Empty Nest (45+)


Your children have most likely flown the nest to start to support themselves through university, a new career or have gone to start their own family.

This has probably resulted in an increase in disposable income and greater freedom in how you spend your time. However, you may also be confused about what to do next and how to plan for your future now your circumstances have changed.

Your family is most likely growing with grandchildren on the way and your home is feeling empty. You may be considering downsizing your home to free up funds to invest or save for your retirement or future generations.

After the loss of a parent you may receive an inheritance.

With greater disposable income you are able to contribute more to a growing pension pot to give you a better outcome upon retirement. You may also wish to invest this cash to provide a backup plan or extra income for when you retire.

Financial considerations

Now is the prime time to invest some of your extra disposable income or new found wealth into your retirement plan if you have not already done so. Contributing to your pension at this time can produce tax benefits that can generate an immediate return.

If you believe you have added as much as you wish there are always other ways to utilise your money subject to your tax position and objectives.

It is important to keep your will up to date to ensure all beneficiaries are named, especially if you decide to add new members due to an ever expanding family. This will create a safety net for your family in the future and will help you relax knowing you have plans in place.

You may also consider the early stages of estate planning; this means who your estate is left to once you are no longer around. By planning in good time, you can lower estate inheritance tax and maximise the benefit to your family and other beneficiaries.

You may want to consider powers of attorney to empower someone you trust to make decisions for you in the future if you become ill and are unable to make important decisions for yourself.

It’s a time for great changes and better financial stability. A good financial adviser can help steer through the array of options. Our independent financial advisers will discuss your circumstances and hopes and help you to make some key decisions – contact People and Business. Click here