice or appreciate. First one includes the fact that you accomplished the task of raising a child who is independent enough and can reach his or her goals. Secondly, you get more time in hand for yourself.

After all the years of hard work and focusing primarily on your child, you finally get the time to do all that your heart desires. That can include big decisions like taking a sudden vacation or even simple things like having the TV remote all to yourself and watching television peacefully.

Also, being an empty nester can allow you to revisit your financial plans and craft a financial strategy for upcoming things in your future. In this article, we have mentioned few tips for empty nesters that can help you transition into this phase effortlessly. But before we begin, let us better understand what is an empty nester.

What is an empty nester?

In simple language, an empty nester is a parent whose children have grown and moved away from home.

Tips for empty nesters -

Reflect on your plans -

Once your children move away, leaving you with more time in hand, you can reflect on what’s next for you. Since retirement is most likely to be on the horizon, you can think about what your life will be like after you enter retirement.

There are several questions that you can consider like - How much longer do I need to continue working? How much longer do I want to continue working? How will I find fulfilment once I finally retire? Etc.

If you are not immediately ready for retirement, you can also consider a emotions, you can look up positive quotes for empty nesters that will not only help you look at the brighter side of things but also provide ideas on things you can do to get through those feelings.

Review your budget -

Your household finances can also look a lot different once your kids leave home. Several expenses may go down like monthly grocery, utility bills, cable TV charges etc. That is why you can use the time to review your budget and make changes wherever necessary so that it reflects your current situation in a better manner.

Your budget will also enable you to make informed decisions and plans for yourself like spending more on travel etc. Also, just because your children have left home may not mean that you will not need to provide them with financial assistance when needed. So, your financial plan and budget should get made or reviewed keeping these factors in mind.

Pay off debt -

All that saving and budgeting that you do can also allow you to pay off your debts. You can make the most of your surplus cash by eliminating debt that has been bothering you for a while. It can also give you more flexibility as you approach retirement.

You can start by tackling high-interest debt such as credit cards, private student loans and then move on to repay other debts such as auto loans or credit cards with low-interest rates. Along with paying off debt, you can use the extra money to create an emergency saving fund for yourself for unprecedented events in life.

Focus on retirement -

Use your extra time and money to focus on retirement plans and funnelling more cash towards retirement savings. The larger the contributions you make at this stage of your life, the higher the amount of savings you can generate for future use.

Consider housing options for empty nesters -

Downsizing tips for empty nesters is a crucial aspect that cannot get skipped when talking about other practical steps that you take. You can use the time available to think about housing options for empty nesters where you might spend a large chunk of your life post-retirement and one that may encompass several different kinds of living situations.

You can even consider the most practical downsizing tip for empty nesters that includes moving from a large and high-maintenance house to a smaller one. Your old home can get used by you as a family destination when your children come to meet you or other similar purposes.

Some people may refer to this as ‘right-sizing’ instead of downsizing. That is because the decision to move gets based on a variety of factors such as maintenance costs, living expenses, real estate taxes, distance from medical facilities etc. It is crucial to find a place where you can live comfortably, and also one that does not involve unnecessarily high maintenance charges.

Review your plan -

No financial planning is ever complete without incorporating regular reviewing sessions. Your financial situation and life, ten years before may not be the same as now. Therefore, creating a plan that aligns with your needs or future goals and reviewing it at intervals becomes a necessity.

Conclusion -

It is best to take time to reflect on how you are feeling about the new chapter in your life. You can look up positive quotes for empty nesters, make travel plans, spend quality time with your spouse and even create lists of things you have been longing to do but couldn’t because of lack of time.

Most importantly, you can revisit your savings, spending, investment goals, and retirement planning strategies to understand the impact of your new life on all of the above and make changes wherever necessary.

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.