MILWAUKEE, January 31, 2023 (Newswire.com) - Northwestern Mutual: For parents whose kids have moved out of the house for good, life can feel very different. They're embarking on a new phase of life, with different considerations and possibilities. Here are seven things for empty nesters to keep in mind as they navigate this new stage of life.
1. Their budget may change. Parents often find that their spending habits change after their children move out. With fewer people in the house, they may find that they're spending less on food and other household items. Additionally, kids' activities and expenses—from sports to college tuition—are no longer a part of the budget. As a result, empty nesters may have more money available to save or to spend on things they enjoy.
2. They may need to adjust their lifestyle. Without kids at home, parents may find that they have more free time and less structure in their lives. This can be both good and bad. On the one hand, it's a chance to pursue hobbies and interests that they didn't have time for before. On the other hand, it can be easy to become isolated without the regular routine of school and extracurricular activities. Empty nesters may need to make a conscious effort to connect with friends and loved ones.
3. Their travel priorities may change. For many parents, their children's activities and schedules dictated when and where they could travel. With an empty nest, they suddenly have the freedom to travel when and where they want. This can be a great opportunity to explore new places and even take that dream vacation.
4. They may want to reconsider their life insurance. With young dependent children, new parents often get affordable term life insurance policies. With children out of the house, the policies' terms are likely coming to an end. If the policy and timeframe allow, this can be an opportunity to convert a term life policy to a permanent policy, like whole life insurance or universal life insurance. With a guaranteed death benefit, permanent life insurance can be a great way to leave a legacy.
5. Where they want to live in retirement. Retirement planning often includes a discussion of where couples want to spend their golden years. For empty nesters, this can be a time to downsize, simplify, and start having that conversation. It might also be time to move to a new location or closer to family.
6. Their health. As people age, their health needs change. Empty nesters may want to consider their risk factors for chronic diseases like heart disease, stroke, and cancer, and get up-to-date on screenings.
7. Staying engaged and active. Empty nesters with more free time may want to find new ways to stay engaged and active, both mentally and physically. There are many ways to keep active, from volunteering to taking up a new hobby. The important thing is to find something enjoyable and sustainable.
Source: Northwestern Mutual