What Are Empty Nesters
When your kids grow up and no longer require your support to get by and have left the nest, you are officially an empty nester!
When you become an empty nester, you and your partner are alone in a house that was formerly always full of noise and kids. The living situation changes gradually but significantly.
Benefits of becoming an empty nester
On the plus side, you and your partner have recovered ownership of the entire house. You know when, how, and who locked the door. Even if you aren’t married, or your partner has passed away, you can benefit from a lesser budget. The weekly shopping you needed for just seven days can now last a month.
You now have money to invest in yourself and maybe start a business with no extra monthly costs.
Downsides of being an empty nester
Being an empty nester can cause feelings of loneliness, loss, and even depression. You’re always worried about your kids. You were used to having and caring for them. But now that they’re gone, you can’t stop worrying. These are prevalent, but you can avoid them by following these suggestions.
Tips for empty nesters
Things to Do When You Are an Empty Nester
- Get a pet-Pets are great! You get to spend time with them, and they make your house more interesting.
- Take up camping – Camping trips are great ways to get close to nature. Glamping resorts are luxurious accommodations that make camping more comfortable. Road trips en route to camping are great ways to see new places. You can stop whenever you want to, and you’ll get to see beautiful scenery along the way. Driving also helps you appreciate nature more because you’re seeing things up close.
- Start meditation-Meditation helps people relax and become calmer. You should try it for at least a few minutes a day.
- Redecorate your home – Your home should be a place you feel comfortable in. You should check if it’s okay with your children before taking anything out of their rooms. Then, give your home a makeover by decorating each room differently.
- Take up baking – Baking is a fun activity that requires patience and practice. You can make delicious desserts by following recipes or by using new baking hacks. There are many ways to decorate cakes, cookies, pies, and other baked goods that you can learn or improve on.
- Work on your cooking skills – You should try out new recipes, ingredients, and techniques to improve your cooking skills and make tasty food.
- Go to therapy – This can be a hard transition, but it’s never a bad idea to talk to a therapist. Now is also a good time to address any lingering problems you’ve had in your past that were unaddressed.
- Reconnect with old friends -Friendships are important, but sometimes we lose contact with people because our lives change. Now that you have more free time, make sure to reach out to your old friends to reconnect.
Best Investing Moves for empty nesters
1. Trim your investing taxes
Consolidating your RRSP or 401(k) and IRA is a great idea. You’ll likely want no more than one 401(k), or RRSPs when you retire, but you should compare them to see what works best for you.
2. Tips For Couples Becoming Empty Nesters – Enjoy life
Enjoying your life means taking care of yourself. Your kids are independent now, but you still need to be there for them. Planning for your future is important because you want to make sure you’re ready when your kids grow up.
3. Simplify your accounts
Tax-favoured accounts should be established and maintained for instance LIFs and LIRAs. Withdrawals from these accounts will be taxed as ordinary money. Bonds and other investments that are more likely to lose value will go into tax-advantaged accounts.
4. Estate planning is Key
It is critical to start well ahead and have your estate plan in place for example have a will done by a lawyer. It’s important to protect your wealth and your family. A financial planner can help you do this. You should also consider making charitable donations.
5. Understand your expenses
Retirement planning is about understanding your expenses. You should understand your expenses before you retire. Your expenses depend on how much money you make and how you spend it. Long-term predictions are made by calculating how much you plan to save for retirement.
6. Tips For Couples Becoming Empty Nesters – Boost your contributions
Take control of your retirement funds-Invest in mutual funds with 75% in fixed income and 25% in equity split. You might also want to start reducing the amount of money invested in stocks. Dividend stocks are a good investmethan equity funds or high interest or junk bond market.
7. Set Limitations
Set limitations on how much you spend on yourself. Don’t use your retirement savings to pay for things that aren’t necessary like buying expensive cars. Your children should know what’s important to you.
8. Get out of debt
More than half of the empty nester owns their home free and clear. Most retirement experts say that having a paid-for home in retirement should be one of your top financial goals. Talk to your banker or mortgage advisor about paying off your mortgage.
How do the following situations affect empty nesters?
Grandkids
Indeed you finally have your kids out of the home, but they too get kids, your grandkids. In this case, another tip to empty nesters is that you can keep your kid’s rooms but reverb them to accommodate your grandkids. They can then come over for holidays and weekends to a sleepover.
Bigger house
If you feel the house is too big, you may downscale to a smaller one that feels cozy. You may sell the bigger home or simply rent it out.
Cold weather
As an empty nester, you will often be alone or with your spouse. And truthfully, the house will definitely feel colder. That said, ensure that all the air conditioning systems are in place and working. And in case of any danger or emergency, there are strategies in place to call out for help.
Health issues
With old age comes sometimes come unprecedented health issues. In this case, if you can manage on your own, that’s fine. Bit if you cannot, hire an in-house or visiting nurse that will help you stay in good health.
Long-term retirement plans
After everyone is gone, what are your survival plans after you retire? One tip is to use that surplus money to invest or start a business. Start a business that you enjoy and one that is not taxing. For instance, if you enjoy spending time in the garden, grow some flowers and supply them to the local farmers market.
Empty nesters example
Here are typical empty nester examples:
- Dropping off your last born at a college.
- Your only child moving out of town.
Empty nesters can and should have a great life even after their kids have left. The above tips for empty nesters will help.
How do empty nesters enjoy life?
You may think that life is over, but no, it has just begun. And here are a few tips for empty nesters to enjoy their lives:
- Now that you are free, you can pick up your hobby where you left it decades ago to raise your babies. You may also pick up several others to stay fulfilled.
- Organize visits with your kids regularly. Plans like Sunday family dinners or monthly dates could be fun.
- Develop a daily routine that you enjoy.
- Empty nesters join clubs and community groups to stay happy. Volunteering services at shelters or simply meeting for a book club can be fulfilling.
What is Empty Nest Syndrome
A parent whose children have grown and moved away from home. Those who stay at home are more likely to experience empty nest syndrome than those who work outside the home. Stay-at-home moms and dads struggle with change, and they’re more prone to empty nest syndrome.
In conclusion to Tips For Couples Becoming Empty Nesters
It is hard for parents when all kids have moved out of their home and start life on their own. The house feels empty, quiet and you’re anxious about how things will work out. You also feel down or restless. But there are many opportunities available as well. This transition period could be a great opportunity to make changes in your lives and try new activities for instance playing an instrument, yoga, travelling and many other activities described above.
