Empty nesters years are a beautiful time to take stock of where you are in your life and take advantage of these years.
This is a time to use as a potential launch time for the next 20-30 years of your life.
Challenges during this time might include.
- Children in college.
- Children moving in and out.
- Caring for aging parents.
- Divorce or widowhood.
- Changes in your career.
- Changes in your health.
Now is the time to focus on YOU.
If you haven’t saved much for retirement, today is the best day to start.
- Max out your 401k plan.
- If self-employed start an IRA plan.
- Take advantage of compound interest.
What do you need to start doing?
- Configure a budget to see what your expenses are at this time.
- Evaluate if you need to stay in the family home – may want to consider downsizing.
- Evaluate if you want to move to a different location or state.
- Ensure you have your estate planning documents in place: Will, Power of Attorney, Directives
- Start having conversations with your children or relatives about your wishes.
- Clean up or clean out your home.
- Enhance your money mindset to define how you want your money to work for you.
- Consider what your thinking is about how you want to use your money during this time in your life.
- Talk with your children about money. How you want to use your money.
- Consider this time as a great opportunity to create, travel, invest, live the life you want to live.
- Perhaps you want to consider creating a second source of income to add to your life, your savings, your ability to enrich your life.
- Stop poverty thinking or scarcity thinking.
- Start or continue to have conversations about money with your partner.
- False Evidence Appearing Real. FEAR.