What do many empty-nesters do with their extra money? They:
- Save more for retirement
- Buy a cottage or other property or fix up their homes
- Pay off debts, including their mortgages
- Improve health and wellness
- Enjoy current hobbies or try out new ones
- Travel or explore new places to live after they retire
- Support aging parents. According to a study of 1,200 baby boomers aged 40 to 60, almost a third said that they expected their aging parents to move in with them, or that this had already happened. This can really affect your lifestyle and your finances.
- Go back to school
- Start a new business
- Volunteer in the community
- Buy luxury items like costly TV or stereo equipment, a sports car, a motorcycle, or a boat.
This list may not be a perfect match with yours, but it may give you a sense of how life can change now that your kids are gone.
Remember: As an empty nester, you will have more time and money.
It’s a great time to try out new activities. You may also choose to make paying off debts or saving for retirement a high priority.
Content in this section is provided in partnership with the Investor Education Fund, a non-profit organization promoting financial literacy to Canadians. To find out more go to GetSmarterAboutMoney.ca.