How Empty Nesters Can Take Care of Their Families

KALAMAZOO, Mich. - Sept. 11, 2014 - PRLog -- You Can Still Take Care of Your Flock

If your children have recently moved out, you may no longer be their chauffer, chef or maid, but you never stop being their parent. For years to come, you'll still find teaching moments and ways to show you care.

Care for Them by Caring for Yourself
One of the best things you can do for your children is to take care of yourself financially. One in four grown children provides either personal care or financial assistance to parents.¹ Building a financial strategy toward a secure financial future can mean the difference between independence in later years or needing help from your children. And it allows you to spend for and gift to others with greater confidence.

Teach by Example
If you no longer financially support your children, consider putting that money toward paying down debt, increasing your mortgage payments or contributing more toward your retirement savings. These steps toward financial independence in retirement are important now because there are no loans to pay for retirement. Plus, building your own solid financial foundation sets a tremendous example for your children.

Plan Your Legacy
Your legacy includes the gifts you hand down to your children and grandchildren. You can proactively plan to make sure your assets go to the people and organizations you care about. A simple place to begin is by reviewing your beneficiaries for your accounts.

You may also want to talk to a qualified estate-planning attorney about an estate plan. Contrary to what some people think, an estate plan is more than just a will, and it is not just for the wealthy – they're for anyone with goals, regardless of how much money you have. Estate plans are also about much more than money – they're about control. A properly planned estate strategy gives you control over how to provide for those you care about when you are no longer able to do so yourself.

Now that the kids are gone, it's a great time to reevaluate your financial picture. Contact me at 269-345-0783, stop by my office, or visit https://www.edwardjones.com/en_US/fa/index.html&CIRN=433156 to help you consider the changes in your life and how they may impact your financial strategies.

1 "Caregiving Costs to Working Caregivers," Metlife Mature Market Institute, June 2011

Edward Jones, its employees and financial advisors are not estate planners and cannot provide tax or legal advice. You should consult your estate-planning attorney or qualified tax advisor regarding your situation.