What Empty Nesters Should Consider

NEW YORK, November 2, 2022 (Newswire.com) - iQuanti: You've achieved what every parent longs for: you raised your children into independent, self-sufficient adults. It's time to congratulate yourself and settle into the next phase of life. Big changes in the household are bound to require some reorganizing, though, so here are a few things you might want to think about after your kids leave home:

Downsizing

With fewer people in the household, you may want to consider downsizing to a more practically-sized space. After all, this will likely be where you spend your retirement, so it's vital to plan for when you'll be living with a fixed budget. 

Downsizing can be more than just a financially-prudent move. As you age, it becomes increasingly important to stay connected to the larger community around you. When you're open to a smaller home, you have more flexibility in where to look. You can be closer to facilities and resources you need, like groceries, doctors, and community spaces. With your kids out of the home, this can be a good time to move closer to the rest of your family or get a place closer to the friends you've been meaning to spend more time with. Think of this as an opportunity to save money and connect with your community.

Their legacy

With children out of the house, many parents have the free time to think about what they'll leave behind. This may be a good opportunity to talk to a lawyer and update your estate plan. If you have a permanent life insurance policy like whole life insurance or a universal life policy, a big change can be a good time to update your beneficiaries and their information.

Travel

When your kids move out of the house for good, that usually means fewer expenses—consider using some of those funds to travel. Are there still places on your bucket list you haven't visited? Take some trips out into the world, explore new places, and give yourself some time away from your empty nest.

Hobbies and activities

Fewer people in the house also means more time to pursue the interests you've been putting off. Have you always wanted to take up crocheting? Were you part of a hockey league before you had children? This is the perfect time to restart old hobbies or take up new ones. 

Their growth

An empty nest can leave an emotional vacuum that may feel impossible to fill, and for good reason: your children are irreplaceable. That's why it's so important to make the most of the years after they leave the house. As you work on yourself and your projects and grow more involved with the friends and people around you, your children will have the comfort of knowing their parents have also spread their wings.

Source: iQuanti