Managing Your Finances as an Empty Nester

Congratulations! Your children are now successfully launched and financially independent. With a newly empty nest comes a great opportunity to reassess your finances.


[Title cards appears saying "HOW DO I MANAGE MY FINANCES AS AN EMPTY NESTER?"]

[A 50-something couple walks across a lawn with their 30-something year old son and his wife]

Finally, your nest is empty! Your kids are financially independent and now it's time to plan for your next act.

[The family is now sitting at a kitchen table talking and then eating lunch]

Start by refocusing on your finances. At the peak of your career and with a smaller household to support, you may find yourself with extra money that can help secure your future.

[The older man is now working on his laptop by himself at the kitchen table]

In that case, boost your retirement savings, especially if you're behind.

[The man is now dressed in a doctor's coat appearing on a tablet during a video call to a patient of his]

Workers 50 and older can make extra catch-up contributions each year to 401(k)s and IRAs.

[The man now enters his kitchen as his wife is working on some paper at the kitchen counter]

Next, whittle down debt.

That will ease financial pressure later when you're no longer earning a paycheck.

[The couple now has friends over for dinner and they're serving the meal and talking]

You could also downsize your home to cut spending and increase your nest egg.

What else? Plan ahead for retirement.

[The couple now stands in the kitchen talking and laughing]

Consider your insurance needs how to pay for medical expenses and how to fund future long-term care.

[The Mutual of Omaha Advisors logo appears]

So enjoy your empty nest today and talk with a Mutual of Omaha Advisor so you can also enjoy a worry-free retirement tomorrow.