Becoming an empty nester is a milestone that comes with both personal and financial impacts. Time and money once earmarked mostly for raising a family is now dedicated to you.
Refocusing your finances and reclaiming “you” time during the empty nest years was the focus of our latest Google+ Hangout: Thriving in the Empty Nest, co-hosted with Bankrate.com on August 26th.
Our panelists discussed the importance of re-examining your overall financial picture to find out what adjustments and contingency plans are needed so you can live the life you’ve imagined.
Greg McBride, CFA, senior vice president and chief financial analyst for Bankrate.com, Jack Tatar, retirement expert and author, and Elizabeth Fishel, co-author of the book “Getting to 30: A Parent’s Guide to the 20-something Years,” examined the various ways empty nesters can maximize their retirement contributions, arrange for future living and healthcare needs, and prepare for any unexpected life events that can dampen even the savviest savers best laid plans.
“Try not to take more than 5% of investments or savings to help grown up kids, especially after college.”
– Elizabeth Fishel
“Empty Nesters can’t break the planning and the mold of putting money away. You have to still stay disciplined but have a little bit of fun.”
“Tax-advantaged accounts really give you the most bang for your investment buck. It’s like having the E-Z Pass to go zipping through the Toll booth rather than stopping to fish out spare change.
“Being a member of the sandwich generation is an opportunity to teach your child financial planning skills.”
You can replay the conversation below to learn more about refeathering your empty nest.