Six Tips for Empty Nesters
Embrace the change and consider these financial and personal focus areas as you adjust to life without kids at home.
Review your wealth plan.
As with any big life change, having a newly empty nest should prompt you to contact your wealth team. Complete a comprehensive, top-to-bottom review of your wealth plan. In particular, you may want to look at your estate plan, charitable giving strategy, and insurance coverage.
Consider downsizing or relocating.
With the children out of the house and on their own, do you need the extra bedrooms? You can still gather at a vacation home, but maybe you’d prefer less to maintain on a daily basis. You may also consider relocating, whether to jump-start your retirement, be closer to family, or just try something new.
Create a new budget.
If you’re no longer paying for dependents, now’s the time to consider how that may affect your budget. Maybe you won’t require housecleaning services as often, but your pet-sitting needs may increase now that your children aren’t in the home. Or perhaps you’ll want to allocate any newly available funds to your weekly entertainment budget.
Increase your volunteer efforts.
According to the Bureau of Labor Statistics, a quarter of people age 55–64 actively volunteer. Build a stronger connection with your community by ramping up your involvement in charities and causes you care about. Many organizations will appreciate your funding efforts, but will be especially grateful for your time and hands-on help — and you can feel a sense of accomplishment, too.
Rediscover your interests.
Is there a hobby you’ve always been interested in but never had the time to pursue? Seize the opportunity to take a class, learn a new language, advance your career, or otherwise focus your time on things that interest you. If there are unused funds in your child’s 529 plan, you can put the money toward your own educational pursuits, as long as you meet certain requirements.
Remodel your home.
Want your home to feel updated? Get the added benefit of potentially boosting your home’s value by starting a renovation project. Whether you’re looking to create a spa oasis for relaxation or an outdoor kitchen space to explore your newfound cooking hobby, renovations can help you enjoy your home more, or attract potential buyers.