When the children have completely moved out after starting their first jobs, the house can seem a little quiet at first. No teenage boys are raiding the refrigerator before heading out to the backyard for a pickup game of basketball. You might even have to admit that you miss the constant chatter of your daughter on the cell phone – talking to who knows who.
But now that the children are out, you can reclaim your house – and your life. You can rearrange your house, your finances and your life around what you and your spouse want for your retirement years.
For example, if your children were on your auto insurance policy and now are starting life independently on their own, you may want to have them get their own insurance. Help them do an insurance comparison so they can find the best car insurance for young drivers. This should allow your own auto insurance rates to decrease, so you can save money for something else you’d like to do now. Also, ask your insurance agent if you qualify for an age discount as well.
If you’re planning on continuing to live in your house for a long time, you might want to consider arranging it so you comfortably live there as you get older. About 90 percent of Americans older than 60 stay in the same home, according to 20 years of census data from 1990 and 2000. Some examples for making a home a safe place as you age are:
* Install grab bars in the bathrooms.
* Remove loose rugs in hallways which can easily turn into tripping hazards.
* Clear walk ways in the house and garage of furniture and other stored items.
* Redesign the shower so you won’t have to climb over the tub wall. Balance often becomes harder to maintain with age, and by just walking into the shower, you may be able to eliminate the problem of leaning off balance.
* Arrange stored items on lower shelves so you don’t have to climb on a chair or stool to reach for them. This will also help you to avoid being unbalanced and at risk for a fall.
Another item you might want to review is your life insurance policy. If your children are finished with college and your mortgage is paid off, you might not need as much life insurance coverage. Take time to re-evaluate your household income, and determine if your family would suffer financially if you or your spouse were no longer bringing income into the budget.
Having an empty nest will require your family to go through some adjustments, but you may discover the new quiet in the house allows you to tackle the hobbies and interests you didn’t have time for when the kids were around.