Empty Nester

Q.1, What kinds of changes will occur when I become an empty nester?

You may have more free or unstructured time. This will allow you an opportunity to explore other activities but it will also reduce the amount of interpersonal contact that has been a regular part of your life. Your costs will change as, in some ways, you will spend less money but, in other ways, you may spend more. Your household expenses will diminish but the amount of money you spend on leisure and recreation could increase as you engage in other activities. You may alter your residence but changing the use of some of the rooms in the home or you may decide to move to a different residence more suited to your new needs.

Q.2. What should I do with any extra money once the kids leave home?

Many people start to pay off any existing debts, while others, with little or no debt, engage in leisure and recreational activities, renovate their homes or travel more.  Some decide to save more for their retirement. What you decide to do is very specific to your situation.

Q.3. Will my estate plans change?

When any major life change occurs you should ensure that your will and estate plan reflect your new reality. Depending upon how well your children are doing on their own, you may or may not want to alter your estate plan. In addition, you may want to alter your beneficiaries.