When your children leave home and you become an “empty nester,” you’ll probably need to adjust your lifestyle — and you may want to make some financial moves, too.
For example, if your mortgage is nearly paid off and your spouse has sizable resources for retirement, you may not need the same amount or type of life insurance. However, life insurance might help with other goals, such as ensuring your savings last your lifetime or helping you leave the legacy you want.
You also might consider downsizing, especially if you still have a hefty mortgage. By moving to a less expensive home, or even renting, you could free up some cash flow, which could allow you to invest more in your retirement accounts.
Finally, you might need to revise your estate plans to reflect your new status, especially if you had established a trust designed to address the needs of younger children.
Becoming an empty nester is a milestone. And by making the right financial moves, you can get off to a good start on this new phase of your life.
You can contact Joey at 1940 N. Jackson St., Suite 140, here in Tullahoma. 931-454-2435 or visit www.edwardjones.com.