If you’ve been lucky enough to have kids, there will be a time when you have to let them go, and suddenly your time and maybe even your money is a bit more your own, with fewer demands from the family, but a new life stage is having into view over the horizon. Likewise, if you don’t have kids, then that same life stage will also be approaching, but before you get to retirement, whatever that means, you may have a shorter or longer time of having an empty nest. This brings with it some opportunities and threats, and in this session, I’ll be looking at both.

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Empty Nest

Having just you or just you and your partner to think about, and no other drains on your resources means that some options become open to you which perhaps weren’t there before. It can be tempting to go nuts and enjoy the extra capacity you have for spending and doing your own thing, and you should, to a point. As the prospect of retirement looms, you need also to consider maximising your contributions in that direction. But how do you balance the two?

As usual, I’ll look at what you need to KNOW and what you need to DO to make the most of the opportunities and avoid the threats which abound in this life stage.

MeaningfulMoney Book

As a quick aside, if you want to help me spread the word about the MeaningfulMoney book when it arrives early next year, I can keep you informed if you click this link and add your name and email address to the form there – thanks so much!

Resources mentioned in this episode

Podcast: Net Worth – How much is enough?

Podcast: Net Worth – How to keep track

Podcast: Net Worth – What to do if you're not on target

Podcast: How much is enough? With Paul Armson

Calculator: NatWest Bank calculator – how much does it cost to raise a child?

Software: Envision Your Money

Website: Find a financial planner

Email address for sending your questions: lifestages@meaningfulmoney.tv

And, just click the mahoosive blue box below for this week's transcript:

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