Wealth Management
Financial Checklist for Empty Nesters
May 11, 2026
Becoming an empty nester is a lifestyle transition and an important financial turning point. With many of the day-to-day expenses of raising children behind them, individuals and couples often gain greater flexibility to refocus on long-term goals, retirement planning, and the future they envision for themselves. From reevaluating spending priorities to strengthening savings strategies, this stage of life presents an opportunity to build a strong financial foundation for the years ahead.
Shifting Financial Priorities:
The empty nester phase marks a significant shift in financial priorities. After years of focusing on raising children, covering education costs, and managing household expenses, parents often find themselves with extra disposable income. However, this doesn’t mean that financial planning takes a backseat. On the contrary, it's a crucial time to reassess long-term goals and reallocate resources toward retirement, health care, and other future needs.
Maximizing Retirement Savings:
With fewer immediate financial obligations, empty nesters can take advantage of the opportunity to maximize retirement contributions. Whether through employer-sponsored plans, IRAs, or other investment vehicles, increasing contributions during this time may help fill any gaps in savings. Catch-up contributions, available to individuals over the age of 50, allow for an additional boost to retirement accounts.
Downsizing and Home Equity:
For many empty nesters, the family home becomes larger than necessary once the kids move out. Downsizing to a smaller home can be a smart financial move, reducing maintenance and utility costs while freeing up home equity. This additional equity can be used to bolster retirement savings or for other financial goals. An Oppenheimer financial professional can help evaluate the potential benefits of downsizing and guide you through the decision-making process.
Health Care and Long-Term Planning:
As you approach retirement age, health care costs become a growing concern. Having a financial plan in place helps ensure that you’re prepared for the rising costs of medical care, insurance premiums, and potential long-term care needs. Long-term care insurance, Medicare planning, and health savings accounts (HSAs) can all play a role in protecting your financial well-being as you age.
Estate Planning and Legacy Goals:
Empty nesters often begin thinking more seriously about their estate plans and legacy goals. This phase of life is an ideal time to revisit wills, trusts, and beneficiary designations to ensure they reflect current wishes and family circumstances. A comprehensive estate plan can help minimize tax liabilities and ensure that assets are distributed according to your intentions, while also providing confidence for both you and your loved ones.
Supporting Adult Children:
While children may have moved out, many parents continue to provide financial support for their adult children, whether through gifts, help with student loans, or assistance with home purchases. A financial plan can help you determine how much you can comfortably provide without jeopardizing your own retirement security. It's important to set clear boundaries and prioritize your own financial needs while still offering support when appropriate.
The empty nester years can open the door to new opportunities, greater financial flexibility, and renewed focus on personal goals. By taking a proactive approach to retirement planning, health care costs, estate considerations, and evolving family dynamics, individuals can position themselves for long-term financial confidence. Working with a trusted financial professional can help ensure that your plan continues to align with your priorities, both now and in the years to come.
Speak with an Oppenheimer Financial Professional today to learn more.
DISCLOSURE
The information set forth herein has been derived from sources believed to be reliable but is not guaranteed as to accuracy and does not purport to be a complete analysis of any security, company, or industry involved. Opinions expressed herein are subject to change without notice. Oppenheimer & Co. Inc. does not provide legal or tax advice.
This material is not a recommendation as defined in Regulation Best Interest adopted by the Securities and Exchange Commission. It is provided to you after you have received Form CRS, Regulation Best Interest disclosure and other materials.
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