As parents, our lives revolve around the well-being of our children from the day they’re born. Your life is spent caring for them—earning, educating, grooming, teaching them about life, and so much more.
But a time comes when they grow beyond your reach. Once they enter adulthood, they begin to branch out, hoping to start lives of their own. At this point, a lot of parents are left wondering: what now?
The answer is…
While you will experience sorrow—and empty nest syndrome—after your children grow up, there are good things coming your way: you’re moving toward retirement, you have far more time on your hands, and you have fewer financial responsibilities.
To put it simply, once your kids reach a certain age, you’re at liberty to experiment with your life. There’s more room for adventure. You can finally go visit that dream destination that you’ve always wanted to. You can take up new hobbies to occupy your newly founded free time. You can connect with old friends or do charity work. Parents never realize how much of their lives are spent on their children. By the time your children are adults, you’ll have spent $233,610 on them!
So it’s finally time for you to take a well-deserved break, don’t you think?
Planning for Retirement
The average life expectancy in North America is 80 years for men and 84 years for women. Most seniors retire between 65 to 70 years of age, depending on when they started working. This means that even after retirement, you still have many years ahead of you. During these years of your life, financial stability is vital.
One of your major goals, should be to start planning for retirement. You need to take steps such as making estimates for post-retirement budgets, fidelity investments to maximize your savings, and paying off debt.
Since you’re absolved of the financial responsibilities that comes with raising children, these issues can be taken care of a lot more effectively now.
Having a Life Insurance Policy is an Added Bonus
As of 2019, 57% of all Americans had life insurance; which is financial protections for listed beneficiaries in the event of the death of the policyholder. While the death benefit is expected to go to your children after you die, if you’re already living independently, and your children don’t need the monetary help, life settlements may be a great way to generate cash for yourself.
One of the problems that retired parents who live away from their children face is living a comfortable life—and when we say comfortable, we mean the financial aspect of it. If your children are all grown up and are living their separate lives, consider the possibility of selling your life insurance policy to a willing buyer.
Life Settlements and What to Do About Them
Find out whether or not you qualify for a life settlement and use free life insurance settlement calculator to get an estimate. If you qualify, and if you’re considering selling your life insurance policy to a willing buyer, you can get started with Prosperity Life Settlements today