Are you still wondering what to do now that your children have finally moved out? Some parents wait for years to enjoy the financial and personal freedom that comes with having a house all to themselves. Raising kids is a major accomplishment, but it takes its toll even on the hardiest of moms and dads. Then, when it’s time to enter the next phase of your life, namely the empty nest, you’re often at a loss about what to do.
No two couples are alike, but there are some very common strategies and approaches people take when they realize that it’s time to enter the post parenting segment of their lives. In addition to purchasing a smaller home, other options include selling life insurance policies to bolster cash reserves, relocating to a resort or vacation town, traveling to exotic locations, or donating time to charitable causes. The main thing to remember is that you’ll almost certainly have more time and money available now that the nest only has two occupants. Here are some ideas to get you started on your new adventure.
Buy a Smaller House
For many middle-aged moms and dads, the first thing on the agenda after sons and daughters move out is to buy a smaller home. Unless you have a need for lots of extra space or intend to take in renters, downsizing to a more efficient living space makes great economic sense. Not only can you bank a significant amount of money on the trade but you will enjoy a simpler, less cluttered lifestyle. Speak with a realtor who specializes in transactions like these and learn how to do it the right way so you won’t have to wait months to find an acceptable property and sell your old one.
Sell Your Life Insurance Policy
Consider selling an unneeded and unwanted term insurance policy through a process called a life settlement. You can do everything online and get your money in a matter of a few days. First, review an informative guide that describes exactly how the transaction works. That way, you can get your funds quickly and never have to pay another premium again. Keep in mind that there are no restrictions at all on how you use the money you get from the settlement. Put it into the bank, spend it on a major vacation, use it to buy a new home, or whatever you wish.
For many working adults who bid their grown children farewell, there’s no better time to relocate to a new city. Popular destinations include faraway locales like the Philippines, Alaska, Chile, and Hawaii. If you don’t want to go that far, think about staying closer to home but moving to a nearby by resort town where you can take advantage of water sports and outdoor fun.
Donate Your Time
If you like the idea of helping the less fortunate, consider donating some of your free time to social organizations that need help, like local charities that feed the homeless, churches that need volunteers for fundraising projects, and global non-profits that work to end hunger and famine.
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