For new empty-nesters, there's no time like the present to focus on financial planning. Chad Viminitz, a certified financial planner and author of Money Assassins, offers several tips for doing so. First, think about life insurance. Insurance, especially life insurance, is probably one of the best estate planning tools you can use to transfer assets to the next generation, says Viminitz. And he says, as with all types of insurance, the younger you buy, the better the price. Second, think carefully about utilizing your home ownership asset: Should you sell and downsize, or hold on to the property and (potentially) pursue a home equity line of credit. Third, and most important, if your kids are out of the house but you still have several working years left, adjust your cash flow and begin saving more right away.
Financial Tips for Empty-Nest Boomers (Fox Business)
Related Life Planning Strategies Resources
The Complete Required Minimum Distributions Guidebook is a 7-page guide that includes all the tools you'll need to become the RMD expert that your clients need.
For the first time, Assurity Life Insurance Company is providing INSTANT ACCESS to a consumer facing video that shares the story of a producer on his personal experience with surviving a critical illness and the benefits the policy delivered.