Financial Planning & Advice for Empty Nesters

Congratulations, you made it! Your kids are grown and on their own. Now, it’s time to relax and concentrate on you again. But what’s the best way to do that? PDS Planning specializes in financial planning for empty nesters and we can present you with a strategy that will help keep you secure and comfortable.

How Much Money Should I Save for Retirement?

The amount you need to save depends on your desired lifestyle in retirement, current retirement assets, anticipated future growth rate and inflation. Sources of retirement income such as Social Security, pension, and rental or business income must also be considered. Once these factors are identified, we will review the numbers and together identify an amount to be saved that will help you reach your goals. We’ll also identify opportunities to maximize your income, and confirm that you are taking advantage of catch-up retirement savings if you are over age 50.

What Should I Pay Off First?

What comes first – your children’s loans or the mortgage? We’ll review your whole debt picture and help you determine which loans to pay off first, and in what steps. The review includes a loan amortization, mortgage analysis, cash flow projection and considerations of whether or not to consolidate loans.

How Do I Help My Children & Grandchildren?

Whether it be to set aside funds for education or provide other financial assistance to family members, PDS Planning will discuss the options that are available under current legislation to provide monies for education. In addition, we’ll explore gifting of appreciated assets and other techniques that can be used to address a broad range of financial matters.

What If I’m Faced With A Life Altering Event?

We’ll help you determine the right balance of disability and life insurance based on your personal situation. We will evaluate whether there are financial needs in excess of the current investment assets and life insurance. If there is an additional need we will help to provide options that can best achieve the goals for your surviving spouse.

We will also review your estate documents, the titling of your assets and beneficiary designations to ensure that they transfer efficiently to your surviving spouse. We will work with your estate planning attorney, or if you do not have one, we will help you select one – to insure that your estate transfers your assets in the manner you wish, and that your spouse will have enough money in the event of your death.

When Should I Consider Long-Term Care Insurance?

If you are between the ages of 50-60, we believe now is the perfect time for you to consider long term care insurance. There are a variety of dynamics in considering how to prepare for your long term care needs. We can assist in evaluating different insurance coverage, the spending down of assets in the event long term care is needed, and how each option will impact your financial future.

For more information regarding financial planning as an empty nester, contact PDS Planning today.