“Empty Nesters” are generally defined as home owners over the age of 50 whose children no longer live at home with them. For many, this is the time in their lives when they are trying to figure out their retirement goals and objectives. The questions they face run the gamut from real estate issues, to tax questions and retirement specifics.

Set forth below is our attempt to help with the process. The primary thing that each Empty Nester needs to do for themselves is figure out what they want to do in terms of where to live on a going forward basis. If they are going to stay where they are that is one situation. If they are going to move to a smaller home, then they need to decide where the smaller home will be located. For most people who move to new area many real estate professionals advise folks to rent for a period of time until they really understand the new location.

The next issues relate to the ability to live for the rest of their lives off the money they have available to them plus social security. In addition, they may have pension plans that will provide them with cash flow for the future.

Next, the process comes full circle for most when they deal with the items relating to assisted living retirement homes and end of life decisions.

Here are a list of helpful questions and resources for finding answers:

REAL ESTATE

REAL ESTATE

A. Assistance in this area is critical. There are many local real estate agents that can give their estimate of the fair market value of the family home.

B. The National Association of Realtors has a website that can answer many questions. Here is that website- Realtor.org

C. There are a good number of states that have little or no income taxes. Many people decide to move to one of those states. We can help with this issue.
TAXES

TAXES

A. Most people can talk with their own tax preparer about the income tax implications of selling their home and downsizing.

B. If there is potentially a large taxable gain, there are sophisticated IRS approved options available to lower both Federal and California income taxes on the sale of their home to ZERO.

C. California is very aggressive at trying to tax those who try to leave. It is critical that the rules for establishing a new residency and domicile are clearly understood.
RETIREMENT

RETIREMENT

A. There are many investment advisors who are willing to help Empty Nesters figure out how much they need to live on for the rest of their lives.

B. A good source is the fee only investment advisors is- NAPFA.org

C. The Social Security Administration has an excellent website for finding out how much monthly income to expect. Their website is- SSA.gov

D. Medicare is also available to answer questions about how Medicare actually works. Their website is- Medicare.gov

E. There are many retirement communities that are looking for retired folks to come and live.

F. There are many local insurance agents who understand long-term care insurance.