[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/empty-nest-can-have-a-major-impact-on-your-finances-white-plains-ny-greenwich-ct\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/empty-nest-can-have-a-major-impact-on-your-finances-white-plains-ny-greenwich-ct\/","headline":"Empty Nest Can Have a Major Impact on Your Finances","name":"Empty Nest Can Have a Major Impact on Your Finances","description":"It can be the best of times and it can be the worst of times. When the kids head off to college, you will find that the move will have an impact on your finances and how you handle those changes may well have an impact on your future, according to The Cross Timbers Gazette […]","datePublished":"2018-10-15","dateModified":"2024-03-21","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b022ad37253de.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b022ad37253de.jpg","height":574,"width":390},"url":"https:\/\/www.amorusolaw.com\/blog\/empty-nest-can-have-a-major-impact-on-your-finances-white-plains-ny-greenwich-ct\/","about":["Empty Nest","Health Care Proxy","Incapacity","Power of Attorney \/ POA","Retirement"],"wordCount":553,"keywords":["Beneficiary Designations","Empty Nest","Estate Planning","Health Care Proxy","Incapacity","Power of Attorney","Retirement"],"articleBody":"It can be the best of times and it can be the worst of times.When the kids head off to college, you will find that the move will have an impact on your finances and how you handle those changes may well have an impact on your future, according to The Cross Timbers Gazette in “Financial Considerations for Empty Nesters“.Suddenly all that cash on hand that used to go toward allowances, lunch money, shopping for clothes, gas money and your kid\u2019s cell phone bill, is staying in your bank account. It\u2019s tempting to do some \u201ccatch up\u201d spending and indulge yourself in all the things you\u2019ve put off, waiting until the kids were grown. However, this is a unique opportunity to bolster retirement savings and build up (or build back) the emergency cushion that so many of us forget we need\u2014until there\u2019s an emergency.There\u2019s always the temptation to help the kids out, as they set off on their new lives as independent adults. That\u2019s a great thing to do if you and your retirement accounts can afford it. Consider putting a time limit on any continuing support, like paying a monthly phone bill or a credit card bill.In some instances, kids never become completely financially independent. If you are in a position to fund them, that\u2019s great. If they have disabilities that limit their earnings abilities, you may want to look into what social service programs are in your area that may help with finding safe and affordable housing, social programs and other services.Make sure your estate planning attorney and your financial advisor are aware of your plans, if they include continuing to support your children. This may impact your estate plan and investment choices.Now, have some fun. It\u2019s time to focus on you and your spouse. Make a budget and figure out how much you can reasonably afford to spend on a special vacation or to fix up the spare room.If you haven\u2019t updated your will, since the last presidential election, put this on your \u201cbefore the holidays\u201d list. There have been many changes to tax laws and your life may have experienced some changes as well. Review your estate plan with your estate planning attorney to be sure you aren\u2019t missing any opportunities to minimize taxes or maximize your planned giving legacy.This is also the time to check on your beneficiary designations. If the last time you looked at them was when your now adult children were small, you definitely need to make a complete list of all of your accounts that have beneficiary designations and make sure they are up to date. If you haven\u2019t checked them since before you were last married, it\u2019s time.Now that the kids are grown, it\u2019s a good time to revisit your power of attorney and health care proxies. If your child is responsible enough, you may want to name your child as your agent. Accidents happen, and we never know when we might become incapacitated.An estate planning attorney can advise you on creating an estate plan that fits your unique circumstances, including the impact of becoming an empty nester.Reference: The Cross Timbers Gazette (Sep. 10, 2018) “Financial Considerations for Empty Nesters“"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Empty Nest Can Have a Major Impact on Your Finances","item":"https:\/\/www.amorusolaw.com\/blog\/empty-nest-can-have-a-major-impact-on-your-finances-white-plains-ny-greenwich-ct\/#breadcrumbitem"}]}]