Empty Nesting & Approaching Retirement
Birthday parties. Music lessons. Doctor visits. College tuition. Let's face it, raising kids is expensive! But eventually your little ones will fly the coop and your life as an empty nester will begin. This may bring lifestyle adjustments and changes to your priorities, especially financial ones. With your kids now on their own and your retirement approaching or just begun, it's time to align your financial strategies – and we can help.
Move vs. improve: Consider the costs
Whether you plan to downsize or renovate your current home, there are costs to consider. Thrivent Federal Credit Union has home equity products and mortgage loans to help meet your needs.
Move or improve your home
Adjust to your new lifestyle
After your kids leave home, it can be hard to adjust. We've put together some tips to help you understand your emotions, set new priorities and take steps to forge ahead on the next phase of your journey.
Read tips for empty nesters
Refocus during this new phase of life
As your kids grow and move on, your plans and goals for the future change, too. Now that you've transitioned into a life of empty nesting, it's important to review your financial situation. Thrivent Financial can help guide you as you plan for the next steps in your life.
Focus on saving, not spending
With more free time and fewer expenses, you may feel the urge to splurge. But be careful with your newfound financial "freedom." Too much spending could compromise your retirement. Instead, keep your spending in check and consider using the extra money to increase your retirement savings. Use this time to catch up on savings you may not have been able to do when you were busy raising your children.
- Maximize your retirement contributions.
- Supplement 401(k) or pensions savings.
- Fund an IRA with investments and annuities.
- Start making catch-up contributions once you're 50.
Overcome empty-nest syndrome by living generously
Adjusting to an empty nest can be an awkward and emotional transition, leaving many to experience what's called empty nest syndrome. But don't let an empty nest leave you with an empty feeling. Instead, think of it as chance to share your time and talents with others through volunteer opportunities. Getting involved in your community can help you focus on the positive aspects of this oftentimes bittersweet life event.
- Lead a Thrivent Action Team or participate in Thrivent Builds.
- Meet new people and rekindle old friendships.
- Support causes you care about.
Start a child off on the way he should go, and even when he is old he will not turn from it.
Thrivent Action Teams - Application
Now that you know how Thrivent Action Teams work, it's time to get started on your project and live generously.
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