Are you an Empty Nester?
As Financial Advisers, we’ve seen many clients enter the ’empty nester’ phase of life with mixed emotions.
While feeling a sense of loss when children leave home is natural, this new chapter can also bring unexpected benefits and opportunities.
Let’s explore the advantages of being an empty nester and how to make the most of this exciting time.
Financial Freedom
One of the most immediate benefits of being an empty nester is the potential for increased financial freedom.
With reduced household expenses, you may find yourself with more disposable income. This can be an excellent opportunity to boost your retirement savings or pursue long-held dreams.
Read here for the top 5 tips for retirement planning during the cost-of-living crisis
One of our clients, Sarah, a recent empty nester, shared her experience: “Once our youngest left for university, we realised we were spending about £500 less per month on groceries and utilities.
We’ve redirected that money into our pension, taking advantage of the higher annual allowance in the 2024/25 tax year.”
Rediscovering Your Relationship
Many couples find that being an empty nester allows them to reconnect and rediscover their relationship.
Without the daily demands of child-rearing, you can focus on each other and potentially rekindle the spark that brought you together in the first place.
Another client, John, who’s been an empty nester for two years, noted: “My wife and I have started having ‘date nights’ again. It’s like we’re newlyweds, but with the wisdom of decades together.”
Pursuing Personal Interests
With more free time on your hands, you can finally pursue those hobbies or interests you’ve been putting off.
Whether learning a new language, painting, or travelling, the empty nester phase can be a time of personal growth and fulfilment.
Career Opportunities
For some, an empty nest can be an opportunity to refocus on their careers. They might consider taking on new work challenges, pursuing further education, or even starting a new business venture.
Skills that have not been used for a while could be valuable to others. Starting your own business may have been challenging while juggling family responsibilities.
Improved Health and Wellness
With more time to focus on yourself, many empty nesters find they can prioritise their health and wellness.
This might mean more time for exercise, preparing healthier meals, or simply getting more sleep.
Strengthening Other Relationships
An empty nest doesn’t mean an empty life. Many people find they have more time to nurture friendships and family relationships that may have taken a back seat during the child-rearing years.
New Ways to Parent
Just because your children have left home doesn’t mean you stop being a parent. Many empty nesters find new, rewarding ways to support their adult children.
Susan, whose children are now in their late 20s, said: “Our relationship has evolved. Now, I’m more of a mentor and friend to my kids. It’s a different kind of parenting, but just as rewarding.”
Financial Planning Opportunities
From a financial planning perspective, the empty nest phase can be an ideal time to reassess your financial goals and strategies.
You might consider downsizing your home, increasing your pension contributions, or exploring new investment opportunities.
As Financial Advisers, we always remind our clients: “The empty nest phase is an excellent time to review your financial plan. With potentially reduced outgoings and a clearer view of your retirement timeline, we can often make strategic adjustments to help secure your financial future.”
Although adjusting to being an empty nester can be challenging, it can also offer opportunities for personal growth, financial stability, and exciting new experiences.
Embrace this new chapter of life – you’ve earned it!
