Different stages of life bring about different priorities and opportunities, and retirement is no exception. As your family evolves into this new phase, your financial goals and insurance needs may be going through an evolution of their own. Now is a good time to evaluate your financial situation so you can enjoy your retirement empty nest with confidence and security. Farm Bureau can help.

Looking at the big picture
Becoming an empty nester can open the door to many new experiences. You may have time to join social, community or civic groups, volunteer more and travel. You may even be at the peak of your earning potential with disposable income that you didn’t have in the past.

Consider opportunities to increase your earning power as you enter this new chapter in your life to be sure you can fund the retirement you’ve dreamed of.

Consider a career change — if you’ve been a stay-at-home parent, now may be a good time to take a job outside the home, even part-time. This can help pay college costs for your children, assist with expenses for aging parents and put more away for your retirement.

Take care of your health — medical expenses can add up and cut into your retirement plans, so taking care of our health is a great way to meet your goals. It’s also smart to see if your employer offers long-term care insurance and disability income insurance, or ask a Farm Bureau agent about purchasing this type of coverage while you’re healthy.

Reevaluating your insurance needs
Through life’s different stages, life insurance has likely been an important part of your financial foundation. It can benefit your family after you’re gone by helping with mortgage and auto payments, college costs and final expenses. By evaluating how much coverage is now necessary, you can create or adjust your strategy for preserving a financial legacy for your family.

You should also review your car insurance and health insurance policies. You may no longer need to include your children which can decrease your premiums and free up money for your future.

Accumulating funds for the future
While you’ve likely accumulated some funds for the future, it is a good idea to redefine your vision for retirement and make sure the strategies you have in place will meet your goals. Here are some options for boosting your retirement earnings:

Maximize your 401(k) investment — contributions to your 401(k) are pre-tax, and the taxes are paid when you withdraw the money in retirement when you may be in a lower tax bracket.

Contribute the maximum to a Roth IRA or Traditional IRA — people over age 50 can contribute “catch-up” amounts to IRAs, which offer tax-advantaged benefits.

Caring for your aging parents
Your kids may be moving on and becoming more independent, but by this time parents may be requiring more of you. Take the time to talk with them about their wishes. Determine if they have long-term care insurance, and if not, how the expenses will be handled if they cannot live on their own. You also need to consider how you will save for your retirement while also being there for your parents. To help document personal information and final wishes, ask your Farm Bureau agent about completing A Personal Journal of Wishes and Records®.

Now that the kids are gone and you have time to pursue your dreams and ambitions, let Farm Bureau help you evaluate your current situation and future needs so you can look forward to this exciting phase of your life. Find an agent today.