Your Empty Nest Provides Room for Retirement Savings

Retirement

Your Empty Nest Provides Room for Retirement Savings

Posted by Infinite Wealth Advisors, LLC
5 years ago | August 20, 2014

 

Senior man giving woman piggyback rideOnce the children have grown up and moved out, many couples find the “empty nest” years to be fun and fulfilling. Now that the kids are gone and paying their own bills, you may find that you have more money to spend on yourself. It’s a great time to pursue your own hobbies, travel, and treat yourself to a luxury purchase or two.

After years of hard work, raising children and putting their needs first, you certainly deserve to enjoy this time in your life. However, it’s important not to get too carried away! You likely have a few years left before entering retirement, and these may also be the most profitable years of your career. It’s important to remember that soon you’ll be retired, and you will need to live within your retirement budget for the rest of your life. If you splurge too much now, you may find your retirement years disappointing when you can no longer afford lavish purchases.

Now that you’re no longer funding private schools, providing room and board to young adults, or enduring high auto insurance premiums due to young drivers on your policy, put the extra cash in your budget to good use. It’s fine to reward yourself with a treat or two, but think carefully about the years which lie ahead. You probably don’t want to enter retirement saddled by credit card debt, and now may be a great time to pay off those burdensome balances. Your budget surplus could also be used to build up your retirement savings so that you’re better prepared for your golden years.

Since this time in your life comes along with major changes in your lifestyle and budget, it’s a good time to sit down with a financial advisor or insurance professional. Discuss your priorities and goals, and your advisor can help you formulate a plan for this time in your life. The goal is to enter retirement well prepared and unburdened by debt, so that you can smoothly transition into a comfortable lifestyle after you stop working.

 

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