Depending on the size of your home, this may be an ideal time to downsize by moving to a smaller home, condominium, or senior community.
Smaller homes cost less to heat, cool, and maintain. And condominium and senior communities typically have shared maintenance areas, meaning that you will spend less time on yard work and more time enjoying life. Lower bills and less maintenance can help free up additional cash to be invested for retirement.
To make up for this loss, you could consider increasing your contributions to a retirement account. This will decrease your gross income, reducing your tax liability.Ideally, after your kids leave home, cash that you used to pay for their expenses will be available. While it is fine to pamper yourself a little more often, most empty nesters can benefit by diverting their newfound discretionary funds toward their retirement savings.
If you have not met with a CERTIFIED FINANCIAL PLANNER™, now may be the time to do so. A CFP® professional will help you to understand if you are on course to meet your retirement income expectations. And if you are not, they can help you plan accordingly.Often, we create our family trust, wills, healthcare directives, and power of attorneys while our children are young. Over time, our needs change as our children grow. This means your estate plan may no longer meet your needs.
Long-term care insurance helps pay for long-term medical care. It also helps pay for professional assistance with the activities of daily living, like bathing and dressing, which Medicare and private health insurance do not cover.If there is money left in your child’s 529 plan after graduation, and your child is employed and eligible, you may be able to roll the excess funds into a Roth IRA for your child. The SECURE Act 2.
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