Well, I woke up this morning and poured my coffee in an empty kitchen – yep, I am still an empty nester! Last week I talked about financial actions to take when you become an empty nester to ensure you are setting yourself up financially for retirement. Today, I am going to talk about something more fun – keeping yourself busy now that you are not driving carpools and attending events on a nightly or weekend basis.
“Keeping yourself busy” may sound like a chore, but it shouldn’t. Although you are still working full time, you likely have more free time, and this is something to celebrate! It might also be a challenge – do you know what you actually enjoy doing? Both on your own and with your partner? To set yourself up for an enjoyable retirement, your empty nester years are a great time to explore your interests and develop new ones. Without a plan, however, you might discover that becoming a couch potato is easy, but isolating and not very exciting. Along with your action plan, you need a financial plan to help you set a realistic budget. Let us help you see your expectations, goals, wishes and wants fit into your finances with a personalized financial plan using Money Guide Pro.
To avoid the couch potato trap, I suggest dividing “keeping yourself busy” into categories and doing at least one a week.
- Category 1 – Fitness: Prioritizing Your Health
Your health is arguably your most important asset, especially as you approach or enter retirement. Regular physical activity can help reduce future healthcare costs while improving quality of life today. Try new activities such as hiking, pickleball, going for walks, spin classes, or bowling. The important part is to do at least one group activity a week. You may learn that for you, pickleball is more fun to watch on Instagram than to actually play, but surprisingly cycling is your thing! The returns of this investment—greater energy, mobility, and independence—compound over time.
- Category 2 – Date Nights: Reinvesting in your Relationship
Reconnect with your partner after years of life revolving around the kids. Getting out of the house can inspire new conversations and reconnect you to the community. Try new restaurants or patronize local businesses. Consistency is the key. Think of this as reinvesting in a core relationship—one that plays a central role in your overall life satisfaction.
- Category 3 – Hobbies: Diversifying Your Interests
When you have a free Saturday afternoon, what do you like to do that is not a chore? Plant a garden, learn to woodwork, or pick up an instrument? Ideally, a hobby is something you are able to enjoy doing on your own. There will be times when your partner or friends are busy and you need to entertain yourself. Just as we tell our kids, scrolling on your phone is not a hobby! It is important to keep your mind and body engaged and it takes time to find out what you like so begin trying out hobbies now! Consider allocating both time and a modest budget toward these pursuits, much like you would any other investment in self-improvement.
- Category 4 – Volunteer: Generating Purposeful Returns
Volunteering can provide purpose to your life and meaning to your day. Volunteering comes in many forms, however. You can volunteer by yourself or with a friend. Many organizations need help - from food banks, to pet shelters, to community events. Volunteering can provide a sense of fulfillment and connection to your community. The emotional and social dividends here are significant—and often underestimated.
- Category 5 – Social Groups: Strengthening Your Networks
For many of us, our weekend social events have revolved around the kids activities for many years. Being an empty nester is the time to start up new social groups such as a dinner or book club. You may find that without the commonality of a dance team or robotics club, your adult friendships evolve and provide meaningful connections. Social engagement has been linked to improved mental health and longevity—benefits that are just as critical as financial security.
When we imagine retirement, we picture a lifestyle of spending time with family and friends and meaningful experiences. Setting up this lifestyle takes time and effort. It may come in fits and starts, and with some hits and misses. Let us help you build a financial plan around your goals, wishes, and wants to help them become a reality. Being an empty nester is the time to create a plan, lay the groundwork, and build the foundation for success in retirement.
Disclaimer: This blog is for informational purposes only and does not constitute personalized financial advice. Please consult with a financial advisor regarding your specific situation.