Making a transition from parenting with children at home to being an empty nester is a life-changing event. It can be an emotionally difficult period as you rearrange your life without the presence of children at home. But it also can be a financial relief.
With fewer mouths to feed and more lifestyle flexibility, empty nesters have an opportunity to gain some financial freedom. It can be an exciting opportunity, but financial futures still need to be taken into account.
From preparing for unexpected medical costs to bolstering retirement savings, there's a lot to consider. As such, budgeting is critical at this stage of life. Your budget may change a lot, and some issues you'll need to think about include:
● Optimizing your checking and savings accounts to ensure they meet your needs: It's not just about finding the best checking account interest rates or keeping monthly fees down. You'll want to ensure your accounts come with the kind of support and advisory services necessary as you navigate this major life change.
● Identifying how you may need to adjust your savings or investment strategies: The freedom of becoming an empty nester makes this transition a great time to rethink how you spend and save to ensure you are best positioned for your long-term lifestyle goals.
● Exploring the value you get from financial services: From high-yield checking accounts to specialized savings accounts, financial services providers can offer value that goes beyond simply keeping your money safe.
At Comerica Bank, we specialize in providing robust advisory services for our customers. Whether you're looking to set up new accounts, get some financial planning or support or tap into digital tools, we'd be happy to help. To learn more about how you can prepare for the empty nester stage of your life, check out our video below. It can offer some tips on budgeting strategies and advice to keep in mind as your children move out.
