The end of May marks a transition period for many Americans. It’s the start of commencement season with high school and college graduations almost every weekend. As graduates move onto the next phase of theirs lives and out of their family home, parents often are entering uncharted territory too: the empty nest phase.
Without kids at home, more than half of Baby Boomer households plan to downsize and 44 percent of empty nesters over age 50 want to travel, according to studies by The Demand Institute and OnePoll. To optimize funds for your destination dreams, Tom Nee, co-founder and advisor at Compass Point, suggests, “Think of yourself like a business and try to reduce your monthly operational expenses. The fewer fixed overhead costs you have in retirement, like mortgages and other debts, the better.”
