5 Retirement Planning Tips for Empty Nesters

| June 26, 2017 | 2 Comments

empty nestersA well-planned retirement requires significant thought and research to ensure that you are making the right financial decisions for your needs.

A wide variety of books and agencies are available to help with these decisions, and much of the information is a matter of common sense, careful timing and financial discipline. Here are a few tips for you empty nesters to help you get started with planning your retirement for 2017.

Downsize Your Housing

Many seniors prefer to live in their family homes even after retirement. They are accustomed to the neighborhood and the community and are reluctant to make a change in residence.

However, you may have a large amount of equity in your home that could be used to finance a comfortable retirement, one that allows you funds to travel to foreign lands or spend more time visiting family.

In addition, a large older home often requires costly repairs that cut into retirement income. Downsizing into a smaller home or condominium can make good financial sense for many people in their retirement years.

Maximize Your Social Security

empty nestersIf you have been employed in work that pays into Social Security over the years, you will be eligible for benefits at age 62. However, the amount of the benefit will be significantly less than if you wait until your full retirement age.

Your benefits increase even more if you continue working until age 70. Of course, each individual may have different concerns as they approach retirement age.

An income planning company like Trajan Wealth can be helpful in proving information about the complex policies of the Social Security program and how you can make the most of your earned benefits.

Eliminate Your Debt in Advance of Retirement

If you have credit card debt or car loans, try to pay off the debt before you retire, so you have more money for discretionary spending. In this way, you will have more money available for travel, visits to see the grandchildren and for hobbies that provide personal satisfaction.

Keep Saving Money

empty nestersMany people tend to slow down on their saving for the future as they approach retirement. However, this is a time when you should increase your savings, whenever possible, to ensure that you have sufficient money on hand if you need to stop working entirely.

Regular investment in savings can accumulate significant amounts over a period of years.

Work Part-time

Many seniors feel at loose ends when they don’t have a solid schedule and a place to be during the week. Working a part-time job, or even volunteering on a regular basis, can provide the psychological support during the retirement years.

Of course, a bit of extra income is always welcome, but the feeling of motivation and interaction with others is often the more important payoff of continuing to work.

Retirement can be a time of increased well-being with more time to engage in activities you love.

You can avoid the stress of financial concerns if you research your options carefully and get good advice on how to make the most of your retirement funds.

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  1. My mom would reach retirement soon and I’ll definitely advice your tips to her. It was very informative. Thanks for sharing this one!

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