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Submission: On September 13 via api from US — Scanned from DE
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Business days from 9 a.m. to 9 p.m. ET (888) 624-9055 Log out OverviewYour PlanYour MoneyPlanning ToolsEducation Center * Retirement & Estate Planning * Retirement Planning * Understanding Retirement Plans * Estate Planning * Tax & Finance * Tax Planning & Advisors * Credit & Debt * Consumer Fraud & Protection * Insurance * Life Insurance * Long-Term Care Insurance * Other Insurance Needs * Home & Mortgages * Mortgages * Buying & Selling a Home * Rental & Vacation Properties * Financial Planning * Financial Decisions * Financial Advisors * Investment Management * The Basics * Women & Money * Life Events * College Planning * Kids & Money * Marriage & Divorce Education Center / Financial Planning / Investment Management MONTHLY INSIGHTS – SEPTEMBER 2023 Edelman Financial Engines August 22, 2023 4 STRATEGIES FOR EMPTY NESTERS HAVE YOUR KIDS LEFT HOME? TIME TO REFOCUS YOUR PRIORITIES. The moment you’ve been working so long and hard for is here: The children have flown the nest. It’s a huge achievement for all of you, even as the end of their childhood can be bittersweet. It’s also an opportunity to refocus on your financial goals and to make sure you have a plan in place that can see you through to retirement and beyond. Let’s break down a financial planning road map for an empty nester. 1. HAVE AN OPEN AND HONEST CONVERSATION WITH YOUR KIDS – AND YOURSELF It’s important to set some guidelines around how much – and how long – you will continue to support them financially. As parents, we want to care for our children and help them as much as we can. But the best thing you can do for your young adult children is to help them become financially independent. It doesn’t have to mean cutting off all funds all at once, but depending on the child’s age, living situation and employment status, together you can start to map out what that path looks like. The goal is to get them on their way, so you can start redirecting some money back toward your retirement. Which brings us to our next step … 2. RENEW YOUR FOCUS ON RETIREMENT Let’s be honest, kids are expensive. And now that they’ve moved out, that means the money you’ve been spending all these years on tuition, clothing, food, school trips or soccer uniforms can go back into the retirement pot. If you haven’t been maximizing your retirement savings and the kids are out of the house, it’s time to start. * Catch up: If you’re older than 50 and have a 401(k) or 403(b), you can make catch-up contributions to your retirement plan of up to $7,500 in 2023. The same is true for most 457 plans and the federal Thrift Savings Plans. * Review your investments: Your investment goals and risk tolerance can change over time. Check with a financial advisor to help make sure your portfolio is aligned with your retirement savings goals. * Develop an income withdrawal strategy: How much will you need to live on in retirement? What’s the most tax-efficient way to take withdrawals from retirement accounts like your 401(k), IRA or taxable brokerage accounts? Again, a conversation with a financial advisor can help you create a retirement income withdrawal strategy. 3. IS IT TIME TO “RIGHTSIZE”? Without the kids living at home, you may want to consider “rightsizing” your residence. The place may feel empty, or maybe it feels like too much work to maintain it without those extra pairs of hands. Deciding to sell your primary residence is a major decision, so discuss it with a financial advisor, if you have one, to make sure you’ve got a clear picture of how this may affect your financial situation. But if you do sell, part of the proceeds can be used to boost your savings, pay for long-term care insurance or buy a more retirement-friendly residence. If your new home is smaller, you might benefit from lower utility costs, property taxes and insurance. Regardless of what you decide now, the ultimate question of where and how you will live is an important foundation of financial planning in your empty-nesting years. 4. HELP SAFEGUARD YOUR LEGACY WITH ESTATE PLANNING As you enter middle-age and your children become independent, it’s time to review your estate plan. Everyone needs an estate plan no matter the amount of assets they have. The dual goals are to help protect your wealth and to provide for your loved ones after you’re gone. This can be achieved by executing a will, reviewing your insurance policies, identifying charitable causes you may want to leave a legacy to, and having an open and honest discussion with your children about your wishes. A financial advisor working with an estate attorney can help create an estate plan that is financially comprehensive. Above all, enjoy being an empty nester! Take the opportunity to discover new hobbies, pursue new interests and maybe even continue your education using an overfunded 529 plan. (Consult with a financial advisor on how you can do this.) It’s a new chapter for you, and it’s time to focus on planning for the retirement you want. If you would like to learn more about retirement planning as an empty nester, contact an Edelman Financial Engines advisor at (855) 224-1379, weekdays from 9 a.m. to 9 p.m. ET. We’re here for you. © 2023 EDELMAN FINANCIAL ENGINES, LLC. THIS PUBLICATION IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE INVESTMENT ADVICE OR AN OFFER TO BUY OR SELL ANY SECURITY. FUTURE MARKET MOVEMENTS MAY DIFFER SIGNIFICANTLY FROM THE EXPECTATIONS EXPRESSED HEREIN, AND PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. EDELMAN FINANCIAL ENGINES ASSUMES NO LIABILITY IN CONNECTION WITH THE USE OF THE INFORMATION AND MAKES NO WARRANTIES AS TO ACCURACY OR COMPLETENESS. FUTURE RESULTS ARE NOT GUARANTEED BY ANY PARTY. FINANCIAL ENGINES® IS A TRADEMARK OF EDELMAN FINANCIAL ENGINES, LLC. ADVISORY SERVICES ARE PROVIDED BY FINANCIAL ENGINES ADVISORS L.L.C. (FEA), A FEDERALLY REGISTERED INVESTMENT ADVISOR. CALL (800) 601-5957 FOR A COPY OF OUR PRIVACY NOTICE. INVESTING STRATEGIES, SUCH AS ASSET ALLOCATION, DIVERSIFICATION OR REBALANCING, DO NOT ENSURE OR GUARANTEE BETTER PERFORMANCE AND CANNOT ELIMINATE THE RISK OF INVESTMENT LOSSES. ALL INVESTMENTS HAVE INHERENT RISKS, INCLUDING LOSS OF PRINCIPAL. THERE ARE NO GUARANTEES THAT A PORTFOLIO EMPLOYING THESE OR ANY OTHER STRATEGY WILL OUTPERFORM A PORTFOLIO THAT DOES NOT ENGAGE IN SUCH STRATEGIES. PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. NEITHER EDELMAN FINANCIAL ENGINES NOR ITS AFFILIATES OFFER TAX OR LEGAL ADVICE. INTERESTED PARTIES ARE STRONGLY ENCOURAGED TO INCLUDE YOUR QUALIFIED TAX AND/OR LEGAL PROFESSIONALS IN THESE DISCUSSIONS AND DECISIONS TO HELP DETERMINE THE BEST OPTIONS FOR YOUR PARTICULAR CIRCUMSTANCES. AM#3084196 What to read next MONTHLY INSIGHTS – AUGUST 2023 July 25, 2023 MONTHLY INSIGHTS – JULY 2023 July 5, 2023 MONTHLY INSIGHTS – JUNE 2023 May 23, 2023 MONTHLY INSIGHTS – MAY 2023 May 9, 2023 About Edelman Financial EnginesLegal InformationPrivacy PolicyOnline Privacy StatementChat Usage Terms Do Not Share My Personal Information © 2023 Edelman Financial Engines, LLC. Edelman Financial Engines® is a registered trademark of Edelman Financial Engines, LLC. All advisory services provided by Financial Engines Advisors L.L.C., a federally registered investment advisor. Results are not guaranteed. Apple, the Apple logo and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc., registered in the U.S. and other countries. Android and Google Play are trademarks of Google LLC. 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