Budgeting is the bread and butter for any mom, but as any parent can attest, your priority is usually your kids. While they’re living with you, it can be just about all you can focus on. Making sure that they have enough to comfortably live can be a challenge as it is, but then trying to save up for things like their school and future can be even more stressful.
All that, and you and your partner’s needs still haven’t even made it into the conversation. While it is recommended that you start planning for your retirement as early as possible (to the point where kickstarting your kids’ own retirement plans is recommended), it’s understandable if you just don’t have room in your budget until they all leave the nest.
Once they do leave that nest, however, you’ll want to start using these top tips:
Get in Touch with a Financial Planner
As soon as you can, book an appointment with a financial planner. These planners can help you understand your assets and help you save properly for retirement. While getting in touch with such a planner is always recommended as soon as possible, never assume it’s too late. Start today, and start building towards a retirement you can enjoy.
Pick Out a Retirement Community
While you can work out how to age in place at home, this simply isn’t always an option for everyone, and it may stop being an option for you the second your health takes a turn for the worse. However, it’s impossible to entirely predict the future, so it can help to age in a place that can easily cater to any growing needs. For example, you should , which offers independent living and covers memory care services if you need this. Here, you can live independently, with assistance, and then take advantage of the full memory care support regimen if required later on. With your health, well-being, and social needs all cared for in one place, you can successfully transition from your home to your new beginning.
Establish or Plan for Passive Incomes
One of the best passive income opportunities you currently have is your home. So long as you own it, that property can become a huge asset. Before you sell it, consider renting it out. If you can rent out your family home and have that property more than cover the rent at a retirement community or a smaller apartment, then do it. This is a great way to keep the asset in your name and gives you ongoing support that can make a huge difference to your quality of life later.
Plan and Pay for Big Purchases Before You Retire
You have some wiggle room once all those essentials are handled. This means that you can start to plan and pay for bigger purchases that you can then look forward to after you retire. You can book and pay for trips years in advance. If you are paying for a trip or trips after retirement, get cancelation insurance, just in case something comes up. Other examples of buying now to enjoy later include getting upgrades to the house that will improve your comfort or lower your utility bill to help ease the cost of living.