Money Matters: Smart financial moves for empty nesters

Reported by: Brittany Price
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Updated: 3/05/2014 10:17 am
"When you're first entering that empty nest stage, there is no doubt you're going to miss your children," Financial Adviser, Tommy Wood, said.  

Wood said it can be an emotional time for parents, but where finances are considered it can be also be a time for opportunity. 

"All of a sudden, generally at the time when they're at their peak earning years, they're in a position in which they've got funds available to go toward some of their other goals that sometimes have been on the back burner," Wood said.  

Take advantage of the empty nest with four steps. One, beef up your egg nest. 

"There is extra money they can max out their retirement plans with," wood said.  

Two, boost investments. 

"There is money they can put into other investments to go toward their other financial goals," Wood said.  

Three, re-evaluate your living space. 

"They might even consider down-sizing their home if they don't need it as much anymore or as much space," Wood said.  

Four, review your life insurance. 

"Many life insurance policies that folks have bought are primarily to protect around having the mortgage paid off or getting the kids out of the house," Wood said. 

Parents have other options once those expenses are no longer in the picture. 

"Sometimes they may be able to cut some of their life insurance in order to move that money to other goals," Wood said.  

Although it might feel a little lonelier at home, empty nesters can find greater freedom to pursue hobbies and interests and move closer to reaching financial objectives. 
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